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Exports, Foreign Direct Investment and the Costs of Coporate Taxation
Keuschnigg, Christian - C.E.P.R. Discussion Papers - 2006
Depending on the definition of the tax base, the statutory corporate tax rate implies rather different measures of effective average and marginal tax rates. This paper develops a model of a monopolistically competitive industry with extensive and intensive business investment and shows how these...
Persistent link: https://www.econbiz.de/10005788989
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Legal Form, Growth and Exit of West German Firms - Empirical Results for Manufacturing, Construction, Trade and Service Industries
Harhoff, Dietmar; Stahl, Konrad; Woywode, Michael - C.E.P.R. Discussion Papers - 1996
under limited liability should be characterized by higher than average insolvency and employment growth rates. We test these … characterized by higher growth and higher insolvency rates than comparable firms under full liability. Surprisingly, the likelihood … liquidation, while the propensity to insolvency is not affected by the owner’s age. The basic empirical results hold in pooled …
Persistent link: https://www.econbiz.de/10005136761
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Venture Capital, Patenting, and Usefulness of Innovations
Fabrizi, Simona; Lippert, Steffen; Norbäck, Pehr-Johan; … - C.E.P.R. Discussion Papers - 2011
We analyze incentives to develop entrepreneurial ideas for venture capitalists (VCs) and incumbent firms. If VCs are sufficiently better at judging an idea's value and if it is sufficiently more costly to patent low than high value ideas, VCs acquire valuable ideas, develop them beyond the level...
Persistent link: https://www.econbiz.de/10009643508
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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
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Start-ups, Venture Capitalists and the Capital Gains Tax
Keuschnigg, Christian; Nielsen, Soren Bo - C.E.P.R. Discussion Papers - 2002
A model of start-up finance with double moral hazard is proposed. Entrepreneurs have ideas but lack their own resources as well as commercial experience. Venture capitalists provide start-up finance and managerial support. Both types of agents thus jointly contribute to the firm's success, but...
Persistent link: https://www.econbiz.de/10005124109
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Optimal Public Policy for Venture Capital Backed Innovation
Keuschnigg, Christian - C.E.P.R. Discussion Papers - 2003
This Paper discusses the role of public policy towards the venture capital industry. The model emphasises four margins: supply of entrepreneurs due to career choice, entry of venture capital funds and search for investment opportunities, simultaneous entrepreneurial effort and managerial advice...
Persistent link: https://www.econbiz.de/10005497714
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Taxation and Venture Capital-Backed Entrepreneurship
Keuschnigg, Christian; Nielsen, Soren Bo - C.E.P.R. Discussion Papers - 2003
In recent years, venture capital has increasingly become a factor in the financing of new firms. We examine how the value of mature firms determines the incentives of entrepreneurs to start up new firms and of venture capitalists to finance and advise them. We examine how capital gains taxes as...
Persistent link: https://www.econbiz.de/10005504248
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Tax Policy, Venture Capital and Entrepreneurship
Keuschnigg, Christian; Nielsen, Soren Bo - C.E.P.R. Discussion Papers - 2000
The Paper studies the effects of tax policy on venture capital activity. Entrepreneurs pursue a single high-risk project each but have no own resources. Financiers provide equity finance. They must structure the entrepreneur’s profit share and base salary to assure their incentives for full...
Persistent link: https://www.econbiz.de/10005666436
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Do entrepreneurs matter?
Becker, Sascha O.; Hvide, Hans K - C.E.P.R. Discussion Papers - 2013
In the large literature on firm performance, economists have given little attention to entrepreneurs. We use deaths of more than 500 entrepreneurs as a source of exogenous variation, and ask whether this variation can explain shifts in firm performance. Using longitudinal data, we find large and...
Persistent link: https://www.econbiz.de/10011083991
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Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?
Miller, Marcus; Stiglitz, Joseph E - C.E.P.R. Discussion Papers - 2009
driving asset prices to ‘overshoot’ equilibrium when an asset bubble bursts - threatening widespread insolvency and what …
Persistent link: https://www.econbiz.de/10008528524