Table 11.

Alternative Operationalization of Treatment – Extending the Pandemic-related definition. The analysis covers 62 bi-monthly periods from 01/01/2018 to 07/31/2020 and 126 countries. Broad Treated is an indicator that takes the value of 1 for investments in ventures with pandemic-related activities based on a broader definition of pandemic-related to include activities that could be affected not only by the spread of COVID-19 but also by the resultant lockdowns, and 0 otherwise. Treated is an indicator that takes the value of 1 for investments in ventures with pandemic-related activities, and 0 otherwise. Social Distancing is an indicator that takes the value of 1 for investments in ventures with social-distancing 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. 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)
Broad Treated × First Case	0.515***		0.065***
	(0.145)		(0.018)
Treated × First Case		0.485***		0.062***
		(0.138)		(0.017)
Social Distancing × First Case		0.496***		0.069***
		(0.139)		(0.020)
Observations	15,624	23,436	15,624	23,436
Adjusted R-squared	0.649	0.640	0.855	0.848
Country-Deal Category Fixed Effects	Yes	Yes	Yes	Yes
Time Fixed Effects	Yes	Yes	Yes	Yes
Country-Deal Category Trend	Yes	Yes	Yes	Yes