For the valuation of a company it is necessary to take the income tax of its owners into account. When looking at a squeeze-out with investors who have different wealth this implies that fair compensation payments will be different. This is in contradiction to the German Stock Companies Act. In...

The traditional literature on the CAPM assumes that investor's tax payments simply vanish from the model. This assumption is not at all consistent with the actual behavior of the Treasury. The theory of general equilibrium states that an interest rate rf = 0 will not affect prices if taxes are...

Zuweilen wird die Meinung vertreten, dass es Investoren um jeden Preis vermeiden sollten, Steuern zu zahlen. Im Rahmen eines einfachen Portfoliomodells mit Steuern wird untersucht, ob Steuervermeidung tatsächlich auf μ-σ2-effiziente Lösungen führt. Für vier verschiedene Konzepte der...