When early startups stage the financing of their capital investments, they are at risk of being severely diluted by venture capitalists later on. It is puzzling that early startups do so in a competitive financial market. This paper shows that staging is beneficial to an early startup with a...

Almost 140 countries have agreed to reallocate the rights to tax international corporate profits and to introduce minimum tax rates. The agreed plan is the product of pragmatism and a search for consensus, but ambitious. It includes steps towards unitary taxation to be established by a...