{"id":{"repo_id":"mit","oai_identifier":"oai:dspace.mit.edu:1721.1/28245"},"canonical_url":"https://search.dev.ndltd.org/etd/mit/oai:dspace.mit.edu:1721.1/28245","repository":{"repo_id":"mit","name":"MIT","base_url":"https://dspace.mit.edu/oai/request"},"display":{"title":"The municipal puzzle : a review of the literature","abstract":"Numerous papers have explored the pricing of municipal bonds relative to taxable instruments. An emerging theme of this literature is the persistently steep municipal term structure, and its incompatibility with prevailing notions of capital market equilibrium. This contradiction is known as the Municipal Puzzle. In this thesis, we critically assess the various theories advanced so far to explain the municipal puzzle. After considering the evidence, we identify the tax avoidance theory as being on balance the most likely candidate. The thesis then develops a helpful variation on the original tax avoidance view developed by Green. In addition, we propose a theoretical framework to overcome the apparent incompatibilities between the opportunity for tax avoidance and overall asset market equilibrium.","abstract_html":"Numerous papers have explored the pricing of municipal bonds relative to taxable instruments. An emerging theme of this literature is the persistently steep municipal term structure, and its incompatibility with prevailing notions of capital market equilibrium. This contradiction is known as the Municipal Puzzle. In this thesis, we critically assess the various theories advanced so far to explain the municipal puzzle. After considering the evidence, we identify the tax avoidance theory as being on balance the most likely candidate. The thesis then develops a helpful variation on the original tax avoidance view developed by Green. In addition, we propose a theoretical framework to overcome the apparent incompatibilities between the opportunity for tax avoidance and overall asset market equilibrium.","abstract_has_math":false,"creators":["Dwek, Julian, 1974-"],"institution":"Massachusetts Institute of Technology","degree_name":null,"degree_level":null,"degree_discipline":null,"degree_department":"Sloan School of Management.","school":null,"contributors":[],"advisors":["John C. Cox."],"committee_chairs":[],"committee_members":[],"year":2002,"date_issued":"2002","date_published":"2002","updated_at":"2026-07-22T22:21:04Z","subjects":["Sloan School of Management."],"languages":["en_US"],"rights":["M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. 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An emerging theme of this literature is the persistently steep municipal term structure, and its incompatibility with prevailing notions of capital market equilibrium. This contradiction is known as the Municipal Puzzle. In this thesis, we critically assess the various theories advanced so far to explain the municipal puzzle. After considering the evidence, we identify the tax avoidance theory as being on balance the most likely candidate. The thesis then develops a helpful variation on the original tax avoidance view developed by Green. 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After considering the evidence, we identify the tax avoidance theory as being on balance the most likely candidate. The thesis then develops a helpful variation on the original tax avoidance view developed by Green. In addition, we propose a theoretical framework to overcome the apparent incompatibilities between the opportunity for tax avoidance and overall asset market equilibrium."],"dc:description.degree":["M.B.A."],"dc:format.mimetype":["application/pdf"],"dc:identifier.uri":["http://hdl.handle.net/1721.1/28245"],"dc:language.iso":["en_US"],"dc:publisher":["Massachusetts Institute of Technology"],"dc:rights":["M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. 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