Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/336855 
Erscheinungsjahr: 
2025
Quellenangabe: 
[Journal:] Review of Quantitative Finance and Accounting [ISSN:] 1573-7179 [Volume:] 66 [Issue:] 1 [Publisher:] Springer US [Place:] New York, NY [Year:] 2025 [Pages:] 101-118
Verlag: 
Springer US, New York, NY
Zusammenfassung: 
We derive consistent valuation models in accordance with the flow to equity and adjusted present value approaches under passive debt management considering the firm’s dividend policy and differentiated personal taxes at the equity investor level. The valuation models include a blended personal tax rate encapsulating all the effects resulting from retention and cash dividends. Furthermore, we establish appropriate adjustment formulas for the relationship between the firm’s unlevered and levered cost of equity necessary for the unlevering and relevering of beta factors. Finally, we show with simulations that dividend policy significantly affects the equity market value.
Schlagwörter: 
Valuation
Personal taxes
Passive debt management
Financing policy
Dividend policy
Share repurchases
Cost of equity
Simulations
JEL: 
G32
H20
M41
Persistent Identifier der Erstveröffentlichung: 
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Dokumentart: 
Article
Dokumentversion: 
Published Version

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