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Dynamic Firm and Investor Behaviour under Progressive Personal Taxation

  • Geert-Jan C. Th. van Schijndel

Part of the Lecture Notes in Economics and Mathematical Systems book series (LNE, volume 305)

Table of contents

  1. Front Matter
    Pages N2-X
  2. Geert-Jan C. Th. van Schijndel
    Pages 1-8
  3. Geert-Jan C. Th. van Schijndel
    Pages 9-39
  4. Geert-Jan C. Th. van Schijndel
    Pages 41-63
  5. Geert-Jan C. Th. van Schijndel
    Pages 117-142
  6. Geert-Jan C. Th. van Schijndel
    Pages 143-159
  7. Geert-Jan C. Th. van Schijndel
    Pages 161-164
  8. Back Matter
    Pages 165-219

About this book

Introduction

This book aims to include the effects of a progressive personal tax into the deterministic dynamic theory of the firm. To this end the author investigates the impact of a progressive personal tax on the optimal dividend, financing and investment policy of a shareholder-controlled, value-maximising firm. More specifically, the principal aim is the justification of the thesis that during each stage of their evolution, firms will be controlled by investors in different tax brackets. With this aim in mind, the author develops a dynamic equilibrium and portfolio theory under certainty, which considers: - the market value of an arbitrary firm such that no excess demand for or supply of shares exists, - the portfolio selection of differently taxed investors, - the succession of differently taxed investors, who possess the shares of any value-maximizing firm, in the course of time, - the optimal resulting policy string and corresponding evolution of a firm in the course of time.

Keywords

Finance Financing Investment corporate finance portfolio theory valuation

Authors and affiliations

  • Geert-Jan C. Th. van Schijndel
    • 1
  1. 1.GJ TilburgThe Netherlands

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-642-46637-3
  • Copyright Information Springer-Verlag Berlin Heidelberg 1988
  • Publisher Name Springer, Berlin, Heidelberg
  • eBook Packages Springer Book Archive
  • Print ISBN 978-3-540-19230-5
  • Online ISBN 978-3-642-46637-3
  • Series Print ISSN 0075-8442
  • Buy this book on publisher's site