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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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Institution:
University of Oxford
Division:
SSD
Department:
Saïd Business School
Oxford college:
Green Templeton College
Role:
Author
ORCID:
0000-0003-2018-4196
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
Pubs id:
1123487
Local pid:
pubs:1123487
Language:
English
Keywords:

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