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
收藏
页码：398 / 408
页数：11
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