The Effect of Taxation on Immunization Rules and Duration Estimation
研究税收如何影响无违约债券的免疫策略，分析税率变化对个人和宏观经济中免疫与投资行为的影响。
Investments in default-free bonds can be insulated from financial loss due to interest rate changes (via additive shock) by a process known as immunization. The literature on this process ignores taxes. This manuscript focuses on three issues. The first is the development of the tax-adjusted immunization process with a comparison to the existing literature. The second issue is the microeconomic effect of a shift in only the individual's tax rates on immunization and investment behavior. The third issue is the macroeconomic effect of an across-the-board shift in tax rates on immunization and investment behavior.