Bond Valuation and Structuring

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)

The Right Discount Rate Can Save Your Life

Financial Engineering News (January/February 2007)

Municipalities should value tax-exempt liabilities using their taxable rates

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