【金融高端论坛】 第一百一十二期

主 题：Investor Tax Credits and Entrepreneurship: Evidence from U.S. States

主讲人: 徐霆 弗吉尼亚大学达顿商学院 助理教授

协调人: 高晓丹

时 间：2020-12-08 10:30

地 点：Zoom会议室

语 言：英文

会议ID: 610 9367 7300

讲座摘要：

Angel investor tax credits are used globally to spur high-growth entrepreneurship. Exploiting the staggered implementation of these tax credits in 31 U.S. states, we find that while they increase angel investment, they have no significant effect on entrepreneurial activity. Tax credits induce entry by inexperienced, local investors and are often used by insiders. A survey of 1,411 angel investors suggests that a “home run” investing approach alongside coordination and information frictions explain low take-up among experienced investors. The results contrast with evidence that direct subsidies to firms have large positive effects, raising concerns about using investor subsidies to promote entrepreneurship.

主讲人简介：

Ting Xu is an assistant professor of finance at the University of Virginia, Darden School of Business. His research focuses on entrepreneurial finance, FinTech, and private firms. In particular, he is interested in understanding the various frictions facing startups and close-held firms. His work has been published in the Review of Financial Studies and the Journal of Financial and Quantitative Analysis, and has been featured in news outlets such as Bloomberg, BBC, and NPR. He holds a Ph.D. in Finance from the University of British Columbia, a M.Sc. in Economics HKUST, and a B.A. in Finance from Renmin University of China.