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M. Jonas, A. Löffler and J. Wiese, “Das CAPM mit deutscher Einkommensteuer,” in German, Die Wirtsch- aftsprüfung, Vol. 57, No. 17, 2004, pp. 898-906.

has been cited by the following article:

• TITLE: Is it Rational to Minimize Tax Payments?

  AUTHORS: Andreas Loffler, Lutz Kruschwitz

  KEYWORDS: Decision, Taxes, CAPM, Tax-CAPM

  JOURNAL NAME: Modern Economy, Vol.1 No.1, June 7, 2010

  ABSTRACT: The opinion is occasionally voiced that investors should avoid paying tax at all costs. In this paper it is being investigated, using a simple portfolio model with taxes, whether avoiding tax really leads to more µ-σ-efficient solutions. It is demonstrated for four different concepts of tax-minimising policy that they are a far cry from an efficient solution.