Discounting Methods and Personal Taxes

23 Pages Posted: 16 Jan 2019 Last revised: 16 Feb 2021

Multiple version iconThere are 2 versions of this paper

Date Written: May 10, 2020


We advance models of valuation that incorporate personal taxes. The models are general in allowing for uneven cash flows, changes in debt levels, and changes in the costs of equity and debt. The models are mutually consistent and are consistent with the CAPM and Modigliani and Miller propositions allowing personal taxes.

Keywords: valuation, taxes, tax system, CAPM, WACC

JEL Classification: G12, G31, G38

Suggested Citation

Dempsey, Michael J., Discounting Methods and Personal Taxes (May 10, 2020). Available at SSRN: or

Michael J. Dempsey (Contact Author)

Ton Duc Thang University (TDTU) ( email )

District 7
Ho Chi Minh City, 3001

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Abstract Views
PlumX Metrics