Abstract
The purpose of this chapter is an attempt to justify the thesis that during each stage of their evolution firms will be controlled by investors in different tax brackets. To that end, we consider in a dynamic setting the impact of personal taxation on the optimal policy string of value maximizing firms and the equilibrium portfolio selection of investors, both under the assumption of no separation of ownership and control.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 1988 Springer-Verlag Berlin Heidelberg
About this chapter
Cite this chapter
van Schijndel, GJ.C.T. (1988). A Time Dependent Equilibrium Approach under a Progressive Personal Tax. In: Dynamic Firm and Investor Behaviour under Progressive Personal Taxation. Lecture Notes in Economics and Mathematical Systems, vol 305. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-46637-3_7
Download citation
DOI: https://doi.org/10.1007/978-3-642-46637-3_7
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-19230-5
Online ISBN: 978-3-642-46637-3
eBook Packages: Springer Book Archive