The Effect of Lead Investor's Human Capital on Funding Performance : The Moderating Role of Investment Ambition
The research endeavors to determine the correlation between the human capital of lead investors and their funding performance within equity crowdfunding syndicates, where individual investors invest along with professional investors. We posit that the multi-faceted human capital of lead investors conveys their credibility and project quality. Utilizing data derived from a sample of 161 individual lead investors on AngelList, we found that lead investors with degrees from Ivy League universities, substantial investment experience and managerial experience, display improved funding performance. We also find that the impact of lead investors' educational level on funding performance is contingent upon their investment ambitions
Year of publication: |
[2023]
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Authors: | Zhang, Ye ; Johan, Sofia ; Hughes, Mathew ; Fu, Kun ; Scholes, Louise ; Liu, Jiajia |
Publisher: |
[S.l.] : SSRN |
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freely available
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