entfin - emlyon · 2020-05-22 · saturday, july 9th, 2016 venue: emlyon business school, 23 avenue...

ENTFINCONFERENCE LYON 2016July 8th Jean Moulin Lyon 3 University & July 9th emlyon business school

maelyse.universite-lyon.fr

© UNIVERSITÉ JEAN MOULIN LYON 3

Programme ENTFIN.indd 1 04/07/2016 10:50

Dear participants at the ENTFIN 2016 conference,

The MAELYSE (Management and Economics Lyon Saint-Etienne) research federation is particularly happy to host this very special and timely event. MAELYSE was created two years ago as a federation of all research centers specialized in the fields of economics and management science at the University of Lyon. As such, it counts over 400 researchers in all fields of economics and management. The scientific programme of MAELYSE is structured around five major themes. This year’s conference represents a major contribution to one of them: innovation and entrepreneurship, focussing on the very important dimension of its funding.

I am certain that this conference will show major contributions to the very dynamic field of entrepreneurial finance, some of which will be published in a special issue of the Journal of Corporate Finance. My special thanks go to Alexander Groh and Aurélie SANNAJUST who worked intensely to make this conference possible, as well as to emlyon business school and University Jean Moulin Lyon 3 and their technical staff for their sponsorship and efficient logistics.

I wish everyone two intellectually stimulating days in our beautiful city of Lyon. Peter WIrTzProfessor of FinanceDirector of MAELYSE & Vice-president of research at University of Lyon Jean Moulin

emlyon business school is dedicated to excellence in educating the entrepreneurs of tomorrow.

A thorough discussion of theory and practice of entrepreneurial finance is certainly an important aspect to accomplish this mission. Therefore, we are delighted to organize and host the “2016 Lyon Entrepreneurial Finance, VC & PE Days” together with the Universities of Lyon and Saint-Etienne.

The conference serves to exchange latest research which will turn into class room standards tomorrow. We wish you a great conference and a pleasant sojourn in Lyon.

Philippe MoNINVP researchemlyon business school


7.30pm - 9.00pm

8.30am-8.50am

8.50am-9.00am

9.00am-9.45am

9.45am-10.00am

10.00am-10.15am

10.15am-10.45am

10.45am-11.15am

11.15am-11.45am

12.00am-1.30pm

Welcome Reception/“Apéro”

The Lyinc, International Club of Lyon, 2 place de la Bourse, 69002 Lyon

Please get to the venue by metro. A description is given on our website.

Registration & Reception

Welcome AddressAuditorium Malraux, 16 rue rollet, 69008 Lyon

Key Note: Max W. Römer: “The European Venture Capital and Private Equity Market and Future Challenges”Auditorium Malraux

Guillaume Rebaudet: “Private Equity in France: Key facts and figures”Auditorium Malraux

Break

Lunch

Thursday, July 7th, 2016

Friday, July 8th, 2016Venue: University of Lyon III, Manufacture des TabacsObligatory entrance: 16 rue Rollet, 69008 Lyon

Please get to the venue by metro. A description is given on our website.

Room 134Crowd Financing I: Behavioral Aspects and PerformanceSession Chair: Diego D’Adda

Fabrice Herve, Elodie Manthe, Aurelie Sannajust, Armin Schwienbacher:Investor Motivations in Investment-Based CrowdfundingDiscussant: Abdulkadir Mohamed

Gael Leboeuf:Does the Crowd Forgive?Discussant: Michel Dietsch

Silvio Vismara, Andrea Signori:returns on Investments in Equity CrowdfundingDiscussant: Tom Vanacker

Room 135Private Equity I: Value Creation, Performance, and ReportingSession Chair: Tereza Tykvova

Sofia A. Johan, Minjie zhang:reporting Bias in Private Equity: reporting Frequency, Endowments, and GovernanceDiscussant: Sheila O Donohoe

Daniel Ilg:Value Creation Drivers in Large Leveraged BuyoutsDiscussant: Ming-jin Jiang

Paper has been cancelledby authors

Room 136Venture Capital I: Public Policy & VC Session Chair: Lars Helge Hass

Fabio Bertoni, Anita Quas:The electoral cycle of government venture capital investmentsDiscussant: Luca Grilli

Yan Alperovych, Alexander Groh, Anita Quas:When can government venture capital funds bridge the equity gap?Discussant: Laurent Vilanova

Miguel Tavares-Gärtner, Paulo J. Pereira, Elísio Brandão:Should Public Venture Capitalists Invest, Co-Invest, or Not Invest In Start-Up Firms?Discussant: Laurence Cohen


1.30pm-2.00pm

2.00pm-2.30pm

2.30pm-3.00pm

3.00pm-3.30pm

3.30pm-4.00pm

4.00pm-4.30pm

4.30pm-5.00pm

5.15pm-6.15pm

6.30pm

Coffee Break

Key Note: Mike Wright “35 Years on: Private equity in retrospect and prospect”Auditorium Malraux

Departure for gala dinner to Paul Bocuse’s “L’Abbaye de Collonges”Quai de la Jonchère, 69660 Collonges-au-Mont-d’or, with shuttle busses

return to hotels by shuttle busses is scheduled for 11:00pm approximately

Room 134Crowd Financing II: The Crowd vs. Other Sources of FinancingSession Chair: Silvio Vismara

Jermain Kaminski, Christian hopp, Tereza Tykvova:New Technology Assessment in Entrepreneurial Financing - Can Crowdfunding Predict Venture Capital Investments?Discussant: Vincenzo Capizzi

Daniel Blaseg, Michael Koetter:Friend or foe? Crowdfunding versus credit when banks are stressed Discussant: Armin Schwienbacher

Giuliana Borello, Veronica De Crescenzo, Flavio Pichler:Crowdinvesting And Venture Capital: Complements or Competitors? Empirical Evidence From The European Crowdinvesting CampaignsDiscussant: Magnus Henrekson

Room 135Private Equity II: Investee Firm Effects

Session Chair: Philipp Geiler

Fabio Bertoni, Anne-laure Le Nadant, Fédéric Perdreau:Innovation in LBo companiesDiscussant: Sofia A. Johan

Benjamin hammer, heiko hinrichs, Denis Schweizer:Parenting Effects Through Private Equity? Evidence from Buy-and-Build StrategiesDiscussant: Daniel Ilg

Sophie Manigart, Miguel Meuleman, Jeroen Neckebrouck:Working For Divergent Principals: Effects of Private Equity on Employment Practices In Family FirmsDiscussant: Anita Quas

Room 136Venture Capital II: International Aspects

Session Chair: Yan Alperovych

Massimo G. Colombo, Diego D’Adda, Anita Quas:The geography of Venture Capital: looking at the demand sideDiscussant: Boris Mrkajic

Colin Mason, Robyn Owen Baldock:Developing a Globalisation of Venture Capital Thesis: how Are Small, Peripheral Economies Seeking To Establish Sustainable Venture Capital Ecosystems?Discussant: Mischa Hesse

Tereza Tykvova:Legal framework quality and success of (different types of) venture capital investmentsDiscussant: Kourosh Shafi

Room 134IPOs I: IPO Markets & Issuing Cost

Session Chair: Guillaume Andrieu

Chris Yung, Wei Wang:IPo quantity revisionsDiscussant: Axel Buchner

Kazuo Yamada:She’s Got a Ticket to Underwrite: how do Banks Expand their Market Share when They Enter the Underwriting Market?Discussant: Michelle Lowry

Andrea Signori, Michele Meoli, Silvio Vismara:Changes in regulation: the effects of increased compliance and proprietary disclosure costs on IPosDiscussant: Volkan Muslu

Room 135Start-up Financing: Public Policy

Session Chair: Kourosh Shafi

Andrea Bellucci, Luca Pennacchio, Alberto zazzaro:Place-based support for r&I An empirical evaluation of regional subsidies for SMEsDiscussant: Benjamin Le Pendeven

Emanuele Giraudo, Giancarlo Giudici, Luca Grilli:Industrial policy and the financing of young innovative companies: evidence from the Italian Startup ActDiscussant: Kirsten Burkhardt

Nan Xu, Cai Jing, Gao Nan, Gary Tian:The Dark Side of Political Connections in Access to Finance: Evidence from the use of trade credit of entrepreneurial firms in ChinaDiscussant: Ankur Mehra

Room 136Venture Capital III: Innovation, Labor Cost & Green InvestmentsSession Chair: Laurent Vilanova

Lars Helge Hass, Pauline M. Shum, Monika Tarsalewska:Labor unemployment costs and venture capital investmentDiscussant: Philipp Geiler

Mischa Hesse, Eva Lutz, Eli Talmor:Patent Activity of Start-Ups And The Structuring of Venture Lending ContractsDiscussant: Emmanuelle Dubocage

Boris Mrkajic, Samuele Murtinu, Vittoria Giada Scalera:Is Green the New Gold? Venture Capital and Green EntrepreneurshipDiscussant: Honorine Awounou-N’Dri


Saturday, July 9th, 2016Venue: emlyon business school, 23 avenue Guy de Collongue, 69130 Ecully

8.15am

8.30am

9.00am-9.30am

9.30am-10.00am

10.00am-10.30am

10.30am-11.00am

11.00am-11.30am

Departure from Hotel “Comfort Suites” to the conference venue by shuttle bus

Departure from Hotel “Les Artistes” to the conference venue by shuttle bus

Reception & coffee after arrival at emlyon business school campus Ecully

Coffee Break

Room: B63Crowd Financing III: Portals & Success FactorsSession Chair: Axel Buchner

Armin Schwienbacher, Lars hornuf:Portal Design and Funding Dynamics in CrowdinvestingDiscussant: Yan Alperovych

Aleksandrina Ralcheva, Peter roosenboom:on the road to Success in Equity CrowdfundingDiscussant: Gael Leboeuf

Douglas Cumming, Yelin zhang:Crowdfunding PortalsDiscussant: Robyn Owen Baldock

Room: B64IPOs II: The Role of InvestorsSession Chair: Riccardo Calcagno

Susanne Espenlaub, Arif Khurshed, Abdulkadir Mohamed, Brahim Saadouni:Committed Anchor Investment and IPo Survival –The roles of Cornerstone and Strategic InvestorsDiscussant: Diego D’Adda

Michelle Lowry, Peter Iliev:Venturing Beyond the IPo: Venture Capitalists’ Investments in Newly Public FirmsDiscussant: Fabrice Herve

M. Sinan Goktan, Volkan Muslu:Benefits of Public reporting: Evidence from IPos Backed by Listed Private Equity FirmsDiscussant: Silvio Vismara

Room: B65SME Financing: International EvidenceSession Chair: Andrea Signori

Guillaume Andrieu, raffaele Staglianò, Peter van der zwan:Bank debt and trade credit for SMEs: international evidenceDiscussant: Sophie Manigart

Philipp Koziol, Michel Dietsch, Klaus Düllmann, henri Fraisse, Christine ott:Support for the SME supporting factor - Multi-Country empirical evidence on systematic risk factor for SME loansDiscussant: Tereza Tykvova

Andrea McNamara, Pierluigi Murro, Sheila O Donohoe:An Evaluation of Country Characteristics in the Capital Structure of Small and Medium Sized EnterprisesDiscussant: Jermain Kaminski

Room: B66Banks & Early Stage FinancingSession Chair: Denis Schweizer

Tom Vanacker, Marc Deloof:Credit Availability, Start-up Financing, and Survival: Evidence from the recent Financial CrisisDiscussant: Daniel Blaseg

rebel Cole, Tatyana Sokolyk:Debt Financing, Survival, and Growth of Start-Up FirmsDiscussant: Chris Yung

Ming-jin Jiang:Banks in the VC MarketDiscussant: Andrea Bellucci


11.30am-12.00am

12.00am-12.30am

12.30am-1.oopm

1.00pm-2.30pm

3.00pm

Lunch

Departure to Part-Dieu station by shuttle bus

Room: B63Business Angels Session Chair: Armin Schwienbacher

Peter Wirtz, Christophe Bonnet, Laurence Cohen:Angel Cognition and Active Involvement in BAN Governance and ManagementDiscussant: Giuliana Borello

Vincenzo Capizzi, Mario Valletta, Paola zocchi:The determinants of business angels’ investment choices: the role of experience, networking monitoring, and co-investmentsDiscussant: Aleksandrina Ralcheva

Massimo G. Colombo, Kourosh Shafi:Does crowdfunding help firms obtain venture capital and angel finance?Discussant: Denis Schweizer

Room: B64Entrepreneurial Finance Theory, Government Funds & TaxationSession Chair: Tom Vanacker

Laurent Vilanova:Financing and managerial support with (some) optimistic entrepreneursDiscussant: Riccardo Calcagno

Robyn Owen Baldock, David North, Ciaran Mac an Bhaird:The role of Government Venture Capital Funds: recent lessons from the UK experienceDiscussant: Kazuo Yamada

Magnus Henrekson, Tino Sanandaji:Stock option Taxation and Venture Capital Activity A Cross-Country ComparisonDiscussant: Lars Helge Hass

Room: B65Private Equity III: Performance, Liquidity & Network EffectsSession Chair: Tatyana Sokolyk

Aurélie Sannajust, Alain Chevalier :LBo performance in emerging economies: a comparative study in Latin America and AsiaDiscussant: Fédéric Perdreau

Kirsten Burkhardt:Private Equity Investors as Matchmakers Alliance Formation between PE-backed firmsDiscussant: Gary Tian

Axel Buchner, Christoph Kaserer, Niklas Wagner:Private Equity Funds: Valuation, Systematic risk and IlliquidityDiscussant: Tatyana Sokolyk

Room: B66Venture Capital IV: Networks & Syndication Session Chair: Sophie Manigart

Ankur Mehra, rama Seth:New VC Funds, Selective VC Networks & Fund PerformanceDiscussant: Miguel Tavares-Gärtner

Emmanuelle Dubocage, Aurelie Sannajust:Are staging and syndication good predictors of performance for venture-backed companies?Discussant: Andrea Signori

Honorine Awounou-N’Dri, Philippe Desbrières:Why Do Venture Capital Companies Syndicate? Some New InsightsDiscussant: Guillaume Andrieu


ParticipantsPresenting Authors and Discussants are bold.

# First Last Affiliation

1 Yan Alperoych emlyon business school2 Guillaume Andrieu Montpellier Business School3 Honorine Awounou-N’Dri ISG Paris 4 Robyn Baldock Middlesex University Business School 5 Andrea Bellucci European Commission 6 Fabio Bertoni emlyon business school7 Daniel Blaseg Goethe-University Frankfurt 8 Christophe Bonnet Grenoble Ecole de Management 9 Giuliana Borello Università di Verona10 Elísio Brandão University of Porto11 reiner Braun Technical University of Munich 12 Axel Buchner Passau University 13 Kirsten Burkhardt Université de Bourgogne-Franche Comté 14 Riccardo Calcagno emlyon business school15 Vincenzo Capizzi Università del Piemonte Orientale16 Alain Chevalier ESCP Europe 17 Laurence Cohen University of Lyon-Jean Moulin 18 rebel Cole DePaul University 19 Massimo Colombo Politecnico di Milano 20 Douglas Cumming York University 21 Diego D’Adda Universit`a Politecnica delle Marche 22 Veronica De Crescenzo Università di Verona23 Marc Deloof University of Antwerp 24 Philippe Desbrières Université de Bourgogne-Franche Comté and CrEGo 25 Michel Dietsch ACPR 26 Emmanuelle Dubocage University of Paris Sud/Paris Saclay 27 Klaus Düllmann ECB28 Susanne Espenlaub University of Manchester29 henri Fraisse ACPr 30 Philipp Geiler emlyon business school31 Emanuele Giraudo Politecnico di Milano 32 Giancarlo Giudici Politecnico di Milano 33 M. Sinan Goktan California State University – East Bay 34 Luca Grilli Politecnico di Milano 35 Alexander Groh emlyon business school36 Benjamin hammer hhL–Leipzig 37 Lars Hass Lancaster University38 Magnus Henrekson Research Institute of Industrial Economics, Sweden39 Fabrice Hervé Univ. Bourgogne 40 Mischa Hesse Heinrich Heine University Düsseldorf 41 heiko hinrichs hhL–Leipzig 42 Christian hopp rWTh Aachen University 43 Lars hornuf University of Trier44 Daniel Ilg Catholic University Eichstätt-Ingolstadt 45 Peter Iliev Pennsylvania State University 46 Ming-Jin Jiang University of Vienna 47 Cai Jing Southwestern University of Finance and Economics48 Sofia Johan York University 49 rochdi Kabour ETB TrABELSI. Entreprise de Travaux Tous Corps Dâ€™Etat50 Jermain Kaminski RWTH Aachen University 51 Christoph Kaserer Technical University of Munich 52 Arif Khurshed University of Manchester53 Michael Koetter Frankfurt School of Finance and Management54 Lingtian Kong Erasmus University Rotterdam55 Philipp Koziol ECB56 Anne-Laure Le Nadant Normandie University and IAE Caen


57 Benjamin Le Pendeven Laboratoire Interdisciplinaire de Recherche en Sciences de l’Action (LIRSA)58 Gaël Leboeuf SKEMA Business School – Université de Lille 59 Michelle Lowry Drexel University 60 Eva Lutz heinrich heine University Düsseldorf 61 Ciaran Mac an Bhaird Dublin City University 62 Sophie Manigart Ghent University 63 Elodie Manthé WiSEED & Univ. Bourgogne 64 Colin Mason University of Glasgow 65 Andrea McNamara National University of Ireland 66 Ankur Mehra Indian Institute of Management Calcutta67 Michele Meoli University of Bergamo68 Miguel Meuleman Imperial College 69 Abdulkadir Mohamed Cranfield Management School70 Boris Mrkajic Politecnico di Milano 71 Pierluigi Murro LUMSA University 72 Samuele Murtinu Università Cattolica del Sacro Cuore 73 Volkan Muslu University of Houston 74 Gao Nan zhongnan University of Economics and Law75 Jeroen Neckebrouck Ghent University 76 David North Middlesex University Business School 77 Sheila O Donohoe Waterford Institute of Technology 78 oghenovo obrimah Babcock University79 Christine ott Deutsche Bundesbank 80 Luca Pennacchio Parthenope University of Naples 81 Frédéric Perdreau Université de Lyon / Saint-Etienne 82 Paulo Pereira University of Porto83 Flavio Pichler Università di Verona84 Anita Quas emlyon business school85 Aleksandrina Ralcheva Rotterdam School of Management, Erasmus University 86 Peter roosenboom rotterdam School of Management, Erasmus University 87 Brahim Saadouni University of Manchester88 Tino Sanandaji Stockholm School of Economics 89 Aurelie Sannajust University of Saint Etienne 90 Vittoria Scalera University of Amsterdam91 Denis Schweizer Concordia University 92 Armin Schwienbacher Univ. Lille - SKEMA Business School 93 rama Seth Indian Institute of Management Calcutta94 Kourosh Shafi Politecnico di Milano95 Pauline Shum York University 96 Andrea Signori Catholic University of Milan97 Fabian Söffge Technical University of Munich 98 Tatyana Sokolyk Brock University99 raffaele Staglianò Montpellier Business School100 Thomas Standaert Ghent University101 Eli Talmor London Business School 102 Monika Tarsalewska Exeter University Business School103 Miguel Tavares-Gärtner University of Porto104 Gary Tian Macquarie University 105 Tereza Tykvova Hohenheim University106 Mario Valletta Università del Piemonte orientale107 Peter van der zwan Erasmus University rotterdam108 Tom Vanacker Ghent University 109 Laurent Vilanova University of Lyon 2 110 Silvio Vismara University of Bergamo111 Ivana Vitanova Université Lyon 2112 Niklas Wagner Passau University 113 Johannes Wallmeroth emlyon business school114 Wei Wang Cleveland State University115 Peter Wirtz University of Lyon-Jean Moulin 116 Nan Xu Southwestern University of Finance and Economics117 Kazuo Yamada Nagasaki University118 Chris Yung University of Virginia119 Alberto zazzaro University of Naples Federico II120 Minjie zhang York University 121 Paola zocchi Università del Piemonte orientale


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entfin - emlyon · 2020-05-22 · saturday, july 9th, 2016 venue: emlyon business school, 23 avenue...

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