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Calculation of Tax Effective Yields: A Correction

Published online by Cambridge University Press:  19 October 2009

J. W. Colin  and
Edward A. Dyl
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Extract

A recent article in this journal [1] described a model for the computation of taxadjusted true yields to maturity on discount bonds and explained the use of a computer routine implementing this model. Unfortunately, the translation of the computer program into equation form contained a number of notational errors. In addition, there was an equals sign missing from the third equation [1, page 267]. As a result, the reader, in attempting to implement the model as it was formulated in the original article, will probably fail.

Type
Communications
Information
Journal of Financial and Quantitative Analysis , Volume 6 , Issue 4 , September 1971 , pp. 1163 - 1164
Copyright
Copyright © School of Business Administration, University of Washington 1971

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References

[1]Colin, J. W., and Bayer, Richard J.. “Calculation of Tax Effective Yields for Discount Instruments.” Journal of Financial and Quantitative Analysis, V, June 1970, pp. 265–273.CrossRefGoogle Scholar
[2]Fleischer, Gerald A.Capital Allocation Theory: The Study of Investment Decisions. New York: Appleton-Century-Crofts, 1969.Google Scholar