GRANDFATHER CLAUSES AND OPTIMAL PORTFOLIO REVISION

被引：0

作者：

TUCKMAN, B ^{[1
]}

VILA, JL ^{[1
]}

机构：

[1] MIT,ALFRED P SLOAN SCH MANAGEMENT,CAMBRIDGE,MA 02139

来源：

JOURNAL OF RISK AND INSURANCE | 1992年 / 59卷 / 03期

关键词：

D O I：

10.2307/253053

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Grandfather clauses protect a security from adverse changes in the tax law. One such clause in the 1986 Tax Reform Act raised the effective tax rate that property-liability insurers pay on newly acquired tax-exempt bonds. This article derives an optimal switching strategy between taxable and exempt bonds that reflects the enhanced value of previously purchased exempts relative to those newly acquired.

引用

页码：398 / 408

页数：11

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