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| Author: | |
| Title: | Zur Vorteilhaftigkeit von Zerobonds |
| Journal: | Zeitschrift für Betriebswirtschaft
1999 : VOL. 69:1, p. 83-114 |
| Index terms: | CAPITAL MARKETS BONDS TAXATION GERMANY |
| Language: | ger |
| Abstract: | Due to current efforts to reform the German tax system and to improve the competitiveness of the German capital market, zerobonds are becomming more attractive for both investor and issuer. In this paper we analyze the decision of investing in/issuing bonds and derive principles for advantageous contract designs and investment decisions. It is shown that for both proportional and progressive taxation schemes zerobonds are often more profitable than straight bonds. Furthermore, it turns out that zerobonds can be used as a flexible instrument to design advantageous tax payment patterns. |
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