Market segmentation and the residual demand for tax-exempt bonds: empirical evidence from the elimination of interest deductions

Article Abstract:

Event study methods are employed to determine the sensitivity of tax-exempt bond pricing in the US and overall bond market pricing prior to and after a tax law reform that affected only financial institutions. Test results show abnormal returns on tax-exempt bonds prior to and on the effective date of the tax law change and that financial institutions comprised a significant marginal investing portion of the tax-exempt municipal bonds. The reduced demand after the effective date confirms the market segmentation hypothesis.

Pension, health, and welfare funds, Analysis, Laws, regulations and rules, Prices and rates, Supply and demand, Accounting and auditing, Pensions, Bonds, Bonds (Securities), Financial Accounting Standards Board, Credit market, Credit markets

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Opportunities for marketing travel services to new-age elderly

Article Abstract:

The value orientations of the new-age elderly present opportunities for pursuing a market segmentation approach that would allow the subdivision of the market for leisure travel services. A segmentation approach based on the value orientations of older customers is deemed more effective than an approach based on traditional age factors. The identification of the new-age elderly population segment have been hinged on the Schiffman and Sherman conceptual model.

HOTELS AND OTHER LODGING PLACES, Tourist Travel, Management, Marketing, Travel industry, Leisure industry, Tourism

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