950 dyads of venture capitalists and German new ventures which have closed a financing round between January 2002 and … financing round help explain variations in spatial proximity. We find that spatial proximity is more likely for younger ventures … is more likely for consecutive financing rounds. Furthermore, we find the effects to be more pronounced for lead …

financing. Interestingly, entrepreneurs in planning versus early start-up stage portray different signaling effects, indicating …

stronger private equity markets in high volatility sectors over 1990-2004. These patterns are further evident in US investments …