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Geography and Industry Meets Venture Capital

  • Yochanan Shachmurove

    ()

    (Department of Economics, The City College of the City University of New York, and Department of Economics, University of Pennsylvania)

Do certain regions inherently enjoy an advantage in venture capital investment decisions? And how do industry characteristics affect venture capital activity? These questions fall under the reemerging study of economic geography, which suggests the importance of industrial location to economic decision making. Through the lens of economic geography, this paper examines the impact of industrial and regional characteristics on venture capital activities from 1996 to 2005. Analyzing venture capital data with nineteen regions and seventeen industries, this study affirms the significance of geography and industry to investment trends in venture capital.

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File URL: http://economics.sas.upenn.edu/system/files/working-papers/07-015.pdf
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Paper provided by Penn Institute for Economic Research, Department of Economics, University of Pennsylvania in its series PIER Working Paper Archive with number 07-015.

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Length: 34 pages
Date of creation: 30 Mar 2007
Date of revision:
Handle: RePEc:pen:papers:07-015
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  1. Venables, Anthony J, 1993. "Equilibrium Locations of Vertically Linked Industries," CEPR Discussion Papers 802, C.E.P.R. Discussion Papers.
  2. Behrens, Kristian, 2005. "Market size and industry location: Traded vs non-traded goods," Journal of Urban Economics, Elsevier, vol. 58(1), pages 24-44, July.
  3. Karen-Helene Midelfart & Henry G. Overman & Anthony J. Venables, 2003. "Monetary Union and the Economic Geography of Europe," Journal of Common Market Studies, Wiley Blackwell, vol. 41(5), pages 847-868, December.
  4. Henry G. Overman & Stephen Redding & Anthony J. Venables, 2001. "The economic geography of trade, production, and income: a survey of empirics," LSE Research Online Documents on Economics 3712, London School of Economics and Political Science, LSE Library.
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  6. Constant, Amelie & Shachmurove, Yochanan & Zimmermann, Klaus F, 2004. "What Makes an Entrepreneur and Does it Pay? Native Men, Turks and Other Migrants in Germany," CEPR Discussion Papers 4207, C.E.P.R. Discussion Papers.
  7. Krugman, Paul, 1998. "What's New about the New Economic Geography?," Oxford Review of Economic Policy, Oxford University Press, vol. 14(2), pages 7-17, Summer.
  8. Stephen Redding & Anthony J. Venables, 2001. "Economic geography and international inequality," LSE Research Online Documents on Economics 3714, London School of Economics and Political Science, LSE Library.
  9. Krugman, Paul & Venables, Anthony J, 1993. "Integration, Specialization and Adjustment," CEPR Discussion Papers 886, C.E.P.R. Discussion Papers.
  10. Michael Storper & Anthony J. Venables, 2003. "Buzz: Face-to-Face Contact and the Urban Economy," CEP Discussion Papers dp0598, Centre for Economic Performance, LSE.
  11. Diego Puga, 1996. "The Spread of Industry: Spatial Agglomeration in Economic Development," CEP Discussion Papers dp0279, Centre for Economic Performance, LSE.
  12. 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).
  13. Olga Alonso Villar, 2004. "The effects of transport costs revisited," Working Papers 0407, Universidade de Vigo, Departamento de Economía Aplicada.
  14. Carol Robbins, 2006. "The Impact of Gravity-Weighted Knowledge Spillovers on Productivity in Manufacturing," The Journal of Technology Transfer, Springer, vol. 31(1), pages 45-60, 01.
  15. Tomoya Mori & Koji Nishikimi & Tony E. Smith, 2004. "A Divergence Statistic for Industrial Localization," KIER Working Papers 587, Kyoto University, Institute of Economic Research.
  16. Amir Shachmurove & Yochanan Shachmurove, 2004. "Annualized and Cumulative Returns on Venture-Backed Public Companies Categorized by Industry," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 9(3), pages 41-60, Fall.
  17. Masahisa Fujita & Paul Krugman, 2003. "The new economic geography: Past, present and the future," Papers in Regional Science, Springer, vol. 83(1), pages 139-164, October.
  18. Kurt Geppert & Martin Gornig & Axel Werwatz, 2006. "Economic Growth of Agglomerations and Geographic Concentration of Industries – Evidence for Germany," SFB 649 Discussion Papers SFB649DP2006-008, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
  19. Krugman, Paul, 1994. "Complex Landscapes in Economic Geography," American Economic Review, American Economic Association, vol. 84(2), pages 412-16, May.
  20. Anthony J. Venables, 2003. "Spatial Disparities in Developing Countries: Cities, Regions and International Trade," CEP Discussion Papers dp0593, Centre for Economic Performance, LSE.
  21. Michael Devereux & Rachel Griffith & Helen Simpson, 1999. "The geographic distribution of production activity in the UK," IFS Working Papers W99/26, Institute for Fiscal Studies.
  22. Krugman, Paul, 1991. "Increasing Returns and Economic Geography," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 483-99, June.
  23. Yochanan Shachmurove, 2009. "Entrepreneurship in Oman," PIER Working Paper Archive 09-026, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  24. Emanuel Shachmurove & Yochanan Shachmurove, 2004. "Annualized Returns of Ventured-Backed Public Companies Stratified by Decades and by Stages of Financing," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 9(2), pages 109-123, Summer.
  25. Olav Sorenson & Jan W. Rivkin & Lee Fleming, 2010. "Complexity, Networks and Knowledge Flows," Chapters, in: The Handbook of Evolutionary Economic Geography, chapter 15 Edward Elgar.
  26. Krugman, Paul, 1995. "Innovation and agglomeration: Two parables suggested by city-size distributions," Japan and the World Economy, Elsevier, vol. 7(4), pages 371-390, November.
  27. Paul Krugman & Anthony Venables, 1993. "Integration, Specialization, and the Adjustment," NBER Working Papers 4559, National Bureau of Economic Research, Inc.
  28. Venables, Anthony J, 1998. "The Assessment: Trade and Location," Oxford Review of Economic Policy, Oxford University Press, vol. 14(2), pages 1-6, Summer.
  29. 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, vol. 8(3), pages 1-15, Fall.
  30. Stephen Redding & Anthony J. Venables, 2002. "The Economics of Isolation and Distance," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 28, pages 93-108.
  31. Scott, Allen J., 2006. "The Changing Global Geography of Low-Technology, Labor-Intensive Industry: Clothing, Footwear, and Furniture," World Development, Elsevier, vol. 34(9), pages 1517-1536, September.
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