Fixed Income Pricing Qiang Dai and Kenneth Singleton This draft:July 1,2002 1Dai is with the Stern School of Business,New York University,New York, NY,dai@stern.nyu.edu.Singleton is with the Graduate School of Business,Stan- ford University,Stanford,CA 94305 and NBER,ken@future.stanford.edu.We are grateful to Len Umantsev and Mariusz Rabus for research assistance;to Len Umantsev for comments and suggestions;and for financial support from the Fi- nancial Research Initiative,The Stanford Program in Finance,and the Gifford Fong Associates Fund,at the Graduate School of Business,Stanford University.Fixed Income Pricing Qiang Dai and Kenneth Singleton1 This draft : July 1, 2002 1Dai is with the Stern School of Business, New York University, New York, NY, dai@stern.nyu.edu. Singleton is with the Graduate School of Business, Stan￾ford University, Stanford, CA 94305 and NBER, ken@future.stanford.edu. We are grateful to Len Umantsev and Mariusz Rabus for research assistance; to Len Umantsev for comments and suggestions; and for financial support from the Fi￾nancial Research Initiative, The Stanford Program in Finance, and the Gifford Fong Associates Fund, at the Graduate School of Business, Stanford University