Effects of Credit Quality on Tax-Exempt and Taxable Yield

An examination of the effects of credit quality on the relative yields of Treasuries and municipals reveals that the municipal term structure model with no default risk underestimates equilibrium marginal income tax rates and yields of municipals relative to yields of Treasuries. The downward bias i...

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Bibliographic Details
Main Authors: WU, Chunchi, Liu, Sheen, Wong, Junbo
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2003
Subjects:
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/791
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Institution: Singapore Management University
Language: English

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