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Working Paper
The determinants of commercial bank holdings of municipal securities: 1985-1988
This paper presents an empirical analysis of commercial bank holdings of municipal securities (munis) from June 1985 through December 1988, using the FFIEC's Reports of Condition and income. While motivated by previous analyses suggesting that a shift from munis to taxable securities is a primary determinant of the overall impact of the Tax Reform Act of 1986 on bank profitability, this paper does not directly analyze the impact of that legislation. However, the paper modifies the specification of muni demand employed in previous analyses to consider roles for state pledging requirements, ...
Journal Article
Tax reform and bank behavior
Journal Article
Tax reform and stock prices
Discussion Paper
Tax reform and corporate capital structure
Journal Article
Corporate debt
Journal Article
Lessons from federal reform of business taxes
Journal Article
Further base broadening: a possible source of tax revenues?