The Staging of Venture Capital Investment During the Financial Crisis of 2007-2009: A View From The Information Technology Sector

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2013
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Haverford College. Department of Economics
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Thesis
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Award
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eng
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Haverford users only
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Abstract
Venture capital has been a central source of finance for commercializing radical innovations in the United States economy over the past several decades. The emergence of new industries such as semi-conductors, biotechnology and the Internet, have been driven in large part by the availability of venture capital for new startups. Therefore, this study addresses how the 2007-2009 financial crisis affected venture capital investment for startups firms. Using data from the Information Technology sector we examine the effect of the crisis on the four investment stages of venture capital which are categorized based on a firms stage of development: seed stage, early stage, expansion stage, and later stage. We hypothesize that during the financial crisis seed and early stage firms experience no change in investment relative to later stage firms.
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