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Essays on Venture Capital and Taxation.

Flynn, Sean M.

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Essays on Venture Capital and Taxation.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on Venture Capital and Taxation./
作者:	Flynn, Sean M.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2013,
面頁冊數:	150 p.
附註:	Source: Dissertations Abstracts International, Volume: 75-03, Section: A.
Contained By:	Dissertations Abstracts International75-03A.
標題:	Commerce-Business. -
電子資源:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3591209
ISBN:	9781303317583

Essays on Venture Capital and Taxation.
Flynn, Sean M.

Essays on Venture Capital and Taxation. - Ann Arbor : ProQuest Dissertations & Theses, 2013 - 150 p.

Source: Dissertations Abstracts International, Volume: 75-03, Section: A.

Thesis (Ph.D.)--New York University, 2013.

The human capital of venture capitalists has been shown to be empirically relevant for the outcomes of venture capital-backed projects. Chapter 1 offers a model to capture one mechanism through which the human capital of a venture capitalist can impact the venture outcome. I focus on the venture capitalist's management of the investment from initial round of funding through exit. The human capital impacts the venture capitalist's funding and exit decisions through the precision of the signal that he receives from the project. I estimate the model using a minimum distance estimator and data on venture capital rounds and exits. The learning component of the model enables it to match the success and termination hazard rates for venture projects. I compare the expected returns of a project of unknown quality at the estimated parameters with that of a regime with perfect information. An effective tax function is a mapping from economic income earned to taxes paid. It takes into account all deductions, exemptions, and tax credits. It is a useful summary of the taxes that people actually pay in contrast to statutory tax rates. In Chapter 2, I use the IRS Public Use Tax File data to provide effective tax function estimates for US federal income taxes for the years 1979 - 2005. I use nonlinear least squares to estimate both the functional form developed by Young (1990) and used in Gouveia and Strauss (1994) and a revised functional form of total tax liability on total economic income (Baseline Model). I compare these estimates with those from a five-degree polynomial in income model. I also estimate the effective tax functions nonparametrically, to evaluate the fit of the parametric models. Then, I qualitatively evaluate the ability of the Baseline Model to capture changes in the tax code from 1979-2005. My findings indicate that Baseline Model and the Gouveia-Strauss model fit the data quite well when compared against the nonparametric effective tax function.

ISBN: 9781303317583Subjects--Topical Terms:

3168423
Commerce-Business.
Subjects--Index Terms:

Entrepreneurship

Essays on Venture Capital and Taxation.
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520 $a The human capital of venture capitalists has been shown to be empirically relevant for the outcomes of venture capital-backed projects. Chapter 1 offers a model to capture one mechanism through which the human capital of a venture capitalist can impact the venture outcome. I focus on the venture capitalist's management of the investment from initial round of funding through exit. The human capital impacts the venture capitalist's funding and exit decisions through the precision of the signal that he receives from the project. I estimate the model using a minimum distance estimator and data on venture capital rounds and exits. The learning component of the model enables it to match the success and termination hazard rates for venture projects. I compare the expected returns of a project of unknown quality at the estimated parameters with that of a regime with perfect information. An effective tax function is a mapping from economic income earned to taxes paid. It takes into account all deductions, exemptions, and tax credits. It is a useful summary of the taxes that people actually pay in contrast to statutory tax rates. In Chapter 2, I use the IRS Public Use Tax File data to provide effective tax function estimates for US federal income taxes for the years 1979 - 2005. I use nonlinear least squares to estimate both the functional form developed by Young (1990) and used in Gouveia and Strauss (1994) and a revised functional form of total tax liability on total economic income (Baseline Model). I compare these estimates with those from a five-degree polynomial in income model. I also estimate the effective tax functions nonparametrically, to evaluate the fit of the parametric models. Then, I qualitatively evaluate the ability of the Baseline Model to capture changes in the tax code from 1979-2005. My findings indicate that Baseline Model and the Gouveia-Strauss model fit the data quite well when compared against the nonparametric effective tax function.
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