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Taxation and Venture Capital-Backed Entrepreneurship

Keuschnigg, Christian; Nielsen, Soren Bo - C.E.P.R. Discussion Papers - 2003

value of mature firms determines the incentives of entrepreneurs to start up new firms and of venture capitalists to finance … capital-backed entrepreneurship. We also argue that dividend and capital gains taxes on mature firms have important …

Persistent link: https://www.econbiz.de/10005504248

Tax Policy, Venture Capital and Entrepreneurship

Keuschnigg, Christian; Nielsen, Soren Bo - C.E.P.R. Discussion Papers - 2000

The Paper studies the effects of tax policy on venture capital activity. Entrepreneurs pursue a single high …-risk project each but have no own resources. Financiers provide equity finance. They must structure the entrepreneur’s profit share … an entrepreneurial sector, the Paper investigates the effects of taxes on the equilibrium level of entrepreneurship and …

Persistent link: https://www.econbiz.de/10005666436

Entrepreneurship in Equilibrium

Gromb, Denis; Scharfstein, David - C.E.P.R. Discussion Papers - 2002

can arise (and sometimes coexist). In a low (high) entrepreneurship equilibrium, the market for failed entrepreneurs is …This Paper compares the financing of new ventures in start-ups (entrepreneurship) and in established firms … jobs. Instead, failed entrepreneurs must seek other jobs in an imperfectly informed external labour market. While this is …

Persistent link: https://www.econbiz.de/10005789057

The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists and Oligopolists

Norbäck, Pehr-Johan; Persson, Lars - C.E.P.R. Discussion Papers - 2006

more such innovations by entrepreneurs. Consequently, a venture capital market implies that more innovations are created …

Persistent link: https://www.econbiz.de/10005791605

What are Firms? Evolution from Birth to Public Companies

Kaplan, Steven; Sensoy, Berk A.; Strömberg, Per Johan - C.E.P.R. Discussion Papers - 2005

We study how firm characteristics evolve from early business plan, to initial public offering, to public company for 49 venture capital financed companies. The average time elapsed is almost six years. We describe the financial performance, business idea, point(s) of differentiation, non-human...

Persistent link: https://www.econbiz.de/10005792538

Optimal Public Policy for Venture Capital Backed Innovation

Keuschnigg, Christian - C.E.P.R. Discussion Papers - 2003

: supply of entrepreneurs due to career choice, entry of venture capital funds and search for investment opportunities …

Persistent link: https://www.econbiz.de/10005497714

Contractual Execution, Strategic Incompleteness and Venture Capital

Dessí, Roberta - C.E.P.R. Discussion Papers - 2009

Contractual execution generates hard information, available to the contracting parties, even when contracts are secretly executed. Building on this simple observation, the paper shows that incomplete contracts can be preferred to complete contracts. This is because (i) execution of incomplete...

Persistent link: https://www.econbiz.de/10004976792

Venture Capital and Knowledge Transfer

Dessí, Roberta; Yin, Nina - C.E.P.R. Discussion Papers - 2015

This paper explores a new role for venture capitalists, as knowledge intermediaries. A venture capital investor can communicate valuable knowledge to an entrepreneur, facilitating innovation. The venture capitalist can also communicate the entrepreneur's innovative knowledge to other portfolio...

Persistent link: https://www.econbiz.de/10011168896

Innovation, Spillovers and Venture Capital Contracts

Dessí, Roberta - C.E.P.R. Discussion Papers - 2012

Innovative start-ups and venture capitalists are highly clustered, benefiting from localized spillovers: Silicon Valley is perhaps the best example. There is also substantial geographical variation in venture capital contracts: California contracts are more 'incomplete'. This paper explores the...

Persistent link: https://www.econbiz.de/10011084393

Risk-Adjusting the Returns to Venture Capital

Korteweg, Arthur; Nagel, Stefan - C.E.P.R. Discussion Papers - 2013

Performance evaluation of venture-capital (VC) payoffs is challenging because payoffs are infrequent, skewed, realized over endogenously varying time horizons, and cross- sectionally dependent. We show that standard stochastic discount factor (SDF) methods can be adapted to handle these issues....

Persistent link: https://www.econbiz.de/10011084553