Journal article
Angels and venture capitalists: substitutes or complements?
- Abstract:
-
We analyze the funding of start-up companies across financing rounds, focusing on the dynamic interactions between angel investors and venture capitalists. Using unique data from British Columbia, Canada, we show that angels and venture capitalists are dynamic substitutes. This substitutes pattern applies across the performance range of companies. It is less pronounced for serial angels. An instrumental variable analysis, based on available investor tax credits, suggests that the substitutes ...
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- Publication status:
- Published
- Peer review status:
- Peer reviewed
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- Publisher copy:
- 10.1016/j.jfineco.2021.04.001
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Authors
Bibliographic Details
- Publisher:
- Elsevier Publisher's website
- Journal:
- Journal of Financial Economics Journal website
- Publication date:
- 2021-04-15
- Acceptance date:
- 2020-07-16
- DOI:
- ISSN:
-
0304-405X
Item Description
- Language:
- English
- Keywords:
- Pubs id:
-
1123487
- Local pid:
- pubs:1123487
- Deposit date:
- 2020-08-04
Terms of use
- Copyright holder:
- Elsevier B.V.
- Copyright date:
- 2021
- Rights statement:
- © 2021 Elsevier B.V. All rights reserved.
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