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The municipal puzzle : a review of the literature

Author(s)
Dwek, Julian, 1974-
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Alternative title
Municipal bond puzzle : a review of the literature
Other Contributors
Sloan School of Management.
Advisor
John C. Cox.
Terms of use
M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission. http://dspace.mit.edu/handle/1721.1/7582
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Abstract
Numerous papers have explored the pricing of municipal bonds relative to taxable instruments. An emerging theme of this literature is the persistently steep municipal term structure, and its incompatibility with prevailing notions of capital market equilibrium. This contradiction is known as the Municipal Puzzle. In this thesis, we critically assess the various theories advanced so far to explain the municipal puzzle. After considering the evidence, we identify the tax avoidance theory as being on balance the most likely candidate. The thesis then develops a helpful variation on the original tax avoidance view developed by Green. In addition, we propose a theoretical framework to overcome the apparent incompatibilities between the opportunity for tax avoidance and overall asset market equilibrium.
Description
Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 2002.
 
Includes bibliographical references (leaves 38-39).
 
Date issued
2002
URI
http://hdl.handle.net/1721.1/28245
Department
Sloan School of Management
Publisher
Massachusetts Institute of Technology
Keywords
Sloan School of Management.

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