Dieser Beitrag untersucht, welche Anreize von asymmetrischer Besteuerung einerseits und von Haftungsbeschränkungen andererseits für die optimale Risikowahl eines Unternehmens ausgehen. Wir betrachten dabei eine risikobehaftete Investition, deren Risikograd wertrelevant verändert werden kann,...

We examine the combined effects of asymmetric taxation and limited liability on optimal risk taking of investors. Given an optimal risk level in the pre-tax case under full liability, loss-offset restrictions reduce, and limited liability enhances the incentives for taking risk. For every degree...

This paper provides a theory of incorporation and taxation that emphasizes the role of the corporate legal form in facilitating access to external capital and the potential advantages of limited liability. Incorporation relaxes financing constraints and makes corporations larger than comparable...

We examine the combined effects of asymmetric taxation and limited liability on optimal risk taking of investors. Given an optimal risk level in the pre-tax case under full liability, loss-offset restrictions reduce, and limited liability enhances the incentives for taking risk. For every degree...