| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20147 |
| 来源ID | Working Paper 20147 |
| Friends or Foes: The Interrelationship between Angel and Venture Capital Markets | |
| Thomas F. Hellmann; Veikko Thiele | |
| 发表日期 | 2014-05-22 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | This paper develops a theory of how angel and venture capital markets interact. Entrepreneurs first receive angel then venture capital funding. The two investor types are 'friends' in that they rely upon each other's investments. However, they are also 'foes', because at the later stage the venture capitalists no longer need the angels. Using a costly search model we derive the equilibrium deal flows across the two markets, endogenously deriving market sizes, competitive structures, valuation levels, and exit rates. We discuss how the model generates alternative testable hypotheses for the recent rise of angel investing. |
| 主题 | Microeconomics ; General Equilibrium ; Economics of Information ; Financial Economics ; Financial Institutions ; Industrial Organization ; Firm Behavior |
| URL | https://www.nber.org/papers/w20147 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577821 |
| 推荐引用方式 GB/T 7714 | Thomas F. Hellmann,Veikko Thiele. Friends or Foes: The Interrelationship between Angel and Venture Capital Markets. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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