142  5



'   ,      .  -
,    ,     ,    -
 ,       -
   ,     (yield to call).

2 , ,   (5.24),   ; = 1,039232  1 = 8%, ..   -
,     (5.22).

3 ,  ,       
     ,       .
        , .. 
 ,    .

4      ,    ,   -
, ,       .

        ,    -
 ,    .      
   ,  ,    
 .   ,     
.

*'  (5.25)        : es   =/.  , -
  (5.19),    ,  (1 + s ,)''1 
 (1 + es^) = (1 + s,)'.

7 .  (5.1)  (5.3)  . 13     
,      .

8  ,       (liquidity risk),   
        (price risk),  
  ,    , 
  .     ,  
       ,  
,    -    ,   
  .    , 
         .

9        (term premium).   -

     :   (Bradford Cornell,

Measuring the Term Premium: An Empirical Note, Journal of Economics and Business, 42, no. 1

(February 1990), pp. 89-92).
i"  , ,      ,   -

.       . ,  

, -     .
"  (5.27)       :/  = es   + L _ .  ,

  (5.19),    , :

(1 + 5,_,)'-1  (1 + (,_, , + L^) = (1 + s)'.
  L   > 0,   , :

(1 + s^)'-'x(l + es^) < (1 + s)'.

12   es     s     ,   -
 ,  ^ > 5

13         (preferred habitat theory).
          ( 
 )   ,      
  .