Tax uncertainty is often claimed to be harmful for investments. Capital taxes, such as property and wealth taxes, are particularly exposed to tax uncertainty. Capital tax un- certainty emerges from expected tax reforms, the unclear outcome of future tax audits, and simplified estimates of...

In this paper we analyze the effect of investor level taxes, firm-specific ownership structure and firm-specific payout policy on firms' capital structure choice. Our analysis is based on data for 10,983 firms from 13 Central and Eastern European (CEE) countries over the time period 2002-2012....

Tax uncertainty is often claimed to be harmful for investments. Capital taxes, such as property and wealth taxes, are particularly exposed to tax uncertainty. Capital tax uncertainty emerges from expected tax reforms, the unclear outcome of future tax audits, and simplified estimates of capital...

Bedingt durch den globalen Wettbewerb versuchen internationale Konzerne verstärkt, ihre Steuerzahlungen durch die Gründung von Tochterunternehmen in Steueroasen zu senken. Dieser Beitrag untersucht erstmals Konzernstrukturen von 18.924 österreichischen Mutterunternehmen über den Zeitraum...

Bonus contracts are predominant in management remuneration. These contracts reward managers with variable payments in case of satisfactory performance. However, penalty contracts, which punish target failure with financial deductions, could be a competitive alternative. Nevertheless, they do not...

This paper analyzes the impact of taxation on risk-taking under irreversibility. We integrate a simple tax system into a real option model. Under irreversibility and risk neutrality, raising the tax rate can either increase or reduce risk-taking. We numerically derive tax-volatility indifference...

Using a simple model under certainty we show the implications of the new group relief system in Austria effective from 2005 and the reform act of business taxation 2008 in Germany on cross border marginal purchase prices and marginal seller prices concerning incorporations. The results show that...