Do business angels alter the risk-return equation in early stage investments? Business angels as seen by venture capitalists in the German speaking countries

Preprint OPEN
Heukamp, Franz; Liechtenstein, Heinrich; Wakeling, Nick;
  • Subject: Venture capital; Business Angels;
    acm: GeneralLiterature_MISCELLANEOUS | ComputingMilieux_MISCELLANEOUS

Venture capitalists in German-speaking countries do not value the contribution of business angels in co-invested deals. Business angels do not reduce the risk perceived by venture capitalists in early-stage deals, even if the business angels have what venture capitalist... View more
  • References (22)
    22 references, page 1 of 3

    Admati, A. and P. Pfleiderer (1994), “Robust Financial Contracting and the Role of Venture Capitalists”, Journal of Finance, pp. 49, 371-402.

    Amis, D. and H. Stevenson (2001), “Winning angels: the seven fundamentals of early-stage investing”, London, New York, Financial Times Prentice Hall.

    Amis, D., H. Stevenson and H. Liechtenstein (2003), “Winning Angels: Mentoren im Netzwerk des Erfolges”, Signum Wirtschaftsverlag, Wien.

    Brander, J.A., R. Amit and W. Antweiler (2002), “Venture-Capital Syndication: Improved Venture Selection vs. the Value-Added Hypothesis”, Journal of Economics and Management Strategy, Volume 11, No 3, pp. pp. 422-451.

    Brettel, M. (2002), “German Business Angels in International Comparison”, Journal of Private Equity, Vol. 5, Issue 2, page 53.

    Brettel, M. (2003), “Business angels in Germany: a research note”, Venture Capital: An International Journal of Entrepreneurial Finance, Volume 5, Number 3, pp. 251-268.

    Chan, Y-S., D. Siegel and A.V. Thakor (1990), “Learning, corporate control, and performance requirements in venture capital contracts”, International Economic Review, 31, pp. 365-381.

    Chemmanur, T.J. and Z. Chen (2003), “Angels, Venture Capitalists, and Entrepreneurs: A Dynamic Model of Private Equity Financing”, AFA, Washington, DC Meetings.

    Gompers, P.A.. (1995), “Optimal Investment, Monitoring, and the Staging of Venture Capital”; Journal of Finance, vol. 50, iss. 5, pp. 1461-1489.

    Gompers, P.A. and J. Lerner (1999a), “An analysis of compensation in the U.S. venture capital partnership”, Journal of Financial Economics, 51, pp. 3-44.

  • Metrics
Share - Bookmark