Liquidity, Default, Taxes and Yields on Municipal Bonds docx
Liquidity, Default, Taxes and Yields on Municipal Bonds docx
... Discussion Series
Divisions of Research & Statistics and Monetary Affairs
Federal Reserve Board, Washington, D.C.
Liquidity, Default, Taxes and Yields on Municipal Bonds ... 114,626 bonds and 2,149,008 trades. We also
eliminate bonds that carry variable rates or irregular coupons. This restriction removes
185 bonds and 2,500 transactions...
Tài liệu An Empirical Decomposition of Risk and Liquidity in Nominal and Inflation- Indexed Government Bonds pptx
... premium on one -qu arte r real bonds is constant.
2.3 Data
2.3.1 Yield Data
We use data on constant-maturity inflation-indexed and nominal yields both in the
US and in the UK. Inflation-indexed bonds ... inflation or ev en deflation.
23
5Conclusion
This paper explores th e sou r ces , magn itude , and time variation in bond risk pre mia in
US and UK inflation-indexed and nomina...
Pompe disease in children and adults: natural course, disease severity and impact on daily life docx
... mutations are the deletion of exon 18 and the delT525 mutation in
Introduction
13
exon 2 among Caucasian patients,
19,21
Asp645Glu in Chinese patients,
22,23
and Arg854X
among African and ...
These considerations led us to set up a questionnaire survey among children and adults
with Pompe disease, with the aim of gathering as much information as possible on current
condition...
ARGENTINA FROM A BRITISH POINT OF VIEW AND NOTES ON ARGENTINE LIFE docx
... are brought into
the city of Buenos Aires each day for consumption, and no less than two tons of
butter, one ton of cream, and three tons of cheese are used there daily. Argentina also
exports ... Saskatchewan, and Manitoba are
connected with a deep-sea port on Hudson Bay; this will be an accomplished fact in
1915, and as this route means a thousand miles less haulage by land,...
Tài liệu Default and the Maturity Structure in Sovereign Bonds∗ docx
... port and transition function f(y
0
,y).
The economy trades t wo bonds of different duration with in terna tional lenders. F in ancial
contracts are unenforceab le: the economy can defau lt on its ... Two-Period Bonds
First, consider the borrower’s problem w h en only two-period bonds are available in period
0, and one-period bonds are available in per iod 1. Under t he assump tio...
Tài liệu Explaining the Rate Spread on Corporate Bonds EDWIN J. ELTON, MARTIN J. GRUBER, DEEPAK AGRAWAL, and CHRISTOPHER MANN* ppt
... AA spread to A and BBB rated
bonds. Note that the tax rate that explains the spreads on AA debt under-
estimate the spreads on A and BBB bonds. Taxes, expected default losses,
23
One other estimate ... payments on corporate bonds are taxed at the
state level whereas interest payments on government bonds are not.
3. Risk premium—The return on corporate bonds is riskier t...
Default Risk Cannot Explain the Muni Puzzle: Evidence from Municipal Bonds That Are Secured by U.S. Treasury Obligations ppt
... the municipal
bond market.
9
The second liquidity issue concerns the relative liquidity of pre-
refunded municipal bonds and municipal bond yields used by prior
researchers. If prerefunded bonds ... taxable
bonds, municipal bonds bear more default risk
and include costly call options. I study U.S. gov-
ernment secured municipal bond yields which
are effectively defaul...
Report of High Level Expert Committee on Corporate Bonds and Securitization potx
... corporate bonds are straight bonds (bonds with a stated
maturity and semi-annual interest payments). However, over the years,
corporations have issued zero coupon bonds (bonds with no coupon payments)
and ... 4,500
bonds. To promote fair and efficient bond transactions, JSDA collects and
compiles data and information related to bonds and provides many different
statisti...
