This paper gives a survey of the experimental literature on the perception (bias) ofindividuals with respect to their own tax burden and its effect on economicdecisions. Six strands of literature are discussed: (1) perception of marginal taxrates, (2) influence of tax complexity on tax...

For the valuation of a company it is necessary to take the income tax of its owners into account. When looking at a squeeze-out with investors who have different wealth this implies that fair compensation payments will be different. This is in contradiction to the German Stock Companies Act. In...

Zuweilen wird die Meinung vertreten, dass es Investoren um jeden Preis vermeidensollten, Steuern zu zahlen. Im Rahmen eines einfachen Portfoliomodells mit Steuernwird untersucht, ob Steuervermeidung tatsächlich auf μ-σ2-effiziente Lösungenführt.[...]

We extend the WACC approach to a tax system having a firm income tax and a personal income tax of the investor as well. We use an artificial tax system incorporating most of the G-7 national tax codes as for example the classical or the imputation systems.

We generalize the classical concept of a certainty equivalent to a model where an investor can trade on a capital market with several future trading dates. We show that if a riskless asset is traded and the investor has a CARA utility then our generalized certainty equivalent can be evaluated...

Diese Diskussionsarbeit stellt einen wichtigen Baustein zu einer geplanten Monographie über die Theorie der DCF-Verfahren dar. Es gibt viele Veröffentlichungen zu diesem Thema, die nach Ansicht der Verfasser ein Problem aufweisen: sie fußen nicht auf einem stringenten Konzept des Begriffes...

Die vorliegende Arbeit setzt sich mit der Frage auseinander, ob und auf welcher Weise für Unternehmen mit Pensionsrückstellungen, Verbindlichkeiten aus Lieferungen und Leistungen und anderen Passivpositionen eine Bewertungstheorie in der Tradition des Discounted Cashflow angewendet werden...

This contribution describes ErbSiHM 0.1 which is an inheritance tax simulation model.ErbSiHM 0.1 comprises of a microsimulation model based on the data of the GermanInheritance Tax Statistics 2002 and a group simulation model employing the data of theSOEP. The microsimulation model of ErbSiHM...

This contribution addresses the substantial tax subsidies for businesses introducedby the German Inheritance Tax Act 2009. Advocates in favour of the vast or evenentire tax exemption for businesses stress the potential damage of the inheritancetax on businesses, as those often lack liquid assets...

Effective from 2008, Germany´s top marginal income tax rate rises from 42 to 45 der cent. However, sole proprietorships and partnerships can opt for a preferential tax rate of 28,25 per cent for retained profits (§34a EStG-E). If they do so, profits are taxed again upon distribution. Using...