Tax arbitrage, separation and irrelevance: a general model for tax effects in the securities market
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Lüneburg
Univ. of Lüneburg
1998
|
| Edition: | 2. draft, December 1998 |
| Series: | Arbeitsbericht / Universität Lüneburg, Fachbereich Wirtschafts- und Sozialwissenschaften
208 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Literaturverz. S. 49 - 51 |
| Physical Description: | 54 S. graph. Darst. |
Staff View
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Record in the Search Index
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| adam_text | Contents
Joachim Behrendt * 1
Second Draft, 1
December 1998 1
Contents 1
1. Introduction 3
2. Legal framework: tax systems 6
2.1. Corporate taxation 6
2.2. Personal taxation: income from bonds 9
2.3. Personal taxation: equity income 10
3. The single period model 12
3.1. The economic setting 12
3.2. The individuals allocation problem 14
3.2.1. Optimal allocation in a world without securities 14
3.2.2. Optimal allocation in a world with firms and securities markets 16
3.3. Pareto optimal allocation 17
4. The market allocation 21
4.1. Prices in the securities market 21
4.1.1. Arbitrage in the securities market 21
4.1.2. Arbitrage prices outside the securities market 27
4.2. Firms investment and financing decisions in complete markets 30
5. Tax effects in a complete securities market 32
5.1. Conditions for the existence of an equilibrium 32
5.1.1. Complete market model 32
5.1.2. The firms first order conditions and market prices 34
5.1.3. Individuals optimality conditions and arbitrage market prices 38
5.1.4. Some special cases 40
5.1.4.1. Full imputation system, no tax arbitrage 40
5.1.4.2. The Modigliani Miller world 40
5.1.4.3. Millers world: tax clienteles 42
5.2. Firms objective function and tax conditions for frictionless separation ..43
5.3. Conditions for Pareto optimality in the securities market 46
1
|
| adam_txt |
Contents
Joachim Behrendt * 1
Second Draft, 1
December 1998 1
Contents 1
1. Introduction 3
2. Legal framework: tax systems 6
2.1. Corporate taxation 6
2.2. Personal taxation: income from bonds 9
2.3. Personal taxation: equity income 10
3. The single period model 12
3.1. The economic setting 12
3.2. The individuals allocation problem 14
3.2.1. Optimal allocation in a world without securities 14
3.2.2. Optimal allocation in a world with firms and securities markets 16
3.3. Pareto optimal allocation 17
4. The market allocation 21
4.1. Prices in the securities market 21
4.1.1. Arbitrage in the securities market 21
4.1.2. Arbitrage prices outside the securities market 27
4.2. Firms investment and financing decisions in complete markets 30
5. Tax effects in a complete securities market 32
5.1. Conditions for the existence of an equilibrium 32
5.1.1. Complete market model 32
5.1.2. The firms first order conditions and market prices 34
5.1.3. Individuals optimality conditions and arbitrage market prices 38
5.1.4. Some special cases 40
5.1.4.1. Full imputation system, no tax arbitrage 40
5.1.4.2. The Modigliani Miller world 40
5.1.4.3. Millers world: tax clienteles 42
5.2. Firms objective function and tax conditions for frictionless separation .43
5.3. Conditions for Pareto optimality in the securities market 46
1 |
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| edition | 2. draft, December 1998 |
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| id | DE-604.BV022177638 |
| illustrated | Illustrated |
| index_date | 2024-07-02T16:20:17Z |
| indexdate | 2024-07-09T20:51:52Z |
| institution | BVB |
| language | English |
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| physical | 54 S. graph. Darst. |
| publishDate | 1998 |
| publishDateSearch | 1998 |
| publishDateSort | 1998 |
| publisher | Univ. of Lüneburg |
| record_format | marc |
| series2 | Arbeitsbericht / Universität Lüneburg, Fachbereich Wirtschafts- und Sozialwissenschaften |
| spelling | Behrendt, Joachim Verfasser aut Tax arbitrage, separation and irrelevance a general model for tax effects in the securities market 2. draft, December 1998 Lüneburg Univ. of Lüneburg 1998 54 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Arbeitsbericht / Universität Lüneburg, Fachbereich Wirtschafts- und Sozialwissenschaften 208 Literaturverz. S. 49 - 51 Arbitrage (DE-588)4002820-3 gnd rswk-swf Effektenmarkt (DE-588)4395760-2 gnd rswk-swf Wertpapiermarkt (DE-588)4189708-0 gnd rswk-swf Steuer (DE-588)4057399-0 gnd rswk-swf Arbitrage (DE-588)4002820-3 s DE-604 Wertpapiermarkt (DE-588)4189708-0 s Effektenmarkt (DE-588)4395760-2 s Steuer (DE-588)4057399-0 s 1\p DE-604 Universität Lüneburg, Fachbereich Wirtschafts- und Sozialwissenschaften Arbeitsbericht 208 (DE-604)BV003655863 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015392374&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Behrendt, Joachim Tax arbitrage, separation and irrelevance a general model for tax effects in the securities market Arbitrage (DE-588)4002820-3 gnd Effektenmarkt (DE-588)4395760-2 gnd Wertpapiermarkt (DE-588)4189708-0 gnd Steuer (DE-588)4057399-0 gnd |
| subject_GND | (DE-588)4002820-3 (DE-588)4395760-2 (DE-588)4189708-0 (DE-588)4057399-0 |
| title | Tax arbitrage, separation and irrelevance a general model for tax effects in the securities market |
| title_auth | Tax arbitrage, separation and irrelevance a general model for tax effects in the securities market |
| title_exact_search | Tax arbitrage, separation and irrelevance a general model for tax effects in the securities market |
| title_exact_search_txtP | Tax arbitrage, separation and irrelevance a general model for tax effects in the securities market |
| title_full | Tax arbitrage, separation and irrelevance a general model for tax effects in the securities market |
| title_fullStr | Tax arbitrage, separation and irrelevance a general model for tax effects in the securities market |
| title_full_unstemmed | Tax arbitrage, separation and irrelevance a general model for tax effects in the securities market |
| title_short | Tax arbitrage, separation and irrelevance |
| title_sort | tax arbitrage separation and irrelevance a general model for tax effects in the securities market |
| title_sub | a general model for tax effects in the securities market |
| topic | Arbitrage (DE-588)4002820-3 gnd Effektenmarkt (DE-588)4395760-2 gnd Wertpapiermarkt (DE-588)4189708-0 gnd Steuer (DE-588)4057399-0 gnd |
| topic_facet | Arbitrage Effektenmarkt Wertpapiermarkt Steuer |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015392374&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV003655863 |
| work_keys_str_mv | AT behrendtjoachim taxarbitrageseparationandirrelevanceageneralmodelfortaxeffectsinthesecuritiesmarket |