Angel investors invest billions of dollars in thousands of entrepreneurial projects annually, far more than the number of firms that obtain venture capital. Previous research has calculated realized internal rates of return on angel investments, but empirical estimates of expected returns have...

Angel investors go by many definitions. By all definitions, though, angel investors act as informal venture capitalists and collectively invest at least billions of dollars in thousands of entrepreneurial projects annually. Despite their importance to small businesses and entrepreneurs, angel...

Previous research calculates realized internal rates of return on angel investments but does not estimate expected returns. We present the first estimates of expected returns on angel investments by applying a consistent statistical framework to a new data set. Our sample spans 1972 to 2007 with...

Angel investors invest billions of dollars in thousands of entrepreneurial projects annually, far more than the number of firms that obtain venture capital. Previous research has calculated realized internal rates of return on angel investments, but empirical estimates of expected returns have...

Angel investors go by many definitions. By all definitions, though, angels investors act as informal venture capitalists and collectively invest at least billions of dollars in thousands of entrepreneurial projects annually. Despite their importance to small businesses and entrepreneurs, angel...

Angel investors go by many definitions. By all definitions, though, angel investors collectively invest at least billions of dollars in thousands of fledgling companies and entrepreneurial projects annually. This paper describes angel investors and their investments, with special attention to...