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...

In this paper we consider the role of private equity for growth and restructuring processes, through the analysis of a comprehensive dataset of European going private deals during the period 1998-2007, for which we explore the post-transaction operating performance of companies gone private and...

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...

The present research sets out to reach a better understanding of the determinants of business angels' active involvement in making business angel groups accomplish diverse functions and building cognitive resources and shared competencies. We develop a framework where angels' decision making...

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...

We provide empirical evidence of the post-investment performance and survivorship profile of angel-backed companies, filling a long-standing gap within the entrepreneurial finance literature. Using a unique database of 111 angel-backed companies that received angel investments between 2008 and...

An increasingly important external control mechanism affecting the governance of young and fast growing companies worldwide is the emergence of institutional and private equity investors, as equity owners. Institutional investors have the potential to influence management's activities directly...