Style Investing in Fixed Income
研究了风格投资在固定收益市场的有效性，发现基于风格的超额收益与传统的期限溢价和信用风险溢价高度分散，且对宏观经济敏感度低，对投资者有参考价值。
Style investing has become part of the investing nomenclature for equity markets. To date, despite the massive size of fixed-income markets, little research has examined the efficacy of style-based investing in fixed income. In this article, the authors summarize a common style-based framework for capturing excess returns for both government and corporate bonds. Importantly, from an investor perspective, these style-based excess returns are highly diversifying with respect to the classic risk premiums in fixed-income markets (i.e., term premium and credit risk premium) and exhibit low macroeconomic sensitivities. <b>TOPIC:</b>Style investing