Download or read book Was the Tax Exempt Bond Market Inefficient Or Were Future Expected Tax Rates Negative written by Levis A. Kochin and published by . This book was released on 1986 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Expected Future Tax Policy and Tax Exempt Bond Yields written by James M. Poterba and published by . This book was released on 1986 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper tests several competing models of municipal bond market equilibrium. It analyzes the influence of changes in both personal and corporate tax reforms on the yield spread between taxable and tax-exempt interest rates. The findings suggest that changes in personal income tax rates have pronounced effects on long-term municipal interest rates, but small effects on short-maturity yields. Corporate tax reforms, however, affect both long- and short-term yields. These results are inconsistent with the view that the relative yields on taxable and tax-exempt bonds are set by banks and insurance companies which are taxed at the corporate rate. They support the more traditional view that banks are the primary holders of short-term muncipal securities, while households are the principal investors in the long-term municipal market. This view suggests that proposals to reform municipal financing policies by increasing the use of short-term borrowing, or issuing long-term floating-rate debt, could reduce the real cost of municipal borrowing
Download or read book Stock Market Yields and the Pricing of Municipal Bonds written by N. Gregory Mankiw and published by . This book was released on 1996 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes an alternative to the traditional model for explaining the spread between taxable and tax-exempt bond yields. This alternative model is a special case of a general class of clientele models of portfolio choice and asset market equilibrium. In particular, we consider a setting with two types of investors, a taxable investor and a tax-exempt investor, who hold specialized bond portfolios. The tax-exempt investor holds only taxable bonds, and the taxable investor holds only tax-exempt bonds. Both investors hold equity, and the taxable and tax-exempt bond markets are linked through the equilibrium conditions governing equity holding and bond holding for each type of investor. In contrast to the traditional model, this alternative model has the potential to explain the small observed spread between taxable and tax-exempt yields. In addition, this model predicts that the yield spread between taxable and tax-exempt bonds should be an increasing function of the dividend yield on corporate stocks. Although the substantial changes in the tax code during the last four decades complicate the testing of this model, we find some support for the predicted relationship between the equity dividend yield and the yield spread between taxable and tax-exempt bonds.
Download or read book Handbook of Public Economics written by Martin Feldstein and published by Elsevier. This book was released on 2002-01-25 with total page 744 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Field of Public Economics has been changing rapidly in recent years, and the sixteen chapters contained in this Handbook survey many of the new developments. As a field, Public Economics is defined by its objectives rather than its techniques and much of what is new is the application of modern methods of economic theory and econometrics to problems that have been addressed by economists for over two hundred years. More generally, the discussion of public finance issues also involves elements of political science, finance and philosophy. These connections are evidence in several of the chapters that follow. Public Economics is the positive and normative study of government's effect on the economy. We attempt to explain why government behaves as it does, how its behavior influences the behavior of private firms and households, and what the welfare effects of such changes in behavior are. Following Musgrave (1959) one may imagine three purposes for government intervention in the economy: allocation, when market failure causes the private outcome to be Pareto inefficient, distribution, when the private market outcome leaves some individuals with unacceptably low shares in the fruits of the economy, and stabilization, when the private market outcome leaves some of the economy's resources underutilized. The recent trend in economic research has tended to emphasize the character of stabilization problems as problems of allocation in the labor market. The effects that government intervention can have on the allocation and distribution of an economy's resources are described in terms of efficiency and incidence effects. These are the primary measures used to evaluate the welfare effects of government policy.
Download or read book Risk Portfolio Management and Capital Markets written by Terence E. Cooke and published by Springer. This book was released on 1992-06-18 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: A compilation of the proceedings of a conference held at the University of Exeter on risk, portfolio management and capital markets.
Download or read book Journal of Banking Finance written by and published by . This book was released on 1994 with total page 1324 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book National Tax Journal written by and published by . This book was released on 1997 with total page 1026 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Yields and Tax Rates on Corporate Municipal and Industrial Revenue Bonds written by Leland Crabbe and published by . This book was released on 1992 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The C F A Digest written by Institute of Chartered Financial Analysts and published by . This book was released on 1989 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book International Review of Economics Finance written by and published by . This book was released on 1997 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Quarterly Review of Economics and Finance written by and published by . This book was released on 1998 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Review of Financial Economics written by and published by . This book was released on 1998 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Market Rates and Flows written by James C. Van Horne and published by . This book was released on 1994 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers interest rates and financial risk management while providing a conceptual basis from which to understand interest rates, interest-rate differentials, financial market equilibration, risk, and risk shifting.Emphasizing financial risk management, this book reflects the latest developments. It considers the volatility of bond prices with respect to coupon rate and maturity, and convexity while offering an extensive exploration into currency risk as it affects a foreign bond portfolio. It also explores the arbitrage equilibration between financial markets and likely changes that accompany change in the institutional environment. The fifth edition of Financial Market Rates and FlowsD has been revised to include a new chapter on prices and yields for bonds and money market instruments and one on mortgage securities and prepayment risk. Its overall presentation has been revised to reflect the latest shifts in the financial markets. In addition, the presentation of flow of funds has been updated and streamlined for easier comprehension and the discussion on modeling the term structure of interest rates as well as duration and convexity has been updated.
Download or read book The President s 1978 Tax Reduction and Reform Proposals written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 1978 with total page 990 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Encyclopedia of Taxation Tax Policy written by Joseph J. Cordes and published by The Urban Insitute. This book was released on 2005 with total page 522 pages. Available in PDF, EPUB and Kindle. Book excerpt: "From adjusted gross income to zoning and property taxes, the second edition of The Encyclopedia of Taxation and Tax Policy offers the best and most complete guide to taxes and tax-related issues. More than 150 tax practitioners and administrators, policymakers, and academics have contributed. The result is a unique and authoritative reference that examines virtually all tax instruments used by governments (individual income, corporate income, sales and value-added, property, estate and gift, franchise, poll, and many variants of these taxes), as well as characteristics of a good tax system, budgetary issues, and many current federal, state, local, and international tax policy issues. The new edition has been completely revised, with 40 new topics and 200 articles reflecting six years of legislative changes. Each essay provides the generalist with a quick and reliable introduction to many topics but also gives tax specialists the benefit of other experts' best thinking, in a manner that makes the complex understandable. Reference lists point the reader to additional sources of information for each topic. The first edition of The Encyclopedia of Taxation and Tax Policy was selected as an Outstanding Academic Book of the Year (1999) by Choice magazine."--Publisher's website.
Download or read book Journal of Economic Literature written by and published by . This book was released on 1989 with total page 1116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Working Paper Series written by and published by . This book was released on 2002 with total page 620 pages. Available in PDF, EPUB and Kindle. Book excerpt:
