Capital Gains Tax, Venture Capital, and Innovation in Start-Ups
نویسندگان
چکیده
Abstract We examine the effect of staggered changes in state-level capital gains tax on venture (VC)-backed start-ups and show that an increase rate VC firms reduces quantity quality patents by start-ups. The results are consistent with a reduction firms’ incentives to provide effort: increases for lead incrementally lower innovation exchanges between firm’s portfolio. also decrease level investment size their portfolio as well number they write off.
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ژورنال
عنوان ژورنال: Review of Finance
سال: 2022
ISSN: ['1875-824X', '1572-3097']
DOI: https://doi.org/10.1093/rof/rfac057