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Tax Reform and the Market for Tax-Exempt Debt
Poterba, James M. - 2002
changes in expected individual tax rates, a finding that refutes theories of municipal bond pricing that focus exclusively on … municipal bond market was segmented, with different investor clienteles at short and long maturities. The Tax Reform Act of 1986 … is likely to affect this market, however, since it has restricted tax benefits from tax-exempt bond investment by …
Persistent link: https://www.econbiz.de/10012787429
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The Flight-to-Liquidity Premium in U.S. Treasury Bond Prices
Longstaff, Francis A. - 2002
We examine whether there is a flight-to-liquidity premium in Treasury bond prices by comparing them with prices of …
Persistent link: https://www.econbiz.de/10012787067
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Riding the Bubble? Chasing Returns into Illiquid Assets
Yagan, Danny - 2014
Household investors chase stock market returns. Surveys suggest that households intend to "ride the bubble" by buying stocks early in a boom and selling stocks early in a bust. This implies that households use only liquid assets to chase returns. I test this prediction using inflows to fixed...
Persistent link: https://www.econbiz.de/10013049679
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Tax Induced Trading : the Effect of the 1986 Tax Reform Act on Stock Market Activity
Bolster, Paul J. - 2012
The abolition of the favorable tax treatment of long term capital gains forced investors to reassess traditional year-end trading strategies used to manage tax liabilities. This study compares with year-end trading behavior in previous years with that observed at the end of 1986. Traditional...
Persistent link: https://www.econbiz.de/10012755825
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The Shifting Drivers of Global Liquidity
Avdjiev, Stefan - 2017
The sensitivity of the main global liquidity components, international loan and bond flows, to global factors varied …
Persistent link: https://www.econbiz.de/10012952502
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U.S. Investment in Global Bonds : As the Fed Pushes, Some Emes Pull
Burger, John D. - 2014
We analyze reallocations within the international bond portfolios of US investors. The most striking empirical … economic growth. We also provide a descriptive analysis of global bond markets' structure and returns …
Persistent link: https://www.econbiz.de/10013045646
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The Effects of U.S. Monetary Policy on Emerging Market Economies' Sovereign and Corporate Bond Markets
Burger, John D. - 2017
We analyze the effect of the US Federal Reserve's monetary policy on EME sovereign and corporate bond markets by … focusing on two dimensions: the evolution of the structure (size and currency composition) of the bond markets and their … allocations within the bond portfolios of US investors. Global factors, particularly the level of long-term US Treasury yields …
Persistent link: https://www.econbiz.de/10012950839
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Simulating the Elimination of the U.S. Corporate Income Tax
Fehr, Hans - 2013
We simulate corporate tax reform in a single good, five-region (U.S., Europe, Japan, China, India) model, featuring skilled and unskilled labor, detailed region-specific demographics and fiscal policies. Eliminating the model's U.S. corporate income tax produces rapid and dramatic increases in...
Persistent link: https://www.econbiz.de/10013071508
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Tax Reform and Adjustment Costs : the Impact on Investment and Market Value
Auerbach, Alan J. - 2002
This paper derives analytical measures of the combined effects of tax changes and adjustment costs on investment and market value. Unlike earlier measures, the effective tax rate derived is valid in the presence of adjustment costs and anticipated tax changes. The derived measure of the impact...
Persistent link: https://www.econbiz.de/10012787469
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Simulating U.S. Tax Reform
Altig, David - 2010
This paper uses a new large-scale dynamic simulation model to compare the equity, efficiency, and macroeconomic effects of five alternative to the current U.S. federal income tax. These reforms are a proportional income tax, a proportional consumption tax, a flat tax, a flat tax with transition...
Persistent link: https://www.econbiz.de/10012763639