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Dividenden, Steuern Und Steuerreformen

Dividenden, Steuern Und Steuerreformen


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About the Book

Mit ihren Beweisen, daß auf einem vollkommenen Kapitalmarkt die Kapital- strukturentscheidung und die Dividendenpolitik den Marktwert von Aktien- gesellschaften nicht beeinflussen, haben Modigliani und Miller 1958 und 1961 ein solides Fundament für die moderne Finanzierungstheorie gelegt. Diese Pionierleistungen wurden 1985 und 1990 durch die Verleihung von Nobel- preisen besonders gewürdigt. Das von Modigliani/Miller gelegte Fundament wurde inzwischen einerseits erweitert, z.B. durch das 'capital asset pricing model' von Sharpe (1964) und das Optionspreismodell von Biack/Scholes (1972), anderseits wurden auf diesen Fundamenten 'Theoriegebäude' zu den Einzelfragen der Unternehmensfinanzierung errichtet. In den einzelnen Stock- werken dieser Gebäude erfolgt eine Konzentration auf bestimmte Marktun- vollkommenheiten (z.B. Steuern, asymmetrische Informationen, Transakti- onskosten) oder auf 'agency' Probleme. Die vorliegende Arbeit ist im Theoriegebäude 'Dividendenpolitik' im Stock- werk 'Steuern' angesiedelt. Im Mittelpunkt steht einerseits die Preisbildung auf dem Kapitalmarkt - insbesondere der Dividendenabschlag am Ex-Ta- andererseits die optimale Dividendenpolitik. Dadurch, daß im Rahmen der durchgeführten theoretischen Analysen wie auch der empirischen Untersu- chungen die Zeit vor und nach der Körperschaftsteuerreform 1977 getrennt untersucht werden, können interessante Erkenntnisse gewonnen werden. Die Ergebnisse für den deutschen Kapitalmarkt werden im Kapitel 6 mit entspre- chenden Ergebnissen für die Kapitalmärkte anderer wichtiger Industrieländer verglichen. Im Rahmen der theoretischen Analyse des Dividendenabschlags am Ex-Tag im Kapitel 3 modifiziert der Verfasser die Überlegungen von Elton/Gruber im Hinblick auf die vor und nach 1977 in Deutschland geltenden steuerlichen Regelungen und stellt diesem Modell die Transaktionshypothese gegenüber.


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Product Details
  • ISBN-13: 9783663016649
  • Publisher: Deutscher Universitatsverlag
  • Binding: Paperback
  • Height: 210 mm
  • No of Pages: 188
  • Series Title: Duv Wirtschaftswissenschaft
  • Sub Title: Ein Internationaler Vergleich
  • Width: 148 mm
  • ISBN-10: 3663016641
  • Publisher Date: 16 Dec 2012
  • Edition: Softcover Reprint of the Origi ed.
  • Language: German
  • Returnable: N
  • Spine Width: 11 mm
  • Weight: 304 gr


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