2011
DOI: 10.1093/rfs/hhr098 View full text |Buy / Rent full text
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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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