ࡱ> 7 X%bjbjUU 7|7|X!lT>2     f>h>h>h>h>h>h>$@ 9B>N>!  >!!!v  f>!f>!!!6:2=  }n;2=4>0>;B9B2=!YIELD CURVE AND STOCK RETURN Midas Asset Management OBJECTIVE The yield curve is used to capture the overall movement of interest rates and has been a great predictor of future economic events. Securities with longer maturity's usually have a higher yield and this is referred to as a positive or normal yield curve. The reason it is "normal" is because you would expect slightly more risk for holding a bond for a longer period of time because there is greater risk of default. A flat yield curve shows the yields of bonds with short maturities equal to the yields of bonds with longer maturities. Finally, if short-term securities offer a higher yield, then the curve is defined as an inverted curve. Professor Campbell Harvey demonstrated the interesting relationship between the yield curve and GDP growth. In this paper, we decided to take a slightly different angle by examining the interaction between the yield curve and stock returns. METHODOLOGY Data Gathering We gathered data on the monthly yield curve from year April 1953 to January 2002. More specifically, we calculated the spread between the following interest rates: 10 year T-note 3 month T-bill 5 year T-note 3 month T-bill 5 year T-note 2 year 2 year T-note 3 month T-bill 1 year T-note 3 month T-bill In addition, we obtained data on the S&P 500 return from April 1953 to January 2002 and S&P 500 P/E ratio from January 1968 to January 2002. Finally, we obtained data on United Kingdom and Germanys monthly yield curve (to be used for our final analysis utilizing logistic regression). Yield Curve Analysis Yield Curve and Stock Return For each of the yield spreads, we looked at stock returns within the following categories: Positive and Negative Yield Curve For each month, we calculated the average stock return for both positive and negative yield curves based on a one-month lag of the yield curve. For example, if the Jan YC = positive, then the Feb Stock Return was place under the positive YC (regardless of whether or not the stock return was positive or negative). Slope Magnitude We broke down the positive and negative yield spreads further into YC>=2, 0==avg t-bill and t-bill=avg yc and yc PE ratio10 Year - 3 Month5 Year - 3 MonthHigh YC ( > 2.2)Mid YCLow YC ( < 0.81)High YC ( > 1.8)Mid YCLow YC ( < 0.8)High PE ( > 18.4)0.450.850.660.340.950.67Mid PE0.881.47-0.010.821.81-0.14Low PE ( < 12.6)1.461.04-0.181.331.31-0.30   Logistic Regression We performed a logistic regression for three countries US, UK and Germany. Given the function of a logistic regression, we expect to attain an S shape curve. However, as clearly shown below, our results of the logistic regressions are very similar to the linear regressions. The only way we would be even close to seeing an S curve would be to extend the yield curve out to the extremes.   Trading Strategy We developed our trading strategy based on our first analysis showing positive stock returns when the yield curve is positive. Our strategy basically involves holding a stock when the yield curve is positive. In contrast, when the yield curve is negative, we should sell the stock and buy the t-bill. The chart below illustrates how a dollar invested in 1953 would currently be worth $96 if we had implemented our strategy. Otherwise, if we had just held the S&P 500 index, our dollar would currently be worth only $45. Thus, our strategy would clearly outperform the index!  CONCLUSION We examined the performance of the yield curve spread in predicting US returns. 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