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Janet · 2024年07月12日

关于municipal bond的post-tax

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ201805280100000302

问题如下：

A broker proposes to Young three portfolios, shown in Exhibit 1. The broker also provides Young with asset class estimated returns and portfolio standard deviations in Exhibit 2 and Exhibit 3, respectively. The broker notes that there is a $500,000 minimum investment requirement for alternative assets. Finally, because the funds in the money market account are readily investible, the broker suggests using that account only for this initial investment round.


Young wants to earn at least 6.0% after tax per year, without taking on additional incremental risk. Young’s capital gains and overall tax rate is 25%.

Determine which proposed portfolio most closely meets Young’s desired objectives. (Circle one.) Justify your response.


选项：

解释：



您好，请问municipal bond的收益率计算不需要乘以0.75吗

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lynn_品职助教 · 2024年07月14日

嗨，努力学习的PZer你好：


这里我个人是觉得题目不严谨，


原版书中（V4个人IPS page273）有一句话提到：


In the United States, income from state and local government bonds (municipal bonds) is often exempt from both federal and state income taxes; unless special provisions exist, interest is taxed at the ordinary income tax rate.


相比较投资benchmark国债，投资municipal bond具有税收优势的，这种优势使得投资者对投资municipal bond的要求回报率降低。所以Spread减少。也可以这么理解：这种优势会吸引更多投资者投资municipal bond，从而拉高了债券价格，使得其YTM降低。从而Spread减少。


但题目中也应该提一句。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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