Abstract

http://ssrn.com/abstract=1460823
 


 



Economic Geography, Venture Capital and Focal Points of Entrepreneurial Activity


Yochanan Shachmurove


The City College of The City University of New York - Department of Economics; The University of Pennsylvania - Department of Economics

August 24, 2009

PIER Working Paper No. 09-032

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.

Number of Pages in PDF File: 20

Keywords: Annualized and cumulative returns, Venture Capital, Venture-Backed Public Companies, Active and Inactive firms, Pennsylvania, Massachusetts, California, Texas, New York

JEL Classification: C12, D81, D92, E22, G12, G24, G3, M13, M21, O16, O3

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Date posted: August 24, 2009  

Suggested Citation

Shachmurove, Yochanan, Economic Geography, Venture Capital and Focal Points of Entrepreneurial Activity (August 24, 2009). PIER Working Paper No. 09-032. Available at SSRN: http://ssrn.com/abstract=1460823 or http://dx.doi.org/10.2139/ssrn.1460823

Contact Information

Yochanan Shachmurove (Contact Author)
The City College of The City University of New York - Department of Economics ( email )
160 Convent Avenue
New York, NY 10031
United States
212-650-6202 (Phone)
The University of Pennsylvania - Department of Economics ( email )
3718 Locust Walk
Philadelphia, PA 19104
United States
215-898-1090 (Phone)
215-573-2057 (Fax)
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