  425

   5%.    ,    
      ,     -
       .   -
       5%   .

^ 5

-
t;


)
- 4

4             5
  ( %)

. 15.2.       
  . 1956-1964 .

: Frank . Jen and James E.Wert, The Effect of Call Risk on Corporate Bond Yields, Journal of
Finance, 22, no. 4 (December 1967), p. 646.

  ,        
      , ..     
    ,       .  -
,            
        .

15.2.3    

 . 13  ,      -
     2030% ,  ,   -
,        -
    .      
     . ,     -
    ,  ,  