000 01782nab a2200301 c 4500
003 ES-MaIEF
005 20190108110525.0
007 ta
008 190108t2018 gw ||||| |||| 00| 0|eng d
040 _aES-MaIEF
_bspa
_cES-MaIEF
041 _aeng
100 1 _959283
_aD'Andria, Diego
245 0 _aStart - ups, venture capital financing and tax policy under adverse selection
_c Diego d'Andria
260 _c2018
500 _aDisponible también en formato electrónico a través de la Biblioteca del IEF.
500 _aResumen.
504 _aBibliografía.
520 _aWe study a market for equity financing with private information about start-up projects, thus producing adverse selection. The novelty lies in assuming that the alternative investment option for entrepreneurs earns them an income that correlates with the probability of succeeding as an entrepreneur. The model thereby captures conditions typically met by innovative entrepreneurs in a venture-capital market. We derive the equilibrium conditions that are found to produce under- and overinvestment simultaneously for different types of projects. We then discuss possible policy interventions using taxes and subsidies linked to observables.
650 4 _954507
_aEMPRENDEDORES
650 4 _950268
_aCREACION DE EMPRESAS
650 4 _949904
_aINNOVACIÓN
650 4 _943879
_aINVERSIONES EMPRESARIALES
650 4 _947460
_aIMPUESTOS
650 4 _947776
_aMODELOS ECONOMETRICOS
773 0 _9158445
_oOP 207/2018/4
_tFinanzArchiv
_w(IEF)21244
_x 0015-2218
_g v. 74, n. 4, December 2018, p. 462-480
856 _uhttp://docserver.ingentaconnect.com/deliver/connect/mohr/00152218/v74n4/s3.pdf?expires=1546943324&id=0000&titleid=10500&checksum=E063225C490CBDCC8C499C46FB688949
942 _cART
999 _c139598
_d139598