Personal Taxes, Endogenous Default, and Corporate Bond Yield Spreads
Term structure models have often been criticized for failing to explain satisfactorily the yield spread between corporate and Treasury bonds. A potential problem is that the personal tax effect is ignored in these models. In this paper, we employ a structural model to investigate the role of persona...
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| Main Authors: | , , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2006
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/lkcsb_research/784 https://ink.library.smu.edu.sg/context/lkcsb_research/article/1783/viewcontent/WuCC2006mnscPersonalTaxes_pub.pdf |
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| Institution: | Singapore Management University |
| Language: | English |