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Economic Geography, Venture Capital and Focal Points of Entrepreneurial Activity

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  • Yochanan Shachmurove

    ()
    (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.

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Bibliographic Info

Paper provided by Penn Institute for Economic Research, Department of Economics, University of Pennsylvania in its series PIER Working Paper Archive with number 09-032.

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Length: 19 pages
Date of creation: 01 Aug 2009
Date of revision:
Handle: RePEc:pen:papers:09-032

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

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References

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  1. Mitchell Kellman & Trevor Roxo & Yochanan Shachmurove, 2003. "Entrepreneurial Failure and South Africa's Performance in the World Trading Environment," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, Pepperdine University, Graziadio School of Business and Management, vol. 8(3), pages 1-15, Fall.
  2. Amelie Constant & Yochanan Shachmurove & Klaus F. Zimmermann, 2003. "What Makes an Entrepreneur and Does It Pay?: Native Men, Turks, and Other Migrants in Germany," Discussion Papers of DIW Berlin 386, DIW Berlin, German Institute for Economic Research.
  3. Martin, John D. & Petty, J. William, 1983. "An Analysis of the Performance of Publicly Traded Venture Capital Companies," Journal of Financial and Quantitative Analysis, Cambridge University Press, Cambridge University Press, vol. 18(03), pages 401-410, September.
  4. Constant, Amelie F. & Shachmurove, Yochanan, 2003. "Entrepreneurial Ventures and Wage Differentials Between Germans and Immigrants," IZA Discussion Papers 879, Institute for the Study of Labor (IZA).
  5. Yochanan Shachmurove, 2009. "Entrepreneurship in Oman," PIER Working Paper Archive 09-026, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  6. Yochanan Shachmurove, 2006. "An Excursion into the Venture Capital Industry Stratified by Locations and Industries 1996-2005," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, Pepperdine University, Graziadio School of Business and Management, vol. 11(3), pages 79-104, Fall.
  7. Yochanan Shachmurove, 2001. "Annualized Returns of Venture-Backed Public Companies Categorized by Stage of Financing: An Empirical Investigation of IPOS in the Last Three Decades," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, Pepperdine University, Graziadio School of Business and Management, vol. 6(1), pages 44-58 , Spring.
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