The term structure of systematic and idiosyncratic risk
研究了方差（总风险）、系统性和特质性风险的期限结构，发现市场整体方差斜率主要反映未来方差路径，而个股系统性方差符合预期假说，特质性方差则强烈偏离。
Abstract We study the term structure of variance (total risk), systematic, and idiosyncratic risk. Consistent with the expectations hypothesis, we find that, for the entire market, the slope of the term structure of variance is mainly informative about the path of future variance. Thus, there is little indication of a time‐varying term premium. Turning the focus to individual stocks, we cannot reject the expectations hypothesis for systematic variance, but we strongly reject it for idiosyncratic variance. Our results are robust to jumps and potential statistical biases.