Angel Investors’ Affiliations and Investment Returns in China



The influence of venture capitalists on entrepreneurial firms has been well addressed in the literature (e.g., Cumming, 2008; Cumming & Knill, 2012; Cumming & Li, 2013; Gompers, Kovner, Lerner, & Scharfstein, 2008; Gupta & Sapienza, 1992; Wiltbank, Read, Dew, & Sarasvathy, 2009). However, studies on angel investment are relatively rare, partially due to the lack of data (Stam & Elfring, 2008). Given the history of angel investment and venture capital (VC) in China, some angel investors are affiliated with venture capitalists, and they take advantage of the latter’s professional expertise and business networks, which may significantly help entrepreneurial firms. This study helps fill in the gap in the literature by addressing whether, and if so then how, the returns of investment made by VC-affiliated angel investors differ from those made by other angel investors.


Corporate Governance Venture Capital Initial Public Offering Entrepreneurial Orientation Private Equity 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


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Copyright information

© Douglas Cumming, Michael Firth, Wenxuan Hou, and Edward Lee 2015

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