Showing 1 - 9 of 9
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...
Persistent link: https://www.econbiz.de/10010298446
This paper investigates the influence of different systems of current income and capital gains taxation on investor's decision to either carry out an investment in corporate shares or to invest funds alternatively on the capital market. Three basic tax systems are analyzed, a classical corporate...
Persistent link: https://www.econbiz.de/10010298450
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...
Persistent link: https://www.econbiz.de/10010298470
Dieser Beitrag untersucht, inwieweit sich die Optimierung der Kapitalrückführung bei grenzüberschreitenden Realinvestitionen in einer österreichischen Tochterkapitalgesellschaft lohnt, wenn die Anteile in einer deutschen Einzelunternehmung gehalten werden. Dazu werden im Rahmen eines...
Persistent link: https://www.econbiz.de/10010298476
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...
Persistent link: https://www.econbiz.de/10010300880
Die Einführung der Zinsschranke im Zuge der Unternehmensteuerreform 2008 hat für rege Diskussionen in Theorie und Praxis darüber gesorgt, wie viele Unternehmen vom Zinsabzugsverbot überhaupt betroffen sind und in welchem Umfang. Die vorliegende Arbeit nimmt nun, etwa sieben Jahre nach...
Persistent link: https://www.econbiz.de/10011412261
Empirische Untersuchungen zur Relevanz der Zinsschranke betrachten in der Regel lediglich Kapitalgesellschaften und bilden somit nur einen Bruchteil der potentiell betroffenen Unternehmen ab. Auf Basis eines umfangreichen balancierten Panels analysiere ich anhand von handelsrechtlichen...
Persistent link: https://www.econbiz.de/10011480437
We investigate how tax loss offset restrictions affect an investor's evaluation of risky investments under bounded rationality. We analytically identify behavioral tax effects for different levels of loss offset restrictions, tax rate and prospect theoretical biases (loss aversion, probability...
Persistent link: https://www.econbiz.de/10011745415
Applying a time-discrete investment model and a setting with an entry and an exit option and cash flow uncertainty we present a dynamic analysis of the impact of various loss offset regimes on risky investment timing decisions. We find that a tax system with loss offset restrictions will not...
Persistent link: https://www.econbiz.de/10010309354