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The Soviet Experiment with Domestic Lottery Bonds

James R. Millar and James A. Gentry
Financial Management
Vol. 9, No. 4 (Winter, 1980), pp. 21-29
Published by: Wiley on behalf of the Financial Management Association International
Stable URL: http://www.jstor.org/stable/3664915
Page Count: 9
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
The Soviet Experiment with Domestic Lottery Bonds
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Abstract

This paper reviews Soviet experience with domestic lottery bonds and presents an analysis of the payoff system used to attract capital. An examination of the average risk-adjusted returns on one of the lottery bonds shows that, while the bonds were an attractive financing alternative for the government, they represented an unattractive investment for Soviet citizens.

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