作者：DAMMON, RM; DUNN, KB; SPATT, CS
摘要：We derive and investigate empirically arbitrage pricing restrictions among three bonds of RJR Nabisco Holdings Capital Corporation. The three RJR bonds are virtually identical in all respects, except for the form in which interest is paid. We document large and persistent errors in the market pricing of the three bonds over a two-year period. The cash-paying bond was consistently more expensive than either the pay-in-kind or deferred-coupon bonds. The magnitude of the pricing errors is too lar...
作者：BREZIS, ES; KRUGMAN, PR; TSIDDON, D
作者单位：Massachusetts Institute of Technology (MIT); Hebrew University of Jerusalem
摘要：Endogenous-growth theory suggests that technological change tends to reinforce the position of the leading nations. Yet sometimes this leadership role shifts. We suggest a mechanism that explains this pattern of ''leapfrogging'' as a response to occasional major changes in technology. When such a change occurs, the new technology does not initially seem to be an improvement for leading nations, given their extensive experience with older technologies. Lagging nations have less experience, the ...
