NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Globalization of Angel Investments: Evidence across Countries

Josh Lerner, Antoinette Schoar, Stanislav Sokolinski, Karen Wilson

NBER Working Paper No. 21808
Issued in December 2015, Revised in March 2016

---- Acknowledgements ----

We thank numerous angel groups for their willingness to share data and their patience in answering our many queries. Excellent research assistance was provided by Secil Altintas, Jamie Beaton, Elaine Dai, Kenneth Fu, Ida Hempel, Zaahid Khan, Michelle Lin, and Ahmed Zaeem, and the research team at Baker Library led by Sarah Eriksen. Seminar participants at the Angel Capital Association, Boston University, London Business School, the National Bureau of Economic Research, and the University of Texas, and especially Shai Bernstein, Thomas Hellmann, Arthur Korteweg, and Ramana Nanda provided helpful comments. We thank the Harvard Business School’s Division of Research and the Ewing Marion Kauffman Foundation for financial support. All errors and omissions are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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