# New, joint research from Professor Sabrina Howell addressing the sensitivity of early-stage venture capital (VC) investment to market conditions is highlighted

1 Faculty News May 28, 2020 ![Institutional Investor logo](/sites/default/files/styles/246w/public/assets/images/con_032206.jpg?itok=XtTdDJtV)>

Excerpt from [Institutional Investor](https://www.institutionalinvestor.com/article/b1ltpkvdb2qv5m/Early-Stage-VC-Is-Highly-Sensitive-to-Downturns-Including-This-One) -- "In the first two months after the Covid-19 pandemic struck the U.S., early-stage venture capital activity dropped by 38 percent relative to the previous four months, reported the paper’s authors [Sabrina Howell](https://www.stern.nyu.edu/faculty/bio/sabrina-howell) (New York University), Josh Lerner (Harvard University), Ramana Nanda (Harvard), and Richard Townsend (University of California, San Diego)."

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