Modellierung von Aktienanlagen bei laufenden Umschichtungen und einer Besteuerung von Veräußerungsgewinnen

This paper develops a technique which simplifies the calculation of terminal values of share investments when portfolio turnovers repeatedly trigger capital gains taxation. So far, the calculations of these values are difficult, due to recursive dependencies, which cannot be expressed by geometric series. Using our technique, tax burdens of differently taxed forms of share investments can be determined in an easy way even if these methods imply different elements of deferred taxation (equity funds, certificates, preferred taxed pension plans). The simplification is reached by assuming a specific trading strategy. This strategy is in line with empirically observed investor behavior which is characterized by periodical portfolio turnovers and reluctance to realize taxable capital gains.