Table 6.

Excluding Major VC Markets. The analysis covers 62 bi-monthly periods from 01/01/2018 to 07/31/2020 and 126 countries. Treated is an indicator that takes the value of 1 for investments in ventures with pandemic-related activities, and 0 otherwise. First Case is an indicator that takes the value of 1 for periods after the beginning of the spread of COVID-19 (i.e., after the first confirmed case) in country c, and 0 otherwise. US (CN) are indicators that take the value of 1 for deals involving entrepreneurial firms in US (China). VC US (VC CN) are indicators that take the value of 1 for deals by VC firms from US (China). The table reports coefficient estimates followed by standard errors, clustered at country level, in parentheses. ***, **, and * indicate statistical significance at the 1%, 5%, and 10% level, respectively.

	VC invested amount		Number VC transactions
Dependent Variable	(1)	(2)	(3)	(4)
Treated × First Case	0.432***	0.472***	0.060***	0.064***
	(0.141)	(0.148)	(0.018)	(0.017)
Treated × First Case × US	0.280**		−0.166***
	(0.113)		(0.015)
Treated × First Case × CN	0.441***		−0.034**
	(0.130)		(0.017)
Treated × First Case × VC US		0.206		−0.099***
		(0.135)		(0.017)
Treated × First Case × VC CN		0.259*		−0.035*
		(0.147)		(0.018)
Observations	15,624	15,624	15,624	15,624
Adjusted R-squared	0.669	0.661	0.857	0.859
Country-Deal Category Fixed Effects	Yes	Yes	Yes	Yes
Time Fixed Effects	Yes	Yes	Yes	Yes
Country-Deal Category Trend	Yes	Yes	Yes	Yes