Table 8.

Alternative Operationalization of Treatment – Excluding Groups of Words from the Pandemic-related Definition. The analysis covers 62 bi-monthly periods from 01/01/2018 to 07/31/2020 and 126 countries. Treated (–“group i”) is an indicator that takes the value of 1 for investments in ventures with pandemic-related activities (excluding the respective group of words “group i” from the definition of pandemic-related), 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. 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)	(5)	(6)	(7)	(8)	(9)	(10)
Treated (–“biology”) × First Case	0.474***					0.064***
	(0.141)					(0.015)
Treated (–“pharmaceutical”) × First Case		0.462***					0.064***
		(0.142)					(0.015)
Treated (–“medicine”) × First Case			0.402***					0.059***
			(0.131)					(0.014)
Treated (–“health”) × First Case				0.367***					0.044***
				(0.136)					(0.014)
Treated (–“supply chain”) × First Case					0.481***					0.064***
					(0.141)					(0.016)
Observations	15,624	15,624	15,624	15,624	15,624	15,624	15,624	15,624	15,624	15,624
Adjusted R-squared	0.663	0.659	0.661	0.666	0.662	0.498	0.484	0.503	0.516	0.489
Country-Deal Category Fixed Effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Time Fixed Effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Country-Deal Category Trend	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes