Present value criterion: the case of differing borrowing and lending rates Academic Article uri icon


  • This paper examines the present value criterion in a capital market with differing borrowing and lending rates. The more general present value criterion not only extends its applicability, but also enables us to better understand some features of the traditional present value criterion for a perfect capital market. 2004 Elsevier B.V. All rights reserved.

published proceedings


author list (cited authors)

  • Liu, L. Q., Rettenmaier, A. J., & Saving, T. R.

citation count

  • 4

complete list of authors

  • Liu, LQ||Rettenmaier, AJ||Saving, TR

publication date

  • January 2004