On the usefulness of tax incentives for informal investors

References

• Aernoudt , R. 1999 . European policy toward venture capital: myth or reality? . Venture Capital , 1 ( 1 ) : 47 – 58 .
   Google Scholar
• Baldwin , J. R. , Bian , L. , Dupuy , R. and Gellatly , G. 2000 . Failure rates for new Canadian firms: new perspectives on entry and exit . Statistics Canada , No.61-526-XIE. Available at www.statcan.ca/cgi-bin/downpub/listpub.cgi?catno=61-526-XIE1999001 (accessed 8 July 2006)
   Google Scholar
• Berger , A. N. and Udell , G. F. 1998 . The economics of small business finance: the roles of private equity and debt markets in the financial growth cycle . Journal of Banking and Finance , 22 ( 6 – 8 ) : 613 – 673 .
   Web of Science ®Google Scholar
• Berggren , B. , Olofsson , C. and Silver , L. 2000 . Control aversion and the search for external financing in Swedish SMEs . Small Business Economics , 15 ( 3 ) : 233 – 242 .
   Web of Science ®Google Scholar
• Boyns , N. , Cox , M. , Spires , R. and Hughes , A. 2003 . “ Research into the Enterprise Investment Scheme and venture capital trusts, PACEC Report for Inland Revenue ” . Available at www.hmrc.gov.uk/research/report.pdf (accessed 2 November 2006)
   Google Scholar
• Brau , J. C. , Brown , R. A. and Osteryoung , J. S. 2004 . Do venture capitalists add value to small manufacturing firms? An empirical analysis of venture and nonventure capital-backed initial public offerings . Journal of Small Business Management , 42 ( 1 ) : 78 – 92 .
   Web of Science ®Google Scholar
• Brierley , P. 2001 . The financing of technology-based small firms: a review of the literature . Bank of England Quarterly Bulletin , Spring : 64 – 84 .
   Google Scholar
• Bygrave , W. D. . Financing entrepreneurial ventures . Paper presented at the GEM 2004 Conference . January 20 . London Business School .
   Google Scholar
• Bygrave , W. D. and Reynolds , P. D. 2005 . “ Who finances startups in the USA? A comprehensive study of informal investors, 1999 – 2003 ” . In Frontiers of Entrepreneurship Research 2004 , Wellesley, MA : Babson College . Available at http://www.babson.edu/entrep/fer/FER_2004/web-content/Section%20II/P1/II-P1.html (accessed 9 July 2006)
   Google Scholar
• Christofidis , C. and Debande , O. 2001 . “ Financing innovative firms through venture capital, European Investment Bank Sector Paper 81 ” . Available at www.eib.org/Attachments/pj/vencap.pdf (accessed 15 July 2006)
   Google Scholar
• Commission québécoise sur la capitalisation des entreprises . 1984 . “ La capitalisation des entreprises au Québec ” . Rapport au Ministre de l'industrie du commerce et du tourisme
   Google Scholar
• Cressy , R. 2002 . Funding gaps: a symposium . Economic Journal , 112 : 1 – 6 .
   Web of Science ®Google Scholar
• Cressy , R. C. and Olofson , C. 1997 . European SME financing: an overview . Small Business Economics , 9 ( 2 ) : 87 – 96 .
   Web of Science ®Google Scholar
• Cumming , D. J. 2004 . Capital structure in venture finance . Journal of Corporate Finance , (forthcoming)
   Google Scholar
• Denis , D. J. 2003 . Entrepreneurial finance: an overview of the issues and evidence . Journal of Corporate Finance , 10 ( 2 ) : 301 – 326 .
   Web of Science ®Google Scholar
• Farrell , H. 2000 . A Literature Review and Industry Analysis of Informal Investment in Canada: A Research Agenda on Angels , Ottawa : Industry Canada . Research Paper for Small Business Policy Branch
   Google Scholar
• Fenn , G. W. , Liang , N. and Prowse , S. 1995 . The Economics of the Private Equity Market , Washington, DC : Board of Governors of the Federal Reserve System .
   Google Scholar
• Folta , T. B. and Janney , J. J. 2004 . Strategic benefits to firms issuing private equity placements . Strategic Management Journal , 25 ( 3 ) : 223 – 242 .
   Web of Science ®Google Scholar
• Freear , J. , Sohl , J. E. and Wetzel , W. 2002 . Angles on angels: financing technology-based ventures – a historical perspective . Venture Capital , 4 ( 4 ) : 275 – 287 .
   Google Scholar
• Gibb , A. A. 2000 . SME policy, academic research and the growth of ignorance, mythical concepts, myths, assumptions, rituals and confusions . International Small Business Journal , 18 ( 3 ) : 13 – 35 .
   Google Scholar
• Gompers , P. A. and Lerner , J. 2001 . The venture capital revolution . Journal of Economic Perspectives , 15 ( 2 ) : 145 – 168 .
   Web of Science ®Google Scholar
• Gompers , P. and Lerner , J. 2003 . “ Equity investing ” . In Handbook of Entrepreneurship Research , Edited by: Acs , Z. J. and Audretsch , D. B. 267 – 298 . New York : Kluwer Academic Publishers .
   Google Scholar
• Harrison , R. T. and Mason , C. M. 2000 . Venture capital market complementarities: the links between business angels and venture capital funds in the United Kingdom . Venture Capital , 2 ( 3 ) : 223 – 242 .
   Google Scholar
• Investissement Quebec . 2002 . “ How to set up a QBIC, Direction des communications ” . Available at www.investquebec.com/en/que/doc/pdf/former_speq/SPEQang.pdf (accessed 10 October 2003)
   Google Scholar
• Investissement Quebec . 2001 . Partie 1: État de la situation, internal document
   Google Scholar
• Lerner , J. 1998 . ‘Angel’ financing and public policy: an overview . Journal of Banking and Finance , 22 : 773 – 783 .
   Web of Science ®Google Scholar
• Lerner , J. 2002 . When bureaucrats meet entrepreneurs: the design of effective ‘public venture capital’ programmes . Economic Journal , 112 : F73 – F84 .
   Web of Science ®Google Scholar
• Lipper , G. and Sommer , B. 2002 . Encouraging angel capital: what the US states are doing . Venture Capital , 4 ( 4 ) : 357 – 362 .
   Google Scholar
• Madill , J. J. , Haines , G. H. Jr and Riding , A. L. 2005 . The role of angels in technology SMEs: a link to venture capital . Venture Capital , 7 ( 2 ) : 107 – 129 .
   Google Scholar
• Mason , C. M. 2005 . “ Informal sources of venture finance ” . In The Life Cycle of Entrepreneurial Ventures: Volume 3. International Handbook on Entrepreneurship , Edited by: Parker , S. Springer, forthcoming . Available at www.bbaa.org.uk/portal/images/stories/PDFDOCS/informal_sources_of_venture_finance.pdf (accessed 30 June 2006)
   Google Scholar
• Mason , C. M. and Harrison , R. T. 2002 . Barriers to investment in the informal venture capital sector . Entrepreneurship and Regional Development , 14 ( 3 ) : 271 – 287 .
   Web of Science ®Google Scholar
• Maula , M. , Autio , E. and Arenius , P. 2005 . What drives micro-angel investments? . Small Business Economics , 25 ( 5 ) : 459 – 475 .
   Web of Science ®Google Scholar
• Myers , S. C. and Majluf , N. S. 1984 . Corporate financing and investment decisions when firms have information that investors do not have . Journal of Financial Economics , 13 ( 2 ) : 187 – 221 .
   Web of Science ®Google Scholar
• OECD . 2002 . Entrepreneurship and Growth: Tax Issues Available at www.oecd.org/dataoecd/10/19/2079715.pdf (accessed 5 July 2006)
   Google Scholar
• Paul , S. , Whittam , G. and Johnston , J. B. 2003 . The operation of the informal venture capital market in Scotland . Venture Capital , 5 ( 4 ) : 313 – 335 .
   Google Scholar
• Riding , A. and Dunlop , R. 2002 . Research issues: financing new technology firms , National Research Program in Financial Services and Public Policy, Industry Canada . Available at http://www.schulich.yorku.ca/SSB-Extra/FinancialPolicyResearch.nsf/Lookup/CapitaltoNewTechnology_dp/$file/CapitaltoNewTechnology_dp.pdf
   Google Scholar
• Sohl , J. E. 1999 . The early-stage equity market in the USA . Venture Capital , 1 ( 2 ) : 101 – 120 .
   Google Scholar
• Sohl , J. E. 2003 . The US angel and venture capital market: recent trends and developments . Journal of Private Equity , 6 ( 2 ) : 7 – 17 .
   Google Scholar
• Spence , M. 1973 . Job market signaling . Quarterly Journal of Economics , 87 ( 3 ) : 355 – 374 .
   Web of Science ®Google Scholar
• Suret , J. M. and Cormier , E. 1997 . “ The Quebec Stock Savings Plan: overview and assessment ” . In Financing Growth in Canada , Edited by: Halpern , P. 585 – 623 . Calgary : University of Calgary Press .
   Google Scholar
• Wright , M. and Robbie , K. 1998 . Venture capital and private equity: a review and a synthesis . Journal of Business Finance and Accounting , 25 ( 5/6 ) : 521 – 570 .
   Google Scholar