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Die Modigliani/Miller-Theoreme und Ausschüttungspolitik
Wiese, Jörg - Universität <München> / Fakultät für Betriebswirtschaft - 2006
Der Beitrag diskutiert die Auswirkungen einer nicht-residualen Ausschüttungspolitik aufdie Modigliani/Miller-Anpassungsformeln in einer Welt differenzierter, Dividenden, Zinsenund Kursgewinne unterschiedlich behandelnder persönlicher Steuern. EntsprechendeEinflüsse auf den Zusammenhang...
Persistent link: https://www.econbiz.de/10005869327
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Adjusted Present Value and Tax Shield im Rahmen des DCF-Konzeptes - Zur analytischen Umsetzung aus theoretischer und praktischer Sicht
Volkart, Rudolf - Institut für Schweizerisches Bankwesen <Zürich> - 1998
Die analytisch korrekte Bestimmung von DCF-Unternehmens- und Projektwerten ist nicht trivial...
Persistent link: https://www.econbiz.de/10005857031
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The Equity Trap, the Cost of Capital and the Firm´s Growth Path
Lindhe, Tobias; Södersten, Jan - 2006
This paper reconsiders Sinn's (1991) nucleus theory of the corporation by comparing two different regimes for the equity trap. In the first of these, all cash paid to the shareholders is taxed as dividends, in the second, shareholders are allowed a tax-free return of capital contributed through...
Persistent link: https://www.econbiz.de/10010321558
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Economic Effects of Taxing Different Organizational Forms under a Dual Income Tax
Lindhe, Tobias; Södersten, Jan; Öberg, Ann - 2003
This paper analyzes the economic effects of different income splitting rules for closely held corporations and sole proprietorships/partnerships in a tax system with a dual income tax. We conclude that the tax rules for closed corporations offer roughly the same cost of capital as for widely...
Persistent link: https://www.econbiz.de/10010321596
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Economic Effects of Taxing Closed Corporations under a Dual Income Tax
Lindhe, Tobias; Södersten, Jan; Öberg, Ann - 2001
Under the Nordic dual income tax system, the taxpayer's total tax bill depends not only on his total income but also on the division of that income between capital income and labor income. This has created new room for tax avoidance, especially for active owners of (closed) corporations. For...
Persistent link: https://www.econbiz.de/10010321734
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Dividend taxation, share repurchases and the equity trap
Lindhe, Tobias; Södersten, Jan - 2009
This paper reconsiders the effects of dividend taxation. Particular attention is paid to the form of the 'equity trap …
Persistent link: https://www.econbiz.de/10010321462
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Mitigating shareholder taxation in small open economies?
Jacob, Martin; Södersten, Jan - 2012
This article reconsiders the role of dividend taxation and its effect on the cost of capital of small firms. Using a … simple portfolio model for small open economies, we show that a decrease in dividend taxes on large companies unambiguously … increases the required rate of return for small companies. A dividend tax cut for both, large and small companies may however …
Persistent link: https://www.econbiz.de/10010321463
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The Norwegian shareholder tax reconsidered
Södersten, Jan; Lindhe, Tobias - 2011
In an article in International Tax and Public Finance, Peter Birch Sørensen (2005) gives an in-depth account of the new Norwegian Shareholder Tax, which allows the shareholders a deduction for an imputed risk-free rate of return. Sørensen's positive evaluation appears as reasonable for a...
Persistent link: https://www.econbiz.de/10010321456
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An Evolutionary Explanation of the Value Premium Puzzle
Hens, Thorsten; Schenk-Hoppé, Klaus Reiner; Woehrmann, … - Institut für Schweizerisches Bankwesen <Zürich> - 2006
As early as 1934 Graham and Dodd conjectured that excess returns from value investment originate from a tendency of markets to converge towards fundamental values. This paper confirms their insights theoretically within the evolutionary finance model of Evstigneev, Hens, and Schenk-Hopp (2006)...
Persistent link: https://www.econbiz.de/10005858582
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The information content of dividends : safer profits, not higher profits
Michaely, Roni; Rossi, Stefano; Weber, Michael - 2018
Persistent link: https://www.econbiz.de/10011796632