Table 2. Three Tests of Validity of the Instrument

Panel A: Relationship between Changes in VC Investments in Start-Ups and Changes in VC Investments in Similar Start-Ups

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Note: Panel A estimates the relationship between changes in VC investments in start-ups and changes in VC investments in similar start-ups. Industries are defined by two-digit NAICS codes. Sources: BGT, Crunchbase, and the US Department of Labor.

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