480  16

 

 16.4 ,     ,     -
, ..         -
  ,      11 .  ,    -
,        
 (     Bad),       -
  (    ). ,     
 .

1^
  
  
    
		
()1963-1986'	4,34%	-0,56%
() 1963-19792		
	1,15%	0,22%
	1,21	0,29
	1,18	0,30
	1,55	0,30
	3,32	0,27
	5,09	0,36

' : Susan D. Jordan and Bradford D. Jordan, Seasonality in Daily Bond Returns, Journal of
Financial and Quantitative Analysis, 26, no. 2 (June 1991), Table 5, p. 281.

2 : Eric . Chang and Roger D. Huang, Time-Varying Return and Risk in the Corporate Bond
Market, Journal of Financial and Quantitative Analysis, 25, no. 3 (September 1990), Table 1, p. 331.

  

 . 16.5        
       1963  1986 .      -
 ,      . 
        ,  ,  -
            
 29.            -
, -,  .

 16.5
     
 	 
	-0,20%
	-0,93
	-0,00
	0,44
	-0,00

: Susan D. Jordan and Bradford D. Jordan, Seasonality in Daily Bond Returns, Journal of
Financial and Quantitative Analysis, 26, no. 2 (June 1991), Table 5, p. 281.