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Capital gains tax, venture capital and innovation in start-ups
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dc.contributor.author | Dimitrova, Lorna | |
dc.contributor.author | Eswar, Sapnoti | |
dc.date.accessioned | 2023-01-13T11:30:11Z | |
dc.date.available | 2023-01-13T11:30:11Z | |
dc.date.issued | 2023-07 | |
dc.identifier | 276678852 | |
dc.identifier | a96358a4-bf84-48d9-8296-95003f659987 | |
dc.identifier | 000859661400001 | |
dc.identifier | 85162077102 | |
dc.identifier.citation | Dimitrova , L & Eswar , S 2023 , ' Capital gains tax, venture capital and innovation in start-ups ' , Review of Finance , vol. 27 , no. 4 , rfac057 , pp. 1471–1519 . https://doi.org/10.1093/rof/rfac057 | en |
dc.identifier.issn | 1572-3097 | |
dc.identifier.other | ORCID: /0000-0001-9286-0291/work/146964948 | |
dc.identifier.uri | https://hdl.handle.net/10023/26754 | |
dc.description.abstract | We examine the effect of staggered changes in the state-level capital gains tax on venture capital (VC)-backed start-ups and show that an increase in the tax rate of VC firms reduces the quantity and quality of patents by the start-ups. The results are consistent with a reduction in VC firms’ incentives to provide effort: increases in the capital gains tax for VC firms lead to incrementally lower innovation exchanges between start-ups in the VC firm’s portfolio. VC firms also decrease the level of investment in start-ups and the size of their portfolio as well as increase the number of start-ups that they write off. | |
dc.format.extent | 49 | |
dc.format.extent | 626839 | |
dc.language.iso | eng | |
dc.relation.ispartof | Review of Finance | en |
dc.subject | Innovation | en |
dc.subject | Capital gains tax | en |
dc.subject | Entrepreneurship | en |
dc.subject | Venture capital | en |
dc.subject | HG Finance | en |
dc.subject | 3rd-DAS | en |
dc.subject | MCC | en |
dc.subject.lcc | HG | en |
dc.title | Capital gains tax, venture capital and innovation in start-ups | en |
dc.type | Journal article | en |
dc.contributor.institution | University of St Andrews. School of Economics and Finance | en |
dc.identifier.doi | 10.1093/rof/rfac057 | |
dc.description.status | Peer reviewed | en |
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