Annual Meeting 2021-Program

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Conference Chair: Aurélie Sannajust, Aix-Marseille University


Please Note: Session times are listed in CEST (Paris Time), A time zone convertor is available here

FRIDAY, 25 JUNE 2021


Friday, 25 June- 8 :45 CEST-9:00 CEST: Welcome Message


Session 01- Venture Capital and Angels               Friday, 25 June- 9 :00 CEST-10:30 CEST


Chairperson: Armin Schwienbacher


Financing a Corporate Venture Capital Program

Bernard Tawiah, Victoria University of Wellington

Michael O’Connor Keefe, Victoria University of Wellington

The Impact of Venture Capital Holding on the Firms’Life-cycle-Evidence from IPO Firms

Shima Amini, Leeds University Business School

Abdul Mohamed, Leeds University Business School

Armin Schwienbacher, SKEMA Business School-Université Côté d’Azur

Nicholas Wilson, Leeds University Business School

Uncertainty and angel investor decisions

Kweku Arthur-Annobil, The Open University Business School

Presenter Bernard Tawiah Presenter Armin Schwienbacher Presenter Kweku Arthur
Discussant Kweku Arthur Discussant Bernard Tawiah Discussant Armin Schwienbacher


Session 02- Finance of Innovation             Friday, 25 June- 9 :00 CEST-10:30 CEST

Chairperson: Guillaume Andrieu


Financing Innovation with Future Equity

Idan Hodor, Monash University


Debt financing and firm growth-European evidence on start-ups

Guillaume Andrieu, Montpellier Business School

Maurizio la Rocca, University of Calabria

Tiziana La Rocca, University of Messina

Raffaele Stagliano, University of Messina

Outside equity-innovative entrepreneurship and risky investments-Evidence from the German INVEST program

Marius Berger, TUM School of Management

Johannes Bersch, Leibniz Centre for European Economic Research

Presenter Idan Hodor Presenter Guillaume Andrieu Presenter Marius Berger
Discussant Marius Berger Discussant Idan Hodor Discussant Guillaume Andrieu


Session 03-SMEs and Private Capital Markets        Friday, 25 June- 9 :00 CEST-10:30 CEST

Chairperson: Winifred Huang


The strategic role of Private Equity in the internationalisation of Italian SMEs

Andrea Odille Bosio, Università Carlo Cattaneo

Anna Gervasoni, Università Carlo Cattaneo

Francesco Bollazi, Università Carlo Cattaneo

Is there a dividend life cycle in privately held firms

Jovana Cadenovic, University of Antwerp

Marc Deloof, University of Antwerp and Antwerp Management School

Ine Paeleman, University of Antwerp

Insolvency Risk of European SMEs during Pandemic

Orçun Kaya, ZHAW School of Management and Law

Presenter Andrea Odille Bosio Presenter Jovana Cadenovic Presenter Orçun Kaya
Discussant Orçun Kaya Discussant Andrea Odille Bosio Discussant Jovana Cadenovic



Friday, 25 June- 10:30 CEST-11:00 CEST : COFFEE BREAK




Session 04- IPOs                                          Friday, 25 June- 11:00 CEST-12:30 CEST

Chairperson: Michele Meoli


Investor CEOs and Initial Public Offerings

Ibrahim Bostan, Zayed University

G.Mujtaba Mian, Zayed University

The effect of trademark breadth on IPO valuation and post-IPO performance

Christian Fisch, University of Trier

Michele Meoli, University of Bergamo

Joern Block, University of Trier

Silvio Vismara, University of Bergamo

Presenter Ibrahim Bostan Presenter Michele Meoli
Discussant Michele Meoli Discussant Ibrahim Bostan


Session 05- Crypto-Finance and Fintech            Friday, 25 June- 11:00 CEST-12:30 CEST

Chairperson: Paul P. Momtaz


Do Bitcoin Stylized Facts Depend on Geopolotical Risk?

Messaoud Chibane, NEOMA Business School

Nathalie Janson, NEOMA Business School


Financing Sustainable Entrepreneurship-ESG Measurement, Valuation, and Performance in Token Offerings

Sasan Mansouri, Goethe-University

Paul P. Momtaz, Goethe-University

Stock market reaction to bank-fintech M&A

Francesco Collevecchio, Università Politechnica delle Marche

Francesco Cappa, LUISS Guido Carli University

Raffaele Oriani, LUISS Guido Carli University

Enzo Peruffo, LUISS Guido Carli University


Presenter Nathalie Janson Presenter Paul P. Momtaz Presenter Francesca Collevecchio
Discussant Francesca Collevecchio Discussant Nathalie Janson Discussant Paul P. Momtaz


Session 06-Macro and International Aspects        Friday, 25 June- 11:00 CEST-12:30 CEST

Chairperson: Benjamin Le Pendeven


Cultural Productivity and Short-Term Financial Commitment

Rafael P. Ribas, University of Amsterdam

Philipp Ehrl, Catholic University of Brasilia


Startups-growth and the Macroeconomic Environment-Valuation and Business Cycles

Max Berre, Audencia Business School

Benjamin Le Pendeven, Audencia Business School

Dynamic Discouraged Borrowers

Marc Cowling, University of Derby

Alex Sclip, University of Udine

Presenter Rafael P. Ribas Presenter Max Berre Presenter Alex Sclip
Discussant Alex Sclip Discussant Rafael P. Ribas Discussant Max Berre



Friday, 25 June- 12:30 CEST-13:30 CEST : LUNCH BREAK




Session 07-IPOs/ICOs                                 Friday, 25 June- 13:30 CEST-15:00 CEST

Chairperson: Lubomir P. Litov


The Rise of Dual Class Stock IPOs

Dhruv Aggarwal, Yale University

Offer Eldar, Duke University

Yael V. Hochberg, Rice University & NBER

Lubomir P. Litov, University of Oklahoma

Product Life-Cycle and Initial Public Offerings

Tina Oreski,Swiss Finance Institute

Jiajie Xu,Boston College

De-crypto-ing Signals in Initial Coin Offerings-Evidence of Rational Token Retention

Tetiana Davydiuk, Carnegie Mellon University

Deeksha Gupta, Carnegie Mellon University

Samuel Rosen, Fox School of Business

Presenter Lubomir P. Litov Presenter Tina Oreski Presenter Samuel Rosen
Discussant Samuel Rosen Discussant Lubomir P. Litov Discussant Tina Oreski


 Session 08-Crypto-Finance and Fintech                Friday, 25 June- 13:30 CEST-15:00 CEST

Chairperson: Ulrich Hege


FinTech Lending and Cashless Payments

Pulak Ghosh, Indian Institute of Management

Boris Vallee, Harvard Business School

Yao Zeng, Wharton


Utility Tokens Financing-Investment Incentives and Regulation

Edmond Baranes, University of Montpellier

Ulrich Hege, Toulouse School of Economics

Jin-Hyuk Kim, University of Colorado

The Role of Fintech in Small Business Lending

Paul Belmont,Desautels Faculty of Management

Huan Tang, London School of Economics

Eric Vansteenberghe, Paris School of Economics

Presenter Boris Vallee Presenter Ulrich Hege Presenter Paul Belmont
Discussant Paul Belmont Discussant Boris Vallee Discussant Ulrich Hege


Session 09-Entfin-Theory                           Friday, 25 June- 13:30 CEST-15:00 CEST

 Chairperson: Spyros Terovitis


Why Do Institutional Investors Invest Through Intermediaries?

Vladimir Vladimirov, University of Amsterdam


Raising capital under demand uncertainty

Spyros Terovitis, University of Amsterdam

Financing a Black Box-Dynamic Investment with Persistent Private Information

Felix Zhiyu Feng, Michael G. Foster School of Business, University of Washington

Presenter Vladimir Vladimirov Presenter Spyros Terovitis Presenter Felix Zhiyu Feng
Discussant Felix Zhiyu Feng Discussant Vladimir Vladimirov Discussant Spyros Terovitis


Session 10-PhD Session 1                                          Friday, 25 June- 13:30 CEST-15:00 CEST

Chairperson: Vincenzo Capizzi


Does Private Equity Systematically Over-Lever Companies?

Sharjil M. Haque, University of North Carolina


Equity Crowdfunding Investors pdf

Aleksandrina Ralcheva, Rotterdam School of Management

Presenter Sharjil M. Haque Presenter Aleksandrina Ralcheva
Discussant Anita Quas Discussant Elisa Ughetto



Friday, 25 June- 15:00 CEST-15:30 CEST : COFFEE BREAK



Session 11-Agency Conflicts and Management Issues 

Friday, 25 June- 15:30 CEST-17:00 CEST


Chairperson: Qianqian Yu


Do Venture Capital-Driven Top Management Changes Enhance Corporate Innovation in Private Firms?

Qianqian Yu, Lehigh University

Absent agency problems-can conflict emerge between a pre-existing angel investor and an entering venture capitalist?

Oghenovo A. Obrimah, FISK University

Board Dynamics over the Startup Life Cycle

Michael Ewens, California Institute of Technology and NBER

Nadya Malenko, University of Michigan, CEPR, and ECGI

Presenter Qianqian Yu Presenter Oghenovo A. Obrimah Presenter Michael Ewens
Discussant Michael Ewens Discussant Qianqian Yu Discussant Oghenovo A. Obrimah


Session 12-Social Capital, Banks, and Quality of Entrepreneurial Ventures                                                Friday, 25 June- 15:30 CEST-17:00 CEST 

Chairperson: Victor Lyonnet


The Rising Bar to Entrepreneurship-Evidence from France

Maxime Bonelli, HEC Paris

Jack Liebersohn, UC Irvine

Victor Lyonnet, Ohio State University

Lend Me a Hand Bank Market Power and Firm Creation in Innovative Industries

Fabrizio Core, Erasmus School of Economics

Social capital and Entrepreneurial financing choice

Evan Dudley, Smith School of Business, Queen’s University

Presenter Victor Lyonnet Presenter Fabrizio Core Presenter Evan Dudley
Discussant Evan Dudley Discussant Victor Lyonnet Discussant Fabrizio Core


Keynote Address

17:00 CEST- 18:00 CEST


Public entrepreneurial finance in an era of crisis?

Josh Lerner                                                                                                

Jacob H.Schiff Professor of Investment Banking

Harvard Business School

Josh Lerner - Faculty & Research - Harvard Business School


He graduated from Yale College with a special divisional major. He worked for several years on issues concerning technological innovation and public policy at the Brookings Institution, for a public-private task force in Chicago, and on Capitol Hill. He then earned a Ph.D. from Harvard’s Economics Department. He co-directs the National Bureau of Economic Research’s Productivity, Innovation and Entrepreneurship Program and serves as co-editor of their publication.


Josh’s research, which has received extensive awards and appeared in leading journals, including American Economic Review, Journal of Finance, Journal of Financial Economics, Review of Financial Studies and others, focuses on venture capital and private equity organizations.

Josh teaches Venture Capital and Private Equity in the MBA Programs, Theoritical and Empirical Perspectives on Entrepreneurship in the Doctoral Programs, Private Equity and Venture Capital and Owner/President Management Program in the Executive Education Program.







Session 13- IPOs                                          Saturday, 26 June-9 :00 CEST-10:30 CEST

Chairperson: Nico Lehnertz


Are IPOs Significant to Performance Sustainability of Chinese Entrepreneurial Firms?

Hai Long, Anhui International Studies University

Qian Gao, University of Science and Technology of China


In for a penny, in for a dime-The effects of venture capital mega-deals on IPO success and post-IPO performance


Nico Lehnertz, Heinrich-Heine University

Carolin Plagmann, Heinrich-Heine University

Eva Lutz, Heinrich-Heine University


Presenter Hai Long Presenter Nico Lehnertz
Discussant Nico Lehnertz Discussant Hai Long


Session 14- Monitoring and Incentive Structuring 

Saturday, 26 June-9 :00 CEST-10:30 CEST


Chairperson: Andrea Odile Bosio


Pay discrimination compensation and entrepreneurship

Walid Saffar, The Hong Kong Polytechnic University

Longfei Shang, Southwestern University of Finance and Economics


Making conflicts cooperative in VC-Entrepreneur relationships-voicing out and escalating dissent

Claire Champenois, Audencia Business School

Michel Devigne, Institut Mines-Telecom Atlantique

Benjamin Le Pendeven, Audencia Business School

François-Régis Puyou, University of St Andrews

Presenter Longfei Shang Presenter Michel Devigne
Discussant Michel Devigne Discussant Longfei Shang


Session 15-Crowdfunding                           Saturday, 26 June-9 :00 CEST-10:30 CEST

Chairperson: Silvio Vismara


The equity crowdfunding paradox

Elodie Manthé, University Savoie-Mont-Blanc

Fabrice Hervé, University of Bourgogne



Alice Rossi, University of Bergamo,

Tom Vanacker, Ghent University

Silvio Vismara, University of Bergamo

Local Bias in Equity Crowdfunding-Evidence from the German Market

Jörg Prokop, University of Oldenburg,

Dandan Wang, University of Oldenburg

Presenter Elodie Manthé Presenter Alice Rossi Presenter Dandan Wang
Discussant Dandan Wang Discussant Elodie Manthé Discussant Alice Rossi



Saturday, 26 June-10:30 CEST-11:00 CEST: COFFEE BREAK




Session 16-Financing Growth                  Saturday, 26 June-11:00 CEST-12:30 CEST

Chairperson: Teresa Hogan


The determinants of post-acquisition growth in entrepreneurial start-ups-Evidence from India

Anish Tiwari, DCU Business School

Teresa Hogan, DCU Business School

Damien Dupré, DCU Business School


Venture debt financing and the development of startups-Disentangling treatment from selection effects

Carlos Krause, University of Trier

Jörn Block, University of Trier

Alexandra Moritz, University of Trier

Presenter Teresa Hogan Presenter Carlos Krause
Discussant Carlos Krause Discussant Teresa Hogan


Session 17-Entfin and Gender Questions          Saturday, 26 June-11:00 CEST-12:30 CEST

Chairperson: Elisa Ughetto


The Effect of Female Leadership on Contracting from Capital Hill to Main Street

Nataliya Gerasimova, Norwegian School of Economics

Maximilian Rohrer, Norwegian School of Economics

Crashing the glass ceiling or falling off the glass cliff? Female entrepreneurship and gender homophile in venture capital financing


Vincenzo Butticè, Politecnico di Milano

Annalisa Croce, Politecnico di Milano

Elisa Ughetto, Poltecnico di Torino

Everything is not negotiable-The Gender Startup Valuation Gap

Theresa Veer, University of Tübingen

Katja Bringmann, University of Ghent

Presenter Nataliya Gerasimova Presenter Elisa Ughetto Presenter Theresa Veer
Discussant Theresa Veer Discussant Nataliya Gerasimova Discussant Elisa Ughetto


Session 18-Financial Constraints               Saturday, 26 June-11:00 CEST-12:30 CEST

Chairperson: Michel Dietsch


Do late payers decide to pay faster? The role of firm size in the persistence of late payment

Michel Dietsch, University of Strasbourg

Olivier Gonzalez, Banque de France

Joël Petey, University of Strasbourg


Access to finance-an empirical assessment of venture determinants

Job J. Andreoli, Nyenrode Business University

René P. Orij, Nyenrode Business University


Financing and Credit Rationing in Family-owned SMEs-a Comparative Analysis

Sheila O Donohoe, Waterford Institute of Technology

Denis Walsh, Waterford Institute of Technology


Presenter Michel Dietsch Presenter Job J. Andreoli Presenter Sheila O Donohoe
Discussant Sheila O Donohoe Discussant Michel Dietsch Discussant Job J. Andreoli



Saturday, 26 June-12:30 CEST-14:00 CEST: LUNCH BREAK




Session 19-Policy Changes and International Policy Comparisons                                          Saturday, 26 June-14:00 CEST-15:30 CEST


Chairperson: Timothy E.Trombley


Employment Protection and VC Investment The impact of Wrongful Discharge Laws

Wei Wang, Cleveland State University

Chris Yung, University of Virginia


Tournament Incentives and Corporate Innovation

Incheol Kim, The University of Texas Rio Grande Valley

Timothy E.Trombley, Illinois State University

Presenter Wei Wang Presenter Timothy E.Trombley
Discussant Timothy E.Trombley Discussant Wei Wang


Session 20-Crowdfunding                                   Saturday, 26 June-14:00 CEST-15:30 CEST

 Chairperson: Ludovic Vigneron


Distance in reward based crowdfunding

Ludovic Vigneron, Université Polytechnique Hauts-de-France


COVID-19 Bust Policy Response and Rebound-P2P vs.Banks

Douglas Cumming, Florida Atlantic University

Andrea Martinez Salgueiro, University of Santiago de Compostela

Ahmed Sewaid,  Insper Institute of Education and Research

A first outlook at Fintech applications to crack the code of healthcare funding- is crowdfunding a viable solution for financing medical care and vaccines?

Simone Fantaccini, Politecnico di Milano

Laura Grassi, Politecnico di Milano

Presenter Ludovic Vigneron Presenter Ahmed Sewaid Presenter Laura Grassi
Discussant Laura Grassi Discussant Ludovic Vigneron Discussant Ahmed Sewaid


Session 21-Angels, Brokers, and Creative Destroyers      

Saturday, 26 June-14:00 CEST-15:30 CEST


Chairperson: Clemens Mueller


Brokered Startup Financing

Emmanuel Yimfor, University of Michigan


Venture Capital Investment and Creative Destruction

Wei Wang, Cleveland State University

Chris Yung, University of Virginia

Angels and Demons- The negative Effect of Employees’ Angel Investments on Corporate Innovation

Santanu Kundu, University of Mannheim

Clemens Mueller, University of Mannheim

Presenter Emmanuel Yimfor Presenter Chris Yung Presenter Clemens Mueller
Discussant Clemens Mueller Discussant Emmanuel Yimfor Discussant Chris Yung


 Session 22- ICOs                                          Saturday, 26 June-14:00 CEST-15:30 CEST

Chairperson: Christian Fisch


The CEO Beauty Premium-Founder CEO Attractiveness and Firm Valuation in Initial Coin Offerings

Massimo G. Colombo, Politecnico di Milano

Christian Fisch, Trier University

Paul P. Momtaz, Goethe University

Silvio Vismara, University of Bergamo

Network Externalities in the Long Term Performance of ICOS

Tatja Karkkainen, University of Glasgow

Presenter Christian Fisch Presenter Tatja Karkkainen
Discussant Tatja Karkkainen Discussant Christian Fisch


Session 23- Social Impact and Democratization

Saturday, 26 June-14:00 CEST-15:30 CEST


Chairperson: Laura Toschi


The identity of Social Impact Venture Capitalists-exploring social linguistic positioning and linguistic distinctiveness through text mining


Laura Toschi, University of Bologna

Elisa Ughetto, Politecnico di Torino

Andrea Fronzetti Colladon, University of Rome Tor Vergata

Does the digitalization of entrepreneurial finance democratize entrepreneurship?

Benjamin Le Pendeven, Audencia Business School

Catherine Morel, Audencia Business School

Gaël Leboeuf, Lyon 2 University

Presenter Laura Toschi Presenter Benjamin Le Pendeven
Discussant Benjamin Le Pendeven Discussant Laura Toschi


Session 24-PhD Session 2                              Saturday, 26 June-14:00 CEST-15:30 CEST

Chairperson: Alexander Groh


Herd Behaviour of Institutional Investors Evidence from Private Equity Investments of Public Pension Funds

Onur Sefiloglu, Cass Business School City, University of London

Team up! How co-investments of BA and VC investors influence the venture performance

Niklas Kurth, RWTH Aachen University

Andrea Greven, RWTH Aachen University

Malte Brettel, RWTH Aachen University

Presenter Onur Sefiloglu Presenter Niklas Kurth
Discussant Massimiliano Guerini  Discussant Alexander Groh



Saturday, 26 June-15:30 CEST-16:00 CEST: COFFEE BREAK




Overview & Research Ideas Session 16:00 CEST- 18:00 CEST

16:00 CEST- 17:00 CEST

 A Blockchain Analysis of the Bitcoin Market (joint with Igor Makarov)

Antoinette Schoar                                                                                                  

Stewart C. Myers-Horn Family Professor of Finance and Entrepreneurship

MIT Sloan School of Management

Antoinette Schoar | MIT Sloan


She holds a PhD in Economics from the University of Chicago and an undergraduate degree from the University of Cologne, Germany. She is the co-chair of the NBER Corporate Finance group.


Antoinette’s research interests span from entrepreneurship and financing of small businesses in emerging markets to household finance and intermediation in retail financial markets. She received several awards, including the Brattle Prize for best paper in the Journal of finance and the Kauffman Prize Medal for Distinguished Research in Entrepreneurship in 2009. She has published numerous papers in the Journal of Finance, Journal of Financial Economic, the Quarterly Journal of Economics and others.

Her work has been featured in the Economist, the Financial Times, the New York Times and the Wall Street Journal.

17:00 CEST- 17:15 CEST: BREAK

17:15 CEST- 18:00 CEST

The Conundrum of Small Business Subsidies: Should Government ‘Pick Winners’ or Fund ‘Winner-Pickers’?

Sabrina Howell                                                                                                      

Assistant Professor of Finance

New York University Stern School of Business

NYU Stern - Sabrina Howell - Assistant Professor of Finance


She received her B.A. from Yale University in 2008 and her Ph.D. from Harvard University in 2015. In between, she worked as an energy consultant for Charles River Associates in Houston, and on energy security policy for Securing America’s Future Energy (SAFE) in Washington DC. She is the recipient of the ASR Top Finance Graduate Award at Copenhagen Business School, the National Science Foundation Graduate Research Fellowshop, the Kauffman Foundation Junior Faculty Fellowship, and the AQR asset Management Institute Young Researcher Award.


Sabrina is a Faculty Research Fellow at the National Bureau of Economic Research. Her research focuses on entrepreneurial finance, innovation, energy fintech, and China. A theme throughout her work is a focus on analysis that is relevant for policymakers and practitioners. She has published numerous papers in the American Economic Review, Journal of Financial Economics, Review of Financial Studies, Management Science and others.


Sabrina teaches Applications in Entrepreneurial Finance: Fintech.



Saturday, 26 June-18:00 CEST-20:00 CEST: CONCLUDING REMARKS-