Do I have a big ego? The effect of angel investors' narcissism and investment behaviors

Academic Article


  • In this study, we examine the impact of angel investors’ narcissism, a fundamental and multifaceted dimension of personality, on their investment behaviors. Based on a longitudinal analysis of 133 angel investors from 2010 to 2019, we show that narcissistic angel investors tend to invest in deals with large sizes, have a diverse investment portfolio, and prefer deals with a lower number of co-investors. We also find that angel investors’ past investment performance strengthens the effect of angel investors’ narcissism on deal size, portfolio diversity and the number of co-investors. As one of the first studies to examine the effect of angel investors’ narcissism, our study shows that angel investors’ narcissism is critical to understanding their investment choices. In doing so, our study underscores the psychological foundation of angel investing.
  • Authors

  • Lien, Wan-Chien
  • Sohl, Jeffrey
  • Chen, Jianhong
  • Status

    Has Subject Area

    Published In


  • angel investors
  • investment choices
  • narcissism
  • past investment performance