Research, white papers and databases in the field of angel investing are still relatively new, however each of the resources below provide valuable data and analysis of the industry.
The Halo Report
The premier quarterly report on angel investing activity. Provided by Angel Resource Institute and Pitchbook.
Angel Investing Research
After the Bubble: Analyzing the Landscape,
SVB Financial Group, SVB Analytics, 2007.
Angel Finance: The Other Venture Capital,
Andrew Wong, University of Chicago, January 2002.
Angel Groups: An Examination of the Angel Capital Association Survey,
Scott Shane and A. Malachi Mixon III, Case Western Reserve University, 2007.
Angel Investing: Changing Strategies During Volatile Times,
Jeffrey E. Sohl and William Wetzel, Center for Venture Research, University of New Hampshire, 2002.
Angel Investment Criteria,
Richard Sudek, Journal of Small Business Strategy, 2006.
Angel Investor Performance Project - Returns of Angels in Groups
Robert Wiltbank, Willamette University, and Warren Boeker, University of Washington, 2007. Survey of over 500 angel investors in 86 groups and reports on actual returns on 1,137 exits. The report was published by the Kauffman Foundation.
Angels on Angels: Financing Technology-Based Ventures A Historical Perspective,
John Freear, Jeffrey E. Sohl and William Wetzel, Accepted August 2002 in Venture Capital (Vol. 4, No. 4, 275-287)
Angels vs. Venture Capitalists - The Effect of Value-Adding Abilities, Fairness, Trust, and the Legal
Richard John Fairchild, University of Bath, 2007.
Capturing the Expected Returns of Angel Investors in Groups
Matthew C. Le Merle and Louis A. Le Merle, Fifth Era, 2015.
Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analyses,
Steven Kaplan and Per Stromberg, University of Chicago, 2002.
The Consequences of Entrepreneurial Finance: A Regression Discontinuity Analysis,
William R. Kerr (Harvard), Josh Lerner (Harvard), and Antoinette Schoar (MIT) and all National Bureau of Economic Research, Entrepreneurship & Finance eJournal, March, 2010.
The costs and benefits of early-stage business tax credits: a case study of two US states,
Kristi Tuomi (American University) and Barbara Boxer (BELLE Capital), Venture Capital; an International Journal of Entrepreneurial Finance, 2015.
Does Angel Investing Matter? An Analysis of Early Venture Financing, Brent Goldfarb, Gerard Hoberg, David Kirsch, and Alexander Triantis, University of Maryland, April 2008.
Does Gender Matter? Women Business Angels and the Supply of Entrepreneurial Finance,
Richard T. Harrison and Colin M. Mason, Entrepreneurial Theory Pract 31 no3, May 2007.
Expected Returns to Stock Investments by Angel Investors in Groups, Ramon DeGennaro and Gerald Dwyer, CenFIS Working Paper 10-03, Center for Financial Innovation and Stability, Federal Reserve Bank of Atlanta, August 2010.
The Effect of Capital Market Characteristics on the Value of Start-Up Firms,
Roman Inderst and Holger M. Muller, EFA 2002 Berlin Meetings Presented Paper, 2002.
Entrepreneurship and Urban Success - Toward a Policy Consensus,
Zoltan J. Acs, Edward L. Glaeser, Robert E Litan, Lee Fleming, Stephan J Goetz, William R. Kerr, Steven Klepper, Stuart S. Rosenthal, Olav Sorenson, and William C Strange, Ewing Marion Kauffman Foundation, 2008.
Financial Contracting Theory Meets the Real World - An Empirical Analysis of Venture Capital Contracts,
Steven Kaplan and Per Stromberg, University of Chicago, 2000.
Financing a Portfolio of Projects,
Roman Inderst, Holger M. Mueller, and Felix C. Munnich, CEPR Discussion Paper Abstract, 2007.
The Globalization of Angel Investments
Josh Lerner, Antoinette Schoar, Stanislav Sokolinski, and Karen Wilson, Harvard University, MIT, Harvard University, and Bruegel, 2015.
The Globalization of Angel Investments: Evidence Across Countries
Josh Lerner, Antoinette Schoar, Stanislav Sokolinski, and Karen Wilson, National Bureau of Economic Research, 2015.
How Does Venture Capital Financing Improve Efficiency in Private Firms A Look Beneath the Surface,
Thomas Chemmanur, Karthik Krishman, and Debarshi Nandy, Boston College and York University, Ontario, 2008.
How do Legal Differences and Learning Affect Financial Contracts?,
Steven Kaplan, Frederick Martel, and Per Stromberg, National Bureau of Economic Research, 2003.
The Importance of Angel Investing in Financing the Growth of Entrepreneurial Ventures,
Scott Shane, Small Business Association Office of Advocacy, Working Paper, 2008.
Informal Sources of Venture Finance,
Colin M Mason, Hunter Centre for Entrepreneurship, University of Strathclyde, 2005.
NEW - Introducing Angel Investing as an Asset Class for All Investors
The Go Beyond Investor Report, 2015
InvestorPulse UK Angel Attitude Survey: A qualitative survey in UK Business Angel attitudes, preferences and views in 2002 and 2003,
Paul Gardner, c2Ventures, Ltd (www.c2ventures.com), 2003.
The Kauffman Firm Study - Results from the Baseline and First Follow-Up Surveys,
Janice Ballou, Tom Barton, David DesRoches, Frank Petter, E.J. Reedy, Alicia Robb, Scott Shane, and Shanyun Zhao, Ewing Marion Kauffman Foundation, 2008.
The Not so Puzzling Behavior of Angel Investors,
Darian M. Ibrahim, The University of Arizona James E. Rogers College of Law, 2008.
Skill vs. Luck in Entrepreneurship and Venture Capital: Evidence from Serial Entrepreneurs,
Paul Gompers, Anna Kovner, Josh Lerner, and David Scharfstein, Harvard Business School, 2006.
The Private Equity Market in the USA: Lessons from Volatility,
Jeffrey E. Sohl, Center for Venture Research, University of New Hampshire, October 2002.
Public Policy Support for the Informal Venture Capital Market in Europe: A Critical Review,
Colin M. Mason, Hunter Centre for Entrepreneurship, September 2008.
Rise of the Angel Investor: A Challenge to Public Policy
Josh Lerner and Antoinette Schoar, Third Way, October 2016.
Should Investors bet on the Jockey or the Horse?,
Steven Kaplan, Berk A. Sensoy, and Per Stromberg, University of Chicago, 2007.
Startup Presentations to Angel / Seed Investors and Partners,
John Gale, Taligo, LLC, 2007.
Success Factors in Technology-Based Entrepreneurship,
John T. Preston, MIT Entrepreneurship Center, Updated August 2001.
The US Angel and Venture Capital Market: Recent Trends and Developments,
Jeffrey E. Sohl, Center for Venture Research, Published in Journal of Private Equity, Vol. 6, No. 2, 2003, pgs 7-17.
Venture Capitalists as Principles,
Steven N. Kaplan, Per Stromberg, National Bureau of Economic Research Working Paper, Abstract, 2001.
Venture Support Systems Project: Angel Investors,
Lucinda Linde (Marlin Capital) and Alok Prasad (Pittiglio, Rabin, Todd & McGrath) under the direction of Kenneth P. Morse and Matthew Utterback of the MIT Sloan School and Howard Stevenson and Michael Roberts of the Harvard Business School, February, 2000.
What are Firms? - Evolution from Early Business Plans to Public Companies,
Steven N. Kaplan, Berk a. Sensoy, and Per Stromberg, National Bureau of Economic Review, 2005.
Why are Buyouts Leveraged? - The financial structure of private equity funds,
Ulf Axelson, Per Stromberg, and Michael S. Weisbach, December 14, 2007.
Women and Angel Investing: An Untapped Pool of Equity for Entrepreneurs,
Marianne Hudson, Maggie Kenefake, and Mary Jane Grinstead, Ewing Marion Kauffman Foundation, 2006.
For access to additional research, we recommend these Web sites: