Based on a sample of 539 angel investors, we empirically test the impact of new ventures resource acquisition/allocation strategies in different development stages on angels abnormal returns and their extremeness. Our exploratory findings suggest that at early stages of development, ventures...

This study explores how the ethnicity of small business owners affects the influences of family ownership on their willingness to borrow. While the willingness issue is fundamental in the literature on small business debt financing, it has been understudied. We introduce an indirect measure of...