“…The second research line International differences in profiles counts eight papers, in which BA characteristics and behaviours are compared among different countries and institutional settings. The comparison is often made between the more developed USA financial market and the European one (Harrison and Mason, ; Landström, ; Wilson, ; Brettel, ), among different European countries (Bygrave et al ., ; Stedler and Peters, ; Ding et al ., ) and more recently, between emerging economies and established ones (Li et al ., 2014a,b; Scheela et al ., ) . Evidence shows that in comparison to the United States, European BAs invest lower amounts, they are less patient and less risk‐adverse investors, while they usually experience higher investment returns (Wilson, ; Brettel, ).…”