We develop a multilevel conceptual framework of angel investing grounded on prospect theory. The framework provides an integrative foundation for this emerging domain of inquiry, delineates the boundaries of the domain, synthesizes research to date into distinctive levels of analysis, and...

<title>Abstract</title> Underpricing research to date relies on the assumption that there exist a negative relationship between the pricing of an initial public offering (IPO) and its first day returns. Consequently, little is known in the literature on IPOs as to which part of initial returns is due to...

<title>Abstract</title> In this paper we develop a strategy process model for hybrid ventures centered on business model innovation for shared value creation. We then validate the framework with an empirical focus on L3Cs, a new breed of hybrid ventures that occupy the middle ground between nonprofits and...