Jump to ContentJump to Main Navigation
Asset ManagementA Systematic Approach to Factor Investing$
Users without a subscription are not able to see the full content.

Andrew Ang

Print publication date: 2014

Print ISBN-13: 9780199959327

Published to Oxford Scholarship Online: August 2014

DOI: 10.1093/acprof:oso/9780199959327.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 11 November 2019

Bonds

Bonds

Chapter:
(p.271) Chapter 9 Bonds
Source:
Asset Management
Author(s):

Andrew Ang

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199959327.003.0009

The level factor, which shifts the yields of all bonds, is the crucial factor in fixed income investments. The level factor is affected by risks associated with economic growth, inflation, and monetary policy. Corporate bonds do not just reflect credit risk; as predicted by theory, volatility risk is an important factor and corporate bond returns correlate highly with equity returns. Illiquidity risk is also an important factor in bond returns.

Keywords:   level factor, duration, Federal Reserve, monetary policy, quantitative easing, clientele model, term spread, credit spread puzzle, bond risk premium, credit risk premium, illiquidity, default risk

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .