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Miles-Ezzell's WACC Approach Yields Arbitrage

Löffler, Andreas - 2001

A simple counterexample shows that the formula developed by Miles and Ezzell (1980) can be used to create an arbitrage …

Persistent link: https://www.econbiz.de/10005840909

Martingales, Taxes, and Neutrality

Löffler, Andreas; Schneider, Dirk - 2000

after-tax capital market is arbitrage-free and complete if it is arbitrage-free and complete in a world without taxation. We …

Persistent link: https://www.econbiz.de/10005840915

A Note on Arbitrage and Stochastic Taxes

Löffler, Andreas; Tang, Yanqiong - 2002

arbitrage opportunity... …

Persistent link: https://www.econbiz.de/10005842086

Capital budgeting in arbitrage-free markets

Laitenberger, Jörg; Löffler, Andreas - 2002

In capital budgeting problems future cash flows are discounted using the expected one period returns of the investment ...

Persistent link: https://www.econbiz.de/10005842087

Unternehmensbewertung und Einkommensteuer aus der Sicht von Theoretikern und Praktikern

Kruschwitz, Lutz; Löffler, Andreas - 2005

Persistent link: https://www.econbiz.de/10005857388

Bemerkungen über Kapitalkosten vor und nach Steuern

Kruschwitz, Lutz; Löffler, Andreas - 2004

In der Literatur wird üblicherweise vorgeschlagen, die Nachsteuer-Kapitalkosten auseinem linearen funktionalen Zusammenhang zwischen dem Steuersatz und so genanntenVorsteuer-Kapitalkosten abzuleiten.In diesem Beitrag wird vor dem Hintergrund eines Binomialmodells gezeigt, dass diesesKonzept...

Persistent link: https://www.econbiz.de/10005857389

Zur Bewertung ewig lebender Unternehmen mit Hilfe von DCF-Verfahren

Kruschwitz, Lutz; Löffler, Andreas - 2003

Persistent link: https://www.econbiz.de/10005857395

A stochastic Gordon-Shapiro formula with excess volatility

Kruschwitz, Lutz; Löffler, Andreas - 2020

cash flows process with random coefficients. We show that the model is free of arbitrage and that the transversality …

Persistent link: https://www.econbiz.de/10012230962

Miles-Ezzell's WACC approach yields arbitrage

Löffler, Andreas - 2002 - This version: July 2002

can create an arbitrage opportunity. The only consequence to be drawn is that their WACC approach cannot be applied under …

Persistent link: https://www.econbiz.de/10011526007

Arbitrage and nonlinear tax scales

Becker, Marcus; Löffler, Andreas - 2016 - 12. April 2016 (first draft)

We look at the theory of arbitrage with taxation under certainty. The tax scale in our model is not linear. Under the … premise that tax scale is convex, we analyze prices that do not exhibit arbitrage opportunities. It turns out that there are … two kinds of arbitrage: unbounded as well as bounded arbitrage. With bounded arbitrage, the gain from forming an arbitrage …

Persistent link: https://www.econbiz.de/10011450302