Angel investment and first impressions
Journal of Financial Economics(2023)
摘要
We examine the role of first impressions in angel investor decision-making. Video stills of entrepreneurs pitching on the Shark Tank show and in Startup Battlefield competitions yield six measures of first impressions of entrepreneurs' facial traits and two principal components: one that captures general ability and the other that contrasts charm and managerial ability. We find positive associations between both components and the like-lihood of entrepreneurs receiving an investment offer or winning a competition round. Post-event business outcome analyses reveal that investors internalize entrepreneurs' gen-eral ability rationally but exhibit irrational tendencies when internalizing entrepreneurs' charm and managerial ability. Investment experience mitigates investors' irrational use of charm and managerial ability cues.(c) 2023 Elsevier B.V. All rights reserved.
更多查看译文
关键词
first
AI 理解论文
溯源树
样例
生成溯源树,研究论文发展脉络
Chat Paper
正在生成论文摘要