Venture Capital Policy Citations

Tax policy, venture capital, and entrepreneurship by Christian Keuschnigg and Soren Nielsen

@article{keuschnigg_tax_2003,
  series = {Proceedings of the {Trans} {Atlantic} {Public} {Economics} {Seminar} on ``{Taxation} of {Financial} {Incomet}`` 22-24 {May}, 2000.},
  title = {Tax policy, venture capital, and entrepreneurship},
  volume = {87},
  issn = {0047-2727},
  url = {http://www.sciencedirect.com/science/article/pii/S0047272701001700},
  doi = {10.1016/S0047-2727(01)00170-0},
  abstract = {The paper studies the effects of tax policy on venture capital activity. Entrepreneurs pursue a single high risk project each but have no own resources. Financiers provide funds, covering investment cost plus an upfront payment, in exchange for a share in the firm. The contract must include incentives to enlist full effort of entrepreneurs. Venture capitalists also assist with valuable business advice to enhance survival chances. The paper develops a general equilibrium framework with a traditional and an entrepreneurial sector and investigates the effects of taxes on the equilibrium level of managerial advice, entrepreneurship and welfare. It considers differential wage and capital income taxes, a comprehensive income tax, progressive taxation as well as investment and output subsidies to the entrepreneurial sector.},
  number = {1},
  urldate = {2017-04-03},
  journal = {Journal of Public Economics},
  author = {Keuschnigg, Christian and Nielsen, Soren Bo},
  month = jan,
  year = {2003},
  keywords = {Entrepreneurship, Moral hazard, Subsidies, Taxes, Venture capital},
  pages = {175--203},
  file = {ScienceDirect Full Text PDF:/Users/tonimasaleh/Library/Application Support/Zotero/Profiles/ujmvea1t.default/zotero/storage/4RAXSM49/Keuschnigg and Nielsen - 2003 - Tax policy, venture capital, and entrepreneurship.pdf:application/pdf;ScienceDirect Snapshot:/Users/tonimasaleh/Library/Application Support/Zotero/Profiles/ujmvea1t.default/zotero/storage/4UBMTNG9/S0047272701001700.html:text/html}

An analysis of compensation in the U.S. venture capital partnership by Paul Gompers

  @article{gompers_analysis_1999,
  title = {An analysis of compensation in the {U}.{S}. venture capital partnership1},
  volume = {51},
  issn = {0304-405X},
  url = {http://www.sciencedirect.com/science/article/pii/S0304405X98000427},
  doi = {10.1016/S0304-405X(98)00042-7},
  abstract = {Venture capital limited partnerships are an attractive arena to study cross-sectional and time-series variations in compensation schemes. We empirically examine 419 partnerships. The compensation of new and smaller funds displays considerably less sensitivity to performance and less variation than that of other funds. The fixed base component of compensation is higher for younger and smaller firms. We observe no relation between incentive compensation and performance. Our evidence is consistent with a learning model, in which the pay of new venture capitalists is less sensitive to performance because reputational concerns induce them to work hard.},
  number = {1},
  urldate = {2017-03-27},
  journal = {Journal of Financial Economics},
  author = {Gompers, Paul and Lerner, Josh},
  month = jan,
  year = {1999},
  keywords = {Contract, Limited partnership, Private equity, Venture capital},
  pages = {3--44},
  file = {ScienceDirect Full Text PDF:/Users/tonimasaleh/Library/Application Support/Zotero/Profiles/ujmvea1t.default/zotero/storage/7IEC7R6C/Gompers and Lerner - 1999 - An analysis of compensation in the U.S. venture ca.pdf:application/pdf;ScienceDirect Snapshot:/Users/tonimasaleh/Library/Application Support/Zotero/Profiles/ujmvea1t.default/zotero/storage/HV9JFZX6/S0304405X98000427.html:text/html}

Does venture capital spur innovation? by Samuel Kortum and Josh Lerner

  @incollection{kortum_does_2001-1,
  series = {Advances in the {Study} of {Entrepreneurship}, {Innovation} \& {Economic} {Growth}},
  title = {Does venture capital spur innovation?},
  volume = {13},
  url = {http://www.emeraldinsight.com/doi/abs/10.1016/S1048-4736%2801%2913003-1},
  number = {13},
  urldate = {2017-03-27},
  booktitle = {Entrepreneurial inputs and outcomes: {New} studies of entrepreneurship in the {United} {States}},
  publisher = {Emerald Group Publishing Limited},
  author = {Kortum, Samuel and Lerner, Josh},
  month = jan,
  year = {2001},
  note = {DOI: 10.1016/S1048-4736(01)13003-1
  DOI: 10.1016/S1048-4736(01)13003-1},
  pages = {1--44},
  file = {Snapshot:/Users/tonimasaleh/Library/Application Support/Zotero/Profiles/ujmvea1t.default/zotero/storage/Z27E3MFC/S1048-4736(01)13003-1.html:text/html}

What Drives Venture Capital Fundraising? by Paul Gompers and Josh Lerner

  @techreport{gompers_what_1999,
  type = {Working {Paper}},
  title = {What {Drives} {Venture} {Capital} {Fundraising}?},
  url = {http://www.nber.org/papers/w6906},
  abstract = {We examine the determinants of venture capital fundraising in the U.S. over the past twenty-five years. We study industry aggregate, state-level, and firm-specific fundraising to determine if macroeconomic, regulatory, or performance factors affect venture capital activity. We find that shifts in demand for venture capital appear to have a positive and important impact on commitments to new venture capital funds. Commitments by taxable and tax-exempt investors seem equally sensitive to changes in capital gains tax rates that decreases in capital gains tax rates increase the demand for venture capital as more workers are incented to become entrepreneurs. Aggregate and state level venture fundraising are positively affected by easing of pension investment restrictions as well as industrial and academic R\&D expenditures. Fund performance and reputation also lead to greater fundraising by venture organizations.},
  number = {6906},
  urldate = {2017-03-27},
  institution = {National Bureau of Economic Research},
  author = {Gompers, Paul A. and Lerner, Josh},
  month = jan,
  year = {1999},
  note = {DOI: 10.3386/w6906},
  file = {NBER Full Text PDF:/Users/tonimasaleh/Library/Application Support/Zotero/Profiles/ujmvea1t.default/zotero/storage/T95N8SZ9/Gompers and Lerner - 1999 - What Drives Venture Capital Fundraising.pdf:application/pdf}

The Venture Capital Revolution by Paul Gompers and Josh Lerner

  @article{gompers_venture_2001,
  title = {The {Venture} {Capital} {Revolution}},
  volume = {15},
  issn = {0895-3309},
  url = {http://www.jstor.org/stable/2696596},
  number = {2},
  urldate = {2017-03-27},
  journal = {The Journal of Economic Perspectives},
  author = {Gompers, Paul and Lerner, Josh},
  year = {2001},
  pages = {145--168}
  
The Government as Venture Capitalist: The Long-Run Effects of the SBIR Program by Josh Lerner
     @techreport{lerner_government_1996,
     type = {Working {Paper}},
     title = {The {Government} as {Venture} {Capitalist}: {The} {Long}-{Run} {Effects} of the {SBIR} {Program}},
     shorttitle = {The {Government} as {Venture} {Capitalist}},
     url = {http://www.nber.org/papers/w5753},
     abstract = {Public programs to provide early-stage financing to firms, particularly high-technology companies, have become commonplace in the United States and abroad. The long-run effectiveness of these programs, however, has attracted little empirical scrutiny. This paper examines the impact of the largest U.S. public venture capital initiative, the Small Business Innovation Research (SBIR) program, which has provided over \$6 billion to small high-technology firms between 1983 and 1995. Using a unique database" of awardees compiled by the U.S. General Accounting Office, I show that SBIR awardees grew significantly faster than a matched set of firms over a ten-year period. The positive effects of SBIR awards were confined to firms based in zip codes with substantial venture capital activity. The findings are consistent with both the corporate finance literature on capital constraints and the growth literature on the importance of localization effects.},
     number = {5753},
     urldate = {2017-03-27},
     institution = {National Bureau of Economic Research},
     author = {Lerner, Josh},
     month = sep,
     year = {1996},
     note = {DOI: 10.3386/w5753},
     file = {NBER Full Text PDF:/Users/tonimasaleh/Library/Application Support/Zotero/Profiles/ujmvea1t.default/zotero/storage/EHHIB8W6/Lerner - 1996 - The Government as Venture Capitalist The Long-Run.pdf:application/pdf}

Innovation Policy and the Economy by Adam Jaffe, Josh Lerne, and Scott Sterne

  @book{jaffe_innovation_2001,
  title = {Innovation {Policy} and the {Economy}},
  isbn = {978-0-262-60041-5},
  abstract = {This new annual series, sponsored by the National Bureau of Economic Research, will provide a forum for research on the interactions between public policy and the innovation process. Discussions will cover all types of policy that affect the ability of an economy to achieve scientific and technological progress or that affect the impact of science and technology on economic growth.},
  language = {en},
  publisher = {MIT Press},
  author = {Jaffe, Adam B. and Lerner, Josh and Stern, Scott},
  year = {2001},
  note = {Google-Books-ID: Nc33ZS5nRa0C},
  keywords = {Business \& Economics / Development / Economic Development, Business \& Economics / Economics / General, Technology \& Engineering / Industrial Technology, Technology \& Engineering / Nanotechnology \& MEMS}

Venture Capital, Entrepreneurship, and Economic Growth by Sampsa Samila and Olav Sorenson

  @article{samila_venture_2010,
  title = {Venture {Capital}, {Entrepreneurship}, and {Economic} {Growth}},
  volume = {93},
  issn = {0034-6535},
  url = {http://dx.doi.org/10.1162/REST_a_00066},
  doi = {10.1162/REST_a_00066},
  abstract = {Using a panel of U.S. metropolitan areas, we find that increases in the supply of venture capital positively affect firm starts, employment, and aggregate income. Our results remain robust to a variety of specifications, including ones that address endogeneity. The estimated magnitudes imply that venture capital stimulates the creation of more firms than it funds, which appears consistent with two mechanisms: First, would-be entrepreneurs anticipating financing needs more likely start firms when the supply of capital expands. Second, funded companies may transfer know-how to their employees, thereby enabling spin-offs, and may encourage others to become entrepreneurs through demonstration effects.},
  number = {1},
  urldate = {2017-02-23},
  journal = {Review of Economics and Statistics},
  author = {Samila, Sampsa and Sorenson, Olav},
  month = jul,
  year = {2010},
  pages = {338--349},
  file = {Review of Economics and Statistics Full Text PDF:/Users/tonimasaleh/Library/Application Support/Zotero/Profiles/ujmvea1t.default/zotero/storage/SQUNPGVA/Samila and Sorenson - 2010 - Venture Capital, Entrepreneurship, and Economic Gr.pdf:application/pdf;Review of Economics and Statistics Snapshot:/Users/tonimasaleh/Library/Application Support/Zotero/Profiles/ujmvea1t.default/zotero/storage/MC8SR7FG/Samila and Sorenson - 2010 - Venture Capital, Entrepreneurship, and Economic Gr.html:text/html}

Venture Entrepreneurship, Innovation Entrepreneurship, and Economic Growth by Linghui Tang and Peter Koveos

  @article{tang_venture_2004,
  title = {Venture {Entrepreneurship}, {Innovation} {Entrepreneurship}, and {Economic} {Growth}},
  volume = {9},
  copyright = {Copyright Norfolk State University Foundation Aug 2004},
  issn = {10849467},
  url = {http://search.proquest.com/docview/208440561/abstract/994F041007FE42E9PQ/1},
  abstract = {This article makes a distinction between two types of entrepreneurship activities. Venture Entrepreneurship (VE), which deals with new venture creation and Innovation Entrepreneurship (IE), which involves innovations within existing enterprises. VE is found to be positively related to GDP growth rate. IE is negatively related to economic growth rate in high-income countries, while the findings for middle and low-income countries are mixed. The study contributes to a relatively sparse body of literature by exploring the nature of the relationship between entrepreneurship and economic performance. [PUBLICATION ABSTRACT]},
  language = {English},
  number = {2},
  urldate = {2017-02-23},
  journal = {Journal of Developmental Entrepreneurship; Norfolk},
  author = {Tang, Linghui and Koveos, Peter E.},
  month = aug,
  year = {2004},
  keywords = {Business And Economics, Correlation analysis, Economic growth, Entrepreneurs, Innovations, Studies, Venture capital},
  pages = {161--171},
  file = {Full Text PDF:/Users/tonimasaleh/Library/Application Support/Zotero/Profiles/ujmvea1t.default/zotero/storage/UNEIR24J/Tang and Koveos - 2004 - Venture Entrepreneurship, Innovation Entrepreneurs.pdf:application/pdf}