Rivalry and the dynamic instability of venture capital investment shares
T. Ballinger (),
Bradley Ewing () and
Mark A. Thompson
Applied Economics Letters, 2013, vol. 20, issue 12, 1150-1154
This article examines the time-series properties of the US venture capital investments (VCI) to determine whether or not various sectors compete in the same market for venture capital funds. Using a battery of unit root tests, we find substantial evidence that VCI shares are nonstationary. Our findings are consistent with a high degree of rivalry for VCI among the different sectors.
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