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Dynamic Firm and Investor Behaviour under Progressive Personal Taxation (Paperback, Softcover reprint of the original 1st ed. 1988)
Loot Price: R1,497
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Dynamic Firm and Investor Behaviour under Progressive Personal Taxation (Paperback, Softcover reprint of the original 1st ed. 1988)
Series: Lecture Notes in Economics and Mathematical Systems, 305
Expected to ship within 10 - 15 working days
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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.
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