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...

We examine how a firm's organizational complexity affects innovation portfolio decisions in response to an exogenous shock to innovation incentives. Using the 2013 medical device sales tax as a quasi-natural experiment, we find that firms with a complex organizational structure, as proxied by...