Krause, Marko Volker - In: Business Research 11 (2018) 1, pp. 115-148
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 no...