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 …

Diese Diskussionsarbeit stellt einen wichtigen Baustein zu einer geplanten Monographie über die Theorie der DCF … mehrfacher Hinsicht unvollständig. Sie konzentriert sich erstens auf risikoloses Fremdkapital, was zwar einer in der Theorie der …

If one wants to evaluate the impact of an income tax on the value of a project or a firm the so called standard model … factor (1-s) where s is the income tax rate (assumed to be constant and deterministic). In this paper this Johannson model is … after taxes cannot hold. Then an alternative approach for incorporating an income tax into the NPV calculus is discussed …

the simultaneous adjustment of portfolio choice. From numerical simulation it can be concluded that the optimal income tax …