The aim of this study is to analyze the returns of business angels' investments and their determinants. In this research the author wants to investigate the relationship existing between the performance of business angels investments and a series of explanatory variables widely used in the...

Start-ups need capital to make new investments, but they don't have access to debt capital because of their inability to produce positive cash flows. The economic player who best suits seeds and start-ups financial needs is the Business Angel, a private investor who finance newly constituted...

This paper aims at providing evidence on the activity of business angels, using a unique dataset gathered during the five-year time period 2007-2011 with the support of IBAN (Italian Business Angels Network). In particular, the paper studies how characteristics of the investor and of the...

Despite the enduring relevance of venture capital as a source of funding for new firms, the last decade has seen the emergence of multiple alternative sources of funding, radically reshaping the start-up ecosystem and posing new questions for both academics and practitioners. In this review...

This paper aims to provide evidence on the performance of business angels' investments, using a unique dataset covering a representative sample of the main actors of the Italian informal venture capital market. In particular, through an econometric analysis we investigate the returns on business...