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Applied Economics Letters Volume 20, 2013 - Issue 12
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Original Articles

Rivalry and the dynamic instability of venture capital investment shares

T. Parker Ballinger Department of Economics and Finance, Stephen F. Austin State University, Nacogdoches, TX, USA
,
Bradley T. Ewing Texas Tech University, Rawls College of Business, Lubbock, TX, USA
&
Mark A. Thompson Texas Tech University, Rawls College of Business, Lubbock, TX, USACorrespondence[email protected]
Pages 1150-1154 | Published online: 03 Jun 2013
 
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Abstract

This article examines the time-series properties of the US venture capital investments (VCI) to determine whether or not various sectors compete in the same market for venture capital funds. Using a battery of unit root tests, we find substantial evidence that VCI shares are nonstationary. Our findings are consistent with a high degree of rivalry for VCI among the different sectors.

JEL Classification:

Notes

1 See Elliot et al. (1996) for further discussion of the de-trending procedure.

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