Manor Road Seminar Room D

Joint work by Hashmat Khan, Department of Economics Carleton University & Pythagoras Petratos, Blavatnik School of Government University of Oxford

We consider US venture capital (VC) activity as a measure of entrepreneurship and study its relationship with the business cycle. This novel measure presents significant advantages and addresses some biases relative to previously used measures. Another contribution of this paper is to analyze how fluctuations in economic activity are related to VC activity in different industry types. We find that VC activity is highly procyclical at the aggregate level. It neither leads nor lags economic activity, a pattern also confirmed by the presence of bi-directional Granger-causality. By contrast, VC activity at the industry level exhibits substantial heterogeneity with procyclical, countercyclical, and acyclical patterns. Likewise, the Granger-causality evidence also varies across industries. Our findings contribute to a better understanding of the relationship between the business cycle and entrepreneurial VC activity, and help inform policy decisions.

Pythagoras N. Petratos is doing research with the Blavatnik School of Government, University of Oxford.

He is also a Senior Fellow and Associate Researcher Conservatoire national des arts et métiers (CNAM), Paris and (Visiting) Assistant Professor at AUE.

Before, he was a Departmental Lecturer in Finance at Saïd Business School, University of Oxford and he has taught at numerous Universities as ESCP and University of London.

He earned his Ph.D. at the University of London and he has master degrees in, Software Engineering (University of Oxford), Economics (University of London), Politics and Policy (University of London), and Finance (Cass Business School, University of London).

He is a member of many professional organizations and has presented at various conferences, universities (Oxford, Cambridge, Harvard/MIT, U.S. Naval War College, etc.) and cooperated with international organizations (i.e. OECD, World Bank, WHO), including an internship at United Nations (ITU). He has been invited to NATO in senior delegations of academics and think tankers.

His main research interests are entrepreneurial and project finance, with a focus in health finance, business cycles, risk management as well as cybersecurity risk management and investment.


Research Themes

Research Programmes