haku: @author O'Brien, T. J. / yhteensä: 6
viite: 2 / 6
| Tekijä: | O'Brien, T. J. |
| Otsikko: | The constant growth model and personal taxes |
| Lehti: | Journal of Business Finance and Accounting
1991 : JAN, VOL. 18:1, p. 125-132 |
| Asiasana: | CAPITAL GAINS TAX SHARES GROWTH MODELS DIVIDENDS ASSET VALUATION TAXATION |
| Kieli: | eng |
| Tiivistelmä: | Given finite horizons, it is examined how capital gains taxes affect the valuation of a share of stock in the traditional constant growth model. The role of personal taxes is explored at a deeper level than has heretofore been provided in the literature. It is shown that it is not in general accurate to assume that the after-tax required rate of return and the growth in dividends per share are independent of the tax rate. It is presented, that the direction of asset value as a function of the capital gains tax rate is indeterminate and it is possible to create a tax regime so that tax rate changes have no influence on asset values. |
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