Investors hold equity in tax-exempt savings vehicles such as pension plans, despite the prediction of the standard model that they hold only bonds. We provide a new explanation for this empirical puzzle based on differences between pensions and taxable assets in the tax treatment of capital...

Investors frequently hold equity in tax-exempt savings vehicles such as pension plans, despite the prediction of the standard model that they hold only bonds. We provide a new explanation for this empirical puzzle based on differences between pensions and taxable assets in the tax treatment of...

"Principles of Finance with Excel comprehensively integrates Excel into the teaching and practice of finance. Simon Benninga's name is synonymous with financial modeling, and on full display here is the author's experience teaching undergraduates, graduate students, and executives how to use...