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Convertible Securities and Venture Capital Finance

Schmidt, Klaus - CESifo - 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/10005765755

Do Differences in Institutional and Legal Environments Explain Cross-Country Variations in IPO Underpricing?

Dreher, Axel; Hopp, Christian - CESifo - 2007

We empirically analyze the determinants of Initial Public Offering (IPO) underpricing using panel data for 29 countries … variations in underpricing. When more information is available price discovery is facilitated, allowing for more effective … the market and require higher underpricing in return. Overall, we conclude that better investor protection and better …

Persistent link: https://www.econbiz.de/10005196246

Effects of Tax Depreciation Rules on Firms' Investment Decisions in an Inflationary Phase: Comparison of Net Present Values in Selected OECD Countries

Nam, Chang Woon - CESifo - 2001

This study compares incentive effects of various tax depreciation methods which are currently employed in selected OECD countries. Their generosity is determined on the basis of Samuelson’s true economic depreciation. For this purpose, the present value model is applied. The central issue is...

Persistent link: https://www.econbiz.de/10005765776

Types of Tax Concessions for Attracting Foreign Direct Investment in Free Economic Zones

Nam, Chang Woon; Radulescu, Doina Maria - CESifo - 2004

Not only transition countries but also a large number of developing (and developed) countries have established free economic zones (FEZs) with the aim of attracting foreign capital by providing tax incentives, creating employment opportunities and promoting exports as well as regional...

Persistent link: https://www.econbiz.de/10005765871

Effects of Corporate Tax Reforms on SMEs’ Investment Decisions under the Particular Consideration of Inflation

Nam, Chang Woon; Radulescu, Doina Maria - CESifo - 2005

Corporate tax reforms carried out in EU countries since 1980 entail lower statutory tax rates and reductions in generous tax depreciation provisions. Several countries including the UK have reduced tax rates for SMEs. This study compares incentive effects of such reforms on the SMEs’...

Persistent link: https://www.econbiz.de/10005094149

The Role of Tax Depreciation for Investment Decisions: A Comparison of European Transition Countries

Nam, Chang Woon; Radulescu, Doina Maria - CESifo - 2003

This study compares incentive effects of various tax depreciation methods currently adopted in European transition economies. In these countries straight-line, geometric-degressive and accelerated depreciation measures are quite popular in combination with different corporate tax rates. Their...

Persistent link: https://www.econbiz.de/10005094476

Does Debt Maturity Matter for Investment Decisions?

Nam, Chang Woon; Radulescu, Doina Maria - CESifo - 2004

In the conventional literature related to investment decisions, less attention has been paid to the length of maturity when investment is debt-financed. In such a case a firm pays the creditor not only the sum of annual interest (initial investment cost multiplied by real interest rate) for the...

Persistent link: https://www.econbiz.de/10005181322

Investment, Resolution of Risk, and the Role of Affect

Winden, Frans Van; Krawczyk, Michal; Hopfensitz, Astrid - CESifo - 2010

This experimental study is concerned with the impact of the timing of the resolution of risk on people’s willingness to take risks, with a special focus on the role of affect. While the importance of anticipatory emotions has so far been only inferred from decisions regarding hypothetical...

Persistent link: https://www.econbiz.de/10008583738

Public Policy for Venture Capital

Keuschnigg, Christian; Nielsen, Søren Bo - CESifo - 2001

This paper proposes a simple partial equilibrium model to investigate the effects of government policy on venture capital backed investments. Giving up an alternative career, entrepreneurs focus their effort on a single, high risk venture each. Venture capitalists acquire an equity stake and...

Persistent link: https://www.econbiz.de/10005765815

Public Policy and Venture Capital Backed Innovation

Keuschnigg, Christian - CESifo - 2003

This paper discusses the role of public policy towards the venture capital industry. The model emphasizes four margins: supply of entrepreneurs due to career choice, entry of venture capital funds and search for investment opportunities, entrepreneurial effort and venture capital advice during...

Persistent link: https://www.econbiz.de/10005766108