Angels of Fire

Angels and Other Servants

In politics as in history, masters accomplish great things, but often, lowly beings such as servants perform those tasks. At times, they subvert them. In science, servant-beings are frequently described as demons and angels. Who are these effective agents? This essay traces parts of the large historical network of persons and places in which ‘little helpers’ service their master’s will. It look...

Angels Without Wings

Forced Selling of Fallen Angels

What happens when investment grade bonds are downgraded to junk status? The received wisdom is that these fallen angels are sold by fixed income investors who, by regulation, are prohibited from investing substantial portions of their portfolios in speculative grade paper. We investigate insurance company sales of bonds that were downgraded to junk in order to document the extent of forced sell...

Are Angels Preferred Venture Investors?

We examine the impact of business angels on 182 Series A financings and subsequent company outcomes. Our studied rounds have a varied mix of business angel and formal venture capital investors (VCs). We find that when only angels participate in a financing round and VCs are absent, control rights are more entrepreneur-friendly, legal expenses are lower, and investors are more geographically pro...

Angels in Religion and Spirituality

In changing and uncertain times, humanity looks toward spirituality for tranquility and peace. Historically angels have been at the forefront of bringing comfort and understanding from God. The Greek word angelos means messenger and is the origin of the modern English word angel. In monotheist–the worship of one Godreligions, angels are often mentioned in stories as being intermediaries between...