- Consulting Editors
- The Capital Flow from Institutional Investors to Entrepreneurs
- Venture Capital and the Financial Crisis: An Empirical Study across Industries and Countries
- Venture Capital Reputation
- Keys to Fundraising Success in Nascent Venture Capital Firms
- Corporate Venture Capital in the Twenty-First Century: an Integral Part of Firms' Innovation Toolkit
- Corporate Venture Capital: From Venturing to Partnering
- Vipe Financing: Venture (Capital) Investments in Public Equity
- Philanthropic Venture Capital From A Global Perspective: Definition and Investment Strategy
- Venture Capital Before The First Dollar: Deal Origination, Screening, and Evaluation
- Capital Structure Determinants In Growth Firms Accessing Venture Funding
- Venture Capital Staging: Domestic Versus Foreign Vc-Led Investments
- Follow-On Financing of Venture Capital–Backed Companies
- Performance Implications of Venture Capital Syndication Networks
- Valuing Common and Preferred Shares in Venture Capital Financing
- Required Rates of Return and Financial Contracting for Entrepreneurial Ventures
- Financial Contracting in U.S. Venture Capital: Overview and Empirical Evidence
- Time-Inconsistent Preferences and Venture Capital Contracting
- Syndication of Vc Investments, Governance, and Contract Design
- Venture Capital in Germany: The Role of Venture Capital Firms' Experience, Ownership Structure, and Agency Problems
- Venture Capital Law Firms: An Analysis of Equity Investments and Networks
- From Ideas to Products: Financing Innovation and Getting Access to Innovation
- The Impact of Venture Capital on Innovation
- What Drives the Top Line?: Determinants of Sales Revenue in Private Venture–Backed Firms
- Value Added by Angel Investors through Postinvestment Involvement: Exploratory Evidence and Ownership Implications
- The Impact of Venture Capital on the Long-Term Performance of IPO Firms: Evidence from Korea
- Regional Impact of Venture Capital
- Spread, Scope, and Scale in Venture Capital Globalization: A Clustered Globalization Model
- The Development of Venture Capital: Macroeconomic, Political, and Legal Determinants
- A Comparative Analysis of Venture Capital Investment In the United States and Europe
- The Role of Geographic Proximity in Venture Capital
- Geography and Venture Capital Investment in the United States, 1995–2009
- The Role of Government, Venture Capital, and Banks in Closing Liquidity Gaps in the SME Sector of an Emerging Market
Abstract and Keywords
This article examines the investment activity of venture capital in the United States, stratified by both geography and choice of industries, and evaluates the effects of certain key macroeconomic variables. The entire period covered extends from 1995 until Quarter 1 of 2009. In addition, the data set is split into four subperiods: the boom years of 1995Q1 to 2000Q1, the bust period of 2000Q2 to 2003Q4, the boom years of 2004Q1 to 2007Q3, and the bust period of 2007Q4 to 2009Q1. For the entire period as well as the subperiods, the statistical results confirm the importance of both region and industry in explaining investment in venture capital in the United States. These are valid for all subperiods; even when faced with a multitude of effects caused by the current recession, industry and region are still the dominating causes of venture capital investment activity.
Emanuel Shachmurove, Esq., is managing partner of Shach Law LLC. He received his law degree from the University of Michigan Law School, where he was an associate editor of the Michigan Journal of Law Reform, and his bachelor of science in economics, cum laude, from The Wharton School at the University of Pennsylvania, where he was a Joseph Wharton Scholar.
Yochanan Shachmurove is professor of economics and business at the City College of the City University of New York, a member of the faculty of the PhD program in economics at the Graduate Center of the City University of New York, and a member of the visiting faculty at the University of Pennsylvania. Professor Shachmurove graduated from Tel Aviv University, Israel, with degrees in economics, and an MBA in finance and operations research. He received his MA in economics and PhD at the University of Minnesota under Nobel Laureate Thomas J. Sargent (chairman), Professor Neil Wallace, Nobel Laureate Christopher Sims, Nobel Laureate Professor Edward C. Prescott, and Professor Symord Geisser. Dr. Shachmurove has published extensively in the areas of economics and finance, and his papers have been accepted for presentation at professional meetings throughout the world. His papers are published in journals including, among others, Kyklos, Public Choice, The Manchester Journal, Review of International Economics, The World Economy, Journal of Policy Modeling, The Journal of Energy and Development, Comparative Economic Studies, Justice Quarterly, Papers in Regional Science, Journal of Economic and Social Measurement, Applied Economics, Global Finance Journal, Applied Financial Economics, Journal of Futures Markets, International Journal of Manpower, International Migration, and International Trade Journal.
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