| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27751 |
| 来源ID | Working Paper 27751 |
| Investor Tax Credits and Entrepreneurship: Evidence from U.S. States | |
| Matthew R. Denes; Sabrina T. Howell; Filippo Mezzanotti; Xinxin Wang; Ting Xu | |
| 发表日期 | 2020-08-31 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Angel investor tax credits are used globally to spur high-growth entrepreneurship. Exploiting their staggered implementation in 31 U.S. states, we find that they increase angel investment yet have no significant impact on entrepreneurial activity. Two mechanisms explain these results: Crowding out of alternative financing and low sensitivity of professional investors to tax credits. With a large-scale survey and a stylized model, we show that low responsiveness among professional angels may reflect the fat-tailed return distributions that characterize high-growth startups. The results contrast with evidence that direct subsidies to firms have positive effects, raising concerns about promoting entrepreneurship with investor subsidies. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions ; Public Economics ; Taxation ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w27751 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585423 |
| 推荐引用方式 GB/T 7714 | Matthew R. Denes,Sabrina T. Howell,Filippo Mezzanotti,et al. Investor Tax Credits and Entrepreneurship: Evidence from U.S. States. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27751.pdf（2563KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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