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Business Angels in a Changing Economy: The Case of Sweden

Månsson, Nils LU and Landström, Hans LU (2006) In Venture Capital: An International Journal of Entrepreneurial Finance 8(4). p.281-301
Abstract
The Swedish business angel market of 2004 is presented and compared to that of 1992 in order to determine the significance of the time factor. The presentation is carried out against the background of the macroeconomic changes that have taken place and how they have affected the informal venture capital market. The empirical findings reveal how the amounts invested have changed, which companies the business angels have invested in and the ways in which the business angels' deal flow has changed since 1992. The results show that business angels in Sweden have become more professional in their way of identifying new investment opportunities and that the informal venture capital market is becoming more mature with less information asymmetry.... (More)
The Swedish business angel market of 2004 is presented and compared to that of 1992 in order to determine the significance of the time factor. The presentation is carried out against the background of the macroeconomic changes that have taken place and how they have affected the informal venture capital market. The empirical findings reveal how the amounts invested have changed, which companies the business angels have invested in and the ways in which the business angels' deal flow has changed since 1992. The results show that business angels in Sweden have become more professional in their way of identifying new investment opportunities and that the informal venture capital market is becoming more mature with less information asymmetry. Furthermore, the results demonstrate that Internet hype and changes in the Swedish taxation system have probably influenced the business angel market, making investors invest at earlier stages and in high-tech companies. (Less)
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author
and
organization
publishing date
type
Contribution to journal
publication status
published
subject
keywords
Economy, business angels, investments, deal flow, taxation
in
Venture Capital: An International Journal of Entrepreneurial Finance
volume
8
issue
4
pages
281 - 301
publisher
Taylor & Francis
external identifiers
  • scopus:33750120227
ISSN
1464-5343
DOI
10.1080/13691060600836275
language
English
LU publication?
yes
id
88126e30-4be2-4b6a-9854-189738d39b20 (old id 952823)
date added to LUP
2016-04-01 16:35:47
date last changed
2021-10-06 01:44:28
@article{88126e30-4be2-4b6a-9854-189738d39b20,
  abstract     = {The Swedish business angel market of 2004 is presented and compared to that of 1992 in order to determine the significance of the time factor. The presentation is carried out against the background of the macroeconomic changes that have taken place and how they have affected the informal venture capital market. The empirical findings reveal how the amounts invested have changed, which companies the business angels have invested in and the ways in which the business angels' deal flow has changed since 1992. The results show that business angels in Sweden have become more professional in their way of identifying new investment opportunities and that the informal venture capital market is becoming more mature with less information asymmetry. Furthermore, the results demonstrate that Internet hype and changes in the Swedish taxation system have probably influenced the business angel market, making investors invest at earlier stages and in high-tech companies.},
  author       = {Månsson, Nils and Landström, Hans},
  issn         = {1464-5343},
  language     = {eng},
  number       = {4},
  pages        = {281--301},
  publisher    = {Taylor & Francis},
  series       = {Venture Capital: An International Journal of Entrepreneurial Finance},
  title        = {Business Angels in a Changing Economy: The Case of Sweden},
  url          = {http://dx.doi.org/10.1080/13691060600836275},
  doi          = {10.1080/13691060600836275},
  volume       = {8},
  year         = {2006},
}