Many stores sell matching envelopes to coordinate with your choice
of bond paper.
Not exact matches
Especially now, with a third
of the world's sovereign
bonds carrying a negative yield, why would you want to hold foreign
paper?
Where ink penetrates
paper, toner sits on top
of it and heat
bonds the toner to the page, which is why your
paper is warm when you pick it up from your printer.
According to the insurer's 2017 annual report, it had just under $ 5 billion
of net par exposure to Puerto Rico
paper, including $ 1.5 billion to the island's General Obligation
bonds, as
of Dec. 31, 2017.
The
paper savings
bonds of your youth are no longer available, although you can buy someone an electronic savings
bond and then print a
paper certificate
September 2003 (188 kb PDF file): Research summaries on sovereign
bonds and public debt management and on international trade; country study: Sweden; summaries
of new study on deflation and recent book: Sweden's Welfare State; contents
of latest issue
of IMF Staff
Papers; visiting scholars at the IMF; titles
of recent IMF working
papers; list
of external publications by IMF staff.
The
paper finds that junk
bonds are, in fact, a very good indicator for forecasting economic peaks if not troughs, effectively warning ahead
of eight
of the last ten peaks in the business cycle.
I pour the morning cup
of mud, schlep out to the stoop to get my
paper, and open my WSJ to learn that the yield curve is awfully flat (i.e., the difference between the interest rates
of bonds of different maturities is low).
In addition to the positive technical element I mentioned earlier, the potential removal
of the alternative minimum tax could cause AMT
paper to trade closer to the yield on other municipal
bonds.
As evidenced by the image below, interest in momentum research has taken off since the original 1993 Jegadeesh and Titman
paper: Source: «Two Centuries
of Multi-Asset Momentum (Equities,
Bonds, Currencies, Commodities, Sectors and Stocks)»
The can be in the form
of stocks,
bonds, government
bonds, or commercial
paper.
Espirito Santo Financial Group SA, which owns 25 percent
of the lender, fell 8.9 percent before the company suspended trading earlier in stocks and
bonds, saying it's «currently assessing the financial impact
of its exposure» to Espirito Santo International, which has missed payments on short - term
paper.
Global investors snapped up a net $ 10 - billion in Canadian
bonds in April, Statistics Canada said today, with most
of the action in government
paper.
In their October 2017
paper entitled «Value Timing: Risk and Return Across Asset Classes», Fahiz Baba Yara, Martijn Boons and Andrea Tamoni examine the power
of value spreads to predict returns for individual U.S. equities, global stock indexes, global government
bonds, commodities and currencies.
In his May 2017
paper entitled «Optimising Cross-Asset Carry», Nick Baltas explores the profitability
of cross-sectional (relative) and time - series (absolute) carry strategies within and across futures / forward markets for currencies, stock indexes, commodities and government
bonds.
At this point, it's human nature to say — as I've often heard from clients over the last 39 years, whenever short rates rise above long rates — why buy a 20 - year
bond when I get a higher yield on a 2 - year piece
of paper?
In their September 2010
paper entitled «Hedges and Safe Havens — An Examination
of Stocks,
Bonds, Oil, Gold and the Dollar», Cetin Ciner, Constantin Gurdgiev and Brian Lucey investigate pairwise hedging and safe haven relationships among these five major assets / asset classes.
In his October 2015
paper entitled «Buffett's Asset Allocation Advice: Take It... With a Twist», Javier Estrada examines Warren Buffett's 2013 implied endorsement
of a fixed allocation
of 90 % stocks and 10 % short ‐ term
bonds (90/10).
In the November 2017 version
of their
paper entitled «
Bonds, Stocks, and Sources
of Mispricing», Doron Avramov, Tarun Chordia, Gergana Jostova and Alexander Philipov investigate drivers
of U.S. corporate stock and
bond mispricing based on interactions among asset prices, financial distress
of associated firms and investor sentiment.
«Starting in late 2014, overseas buyers began a US corporate
bond shopping spree, adding $ 11.5 billion a month, on average, over 13 consecutive months, taking down roughly 35 %
of net supply
of US issuer
paper,» Melentyev writes.
The Impact
of Trade Liberalization 1, edited by H. Edward English, comprising three studies in the Canada in the Atlantic Economy series: No. 4, Trade Liberalization and Canadian Agriculture, by Gerald I. Trant, David L. MacFarlane, and Lewis A. Fischer (1968); No. 5, Trade Liberalization and the Canadian Pulp and
Paper Industry, by W.E. Haviland, N.S. Takacsy, and E.M. Cape (1968); and No. 6, Trade Liberalization and the Canadian Furniture Industry, by David E.
Bond and Ronald J. Wonnacott (1968).
Apple issued billions
of 10 - year
paper, one
of the biggest
bond issues ever, and no sooner was the trade ticket stamped that the
bonds went from 100 bid to 90 bid.
Currently, the U.S. Treasury Department is taking far more
of it than it should, and mortgage
bonds are being propped up artificially with another $ 1 trillion
of government guaranteed
paper being issued in 2009.
The
paper proposes an outline for reporting environmental benefits
of green
bond investments.
I know it's hard for most
of you to believe that Gold and Silver will surpass their old January 1980 highs, but that is what a 20 + year generational bear market will do to a whole generation
of investors who have grown up with falling real assets (Gold, Silver and commodities) and rising
paper assets (stocks and
bonds).
A group
of ten Nordic public sector issuers have released a joint position
paper on green
bonds impact reporting.
These include cash deposits, certificates
of deposit, fixed and floating rate cash
bonds, commercial
paper, short - term interest rate derivatives and illiquid assets across major currencies.
A BOJ
paper proposes an affine terms structure model for
bond yields under consideration
of the zero lower bound.
In order to enhance these effects the Bank
of Japan also purchased risk assets such as commercial
paper, corporate
bonds, exchange - traded funds, and real estate investment trusts.
In their September 2015
paper entitled «Frontier and Emerging Government
Bond Markets», Vanja Piljak and Laurens Swinkels examine the diversification value
of U.S. dollar - denominated frontier government
bonds at aggregate, regional and country levels.
In his March 2017
paper entitled «Understanding Anomalies», Filip Bekjarovski proposes an approach to asset pricing wherein a representative portfolio
of stocks and
bonds is the benchmark and stock anomalies are a set
of investment opportunities that may enhance the benchmark.
In their May 2015
paper entitled «Lumber: Worth Its Weight in Gold: Offense and Defense in Active Portfolio Management», Charles Bilello and Michael Gayed examine the recent relative performance
of lumber (a proxy for economic activity via construction) and gold (a safe haven) as an indicator
of future stock market and
bond market performance.
The following chart, taken from the
paper, compares the stock -
bond correlation (blue), the credit spread (green) and the federal funds target rate (red) over the entire sample period, with the latter two series scaled up by a factor
of ten to facilitate comparison.
In their August 2016
paper entitled «Globalization and Asset Returns», Geert Bekaert, Campbell Harvey, Andrea Kiguel and Xiaozheng Wang examine whether economic and financial integration increases global comovement
of country equity,
bond and currency exchange market returns.
In their August 2014
paper entitled «Testing Rebalancing Strategies for Stock -
Bond Portfolios Across Different Asset Allocations», Hubert Dichtl, Wolfgang Drobetz and Martin Wambach investigate the net performance implications
of different rebalancing approaches and different rebalancing frequencies on portfolios
of stocks and government
bonds with different weights and in different markets.
In his March 2017
paper entitled «Simple New Method to Predict Bear Markets (The Entropic Linkage between Equity and
Bond Market Dynamics)», Edgar Parker Jr. presents and tests a way to understand interaction between bond and equity markets based on arrival and consumption of economic informat
Bond Market Dynamics)», Edgar Parker Jr. presents and tests a way to understand interaction between
bond and equity markets based on arrival and consumption of economic informat
bond and equity markets based on arrival and consumption
of economic information.
In their August 2016 draft
paper entitled «Seasonality in Government
Bond Returns and Factor Premia», Adam Zaremba and Tomasz Schabek investigate seasonal patterns in government bond returns across countries, focusing on regression tests of January and sell - in - May (May - October versus November - April) effe
Bond Returns and Factor Premia», Adam Zaremba and Tomasz Schabek investigate seasonal patterns in government
bond returns across countries, focusing on regression tests of January and sell - in - May (May - October versus November - April) effe
bond returns across countries, focusing on regression tests
of January and sell - in - May (May - October versus November - April) effects.
In their January 2015
paper entitled «Optimal Asset Allocation Across Investment Horizons», Ronald Best, Charles Hodges and James Yoder explore the optimal (highest Sharpe ratio) mix
of long - term U.S. corporate
bonds and large - capitalization U.S. common stocks across investment horizons from one to 25 years.
In their February 2015
paper entitled «Credit Risk Premium: Its Existence and Implications for Asset Allocation», Attakrit Asvanunt and Scott Richardson measure and explore the predictability and diversification power
of the credit (or default) risk premium associated with corporate
bonds.
In their December 2016
paper entitled «Cross-Asset Signals and Time Series Momentum», Aleksi Pitkajarvi, Matti Suominen and Lauri Vaittinen examine a strategy that times each
of country stock and government
bond (constant 5 - year maturity) indexes based on past returns for both.
The following table, excerpted from the
paper, shows the correlations
of returns for U.S. stocks, U.S.
bonds and gold for the entire 1995 - 2005 sample period.
In their September 2013
paper entitled «Time Variation in Precious Metal Safe Haven Status — Evidence from the USA», Brian Lucey and Sile Li compare and contrast the effectiveness
of four precious metals (gold, silver, platinum and palladium) as safe havens from sharp declines in U.S. stocks (the S&P 500 Index) and U.S.
bonds (a 10 - year U.S. Treasury note index).
Seth Carpenter, Selva Demiralp, Jane Ihrig and Elizabeth Klee find that some categories
of investors appear to sell U.S. Treasuries to the Federal Reserve and rebalance toward riskier assets (corporate
bonds, commercial
paper, and municipal debt).
In their October 2014
paper entitled «Factor Investing in the Corporate
Bond Market», Patrick Houweling and Jeroen van Zundert develop and test a four - factor (size, low - risk, value and momentum) model of future corporate bond retu
Bond Market», Patrick Houweling and Jeroen van Zundert develop and test a four - factor (size, low - risk, value and momentum) model
of future corporate
bond retu
bond returns.
In the August 2014 version
of their
paper entitled «Rebalancing Risk», Nick Granger, Doug Greenig, Campbell Harvey, Sandy Rattray and David Zou investigate the effects
of adding a momentum overlay to a conventionally rebalanced stocks -
bonds portfolio.
In the January 2014 version
of their
paper entitled «What Drives the International
Bond Risk Premia?»
In their November 2016
paper entitled «Applying a Systematic Investment Process to Distributive Portfolios: A 150 Year Study Demonstrating Enhanced Outcomes Through Trend Following», Jon Robinson, Brandon Langley, David Childs, Joe Crawford and Ira Ross compare retirement portfolio performances for variations
of the following three strategies that may hold a broad stock market index, a 10 - year government
bond index or cash (3 - month government bills) in the U.S., UK or Japan:
As you find no evidence
of the will
of the writer at the level
of chemistry that
bonds the ink to the
paper, so you will find no evidence
of divine influence in science.
Now a transient place full
of hipsters,
bond traders, and actors, as well as actors and hipsters who are the children
of bond traders, all searching for an «authentic» place to replace the Midwestern suburbs and rural towns they came to Brooklyn to escape, Brooklyn for me will always be Flatbush Avenue and Rudy Giuliani, Bernie (Goetz, not Madoff), and Ed Koch, block parties, radios murmuring Yankees games on back porches (all
of us too poor to afford air conditioning, which kept us outside in that great urbanist semi-public space), the blackout
of 1977 and the blizzard
of 1995, Mickey Rivers and Bucky Dent, not to mention the wild cast
of characters appearing in the Daily News, a
paper that practically taught me to read.
«I see us being less
of a
paper - feeding machine and rather a dispenser
of value added substrates like water - soluble flavorings or ingredient -
bonded films used for flavor transfer.