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| Tekijä: | Prowse, S. |
| Otsikko: | Angel investors and the market for angel investments |
| Lehti: | Journal of Banking and Finance
1998 : AUG, VOL. 22:6-8, p. 785-792 |
| Asiasana: | Venture capital Investors Finance Small business USA |
| Vapaa asiasana: | Angel investments |
| Kieli: | eng |
| Tiivistelmä: | The market for angel capital - where individuals provide risk capital directly to small, private, often start-up firms - operates in almost total obscurity. Very little is known about the market's scope, size, the type of firms that raise angel capital, and the types of individuals that provide it. In the paper, evidence is presented on the angel market gathered from the field research which has involved interviews with more than a dozen angel investors in the Dallas / Fort Worth area. The angel market appears to be a very heterogeneous and localized market. With that qualification in mind, some common characteristics of the angels is presented with information on how they select and monitor their investments. Particular attention is paid to how they address adverse selection and moral hazard problems. Their behavior with venture capital limited partnerships is compared in the more formal market for venture capital. |
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