A Tax‐Induced Clientele for Index‐Linked Corporate Bonds
分析税收因素如何影响指数挂钩公司债券的吸引力，利用类似Miller的模型考察投资者对利息收入与资本利得的税收偏好，结论是美国缺乏此类债券不能仅归因于税收，但1986年税改后税法不利于其使用。
ABSTRACT This paper analyzes the circumstances under which tax considerations favor or disfavor the use of index‐linked corporate bonds. Using a model similar to Miller's, investors' choices of assets depend on their tax preferences for interest income versus capital gains and their preferences for the timing of returns. It is concluded that the absence of index‐linked bonds in the U.S. cannot be attributed solely to tax reasons. However, following the 1986 Tax Reform Act, the tax code is expected to disfavor the use of index‐linked bonds.