G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w14496
来源IDWorking 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
URLhttps://www.nber.org/papers/w14496
来源智库National Bureau of Economic Research (United States)
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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.
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