The Relative Tax Benefits of Alternative Call Features in Corporate Debt
研究债务被赎回时借贷双方的税收差异，解释公司债务中赎回条款的普遍存在，并分析允许企业和个人套利时的均衡含义。
This paper examines the differential tax treatment of the borrower and lender at the time debt is called as a potential explanation for the widespread existence of call provisions in corporate debt. This tax effect alone cannot explain the standard call feature because greater tax benefits may be derived for bonds callable at market prices. The equilibrium implications of the model allowing for tax arbitrage opportunities both at the corporate level and the individual level also are considered.