Taxes are an important issue in the management of bond portfolios for investors. The author
reviews the benefits of trading municipal and high yield corporate bonds for the purpose of …

This article considers how to improve the after-tax performance of a municipal bond portfolio
by using tax-beneficial selling strategies. These strategies include tax loss harvesting …

The author proposes a dynamic strategy to optimize the after-tax performance of a municipal
bond portfolio. This study extends previous work on one-time tax-loss selling. He considers …

Tax considerations play an important role in the management of taxable portfolios. In a
wellknown paper Constantinides and Ingersoll (1984) discuss the applicability of tax …

As currently practiced, tax-loss selling of municipal bonds is typically an ad hoc yearend
exercise. Under dynamic tax management the right to execute a tax-beneficial trade is …

BOND PRICES REFLECT investors' expectations of the after-tax stream of cash flows
generated by the bond and of the path of interest rates, as embodied in the term structure. In …

Tax considerations governing bondholders' optimal trading include: capital loss realization;
capital gain deferment; change of the long-term holding period status to short-term by sale of …

The taxation of fixed-income securities is complex, but important for understanding the
pricing of bonds. This short primer explains what researchers who are interested in bond …

This paper derives and tests a new linear programming (LP) approach to bond portfolio
management. The model elicits possible tax-clientele effects in the pricing of US …

The assumption that bondholders follow either a buy-and-hold or a continuous realization
trading policy, rather than the optimal trading policy, is at variance with reality and, as we …