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The purpose of this paper is to examine the literature on angel investors. Research on angel investors is sparse because data are sparse. Most comprehensive studies of angel investors have focused on the USA and UK. In these studies, definitions of angel investors and estimates of returns on angel investments vary dramatically. What can one make of this wide range of reported returns?

The authors examine the literature and find that the calculations of reported results are vague.

Most researchers do not explicitly report if their estimates are equal-weighted or value-weighted, nor do they say whether the results are weighted by the duration of the investment. The authors show that the unit of analysis – investment, project or angel – affects interpretations.

Limitations on the comparability between various studies of angel investing returns leave the current literature incomplete. They also offer opportunities for future study in the area.

The authors are the first to examine the angel investing literature in a comprehensive fashion, comparing between various returns found across all major studies of the subject done to date.

As Generation Z (Gen Z) represents one of the most important segments in the travel and tourism sector, the present work aims to analyse Gen Z's behaviour in a post-pandemic scenario. In particular, the present work deepens the factors that may influence future accommodation choices.

This study uses data from a web-based questionnaire targeting Italian tourists belonging to Generation Z, reaching 221 complete responses. After the statistical analysis of the sample, an exploratory factor analysis (EFA) was then carried out.

Data provided evidence about the main factors affecting Gen Z tourist choices. In particular, these young consumers are positively influenced by the information (especially from institutional and verifiable sources), more flexible purchase terms (e.g. full refund in case of cancellation due to contagion of the coronavirus disease 2019 (COVID-19) and digital payments) and structure features (e.g. cleanliness, sanitisation, digitalisation and sustainability).

This work attempts to contribute to the academic literature by looking at the tourism experience from Gen Z's perspective. From this angle, this work underlines the influence some factors exert on the final accommodation choice, especially in the presence of exogenous events. Moreover, as this study focusses on a post-pandemic scenario, the study seeks to provide valuable indications, both at the theoretical and managerial level, for the tourism sector to boost the sector's recovery and prepare the sector to face similar events.