TY  - GEN
AB  - This paper derives and draws on simple formulae for the upper and lower bounds to the value of a series of risky cash flows in order to provide some instructive insights in the impact of taxation on these bounds.
The formulae are based on no-arbitrage conditions in a setting that is a straightforward extension of the Cox, Ross, and Rubinstein option-pricing model to an incomplete market model and look exactly like the popular Gordon growth formula.
Although based on stylized facts concerning the tax scheme the results promise to be a reliable guide for further research in this field.
DA  - 2005
KW  - Taxes
KW  - Arbitrage theory
KW  - Incomplete markets
KW  - Enterprise value
LA  - eng
PY  - 2005
TI  - The impact of taxation on upper and lower bounds of enterprise value
UR  - https://nbn-resolving.org/urn:nbn:de:hbz:361-7839
Y2  - 2024-11-22T04:39:43
ER  -