Abstract
This paper provides previously unavailable evidence on the effects of membership in an angel group or network (AG/BAN) on the investment choices of business angels. Utilizing a proprietary dataset containing qualitative and quantitative information on over 800 investments by 625 business angels from 2008 to 2014, we show that AG/BAN membership generates valuable information, networking, monitoring and risk reduction effects, which ultimately affect the amount of financial resources available to invest as well as the equity stake in the investee company. These results extend our knowledge of the investing behavior and characteristics of business angels, which are rapidly gaining prominence in support of new ventures and the development of the global economy.
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