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| Author: | Richter, F. |
| Title: | Valuation with or without personal income taxes |
| Journal: | Schmalenbach Business Review
2004 : JAN, VOL. 56:1, p. 20-45 |
| Index terms: | Incomes Taxation Valuation Pricing Assets Theories |
| Language: | eng |
| Abstract: | This paper reviews different schools of thought on the question of if and how personal taxes should be incorporated into the valuation of companies or projects. The paper shows under which conditions the risk-neutral valuation approach yields the same result as the Tax-CAPM. Special cases are analyzed implying irrelevance of personal taxes. In addition, empirical questions are addressed, such as how to determine the expected market rate of return after personal taxes. |
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