From a tax planner's point of view, it is often attractive to choose debt over equity financing. As this has led to an increase of debt financing of corporations, many countries have introduced thin capitalization rules to secure their tax revenues. We analyze the influence of section 8a of the...

Im vorliegenden Beitrag werden die Entscheidungswirkungen der deutschen Abschnittsbesteuerung auf die optimale Repatriierung multinationaler Unternehmen untersucht. Anhand des Beispiels einer inländischen Einzelunternehmung, die eine Finanzanlage oder eine Realinvestition entweder in einer...

The contribution Bach, Corneo and Steiner (2008) has argued that "the rich" do not pay taxes adequately in relation to their income, finding, for instance, an effective tax rate of only 38.1% for the 0.001% fractile of German income taxpayers in 2001. This result contrasts sharply with the...

Mit der österreichischen Steuerreform 2005 wurde die Möglichkeit der grenzüberschreitenden Verlustverrechnung im Rahmen der Gruppenbesteuerung eröþnet. Die vorliegende Arbeit untersucht den simultanen Einfluss von Gruppenbesteuerung und Verlustverrechnungsbeschränkungen auf das...

In entrepreneurial decisions making uncertain future profits often are a main characteristics of real investment opportunities. If investors can react to uncertainty the degree of irreversibility and timing flexibility inherent in the available project should be integrated into the decision...

In this paper we analyze the impact of various minimum taxation concepts on corporate investment decisions. These investments can be realized in the form of either a real or a financial investment. In a quantitative analysis we refer to the future values of the investments as an indicator of...

An alternative minimum tax (AMT) is often regarded as desirable. We analyze a wealth tax at corporate and personal level that is designed as an AMT as proposed by the German Green Party. This wealth tax is imputable to profit taxes and is hence intended to prevent multiple (multistage) taxation....

We estimate the impact of effective profit taxation on the financial leverage of corporations on the basis of a pseudo-panel constructed from corporate tax return micro data for the period 1998-2001, a period which saw the introduction of a major corporate tax reform in Germany. The financial...

We analyze the impact of taxation on the option to defer an investment decision and derive tax rates that do not influence the extent of postponement. Furthermore, we deduce from this option pricing framework a measure of an investor's disposition towards realizing an investment project under...

Under uncertainty and irreversibility, real option-based models are widely accepted for assessing investment projects. So far the existing post-tax analyses do not provide a general analytical description of investor reactions towards profit tax rate changes. This paper sets out to fill part of...