Angels or Sharks? The Role of Personal Characteristics in Angel Investment Decisions
通过分析707次天使投资谈判数据，研究发现创业者性别、种族和年龄等个人特征影响估值和投资可能性，且投资者与创业者的共同特征也影响投资结果。
We use actual negotiations between angel investors and entrepreneurs to study the impact of personal characteristics on investment outcomes. We construct a unique data set with 707 investment requests led by 1,089 entrepreneurs and find that the personal characteristics of the entrepreneur, including gender, race, and age, are correlated with requested valuations, the likelihood that an offer is received, and the implied valuation when an angel investor extends an offer. Shared personal characteristics between entrepreneurs and investors also affect the likelihood that an investor makes an offer, the entrepreneur accepts an offer, and the implied valuation when an offer is extended.