The impact of taxation on upper and lower bounds of enterprise value

Braun T (2005) Discussion paper / Fakultät für Wirtschaftswissenschaften, Universität Bielefeld.
Bielefeld: Universität Bielefeld.

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Abstract
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.
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Braun T. The impact of taxation on upper and lower bounds of enterprise value. Discussion paper / Fakultät für Wirtschaftswissenschaften, Universität Bielefeld. Bielefeld: Universität Bielefeld; 2005.
Braun, T. (2005). The impact of taxation on upper and lower bounds of enterprise value (Discussion paper / Fakultät für Wirtschaftswissenschaften, Universität Bielefeld). Bielefeld: Universität Bielefeld.
Braun, T. (2005). The impact of taxation on upper and lower bounds of enterprise value. Discussion paper / Fakultät für Wirtschaftswissenschaften, Universität Bielefeld, Bielefeld: Universität Bielefeld.
Braun, T., 2005. The impact of taxation on upper and lower bounds of enterprise value, Discussion paper / Fakultät für Wirtschaftswissenschaften, Universität Bielefeld, Bielefeld: Universität Bielefeld.
T. Braun, The impact of taxation on upper and lower bounds of enterprise value, Discussion paper / Fakultät für Wirtschaftswissenschaften, Universität Bielefeld, Bielefeld: Universität Bielefeld, 2005.
Braun, T.: The impact of taxation on upper and lower bounds of enterprise value. Discussion paper / Fakultät für Wirtschaftswissenschaften, Universität Bielefeld. Universität Bielefeld, Bielefeld (2005).
Braun, Thomas. The impact of taxation on upper and lower bounds of enterprise value. Bielefeld: Universität Bielefeld, 2005. Discussion paper / Fakultät für Wirtschaftswissenschaften, Universität Bielefeld.
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