...comparison with the much higher rates on ordinary income, especially for individuals in the upper income brackets. This differential has stimulated inherently...consequence, it has caused this group of investors to shift fund? out of relatively conservative investments, offering little or no opportunity for capital appreciation,...

...and venturesome undertakings, the Harvard study concluded that the tax preference causes venturesome investors "to shift funds out of relatively conservative...capital appreciation, and into more venturesome types of investment such as relatively speculative marketable common stocks, closely held companies, new ventures,...