Are Some Angels Better than Others?

Johan Karlsen, Katja Kisseleva, Aksel Mjøs and David Robinson

No 33231, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper uses Norwegian tax records to examine the performance of angel investors. While most angel investments perform poorly, mean returns are twice the invested capital, due largely to extreme skewness: around one-third of investments are a total loss, but the top one-percent return more than fifty times invested capital. Performance persistence among angels is largely attributable to unobserved investor characteristics. Professional networks are critical determinants of performance: top-performing angels tend to have broader business connections with startups and fellow investors, consistent with having access to superior deal flow.

JEL-codes: G24 G50 L26 M13 (search for similar items in EconPapers)
Date: 2024-12
Note: PR
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.nber.org/papers/w33231.pdf (application/pdf)
Access to the full text is generally limited to series subscribers, however if the top level domain of the client browser is in a developing country or transition economy free access is provided. More information about subscriptions and free access is available at http://www.nber.org/wwphelp.html. Free access is also available to older working papers.

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:nbr:nberwo:33231

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w33231
The price is Paper copy available by mail.

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 ().