Do Municipal Bond Investors Pay a Convenience Premium to Avoid Taxes?
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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 Treasury markets. We find evidence that these premia are tax related. Specifically, the premia are related to measures
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美国国家经济研究局创建时间：
2023-06-01
