Summary This article investigates the derivation of post-tax investment rules and neutral tax systems under risk neutrality and risk aversion for irreversible investment projects. Integrating taxes into real option theory, it can be shown that the possible approaches dynamic programming and...

This article investigates the derivation of post-tax investment rules and neutral tax systems under risk neutrality and risk aversion for irreversible investment projects. Integrating taxes into real option theory, it can be shown that the possible approaches dynamic programming and contingent...

This paper analyzes the impact of capital gains taxation on investment timing decisions for risky investment projects with entry and exit flexibility under differential tax rates for ordinary income and capital gains. We investigate whether capital gains taxation influences immediate and delayed...

Investitionsentscheidungen bei Unsicherheit schienen bisher von individuellen Risiko-Nutzen-Präferenzen abhängig zu sein. In jüngerer Zeit wurden die Erkenntnisse der Optionspreistheorie auf Realinvestitionen übertragen, um so eine präferenzfreie Beurteilung von Investitionsprojekten zu...