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Taxation and Bond Market Equilibrium in a World of Uncertain Future Interest Rates

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  • Livingston, Miles

Abstract

Throughout the finance and economics literature, it is widely recognized that taxation can significantly alter individual behavior and market equilibrium conditions. Yet, in the area of bonds, the impacts of taxation upon bond pricing have generally been ignored. The primary purpose of this paper is to trace out the impact of differential taxation of regular income and capital gains upon the pricing of coupon-bearing bonds.

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  • Livingston, Miles, 1979. "Taxation and Bond Market Equilibrium in a World of Uncertain Future Interest Rates," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 14(1), pages 11-27, March.
    • Handle: RePEc:cup:jfinqa:v:14:y:1979:i:01:p:11-27_00
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    Cited by:

    1. Landon, Stuart & Smith, Constance, 2008. "Taxation and bond market investment strategies: Evidence from the market for Government of Canada bonds," MPRA Paper 9959, University Library of Munich, Germany.

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