州所得税变动和对市政债券基金的需求

IF 0.4 Q3 BUSINESS, FINANCE

Quarterly Journal of Finance Pub Date : 2021-06-16 DOI:10.1142/s2010139221500166

Jon A. Fulkerson, Nancy L. Haskell

{"title":"州所得税变动和对市政债券基金的需求","authors":"Jon A. Fulkerson, Nancy L. Haskell","doi":"10.1142/s2010139221500166","DOIUrl":null,"url":null,"abstract":"We consider how state income tax changes affect the demand for municipal bonds by in-state investors. A tax increase (decrease) makes investing in municipal bonds more (less) desirable, and theory predicts a change in demand by investors until the yields on municipal bonds reach a new equilibrium. Using a sample of state-specific municipal bond funds, we find states with tax decreases have net outflows in the following year of approximately 2% per percentage point drop in tax rates, while tax increases lead to inflows around 1.58%. We find that the response to tax changes is not the immediate reallocation predicted in perfect markets with no frictions.","PeriodicalId":45339,"journal":{"name":"Quarterly Journal of Finance","volume":"185 1","pages":""},"PeriodicalIF":0.4000,"publicationDate":"2021-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"State Income Tax Changes and the Demand for Municipal Bond Funds\",\"authors\":\"Jon A. Fulkerson, Nancy L. Haskell\",\"doi\":\"10.1142/s2010139221500166\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We consider how state income tax changes affect the demand for municipal bonds by in-state investors. A tax increase (decrease) makes investing in municipal bonds more (less) desirable, and theory predicts a change in demand by investors until the yields on municipal bonds reach a new equilibrium. Using a sample of state-specific municipal bond funds, we find states with tax decreases have net outflows in the following year of approximately 2% per percentage point drop in tax rates, while tax increases lead to inflows around 1.58%. We find that the response to tax changes is not the immediate reallocation predicted in perfect markets with no frictions.\",\"PeriodicalId\":45339,\"journal\":{\"name\":\"Quarterly Journal of Finance\",\"volume\":\"185 1\",\"pages\":\"\"},\"PeriodicalIF\":0.4000,\"publicationDate\":\"2021-06-16\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Quarterly Journal of Finance\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1142/s2010139221500166\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Quarterly Journal of Finance","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1142/s2010139221500166","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

我们考虑州所得税的变化如何影响州内投资者对市政债券的需求。税收的增加(减少)使得投资市政债券更受欢迎(不受欢迎)，理论预测投资者的需求会发生变化，直到市政债券的收益率达到一个新的平衡。使用特定州的市政债券基金样本，我们发现，税率每下降一个百分点，税收减少的州在接下来的一年里净流出约2%，而税收增加导致流入约1.58%。我们发现，对税收变化的反应并不是在没有摩擦的完美市场中所预测的即时再分配。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

State Income Tax Changes and the Demand for Municipal Bond Funds

We consider how state income tax changes affect the demand for municipal bonds by in-state investors. A tax increase (decrease) makes investing in municipal bonds more (less) desirable, and theory predicts a change in demand by investors until the yields on municipal bonds reach a new equilibrium. Using a sample of state-specific municipal bond funds, we find states with tax decreases have net outflows in the following year of approximately 2% per percentage point drop in tax rates, while tax increases lead to inflows around 1.58%. We find that the response to tax changes is not the immediate reallocation predicted in perfect markets with no frictions.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Quarterly Journal of Finance BUSINESS, FINANCE-

CiteScore

1.10

自引率

0.00%

发文量

期刊介绍： The Quarterly Journal of Finance publishes high-quality papers in all areas of finance, including corporate finance, asset pricing, financial econometrics, international finance, macro-finance, behavioral finance, banking and financial intermediation, capital markets, risk management and insurance, derivatives, quantitative finance, corporate governance and compensation, investments and entrepreneurial finance.