The municipal puzzle : a review of the literature
Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 2002.
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| Format: | Thesis |
| Language: | en_US |
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Massachusetts Institute of Technology
2005
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| Online Access: | http://hdl.handle.net/1721.1/28245 |
| _version_ | 1811073653933080576 |
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| author | Dwek, Julian, 1974- |
| author2 | John C. Cox. |
| author_facet | John C. Cox. Dwek, Julian, 1974- |
| author_sort | Dwek, Julian, 1974- |
| collection | MIT |
| description | Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 2002. |
| first_indexed | 2024-09-23T09:36:27Z |
| format | Thesis |
| id | mit-1721.1/28245 |
| institution | Massachusetts Institute of Technology |
| language | en_US |
| last_indexed | 2024-09-23T09:36:27Z |
| publishDate | 2005 |
| publisher | Massachusetts Institute of Technology |
| record_format | dspace |
| spelling | mit-1721.1/282452019-04-11T08:53:59Z The municipal puzzle : a review of the literature Municipal bond puzzle : a review of the literature Dwek, Julian, 1974- John C. Cox. Sloan School of Management. Sloan School of Management. Sloan School of Management. 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. 2005-09-26T19:20:34Z 2005-09-26T19:20:34Z 2002 2002 Thesis http://hdl.handle.net/1721.1/28245 50655908 en_US 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 39 leaves 1933805 bytes 1936008 bytes application/pdf application/pdf application/pdf Massachusetts Institute of Technology |
| spellingShingle | Sloan School of Management. Dwek, Julian, 1974- The municipal puzzle : a review of the literature |
| title | The municipal puzzle : a review of the literature |
| title_full | The municipal puzzle : a review of the literature |
| title_fullStr | The municipal puzzle : a review of the literature |
| title_full_unstemmed | The municipal puzzle : a review of the literature |
| title_short | The municipal puzzle : a review of the literature |
| title_sort | municipal puzzle a review of the literature |
| topic | Sloan School of Management. |
| url | http://hdl.handle.net/1721.1/28245 |
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