Tax policy, venture capital, and entrepreneurship

Journal of Public Economics

Volumn 87, Issue 1, 2003, Pages 175-203

  Keuschnigg, Christian ^a   Nielsen, Soren Bo ^b  

^a UNIVERSITY OF ST GALLEN   (Switzerland)

^b Department of International Economics and Management   (Denmark)

Author keywords

Entrepreneurship; Moral hazard; Subsidies; Taxes; Venture capital

Indexed keywords

EID: 0037210175     PISSN: 00472727     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0047-2727(01)00170-0     Document Type: Article

References (33)

1. Barry, C.B., Muscarella, C.J., Peavy, III J.W., Vetsuypens, M.R., 1990. The role of venture capital in creation of public companies: evidence from the going public process. Journal of Financial Economics 27, 447-471.
2. Black, B.S., Gilson, R.J., 1998. Venture capital and the structure of capital markets: banks versus stock markets. Journal of Financial Economics 47, 243-277.
3. Black, J., de Meza, D., 1997. Everyone may benefit from subsidising entry to risky occupations. Journal of Public Economics 66, 409-424.
4. Boadway, R., Marchand, M., Pestiau, P., 1991. Optimal linear income taxation in models with occupational choice. Journal of Public Economics 46, 133-162.
5. Boadway, R., Marceau, N., Marchand, M., Vigneault, M., 1998. Entrepreneurship, asymmetric information, and unemployment. International Tax and Public Finance 5, 307-327.
6. Buchholz, W., Konrad, K.A., 2000. Risiko und Steuern. In: Andel, Norbert (Ed.), Probleme der Besteuerung III, Schriften des Vereins für Socialpolitik, N.F. Band 259/III. Duncker and Humblot, Berlin, pp. 63-139.
7. Cornelli, F., Yosha, O., 1997. Stage Financing and the Role of Convertible Debt, London School of Economics, mimeo.
8. DeMeza, D., Webb, D., 1987. Too much investment: a problem of asymmetric information. Quarterly Journal of Economics 102, 281-292.
9. DeMeza, D., Webb, D., 1988. Credit market efficiency and tax policy in the presence of screening costs. Journal of Public Economics 36, 1-22.
10. European Commission, 1999. Risk Capital Markets, a Key to Job Creation in Europe. From Fragmentation to Integration, Euro Papers No. 32, 1-36.
11. Gompers, P.A., 1995. Optimal investment, monitoring and the staging of venture capital. Journal of Finance 50, 1461-1489.
12. Gompers, P.A., Lerner, J., 1999. In: The Venture Capital Cycle. MIT Press, Cambridge, MA.
13. Gordon, R.H., 1998. Can high personal tax rates encourage entrepreneurial activity? IMF Staff Papers 45 (1), 49-80.
14. Greenwald, B.C., Stiglitz, J.E., 1986. Externalities in economies with imperfect information and incomplete markets. Quarterly Journal of Economics 101, 229-264.
15. Hoff, K., 1994. The second theorem of the second best. Journal of Public Economics 54, 223-242.
16. Hoff, K., Lyon, A.B., 1995. Non-leaky buckets: optimal redistributive taxation and agency costs. Journal of Public Economics 58, 365-390.
17. Innes, R., 1991. Investment and government intervention in credit markets when there is asymmetric information. Journal of Public Economics 46, 347-381.
18. Kanbur, R.S., 1980. Risk-taking and taxation: an alternative perspective. Journal of Public Economics 15, 163-184.
19. Kanniainen, V., Keuschnigg, C., 2000. The Optimal Portfolio of Start-up Firms in Venture Capital Finance. CESifo WP No. 381.
20. Keuschnigg, C., Nielsen, S.B., 2000. Tax Policy, Venture Capital, and Entrepreneurship. CEPR DP 2626.
21. Kihlstrom, R.E., Laffont, J.-J., 1983. Taxation and risk-taking in general equilibrium models with free entry. Journal of Public Economics 21, 159-181.
22. Konrad, K.A., Richter, W.F., 1995. Capital income taxation and risk-spreading with adverse selection. Canadian Journal of Economics 28, 617-630.
23. Lerner, J., 1995. Venture capitalists and the oversight of private firms. Journal of Finance 50, 301-318.
24. Megginson, W.C., Weiss, K.A., 1991. Venture capital certification in initial public offerings. Journal of Finance 46, 879-893.
25. Mintz, J.M., 1981. Some additional results on investment, risk taking, and full loss offset corporate taxation with interest deductibility. Quarterly Journal of Economics 96, 631-642.
26. OECD, 1999. OECD Economic Surveys: Austria.
27. Peck, R.M., 1989. Taxation, risk, and returns to scale. Journal of Public Economics 40, 319-330.
28. Poterba, J.M., 1989a. Capital gains tax policy toward entrepreneurship. National Tax Journal 42, 375-389.
29. Poterba, J.M., 1989b. Venture capital and capital gains taxation. In: Summers, L.H. (Ed.). Tax Policy and the Economy, Vol. 3. MIT Press, Cambridge, pp. 47-67.
30. Repullo, R., Suarez, J., 1998. Venture Capital Finance: A Security Design Approach, CEMFI, Madrid, mimeo.
31. Sahlmann, W., 1990. The structure and governance of venture capital organizations. Journal of Financial Economics 27, 473-521.
32. Schmidt, K., 2000. Convertible Securities and Venture Capital Finance, University of Munich, mimeo.
33. Varian, H.R., 1980. Redistributive taxation as social insurance. Journal of Public Economics 14, 49-68.