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
Relatori
Tutor Prof.ssa MARTINELLI, ARIANNA
Relatore Prof. MINA, ANDREA
Relatore Prof. MINA, ANDREA
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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