The Globalization of Angel Investments: Evidence across Countries
Josh Lerner (),
Antoinette Schoar (),
Stanislav Sokolinski and
No 21808, NBER Working Papers from National Bureau of Economic Research, Inc
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.
JEL-codes: G24 O31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cse, nep-ent, nep-ino and nep-sbm
Note: CF PR
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (3) Track citations by RSS feed
Published as Josh Lerner & Antoinette Schoar & Stanislav Sokolinski & Karen Wilson, 2018. "The globalization of angel investments: Evidence across countries," Journal of Financial Economics, vol 127(1), pages 1-20.
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:21808
Ordering information: This working paper can be ordered from
Access Statistics for this paper
More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().