Abstract

http://ssrn.com/abstract=2133427
 


 



Appendices to Expected Returns to Stock Investments by Angel Investors in Groups


Ramon P. DeGennaro


University of Tennessee, Knoxville - Department of Finance

Gerald P. Dwyer


Clemson University; University of Carlos III; Australian National University (ANU) - Centre for Applied Macroeconomic Analysis (CAMA)

August 21, 2012


Abstract:     
Previous research calculates realized internal rates of return on angel investments but does not estimate expected returns. We present the first estimates of expected returns on angel investments by applying a consistent statistical framework to a new data set. Our sample spans 1972 to 2007 with 419 exited investments. Our results suggest that expected returns on stock for angel investors in groups are about 70 percent per year in excess of the riskfree rate. These expected returns have a large variance and are heavily skewed, with many losses and occasional extraordinarily high returns. DeGennaro and Dwyer (2012) refers to these appendicies.

The paper "Expected Returns to Stock Investments by Angel Investors in Groups" to which these Appendices apply is available at the following URL: http://ssrn.com/abstract=1679207

Number of Pages in PDF File: 19

Keywords: Angel Investor, Expected Return, Private Equity

JEL Classification: G24, G20

Accepted Paper Series


Download This Paper

Date posted: August 22, 2012 ; Last revised: September 20, 2012

Suggested Citation

DeGennaro, Ramon P. and Dwyer, Gerald P., Appendices to Expected Returns to Stock Investments by Angel Investors in Groups (August 21, 2012). Available at SSRN: http://ssrn.com/abstract=2133427 or http://dx.doi.org/10.2139/ssrn.2133427

Contact Information

Ramon P. DeGennaro (Contact Author)
University of Tennessee, Knoxville - Department of Finance ( email )
423 Stokely Management Center
Knoxville, TN 37996
United States
865-974-1726 (Phone)
865-974-1716 (Fax)
Gerald P. Dwyer
Clemson University ( email )
Clemson, SC 29634
United States
University of Carlos III ( email )
Calle Madrid 126
Getafe, Madrid, Madrid 28903
Spain
Australian National University (ANU) - Centre for Applied Macroeconomic Analysis (CAMA) ( email )
ANU College of Business and Economics
Canberra, Australian Capital Territory 0200
Australia
Feedback to SSRN


Paper statistics
Abstract Views: 211
Downloads: 42
Paper comments
No comments have been made on this paper

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo6 in 0.484 seconds