TY - JOUR T1 - Stocks Are Hard To Beat JF - The Journal of Investing SP - 73 LP - 75 DO - 10.3905/joi.2003.319557 VL - 12 IS - 3 AU - Harold. Bierman, Jr Y1 - 2003/08/31 UR - https://pm-research.com/content/12/3/73.abstract N2 - 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. ER -