A carregar...
Publicação
How macroeconomic conditions shape venture capital preferences
| Nome: | Descrição: | Tamanho: | Formato: | |
|---|---|---|---|---|
| 1.86 MB | Adobe PDF |
Autores
Orientador(es)
Resumo(s)
This thesis examines how U.S. monetary‐policy surprises influence venture‐capital activity
from January 2000 to December 2024. The 30-day Fed‐funds futures shocks are orthogonalized
against lagged industrial production and CPI, then decomposed into policy and information
shocks via equity-based sign restrictions. Aggregated monthly, these innovations are matched
to deal sizes, deal counts, funding stages, and sector allocations for ten VC firms. Static OLS
regressions understate the effects, while a VAR(4) reveals front-loaded liquidity responses to
rate shocks and “pause-then-play” dynamics following communication shocks. Sector and stage
specific response patterns indicate that investment timing reflects both liquidity availability and
uncertainty resolution.
Descrição
Palavras-chave
Venture capital Monetary policy Macroeconomic shocks Investment dynamics Capital allocation Policy transmission