Löffler, Andreas; Schneider, Dirk - 2000
We analyze a general business tax in an uncertain economy. Our tax system allows for a time-dependent tax rate and to … conditions under which taking this tax into account does not distort investment decisions, i.e. under which the tax system will … after-tax capital market is arbitrage-free and complete if it is arbitrage-free and complete in a world without taxation. We …