MALKIEL, Burton G.; Ray C. Fair.
The Determination of Yield Differentials Between Debt Instruments of the Same Maturity.
Ohio: Blackwell Publishing , 1971.
$1,200.00
In Stock
Item Number: RRB-152008
+$450
An Offprint of the November 1971 Issue of the Journal of Money, Credit and Banking, Containing Ray C. Fair and Burton Malkiel's "The Determination of Yield Differentials Between Debt Instruments of the Same Maturity"; Signed by Burton Malkiel and From His Own Personal Collection
Rare offprint of the November 1971 issue of the Journal of Money, Credit and Banking, containing Ray C. Fair and Burton Malkiel’s article "The Determination of Yield Differentials Between Debt Instruments of the Same Maturity." Octavo, original wrappers, volume 3 number 4. Boldly signed by Burton Malkiel on the front wrapper and from his personal library. Burton Gordon Malkiel is one of the most consequential financial economists of the postwar American academy, whose career as scholar, institutional leader, and public intellectual has made him a central figure at the intersection of investment theory, market efficiency, and public policy. Educated at Harvard and Princeton, where he spent the most productive decades of his career as Chemical Bank Chairman’s Professor of Economics, Malkiel also served as Dean of the Yale School of Management from 1981 to 1988 and as a member of the President’s Council of Economic Advisers under Gerald Ford from 1975 to 1977. His scholarly output encompasses foundational contributions across the term structure of interest rates, convertible security valuation, corporate capital structure, closed-end fund discounts, mutual fund performance, and gender pay differentials in professional employment, producing a body of work whose empirical breadth places him among the most versatile financial economists of his generation. His long service on the board of directors of The Vanguard Group connects his academic advocacy for passive investing to the institutional infrastructure that has most fully realized it in practice. It is nevertheless A Random Walk Down Wall Street, first published in 1973 and now in its thirteenth edition, that secured his place in the broader culture: a work of lucid, empirically grounded argument for market efficiency and index fund investing that has sold over 1.5 million copies and permanently altered the investment behavior of millions of individual investors worldwide. From the personal collection of Burton Malkiel. In fine condition.
"The Determination of Yield Differentials between Debt Instruments of the Same Maturity," published in the Journal of Money, Credit and Banking, Volume 3, Number 4, in November 1971, is a collaborative empirical study by Ray C. Fair, the John M. Musser Professor of Economics at Yale University and one of the foremost macroeconomic modelers of his generation, and Burton G. Malkiel, the Chemical Bank Chairman's Professor of Economics Emeritus at Princeton University and author of A Random Walk Down Wall Street. The paper addresses a fundamental question in the theory of fixed income markets: given two debt instruments of identical maturity, what factors determine the differential in their yields? The study demonstrates that utility, industrial, and government bonds are not perfect substitutes for one another, and that stock differentials exert a measurable and statistically significant effect on yield differentials, a finding with important implications for portfolio theory, debt management policy, and the pricing of credit risk. The paper stands as a natural extension of Malkiel's earlier theoretical work on the term structure of interest rates and bond pricing, carrying that program of inquiry from the domain of maturity risk into the domain of credit and sector risk, and it has been cited extensively in subsequent empirical work on yield spreads, Federal debt management policy, and the structure of corporate bond markets. The considerable care devoted to the construction of the underlying dataset, as Fair himself noted in his published commentary on the paper, was essential to the credibility of its results and reflects the rigorous empirical standards that characterized both authors' contributions to financial economics throughout their careers.
The Determination of Yield Differentials Between Debt Instruments of the Same Maturity.
$1,200.00
In Stock