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This paper tests several competing models of municipal bond market equilibrium. It analyzes the influence of changes in …
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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
This paper uses data on actual returns on taxable bonds, tax-exempt bonds, and a small sample of equity mutual funds over the 1962-1998 period to compare two asset location strategies for retirement savers. The first strategy gives priority to holding equities, through equity mutual funds, in a...
Persistent link: https://www.econbiz.de/10012763271
This paper uses data on actual returns on taxable bonds, tax-exempt bonds, and a small sample of equity mutual funds over the 1962-1998 period to compare two asset location strategies for retirement savers. The first strategy gives priority to holding equities, through equity mutual funds, in a...
Persistent link: https://www.econbiz.de/10012470740
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/10012476154
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