在APV考试的paper《Creating Value in Pension Plans(Or Gentmen Prefer Bonds)》中

对 Black's arbitrage的实例如下:

step1 the plan sells $1 stock and buys $1 bond, no tax effect
step2 the corporation issue $(1-tc)of new bonds and repurchase an equal amount of its outstanding stoc, reducing the corporate tax by tc*(1-tc)*rb
step3 the shareholder benefit is (1-tps)*tc*(1-tc)*rb
step4 Valued in perpetuity, the gain is (1-tps)*tc*(1-tc)/(1-tpb)

其中
rb:bond's return
tc:federal corporate income tax
tpb: federal corporate income tax rate on bonds
tps: federal corporate income tax rate on stock

第三步与第四步是怎么计算得来的呢？