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Bank Discount, Coupon Equivalent, and Compound Yields
Philip W. Glasgo, William J. Landes and A. Frank Thompson
Vol. 11, No. 3 (Autumn, 1982), pp. 80-84
Stable URL: http://www.jstor.org/stable/3665001
Page Count: 5
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.
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Reported yields on short term debt instruments are calculated in a variety of ways, making comparison of yields on different instruments difficult. This article reviews the different methods, demonstrates that the biases that result from their use vary as the maturity of the instrument varies and increase as market rates increase, and suggests a method for standardization of yield comparisons.
Financial Management © 1982 Financial Management Association International