Bibliographic record
Abstract
Bond laddering and bond indexing have been widely accepted approaches to bond investing among retail investors. However, bond laddering has virtually been ignored in both the academic literature and most of the popular investment textbooks. One thing both approaches have in common is that they are passive strategies with no attempt whatsoever to beat the market. There are many unresolved issues about the two seemingly similar approaches. First, which approach should an investor favor? Is there any room for both to be used at the same time? Second, if an investor decides to use a ladder, what is the appropriate term to maturity for the ladder? There is hardly any theoretical or empirical guidance as to which is a better approach to use and the right term of a ladder. The relative attractiveness of the above two approaches are empirically examined in this study. We identify conditions that favor one over the other. Conditions under which both instruments should be held within an optimal portfolio are also identified. We also identify conditions in which a longer term ladder is more appropriate than a shorter term ladder.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.008 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.002 | 0.003 |
| Science and technology studies | 0.001 | 0.003 |
| Scholarly communication | 0.003 | 0.005 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.001 | 0.002 |
| Insufficient payload (model declined to judge) | 0.015 | 0.002 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".