Do Serial and Non-Serial Investors Behave Differently?: An Empirical and Theoretical Analysis
研究英国经验丰富的连续天使投资者与新手非连续天使投资者的差异，发现连续投资者更关注市场风险而非代理风险，倾向于投资自身熟悉的行业、竞争较小的市场，并偏好联合投资。
This research investigates the differences between experienced private investors (‘serial angels’) in the UK, who have funded three or more unquoted ventures, and their less experienced counterparts (‘non-serial angels’). Using a theoretical base and data on 141 business angels, this study tentatively concludes that, relative to non-serial angels, serial angels may be less concerned with agency risks and more concerned with market risks. In particular, serial angels limit their investments more to (and conduct slightly more research on) industry sectors in which they have personal experience, prefer markets with less competition, choose to co-invest, are slightly less involved in their investments, and are less concerned with the location of the venture.