An analysis of implied tax rates on long-term taxable and tax-exempt bonds

Article Abstract:

The equilibrium yield relationship between taxable bonds and long-term tax exempt bonds was analyzed according to the impact of differences in interest rate volatility, capital gains taxation, capital loss taxation, callability, corporate and personal tax rates, the value of the tax-timing option and the effect of the Tax Reform Act of 1986. Significant effects were found with personal tax rates, municipal yield volatilities and callability.

Personal Income Tax Rates, Analysis, Taxation, Investments, Personal income tax, Municipal bonds

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An analysis of implied tax rates on long-term taxable and tax-exempt bonds

Article Abstract:

Before 1986, volatility, tax rates, and Treasury yields affected tax rates on taxable and tax-exempt bonds. After 1986, no factor caused a difference in tax rates.

United States, Science & research, Commodity & service prices, Tax Rates, Prices and rates, Bonds, Bonds (Securities), Company pricing policy, Tax-exempt securities

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Impact of correlation of asset value and interest rates upon duration and convexity of risky debt

Article Abstract:

The research examines the effect that linking asset value to interest rates has on the duration of company debts. Conclusions are given.

Capital assets, Debt

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