Husmann, Sven; Kruschwitz, Lutz; Loffler, Andreas - In: The European Journal of Finance 12 (2006) 1, pp. 33-40
Valuation of firms is generally based on the WACC approach which typically neglects personal income taxes. This paper extends this approach to incorporate personal income taxes and develop a generalized valuation formula which can be used for any taxation system. The approach is illustrated for...
