Preferential corporate income tax treatment: Valuation in the market portfolio

被引：0

作者：

Yoo, Junwook ^{[1
]}

机构：

[1] Sungkyunkwan Univ, Business Sch, B-D 524,25-2 Sungkyunkwan Ro, Seoul 03063, South Korea

来源：

INTERNATIONAL JOURNAL OF ECONOMIC THEORY | 2023年 / 19卷 / 03期

关键词：

aversion to risk; capital income tax; corporate income tax; firm valuation; implicit tax; tax favor; valuational reduction for risk; RISK-TAKING; TAXATION; BEHAVIOR; WEALTH;

D O I：

10.1111/ijet.12361

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In the setting of the market portfolio, the impacts of preferential corporate income tax treatments through the valuational reduction for risk are opposite to and offset the impacts through the expected proceeds. This suggests that focusing on the absolute valuation of tax-favored firms results in the undermeasurement of implicit taxes on returns on investments in tax-favored firms and the relative valuation with reference to fully taxed (i.e., tax-disfavored) benchmark firms be used. In addition, corporate income taxes imposed on entities and capital income taxes imposed on investors have opposite valuational effects through the endogenously derived market-aggregate aversion to risk.

引用

页码：450 / 470

页数：21