Tax legislation, fiscal authorities, and tax courts create tax uncertainty by frequent tax reforms and various different interpretations of the tax law. Moreover, investors generate model-specific tax uncertainty by using simplified models that anticipate the actual tax base incorrectly. I...

For mitigating the problems of transfer pricing formula apportionment (FA) is discussed intensively. However, FA could even be more harmful than transfer pricing because income shifting would require changing economic decisions instead of just taking advantage of accounting options. We analyze...

In 2005, Austria modified its group taxation regime and now provides an option for crossborder loss-offset. We analyse the combined impact of Austria's new group taxation and loss-offset limitations on cross-border investment decisions of domestic corporations. Monte Carlo simulations in an...

We derive an ex post neutral comprehensive income tax on pension schemes equivalent to a Johansson-Samuelson tax that guarantees non-discriminatory treatment of lifetime-dependent and other investments. By separately taxing contributions and benefits, our concept does not require any assumptions...

This paper deals with the effects of tax rate uncertainty on risk-neutral and risk-averse investment behavior. We analyze effects of stochastic tax rates on both real and financial investment. It emerges that under risk neutrality as well as under risk aversion, increased tax rate uncertainty...

Disruptive Technologien, globale Krisen und hochkomplexe Wechselwirkungen zwischen Wirtschaft, Recht und Gesellschaft stellen nationale wie supranationale Regulierungsinstanzen vor wachsende Herausforderungen. Insbesondere im Kontext der COVID-19-Pandemie ist daher die Frage nach der Rolle...

This paper carries out an analysis of individual profitability of life insurance in form of endowment policies which have been very popular in Germany for several decades. We integrate taxes, transaction costs and the possibility of early termination into a model of capital budgeting. The aim of...