Valuation of Callable Bonds under Progressive Personal Taxes and Interest Rate Uncertainty
分析在投资者累进税率与利率正相关的环境下，可赎回债券中赎回条款的估值，发现从公司角度看发行可赎回债券是负和博弈，且实证表明税收效应具有经济显著性。
The principal focus of the analysis is on the valuation of a call provision on a bond in an environment wherein investors have progressive tax rates which positively covary with interest rates. Under the conditions of Miller's bond market equilibrium, it is shown that the decision to issue a callable bond is a negative sum game from the corporation's perspective. Empirical evidence on the extent to which tax rates and interest rates positively covary indicates that the tax effect analyzed here is likely to be economically significant.