| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14496 |
| 来源ID | Working Paper 14496 |
| Taxes on Tax-Exempt Bonds | |
| Andrew Ang; Vineer Bhansali; Yuhang Xing | |
| 发表日期 | 2008-11-20 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Implicit tax rates priced in the cross section of municipal bonds are approximately two to three times as high as statutory income tax rates, with implicit tax rates close to 100% using retail trades and above 70% for interdealer trades. These implied tax rates can be identified on the cross section of municipal bonds because a portion of secondary market municipal bond trades involve income taxes. After valuing the tax payments, market discount bonds, which carry income tax liabilities, trade at yields around 25 basis points higher than comparable municipal bonds not subject to any taxes. The high sensitivities of municipal bond prices to tax rates can be traced to individual retail traders dominating dealers and other institutions. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w14496 |
| 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/572171 |
| 推荐引用方式 GB/T 7714 | Andrew Ang,Vineer Bhansali,Yuhang Xing. Taxes on Tax-Exempt Bonds. 2008. |
| 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 | ||
| w14496.pdf（291KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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