Friends or Foes: The Interrelationship between Angel and Venture Capital Markets
---- Acknowledgments ----
We would like to thank Einar Bakke, Holger Rau, RalphWinter, conference participants at the Annual International Industrial Organization Conference (IIOC) in Boston, the Canadian Economics Association Annual Meeting in Montreal, the Conference on Entrepreneurship and Finance in Lund, and seminar participants at Queen's University and the University of Rochester (Simon) for valuable comments and suggestions. This project was in part funded by a SSHRC research grant. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.