TAXES AND THE REFUNDING OF DISCOUNT BONDS
Edward A. Dyl and
Ronald W. Spahr
Journal of Financial Research, 1983, vol. 6, issue 4, 265-273
Abstract:
This paper examines the effect of the Bankruptcy Tax Act of 1980 on the decision to refund corporate bonds selling at a discount. Historically, the refunding of discount debt has appeared to be profitable on a discounted cash flow basis. This study demonstrates, however, that the tax effects of the Bankruptcy Tax Act of 1980 have eliminated effectively any potential gains from refunding discounted debt.
Date: 1983
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Persistent link: https://EconPapers.repec.org/RePEc:bla:jfnres:v:6:y:1983:i:4:p:265-273
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