Table A.8.
Common Trend Assumption (Autor test). The analysis covers 62 bi-monthly periods from 01/01/2018 to 07/31/2020 and 126 countries. Pre-treatment are interactions of the treatment indicator and time-dummies for pre-treatment periods. Treatment Point is the interaction of the treatment indicator and a time indicator for the first period of treatment. Post-treatment are interactions of the treatment indicator and time-dummies for post-treatment periods. Post-treatment (all) is interaction of the treatment indicator and an indicator equal to 1 during the entire post-treatment window. Post-treatment (phase 1) and Post-treatment (phase 2) are interactions of the treatment indicator and indicators for each of two average post-treatment periods (where the first phase covers the first 8 bi-monthly periods after the first case and the second phase covers the second 7 bi-monthly periods) 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.
| Dependent Variable | VC invested amount |
Number VC transactions |
||||
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Pre-treatment 10 | −0.083 | −0.083 | −0.084 | −0.033 | −0.033 | −0.033 |
| (0.246) | (0.246) | (0.245) | (0.032) | (0.032) | (0.032) | |
| Pre-treatment 9 | 0.033 | 0.033 | 0.032 | −0.036 | −0.036 | −0.036 |
| (0.226) | (0.226) | (0.226) | (0.027) | (0.027) | (0.027) | |
| Pre-treatment 8 | 0.020 | 0.020 | 0.019 | −0.017 | −0.017 | −0.017 |
| (0.224) | (0.224) | (0.224) | (0.032) | (0.032) | (0.032) | |
| Pre-treatment 7 | −0.126 | −0.126 | −0.127 | −0.063** | −0.063** | −0.063** |
| (0.209) | (0.209) | (0.209) | (0.030) | (0.029) | (0.029) | |
| Pre-treatment 6 | −0.113 | −0.113 | −0.114 | −0.034 | −0.034 | −0.034 |
| (0.253) | (0.253) | (0.253) | (0.031) | (0.031) | (0.031) | |
| Pre-treatment 5 | −0.228 | −0.228 | −0.229 | −0.014 | −0.014 | −0.014 |
| (0.233) | (0.232) | (0.232) | (0.033) | (0.033) | (0.033) | |
| Pre-treatment 4 | −0.018 | −0.020 | −0.021 | −0.025 | −0.025 | −0.025 |
| (0.241) | (0.241) | (0.241) | (0.035) | (0.035) | (0.035) | |
| Pre-treatment 3 | −0.141 | −0.144 | −0.145 | −0.005 | −0.006 | −0.006 |
| (0.209) | (0.210) | (0.210) | (0.027) | (0.026) | (0.026) | |
| Pre-treatment 2 | 0.309 | 0.309 | 0.308 | −0.025 | −0.026 | −0.026 |
| (0.246) | (0.247) | (0.247) | (0.024) | (0.024) | (0.024) | |
| Treatment Point | 0.099 | 0.086 | 0.091 | 0.040 | 0.036 | 0.037 |
| (0.210) | (0.210) | (0.213) | (0.032) | (0.031) | (0.031) | |
| Post-treatment 1 | 0.463* | 0.074** | ||||
| (0.244) | (0.035) | |||||
| Post-treatment 2 | 0.359 | 0.045 | ||||
| (0.244) | (0.031) | |||||
| Post-treatment 3 | 0.093 | 0.009 | ||||
| (0.212) | (0.026) | |||||
| Post-treatment 4 | 0.123 | −0.014 | ||||
| (0.225) | (0.027) | |||||
| Post-treatment 5 | 0.414* | 0.022 | ||||
| (0.248) | (0.031) | |||||
| Post-treatment 6 | 0.588** | 0.058* | ||||
| (0.239) | (0.031) | |||||
| Post-treatment 7 | 0.348 | 0.042 | ||||
| (0.258) | (0.030) | |||||
| Post-treatment 8 | 0.099 | 0.045 | ||||
| (0.236) | (0.030) | |||||
| Post-treatment 9 | 0.324 | 0.047 | ||||
| (0.278) | (0.032) | |||||
| Post-treatment 10 | 0.618 | 0.077 | ||||
| (0.471) | (0.055) | |||||
| Post-treatment (phase 1) | 0.311** | 0.036* | ||||
| (0.146) | (0.021) | |||||
| Post-treatment (phase 2) | 0.417 | 0.062* | ||||
| (0.286) | (0.033) | |||||
| Post-treatment (all) | 0.327** | 0.040* | ||||
| (0.153) | (0.021) | |||||
| Observations | 15,624 | 15,624 | 15,624 | 15,624 | 15,624 | 15,624 |
| Adjusted R-squared | 0.676 | 0.676 | 0.676 | 0.861 | 0.860 | 0.860 |
| Country-Deal Category FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Time FE | Yes | Yes | Yes | Yes | Yes | Yes |