haku: @journal_id 492 / yhteensä: 321
viite: 6 / 321
| Tekijä: | Frühwart, M. Schwaiger, M. S. |
| Otsikko: | Der Wertbeitrag der Eigenkapitalzuwachszinsen in einem stochastischen 2-Phasen-Modell |
| Lehti: | Journal für Betriebswirtschaft
2003 : VOL. 53:4, p. 148-160 |
| Asiasana: | taxation models Europe Austria |
| Kieli: | ger |
| Tiivistelmä: | Several European countries implemented tax systems with imputed equity interest (here as: i-e-int.) provisions as early as in the 1980s. Since the tax reform in 2000, Austria has also allowed the deduction of fictitious i-e-int. from the tax base. This paper applies the APV method for companies making use of equity tax shields (as: e-t-shs.), especially focusing on the value of e-t-shs. It is shown that the deterministic model (as: det-m.) not only holds under certainty but also under uncertainty. The paper extends the scope of the det-m. and points out - using empirical data - to what extent distortions are caused by the use of empirical instead of risk-adjusted expected growth rates (original in German). |
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