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...

Ngày tải lên: 06/03/2014, 08:20

... 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...

Ngày tải lên: 16/02/2014, 02:20

... 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...

Ngày tải lên: 05/03/2014, 10:20

... 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,...

Ngày tải lên: 29/03/2014, 02:21

... 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...

Ngày tải lên: 16/02/2014, 02:20

... 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...

Ngày tải lên: 16/02/2014, 02:20

Ngày tải lên: 06/03/2014, 04:21

... 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...

Ngày tải lên: 15/03/2014, 03:20

... 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...

Ngày tải lên: 22/03/2014, 20:20

Ngày tải lên: 23/09/2012, 14:47