Economics at your fingertips  

Are There Tax Effects in the Relative Pricing of U.S. Government Bonds?

Richard Green and Bernt Ødegaard

Journal of Finance, 1997, vol. 52, issue 2, 609-33

Abstract: The authors investigate the impact of the Tax Reform Act of 1986 on the relative pricing of U.S. Treasury Bonds. They obtain positive statistically and economically significant estimates for the implicit tax rates of a 'representative' investor in the late 1970s and early 1980s. After the 1986 tax reform, the point estimates for the tax rate are close to zero. Tests for a regime shift associated with the 1986 tax reform support the hypothesis that this event largely eliminated tax effects from the term structure. The authors discuss both institutional and statutory explanations for this change. Copyright 1997 by American Finance Association.

Date: 1997
References: Add references at CitEc
Citations: View citations in EconPapers (26) Track citations by RSS feed

Downloads: (external link) ... O%3B2-G&origin=repec full text (application/pdf)
Access to full text is restricted to JSTOR subscribers. See for details.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from

Access Statistics for this article

More articles in Journal of Finance from American Finance Association Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().

Page updated 2021-04-13
Handle: RePEc:bla:jfinan:v:52:y:1997:i:2:p:609-33