Link: https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.34.3.237 Among publicly traded firms worldwide, seven of the top eight firms by market capitalization in May 2020 had been backed by venture capital prior to their initial public offerings: Alphabet, Apple, Amazon, Facebook, and Microsoft in the United States, and Alibaba and Tencent in China. Over the last…