business income to tax authorities, we show that a fall in the tax rate may increase investment in risky entrepreneurial … business equity at the intensive margin, but decrease entrepreneurial investment at the extensive margin. To test these … into entrepreneurship, we use changes in entry regulation into skilled trades. Estimation results are consistent with the …

This study examines how the effect of uncertainty on capital investment varies between focused firms and conglomerate … frictions, I find that uncertainty, measured by industry-level stock return volatility, has a negative effect on investment … among focused firms but has no statistically significant effect on investment among conglomerate segments. I also show that …