The Consequences of Entrepreneurial Finance: Evidence from Angel Financings
成果类型：
Article
署名作者：
Kerr, William R.; Lerner, Josh; Schoar, Antoinette
署名单位：
Harvard University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
刊物名称：
REVIEW OF FINANCIAL STUDIES
ISSN/ISSBN：
0893-9454
DOI：
10.1093/rfs/hhr098
发表日期：
2014
页码：
20
关键词：
摘要：
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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