A fully revised guide to fixed income securities that reflects current market conditions The Second Edition of Bond Evaluation, Selection, and Management combines fundamental and advanced topics in the field, offering comprehensive coverage of bond and debt management. This fully updated and...

There are two general approaches to modeling stochastic interest rate movements using a binomial model—the equilibrium model and the calibration model. Both models assume that the interest rate's logarithmic return is normally distributed. However, a number of empirical studies have provided...

The correct value for the net discount rate has been a topic of controversy among forensic economists. Based on available historical period, use of “total offset” method yields a net discount rate close to zero. Visual inspection of the data suggests the net discount rate exhibits a shift in...

This paper updates and extends the time-series evidence on the convergence of international incomes using a set of 29 countries over the period 1900-2001. Time-series tests for stochastic convergence are supplemented with tests which provide evidence on the notion of "Beta-convergence" predicted...