Tesi etd-10042025-160619
Link copiato negli appunti
Tipo di tesi
Corso Ordinario Secondo Livello
Autore
RONCO, UMBERTO
URN
etd-10042025-160619
Titolo
An Analysis of Venture Capital Investments in Hot Markets
Struttura
Classe Scienze Sociali
Corso di studi
SCIENZE ECONOMICHE E MANAGERIALI - SCIENZE ECONOMICHE E MANAGERIALI
Commissione
Tutor Prof.ssa MARTINELLI, ARIANNA
Relatore Prof. MINA, ANDREA
Presidente Prof. MONETA, ALESSIO
Membro Dott.ssa POCEK, JASNA
Membro Prof. FREY, MARCO
Membro Prof. DI MININ, ALBERTO
Membro Prof. BELLE', NICOLA
Relatore Prof. MINA, ANDREA
Presidente Prof. MONETA, ALESSIO
Membro Dott.ssa POCEK, JASNA
Membro Prof. FREY, MARCO
Membro Prof. DI MININ, ALBERTO
Membro Prof. BELLE', NICOLA
Parole chiave
- Venture Capital
- Empirical Analysis
- Econometric Analysis
- Economics of Innovation
Data inizio appello
27/11/2025;
Disponibilità
completa
Riassunto analitico
This thesis tests whether first-round VC investments made in “hot” sectors—sectors attracting unusually high VC activity in a given quarter—perform differently from investments made in non-hot periods. Using Orbis M&A data for OECD countries (1997–2014) matched to exits observed through 2024, I define sector hotness via a threshold on the sector’s share of total VC deals and estimate logit/probit and value regressions with extensive fixed effects and standard controls. The results indicate that hot-sector investments have a lower probability of exit and, conditional on exit, lower proceeds; robustness checks confirm the pattern. Complementary evidence from Orbis IP shows no systematic advantage in patenting outcomes for hot-sector deals, consistent with weaker selection rather than superior opportunities.
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