Holland, Kevin; Jackson, Richard H.G. - In: Accounting and Business Research 41 (2011) 1, pp. 1-27
Individuals investing in a venture capital trust (VCT) IPO listed on the London Stock Exchange receive a number of conditional tax incentives; the time-related nature of the associated conditions can create a ‘lock-in effect’. By deriving and testing a model of the value of these incentives...