Flattening of Bond Yield Curves for Long Maturities
从理论上证明，平价债券的收益率曲线在长期限必然平坦化，因此无需行为解释；同时指出用附息债券到期收益率估计长期真实期限结构可能存在无限偏差，建议实证中直接估计真实期限结构。
The paper presents a theoretical proof that flattening of yield curves for par bonds is inevitable for long maturities. This proof implies that behavioral explanations of flattening are unnecessary. The proof also implies that the use of yields to maturity of couponbearing bonds to estimate the true term structure (as well as forward rates) for long maturities has potentially infinite bias, suggesting that a greater effort should be made to directly estimate the true term structure in empirical work.