The Consequences of Entrepreneurial Finance: Evidence from Angel Financings

• Autores: William R. Kerr, Josh Lerner, Antoinette Schoar
• Localización: Review of Financial Studies, ISSN-e 1465-7368, Vol. 27, Nº. 1, 2014, págs. 20-55
• Idioma: inglés
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• Resumen

  • 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.