Research on angel investors is sparse because data are sparse. Most comprehensive studies of angel investors have focused on the US and UK. In these studies, definitions of angel investors and estimates of returns on angel investments vary dramatically. What can we make of this wide range of...

We argue that research on small firms is less informative than most scholars believe, which suggests that researchers and practitioners know less than they think. Research in small firm finance is hindered by a lack of good data, vague descriptions of methodology in the extant literature, and...