Liquidity Risk and Venture Capital Finance

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What is the effect of the financial crisis on venture capital financing? Empirical evidence from US Internet start-ups (2009, result): “13 This argument is also supported by a paper of Cumming, Flemming, and Schwienbacher ( 2005 ), who show that when exit markets are illiquid VC investors invest proportionally more in early-stage projects; in turn, when exit markets are liquid VCs invest more in later-stage ventures.”
FinTech venture capital (2018, background): “First, with respect to booms and busts in general, booms and busts in VC investment have been documented by Buzzacchi, Scellato, and Ughetto (2015), Cumming, Fleming, and Schwienbacher (2005), and Gompers and Lerner (1999), among others.”
Venture capital investments and the technological performance of portfolio firms (2016, unknown): “, 2009), governance (Lerner, 2009), cyclicality and stage distribution of investments (Kaplan and Schoar, 2005; Cumming et al., 2005; Lahr and Mina, 2014), and the overall returns and long-term sustainability of the VC investment model (Mason, 2009; Lerner, 2011; Mulcahy et al.”
Investment Cycles and Startup Innovation (2013, unknown): “…explanation, however, it is possible that hot markets may make investors more willing to experiment, and hence change the type of investments they are willing to make, toward more risky, innovative startups in the market (Fleming, Schwienbacher, and Cumming, 2005, and Nanda and Rhodes-Kropf, 2012).”