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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 … an entrepreneurial sector, the Paper investigates the effects of taxes on the equilibrium level of entrepreneurship and …
Persistent link: https://www.econbiz.de/10005666436
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Entrepreneurship in Equilibrium
Gromb, Denis; Scharfstein, David - C.E.P.R. Discussion Papers - 2002
can arise (and sometimes coexist). In a low (high) entrepreneurship equilibrium, the market for failed entrepreneurs is …This Paper compares the financing of new ventures in start-ups (entrepreneurship) and in established firms … jobs. Instead, failed entrepreneurs must seek other jobs in an imperfectly informed external labour market. While this is …
Persistent link: https://www.econbiz.de/10005789057
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The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists and Oligopolists
Norbäck, Pehr-Johan; Persson, Lars - C.E.P.R. Discussion Papers - 2006
more such innovations by entrepreneurs. Consequently, a venture capital market implies that more innovations are created …
Persistent link: https://www.econbiz.de/10005791605
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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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Taxation and Venture Capital-Backed Entrepreneurship
Keuschnigg, Christian; Nielsen, Soren Bo - C.E.P.R. Discussion Papers - 2003
value of mature firms determines the incentives of entrepreneurs to start up new firms and of venture capitalists to finance … capital-backed entrepreneurship. We also argue that dividend and capital gains taxes on mature firms have important …
Persistent link: https://www.econbiz.de/10005504248
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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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To Be Financed or Not… - The Role of Patents for Venture Capital Financing
Haeussler, Carolin; Harhoff, Dietmar; Mueller, Elisabeth - C.E.P.R. Discussion Papers - 2009
This paper investigates how patent applications and grants held by new ventures improve their ability to attract venture capital (VC) financing. We argue that investors are faced with considerable uncertainty and therefore rely on patents as signals when trying to assess the prospects of...
Persistent link: https://www.econbiz.de/10005662179
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Convertible Securities and Venture Capital Finance
Schmidt, Klaus M. - C.E.P.R. Discussion Papers - 1999
This paper offers a new explanation for the prevalent use of convertible securities in venture capital finance. Convertible securities can be used to endogenously allocate cash flow rights as a function of the realized quality of the project. This property can be used to mitigate the double...
Persistent link: https://www.econbiz.de/10005666482
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Venture Capital and Innovation: Which is First?
Hirukawa, Masayuki; Ueda, Masako - C.E.P.R. Discussion Papers - 2008
Policy makers typically interpret positive relations between venture capital investments and innovations as an evidence that venture capital investments stimulate innovation ('VC-first hypothesis'). This interpretation is, however, one-sided because there may be a reverse causality that...
Persistent link: https://www.econbiz.de/10005666846
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Banks versus Venture Capital
Ueda, Masako - C.E.P.R. Discussion Papers - 2002
a model in which the venture capitalist can evaluate the entrepreneur’s project more accurately than the bank but can …
Persistent link: https://www.econbiz.de/10005666946