AN ALTERNATIVE TO THE YIELD SPREAD AS A MEASURE OF RISK

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  • J. B. Silvers

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    • Assistant Professor of Business Administration, Harvard University. The author appreciates the helpful comments of Ezra Solomon, Alexander Robichek, William Beaver, Dwight Crane, and E. Eugene Carter on earlier portions of this work. Financial support was provided by the American Banking Association under a Stonier Fellowship and by the Division of Research of the Harvard Business School.

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