Leverage, Market value of debt, Debt-Equity ratio, Risk

Municipal bonds, Bond price data, Databases

In practice one does not expect conflicting agents to move instantaneously to an equilibrium. Instead the final equilibrium is often the consequence of "disequilibrium dynamics". This paper, through the use of local game theory, introduces a general framework for disequilibrium dynamics based on the existence of adjustment costs. The analysis is presented within the context of oligopoly theory and shows that the existence of adjustment costs will in many cases result in a unique equilibrium at which market shares are inversely proportional to these costs. This paper also introduces two new solution concepts for n-person normal form games.

Journal Article Capacity Costs, Heterogeneous Users, and Peak-Load Pricing Get access W. John Jordan W. John Jordan Seton Hall University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 100, Issue 4, November 1985, Pages 1335–1337, https://doi.org/10.2307/1885687 Published: 01 November 1985

Internal control systems, Auditing, Accounting errors, Reliability model

This paper is concerned with the effect of futures trading in Treasury bills on the volatility of yields in the cash market. It is found that futures trading led to a decrease in volatility initially, but the effect disappeared when futures volume became large and possibly resulted in increased volatility in the secondary cash market. The results also indicated that the deliverable bill appears to sell at a small premium relative to the adjacent maturities prior to the delivery date.