Some Empirical Estimates of the Risk Structure of Interest Rates
用纯贴现债券数据估计利率的风险结构，发现违约风险溢价的时间形态与Merton（1974）的理论预测高度相似。
ABSTRACT This paper investigates the risk structure of interest rates using pure discount bonds. The most striking feature of our estimates of default‐risk premia is the resemblance of their time profile to the theoretical time profile obtained by Merton (1974) .