Mir ist bekannt, dass ich diese Einwilligung jederzeit widerrufen kann, indem Ich den Link zum Abbestellen auf dieser Website verwende. Bond returns have declined to levels that have rarely been seen in the past. In this paper we go beyond the implications of lower expected returns and focus on the increased risk of negative asymmetry in the return distribution of government bonds. This so-called negative skewness is characteristic of strategies where volatility largely understates their true risk, such as equity put-writing or credit spread buy-and-hold. In simple terms, when bond yields cannot fall further, they can only stabilise or rise, leaving the investor with a highly asymmetric payoff.
The risky asymmetry of low bond yields - buceoatlantidas.com
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