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| Author: | Keuschnigg, C. Nielsen, S. B. |
| Title: | Taxes and venture capital support |
| Journal: | European Finance Review
2003 : VOL. 7:3, p. 515-539 |
| Index terms: | Capital gains tax Moral hazard Venture capital |
| Language: | eng |
| Abstract: | In this paper the authors set up a model of start-up finance under double moral hazard. Entrepreneus lack own resources and business experience to develop their ideas. Venture capitalists can provide sart-up finance and commercial support. The effort put forth by either agent contributes to the firm's success, but is not verifiable. Subsides to physical investment in VC-backed start-ups are detrimental in the framework used here. |
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