Michael Møller
Professor
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–present
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–present
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–present
Meetings with the board of the holding company to discuss portfolio investments