This paper investigates the risk structure of interest rates using pure discount bonds. The most striking feature of our estimates of default‐risk premia is the resemblance of their time profile to the theoretical time profile obtained by Merton (1974) .
No takes yet. Share an insight, caveat, or question.
Sarig et al. (1989) studied this question.
Synapse has enriched 4 closely related papers on similar clinical questions. Consider them for comparative context: