Resource title

Public Policy, Start-up Entrepreneurship, and the Market for Venture Capital

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Resource description

In recent years, venture capital has become an important source for nancing youngentrepreneurial rms. Given the apparently more innovative nature and extra valueadded 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, H25Keywords: Entrepreneurship, venture capital, double moral hazard, taxes, sub-sidies.

Resource author

Christian Keuschnigg, Søren Bo Nielsen

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Resource publish date

Resource language

eng

Resource content type

application/pdf

Resource resource URL

http://hdl.handle.net/10398/7569

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