PT - JOURNAL ARTICLE AU - Harold. Bierman, Jr TI - Stocks Are Hard To Beat AID - 10.3905/joi.2003.319557 DP - 2003 Aug 31 TA - The Journal of Investing PG - 73--75 VI - 12 IP - 3 4099 - https://pm-research.com/content/12/3/73.short 4100 - https://pm-research.com/content/12/3/73.full AB - 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.