The recent report by the Office of Tax Simplification (OTS)[i] recommends a range of policy adjustments to simplify the administration of the capital gains tax (CGT) and remove biases and distortions of behaviours.[ii] One of the recommendations suggests to align CGT and income tax (recommendation 1), in particular for owner-managers who may have a choice …
Endogenous financial constraints and innovation
with Andrea Mina Industrial and Corporate Change, 2020, full version available from the journal. Abstract: We investigate which indicators of a firm’s innovation activities are associated with financial constraints and analyze the nature and direction of causal links between innovation and financial constraints. By estimating simultaneous bivariate probit models on data from the UK Innovation …
Early indicators of fundraising success by venture capital firms
with Timothy E. Trombley Journal of Corporate Finance 65, full paper available here. Abstract: In this paper, we show how a venture capital firm’s fundraising is affected by its investment choices. We investigate three leading indicators that are calculated from the types of investments the venture capital firms make: style drift investments, follow-on investments, and …
The impact of business accelerators and incubators in the UK
BEIS Research Paper Number 2019/009 with Jonathan Bone, Juanita Gonzalez-Uribe and Christopher Haley The fast-developing ecosystem of accelerators and incubators has positive effects on startups and the wider economy. Most startups (over 60%) consider the contribution of the incubator or accelerator they attended to have been significant or even vital to their success. Of startups …
Inflating away your pension — 2021 update
26 October 2021
This is an update to my earlier estimate of the effects of an inflation cap on USS pensions. I have added the two most recent years of CPI data and extended the time series of inflation by added earlier years from 1971, the year of the Nixon shock and the de-facto end of the Bretton …
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