Abstract

We investigate whether men and women angel investors have different levels of confidence based on participation in the angel capital market, rate of investments, and stage of investments. We find evidence consistent with women angels having lower levels of confidence compared to men, although we do not suggest that this difference is deleterious for women angel investor’s wealth. However, women entrepreneurs, who disproportionately seek funding from women angels, may have more restricted access to early-stage capital than men.

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