| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9105 |
| 来源ID | Working Paper 9105 |
| How Prevalent is Tax Arbitrage? Evidence from the Market for Municipal Bonds | |
| Merle Erickson; Austan Goolsbee; Edward Maydew | |
| 发表日期 | 2002-08-08 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | Although tax arbitrage is central to the literatures on tax capitalization, implicit taxes, and even capital structure, there is little empirical evidence of the extent to which firms actually engage in tax arbitrage. This paper provides some evidence on the topic by focusing on a simple and observable corporate arbitrage strategy 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. The overwhelming majority of firms are not engaging in the arbitrage at all and even among those engaged in arbitrage, many firms do less than a safe-harbor amount allowed by the tax authorities. Such a pattern is consistent with the presence of both fixed and marginal (i.e., that depend on size of the position) costs of arbitrage, though we cannot observe what those costs are. |
| 主题 | Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w9105 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566716 |
| 推荐引用方式 GB/T 7714 | Merle Erickson,Austan Goolsbee,Edward Maydew. How Prevalent is Tax Arbitrage? Evidence from the Market for Municipal Bonds. 2002. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9105.pdf（79KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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