caa a22 4500 386308748 CHVBK 20180307111538.0 cr unu---uuuuu 161130e198809 xx s 000 0 eng 10.2307/2331070 doi S0022109000013144 pii (NATIONALLICENCE)cambridge-10.2307/2331070 Tax-Adjusted Duration for Amortizing Debt Instruments [Elektronische Daten] This research provides improved techniques for analyzing the after-tax risk exposure of taxable institutions holding amortizing instruments such as commercial, real estate, and consumer loans. We derive after-tax duration for amortizing instruments and analyze it for sensitivity to tax rates, coupon, and maturity. Taxable investors who hedge and ignore the effects of taxes on amortizing instruments will underestimate differences in durations on bonds versus amortizing instruments of equal maturities; bond durations increase much faster as tax rates increase. One unexpected result shows that, unlike bond duration, amortizing instrument duration often increases with coupon rate, and sometimes is independent of coupon rate. Copyright © School of Business Administration, University of Washington 1988 Stock Duane Simonson Donald G. Journal of Financial and Quantitative Analysis Cambridge University Press 23/3(1988-09), 313-327 0022-1090 23:3<313 1988 23 JFQ https://doi.org/10.2307/2331070 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.2307/2331070 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Stock Duane NATIONALLICENCE 700 1- Simonson Donald G. NATIONALLICENCE 773 0- Journal of Financial and Quantitative Analysis Cambridge University Press 23/3(1988-09), 313-327 0022-1090 23:3<313 1988 23 JFQ CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-cambridge