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Tax policy and entrepreneurship in the presence of asymmetric information in capital markets
Fuest, Clemens; Huber, Bernd; Tillessen, Philipp - 2003
This paper considers the implications of asymmetric information in capital markets for entrepreneurial entry and tax policy. In many countries, governments subsidize the creation of new firms. One possible justification for these subsidies is that capital markets for the financing of new firms...
Persistent link: https://www.econbiz.de/10011506206
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Start-up investment with scarce venture capital support
Kanniainen, Vesa; Keuschnigg, Christian - 2001
Start-up entrepreneurs are often commercially inexperienced. In giving managerial advice, venture capitalists can importantly enhance the success of innovative but highly risky ventures. The supply of experienced venture capitalists is not easily increased, however. When the rate of business...
Persistent link: https://www.econbiz.de/10011398098
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Venture capital backed growth
Keuschnigg, Christian - 2002
The paper proposes a simple equilibrium model of venture capital, entrepreneurship and innovation. Venture capitalists …
Persistent link: https://www.econbiz.de/10011409024
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Public policy for start-up entrepreneurship with venture capital and bank finance
Keuschnigg, Christian; Nielsen, Søren Bo - 2003
This paper proposes and analyses a model of start-up investment. Innovative entrepreneurs are commercially … the rest must resort to standard bank finance. We consider a number of policies to promote entrepreneurship and venture …
Persistent link: https://www.econbiz.de/10011514147
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Public policy for venture capital
Keuschnigg, Christian; Nielsen, Søren Bo - 2001
investment, and output subsidies at the production stage. While these measures stimulate entrepreneurship, only cost …
Persistent link: https://www.econbiz.de/10011398877
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Investment in relationship-specific assets : does finance matter?
Strieborny, Martin; Kukenova, Madina - 2011
-enhancing investment in relationship-specific assets by signalling creditworthiness and long-term planning horizon of their borrowers. We … empirically confirm this hypothesis by showing that industries dependent on relationship-specific investment from their suppliers …-specific investment ; growth …
Persistent link: https://www.econbiz.de/10009010059
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Trade credit and markups
García Marín, Alvaro; Justel, Santiago; … - 2019
Trade credit is the most important form of short-term finance for U.S. firms. In 2017, non-financial firms had about $3 trillion in trade credit outstanding equaling 20 percent of U.S. GDP. Why do sellers lend to their buyers in the presence of a well-developed financial sector? This paper...
Persistent link: https://www.econbiz.de/10011996421
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Information technology in banking and entrepreneurship
Ahnert, Toni; Dörr, Sebastian; Pierri, Nicola; Timmer, … - 2024
We study the importance of information technology (IT) in banking for entrepreneurship. Guided by a parsimonious model …. We present evidence consistent with banks’ IT adoption spurring entrepreneurship through a collateral channel …: entrepreneurship increases by more in IT-exposed counties when house prices rise. Further analysis suggests that IT improves banks …
Persistent link: https://www.econbiz.de/10015048384
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Business cycle effects of credit and technology shocks in a DSGE model with firm defaults
Pesaran, M. Hashem; Xu, TengTeng - 2011
This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle dynamics, where firms rely on banks and households for capital financing. Firms are identical ex ante but differ ex post due to different realizations of firm specific technology...
Persistent link: https://www.econbiz.de/10009312180
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How should financial intermediation services be taxed?
Lockwood, Ben - 2010
This paper considers the optimal taxation of savings intermediation and payment services in a dynamic general equilibrium setting, when the government can also use consumption and income taxes. When payment services are used in strict proportion to final consumption, and the cost of...
Persistent link: https://www.econbiz.de/10008699764