: This research tests the "unbiasedness hypothesis" for forward volatility. It concludes that forward implied volatility is a systematically biased predictor that often overestimates future spot volatility in foreign exchange.
: It is a measure of the implied volatility of a financial instrument over a specific future time span, extracted from the current term structure of volatility (differences in volatility for instruments with different maturities). Download FWD, Vol zip
: This study examines forward volatilities averaged across major firms (like the DJIA) and forecasts volatility term structures over multi-year periods. : This research tests the "unbiasedness hypothesis" for