White Papers

Rising Uncertainty for China

Senior investment professionals from Standish share their impressions from a recent trip to China of the delicate balancing act the country faces as it seeks to shift from an export-dependent model of growth to one based more on domestic consumption.

Municipal Bonds: Investing in Corporations

Corporations that are tax aware will attempt to minimize their tax liability, and will often invest in municipal bonds as the interest income on municipal bonds is exempt from U.S. Federal taxes.

Emerging Markets as ASTERISCS

In "Emerging Markets as ASTERISCS", Alexander Kozhemiakin explains why the term "emerging markets" is no longer adequate.  He argues for a new concept of "assets tied to economies of risky countries," or ASTERISCS.  This acronym better conveys the appeal and risks of emerging markets, whether referring to equities, bonds, currencies, or any other asset class, and better illuminates their place in a broader portfolio.

The American Jobs Act - Less Impact on Municipal Bonds than Meets the Eye

In the attached white paper, titled “The American Jobs Act – Less Impact on Municipal Bonds than Meets the Eye,” we discuss the key provisions in the proposed legislation which might affect municipal bondholders and issuers.

Assessing the Potential Impact of a US Credit Event

As debate heats up in Washington DC over raising the country's debt ceiling, David Leduc, Robert Bayston, and Tom Higgins discuss the potention implications of a US credit default on the US economy and global finanical markets. 

US Debt Ceiling and Municipal Credit

July 2011 - In view of the political impasse surrounding the federal government's debt ceiling, David Belton, Head of Municipal Bond Research, discusses the potential impact on the municipal bond market.

Under Fire: Tax-Exemption of Municipal Bond Interest

As the budget debate heats up in Washington, we believe it is likely that the tax-exempt status of municipal bond interest will come under greater scrutiny in the coming months. 

In the attached white paper, entitled “Under Fire: Tax-Exemption of Municipal Bond Interest,” we discuss some items which might surprise you.  First, municipals are held more broadly than is often assumed, and the elimination of tax-exemption would touch taxpayers across the income spectrum.  Second, most proposals to kill tax-exemption would raise costs for state and local borrowers and potentially impair US infrastructure investment, and likely ignite very strong grass-roots opposition.  Finally, elimination of tax-exemption going forward may be very beneficial for current holders of municipal bonds.

Economic Observations and Outlook Q4 2010

Economic Observations & Outlook - Fourth Quarter 2010

Why Emerging Markets Local Currency Sovereign Bonds Now?

The answer to this question consists of 5 parts ? each of them is a separate investment decision