[This article documents an apparent pricing anomaly involving 91/4 percent, 30-year Treasury bonds during the months of May and June 1986. During this period, the price of the 91/4s rose sharply relative to the prices of other long-term Treasury bonds and created a potential arbitrage opportunity. In addition, owners of the 91/4 bonds were able to borrow at a zero interest rate by pledging their bonds. Detailed examination reveals that this relative pricing anomaly cannot be attributed to changes in the level or term structure of interest rates or to differences between the bonds with respect to liquidity, taxation, or duration.]

This article documents an apparent pricing anomaly involving 94 percent, 30-year Treasury bonds during the months of May and June 1986. During this period, the price of the 94s rose sharply relative to the prices of other long-term Treasury bonds and created a potential arbitrage opportunity. In addition, owners of the 94 bonds were able to borrow at a zero interest rate bypledging their bonds. Detailed examination reveals that this relative pricing anomaly cannot be attributed to changes in the level or term structure of interest rates or to differences between the bonds with respect to liquidity, taxation, or duration.

This article presents information on various books related to accountancy. The book "An Accountant's Guide to Databases," by K.N. Bhasker, examines the basic concepts and terminology of database management and its implications for the field of accounting. The book begins with a brief introduction to current micro-technology and the organization of computer files and defines three distinctive meanings of the term database relevant to its use in accounting. The purpose of the book "Comprehensive Auditing in Canada: Theory and Practice," by James Cutt, is the development of a theory and methodology for a comprehensive auditing model by examination of current theory and practice in the areas of auditing and policy analysis or program evaluation. The theory and methodology developed is designed primarily for the nonprofit component of the public sector but is extended to the profit component of the public and private sectors. In the book "The British Accounting Review Research Register 1988," edited by K.P. Gee and R.H. Gray, the data presented has been gathered from across 90 universities, polytechnics and colleges, and provides information on 1,072 accounting and finance academic staff members throughout the British Isles.