Taxation and venture capital backed entrepreneurship

International Tax and Public Finance

Volumn 11, Issue 4, 2004, Pages 369-390

  Keuschnigg, Christian ^a   Nielsen, Søren Bo ^b  

^a UNIVERSITY OF ST GALLEN   (Switzerland)

^b EPRU ^*  (Denmark)

Author keywords

Double moral hazard; Entrepreneurship; Taxes; Venture capital

Indexed keywords

EID: 3142697946     PISSN: 09275940     EISSN: None     Source Type: Journal    
DOI: 10.1023/B:ITAX.0000033984.29301.9e     Document Type: Conference Paper

References (44)

1. Audretsch, D. B. and E. Lehmann. (2002). "Debt or Equity?" The Role of Venture Capital in Financing the New Economy in Germany, CEPR DP 3656.
2. Boadway, R., M. Marchand and P. Pestiau. (1991). "Optimal Linear Income Taxation in Models of Occupational Choice," Journal of Public Economics 46, 133-162.
3. Boadway, R. and J. F. Tremblay. (2003). "Public Economics and Startup Entrepreneurs." In V. Kanniainen and C. Keuschnigg (eds.), Venture Capital, Entrepreneurship and Public Policy. CESifo Seminar Series, Cambridge: MIT Press (forthcoming).
4. Bottazzi, L. and M. Da Rin. (2002). "Venture Capital in Europe and the Financing of Innovative Companies," Economic Policy 34, 231-269.
5. Casamatta, C. (2003). "Financing and Advising: Optimal Financial Contracts with Venture Capitalists," Journal of Finance 58, 2058-2085.
6. Cullen, J. B. and R. H. Gordon. (2002). "Taxes and Entrepreneurial Activity: Theory and Evidence for the U.S.," NBER WP 9015.
7. de Meza, D. (2002). "Overlending?" Economic Journal 112, F17-F31.
8. de Meza, D. and D. C. Webb. (1987). "Too Much Investment: A Problem of Asymmetric Information," Quarterly Journal of Economics 102, 281-292.
9. European Commission. (1998). "Risk Capital: A Key to Job Creation in the European Union." Brussels.
10. European Commission. (2000). "Innovation in a Knowledge-Driven Economy." Brussels.
11. European Commission. (2003). "Innovation Policy: Updating the Union's Approach in the Context of the Lisbon Strategy." Brussels.
12. EVCA (European Private Equity and Venture Capital Association). (2003). "Benchmarking European Tax & Legal Environments."
13. Fuest, C., B. Huber and S. B. Nielsen. (2003). "Why Is the Corporate Tax Rate Lower Than the Personal Tax Rate? The Role of New Firms," Journal of Public Economics 87, 157-174.
14. Gentry, W. M. and R. G. Hubbard. (2001). "Tax Policy and Entry into Entrepreneurship." Working Paper, Graduate School of Business, Columbia University.
15. Gompers, P. A. and J. P. Lerner. (1998). "What Drives Venture Capital Fundraising?" Brookings Papers on Economic Activity-Microeconomics, pp. 149-192.
16. Gompers, P. A. and J. Lerner. (1999). The Venture Capital Cycle. Cambridge: MIT Press.
17. Gompers, P. A. and J. Lerner. (2001). "The Venture Capital Revolution," Journal of Economic Perspectives 15, 145-168.
18. Gordon, R. H. (1998). "Can High Personal Tax Rates Encourage Entrepreneurial Activity?" IMF Staff Papers 45, 49-80.
19. Hart, O. (2001). "Financial Contracting," Journal of Economic Literature 39, 1079-1100.
20. Hege, U., F. Palomino and A. Schwienbacher. (2003). "Determinants of Venture Capital Performance: Europe and the United States." RICAFE Working Paper No. 001, Financial Markets Group, London School of Economics.
21. Hellmann, T. and M. Puri. (2000). "The Interaction Between Product Market and Financing Strategy: The Role of Venture Capital," Review of Financial Studies 13, 995-984.
22. Hellmann, T. and M. Puri. (2002). "Venture Capital and the Professionalization of Start-Up Firms," Journal of Finance 57, 169-197.
23. Holmstrom, B. (1982). "Moral Hazard in Teams," Bell Journal of Economics 13, 324-340.
24. Inderst, R. and H.M. Mueller. (2004). "The Effect of Capital Market Characteristics on the Value of Start-Up Firms," Journal of Financial Economics 72, 319-356.
25. Kaplan, S. N. and P. Stromberg. (2001). "Venture Capitalists as Principals: Contracting, Screening, and Monitoring," American Economic Review 91, 426-430.
26. Kaplan, S. N., F. Martel and P. Stromberg. (2003). "How Do Legal Differences and Learning Affect Financial Contracts?" NBER Working Paper 10097.
27. Keuschnigg, C. (2003). "Optimal Public Policy for Venture Capital Backed Innovation." CEPR DP 3850.
28. Keuschnigg, C. (2004). "Taxation of a Venture Capitalist With a Portfolio of Firms," Oxford Economic Papers 56, 122.
29. Keuschnigg, C. and S. B. Nielsen. (2003a). "Tax Policy, Venture Capital, and Entrepreneurship," Journal of Public Economics 87, 175-203.
30. Keuschnigg, C. and S. B. Nielsen. (2003b). "Taxes and Venture Capital Support," European Finance Review 7, 515-539.
31. Keuschnigg, C. and S. B. Nielsen. (2003c). "Taxation and Venture Capital Backed Entrepreneurship: Mathematical Appendix." http: www.iff.unisg.ch, page Research/DP Public Finance.
32. Keuschnigg, C. and S. B. Nielsen. (2004). "Start-Ups, Venture Capitalists, and the Capital Gains Tax," Journal of Public Economics 88, 1011-1042.
33. Kortum, S. and J. P. Lerner. (2000). "Assessing the Contribution of Venture Capital to Innovation," Rand Journal of Economics 31, 674-692.
34. McGee, M. K. (1998). "Capital Gains Taxation and New Firm Investment," National Tax Journal 51, 653-673.
35. Poterba, J. M. (1989a). "Capital Gains Tax Policy Toward Entrepreneurship," National Tax Journal 42, 375-389.
36. Poterba, J. M. (1989b). "Venture Capital and Capital Gains Taxation." In L. H. Summers (ed.), Tax Policy and the Economy. Vol. 3, Cambridge: MIT Press, pp. 47-67.
37. Repullo, R. and J. Suarez. (2004). "Venture Capital Finance: A Security Design Approach," Review of Finance 8, 75-108.
38. Rosen, H. S. (2003). "Entrepreneurship and Taxation: Empirical Evidence." In V. Kanniainen and C. Keuschnigg (eds.), Venture Capital Entrepreneurship and Public Policy. CESifo Seminar Series, Cambridge: MIT Press (forthcoming).
39. Schmidt, K. M. (2003). "Convertible Securities and Venture Capital Finance," Journal of Finance 43, 1139-1166.
40. Sinn, H.-W. (1991). "The Vanishing Harberger Triangle," Journal of Public Economics 45, 271-300.
41. Sinn, H.-W. (1993). "The Birth of Foreign Subsidiaries." In H. Herberg and N. V. Long (eds.), Trade, Welfare and Economic Policies, Essays in Honor of Murray Kemp. Ann Arbor. Michigan University Press.
42. Stiglits, J. E. and A. Weiss. (1981). "Credit Rationing in Markets with Imperfect Information," American Economic Review 71, 393-410.
43. Ueda, M. (2003). "Bank Versus Venture Capital: Project Evaluation, Screening, and Expropriation," Journal of Finance (forthcoming).
44. Weichenrieder, A. (1995). "Besteuerung und Direktinvestition." Tübingen: Mohr (Paul Siebeck).