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Taxation and Venture Capital-Backed Entrepreneurship

Keuschnigg, Christian; Nielsen, Soren Bo - C.E.P.R. Discussion Papers - 2003

capital-backed entrepreneurship. We also argue that dividend and capital gains taxes on mature firms have important …

Persistent link: https://www.econbiz.de/10005504248

Debt or Equity? The Role of Venture Capital in Financing the New Economy in Germany

Audretsch, David B; Lehmann, Erik - C.E.P.R. Discussion Papers - 2002

Using a dataset of the firms listed on the Neuer Markt in Germany, this Paper demonstrates that venture backed firms differ from firms with other financial resources, especially debt. Thus, the results of this study provide evidence for the hypothesis that small and innovative firms are more...

Persistent link: https://www.econbiz.de/10005504258

What are Firms? Evolution from Birth to Public Companies

Kaplan, Steven; Sensoy, Berk A.; Strömberg, Per Johan - C.E.P.R. Discussion Papers - 2005

We study how firm characteristics evolve from early business plan, to initial public offering, to public company for 49 venture capital financed companies. The average time elapsed is almost six years. We describe the financial performance, business idea, point(s) of differentiation, non-human...

Persistent link: https://www.econbiz.de/10005792538

Entrepreneurship in Equilibrium

Gromb, Denis; Scharfstein, David - C.E.P.R. Discussion Papers - 2002

This Paper compares the financing of new ventures in start-ups (entrepreneurship) and in established firms … can arise (and sometimes coexist). In a low (high) entrepreneurship equilibrium, the market for failed entrepreneurs is … (entrepreneurship). We also characterize conditions under which there can be too little or too much entrepreneurial activity in …

Persistent link: https://www.econbiz.de/10005789057

The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists and Oligopolists

Norbäck, Pehr-Johan; Persson, Lars - C.E.P.R. Discussion Papers - 2006

Exit of venture-backed firms often takes place through sales to large incumbent firms. We show that in such an environment, venture-backed firms have a stronger incentive to develop basic innovations into commercialized innovations than incumbent firms, due to strategic product market effects....

Persistent link: https://www.econbiz.de/10005791605