| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3250 |
| DP3250 Economic Growth in an Interdependent World Economy | |
| Roger Farmer; Amartya Lahiri | |
| 发表日期 | 2002-03-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | A model of start-up finance with double moral hazard is proposed. Entrepreneurs have ideas but lack their own resources as well as commercial experience. Venture capitalists provide start-up finance and managerial support. Both types of agents thus jointly contribute to the firm's success, but neither type's effort is verifiable. We find that the market equilibrium is biased towards inefficiently low venture capital support. In this situation, the capital gains tax is particularly harmful. The introduction of a small tax impairs managerial advice and leads to first order welfare losses. Once the tax is in place, limitations on loss offset may paradoxically contribute to higher quality of venture capital backed entrepreneurship and welfare. |
| 主题 | Financial Economics ; Public Economics |
| 关键词 | Venture capital Capital gains taxation Double moral hazard |
| URL | https://cepr.org/publications/dp3250 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532278 |
| 推荐引用方式 GB/T 7714 | Roger Farmer,Amartya Lahiri. DP3250 Economic Growth in an Interdependent World Economy. 2002. |
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