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

A Bellucci; A Borisov; GIANLUCA GUCCIARDI; A Zazzaro

doi:10.1016/j.jbankfin.2022.106443

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

A Bellucci, A Borisov, GIANLUCA GUCCIARDI, A Zazzaro

Dipartimento di Studi per l'Economia e l'Impresa

Risultato della ricerca: Contributo su rivista › Articolo in rivista › peer review

Abstract

We examine possible reallocation effects generated by the COVID-19 outbreak by analyzing the patterns of venture capital (VC) investments around the globe. Using transaction-level data and exploiting the staggered nature of the spread of the virus, we document a shift in VC portfolios towards firms developing technologies relevant to an environment of social distancing and health pandemic concerns. A difference-in-differences analysis estimates significant increases in invested amount and number of deals in such areas. We show heterogenous effects related to the experience of VC investors, as well as their size and organizational form.

Lingua originale	Inglese
pagine (da-a)	1-20
Numero di pagine	20
Rivista	JOURNAL OF BANKING & FINANCE
Volume	147
Numero di pubblicazione	February 2023
DOI	https://doi.org/10.1016/j.jbankfin.2022.106443
Stato di pubblicazione	Pubblicato - 2023

Keywords

COVID-19
Healthcare
Investment
Pandemic
Venture capital

Accesso al documento

10.1016/j.jbankfin.2022.106443

https://hdl.handle.net/11579/205867

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abstract = "We examine possible reallocation effects generated by the COVID-19 outbreak by analyzing the patterns of venture capital (VC) investments around the globe. Using transaction-level data and exploiting the staggered nature of the spread of the virus, we document a shift in VC portfolios towards firms developing technologies relevant to an environment of social distancing and health pandemic concerns. A difference-in-differences analysis estimates significant increases in invested amount and number of deals in such areas. We show heterogenous effects related to the experience of VC investors, as well as their size and organizational form.",

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author = "A Bellucci and A Borisov and GIANLUCA GUCCIARDI and A Zazzaro",

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AB - We examine possible reallocation effects generated by the COVID-19 outbreak by analyzing the patterns of venture capital (VC) investments around the globe. Using transaction-level data and exploiting the staggered nature of the spread of the virus, we document a shift in VC portfolios towards firms developing technologies relevant to an environment of social distancing and health pandemic concerns. A difference-in-differences analysis estimates significant increases in invested amount and number of deals in such areas. We show heterogenous effects related to the experience of VC investors, as well as their size and organizational form.

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KW - Investment

KW - Pandemic

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ER -

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

Abstract

Keywords

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