We establis necessary and sufficient conditions for a linear taxation system to be neutral - within the multi-period discrete time "no arbitrage" model - in the sense that valuation is invariant to the exact sequence of tax rates, realization dates as well as immune to timing options attempting...

na

Indledning <p> Folketinget har ved lov nr. 1294 af 20. december 2000 ændret pensionsafkastbeskatningsloven. <p> Formålet med denne artikel er, at <p> • Redegøre for hovedpunkterne i ændringen og regeringens begrundelse for lovændringen. <p> • Analysere den ny lovs hensigtsmæssighed ud fra en...</p></p></p></p>

Danske erhvervsvirksomheder har adgang til den såkaldte momsafløftning. Momsafløftning består i, <p> at erhvervsvirksomheder kan undlade at betale moms af leverede varer, som de ikke får betaling for. <p> En hovedkonklusion i denne artikel er, at momsafløftningsretten er samfundsøkonomisk...</p></p>

An improved method for measuring and testing long-run returns is proposed. The method adjusts <p> for the right-skewed distribution of long-run buy-and-hold by decomposing average cross-sectional <p> buy-and-hold returns into mean components and volatility components. The method is <p> applied to initial...</p></p></p>

The ambiguity in existing empirical work with respect to effects of deposit insurance schemes on banks’ risk-taking can be resolved if it is recognized that absence of deposit insurance is rarely credible and that the credibility of non-insurance can be enhanced by explicit deposit insurance...

na

This paper estimates the impact of accounting transparency on the term structure of CDS spreads for a large cross-section of rms. Using a newly developed measure of accounting transparency in Berger, Chen & Li (2006), we nd a downward-sloping term structure of transparency spreads. Estimating...

De ned contribution pension schemes and life <p> insurance contracts often have a minimum interest rate guar- <p> antee as an integrated part of the contract. This guarantee <p> is an embedded put option issued by the institution to the <p> individual, who is forced to hold the option in the portfolio. <p>...</p></p></p></p></p>

Abstract: Finding the mean-variance eÆcient frontier is <p> a quadratic programming problem with an analytical solu- <p> tion, whenever the portfolio choice is unrestricted. The an- <p> alytical solution involves an inversion of the covariance ma- <p> trix. When short-sale constraints are added to the...</p></p></p></p>