A Multiple-Objective Programming Technique for Structuring Tax-Exempt Serial Revenue Debt Issues
Management Science · 1992 · Volume 38 · Issue 8
Abstract
A multiple-objective decision model to structure tax-exempt serial revenue bonds is presented in this paper. Based on goals dealing with true interest cost, marketability, debt coverage, production, and level debt, we define a goal programming model to generate a maturity schedule and coupon rate assignment for a municipal bond issue. The model is designed to be a flexible interactive decision making tool to aid in the development of a minimal-risk, cost-effective issue.
Keywords
finance, goal programming, negotiated bidding, tax-exempt bonds
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