Details about Benjamin Wache

Access statistics for papers by Benjamin Wache.

Last updated 2026-04-06. Update your information in the RePEc Author Service.

Short-id: pwa633

Working Papers

2026

1. When venture capital (VC) investment flows into a local economy, does it yield economic activity beyond the receiving ventures? While a large literature studies the effect of VC investments on venture-level activity, its consequences for broader economic activity are less well understood. We study the effect of VC investment flows on destination county employment, wages, and venture creation, using a novel instrument based on the ‘social connectedness’ of counties to major non-local sources of VC investment. Using detailed data on investor-to-venture VC flows, we find substantial positive effects: using instrumental-variable estimates, each million dollars invested into a county yields approximately one new venture, 41 jobs, and seven million dollars in payroll. We also document positive spillovers across industries, particularly toward those supplying VC-backed ventures—thereby contributing to the resource munificence of the local economy and its entrepreneurial ecosystem
   Tinbergen Institute Discussion Papers, Tinbergen Institute View citations (1)

2021

2. Information Frictions, Global Capital Markets, and the Telegraph
   VfS Annual Conference 2021 (Virtual Conference): Climate Economics, Verein für Socialpolitik / German Economic Association View citations (1)

2014

3. Wie groß ist der Einfluss von deutschen Wirtschaftsforschungsinstituten? Ein Ranking anhand von RePEc-Daten
   (How large is the influence of German economic research institutes? A ranking analysis using RePEc data)
   MPRA Paper, University Library of Munich, Germany View citations (1)

Journal Articles

2026

1. When venture capital comes to town: Local ecosystem effects beyond funded ventures
   Journal of Business Venturing, 2026, 41, (3)