Hochman, Shalom J; Palmon, Oded; Tang, Alex P - In: Journal of Finance 48 (1993) 1, pp. 331-44
The ratio of the yields on short-term tax-exempt and taxable bonds exhibits a sawtooth pattern that is consistent with th e impacts of tax deferments from dates on which interest payments are received to dates on which the resulting tax payments are paid. The effect of the tax deferment at turns...
