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Mi­chael Møller

Professor

Subjects
Investment Savings Pensions Mortgage finance Taxes Securities

Primary research areas

In­vest­ment and taxes
Taxes are im­port­ant both in de­cid­ing where to save (in pen­sion scheme, through a com­pany or own funds) and what as­sets to buy. Tax laws are of­ten asym­met­ric­al and that changes the cap­it­al mar­ket line.
Per­son­al fin­ance
In­vest­ment the­ory is built on as­sump­tions. Es­pe­cially in con­nec­tion with private cit­izens these as­sump­tions are typ­ic­ally faulty (trans­ac­tion costs, taxes etc. etc.) and mod­els need to be mod­i­fied.

My re­search in­flu­ences private per­sons and fin­an­cial ad­visors

I analyze investment and finance problems for individuals and companies to help them take decisions. I seek to simplify problems to raise the probability that my work will be used. 

Recent research projects

The Dan­ish tax sys­tem and the cap­it­al mar­ket line

The Dan­ish tax sys­tem has many asym­met­ries and dif­fer­ent types of cap­it­al in­come. These rules in­flu­ence the cap­it­al mar­ket line, as taxes in­flu­ence both risk and re­turn for the in­vestor in ways which can be dif­fi­cult to un­der­stand.

Outside activities

Mem­ber of the board of Dansk Al­mennyt­tigt Bol­ig­sel­skab , 2007 -

Or­din­ary board work, with 5 meet­ing pr year

Ex­tern­al con­sult­ant for Cent­ralforen­in­gen for Stamper­sonels Pen­sionsfonde , 1983 - 2022

Meet­ings with the Dir­ect­ors of the pen­sion fund to dis­cuss in­vest­ment policy, writ­ing short art­icles, par­ti­cip­at­ing in board meet­ings to ad­vise the board

Teach­ing at CBS Sum­mer School , 2007 - 2022

Teach­ing a one-week course for people in the private or the pub­lic sec­tor

Chair­man of “Ek­sper­t­gruppe for vær­d­i­ansæt­telse ved gen­er­a­tionsskifte”, es­tab­lished by the Min­is­ter for Tax­a­tion , 2020 - 2021

Lead­ing dis­cus­sions about how to valu­ate com­pan­ies for tax pur­poses when com­pan­ies trade own­er­ship in a fam­ily and there is no mar­ket valu­ation

Con­sult­ant for Horten Ad­vokat­part­nersel­skab , 2022 - 2024

Help­ing a law firm with a civil case in­volving rather com­plic­ated eco­nom­ic prob­lems, writ­ing two short pa­pers to the firm.

Con­sult­ant for PwC , 2025 -

Writ­ing a pa­per about pos­sible ways to dis­trib­ute a giv­en mar­ket value of an as­set on its dif­fer­ent parts. The prob­lem is known in con­nec­tion with fixes prop­erty where the mar­ket value of the prop­erty must be as­signed to land or build­ing.

Spar­ring part­ner for Sjey aps in con­nec­tion with port­fo­lio in­vest­ments , 2018 -

Meet­ings with the board of the hold­ing com­pany to dis­cuss port­fo­lio in­vest­ments