lukestein’s avatarlukestein’s Twitter Archive—№ 17,980

          1. So excited my paper w Laura “Angels, Entrepreneurship, and Employment Dynamics” now published at @J_Fin_Economics Angel investing raises a simple q with big implications: Do rules governing who’s allowed to invest in private companies affect entrepreneurship and job creation? 1/
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          We study a 2010 Dodd-Frank change that removed home equity from the net-worth calculation for accredited investor status. This reduced the pool of potential angel investors more in some states than others. Using that variation, we find… 2/
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        We find a larger reduction in potential angel capital led to less investment, fewer new firms, and lower employment at small entrants. We also find evidence that employment shifted toward small and young incumbent firms, consistent with competitive effects from forgone entry. 3/
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      Broad takeaway is that angel investors are not just interchangeable $ in the startup ecosystem. Even relatively small, local, informal investors matter for business formation, especially in places where other entrep finance is active. Other $ sources substitute only partially. 4/
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  1. …in reply to @lukestein
    This was a real marathon (delays were ours… @J_Fin_Economics was always fast) and we had a lot of help and support along the way incl. from @toniwhited, @startupecon, @aprilmfranco, @jessicasjeffers, @PaigeOuimet, @TingXuFinance 5/6
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    1. …in reply to @lukestein
      @J_Fin_Economics @toniwhited @startupecon @aprilmfranco @jessicasjeffers @PaigeOuimet @TingXuFinance Thanks for reading. Temporary open access: authors.elsevier.com/c/1nHOJ,6wzylJCk Permalink: doi.org/10.1016/j.jfineco.2026.104323
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