Local expectations hypothesis

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Local expectations hypothesis (LEH)

Theory that bonds similar in all aspects except maturity will have the same holding-period rate of return.

Local Expectations Hypothesis

A theory that bonds identical in every way except the length of maturity will have the same rate of return over a holding period. That is, if an investor buys the same amount of two bonds, each paying 5% interest payable twice per year but with one having a maturity of 10 years and the other 15, the investor will receive the same return from each bond if he/she holds both for the same amount of time. This is because the coupon payments are identical for both bonds, and coupons form the bulk of a bond's return.
References in classic literature ?
Many times when I returned from my Search to this Temple, which has always been a nest to me, there came one seeking Enlightenment - a man from Leh - that had been, he said, a Hindu, but wearied of all those Gods.
Speaking on the occasion, Mr PrasannaRamaswamy G, IAS, District Magistrate, Leh appreciated the far flung presence of IndianOil in the region.
Earlier on Sunday, expressing deep grief over the loss of lives in the recent mudslide triggered by a cloudburst in Leh, Dr.
Authorities are working overtime to repair a 4- km stretch on the Manali- Leh highway near Talanglang- La, which has been damaged the most.
Leh is a key addition to the clinical development department at Protalex and joins us at an exciting time as we prepare to launch clinical studies of our lead investigational drug, PRTX-100.
City Saddar Road, Dhoke Chiragh Deen, Pirwadhai, New Katrian and Dhoke Naju were also critical sections of the Leh, which were cleared, he informed.
The government's focus in the flash flood affected Leh town was on the restoration of road link and telecommunication for which Border Roads Organization and BSNL were working round the clock," he informed the House.
But there are a few tourists who have decided to stick it out, helping Leh and its residents cope with the tragedy.
The notices, issued following the recommendations of a committee constituted to deal with the encroachers, are aimed at removing illegal constructions and encroachments along the Leh especially from the slum area adjoining the Gulistan colony, official sources in the Commissioner Office informed.
They visited the Military Hospital in Leh, and interacted with patients, both civilian and army, who had sustained injuries in the calamity.
Six civilian doctors, who had come on holiday to Leh, are toiling shoulder to shoulder with the army surgeons and doctors to treat hundreds of the injured and have already carried out 22 lifesaving surgeries.
The operations of LEH and LBI are closely integrated, and management of the firm is largely on a consolidated, global basis.