Stumbled upon a 7-years old paper today, titled as above. It claims the following:This note comments on a misconception that yield to maturity from holding a coupon bond until maturity is only promised, but not really received, unless coupon payments are reinvested at the same rate as the (original) yield to maturity. It shows that yield to maturity is always earned no matter how coupon payments are allocated ? spent or reinvested at any rate. After reading for a while, I am pretty convinced that the authors do not understand what they are writing about, but there is alwaysa possibility that it is me.

It is not you. I don't understand it either.