메뉴 건너뛰기




Volumn 56, Issue 1 II, 2003, Pages 259-270

How prevalent is tax arbitrage? Evidence from the market for municipal bonds

Author keywords

[No Author keywords available]

Indexed keywords


EID: 2942700144     PISSN: 00280283     EISSN: None     Source Type: Journal    
DOI: 10.17310/ntj.2003.1s.07     Document Type: Review
Times cited : (15)

References (34)
  • 1
    • 2942756595 scopus 로고    scopus 로고
    • Tax arbitrage, the choice of tax base and the prospects for tax reform
    • Washington, D.C.: National Tax Association
    • Altshuler, Roseanne, and William Gentry. "Tax Arbitrage, the Choice of Tax Base and the Prospects for Tax Reform." In Proceedings of the Eighty-Eightieth Annual Conference on Taxation, 236-41. Washington, D.C.: National Tax Association, 1996.
    • (1996) Proceedings of the Eighty-eightieth Annual Conference on Taxation , pp. 236-241
    • Altshuler, R.1    Gentry, W.2
  • 2
    • 0345131411 scopus 로고    scopus 로고
    • The new market in corporate tax shelters
    • June 21
    • Bankman, Joseph. "The New Market in Corporate Tax Shelters." Tax Notes 83 (June 21, 1999): 1775-95.
    • (1999) Tax Notes , vol.83 , pp. 1775-1795
    • Bankman, J.1
  • 3
    • 2942723221 scopus 로고
    • Rethinking tax-exempt financing for state and local governments
    • Autumn
    • Beek, David C. "Rethinking Tax-Exempt Financing for State and Local Governments." Federal Reserve Bank of New York Quarterly Review 7 No. 3 (Autumn, 1982): 30-40.
    • (1982) Federal Reserve Bank of New York Quarterly Review , vol.7 , Issue.3 , pp. 30-40
    • Beek, D.C.1
  • 4
    • 38249040744 scopus 로고
    • Empirical determinants of the relative yields on taxable and tax-exempt securities
    • December
    • Buser, Stephen A., and Patrick J. Hess. "Empirical Determinants of the Relative Yields on Taxable and Tax-Exempt Securities. " Journal of Financial Economics 17 No. 2 (December, 1986): 335-55.
    • (1986) Journal of Financial Economics , vol.17 , Issue.2 , pp. 335-355
    • Buser, S.A.1    Hess, P.J.2
  • 5
    • 0032366189 scopus 로고    scopus 로고
    • Default risk cannot explain the muni puzzle: Evidence from municipal bonds that are secured by U.S. Treasury obligations
    • Chalmers John. "Default Risk cannot Explain the Muni Puzzle: Evidence from Municipal Bonds that are Secured by U.S. Treasury Obligations." Review of Financial Studies 11 No. 2 (1998): 281-308.
    • (1998) Review of Financial Studies , vol.11 , Issue.2 , pp. 281-308
    • John, C.1
  • 6
    • 0010788018 scopus 로고
    • Bank differences in the coordination of regulatory capital, earnings, and taxes
    • Autumn
    • Collins, Julie H., Douglas A. Shackelford, and James M. Wahlen. "Bank Differences in the Coordination of Regulatory Capital, Earnings, and Taxes." Journal of Accounting Research 33 No. 2 (Autumn, 1995): 263-92.
    • (1995) Journal of Accounting Research , vol.33 , Issue.2 , pp. 263-292
    • Collins, J.H.1    Shackelford, D.A.2    Wahlen, J.M.3
  • 7
    • 0347839215 scopus 로고
    • Tax management and investment strategies of property-liability insurers
    • January
    • Cummins, David J., and Elizabeth Cerase. "Tax Management and Investment Strategies of Property-Liability Insurers." Journal of Banking and Finance 18 No. 1 (January, 1994): 43-72.
    • (1994) Journal of Banking and Finance , vol.18 , Issue.1 , pp. 43-72
    • Cummins, D.J.1    Cerase, E.2
  • 9
    • 0032344725 scopus 로고    scopus 로고
    • Implicit taxes in high dividend yield stocks
    • October
    • Erickson, Merle M., and Edward L. Maydew. "Implicit Taxes in High Dividend Yield Stocks." The Accounting Review 73 No. 4 (October, 1998): 435-58.
    • (1998) The Accounting Review , vol.73 , Issue.4 , pp. 435-458
    • Erickson, M.M.1    Maydew, E.L.2
  • 10
    • 0041429891 scopus 로고    scopus 로고
    • Exploiting and sharing tax benefits: Seagram and dupont
    • Fall
    • Erickson, Merle M., and Shiing-Wu Wang. "Exploiting and Sharing Tax Benefits: Seagram and Dupont." Journal of the American Taxation Association 21 No. 2 (Fall, 1999): 35-54.
    • (1999) Journal of the American Taxation Association , vol.21 , Issue.2 , pp. 35-54
    • Erickson, M.M.1    Wang, S.-W.2
  • 11
    • 0003855474 scopus 로고
    • A pricing model for the municipal bond market
    • Chicago: University of Chicago
    • Fama, Eugene F. "A Pricing Model for the Municipal Bond Market." University of Chicago Working Paper. Chicago: University of Chicago, 1977.
    • (1977) University of Chicago Working Paper
    • Fama, E.F.1
  • 12
    • 0038694468 scopus 로고    scopus 로고
    • Taxes, financing decisions, and firm value
    • June
    • Fama, Eugene F., and Kenneth R. French. "Taxes, Financing Decisions, and Firm Value." Journal of Finance 53 No. 3 (June, 1998): 819-44.
    • (1998) Journal of Finance , vol.53 , Issue.3 , pp. 819-844
    • Fama, E.F.1    French, K.R.2
  • 13
    • 2942732273 scopus 로고    scopus 로고
    • July
    • Federal Reserve Bank of the United States. Flow of Funds, July 2002.
    • (2002) Flow of Funds
  • 14
    • 0036049984 scopus 로고    scopus 로고
    • Debt, investment, and endowment accumulation: The case of not-for-profit hospitals
    • September
    • Gentry, William M. "Debt, Investment, and Endowment Accumulation: The Case of Not-for-Profit Hospitals. "Journal of Health Economics 21 No. 5 (September, 2002): 845-72.
    • (2002) Journal of Health Economics , vol.21 , Issue.5 , pp. 845-872
    • Gentry, W.M.1
  • 15
    • 0042005389 scopus 로고
    • Do tax-exempt bonds really subsidize municipal capital
    • December
    • Gordon, Roger H., and Gilbert E. Metcalf. "Do Tax-Exempt Bonds Really Subsidize Municipal Capital." National Tax Journal 41 No. 4 (December, 1991): 71-80.
    • (1991) National Tax Journal , vol.41 , Issue.4 , pp. 71-80
    • Gordon, R.H.1    Metcalf, G.E.2
  • 16
    • 0030269260 scopus 로고    scopus 로고
    • Proxies for the corporate marginal tax rate
    • October
    • Graham, John R. "Proxies for the Corporate Marginal Tax Rate." Journal of Financial Economics 42 No. 2 (October, 1996): 187-221.
    • (1996) Journal of Financial Economics , vol.42 , Issue.2 , pp. 187-221
    • Graham, J.R.1
  • 17
    • 0040362553 scopus 로고    scopus 로고
    • How big are the tax benefits of debt?
    • October
    • Graham, John R. "How Big are the Tax Benefits of Debt?" Journal of Finance 55 No. 5 (October, 2000): 1901-41.
    • (2000) Journal of Finance , vol.55 , Issue.5 , pp. 1901-1941
    • Graham, J.R.1
  • 18
    • 0000761455 scopus 로고
    • The relation between tax rates and pretax returns: Direct evidence from the 1981 and 1986 tax rate reductions
    • November
    • Guenther, David A. "The Relation between Tax Rates and Pretax Returns: Direct Evidence from the 1981 and 1986 Tax Rate Reductions." Journal of Accounting and Economics 18 No. 3 (November, 1994): 379-94.
    • (1994) Journal of Accounting and Economics , vol.18 , Issue.3 , pp. 379-394
    • Guenther, D.A.1
  • 19
    • 0031280893 scopus 로고    scopus 로고
    • Financial reporting, tax costs and booktax conformity
    • November
    • Guenther, David A., Sarah E. Nutter, and Edward L. Maydew. "Financial Reporting, Tax Costs and BookTax Conformity." Journal of Accounting and Economics 23 No. 3 (November, 1997): 225-48.
    • (1997) Journal of Accounting and Economics , vol.23 , Issue.3 , pp. 225-248
    • Guenther, D.A.1    Nutter, S.E.2    Maydew, E.L.3
  • 20
    • 0041024443 scopus 로고    scopus 로고
    • MIPs, QuiPs and TOPrs: Old wine in new bottles
    • Spring
    • Khanna, Arun, and John McConnell. "MIPs, QuiPs and TOPrs: Old Wine in New Bottles." Journal of Applied Corporate Finance 11 No. 1 (Spring, 1998): 39-44.
    • (1998) Journal of Applied Corporate Finance , vol.11 , Issue.1 , pp. 39-44
    • Khanna, A.1    McConnell, J.2
  • 21
    • 84977700163 scopus 로고
    • Was the tax-exempt bond market inefficient or were future expected tax rates negative?
    • September
    • Kochin, Levis A., and Richard W. Parks. "Was the Tax-Exempt Bond Market Inefficient or were Future Expected Tax Rates Negative?" Journal of Finance 43 No. 4 (September, 1988): 913-31.
    • (1988) Journal of Finance , vol.43 , Issue.4 , pp. 913-931
    • Kochin, L.A.1    Parks, R.W.2
  • 23
    • 84944072660 scopus 로고
    • Debt and taxes
    • May
    • Miller, Merton H. "Debt and Taxes." Journal of Finance 32 No. 2 (May, 1977): 261-75.
    • (1977) Journal of Finance , vol.32 , Issue.2 , pp. 261-275
    • Miller, M.H.1
  • 24
    • 0032265358 scopus 로고    scopus 로고
    • Book-Tax differences and internal revenue service audit adjustments
    • Autumn
    • Mills, Lillian F. "Book-Tax Differences and Internal Revenue Service Audit Adjustments." Journal of Accounting Research 36 No. 2 (Autumn, 1998): 343-56.
    • (1998) Journal of Accounting Research , vol.36 , Issue.2 , pp. 343-356
    • Mills, L.F.1
  • 25
    • 0002585694 scopus 로고
    • Explaining the yield spread between taxable and tax exempt bonds
    • edited by Harvey S. Rosen. Chicago: University of Chicago Press
    • Poterba, James M. "Explaining the Yield Spread between Taxable and Tax Exempt Bonds." In Studies in State and Local Public Finance, edited by Harvey S. Rosen, 5-48. Chicago: University of Chicago Press, 1986.
    • (1986) Studies in State and Local Public Finance , pp. 5-48
    • Poterba, J.M.1
  • 26
    • 38249006229 scopus 로고
    • Tax reform and the market for tax-exempt debt
    • August
    • Poterba, James M. "Tax Reform and the Market for Tax-Exempt Debt." Regional Science and Urban Economics 19 No. 3 (August, 1989): 537-62.
    • (1989) Regional Science and Urban Economics , vol.19 , Issue.3 , pp. 537-562
    • Poterba, J.M.1
  • 27
    • 0000252083 scopus 로고
    • Tax planning, regulatory capital planning, and financial reporting strategy for commercial banks
    • Scholes, Myron S., G. Peter Wilson, and Mark A. Wolfson. "Tax Planning, Regulatory Capital Planning, and Financial Reporting Strategy for Commercial Banks." Review of Financial Studies 3 No .4 (1990): 625-50.
    • (1990) Review of Financial Studies , vol.3 , Issue.4 , pp. 625-650
    • Scholes, M.S.1    Wilson, G.P.2    Wolfson, M.A.3
  • 29
    • 0002249952 scopus 로고
    • The market for tax benefits: Evidence from leveraged ESOPs
    • June
    • Shackelford, Douglas A. "The Market for Tax Benefits: Evidence from Leveraged ESOPs." Journal of Accounting and Economics 14 No. 2 (June, 1991): 117-46.
    • (1991) Journal of Accounting and Economics , vol.14 , Issue.2 , pp. 117-146
    • Shackelford, D.A.1
  • 30
    • 0002307601 scopus 로고    scopus 로고
    • The limits of arbitrage
    • March
    • Shleifer, Andrei, and Robert W. Vishny. "The Limits of Arbitrage." Journal of Finance 52 No. 1 (March, 1997): 35-56.
    • (1997) Journal of Finance , vol.52 , Issue.1 , pp. 35-56
    • Shleifer, A.1    Vishny, R.W.2
  • 31
    • 0011446838 scopus 로고
    • Banks, firms and the relative pricing of tax-exempt and taxable bonds
    • November
    • Skelton, Jeffrey L. "Banks, Firms and the Relative Pricing of Tax-Exempt and Taxable Bonds." Journal of Financial Economics 12 No. 3 (November, 1983): 343-55.
    • (1983) Journal of Financial Economics , vol.12 , Issue.3 , pp. 343-355
    • Skelton, J.L.1
  • 32
    • 0033211991 scopus 로고    scopus 로고
    • Did Steve forbes scare the municipal bond market?
    • October
    • Slemrod, Joel, and Timothy Greimel. "Did Steve Forbes Scare the Municipal Bond Market?" Journal of Public Economics 74 No. 1 (October, 1999): 81-96.
    • (1999) Journal of Public Economics , vol.74 , Issue.1 , pp. 81-96
    • Slemrod, J.1    Greimel, T.2
  • 33
    • 0001610544 scopus 로고
    • The pricing of tax-exempt bonds and the miller hypothesis
    • September
    • Trczinka, Charles. "The Pricing of Tax-Exempt Bonds and the Miller Hypothesis." Journal of Finance 37 No. 4 (September, 1982): 907-23.
    • (1982) Journal of Finance , vol.37 , Issue.4 , pp. 907-923
    • Trczinka, C.1
  • 34
    • 0042735869 scopus 로고    scopus 로고
    • In the dark: The pricing of bonds, long a big mystery, gets some scrutiny
    • September 10
    • Zukerman, Gregory. "In the Dark: The Pricing of Bonds, Long a Big Mystery, Gets Some Scrutiny." The Wall Street Journal (September 10, 1998): A1.
    • (1998) The Wall Street Journal
    • Zukerman, G.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.