TY - JOUR T1 - Measuring Bond Investors’ Risk Appetite Using the Interest Rate Term Structure JF - The Journal of Investing SP - 115 LP - 127 DO - 10.3905/joi.2019.28.6.115 VL - 28 IS - 6 AU - Michael J. Howell Y1 - 2019/09/30 UR - https://pm-research.com/content/28/6/115.abstract N2 - The distribution of term premia includes additional information beyond that contained in the traditional three-parameter decomposition of the Treasury yield curve. The author finds that the position and the size of the curvature hump are both important. A yield curve hump positioned at longer maturities appears to be consistent with lengthier time horizons of investors and with more risk-seeking behavior. The author finds that this new parameter Granger drives both future US economic activity and bond returns.TOPICS: Fixed income and structured finance, fixed-income portfolio management, statistical methods ER -