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The Pricing of Premium Bonds: Reply

Published online by Cambridge University Press:  06 April 2009

Miles Livingston
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Extract

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.

Type
Research Article
Information
Journal of Financial and Quantitative Analysis , Volume 16 , Issue 3 , September 1981 , pp. 403 - 406
Copyright
Copyright © School of Business Administration, University of Washington 1981

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References

[1]Livingston, M. “Taxation and Bond Market Equilibrium in a World of Uncertain Future Interest Rates.” Journal of Financial and Quantitative Analysis (03 1979), pp. 11–27.CrossRefGoogle Scholar
[2]Livingston, M. “The Pricing of Premium Bonds.” Journal of Financial and Quantitative Analysis (09 1979), pp. 517–527.CrossRefGoogle Scholar
[3]Livingston, M. “Bond Taxation and the Shape of the Yield to Maturity Curve.” Journal of Finance (03 1979), pp. 189–196.Google Scholar
[4]Livingston, M. “A Note on the Issuance of Long-Term Pure Discount Bonds.” Journal of Finance (03 1979), pp. 241–246.Google Scholar