Economic Geography, Venture Capital and Focal Points of Entrepreneurial Activity

Yochanan Shachmurove

PIER Working Paper Archive from Penn Institute for Economic Research, Department of Economics, University of Pennsylvania

Abstract: Economic geography receives limited consideration in the venture capital literature. This study utilizes thirty years of data concerning companies that initially were backed by venture capital. These firms are located in Entrepreneurial Focal Points in the United States, namely: California, Massachusetts, New York, Pennsylvania and Texas. How well do these companies operate once they go public? Do the scrutiny measures, expertise and financial backing that firms gain from the venture capitalists increase their annual and cumulative returns? The results show that returns on investment are adequate given their substantial risk.

Keywords: Annualized and cumulative returns; Venture Capital; Venture-Backed Public Companies; Active and Inactive firms; Pennsylvania; Massachusetts; California; Texas; New York (search for similar items in EconPapers)
JEL-codes: C12 D81 D92 E22 G12 G24 G3 M13 M21 O16 O3 (search for similar items in EconPapers)
Pages: 19 pages
Date: 2009-08-01
New Economics Papers: this item is included in nep-ent and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:pen:papers:09-032

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