Bonds are more complicated than stocks from the viewpoint of mathematical modeling. [fact]
Bonds are more complicated than stocks from the viewpoint of mathematical modeling. There is no single dominant model of interest-rate fluctuations equivalent to the log-normal random walk for stocks. The value of a bond at maturity is a deterministically fixed, not a stochastic, sum of money, and yield curves are both complex and subject to radical changes in shape.
Donald MacKenzie, An Engine, Not a Camera, loc. 964