On Arbitrage-Free Pricing of Interest Rate Contingent Claims
改进了Ho-Lee利率模型，解决了其可能产生负利率的缺陷，使利率行为更合理，对金融经济学和利率衍生品定价研究有参考价值。
Unlike most interest rate claim models, the Ho-Lee model utilizes full information on the current term structure. Unfortunately, the model has a major deficiency in that negative interest rates can occur. This article modifies the model such that interest rates are well behaved.