Här är ett ny studie av mig och professor Magnus Henrekson om optionsbeskattning och entreprenörskap, som nu finns som IFN Working Paper. “One response to uncertainty and transactions costs in VC-finance is to compensate founders (and other key personnel) with stock options under complex contracts. Entrepreneurs are granted stock options contingent on firm performance, vesting and other criteria. While most countries tax stock options as labor earnings, the United States allow them to be taxed at a low capital gains tax rate. The interaction of favorable tax…