Browsing Working Papers (ECON) by Author "Keuschnigg, Christian"
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Keuschnigg, Christian; Nielsen, Søren Bo (København, 2003)[More information][Less information]
Abstract: This paper proposes and analyses a model of start-up investment. Innovative entrepreneurs are commercially inexperienced and can benefit from venture capital support. Only part of them succeed in matching with a venture capitalist while the rest must resort to standard bank finance. We consider a number of policies to promote entrepreneurship and venture capital backed innovation. JEL Classification: D82, G24, G28, H24. Keywords: venture capital bank finance, matching, moral hazard, public policy. URI: http://hdl.handle.net/10398/7658 Files in this item: 1
cesifo working paper no. 850.pdf (392.7Kb) -
Keuschnigg, Christian; Nielsen, Søren Bo (København, 2001)[More information][Less information]
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Keuschnigg, Christian; Nielsen, Søren Bo (København, 2006)[More information][Less information]
Abstract: In recent years, venture capital has become an important source for nancing young entrepreneurial rms. Given the apparently more innovative nature and extra value added of venture capital backed rms compared to other firms, policy makers have taken an increasing interest in an active venture capital industry. We explore how selected policy instruments determine the incentives of individuals to start up new rms and of venture capitalists to nance and advise them, and how policy thereby influences the size and nature of the industry and how it aspects aggregate welfare. We examine the impact of wage and corporate income taxes as well as capital gains taxes and start-up capital subsidies on the volume and quality of venture capital backed entrepreneurship. JEL-Classi cation: D82, G24, H24, H25 Keywords: Entrepreneurship, venture capital, double moral hazard, taxes, sub-sidies. URI: http://hdl.handle.net/10398/7569 Files in this item: 1
wp15-06.pdf (291.5Kb) -
Keuschnigg, Christian; Nielsen, Søren Bo (København, 2003)[More information][Less information]
Abstract: In recent years, venture capital has increasingly become a factor in the financing of new firms. We examine how the value of mature firms determines the incentives of entrepreneurs to start up new firms and of venture capitalists to finance and advise them. We examine how capital gains taxes as well as subsidies to start-up costs of new firms affect venture capital-backed entrepreneurship. We also argue that dividend and capital gains taxes on mature firms have important consequences for start-up firms as well. JEL Classification: D82, G24, H24 and H25 Keywords: double moral hazard, entrepreneurship, taxes and venture capital URI: http://hdl.handle.net/10398/7592 Files in this item: 1
cepr nr. 4097.pdf (464.2Kb)
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