The Pricing of Premium Bonds: Reply
首次通过演绎证明，溢价债券的税收使得到期收益率在面值处达到最大值，并用实证例子支持这一分析结果。
My paper, “The Pricing of Premium Bonds [2], ” is the first to show deductively that the taxation of premium bonds makes it possible for yield to maturity to reach a maximum at par. My paper also supports this analytical result with empirical examples.