Death and Taxes: The Market for Flower Bonds
研究美国花卉债券，这种债券可在持有人去世时按面值加应计利息用于支付遗产税。文章通过理性定价模型推导出客户群体存在性，并用数据验证了折价最深的债券赎回速度最快的假设。
ABSTRACT Certain U.S. Government securities, known as flower bonds, can be redeemed at par plus accrued interest for the purpose of paying estate taxes, if held at the time of death. Thus, a flower bond, selling at a discount, is like a straight bond plus a life insurance policy. An equilibrium derived from a rational flower bond pricing model implies the existence of clienteles: individuals with the highest death probabilities hold the deepest discount flower bonds. The empirical implication, that bonds with the deepest discount should be redeemed at the fastest rate, is tested and the results support the proposition.