We explore the effect of taxes on the prices of municipal bonds. Although interest is tax-
exempt, the gain resulting from purchasing a muni at a deep discount below the so-called de …

The paper addresses the specificities of tax incentives in the form of tax reliefs designated
for individual investors, who invest in bonds in the Russian Federation. The need for the use …

We study the valuation of state-issued tax-exempt municipal bonds and find that there are
significant convenience premia in their prices. These premia parallel those identified in …

As currently practiced, tax-loss selling of municipal bonds is typically an ad hoc yearend
exercise. Under dynamic tax management the right to execute a tax-beneficial trade is …

This article considers how to improve the after-tax performance of a municipal bond portfolio
by using tax-beneficial selling strategies. These strategies include tax loss harvesting …

The author proposes a dynamic strategy to optimize the after-tax performance of a municipal
bond portfolio. This study extends previous work on one-time tax-loss selling. He considers …

Tax considerations play an important role in the management of taxable portfolios. In a
wellknown paper Constantinides and Ingersoll (1984) discuss the applicability of tax …

Most investment-grade bond portfolios have stable durations and can be regarded as
“duration targeted”(DT). For DT portfolios, multiyear returns converge to the starting rolling …

Tax-loss harvesting is an investor-specific option. The tax-smart value of an asset, which is
defined as the greater of its after-tax liquidation value and hold value, reveals the intrinsic …

The focus of this paper is the tax option, which is the right to execute tax-beneficial
transactions. This option is a critical component of after-tax portfolio value. Some of the …