Convergence in Venture Capital Investments across U.S. Regions: An Extension of the Ballinger et al. (2016) Study

Nicholas Apergis () and James Payne

Journal of Regional Analysis and Policy, 2017, vol. 48, issue 01

Abstract: In a recent study published in this journal, Ballinger et al. (2016) employ a battery of panel unit root tests to fund venture capital investment shares across U.S. regions are stationary (i.e., they find evidence of stochastic convergence). We endeavor to extend their analysis by exploring the possibility of distinct convergence clubs through the use of the Phillips and Sul (2007, 2009) approach. The Phillips-Sul club convergence results reveal that venture capital investments exhibit three distinct convergence clubs along with one region that portrays non-converging behavior.

Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:ags:jrapmc:339894

DOI: 10.22004/ag.econ.339894

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