482                                                    16

8        .  : Richard
G. Sheehan, Weekly Money Announcements: New Information and Its Effects, Federal Reserve Bank
of St. Louis Review, 67, no. 7 (August/September 1985), pp. 2534;  Anthony M. Santomero, Money
Supply Announcements: A Retrospective, Journal of Economics and Business, 43, no. 1 (February 1991),
pp. 1-23.

9 ., : Thomas Urich and Paul Wachtel, Market Response to Weekly Money Supply
Announcements in the 1970s, Journal of Finance, 36, no. 5 (December 1981), pp. 1063-1072,  The
Effects of Inflation and Money Supply Announcements on Interest Rates, Journal of Finance, 39, no.
4 (September 1984), pp. 1177-1188;  Bradford Cornell, Money Supply Announcements and Interest
Rates: Another View, Journal of Business, 56, no. 1 (January 1983), pp. 1-23.

"'     ,      .     
  .      .

" Burton G. Malkiel, Expectations, Bond Prices, and the Term Structure of Interest Rates, Quarterly of
Economics, 76, no. 2 (May 1962), pp. 197-218.

12         ().  ,
  PV(C)       -
   .

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    .   , ,    -
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     ,    .

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   ,    .    
   ,       -
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15 ,     $1 . ,     -
,  .

"' . : Jeffrey Nelson and Stephen Schaefer, The Dynamics of the Term Structure and Alternative
Portfolio Immunization Strategies, pp. 61101;  Jonathan E. Ingersoll, Jr., Is Immunization Feasible?
Evidence from the CRSP Data, pp. 163182 in George G. Kaufman, G. 0. Bierwag, and AldenToevs,
eds., Innovations in Bond Portfolio Management: Duration Analysis and Immunization (Greenwich, CT:

JAI Press 1983); and Robert R. Reitano, Non-Parallel Yield Curve Shifts and Spread Leverage, Journal
a/Portfolio Management, 17, no. 3 (Spring 1991), pp. 82-87.

17      .: G.O. Bierwag, George G. Kaufman, Robert Schweitzer, and
Alden Toevs, The An of Risk Management in Bond Portfolios, Journal of Portfolio Management, 7, no. 3
(Spring 1981), pp. 2736; G. 0. Bierwag, George G. Kaufman, and Alden Toevs, Duration: Its
Development and Use in Bond Portfolio Management, Financial Analysis Journal, 39, no. 4 (July-
August 1983), pp. 1535; and Stephen M. Schaefer, Immunization and Duration: A Review of Theory,
Performance and Applications, Midland Corporate Finance Journal, 2, no. 3 (Fall 1984), pp. 4158.

'".: N. Bulent Gultekin and Richard J. Rogalski, Alternative Duration Specifications and the
Measurement of Basis Risk, Journal of Business, 57, no. 2 (April 1984), pp. 241-264.   
.  : G.O. Bierwag, George G. Kaufman, Cynthia M. Latta, and Gordon S. Roberts, Duration:

Response to Critics, Journal of Portfolio Management, 13, no. 2 (Winter 1987), pp. 48-52; N. Bulent Gultekin
and Richard J. Rogalski, Duration: Responce to Critics: Comment, Journal of Portfolio Management,
15, no. 3 (Spring 1989), pp. 83-87; G. 0. Bierwag, George G. Kaufman, Cynthia M. Latta, and Gordon
S. Roberts, Duration as a Measure of Basis Risk: The Wrong Answer at Low CostRejoinder, Journal
of Portfolio Management, 15, no. 4 (Summer 1989), pp. 8285; and N. Bulent Gultekin and Richard
J. Rogalski, Duration as a Measure of Basis Risk: The Wrong Answer at Low Cost  Answer to
Rejoinder, Journal of Portfolio Management, 15, no. 4 (Summer 1989), pp. 86-87.

"G.O. Bierwag, George G. Kaufman, and Alden Toevs, Bond Portfolio Immunization and Stochastic
Process Risk, Journal of Bank Research, 13 (Winter 1983), pp. 282-291;  G.O. Bierwag, George G.
Kaufman, and Cynthia M. Latta, Duration Models: A Taxonomy, Journal of Portfolio Management, 15,
no. 1 (Fall 1988), pp. 50-54.