The Short-Run Eff ects of GDPR on Technology Venture Investment
Jian Jia Ginger Zhe Jiny Liad Wagmanz
November 5, 2018
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Abstract
The General Data Protection Regulation (GDPR) came into e ect in the European
Union in May 2018. We study its short-run impact on investment in new and emerging
technology rms. Our ndings indicate negative post-GDPR e ects on EU ventures,
relative to their US counterparts. The negative e ects manifest in the overall dollar
amounts raised across funding deals, the number of deals, and the dollar amount raised
per individual deal.
Keywords: Data, regulation, GDPR, investment, venture nancing
JEL Codes: L13, D8, L5, L15, D43
Stuart School of Business, Illinois Institute of Technology. Email: jjia5@hawk.iit.edu. Jia gratefully
acknowledges support from the NET Institute (http://www.netinst.org/).
yUniversity of Maryland & NBER. Email: jin@econ.umd.edu.
zStuart School of Business, Illinois Institute of Technology. Email: lwagman@stuart.iit.edu. Wagman
gratefully acknowledges support from Data Catalyst (https://www.datacatalyst.org/) and from the Net
Institute (http://www.netinst.org/).
美国权威经济学组织——美国国家经济研究局（NBER）2018年11月发布文章：《GDPR对科技创业投资的短期影响》，从经济学视角对GDPR给欧洲科技行业带来的负面影响进行了实证分析。
NBER成立于1920年，是美国最大的无党派、非营利性经济学研究组织，致力于研究经济社会领域问题，在业界具有卓越影响力。三十一个美国诺贝尔经济学奖得奖者中有十六位曾是NBER的研究员。
本文的作者之一是Ginger Zhe Jin（中文名：金哲），马里兰大学经济系教授，曾任美国联邦贸易委员会经济局局长。
报告主要的实证结论：GDPR影响最大的是处于从天使投资向风险投资转变过程中的新兴企业。
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