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Asset Pricing After Taxes.pdf

CAPM-a.v.t..pdf
Preview of Asset Pricing After Taxes
🔗 Source: low-profit.eu
📊 Size: 210 KB
👤 Author: Christian I
⬇️ Downloads: 103

Summary

Huang and Litzenberger found that capital market equilibrium depends on the relationship between the expected rate of return on the minimum variance portfolio and the risk-free rate, with risk-averse investors undertaking risky investments only if the former exceeds the latter. This paper derives equilibrium solutions after taxes when this condition is not fulfilled, using a variable tax on riskless assets to ensure equilibrium and stabilize financial markets, resulting in an asset pricing formula after variable taxes based on the Capital Asset Pricing Model (CAPM).

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Description

Huang and Litzenberger found that capital market equilibrium depends on the relationship between the expected rate of return on the minimum variance portfolio...

Technical Information

  • File Format: PDF
  • File Size: 210 KB
  • Pages: 22
  • Language: EN
  • Author: Christian I
  • Total Downloads: 103
  • Last Updated: 6 days ago

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This PDF document about Asset Pricing After Taxes provides comprehensive information and guidance. Whether you're a beginner or advanced user, this resource offers valuable insights into Asset Pricing After Taxes.

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