2026-09-21T12:29:49Zhttps://dspace.mit.edu/server/oai/requestoai:dspace.mit.edu:1721.1/282452022-01-13T07:54:52Zcom_1721.1_7582com_1721.1_7581col_1721.1_131023
John C. Cox.
Dwek, Julian, 1974-
Sloan School of Management.
Sloan School of Management
2005-09-26T19:20:34Z
2005-09-26T19:20:34Z
2002
2002
http://hdl.handle.net/1721.1/28245
50655908
Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 2002.
Includes bibliographical references (leaves 38-39).
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.
by Julian Dwek.
M.B.A.
39 leaves
1933805 bytes
1936008 bytes
application/pdf
application/pdf
en_US
Massachusetts Institute of Technology
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http://dspace.mit.edu/handle/1721.1/7582
Sloan School of Management.
The municipal puzzle : a review of the literature
Municipal bond puzzle : a review of the literature
Thesis
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