Cyclical comovements in energy-related venture capital investments

摘要

This article examines the cyclical comovements of venture capital investments in the energy sector and key macroeconomic variables. In particular, we decompose the cyclical component of two venture capital investment series (clean technology and industrial/energy) and several macroeconomic factors including oil prices. A number of important cyclical relationships are documented such as increases in crude oil prices tend to signal future venture capital investment in both energy-related sectors and these investments tend to move concurrently with movements in the overall economy