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"The Determination of Yield Differentials Between Debt Instruments of
the Same Maturity," (with B. G. Malkiel), Journal of
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.