Article ID: | iaor19931031 |
Country: | United States |
Volume: | 38 |
Issue: | 8 |
Start Page Number: | 1186 |
End Page Number: | 1200 |
Publication Date: | Aug 1992 |
Journal: | Management Science |
Authors: | Lee Sang M., Puelz Amy V. |
Keywords: | financial, bidding, programming: goal |
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, the authors 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.