Erickson, Merle; Goolsbee, Austan; Maydew, Edward - In: National Tax Journal 56 (2003) 1, pp. 259-70
This paper examines tax arbitrage in the market for municipal bonds. It poses a puzzle for the literature, however, in that we find little evidence of municipal bond tax arbitrage by non-financial corporations. Even among those firms engaged in arbitrage, many firms do less than a safe-harbor...