This paper examines the impact of venture capital (VC) investments supported by the EIF on the financial growth and performance of young and innovative firms. Using a novel dataset covering European start-ups supported by VC in the years 2007 to 2014, we generate a counterfactual group of...

We empirically compare the contributions of venture capital (VC) and private equity (PE) backed firms, including those backed by government subsidized Innovation Investment Funds (IIFs), in the Australian economy by analyzing employment, R&D, patents, time to IPO, and market capitalization from...

We empirically compare the contributions of venture capital (VC) and private equity (PE) backed firms, including those backed by government subsidized Innovation Investment Funds (IIFs), to the Australian economy by analyzing employment, R&D, patents, time to IPO, and market capitalization from...

We provide evidence on the value of patents to startups by leveraging the quasi-random assignment of applications to examiners with different propensities to grant patents. Using unique data on all first-time applications filed at the U.S. Patent Office since 2001, we find that startups that win...

Cross-border investments represent a substantial share of venture capital activities. We use a new and comprehensive dataset on worldwide investments to analyze the internationalization of venture capital financing. Our results from the perspectives of (i) venture capitalists, (ii) portfolio...

We examine the drivers of venture capital financing raised by companies in 162 countries over 22 years from 2000 to 2021, using a novel combination of two venture capital databases Crunchbase and Refinitiv (previously known as VentureXpert). We show that at the firm level companies raise less...

This paper explores how a prominent place-based policy in China, the national high-tech zones, affects local innovation output and entrepreneurial activities. Relying on plausible exogenous variation in place-based policies caused by staggered establishments of national high-tech zones, we find...

In the attempt to boost innovation, policy-makers have enacted a myriad of programs targeting innovative start-ups in recent years. Empirical evidence on these initiatives has almost exclusively focused on national-level programs, overlooking those implemented at the local level. This paper...