Stairway to heaven? rethinking angel investment policy and practice

Richard T. Harrison, Adam J. Bock and Geoff Gregson

Journal of Business Venturing Insights, 2020, vol. 14, issue C

Abstract: Angel investing has grown globally across economies, accompanied by growth in both academic and policymaking interest. In this paper, we critically analyse the current state of knowledge about the process and impact of angel investment. We use a series of stylised facts to highlight key trends as well as misperceptions about those trends. These include the rise of formal and ad hoc angel groups, the efficiency of early stage risk capital markets, the complex interaction between angel and institutional venture capital, and policymaking to address perceived capital market failures. We review the emerging literature on angel investment returns and draw on a new simulation-based analysis of tax incentives to challenge the rationale for government intervention in angel investing.

Keywords: Angel investment; Returns; Simulation; Tax incentives; Public policy (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S2352673420300366
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:jobuve:v:14:y:2020:i:c:s2352673420300366

DOI: 10.1016/j.jbvi.2020.e00180

Access Statistics for this article

Journal of Business Venturing Insights is currently edited by Dimo Dimov

More articles in Journal of Business Venturing Insights from Elsevier
Bibliographic data for series maintained by Catherine Liu ().