Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/208464 
Autor:innen: 
Erscheinungsjahr: 
2006
Schriftenreihe/Nr.: 
Working paper No. 2-2003
Verlag: 
Copenhagen Business School (CBS), Department of Economics, Frederiksberg
Zusammenfassung: 
Lund (2002a) showed in a CAPM-type model how tax depreciation schedules affect required expected returns after taxes. Even without leverage higher tax rates implied lower betas when tax deductions were risk free. Here they are risky, and marginal investment is taxed together with inframarginal in an analytical model of decreasing returns. With imperfect loss offset tax claims are analogous to call options. The beta of equity is still decreasing in the tax rate, but increasing in the underlying volatility. The results are important if market data are used to infer required expected returns, and in discussions of tax design.
Schlagwörter: 
Corporate tax
depreciation
imperfect loss offset
decreasing returns
cost of capital
uncertainty
JEL: 
F23
G31
H25
Persistent Identifier der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
cc-by-nc-nd Logo
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
333.17 kB





Publikationen in EconStor sind urheberrechtlich geschützt.