Why does the level of venture capital activity vary across countries? This study suggests that the variation can be attributed to the different levels of formal institutional development. Further, this study proposes that venture capitalists respond differently to the incentives provided by...

We demonstrate a spiky globalization pattern in the cross-border spread of venture capital: rather than being uniformly distributed, cross-border venture capital flows are unevenly distributed, in that certain regions of the U.S. display particularly intense linkages with certain foreign...