Kanniainen, Vesa (contributor); Kari, Seppo (contributor); … - 2005
-cycle of an enterprise is introduced. Owing to sub-
stantial early-stage uncertainty, the initial cost of capital is greater … than
the cost of capital in the expansion stage. Tax effects on enterprise forma-
tion, entrepreneurial effort and quality …-based capital gains tax, (iii) with underval-
uation, the expansion-stage cost of capital corresponds to the Johansson-
Samuelson …