Anti-tax loss trafficking rules disallow the use of loss carryforwards after a change in ownership or activity (such as significant changes in turnover, employment, or the product portfolio). This restriction could threaten accumulated loss carryforwards of start-ups. Accounting for the...

In recent years governments around the world have introduced policies to stimulate investments in early stage entrepreneurial companies, in particular investments by Angel investors. In this paper we study whether introducing subsidies to Angel investors has effects on startups' access to...

We examine how capital gains taxes affect investment in start-up (i.e., pre-IPO) firms. Using data on capital raised by start-up firms in individual funding rounds, we estimate the effect of the SBJA of 2010, which implemented a full exemption from federal capital gains tax on the sale of...

Young Innovative Companies (YIC) gained increasing attention from governments and scholars due to their expected high innovative performance and growth. Consequently, this study investigates whether Young Innovative Companies, as defined by the EU, grow more than other firms, both in terms of...

Young Innovative Companies (YIC) gained increasing attention from governments and scholars due to their expected high innovative performance and growth. Consequently, this study investigates whether Young Innovative Companies, as defined by the EU, grow more than other firms, both in terms of...

The internet revolution is said to foster integration of the market for financial services, since consumers are able to shop around at all companies worldwide and firms can easily offer their services on the internet at a minimum of distribution cost. However, the European market for online...

We study the extent of automation angst and its role for policy preferences, labor market choices and real donation decisions using a customized survey in Germany and the US. We first document that a majority perceives automation as a major threat to overall employment and as a cause of rising...

Firms can use different sources of external knowledge for developing and implementing innovations. Some knowledge is provided deliberately by the source and constitutes intended knowledge spillovers, e.g., knowledge disclosed in publications or patent files. Other sources represent unintended...

Public financial support for firm-level Research and Innovation (R&I) can generate important socio-economic returns. This is especially true if firms use this support to develop radical innovation, defined as new-to-market goods and services. However, radical innovation is risky, and prone to...

This paper studies implications of uncertainty about the arrival date of a competitive CO2 backstop technology for the design of cost-effective CO2 emission trading schemes. For this purpose, we develop a dynamic general equilibrium model that captures empirical links between CO2 emissions...