Are Tax Effects Important in the Long-Run Fisher Relationship? Evidence from the Municipal Bond Market  

Oleh:

Crowder, William J. ; Wohar, Mark E.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 54 no. 1 (Feb. 1999), page 307-317.
Fulltext: p 307.pdf (181.75KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Are nominal bonds appropriately discounted for taxes? Empirical estimates of the response of nominal interest rates to changes in inf lation, the Fisher effect, have failed to produce a definitive answer. Four reasons have been put forward as possible explanations: ~i! Tobin effects, ~ii! fiscal illusion, ~iii! peso problems, and ~iv! different estimators. Utilizing data on taxable and tax-exempt bond interest rates and several different estimators, we find that the Fisher effect estimates are always larger for the taxable bond relative to the tax-exempt bond, suggesting that fiscal illusion and different estimators cannot account for the previous results.

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