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WACC and a generalized tax code

Author

Listed:
  • Sven Husmann
  • Lutz Kruschwitz
  • Andreas Loffler

Abstract

Valuation of firms is generally based on the WACC approach which typically neglects personal income taxes. This paper extends this approach to incorporate personal income taxes and develop a generalized valuation formula which can be used for any taxation system. The approach is illustrated for four different taxation systems highlighting the importance of considering personal taxes.

Suggested Citation

  • Sven Husmann & Lutz Kruschwitz & Andreas Loffler, 2006. "WACC and a generalized tax code," The European Journal of Finance, Taylor & Francis Journals, vol. 12(1), pages 33-40.
    • Handle: RePEc:taf:eurjfi:v:12:y:2006:i:1:p:33-40
    DOI: 10.1080/1351847042000304125
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    Cited by:

    1. Knolle, Julia, 2020. "Prosperity in a Low Interest Environment," MPRA Paper 104332, University Library of Munich, Germany.

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