Yield Approximations: A Historical Perspective
追溯了从17世纪末至今，寻找简单准确方法近似年金隐含收益率和债券到期收益率的历史，并指出标准教科书公式是众多公式中最不精确的。
ABSTRACT This paper traces the historical developments of the efforts to find simple and accurate methods of approximating an annuity's implicit yield and a bond's yield to maturity. It is shown that the little known history of yield approximations is nevertheless very rich, with contributions dating as far back as the late seventeenth century. It is also shown that the standard textbook approximation formula for the bond's yield to maturity is the least accurate of a large family of formulas, some of which were suggested as early as 1855.