The Globalization of Angel Investments: Evidence across Countries
This paper examines investments made by 13 angel groups across 21 countries. We compare applicants just above and below the funding cutoff and find that these angel investors have a positive impact on the growth, performance, and survival of firms as well as their follow-on fundraising. The positive impact of angel financing is independent of the level of venture activity and entrepreneur-friendliness in the country. However, we find that the development stage and maturity of startups that apply for angel funding (and those that are ultimately funded) is inversely correlated with the entrepreneurship-friendliness of the country, which may reflect self-censoring by very early-stage firms that do not expect to receive funding in these environments.
-
-
Copy CitationJosh Lerner, Antoinette Schoar, Stanislav Sokolinski, and Karen Wilson, "The Globalization of Angel Investments: Evidence across Countries," NBER Working Paper 21808 (2015), https://doi.org/10.3386/w21808.Download Citation
-
Non-Technical Summaries
- Firms which are backed by angel investors are more likely to survive, create more jobs, and have a greater chance of successfully...
Published Versions
Josh Lerner & Antoinette Schoar & Stanislav Sokolinski & Karen Wilson, 2018. "The globalization of angel investments: Evidence across countries," Journal of Financial Economics, vol 127(1), pages 1-20. citation courtesy of 
Related
Mentioned in the News
More from the NBER
In addition to working papers, the NBER disseminates affiliates’ latest findings through a range of free periodicals — the NBER Reporter, the NBER Digest, the Bulletin on Health, and the Bulletin on Entrepreneurship — as well as online conference reports, video lectures, and interviews.
