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Are Early Stage Investors Biased Against Women?

Ewens, Michael and Townsend, Richard R. (2017) Are Early Stage Investors Biased Against Women? . (Unpublished)

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We examine whether male investors are biased against female entrepreneurs. To do so, we use a proprietary dataset from AngelList covering fundraising startups. We find that female founders are less successful with male investors compared to observably similar male founders. In contrast, the same female founders are more successful than male founders with female investors. The results do not appear to be driven by differences across founder gender in startup quality, sector focus, or risk. Given that investors are predominately male, our results suggest that an increase in female investors is likely necessary to support an increase in female entrepreneurship.

Item Type:Report or Paper (Working Paper)
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Additional Information:The authors thank Kevin Laws of AngelList for graciously providing the data. The authors thank seminar participants at Arizona State University, Caltech, the Kauffman Emerging Scholars conference and the LBS Private Equity Symposium. We also thank Shai Bernstein, Juanita Gonzales-Uribe, Sabrina Howell, Arthur Korteweg, Ramana Nanda and David Neumark for comments.
Subject Keywords:gender, entrepreneurship, angel investing, venture capital
Record Number:CaltechAUTHORS:20171116-152128725
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Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:83268
Deposited By: George Porter
Deposited On:16 Nov 2017 23:25
Last Modified:17 Nov 2017 00:02

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