NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Stanislav Sokolinski

Department of Economics
Harvard University
1805 Cambridge St
Cambridge, MA 02138

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NBER Working Papers and Publications

December 2015The Globalization of Angel Investments: Evidence across Countries
with Josh Lerner, Antoinette Schoar, Karen Wilson: w21808
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.
 
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