The Short-Run Effects 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 eect 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 eects on EU ventures,

relative to their US counterparts. The negative eects 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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