Dynamic Firm and Investor Behaviour under Progressive Personal Taxation

Dynamic Firm and Investor Behaviour under Progressive Personal Taxation by Geert-Jan C.T.van Schijndel.

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 f...

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Bibliographic Details
Main Author: Schijndel, Geert-Jan C.T.van (Author)
Corporate Author: SpringerLink (Online service)
Format: eBook
Language:English
Published: Berlin, Heidelberg : Springer Berlin Heidelberg : Imprint: Springer, 1988.
Edition:1st ed. 1988.
Series:Lecture Notes in Economics and Mathematical Systems, 305
Springer eBook Collection.
Subjects:
Finance.
Accounting.
Bookkeeping .
Electronic resources (E-books)
Online Access:Click to view e-book
Holy Cross Note:Loaded electronically.
Electronic access restricted to members of the Holy Cross Community.
Table of Contents:
  • One: Scope and Outline of the Book
  • 1.1. Principal aim of the book
  • 1.2. Theory of corporate finance
  • 1.3. Dynamics of the firm
  • 1.4. Relevance and motivation of the book
  • 1.5. Subproblems
  • 1.6. Outline of the book
  • Two: Models of Dynamic Behaviour
  • 2.1. Introduction
  • 2.2. Dynamic and -management modelling
  • 2.3. A dynamic theory of the firm: investment, finance and dividend
  • 2.4. Dynamic modeling: survey and conclusions
  • Three: Taxation and some Implications
  • 3.1. Introduction
  • 3.2. Some examples
  • 3.3. Fiscal (non) neutrality
  • 3.4. Different types of profit and income tax regimes
  • 3.5. Leverage and the value of a firm
  • 3.6. Leverage and market equilibrium
  • 3.7. Conclusion
  • Four: Financial Market Equilibrium under Taxation and Tax Induced Clienteles Effects
  • 4.1. Introduction
  • 4.2. Dividend and leverage irrelevancy theorem under personal taxation
  • 4.3. Dividend and financial leverage clienteles
  • 4.4. Equilibrium market value reconsidered by Gordon
  • 4.5. Discussion and extension of Gordon’s framework
  • 4.6. A corrected equilibrium approach
  • 4.7. Tax induced investment clienteles
  • 4.8. Conclusion
  • Five: Optimal Policy String of a Single Value Maximizing Firm under Personal Taxation
  • 5.1. Introduction
  • 5.2. The model
  • 5.3. Optimal solution
  • 5.4. Further analysis
  • 5.5. Sensitivity analysis
  • 5.6. Conclusion
  • Six: Individual Investor Behaviour under Equilibrium Conditions
  • 6.1. Introduction
  • 6.2. Free end point approach under equilibrium conditions
  • 6.3. A competitive approach
  • 6.4. A differential game approach
  • 6.5. Conclusion
  • Seven: A Time Dependent Equilibrium Approach under a Progressive Personal Tax
  • 7.1. Introduction
  • 7.2. Optimal behaviour of an equity financed firm
  • 7.3. Valuation of the firm’s policy string
  • 7.4. Market equilibrium approach
  • 7.5. Final results and conclusion
  • Eight: Conclusions
  • Appendix A1: The Solution of the Optimal Control Problems Formulated in the Chapters Two and Five
  • Appendix A2: Derivation of a Particular Expression in Chapter Five
  • Appendix B1: Derivation of Optimal Switching Point
  • Appendix B2: Solution of Optimal Control Problem Formulated in Chapter Six
  • Appendix B3: A Pareto Solution of a Differential Game
  • Appendix C: Derivation of a Particular Expression in Chapter Seven
  • List of Symbols
  • References.

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