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"The Determination of Yield Differentials Between Debt Instruments of the Same Maturity," (with B. G. Malkiel), Journal of Money, Credit and Banking, November 1971, 733-749.
pdf file (1,033KB).



This study has been able to pick up the effects of stock differentials on yield differentials. The results suggest that utility, industrial, and government bonds are not perfect substitutes. Considerable care went into the collection of the data for this study.