Publications des institutions partenaires
Self-Selection and Advice in Venture Capital Finance
In financing start-up firms, venture capitalists carefully select among alternative projects, design incentive compatible financial contracts and support portfolio companies with value enhancing managerial advice. This paper considers how venture capitalists can induce self-selection among entrepreneurial firms with different qualities by designing appropriate contracts and offering...
Institution partenaire
English / 12/03/2006
A Simple Model of Educational Production
There is a large body of literature on the effect of educational resources on student performance, such as teacher qualification, class size, and physical resources in school. It is dominated by empirical studies which often find ambiguous effects of resource spending on student outcomes. The unique contribution of this paper is the provision of a framework to study educational...
Institution partenaire
English / 01/02/2006
Teacher Incentives
This chapter considers hidden teacher effort in educational production and discusses the implications of multiple teacher effort dimensions on optimum incentive contracts in a theoretical framework. The analysis of educational production in a multitask framework is a new and unique contribution of this chapter to the economics of education. We first characterize the first-best and...
Institution partenaire
English / 01/02/2006
Public Policy, Start-up Entrepreneurship and the Market for Venture Capital
In recent years, venture capital has become an important source for financing young entrepreneurial firms. Given the apparently more innovative nature and extra value added of venture capital backed firms compared to other firms, policy makers have taken an increasing interest in an active venture capital industry. We explore how selected policy instruments determine the incentives...
Institution partenaire
English / 01/01/2006
Company Taxation and Growth: the Role of Small and Large Firms
Institution partenaire
English / 21/09/2005
Aging, Labor Markets and Pension Reform in Austria
This paper investigates the dynamic consequences of demographic change and various pension reform scenarios for Austria. The analysis is based on a computable overlapping-generations model with life-cycle labor supply, savings, and search unemployment. The public sector is decomposed into general government and an unfunded pension system with a tax - benefit linkage. Our quantitative...
Institution partenaire
English / 01/09/2004
Start-up Investment With Scarce Venture Capital Support
Venture capitalists, representing informed capital, screen, monitor and advise start-up entrepreneurs. The paper reports three new results on venture capital (VC) finance and the evolution of the VC industry. First, there is an optimal VC portfolio size with a trade-off between the number of companies and the value of managerial advice. Second, advice tends to be diluted when the...
Institution partenaire
English / 01/08/2004
Progressive Taxation, Moral Hazard, and Entrepreneurship
This paper considers the general equilibrium and welfare effects of a linear progressive income tax with entrepreneurship and moral hazard. A competitive intermediation sector diversifies risk associated with entrepreneurial activity, but full risk consolidation is prevented by moral hazard. Since effort is not observable, risk bearing of entrepreneurs is required for incentive...
Institution partenaire
English / 01/08/2004
Taxation and Venture Capital Backed Entrepreneurship
In recent years, venture capital has increasingly become a factor in the financing of new firms. We examine how the value of mature firms determines the incentives of entrepreneurs to start up new firms and of venture capitalists to finance and advise them. We examine how capital gains taxes as well as subsidies to start-up costs of new firms affect venture capital backed...
Institution partenaire
English / 01/08/2004
Venture Capital Backed Growth
The paper proposes a simple equilibrium model of venture capital, entrepreneurship and innovation. Venture capitalists not only finance but also advise start-up entrepreneurs and thereby add value to new firms. The paper demonstrates how a productive and active VC industry boosts innovation driven growth.
Institution partenaire
English / 01/06/2004
Taxation of a Venture Capitalist With a Portfolio of Firms
Venture capitalists not only finance but also advise and thereby add value to young entrepreneurial firms. The prospects of venture capital backed firms thus depend on joint efforts of entrepreneurs and informed venture capitalists, and are subject to double moral hazard. For this reason, managerial support and the number of portfolio companies tend to be inefficiently low. This...
Institution partenaire
English / 01/04/2004
Start-ups, Venture Capitalists and the Capital Gains Tax
A model of start-up finance with double moral hazard is proposed. Entrepreneurs have ideas and technical competence, but lack own resources as well as commercial experience. Venture capitalists (VCs) provide start-up finance and managerial support. Both types of agents thus jointly contribute to the firm's success, but neither type's effort is verifiable. We find that the...
Institution partenaire
English / 01/04/2004
The Optimal Portfolio of Start-up Firms in Venture Capital Finance
Venture capitalists (VCs) not only finance but also add value to start-up companies. Advising firms is time consuming and creates a trade-off between intensity of advice and portfolio size. We jointly determine the optimal number of portfolio companies and the intensity of managerial advice. Diminishing returns to advice per firm call for a larger portfolio. With progressively...
Institution partenaire
English / 01/11/2003
Tax Policy, Venture Capital, and Entrepreneurship
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...
Institution partenaire
English / 01/01/2003
Taxes and Venture Capital Support
In this paper we set up a model of start-up finance under double moral hazard. Entrepreneurs lack own resources and business experience to develop their ideas. Venture capitalists can provide start-up finance and commercial support. The effort put forth by either agent contributes to the firm's success, but is not verifiable. As a result, the market equilibrium is biased towards...
Institution partenaire
English / 01/01/2003
Mikroökonometrische Evaluation arbeitsmarktpolitischer Massnahmen
Viele europäische Länder verwenden neben einer passiven Einkommensabsicherung der Arbeitslosen die aktive Arbeitsmarktpolitik, um deren Wiederbeschäftigung zu beschleunigen. Zunehmend setzt sich dabei die Erkenntnis durch, dass diese kostenintensive Politik dem Steuerzahler nur bei nachweisbarem Nutzen langfristig zu vermitteln ist. Auch wenn die Bereitstellung der für seriöse...
Institution partenaire
English / 01/01/2003
Public Policy for Efficient Education
We study the role of public policy in promoting efficiency in human capital accumulation. Agents accumulate human capital by allocating time to home study and school attendance. The return to time spent in school is subject to congestion. The individual also faces an aggregate externality in skill accumulation. We find that a tuition fee combined with personal stipends can correct...
Institution partenaire
English / 01/11/2002
An Evaluation of Public Employment Programmes in the East German State of Sachsen-Anhalt
In East Germany, active labour market policies (ALMPs) are used on a large scale to contain fast rising unemployment after unification. This paper evaluates the effects for participants in public employment programmes (PEPs), that are an important part of ALMPs. It focuses on individual unemployment probabilities. By concentrating on the state of Sachsen-Anhalt, the econometric...
Institution partenaire
English / 01/04/2002
A note on the common support problem in applied evaluation studies
Not available in German. This paper advocates the use of a nonparametric bounds analysis to check the robustness of the results of applied evaluation studies to the problem of a lack of common support. The typical responses by researchers of either ignoring it, or obtaining estimates only for the subpopulation within the common support, can both be misleading: Ignoring the problem...
Institution partenaire
English / 01/01/2001
An Incumbent Country View on Eastern Enlargement of the EU. Part I: A General Treatment
An eastern enlargement of the EU, from an incumbent country point of view, involves a fiscal burden from extending Union agricultural and cohesion policies to new members, coupled with potential gains as well as adjustment problems deriving from an extended customs union and a larger single market. Enlargement is controversial, because the net effect is unclear, a priori, and will...
Institution partenaire
English / 25/12/2000
Pages
Le portail de l'information économique suisse
© 2016 Infonet Economy