|
Based on your IP address, your paper is being delivered by:
|
 |
 |
 |
 |
 |
New York, USA
Processing request.
|
Illinois, USA
Processing request.
|
Brussels, Belgium
Processing request.
|
Seoul, Korea
Processing request.
|
California, USA
Processing request.
|
If you have any problems downloading this paper,
please click on another Download Location above, or
File name: SSRN-id1993115. ; Size: 1346K
|
|
The Capital Gains Tax: A Curse but also a Blessing For Venture Capital Investment
Ann-Kristin Achleitner
Technische Universität München - Center for Entrepreneurial and Financial Studies
Carolin Bock
Technische Universität München (TUM) - Center for Entrepreneurial and Financial Studies (CEFS)
Martin Watzinger
Ludwig-Maximilians-Universität Munich
October 6, 2011
Center for Entrepreneurial and Financial Studies Working Paper No. 2011-04
Abstract:
This article documents a statistical association between the number and success of venture capital investments and the capital gains tax rate. To do this, we analyze investment data and taxes of 32 countries from 2000 to 2010. In our data, higher capital gains tax rates are associated with fewer firms financed and a lower probability for ventures receiving follow-up funding. However, if the first investment is received when taxes are high, the probability of a firm eventually going public or being acquired increases. We conclude that high tax rates are associated with fewer, but on average more successful companies.
Number of Pages in PDF File: 54
Keywords: Capital Gains Tax, Venture Capital, Investment
JEL Classification: G24, H25, H32
working papers series
Download This Paper
Date posted: October 7, 2011
; Last revised: January 28, 2012
Suggested CitationAchleitner, Ann-Kristin, Bock, Carolin and Watzinger, Martin, The Capital Gains Tax: A Curse but also a Blessing For Venture Capital Investment (October 6, 2011). Center for Entrepreneurial and Financial Studies Working Paper No. 2011-04. Available at SSRN: http://ssrn.com/abstract=1939844 or http://dx.doi.org/10.2139/ssrn.1939844
|
| Feedback to SSRN (Beta) |
|
|
People who downloaded this paper also downloaded:
1.
A Survey of Venture Capital Research
By
Marco Da Rin,
Thomas Hellmann, ...
2.
Private Equity Performance: What Do We Know?
By
Robert Harris,
Tim Jenkinson, ...
3.
Equity Premia Around the World
By
Elroy Dimson,
Paul Marsh, ...
4.
(R)Evolution of Asset Allocation
By
Fabian Dori,
Frank Haeusler, ...
5.
A Framework for Research on Corporate Accountability Reporting
By
Karthik Ramanna
6.
A Model of Private Equity Fund Compensation
By
Wonho Choi,
Andrew Metrick, ...
7.
Does Local Access to Finance Matter?: Evidence from U.S. Oil and Natural Gas Shale Booms
By
Erik Gilje
8.
Involuntary Creditors and Corporate Bankruptcy
By
Stephen Lubben
and
Stephanie Ben-ishai
9.
Monitoring the Monitors: How Shareholders and Boards Discipline
Ineffective Audit Committee Members and Those Who Serve With Them
By
Steven Kachelmeier,
Stephanie Rasmussen, ...
10.
The Relation between Reporting Quality and Financing and Investment: Evidence from Changes in Financing Capacity
By
Karthik Balakrishnan,
John Core, ...
|
|
|
|
