Venture Capital and Startup Agglomeration

We are indebted to Antoinette Schoar (the editor), an associate editor, and two anonymous referees for many constructive and illuminating comments and suggestions. We also thank Ferhat Akbas, Foly Ananou (discussant), Ehsan Azarmsa, Dominique Badoer, Oleg Bondarenko, Joan Farre-Mensa, Zhaoyang Gu (discussant), Song Ma, Dermot Murphy, Ramana Nanda, Manju Puri and Tengjia Shu as well as seminar participants at Renmin University of China, University of Illinois Chicago, Office of the Comptroller of the Currency (OCC), the 34th Australasian Finance and Banking Conference, the Fourteenth Annual Conference on Innovation Economics for helpful conversations and commentary, and the organizers of the 2022 Western Finance Association (WFA) Meetings and 2022 Financial Intermediation Research Society (FIRS) Conference for accepting our paper. A previous version of this paper was circulated under the title “Venture Capitalists’ Access to Finance and Its Impact on Startups.” Data on U.S. banks’ venture capital revenue used in this paper is available here: https://github.com/michaelewens/Banks-In-VC. Ewens has advised and received financial support from Correlation Ventures. Correlation Ventures provided some of the data, but did not have the right to review results. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• Data on banks investment in VC

• August 30, 2021
• June 12, 2023
• June 24, 2024