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The Consequences of Entrepreneurial Finance : A Regression Discontinuity Analysis

Kerr, William - 2014

This paper documents the role of angel funding for the growth, survival, and access to follow-on funding of high-growth start-up firms. We use a regression discontinuity approach to control for unobserved heterogeneity between firms that obtain funding and those that do not. This technique...

Persistent link: https://www.econbiz.de/10013070159

Firm Heterogeneity and the Long-Run Effects of Dividend Tax Reform

Gourio, Francois - 2010

To study the long-run effect of dividend taxation on aggregate capital accumulation, we build a dynamic general equilibrium model in which there is a continuum of firms subject to idiosyncratic productivity shocks. We find that a dividend tax cut raises aggregate productivity by reducing the...

Persistent link: https://www.econbiz.de/10013152567

The Determinants of Corporate Venture Capital Successes : Organizational Structure, Incentives, and Complementarities

Gompers, Paul A. - 2001

We examine a sample of over thirty thousand transactions by corporate and other venture organizations. Corporate venture investments in entrepreneurial firms appear to be at least as successful (using such measures as the probability of the portfolio firm going public) as those backed by...

Persistent link: https://www.econbiz.de/10012788317

Private Equity and Long-Run Investment : The Case of Innovation

Lerner, Josh - 2015

A long-standing controversy is whether LBOs relieve managers from short-term pressures from public shareholders, or whether LBO funds themselves are driven by short-term profit motives and sacrifice long-term growth to boost short-term performance. We investigate 495 transactions with a focus on...

Persistent link: https://www.econbiz.de/10012749918

Investment, Consumption, and Hedging Under Incomplete Markets

Wang, Neng - 2014

, consumption/savings, and portfolio selection. For a lump-sum investment payoff and an agent with a sufficiently strong … precautionary savings motive, an increase in volatility can accelerate investment, contrary to the standard real options analysis …. When the agent can trade the market portfolio to partially hedge against investment risk, the systematic volatility is …

Persistent link: https://www.econbiz.de/10012751873

Robust Financial Contracting and Investment

Ling, Aifan; Miao, Jianjun; Wang, Neng - 2022

We study how investors' preferences for robustness influence corporate investment, financing, and compensation … ambiguity aversion lowers Tobin's q; the average investment, and investment volatility. The entrepreneur values the project at …

Persistent link: https://www.econbiz.de/10013405093

Transitional Dynamics of Dividend and Capital Gains Tax Cuts

Gourio, Francois - 2010

the model, firms are heterogeneous in productivity and make investment and financing decisions subject to capital … are unexpected and permanent, dividend payments, equity issuance, and aggregate investment rise immediately. By contrast …, when these tax cuts are unexpected and temporary, aggregate investment falls in the short run. This fall allows firms to …

Persistent link: https://www.econbiz.de/10013141317