: 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).
: 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. Download FWD, Vol zip
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