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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 firm. More specifically, the principal aim is the justification of the thesis that during each stage of their evolution, firms will be controlled by investors in different tax brackets. With this aim in mind, the author develops a dynamic equilibrium and portfolio theory under certainty, which considers: - the market value of an arbitrary firm such that no excess demand for or supply of shares exists, - the portfolio selection of differently taxed investors, - the succession of differently taxed investors, who possess the shares of any value-maximizing firm, in the course of time, - the optimal resulting policy string and corresponding evolution of a firm in the course of time.

Corporate finance --- Finance --- Business & Economics --- Finance - General --- Investment & Speculation --- Banking

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Money market. Capital market --- Amsterdam --- NL / Netherlands - Nederland - Pays Bas --- 333.610 --- 333.611 --- 347.731 --- Effectenbeurzen: algemeenheden. --- Organisatie, reglement, bewaking. --- Wetgeving op effectenbeurzen, de goederenbeurzen en de deviezenbeurzen. Raider. --- Stock exchanges --- Law and legislation --- Bulls and bears --- Commercial corners --- Corners, Commercial --- Equity markets --- Exchanges, Securities --- Exchanges, Stock --- Securities exchanges --- Stock-exchange --- Stock markets --- Capital market --- Efficient market theory --- Speculation --- Effectenbeurzen: algemeenheden --- Organisatie, reglement, bewaking --- Wetgeving op effectenbeurzen, de goederenbeurzen en de deviezenbeurzen. Raider

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International finance --- Mouvement des capitaux --- Foreign exchange futures --- Currency futures --- Foreign exchange speculation --- marche des capitaux --- taux de change --- 336.76 --- Forward exchange --- Financial futures --- 336.76 Beurswezen. Geldmarkt. Valutamarkt. Binnenlandse geldmarkt. Valutamarkt --- Beurswezen. Geldmarkt. Valutamarkt. Binnenlandse geldmarkt. Valutamarkt --- kapitaalmarkt --- wisselkoers --- Change --- 333.451.0 --- 333.451.7 --- AA / International- internationaal --- Wisselmarkt: algemeenheden --- Speculatie. Wisselrisico's --- Instruments financiers --- Marché des changes --- Gestion de trésorerie --- Information financière --- Marché à terme de taux d'intérêt --- Option --- Risque de change --- Salle des marchés --- Swap

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Electrical engineering --- Prices --- Electric utilities --- Commodity exchanges --- Rates --- 338 --- -Commodity exchanges --- Commodities exchange --- Commodity markets --- Exchanges, Commodity --- Exchanges, Produce --- Produce exchanges --- Futures market --- Commercial products --- Produce trade --- Speculation --- Electric companies --- Electric light and power industry --- Electric power industry --- Electric industries --- Energy industries --- Public utilities --- Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten --- 338 Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten --- Electric lighting --- Electric power --- Electric rates --- Electric utilities - Rates

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This paper describes and analyzes forward market systems with varying degrees of sophistication, and it assesses them from the viewpoint of a smaller industrial or developing country asking itself how it could institute such a system, or how it could further develop an existing system in a way consistent with its institutional and macroeconomic structure. All industrial countries except Iceland now have forward exchange markets in which the rate is determined by the market. Forward markets that have been liberalized in several countries in the 1980s have matured quickly. There are several variants of market-determined systems which could be envisaged. An auction market could be devised for forward transactions, but is unlikely to be practical, because the supply of forward exchange probably may not be determined in advance sufficiently accurately. As the last stage of its development, the market could be extended from underlying commercial transactions to forward transactions of a purely financial character, a process that is taking place in most of the few industrial countries that have retained regulated forward systems. Development of a forward market is not a panacea for incorrect financial policies. In fact, cultivation of the market will require the adoption and maintenance of realistic financial policies.

Foreign exchange futures. --- Foreign exchange market. --- Exchange market --- Foreign exchange markets --- FX market --- Markets --- Currency futures --- Foreign exchange speculation --- Forward exchange --- Financial futures --- Banks and Banking --- Finance: General --- Foreign Exchange --- Investments: Futures --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International Financial Markets --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Currency --- Foreign exchange --- Banking --- Finance --- Monetary economics --- Financial services law & regulation --- Currency markets --- Forward exchange rates --- Currencies --- Commercial banks --- Financial markets --- Money --- Financial institutions --- Banks and banking --- Foreign exchange market --- Financial risk management --- United States