The Effect of Gender Diversity on Angel Group Investment
研究了2000-2006年间183个天使投资团体的数据，发现性别多样性显著影响投资行为，女性天使比例对投资可能性有非线性负效应，且女性在少数时投资方式不同。
We examine the impact that gender diversity has on angel group investment behavior for a sample of 183 group–years between 2000 and 2006. Our evidence suggests that gender diversity is a significant predictor of group investment behavior, and that the proportion of women angels in the group has a negative though nonlinear effect on investment likelihood. These data are most consistent with a situational interpretation that women invest differently when they are in the small minority compared with other situations. These results have important implications for the availability of funds for women entrepreneurs and call for greater participation of women investors in the angel marketplace.