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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
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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
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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
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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
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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
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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
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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
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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 Address17:00 CEST- 18:00 CEST
Public entrepreneurial finance in an era of crisis? Josh Lerner Jacob H.Schiff Professor of Investment Banking Harvard Business School
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.
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SATURDAY, 26 JUNE 2021
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
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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
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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
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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
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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
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Access to finance-an empirical assessment of venture determinants
Job J. Andreoli, Nyenrode Business University René P. Orij, Nyenrode Business University
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Financing and Credit Rationing in Family-owned SMEs-a Comparative Analysis
Sheila O Donohoe, Waterford Institute of Technology Denis Walsh, Waterford Institute of Technology
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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
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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
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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
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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 CEST16:00 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
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
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.
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Saturday, 26 June-18:00 CEST-20:00 CEST: CONCLUDING REMARKS-
NETWORKING TIME