In theory, Federal debt-management policy potentially plays an important role in determining Treasury and private security yields. However, empirical studies have been unable to detect any significant effects from Federal debt-management. In large part the insignificance of relative asset supply effects associated with Federal debt-management policy may result from the use of unrestricted reduced-form models of interest rate determination. Using a disaggregated structural model of the markets for corporate bonds, equities, and four distinct maturity classes of Treasury securities, Federal debt-management policy is found to affect Treasury and private security yields significantly. Furthermore, the yields on corporate bonds and equities are influenced disproportionately.

Forecasting models, Management forecasts, ARIMA models, Analyst forecasts

Choices of accounting techniques, as well as evaluations of accounting numbers, are based in part upon a knowledge of the relative profit patterns associated with alternative techniques. It is generally understood that inflation accounting models change profit patterns, and the general effects of changes from historical cost accounting to various inflation accounting models have been analyzed. In addition to these general effects, however, there are specific effects due to the interactions of conventional accounting techniques (such as LIFO and FIFO) and specific inflation accounting models. This study analyzes the interaction effects of conventional inventory accounting methods and several inflation accounting models to demonstrate that these effects can produce significant and non-intuitive changes in relative profit patterns among alternative accounting techniques.

J. V. Jordan, Term Structure Modeling Using Exponential Splines: Discussion, The Journal of Finance, Vol. 37, No. 2, Papers and Proceedings of the Fortieth Annual Meeting of the American Finance Association, Washington, D.C., December 28-30, 1981 (May, 1982), pp. 354-356

Ram T. S. Ramakrishnan, Anjan V. Thakor, Moral Hazard, Agency Costs, and Asset Prices in a Competitive Equilibrium, The Journal of Financial and Quantitative Analysis, Vol. 17, No. 4, Proceedings of the 17th Annual Conference of the Western Finance Association, June 16-19, 1982, Portland, Oregon (Nov., 1982), pp. 503-532

Reviews the book "Financial Accounting," by Roger H. Hermanson, James Don Edwards and Ray H. Garrison.

Sudhakar D. Deshmukh, Stuart I. Greenbaum, Anjan V. Thakor, Capital Accumulation and Deposit Pricing in Mutual Financial Institutions, The Journal of Financial and Quantitative Analysis, Vol. 17, No. 5 (Dec., 1982), pp. 705-725