2011
DOI: 10.1093/rfs/hhr098
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Abstract: This paper documents that ventures that are funded by two successful angel groups experience superior outcomes to those that are rejected: they have improved survival, exits, employment levels, patenting, web traffic, and financing. We use strong discontinuities in the funding behavior of angels over small changes in their collective interest levels to implement a regression discontinuity approach. We confirm the positive effect of angel financing on most operations of the venture, with qualitative support for… Show more

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Cited by 378 publications
(235 citation statements)
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“…Signalling can take place using different kinds of information, for example, the availability of patents and prototypes or the track record of entrepreneurial team (Audretsch et al 2012;Becker-Blease and Sohl 2015;Busenitz et al 2005;Gompers and Lerner 2001;Spence 1973). Many studies in the signalling literature establish a positive relationship between early-stage investments and firm success (Bernstein et al 2016a;Bosma et al 2004;Kerr et al 2014;Kortum and Lerner 2000;Samila and Sorenson 2010) and link an entrepreneur's characteristics, such as human capital, to venture performance (Becker-Blease and Sohl 2015;Ouimet and Zarutskie 2014;Pukthuanthong 2006). Bernstein et al (2016b) examine venture attributes used to signal quality to investors, i.e.…”
Section: Signalling In Early-stage Finance and Information Cascadesmentioning
confidence: 99%
“…Signalling can take place using different kinds of information, for example, the availability of patents and prototypes or the track record of entrepreneurial team (Audretsch et al 2012;Becker-Blease and Sohl 2015;Busenitz et al 2005;Gompers and Lerner 2001;Spence 1973). Many studies in the signalling literature establish a positive relationship between early-stage investments and firm success (Bernstein et al 2016a;Bosma et al 2004;Kerr et al 2014;Kortum and Lerner 2000;Samila and Sorenson 2010) and link an entrepreneur's characteristics, such as human capital, to venture performance (Becker-Blease and Sohl 2015;Ouimet and Zarutskie 2014;Pukthuanthong 2006). Bernstein et al (2016b) examine venture attributes used to signal quality to investors, i.e.…”
Section: Signalling In Early-stage Finance and Information Cascadesmentioning
confidence: 99%
“…Using a similar framework from a sample of early-stage "angel investors" in Kerr, Lerner, and Schoar (2014), the correlation among the interest levels assigned to funded deals and their ultimate success is less than 0.1. Again, these examples help illustrate the high degree of uncertainty present in these investments.…”
mentioning
confidence: 99%
“…Ces résultats ne sont pas en contradiction avec la littérature. Kerr, Lerner et Schoar (2014) ont mis en évidence le rôle positif des financements par les anges financiers sur l'emploi dans les quatre à neuf ans qui suivent leurs investissements, donc sur des durées relativement longues, assez proches de nos observations. S'agissant de l'acquisition de compétences, nos travaux mettent en évidence une relation positive entre cette dernière et la croissance.…”
Section: Discussionunclassified