@techreport{Achleitner2011capital, abstract = {This article
documents a statistical association between the number and
success of venture capital investments and the capital gains tax
rate. To do this, we analyze investment data and taxes of 32
countries from 2000 to 2010. In our data, higher capital gains
tax rates are associated with fewer firms financed and a lower
probability for ventures receiving follow-up funding. However,
if the first investment is received when taxes are high, the
probability of a firm eventually going public or being acquired
increases. We conclude that high tax rates are associated with
fewer, but on average more successful companies.}, address =
{Munich}, author = {Ann-Kristin Achleitner and Carolin Bock and
Martin Watzinger}, copyright =
{http://www.econstor.eu/dspace/Nutzungsbedingungen}, keywords =
{G24; H25; H32; 330; capital gains tax; venture capital;
investment}, language = {eng}, number = {2011-04}, publisher =
{Center for Entrepreneurial and Financial Studies (CEFS)}, tit