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...

Полное описание

Библиографические подробности
Главные авторы: Hellmann, T, Schure, P, Vo, DH
Формат: Journal article
Язык:English
Опубликовано: Elsevier 2021

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