RT Journal Article SR Electronic T1 Stocks Are Hard To Beat JF The Journal of Investing FD Institutional Investor Journals SP 73 OP 75 DO 10.3905/joi.2003.319557 VO 12 IS 3 A1 Harold. Bierman, Jr YR 2003 UL https://pm-research.com/content/12/3/73.abstract 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.