This study examines how venture capitals (VCs) value crowd-based decisions compared to expert decisions from the perspective of signaling theory. We collect data on both crowd-funded startups and matching angel-funded startups. We track sequential financing rounds and analyze whether VCs show different valuations of the two types of startups. Our results show no statistically significant differ...

We solve the Angel Problem, by describing a strategy that guarantees an Angel of power 2 or greater to win. Basically, the Angel should move north as quickly as possible. However, he should detour around eaten squares, as long as the extra distance does not exceed twice the number of eaten squares evaded. We show that an Angel following this strategy will always spot a trap early enough to avoi...

Algorithmic method to obtain abelian subalgebras and ideals in Lie algebras Manuel Ceballos a , Juan Núñez a & Ángel F. Tenorio b a Departamento de Geometría y Topología, Facultad de Matemáticas., Universidad de Sevilla, Aptdo. 1160, 41080, Seville, Spain b Departamento de Economía, Métodos Cuantitativos e Historia Económica, Escuela Politécnica Superior, Universidad Pablo de Olavide, Ctra. Utr...

understanding of the life cycle and longevity 2 Ángel F. González *, Jaime Otero , Graham J. Pierce, and Ángel Guerra 1 1 Instituto de Investigaciones Marinas (CSIC). Eduardo Cabello 6, 36208 Vigo, Spain 4 2 Current address: Centre for Ecological and Evolutionary Synthesis (CEES), Department of Biology, University of Oslo, P.O. Box 1066, N-0316 Oslo, Norway 6 3 Instituto Español de Oceanografía...

Compared to scholarship focused on venture capital, we know less about angel investing and, in particular, how angels operate across institutional environments. Given the importance of within early-stage entrepreneurial investment growing globally, field governance is poised for further investigation. Thus, this paper, begin conversation and institutions provide a framework studying post-invest...

The Angel-Devil game is an infinite game played on an infinite chess board: In each move the Angel, a generalized chess king, jumps from his current square to some location at distance at most k, while his opponent, the Devil, blocks squares trying to strand the Angel. The Angel wins if he manages to fly on forever. It is a long-standing open question whether some Angel of sufficiently large po...

The angel game, as described in [BeCG], has two players the “angel” and the “devil” who play alternately on the 2-dimensional integer lattice, Z. We refer to lattice points as vertices, and write o = (0, 0) for the origin. The angel has a certain fixed power p. (We refer to it as a p-angel .) It starts the game at the origin, and at each play moves to another vertex so that the change in each c...

At the time of an initial public offering, shares in a firm are typically held by venture capitalists, insiders, corporate investors, and angel investors. We examine the role of angel investors in the IPO process. We find that angel investors provide equity capital in industries that venture capitalists are less likely to serve and that shareholders in angel backed IPO firms are more likely to ...

We solve Conway’s Angel Problem by showing that the Angel of power 2 has a winning strategy. An old observation of Conway is that we may suppose without loss of generality that the Angel never jumps to a square where he could have already landed at a previous time. We turn this observation around and prove that we may suppose without loss of generality that the Devil never eats a square where t...

As to Rose in August Wilson’s Fences, most of critiques view her as an “angel the house”, devoting herself family without female self-consciousness. While paper will prove is a brave, independent woman who has sense self express ideas, stick decision and pursue felicity she wants.