In der vorliegenden Arbeit wird in vier Forschungsbeiträgen der Einfluss der Besteuerung auf Investitionsentscheidungen in Indexprodukte (Indexzertifikate, börsengehandelte Indexfonds) untersucht sowie eine Evaluierung der Auswirkungen des Gesetzes zur Reform der Investmentbesteuerung auf...

I extend and generalize the work of Kruschwitz and Löffler (BuR—Business Research 2(2):171–178, 2009). I find that, with a zero risk-free rate, the implicit price of capital gains tax payments is zero. I provide conditions in stochastic discount factor language when a capital gains tax has...

We investigate how personal income taxes affect the portfolio share of personal wealth that entrepreneurs invest in their own business. In a reformulation of the standard portfolio choice model that allows for underreporting of private business income to tax authorities, we show that a fall in...