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Kruschwitz L, Löffler A (2009). Do Taxes Matter in the CAPM?. BuR - Business Research, Vol. 2, Iss. 2, pp. 171-178, URN: urn:nbn:de:0009-20-21644
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%0 Journal Article %T Do Taxes Matter in the CAPM? %A Kruschwitz, Lutz %A Löffler, Andreas %J BuR - Business Research %D 2009 %V 2 %N 2 %@ 1866-8658 %F kruschwitz2009 %X The traditional literature on the CAPM assumes that investor's tax payments simply vanish from the model. This assumption is not at all consistent with the actual behavior of the Treasury. The theory of general equilibrium states that an interest rate rf = 0 will not affect prices if taxes are introduced. We show that this result can be extended to the CAPM if the tax payments are redistributed among investors. %L 330 %K CAPM %K CARA utility %K Tax-CAPM %K equilibrium %K taxes %U http://nbn-resolving.de/urn:nbn:de:0009-20-21644 %P 171-178
Bibtex
@Article{kruschwitz2009,
author = "Kruschwitz, Lutz
and L{\"o}ffler, Andreas",
title = "Do Taxes Matter in the CAPM?",
journal = "BuR - Business Research",
year = "2009",
volume = "2",
number = "2",
pages = "171--178",
keywords = "CAPM",
keywords = "CARA utility",
keywords = "Tax-CAPM",
keywords = "equilibrium",
keywords = "taxes",
abstract = "The traditional literature on the CAPM assumes that investor's tax payments simply vanish from the model. This assumption is not at all consistent with the actual behavior of the Treasury. The theory of general equilibrium states that an interest rate rf = 0 will not affect prices if taxes are introduced. We show that this result can be extended to the CAPM if the tax payments are redistributed among investors.",
issn = "1866-8658",
url = "http://nbn-resolving.de/urn:nbn:de:0009-20-21644"
}
RIS
TY - JOUR AU - Kruschwitz, Lutz AU - Löffler, Andreas PY - 2009// TI - Do Taxes Matter in the CAPM? JO - BuR - Business Research SP - 171 EP - 178 VL - 2 IS - 2 KW - CAPM KW - CARA utility KW - Tax-CAPM KW - equilibrium KW - taxes N2 - The traditional literature on the CAPM assumes that investor's tax payments simply vanish from the model. This assumption is not at all consistent with the actual behavior of the Treasury. The theory of general equilibrium states that an interest rate rf = 0 will not affect prices if taxes are introduced. We show that this result can be extended to the CAPM if the tax payments are redistributed among investors. SN - 1866-8658 UR - http://nbn-resolving.de/urn:nbn:de:0009-20-21644 ID - kruschwitz2009 ER -
Wordbib
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ISI
PT Journal AU Kruschwitz, L Löffler, A TI Do Taxes Matter in the CAPM? SO BuR - Business Research PY 2009 BP 171 EP 178 VL 2 IS 2 DE CAPM; CARA utility; Tax-CAPM; equilibrium; taxes AB The traditional literature on the CAPM assumes that investor's tax payments simply vanish from the model. This assumption is not at all consistent with the actual behavior of the Treasury. The theory of general equilibrium states that an interest rate rf = 0 will not affect prices if taxes are introduced. We show that this result can be extended to the CAPM if the tax payments are redistributed among investors. ER
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Full Metadata
| Bibliographic Citation | BuR - Business Research, Vol. 2, Iss. 2, pp. 171-178 |
|---|---|
| Title | Do Taxes Matter in the CAPM? (eng) |
| Author | Lutz Kruschwitz, Andreas Löffler |
| Language | eng |
| Abstract | The traditional literature on the CAPM assumes that investor's tax payments simply vanish from the model. This assumption is not at all consistent with the actual behavior of the Treasury. The theory of general equilibrium states that an interest rate rf = 0 will not affect prices if taxes are introduced. We show that this result can be extended to the CAPM if the tax payments are redistributed among investors. |
| Subject | CAPM, CARA utility, Tax-CAPM, equilibrium, taxes |
| DDC | 330 |
| Rights | authorcontract |
| URN: | urn:nbn:de:0009-20-21644 |
