Intra- and interregional flows of business angel investment: mapping the winners and losers across UK regions and core urban economies
利用英国数据集，计算商业天使投资的区域间流入流出，发现仅三个地区为净赢家，其余十一个地区为净输家，并探讨了投资本地偏好减弱对区域政策的影响。
Hitherto, the literature has largely overlooked the important role business angel finance plays in shaping different regional economies. Using a novel UK dataset, this paper calculates interregional inflows and outflows of business angel investment to identify the net winners and losers in terms of both the number of deals and the cash value of investment flows. We establish that only three regions were net beneficiaries while the other 11 UK regions and cities examined were net losers. The reduction in ‘home bias’ in angel investments may undermine the efficacy of policies aimed at stimulating localised investment and calls for greater demand stimulation policies to help alleviate the problem of ‘thin’ regional markets.