Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/315693 
Erscheinungsjahr: 
2024
Quellenangabe: 
[Journal:] Review of Managerial Science [ISSN:] 1863-6691 [Volume:] 18 [Issue:] 12 [Publisher:] Springer Berlin Heidelberg [Place:] Berlin/Heidelberg [Year:] 2024 [Pages:] 3487-3514
Verlag: 
Springer Berlin Heidelberg, Berlin/Heidelberg
Zusammenfassung: 
Abstract Incorporating a progressive income tax into an economic decision problem raises the question whether this tax does not create arbitrage opportunities. We investigate this problem in a riskless (multi-period) economy. With a convex tax function we identify a particular kind of arbitrage (called bounded arbitrage): In this case the gain achievable through arbitrage trade is limited and cannot reach infinity.We are able to give a complete characterisation based on prizes of the traded assets as to whether bounded as well as unbounded arbitrage opportunities will exist.
Schlagwörter: 
No-arbitrage with taxation
Fundamental theorem of asset pricing
Non-constant tax rates
Application of convex optimization problems
Persistent Identifier der Erstveröffentlichung: 
Sonstige Angaben: 
C61;E62;G12;H24
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Dokumentart: 
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Dokumentversion: 
Published Version
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