List of Articles فرشتگان سرمایه‌گذار

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  1 - Angel Investors: Examining Behavioral Finance Factors Influencing Investment Selection
  Yahya Hassas yeganeh M. H. Ebrahimi Sarv Olia S. Soroush Ghazi nouri Adel Afkhami
  Angel financing is a critical stage in companies' growth, which a lot of companies fail because of inability in raising money. Absorbing capital from these people is affected by various behavioral finance factors. So, this paper aims to determine and examine behavioral More

  Angel financing is a critical stage in companies' growth, which a lot of companies fail because of inability in raising money. Absorbing capital from these people is affected by various behavioral finance factors. So, this paper aims to determine and examine behavioral finance factors which affect investment selecting. In this process, after studying background and history of related research, 23 variables were collectively were given to a pilot group which we reached the consensus by removing some factors. The research questionnaire was then designed according to these remained factors. In the next step, using a sample with 183 members of angel investors, behavioral finance factors were asked. Our data were analyzed then by exploratory factor analysis. Seven latent variables include: Hope, Retrospective, Simplistic, Confidence, Risk Taking, Mental-Accounting, Self -Attribution were realized as effecting behavioral finance factors. These factors then were analyzed by confirmatory factor analysis in terms of a hypothesis to confine the number of factors to seven factors, which finally this hypothesis was accepted. Manuscript profile
• Open Access Article
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  2 - Behavioral Modeling of Angel Investors’ Investment Decision Makings
  Yahya Hassas Yeganeh Adel Afkhami
  Angel investors are the most important supportive groups for innovations and new ideas in developed countries. Therefore, studding their investment behavior is really important. This research aims to study angel investment behaviors in terms of behavioral finance. Using More

  Angel investors are the most important supportive groups for innovations and new ideas in developed countries. Therefore, studding their investment behavior is really important. This research aims to study angel investment behaviors in terms of behavioral finance. Using pilot and Delphi study, 16 variables as behavioral finance indicators were determined, which then turned to 31 observable variables which they were basis for the research questionnaire. 183 angels’ questionnaires were collected as our sample. Our data were analyzed by factor analysis and then structural equation modeling. Seven latent variables were realized as affecting behavioral finance factors by factor analysis, which their relationship next with one decision making factor were analyzed by structural equation modeling. Finally, it can be stated that factors respectively including: Hope, Retrospective, Overconfidence, simplistic and Risk have a positive relationship and factors including: Mental Accounting and Self Attribution have a negative relationship with angel investors’ decision makings.   Manuscript profile