5.19 3.82 3.17 Standard deviation 39.68 20.21 8.12 6.38 3.29 4.46 Minimum 52.71 45.56 8.74 5.81 1.59 10.27 Maximum 187.82 54.56 32.68 33.39 14.95 18.13     Sources: Inflation data: Bureau of Labor Statistics. Security return data for 1926-1995: Center for Research in Security Prices. Security return data since 1996: Returns on appropriate index portfolios: Large stocks: S&P 500 Small stocks: Russell 2000 Long-term government bonds: Lehman Bros. long-term Treasury index Intermediate-term government bonds: Lehman Bros. intermediate-term Treasury index T-bills: Salomon Smith Barney 3-month U.S. T-bill index     "Large Stocks" in Table 5.2 refers to Standard & Poors market-value-weighted portfo- lio of 500 U.S. common stocks with the largest market capitalization. "Small Stocks" represents the value-weighted portfolio of the lowest-capitalization quintile (that is, the firms in the bottom 20% of all companies traded on the NYSE when ranked by market cap- italization). Since 1982, this portfolio has included smaller stocks listed on the Amex and Nasdaq markets as well. The portfolio contains approximately 2,000 stocks with average capitalization of $100 million. I. Introduction 5. History of Interest Rates and Risk Premiums The McGraw−Hill Companies, 2001           140 PART I Introduction     "Long-Term T-Bonds" are represented by a government bond with at least a 20-year maturity and approximately current-level coupon rate.2 "Intermediate-Term T-Bonds" have around a seven-year maturity with a current-level coupon rate. "T-Bills" in Table 5.2 are of approximately 30-day maturity, and the one-year HPR rep- resents a policy of "rolling over" the bills as they mature. Because T-bill rates can change from month to month, the total rate of return on these T