This is a thoroughly updated edition of Dynamic Asset Pricing Theory, the standard text for
doctoral students and researchers on the theory of asset pricing and portfolio selection in …

Original issue premium (OIP) bonds are the norm in the US tax-exempt market but very rare
in the taxable market. A tax subsidy helps explain this disparity. Unlike bonds issued at par …

We consider how state income tax changes affect the demand for municipal bonds by in-
state investors. A tax increase (decrease) makes investing in municipal bonds more (less) …

We examine the impact of differences in interest rate volatility, the taxation of capital gains
and losses, callability, the Tax Reform Act of 1986, corporate and personal tax rates, and the …

This article analyzes an extensive sample of tax-exempt and taxable municipal bonds to
better understand how municipals behave without federal tax exemption. The authors find …

Issuing local government bonds will become a main financing manner and channel of
municipal infrastructure in China while its major problem is volumes and credit risk control …

El objetivo de esta tesis es analizar la influencia de las medidas no convencionales de
política monetaria adoptadas desde finales de 2008 por los principales bancos centrales …

Publisher Summary Taxable portfolios represent a special challenge to the investment
manager. To active managers, the imposition of capital gains taxes makes many strategies …

I derive the optimal timing strategy for an investor taking tax gains and losses on tax-exempt
bonds (up to a 7% gain over buy-and-hold). I then derive the issuer's optimal coupon rate …

Unlike other costs of trading, capital gains taxes are not well understood. The tax cost of
selling an asset includes the present value change in current and future tax liabilities caused …