Angels, entrepreneurship, and employment dynamics: Evidence from investor accreditation rules

• 成果类型: Article
• 署名作者: Lindsey, Laura; Stein, Luke C. D.
• 署名单位: Arizona State University; Arizona State University-Tempe; Babson College
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2026.104323
• 发表日期: 2026-09
• 页码: 104323
• 关键词: Angel investment; Accredited investor; STARTUPS; business angel; Business entry; venture capital; Venture capitalists; credit; MARKET; constraints; finance; banks; MODEL

摘要

This paper examines the effects of a shock to angel finance on entrepreneurial activity. Using U.S. Census data, we estimate the state-level fraction of households that lost accreditation status from Dodd-Frank's elimination of housing wealth in determining accreditation. A larger reduction in the pool of potential investors reduces angel investment, firm entry, and employment at small entrants. Employment increases at small and young incumbents, suggesting competitive effects. Though we document partial substitution, angel finance appears to complement other capital sources in the entrepreneurial ecosystem. Our paper offers insight on the impact of angel finance and where it matters most.