search query: @author Keuschnigg, C. / total: 7
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| Author: | Keuschnigg, C. Nielsen, S. B. |
| Title: | Start-ups, venture capitalists, and the capital gains tax |
| Journal: | Journal of Public Economics
2004 : APR, VOL. 88:5, p. 1011-1042 |
| Index terms: | Venture capital Capital gains tax Moral hazard |
| Language: | eng |
| Abstract: | A model of start-up finance with double moral hazard is proposed. The authors find that the market equilibrium is biased towards inefficiently low entrepreneurial effort and venture capital support. In this situation, the capital gains tax is particularly harmful. The introduction of a small tax impairs effort and advice and leads to a first-order welfare loss. |
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