This paper investigates the influence of different systems of current income and capital gains taxation on investor's decision to either carry out an investment in corporate shares or to invest funds alternatively on the capital market. Three basic tax systems are analyzed, a classical corporate...

The influence of capital gains taxes on investment decisions is a central issue of accounting and public finance research. However, the implications of capital gains taxes on investors' willingness to invest in irreversible projects with entry and exit flexibility have not yet been a focal...

Untersucht wird die Auswirkung der Besteuerung von Aktienkursgewinnen auf die entscheidungsorientiert zu ermittelnden Eigenkapitalkosten von Unternehmungen. Sowohl für den Fall der internen als auch der externen Eigenfinanzierung eines zusätzlichen Investitionsprojektes kann gezeigt werden,...

An investment that is characterized by exit flexibility requires both decisions on investment and holding period. As selling an investment often leads to tax-liable capital gains and capital gains crucially depend on the duration of an investment we investigate the impact of capital gains...