Canadian Bonds

Nominal Bonds, Real Bonds, and Equity∗

We decompose the term structure of expected equity returns into (1) the real short rate, (2) a premium for holding real long-term bonds, or the real duration premium, the excess returns of nominal long-term bonds over real bonds which reflects (3) expected inflation and (4) inflation risk, and (5) a real cashflow risk premium, which is the excess return of equity over nominal bonds. The shape o...

Catch bonds

What has been your biggest error? Back at the beginning of this century, I used to say “I am going to spend the rest of my life trapped in a mitochondrion!”. This was because I was convinced that it was never going to be possible to retrieve even partial extinct genomes. Now, there are genomic sequences for many ancient humans and animals. This goes back to the famous Arthur C. Clarke quote: “W...

Distinguishing Bonds.

The energy change per electron in a chemical or physical transformation, ΔE/n, may be expressed as Δχ̅ + Δ(VNN + ω)/n, where Δχ̅ is the average electron binding energy, a generalized electronegativity, ΔVNN is the change in nuclear repulsions, and Δω is the change in multielectron interactions in the process considered. The last term can be obtained by the difference from experimental or theoreti...

Covalent Bonds

Hydrogen Bonds