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Convergence in Venture Capital Investments across U.S. Regions: An Extension of the Ballinger et al. (2016) Study

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  • Apergis, Nicholas
  • Payne, James E.

Abstract

In a recent study published in this journal, Ballinger et al. (2016) employ a battery of panel unit root tests to fund venture capital investment shares across U.S. regions are stationary (i.e., they find evidence of stochastic convergence). We endeavor to extend their analysis by exploring the possibility of distinct convergence clubs through the use of the Phillips and Sul (2007, 2009) approach. The Phillips-Sul club convergence results reveal that venture capital investments exhibit three distinct convergence clubs along with one region that portrays non-converging behavior.

Suggested Citation

  • Apergis, Nicholas & Payne, James E., 2017. "Convergence in Venture Capital Investments across U.S. Regions: An Extension of the Ballinger et al. (2016) Study," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 48(1), November.
    • Handle: RePEc:ags:jrapmc:339894
    DOI: 10.22004/ag.econ.339894
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    1. Peter C. B. Phillips & Donggyu Sul, 2009. "Economic transition and growth," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 24(7), pages 1153-1185, November.
    2. Peter C. B. Phillips & Donggyu Sul, 2007. "Transition Modeling and Econometric Convergence Tests," Econometrica, Econometric Society, vol. 75(6), pages 1771-1855, November.
    3. Hodrick, Robert J & Prescott, Edward C, 1997. "Postwar U.S. Business Cycles: An Empirical Investigation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(1), pages 1-16, February.
    4. Apergis, Nicholas & Payne, James E., 2017. "Per capita carbon dioxide emissions across U.S. states by sector and fossil fuel source: Evidence from club convergence tests," Energy Economics, Elsevier, vol. 63(C), pages 365-372.
    5. Ballinger, T. Parker & Habegger, Wendy & Jones, Clifton T. & Thompson, Mark A., 2016. "Convergence in Venture Capital Investments: Evidence from a Panel of 18 US Regions," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 46(2), December.
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