The Consequences of Entrepreneurial Finance: Evidence from Angel Financings
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Publication Details
Output type: Journal article
Author list: Kerr WR, Lerner J, Schoar A
Publisher: Oxford University Press
Publication year: 2014
Journal: The Review of Financial Studies (0893-9454)
Volume number: 27
Issue number: 1
Start page: 20
End page: 55
Number of pages: 36
ISSN: 0893-9454
eISSN: 1465-7368
Languages: English-Great Britain (EN-GB)
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Open access status: green
Full text URL: https://dspace.mit.edu/bitstream/1721.1/88093/1/Schoar_The%20consequences.pdf
Abstract
This article documents the fact that ventures funded by two successful angel groups experience superior outcomes to rejected ventures: They have improved survival, exits, employment, patenting, Web traffic, and financing. We use strong discontinuities in angel- funding behavior over small changes in their collective interest levels to implement a regression discontinuity approach. We confirm the positive effects for venture operations, with qualitative support for a higher likelihood of successful exits. On the other hand, there is no difference in access to additional financing around the discontinuity. This might suggest that financing is not a central input of angel groups.
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