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The Reallocation Effects of COVID-19: Evidence from Venture Capital Investments around the World

Andrea Bellucci (), Alexander Borisov (), Gianluca Gucciardi () and Alberto Zazzaro ()
Additional contact information
Alexander Borisov: Carl H. Lindner College of Business, University of Cincinnati
Gianluca Gucciardi: European Commission, Joint Research Centre (JRC)

No 167, Mo.Fi.R. Working Papers from Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences

Abstract: We examine possible reallocation effects on venture capital (VC) investment due to the spread of COVID-19 around the globe. Exploiting the staggered nature of the pandemic and transactionlevel data, we empirically document a shift of venture capital towards deals in pandemic-related categories. A difference-in-differences analysis estimates significant increases in invested amount and number of deals in such categories. We further highlight several heterogenous effects related to the experience of VC investors, their organizational form, and country of origin. Our results underscore the link between the spread of the pandemic and the functioning of the VC market around the world.

Keywords: Venture Capital; Investment; COVID-19; Healthcare; Pandemic (search for similar items in EconPapers)
JEL-codes: D81 E22 E44 F21 G24 (search for similar items in EconPapers)
Pages: 36
Date: 2020-10
New Economics Papers: this item is included in nep-cfn and nep-mac
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