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Start-Up Investment with Scarce Venture Capital Support
Abstract Venture capitalists, representing informed capital, screen, monitor and advise start-up entrepreneurs. The paper reports three new results on venture capital (VC) finance and the evolutionExpand
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The Optimal Portfolio of Start-Up Firms in Venture Capital Finance
A venture capitalist faces a trade-off between the extent of managerial advice allocated to each start-up and the total number of firms advised. Diminishing returns to advice per firm call for aExpand
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Optimal Public Policy for Venture Capital Backed Innovation
This Paper discusses the role of public policy towards the venture capital industry. The model emphasises four margins: supply of entrepreneurs due to career choice, entry of venture capital fundsExpand
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Tax Policy, Venture Capital, and Entrepreneurship
The paper studies the effects of tax policy on venture capital activity. Entrepreneurs pursue a single high risk project each but have no own resources. Financiers provide equity finance. They mustExpand
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Corporate taxation, debt financing and foreign-plant ownership
This paper compares domestically and foreign-owned plants with respect to their debt-to-assets ratio and analyzes to which extent the difference is systematically affected by corporate taxation. ToExpand
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Venture Capital Backed Growth
The paper proposes a simple equilibrium model of venture capital, start-up entrepreneurship and innovation. Venture capitalists not only finance but also advise start-up entrepreneurs and thereby addExpand
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Start-Ups, Venture Capitalists and the Capital Gains Tax
A model of start-up finance with double moral hazard is proposed. Entrepreneurs have ideas but lack own resources as well as commercial experience. Venture capitalists provide start-up finance andExpand
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Eastern Enlargement of the EU: Jobs, Investment and Welfare in Present Member Countries
Eastern enlargement of the EU promises gains, but also imposes fiscal costs on incumbent countries. A sensitive issue concerns immigration, jobs and wages. We address these issues in a generalExpand
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Innovation, Trade, and Finance
This paper proposes a model where heterogeneous firms choose whether to undertake R&D or not. Innovative firms are more productive, have larger investment opportunities and lower own funds forExpand
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Eastern Enlargement of the EU: A Dynamic General Equilibrium Perspective
This volume offers an up-to-date treatment of dynamic general equilibrium modeling. The book, written by some of the most experienced researchers in the field, contains a rich array of policyExpand
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