With increasing globalization, countries are competing for companies and investment. Because income tax law has not been globally harmonized so far, international companies view a country's tax conditions as an important location factor. Corporate location decisions and, therefore, a country's...

This paper investigates the impact of the 2001 tax reform in Germany on dividend announcement returns. With this major tax reform, the full imputation system was replaced by the half-income system, which had a significant impact on the relative taxation of dividends and capital gains for most...

Real-world tax systems distort investment and financing decisions. Therefore, taxes are integrated into capital budgeting models. However, these models use very simplified tax bases. Investors typically assume tax bases to be equal to cash flows less depreciation allowances. We analyse the...

Due to the implementation of international financial reporting standards in the European Union, member states with uniform accounting are expected to replace their current one-book system with a two-book system, which will separate tax accounting and financial accounting. This separation...