TAILIEUCHUNG - Who Should Buy Long-Term Bonds? - INTERNATIONAL CENTER FOR FINANCIAL ASSET MANAGEMENT AND ENGINEERING

Operators that have obtained a lease must submit an application for a permit to drill to BLM before beginning to prepare land or drilling any new oil or gas wells. The complete permit application package is a lengthy and detailed set of forms and documents, which, among other things, must include proof of bond coverage and a surface use plan of operations; this surface use plan must include a reclamation plan that details the steps operators propose to take to reclaim the site. However, operators generally do not have to submit cost estimates for completing the reclamation. The Mineral Leasing. | Who Should Buy Long-Term Bonds John Y. CAMPBELL Harvard University Luis VICEIRA Harvard Business School Research Paper N 5 INTERNATIONAL CENTER FOR FINANCIAL ASSET MANAGEMENT AND ENGINEERING Who Should Buy Long-Term Bonds John Y. Campbell and Luis M. Viceira1 First draft October 1997 This version October 1998 1 Campbell Department of Economics Littauer Center 213 Harvard University Cambridge MA 02138 USA and NBER. Tel 617-496-6448 email john_campbell@. During academic year 1998-99 Fischer Black Visiting Professor of Finance Sloan School of Management E52-456 Massachusetts Institute of Technology 50 Memorial Drive Cambridge MA 02142. Tel 617-2585250 email jyc@. Viceira Harvard Business School Morgan Hall 367 Boston MA 02163. Tel 617-495-6331 email lviceira@. Campbell acknowledges the financial support of the National Science Foundation and Viceira acknowledges the financial support of the Bank of Spain. We are grateful for helpful comments on earlier drafts by Andrew Abel Sanjiv Das Ravi Jagan-nathan Stephen Schaefer Costis Skiadas and seminar participants at Chicago Northwestern the NBER Summer Institute and the CEPR European Summer Symposium in Financial Markets at Studienzentrum Gerzensee. Abstract According to conventional wisdom long-term bonds are appropriate for long-term investors who value stability of income. We develop a model of optimal consumption and portfolio choice for infinitely-lived investors facing stochastic interest rates solve it using an approximate analytical method and evaluate the conventional wisdom. We show that the demand for long-term bonds has both a myopic component and an intertemporal hedging component. As risk aversion increases the myopic component shrinks to zero but the hedging component does not. An infinitely risk-averse investor who is infinitely unwilling to substitute consumption intertemporally should hold a portfolio of long-term indexed bonds that is equivalent to an indexed perpetuity. This .

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