Public Policy for Venture Capital

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Public Policy for Venture Capital

Author Info

Christian Keuschnigg ()
Soren Nielsen ()

Additional information is available for the following registered author(s):

Christian Keuschnigg

Abstract

This paper proposes a simple partial equilibrium model to investigate the effects of government policy on venture capital backed investments. Giving up an alternative career, entrepreneurs focus their effort on a single, high risk venture each. Venture capitalists acquire an equity stake and offer a base salary as well. In addition to providing incentive compatible equity finance, they support the venture with managerial advice to raise survival chances. We analyze several policy measures addressed at venture capital activity: government spending on entrepreneurial training, subsidies to equipment investment, and output subsidies at the production stage. While these measures stimulate entrepreneurship, only cost-effective government services can improve welfare. Copyright Kluwer Academic Publishers 2001

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Publisher Info
Article provided by Springer in its journal International Tax and Public Finance.

Volume (Year): 8 (2001)
Issue (Month): 4 (August)
Pages: 557-572
Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Handle: RePEc:kap:itaxpf:v:8:y:2001:i:4:p:557-572

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Web page: http://www.springerlink.com/link.asp?id=102915

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Other versions of this item:

Paper
- Christian Keuschnigg & Søren Bo Nielsen, . "Public Policy for Venture Capital," EPRU Working Paper Series 01-06, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics. [Downloadable!]
- Christian Keuschnigg & Soren Bo Nielsen, 2001. "Public Policy for Venture Capital," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Cumming, D. & Johan, S., 2005. "Is it the law or the lawyers? : Investment fund covernants across countries," Discussion Paper 05, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
Andrea Schertler, 2002. "Comparative Advantages of Public Loan and Public Equity Schemes in Venture Capital Markets," Kiel Working Papers 1118, Kiel Institute for the World Economy. [Downloadable!]
Marco Da Rin & Giovanna Nicodano & Alessandro Sembenelli, . "Public Policy and the Creation of Active Venture Capital Markets," Working Papers 270, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. [Downloadable!]
Other versions:
- Marco Da Rin & Giovanna Nicodano & Alessandro Sembenelli, 2005. "Public policy and the creation of active venture capital markets," Working Paper Series 430, European Central Bank. [Downloadable!]
- Da Rin, Marco & Nicodano, Giovanna & Sembenelli, Alessandro, 2006. "Public policy and the creation of active venture capital markets," Journal of Public Economics, Elsevier, vol. 90(8-9), pages 1699-1723, September. [Downloadable!] (restricted)
Cumming, D. & Johan, S., 2005. "Provincial preferences in private equity," Discussion Paper 04, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
Other versions:
- Douglas Cumming & Sofia Johan, 2006. "Provincial preferences in private equity," Financial Markets and Portfolio Management, Springer, vol. 20(4), pages 369-398, December. [Downloadable!] (restricted)
Christian Keuschnigg & Soren Bo Nielsen, 2002. "Start-ups, Venture Capitalits, and the Capital Gains Tax," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
Other versions:
- Keuschnigg, Christian & Nielsen, Soren Bo, 2002. "Start-ups, Venture Capitalists and the Capital Gains Tax," CEPR Discussion Papers 3263, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
- Christian Keuschnigg & Soren Bo Nielsen, 2002. "Start-ups, Venture Capitalists, and the Capital Gains Tax," University of St. Gallen Department of Economics working paper series 2002 2002-05, Department of Economics, University of St. Gallen. [Downloadable!]
- Keuschnigg, Christian & Nielsen, Soren Bo, 2004. "Start-ups, venture capitalists, and the capital gains tax," Journal of Public Economics, Elsevier, vol. 88(5), pages 1011-1042, April. [Downloadable!] (restricted)
Douglas Cumming & Daniel Schmidt & Uwe Walz, 2004. "Legality and Venture Governance Around the World," CFS Working Paper Series 2004/17, Center for Financial Studies. [Downloadable!]
Douglas J. Cumming & Jeffrey G. MacIntosh, 2003. "Comparative Venture Capital Governance. Private versus Labour Sponsored Venture Capital Funds," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
Cécile Carpentier & Jean-Marc Suret, 2004. "Bypassing the Financial Growth Cycle: Evidence from Capital Pool Companies," CIRANO Working Papers 2004s-48, CIRANO. [Downloadable!]
Cumming, Douglas & Johan, Sofia, 2006. "Corporate social responsibility: domestic and international private equity institutional investment," Discussion Paper 2, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
Other versions:
- Johan, S.A. & Cumming, D., 2006. "Corporate social responsibility: domestic and international private equity institutional investment," Discussion Paper 2006-002, Tilburg University, Tilburg Law and Economic Center.
Cumming, D. & Johan, S., 2005. "Advice and monitoring in venture finance," Discussion Paper 03, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
Other versions:
- Douglas Cumming & Sofia Johan, 2007. "Advice and monitoring in venture finance," Financial Markets and Portfolio Management, Springer, vol. 21(1), pages 3-43, March. [Downloadable!] (restricted)
Christian Keuschnigg & Soren Bo Nielsen, 2003. "Taxes and Venture Capital Support," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
Other versions:
- Christian Keuschnigg & Soren Bo Nielsen, 2003. "Taxes and Venture Capital Support," Review of Finance, Springer, vol. 7(3), pages 515-539. [Downloadable!]
Cumming, Douglas & Johan, Sofia, 2006. "Regulatory harmonization and the development of private equity markets," Discussion Paper 1, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
Other versions:
- Cumming, D. & Johan, S.A., 2006. "Regulatory harmonization and the development of private equity markets," Discussion Paper 2006-001, Tilburg University, Tilburg Law and Economic Center.
- Cumming, Douglas & Johan, Sofia, 2007. "Regulatory harmonization and the development of private equity markets," Journal of Banking & Finance, Elsevier, vol. 31(10), pages 3218-3250, October. [Downloadable!] (restricted)
Clemens Fuest & Bernd Huber & Philipp Tillessen, 2003. "Tax Policy and Entrepreneurship in the Presence of Asymmetric Information in Capital Markets," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
Andrea Schertler, 2002. "Venture Capitalists Investment Incentives Under Public Equity Schemes," Kiel Working Papers 1117, Kiel Institute for the World Economy. [Downloadable!]
Gebhardt, Georg & Schmidt, Klaus M., 2001. "Der Markt für Venture Capital: Anreizprobleme, Governance Strukturen und staatliche Interventionen," Discussion Papers in Economics 31, University of Munich, Department of Economics. [Downloadable!]
Other versions:
- Georg Gebhardt & Klaus M. Schmidt, 2002. "Der Markt für Venture Capital: Anreizprobleme, Governance Strukturen und staatliche Interventionen," Perspektiven der Wirtschaftspolitik, Blackwell Publishing, vol. 3(3), pages 235-255, 08. [Downloadable!] (restricted)
John Armour & Douglas Cumming, 2004. "The Legal Road To Replicating Silicon Valley," ESRC Centre for Business Research - Working Papers wp281, ESRC Centre for Business Research. [Downloadable!]
Douhan, Robin & Henrekson, Magnus, 2007. "The Political Economy of Entrepreneurship: An Introduction," Working Paper Series 688, Research Institute of Industrial Economics. [Downloadable!]

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