Start-ups, venture capitalists, and the capital gains tax

Journal of Public Economics

Volumn 88, Issue 5, 2004, Pages 1011-1042

  Keuschnigg, Christian ^a   Nielsen, Soren Bo ^b  

^a UNIVERSITY OF ST GALLEN   (Switzerland)

^b Department of International Economics and Management   (Denmark)

Author keywords

Capital gains taxation; Double moral hazard; Venture capital

Indexed keywords

EID: 0344663918     PISSN: 00472727     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0047-2727(03)00046-X     Document Type: Article

References (33)

1. Aghion P. Bolton P. An 'incomplete contracts' approach to financial contracting Review of Economic Studies 59 1992 473-494
2. Aghion P. Tirole J. The management of innovation Quarterly Journal of Economics 109 1994 1185-1209
3. Berglöf E. A control theory of venture capital finance Journal of Law, Economics and Organization 10 1994 247-267
4. Botazzi L. Da Rin M. Venture capital in europe: Euro.NM and the financing of European innovative firms Economic Policy 7 2002 229-269
5. Casamatta C. 2002 Financing and advising: optimal financial contracts with venture capitalists. CEPR DP 3475.
6. Dewatripont M. Tirole J. A theory of debt and equity: diversity of securities and manager-shareholder congruence Quarterly Journal of Economics 109 1994 1027-1054
7. Gompers P.A. Lerner J. 1998 What drives venture capital fundraising? Brookings Papers on Economic Activity-Microeconomics, pp. 149-192.
8. Gompers P.A. Lerner J. The Venture Capital Cycle 1999 MIT Press Cambridge
9. Gompers P.A. Lerner J. The venture capital revolution Journal of Economic Perspectives 15 2001 145-168
10. Gordon R.H. Can high personal tax rates encourage entrepreneurial activity IMF Staff Papers 45 1 1998 49-80
11. Hart O. Financial contracting Journal of Economic Literature 39 2001 1079-1100
12. Hellmann T. The allocation of control rights in venture capital contracts Rand Journal of Economics 29 1998 57-76
13. Hellmann T. Puri M. The interaction between product market and financing strategy: the role of venture capital Review of Financial Studies 13 2000 959-984
14. Hellmann T. Puri M. Venture capital and the professionalization of start-up firms Journal of Finance 57 2002 169-197
15. Holmstrom B. Moral hazard in teams Bell Journal of Economics 13 1982 324-340
16. Inderst R. Müller H.M. 2002 Venture capital contracts and market structure. CEPR DP 3203.
17. Kanniainen V. Keuschnigg C. The optimal portfolio of start-up firms in venture capital finance. CESifo WP No. 381 Journal of Corporate Finance 9 2003 521-534
18. Kaplan S.N. Strömberg P. 2000 Financial contracting theory meets the real world: an empirical analysis of venture capital contracts. CEPR DP 2421. Review of Economic Studies, in press.
19. Kaplan S.N. Strömberg P. Venture capitalists as principals: contracting, screening, and monitoring American Economic Review 91 2001 426-430
20. Keuschnigg C. 2002 taxation of a venture capitalist with a portfolio of firms. CESifo WP No. 813.
21. Keuschnigg C. Nielsen S.B. Public policy for venture capital International Tax and Public Finance 8 4 2001 557-572
22. Keuschnigg C. Nielsen S.B. 2001b Progressive Taxation, moral hazard, and entrepreneurship. Public Economic Theory, in press.
23. Keuschnigg C. Nielsen S.B. 2002 Start-ups, venture capitalists, and the capital gains tax. CESifo WP 742 and CEPR WP 3263.
24. Keuschnigg C. Nielsen S.B. Tax policy, venture capital, and entrepreneurship Journal of Public Economics 87 2003 175-203
25. Kortum S. Lerner J. Assessing the contribution of venture capital to innovation Rand Journal of Economics 31 2000 674-692
26. Lülfesmann C. 1999 Start-up firms, venture capital financing, and renegotiation. University of Bonn, Mimeo.
27. McAfee R.P. McMillan J. Optimal contracts for teams International Economic Review 32 1991 561-577
28. Poterba J.M. Capital gains tax policy toward entrepreneurship National Tax Journal 42 1989 375-389
29. Poterba J.M. Venture capital and capital gains taxation. In: Lawrence H.S. (Ed.), Tax Policy and the Economy 3 1989 47-67 MIT Press Cambridge
30. Repullo R. Suarez J. 1999 Venture capital finance: a security design approach. CEMFI, Madrid, Mimeo.
31. Sahlman W. The Structure and governance of venture capital organizations Journal of Financial Economics 27 1990 473-522
32. Schmidt K.M. 2002 Convertible securities and venture capital finance. CEPR DP 2317. Journal of Finance, in press.
33. gTirole J. Corporate governance Econometrica 69 2001 1-35