Personal Taxes and Equity Security Pricing
探讨个人所得税是否影响权益证券定价，指出传统资本资产定价模型忽略个人税，而实务中税收因素可能未被贝塔系数捕捉。
* Do personal taxes affect pricing in the security markets? To a practitioner, the answer to this question is obvious: Yes. Yet, capital asset pricing theory is based on a number of perfect market assumptions one of which is that personal taxes do not exist. Equity prices are strictly a function of a security's beta and the expected market risk premium. Beta, the only company-specific estimate, is unlikely to capture any tax factors.