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| Author: | Heuson, A. J. Lasser, D. J. |
| Title: | Tax-timing options and the pricing of government bonds |
| Journal: | Journal of Financial Research
1990 : SUM, VOL. 13:2, p.93-103 |
| Index terms: | SECURITIES BONDS GOVERNMENT BONDS |
| Language: | eng |
| Abstract: | The provisions of the Internal Revenue Code affect trading strategies for long- term, fixed-payment securities when investment income is subject to taxation and can create tax-timing options of varying values for specific bonds at specific dates. The present paper uses an estimate of the tax bracket of the marginal investor to measure the relative impact of changing tax-timing options on bond prices. This refinement helps to explain apparent discrepancy between theoretical and observed values of the tax bracket. |
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