دانلود رایگان مقاله لاتین سرمایه گذاری فرشته از سایت الزویر
عنوان فارسی مقاله:
زمانی برای دعا به فرشتگان برای بودجه: فصل سرمایه گذاری فرشته در سرمایه گذاری های جدید
عنوان انگلیسی مقاله:
When to pray to the angels for funding: The seasonality of angel investing in new ventures
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مقدمه انگلیسی مقاله:
1. Introduction
Business angel (BA) investors are private individuals who make investments directly in unlisted companies in which they have no family connections (Mason and Harrison, 2000). Early and seed-stage investments made by BAs represent an important economic phenomenon as well as an essential resource for budding entrepreneurial firms hoping to scale their enterprise. Per the Center for Venture Research, the estimated size of the total angel investor market in the United States was $24.6 billion in 2015, and this investment pool resulted in the creation of 270,200 new jobs (Sohl, 2015). BAs seek to invest in high-growth startup firms and their investments have considerable positive impacts on these firms. New ventures that attract BA financing exhibit higher survival rates, increased growth, more financing, more successful exits, and more employees compared to firms that cannot attract financing (Kerr, Lerner, and Schoar, 2010, 2014). BAs also fulfill a critical gap in funding that resides between initial startup funding (e.g., personal funds, friends and family) and traditional institutional funding (e.g., venture capital) (Lam, 2010; Riding et al., 1994, 2012). This important gap is sometimes referred to as the “valley of death” which accurately conveys the common outcome for firms which cannot attract funding during this essential phase (Frank, Sink, Mynatt, Rogers, and Rappazzo, 1996; Murphy and Edwards, 2003; Osawa and Miyazaki, 2006; Wessner, 2005). Finally, BAs contribute other resources to the ventures in which they invest, such as expertise, valuable social capital, and in some cases even emotional support (e.g. Ardichvili et al., 2002). Clearly, the role of BAs is important and in some cases essential to young ventures that require external financing. However, the role of BAs was largely overlooked and poorly understood by most researchers and public policy makers until the phenomenon attracted explicit and consistent attention during the 1980s. Since that time, BA investment activity has received increasing research attention, most of which falls broadly within several general categories. First, the earliest research, focused on the sociodemographic characteristics of these investors and characteristics of the BA investor market (e.g., Hoffman, 1972; Wetzel, 1983), and this research continues today (e.g., Mitteness et al., 2012). A second body of BA research focuses more explicitly on BA's investment returns (Mason and Harrison, 2002; Wiltbank and Boeker, 2007; Wiltbank et al., 2009). Another area of research investigates the formation of BA investing groups and their operation (Carpentier and Suret, 2015; May, 2002; Sohl and Hill, 2007). A fourth stream of BA research focuses on how BAs operate as investors and managers (e.g., make investment decisions, manage portfolios, interact with entrepreneurs) (e.g., Maxwell et al., 2011). Finally, an area of research receiving increasing attention is the manner in which BA investment decisions are made, including stages of decision making in the deal making process (Mason and Harrison, 1996; 1996a; Maxwell et al., 2011; Jeffrey et al., 2016). We draw from this body of literature, inferences made by BAs, and comprehensive data to contribute to this existing understanding of BA investing. To our knowledge, no previous research has explicitly investigated, and identified or verified, the existence of seasonal trends in BA investment deals. However, broader research focused more generally on many investment types provides evidence that many forms of investment exhibit seasonal trends (De Bondt and Thaler, 1987; Heston and Sadka, 2008; Keim, 1983; Loughran, 1997; Ng and Wang, 2004; Theobald and Price, 1984). There are identifiable seasonal trends across international markets (Corhay et al., 1987; Gultekin and Gultekin, 1983; Reinganum and Shapiro, 1987; Tinic et al., 1987), across investment sectors (Brauer and Chang, 1990; Colwell and Park, 1990; Hong and Yu, 2009; Lucey & Tully, 2006) and across time (Choi, 2015; Yao, 2012; Wachtel, 1942). Based upon the preceding literature and suggestions gathered directly from interactions and communication with BAs, we examine if seasonality characterizes BA investing. Put differently, we speculate that there may be specific seasons for BA investing which leads to the formation of our research questions: (1) is there a BA investor season (or seasons), and, (2) if so, when is it? We seek to thoroughly investigate and establish the existence of the phenomenon thereby providing a robust foundation for future research which may focus more explicitly on the implications of this newly identified aspect of the BA investing behavior. Therefore, documenting and empirically validating this phenomenon is our fundamental purpose and primary contribution.
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کلمات کلیدی:
On a Wing and a Prayer: 300,000 Angels in Search of a Unicorn ... www.xconomy.com/.../on-a-wing-and-a-prayer-300000-angels-in-search-of-a-unicor... Oct 27, 2014 - On a Wing and a Prayer: 300,000 Angels in Search of a Unicorn ... of 2014, 350,000 companies will have received angel funding since 2010. How to Get Angel Investors | QuickBooks quickbooks.intuit.com/r/investors/get-angel-investors/ Angel investors are often the answer to those prayers, but they're not for every ... seasoned entrepreneurs, part of an angel fund or simply affluent fans of your ... prayer | Asking Angels Blog askingangels.com/linsblog/tag/prayer/ Jan 21, 2014 - Tagged with prayer. ... Raphael and Reading about Archangels ... has come after six months of being told I was not illegible to receive funding. Prayer, Birthday, and Bragging Social... - Avery's Angels Gastroschisis ... https://www.facebook.com/averysangels/photos/a...232483.../10153271796754874/ Prayer, Birthday, and Bragging Social Media Posts Please fill out this form ... and angels, we are unable to post funding requests, gofundme pages or similar. Searches related to When to pray to the angels for funding super angels list super angel investor definition seven super angels ron conway angel investors
