FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W329543725> ?p ?o ?g. }

• W329543725 startingPage "131" @default.
• W329543725 abstract "I. INTRODUCTION This paper uses thirty-five years of data about the venture capital industry stratified by locations of the enterprises. The paper investigates annual and cumulative returns of companies located in the main centers of venture capital activities, and which were initially backed by venture capitalists. These entrepreneurs keep a stake in the companies once the companies go public. How well are these companies doing once they go public? Do the scrutiny measures, expertise and financial backing that firms gain from the venture capitalists increase their annual and cumulative returns? This paper shows that based on historical statistics, the total returns of these firms are reasonable given the level of risk involved in investment in these companies. This is done by concentrating on the main centers of gravity as far as enterprises backed by venture capital funds. These centers are located in the states of California, Massachusetts, New York, Pennsylvania, and Texas. The pioneering works of the 2008 Nobel Laureate, Paul Krugman, who reintroduces economic geography to economics and finance, motivate this paper. In his work Krugman begins from the observation that economic activity is not randomly uniformly distributed across space. A broadly held perception is that the required rates of return for investing in public companies that were backed by venture capitalists are high. For example, the top performing active Californian firms in the data used in this study had an annual return of 1,813 percent and the maximum cumulative return for one of the Californian firms is an incredible 35,621 percent during the period of the study. Numbers similar to these obscure the facts that there are many other companies which stop their operations all together and become inactive, or have significantly lower returns while active. The paper is organized into the following sections. Section II presents a brief review of the literature while Section III describes the data. Section IV presents the empirical findings for annualized and cumulative rates of return for all firms and for firms stratified as currently active or inactive for the states of California, Massachusetts, New York, Pennsylvania, and Texas. Section V concludes. II. REVIEW OF THE LITERATURE Economic geography has moved to the forefront of research due to the works of the 2008 Nobel laureate, Paul Krugman who was awarded the Prize for his analysis of trade patterns and location of economic activity. Although economic geography is a focus of both international economists and industrial organization researchers, it has received limited consideration in the venture capital literature. In order to gain an understanding of economic geography, the study of location is essential. The reemergence of economic geography theory can be attributed to the pioneering works of Krugman (1991 and 1998). Bruno, Leidecker and Harder (1986) analyze patterns of failure among Silicon Valley high technology firms. Returns of venture capital firms are studied by Murphy (1956), Poindexter (1976), Hoban (1976) Martin and Petty (1983), Ibbotson and Brinson (1987), Roberts and Stevenson (1992), Rich and Gumpert (1992), Bygrave and Timmons (1992), Timmons (1999) and Venture Economics (1997). The issues related to the questions of what motivate entrepreneurial activities have been studied by, among others, Constant and Shachmurove (2006); Constant, Shachmurove and Zimmermann (2007); and Kellman, Roxo and Shachmurove (2003). Shachmurove (2007) relates entrepreneurial activities to innovations and international trade. The venture capital industries are studied using survey data in Shachmurove (2001 and 2006). This paper uses actual data rather than survey data and concentrates on entrepreneurial centers of gravity in the U.S., i.e., the states of California, Massachusetts, New York, Pennsylvania, and Texas. III. …" @default.
• W329543725 created "2016-06-24" @default.
• W329543725 creator A5012356819 @default.
• W329543725 date "2010-03-22" @default.
• W329543725 modified "2023-09-25" @default.
• W329543725 title "Major U.S. States as Centers of Venture Backed Entrepreneurial Activities" @default.
• W329543725 cites W1499059862 @default.
• W329543725 cites W1577898010 @default.
• W329543725 cites W1601636659 @default.
• W329543725 cites W1994539481 @default.
• W329543725 cites W2140753907 @default.
• W329543725 cites W2153104251 @default.
• W329543725 cites W2991956894 @default.
• W329543725 cites W3121339336 @default.
• W329543725 cites W3121519629 @default.
• W329543725 cites W3126006022 @default.
• W329543725 cites W80201989 @default.
• W329543725 cites W87016819 @default.
• W329543725 cites W90352198 @default.
• W329543725 hasPublicationYear "2010" @default.
• W329543725 type Work @default.
• W329543725 sameAs 329543725 @default.
• W329543725 citedByCount "0" @default.
• W329543725 crossrefType "journal-article" @default.
• W329543725 hasAuthorship W329543725A5012356819 @default.
• W329543725 hasConcept C10138342 @default.
• W329543725 hasConcept C12559387 @default.
• W329543725 hasConcept C134827381 @default.
• W329543725 hasConcept C144133560 @default.
• W329543725 hasConcept C162324750 @default.
• W329543725 hasConcept C17744445 @default.
• W329543725 hasConcept C199539241 @default.
• W329543725 hasConcept C21279758 @default.
• W329543725 hasConcept C27548731 @default.
• W329543725 hasConcept C2776050585 @default.
• W329543725 hasConcept C94625758 @default.
• W329543725 hasConceptScore W329543725C10138342 @default.
• W329543725 hasConceptScore W329543725C12559387 @default.
• W329543725 hasConceptScore W329543725C134827381 @default.
• W329543725 hasConceptScore W329543725C144133560 @default.
• W329543725 hasConceptScore W329543725C162324750 @default.
• W329543725 hasConceptScore W329543725C17744445 @default.
• W329543725 hasConceptScore W329543725C199539241 @default.
• W329543725 hasConceptScore W329543725C21279758 @default.
• W329543725 hasConceptScore W329543725C27548731 @default.
• W329543725 hasConceptScore W329543725C2776050585 @default.
• W329543725 hasConceptScore W329543725C94625758 @default.
• W329543725 hasIssue "2" @default.
• W329543725 hasLocation W3295437251 @default.
• W329543725 hasOpenAccess W329543725 @default.
• W329543725 hasPrimaryLocation W3295437251 @default.
• W329543725 hasRelatedWork W1518446500 @default.
• W329543725 hasRelatedWork W15618641 @default.
• W329543725 hasRelatedWork W1607704768 @default.
• W329543725 hasRelatedWork W2026459934 @default.
• W329543725 hasRelatedWork W2055171845 @default.
• W329543725 hasRelatedWork W2114880344 @default.
• W329543725 hasRelatedWork W2167623129 @default.
• W329543725 hasRelatedWork W2339988774 @default.
• W329543725 hasRelatedWork W2342946232 @default.
• W329543725 hasRelatedWork W2491512358 @default.
• W329543725 hasRelatedWork W2582395207 @default.
• W329543725 hasRelatedWork W2980695284 @default.
• W329543725 hasRelatedWork W3122765032 @default.
• W329543725 hasRelatedWork W3124087240 @default.
• W329543725 hasRelatedWork W3214545169 @default.
• W329543725 hasRelatedWork W47171079 @default.
• W329543725 hasRelatedWork W568511035 @default.
• W329543725 hasRelatedWork W70235652 @default.
• W329543725 hasRelatedWork W2188926282 @default.
• W329543725 hasRelatedWork W2521196000 @default.
• W329543725 hasVolume "15" @default.
• W329543725 isParatext "false" @default.
• W329543725 isRetracted "false" @default.
• W329543725 magId "329543725" @default.
• W329543725 workType "article" @default.