Many bond portfolio managers argue that bond laddering tends to outperform other bond investment strategies because it … reduces both market price risk and reinvestment risk for a bond portfolio in the presence of interest rate uncertainty …. Despite the popularity of bond ladders as a strategy for managing investments in fixed-income securities, there is surprising …

a consol then agents' portfolios exhibit two-fund separation. However, if agents can trade only a one-period bond, this … that destroy the optimality of two-fund separation in economies with a one-period bond and result in different equilibrium …

related indirectly and insignificantly to the immunization risk inherent in a bond portfolio. The main goal of this study is …

uncertainties using the Epstein and Zin preferences. Specifically, the results show that both equity and bond risk premiums are …

theory and practice. Our approach is well-suited for practical applications since the parameters required are easily …

This paper points out to loopholes in Modern Portfolio Theory (MPT) and fundamental flaws that question its validity …