Angels and venture capitalists: substitutes or complements?

Angels and venture capitalists: substitutes or complements?

We analyze the funding of start-up companies across financing rounds, focusing on the dynamic interactions between angel investors and venture capitalists. Using unique data from British Columbia, Canada, we show that angels and venture capitalists are dynamic substitutes. This substitutes pattern a...

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Bibliografiske detaljer
Main Authors:	Hellmann, T, Schure, P, Vo, DH
Format:	Journal article
Sprog:	English
Udgivet:	Elsevier 2021

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