@article {Bierman73, author = {Harold. Bierman, Jr}, title = {Stocks Are Hard To Beat}, volume = {12}, number = {3}, pages = {73--75}, year = {2003}, doi = {10.3905/joi.2003.319557}, publisher = {Institutional Investor Journals Umbrella}, abstract = {If investors are risk-neutral, should they buy stocks or bonds? It depends, because of investor taxes. Tax rates and investment horizon will affect the preference. The tax advantages of common stock can make lower-yielding (before tax) common stock a better investment than higher-yielding debt. One definite conclusion is that the investment choice should be made on an after-tax basis, On an after-tax basis a common stock investment yielding less than debt might still be a more desirable investment.}, issn = {1068-0896}, URL = {https://joi.pm-research.com/content/12/3/73}, eprint = {https://joi.pm-research.com/content/12/3/73.full.pdf}, journal = {The Journal of Investing} }