A. L. Nagar, Y. P. Gupta, The Moment Matrix of the Two-Stage Least-Squares Estimator of Coefficients in Different Equations of a Complete System of Simultaneous Equations, Econometrica, Vol. 38, No. 1 (Jan., 1970), pp. 39-49

the probability of an equal percentage change occurring is far smaller for R. In terms of equally probable changes, income has a greater impact on interest rates than unborrowed reserves. The partial correlation coefficients present less clear evidence as to the relative contributions of R. and Y. The partials are greater for R. than for Y in the equations for 1953-1960, but greater for Y than for R,2 in the 1961-1965 period. For the overall period, the partials are greater for RX when the equations are specified in the H-S form for 19531960 and for Y when the equations are specified in the H-S form for 1961-1965. Thus, the partial correlation coefficients also provide little evidence in support of H-S's conclusion that RX has a greater impact on interest rates than Y. , i the 1961-1965 period. For the over-

Suresh P. Sethi, Gerald L. Thompson, Applications of Mathematical Control Theory to Finance: Modeling Simple Dynamic Cash Balance Problems, The Journal of Financial and Quantitative Analysis, Vol. 5, No. 4/5 (Dec., 1970), pp. 381-394

I. Debt versus equity financing, 452: Investor portfolio choice, 454; Fundamental leverage theorem, 456; Leverage as an externality 456; Effect of no default risk: the “homemade leverage theorem,” 457; Corporate management and the capital markets, 458; Corporate capital budgets as a “public good,” 460. — II. The corporate investor: long-, margin-, and short-risk positions, 462. — Appendix: option financing, 467.

I. Introduction and summary, 627. — II. Assumptions, 629. — III. The monopoly and purely competitive decisions, 631. — IV. The generality of the results, 633. — V. Some concluding remarks, 635. — Appendix (to Section III), 636.