Entrepreneurship & Finance eJournal最新文献_第10页

Wealth Taxation, Non-Listed Firms, and the Risk of Entrepreneurial Investment 财富税、非上市公司与创业投资风险

Entrepreneurship & Finance eJournal Pub Date : 2017-06-28 DOI: 10.2139/ssrn.3170878

Dirk Schindler

{"title":"Wealth Taxation, Non-Listed Firms, and the Risk of Entrepreneurial Investment","authors":"Dirk Schindler","doi":"10.2139/ssrn.3170878","DOIUrl":"https://doi.org/10.2139/ssrn.3170878","url":null,"abstract":"How to incorporate hard-to-value assets into the wealth tax? We analyze the effect of an optimal wealth tax on risk-taking behavior and welfare when investors do not only have the standard portfolio choice with a well-diversified market portfolio, but can alternatively choose to invest all their wealth into a non-diversifiable, indivisible project. The latter is interpreted as entrepreneurial investment into a small, nonlisted firm for which the actual value is hard to measure and non-verifiable. For such firms, real-world wealth tax systems base the wealth tax on deterministic book values. We show that this tax treatment does not distort the choice of projects if the tax is set optimally with an imputed interest rate on book values, actually larger than the risk-free market rate of return. The market equilibrium and a proportional tax on the market portfolio will ensure an efficient risk allocation between private and public consumption and across projects. Failing to apply an imputed inflation of book values, instead, gives rise to an implicit subsidy on entrepreneurial activity and distorts investment. Our findings also have implications for taxation of hard-to-value assets under capital-gains and inheritance taxation.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88909182","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Forgiveness versus Financing: The Determinants and Impact of SME Debt Forbearance in Japan 宽免与融资:日本中小企业债务容忍的决定因素及影响

Entrepreneurship & Finance eJournal Pub Date : 2017-05-01 DOI: 10.2139/ssrn.3106512

Arito Ono, Y. Yasuda

{"title":"Forgiveness versus Financing: The Determinants and Impact of SME Debt Forbearance in Japan","authors":"Arito Ono, Y. Yasuda","doi":"10.2139/ssrn.3106512","DOIUrl":"https://doi.org/10.2139/ssrn.3106512","url":null,"abstract":"This paper empirically examines the impact of Japan's debt forbearance policies with regard to small and medium-sized enterprises (SMEs) stipulated in the \"Act concerning Temporary Measures to Facilitate Financing for SMEs.\" Using unique Japanese firm survey data that identify firms that received \"financing\" (such as through the deferral of debt repayments) and firms that received \"debt forgiveness\" (such as through a reduction in principal and/or interest), we examine the determinants and the effects of debt forbearance to test the theoretical predictions of Krugman's (1988) \"financing vs. forgiving a debt overhang\" analysis. We find, first, that banks choose debt forgiveness for firms that are more creditworthy and more profitable, which is consistent with the theory of debt overhang. Second, among firms that received debt forbearance, those that had received debt forgiveness had better access to new loans and showed superior ex-post performance than those that received financing, which is also consistent with the theory of debt overhang. Third, compared to firms that had not received any debt forbearance, firms that had received financing were more leveraged and exhibited worse performance, especially those whose forborne loans were covered by public credit guarantees, while firms that had received debt forgiveness exhibited better performance, especially those without public credit guarantees. This suggests that the effectiveness of the SME forbearance policy is adversely affected by the moral hazard generated by public credit guarantee programs.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74611153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

CEO Power and Nonprofit Performance: Evidence from Chinese Philanthropic Foundations CEO权力与非营利组织绩效:来自中国慈善基金会的证据

Entrepreneurship & Finance eJournal Pub Date : 2017-04-25 DOI: 10.2139/ssrn.2958438

Q. Wei

引用次数: 0

Prosocial Crowdlending in Kenya 肯尼亚的亲社会众筹

Entrepreneurship & Finance eJournal Pub Date : 2017-04-06 DOI: 10.2139/SSRN.2969750

Alberto Ibarra, Natàlia Cugueró-Escofet, M. Canela

{"title":"Prosocial Crowdlending in Kenya","authors":"Alberto Ibarra, Natàlia Cugueró-Escofet, M. Canela","doi":"10.2139/SSRN.2969750","DOIUrl":"https://doi.org/10.2139/SSRN.2969750","url":null,"abstract":"The crowdfunding industry has emerged in the past few years as one of the most promising alternative financing options. Lending and donating operations accounted for 81% of the crowdfunding industry's $34.4 billion total funding volume in 2015. Kiva Zip, a prosocial program, created an online platform that provides 0% interest peer-to-peer loans and has features in common with lending and donating crowdfunding platforms. This program is a spin-off of Kiva.org. Although both platforms have a similar objective and modus operandi, they differ primarily because Kiva.org has a figure called a field partner, who is the intermediary between borrowers and lenders, while Kiva Zip has no field partners but does have so-called trustees, who provide support to borrowers but do not act as intermediaries for resources or charge for their services. The authors thoroughly analyzed Kiva Zip's operations in Kenya for the years from 2011 to 2015. Kiva Zip has stopped posting new campaigns in Kenya but has continued to collect payment for previously delivered loans. We studied in detail the impact that lenders, borrowers and trustees had on the platform's performance. In addition, we analyzed the different stages of a campaign on Kiva Zip: when a campaign is posted, when it is funded and when the loan is paid back. This analysis may provide insight into the levers that drove the performance of Kiva Zip in Kenya, which in turn could have enabled the organization to identify areas for improvement in order to continue operating in the country. In addition, we have identified relevant theoretical frameworks for analyzing prosocial crowdlending in greater depth.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73190631","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Household Matters: Revisiting the Returns to Capital Among Female Micro-Entrepreneurs 家庭事务:重新审视女性微型企业家的资本回报率

Entrepreneurship & Finance eJournal Pub Date : 2017-04-01 DOI: 10.1257/AERI.20180444

Arielle Bernhardt, Erica M. Field, R. Pande, Natalia Rigol

引用次数: 94

Could Technology Entrepreneurs Rely on Crowdfunding (Kickstarter) As a Source of Finance? The Case of the Netherlands 科技企业家能否依靠众筹(Kickstarter)作为融资来源?荷兰案例

Entrepreneurship & Finance eJournal Pub Date : 2017-03-10 DOI: 10.2139/ssrn.2928791

M. Taheri

引用次数: 1

International Strategies of Business Incubation: The USA, Germany and Russia 企业孵化的国际战略:美国、德国和俄罗斯

Entrepreneurship & Finance eJournal Pub Date : 2017-02-16 DOI: 10.5585/IJI.V5I1.130

E. Tsaplin, Yulia Pozdeeva

引用次数: 6

Marketplace Lending of SMEs 中小企业市场贷款

Entrepreneurship & Finance eJournal Pub Date : 2017-01-05 DOI: 10.2139/SSRN.2894574

Douglas J. Cumming, Lars Hornuf

引用次数: 19

Perceptions and Price: Evidence from CEO Presentations at IPO Roadshows 认知与价格:来自IPO路演CEO演讲的证据

Entrepreneurship & Finance eJournal Pub Date : 2017-01-04 DOI: 10.2139/ssrn.2611756

Elizabeth Blankespoor, Bradley E. Hendricks, Gregory S. Miller

引用次数: 68

Borrowing Challenges for Minorities: How Lending Technologies Affect Discrimination in the SME Credit Market 少数民族的借贷挑战:贷款技术如何影响中小企业信贷市场的歧视

Entrepreneurship & Finance eJournal Pub Date : 2016-11-04 DOI: 10.2139/ssrn.2864491

J. Bertrand

引用次数: 1