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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Bibliografske podrobnosti
Main Authors: Hellmann, T, Schure, P, Vo, DH
Format: Journal article
Jezik:English
Izdano: Elsevier 2021

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