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date: 05 March 2021

Abstract and Keywords

This article focuses on a class of angel investors that lies between venture capitalists and the typical informal individual angel investor. It discusses why people become angel investors. It then covers angel investors in groups and discusses group traits and their advantages. The section after that discusses angel investments and the investment process. The article discusses characteristics of a good deal, the financial parameters of an investment, and the angel's exit from the investment. A review of the literature on expected returns on angel investments and the problems with measuring them follows. The final section summarizes.

Keywords: angel investors, venture capitalists, investment process, good deal, financial parameters, expected returns

Ramon P. DeGennaro

Ramon P. DeGennaro is the CBA professor of banking and finance at the University of Tennessee. He previously served as a visiting scholar at the Federal Reserve Bank of Atlanta. Professor DeGennaro has published more than forty refereed articles on financial market volatility, small firm finance, the term structure of interest rates, financial institutions, prediction markets, and investments. His articles have appeared or are forthcoming in journals such as the Journal of Financial and Quantitative Analysis,the Journal of Money, Credit and Banking,the Journal of Banking and Finance,the Journal of Financial Research,the Journal of Empirical Finance,the Journal of Financial Services Research,and Financial Management. He is an associate editor or member of the editorial board of the Journal of Financial Research,the Financial Review, the International Journal of Business, and the Journal of Private Enterprise. He is also a member of the academic board of directors of the Midwest Finance Association. He holds a PhD in finance from the Ohio State University.

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