Bond Valuation and Structuring

Optimal Tax Management of Municipal Bonds

Journal of Portfolio Management, Winter 2015

Pricing 5% Bonds with Shorter Calls

The Bond Buyer - April 21, 2014

The Tax Option in Municipal Bonds

THE JOURNAL OF PORTFOLIO MANAGEMENT, WINTER 2014

Bond Analysis in Tax Denial

March 28, 2014 - Quant Forum

Interest Rate Sensitivity of Tax-Exempt Bonds Under Tax-Neutral Valuation

Journal Of Investment Management, Vol. 12, No. 1, (2014), pp. 62–68

Rising rates could cause more damage than you think. Read research article here. See also article in The Bond Buyer.

Making Sense of the Make-Whole Call, From its Origins to BABs

The Bond Buyer (July 26, 2010)

Why investors don’t charge for make-whole calls

With Estate Puts, Beauty Is in the Eye of the Beholder

CFA Institute: Private Wealth Management Newsletter (August 2009)

A bond with an estate put (or survivor’s option) can be redeemed at face value by the holder’s heirs if the holder dies — an attractive feature to investors with a short life expectancy. How should an investor value such options?

Build America Bonds: Seeking the Missing Option

The Bond Buyer (May 11, 2009)

Taxable bonds awaken municipalities to the cost and value of the call option

What Makes the Municipal Yield Curve Rise?

The Journal of Fixed Income (Winter 2008)

The municipal yield curve’s permanent upward slope is a logical consequence of that curve being comprised of bonds callable at or close to par after 10 years. Previous researchers have overlooked this simple, straightforward explanation.

Callable Bonds: Better Value Than Advertised?

Journal of Applied Corporate Finance (Summer 2008)

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