Municipal Finance - For Academics

Tax Optimization - Investment Selection and Tax Rate Arbitrage

The Journal of Portfolio Management 2018

Tax-exempt municipal bonds are usually held in taxable accounts. This article discusses how after-tax performance can be increased by tax-beneficial sales.

Municipal bond insurance: identifying the best payment plan

emeraldinsight.com

http://www.emeraldinsight.com/doi/full/10.1108/JRF-06-2016-0082

Don’t Waste a Free Lunch: Managing the Advance Refunding Option

Journal of Applied Corporate Finance

After-Tax Portfolio Value: The Missing Tax Option

Journal Of Investment Management, Vol. 14, No. 4, (2016), pp. 1–10

After-tax performance measurement requires a rigorous definition of after-tax portfolio value, which is also a prerequisite for effective portfolio management.

Making the Right Call
Credit (October 2010)
Explains contemporary refunding theory

Related Analytics: DebtPays™, Bond Buyer Online's Advance Refunding Calculator

What Makes the Municipal Yield Curve Rise?
The Journal of Fixed Income (Winter 2008)
Because the yields are of callable bonds

Subsidized Borrowing and The Discount Rate: The Case of Municipal Capital Budgeting and Financial Management
Municipal Finance Journal (Winter 1999)
Municipalities should value tax-exempt liabilities using their taxable rates

The Timing of Advance Refunding of Tax-Exempt Municipal Bonds
Municipal Finance Journal (Summer 1998)
Advance refunding should be decided by comparing the savings from refunding to the option value of the bond

Refunding Tax-Exempt Corporate Bonds in Advance of the Call
The Financier (February 1994)
A case study for an electric utility tender for which AKA served as advisor

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