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date: 25 February 2020

(p. ix) Contributors

(p. ix) Contributors

Ann-Kristin Achleitner holds the chair in entrepreneurial finance, supported by KfW Bankengruppe, and is scientific co-director at the Center for Entrepreneurial and Financial Studies (CEFS) at Technische Universität München (TUM) in Germany. Previously, she was professor of banking and finance at the European Business School (ebs), Oestrich-Winkel, and worked as a consultant for McKinsey & Company, Inc., and MS Management Service AG, St. Gallen. She earned her degrees and her PhD in both law and business administration from the University of St. Gallen (HSG) in Switzerland. Her research focuses on venture capital and private equity, family firms, and social entrepreneurship. She is a supervisory board member of Metro AG and Linde AG.

Rajesh Aggarwal is the U.S. Bancorp professor of financial markets and institutions at the University of Minnesota. He graduated from Yale University with a degree in economics and from Harvard University with a PhD in business economics.He has published in the Journal of Political Economy, Journal of Finance, and other top finance and economics journals. He is interested in corporate governance, executive compensation, IPOs, hedge funds, and stock market manipulation.

Markus Ampenberger is a research fellow at the Center for Entrepreneurial and Financial Studies (CEFS) at Technische Universität München. He graduated with a diploma in business economics from Ludwig-Maximilians-Universität München, an MBA from Colorado State University, and a doctoral degree in finance from Technische Universität München. During his doctoral studies he was a visiting fellow at Harvard University. His main areas of research are corporate governance, family firms, and venture capital.

Thomas Åstebro is associate professor of strategy and entrepreneurship at HEC Paris. Previously, he was associate professor in strategy at University of Toronto and also held the University of Waterloo associate chair of management of technological change from 1994 to 2004. Dr. Åstebro conducts research in the management of technological change and entrepreneurship. He has published in, among others, Management Science, RAND Journal of Economics, and The Economic Journal. He has also been involved in starting several companies and serves as a consultant to entrepreneurs on business planning and starting up. Prior to joining the University of Waterloo, Dr. Åstebro worked as a management consultant in the area of business strategy and has been a consultant to major corporations such as Bank of Montreal, Canadian Imperial Bank of Commerce, and Volvo, (p. x) and institutions such as the Royal Swedish Academy of Engineering Sciences. Dr. Åstebro received his PhD from Carnegie Mellon University. He has a masterdegree in engineering and a degree as “Teknologie Licentiat” from Chalmers University of Technology, Sweden.

Morten Bennedsen is the André and Rosalie Hoffmann chair of family business management and professor in economics at INSEAD. Morten Bennedsen's main research area is the governance of family firms and other closely held corporations. He has done research on family firms, closely held corporations, capital structure, venture capital, investor protection, ownership structures, and privatization. His work has been published in many top finance and economics journals such as the Journal of Political Economy, the Quarterly Journal of Economics, and the Journal of Financial Economics, among others. He has a PhD in economics from Harvard University, a master degree with distinction from the London School of Economics, and a bachelor of arts from the University of Copenhagen.

Sanjai Bhagat is the provost professor of finance at the University of Colorado at Boulder. He has worked previously at the U.S. Securities and Exchange Commission, Princeton University, and University of Chicago. He has an MBA from the University of Rochester and a PhD from the University of Washington. He has published extensively in the leading finance and law academic journals (such as the Journal of Finance, Journal of Financial Economics, American Law and Economics Review, Columbia Law Review, and Journal of Corporation Law). Dr. Bhagat has advised the U.S. Securities and Exchange Commission, and the U.S. Department of Treasury on corporate governance reforms. He is a board member of Integra Ventures, a venture capital company, and of the National Association of Corporate Directors—Colorado Chapter. He is also a founding director of the TiE-Rockies (The Indus Entrepreneurs), a professional group serving technology entrepreneurs.

James C. Brau, PhD, CFA, is the editor of the Journal of Entrepreneurial Finance and a professor of finance at the Brigham Young University Marriott School. He received his undergraduate training at the United States Military Academy at West Point and his PhD in business administration and finance from Florida State University. Jim has published over 30 articles in the area of entrepreneurial finance in peer-reviewed journals, including the Journal of Finance, Journal of Financial Economics, Journal of Business, and Journal of Business Venturing, among others.

Miriam Bruhn is an economist on the Finance and Private Sector Development Team of the Development Research Group at the World Bank. She holds a PhD in economics from MIT and a BA in economics from Yale University. Her research interests include the effect of regulatory reform on entrepreneurial activity, the informal sector, financial literacy, constraints to micro and small enterprise growth, and the relationship between institutions and economic development.

(p. xi) Fenella Carpena is a graduate student in the Department of Economics at the University of California, Berkeley. Prior to graduate school, she was a consultant at the World Bank's Development Research Group and a research associate at the Harvard Business School.

Stefano Caselli, PhD, is a full professor of banking and finance at Bocconi University, where he directs the master of science in finance and the master in international management for CEMS. He is the director of Executive Education Custom Programs, Banks and Financial Institutions Division, at SDA Bocconi. He specializes in corporate finance, with specific attention to private equity and venture capital, and small and family firms financing. He's the author of several books, such as Private Equity and Venture Capital in Europe with Elsevier Academic Press. He has published extensively, with recent papers in the Journal of Banking and Finance, European Financial Management, and The Journal of Financial Services Research. He is a consultant for banks and nonfinancial institutions in Italy and abroad.

Larry Chavis a professor of strategy and entrepreneurship at the University of North Carolina Kenan-Flagler Business School. His undergraduate degree is in anthropology from Duke University. He holds master degrees from Cornell University in Asian studies and applied economics. His PhD in economics is from the Stanford Graduate School of Business where he was advised by John McMillan. He is broadly interested in economic incentives, especially in the way in which distorted incentives affect markets in developing countries.

Rebel A. Cole is professor of finance at DePaul University in Chicago, Illinois. He graduated from the University of North Carolina at Chapel Hill with a BA in economics and a PhD in finance. Professor Cole has published in the Journal of Finance, the Journal of Financial Economics, and the Journal of Financial & Quantitative Analysis, as well as in a number of leading field journals. His research interests include small business finance, financial institutions, corporate governance, and real estate.

Susan Coleman is a professor of finance at the University of Hartford located in West Hartford, Connecticut. She teaches courses in entrepreneurial and corporate finance at both the undergraduate and graduate levels. Dr. Coleman's research interests include entrepreneurial and small business finance. She has published extensively on the topic of financing women-owned firms and is frequently quoted in the business press. Dr. Coleman is currently writing a book (with Alicia Robb) entitled A Rising Tide: Financing Strategies for Women-Owned Firms.

Robert Cressy is professor of entrepreneurship and innovation, and director of the Entrepreneurship and Innovation Center at the Birmingham School of Business, University of Birmingham. He has published widely on private equity, access to capital, capital gaps, and entrepreneurial finance in the Economic Journal and Journal of Corporate Finance, among other leading outlets.

(p. xii) Vicente Cuñat is an associate professor of finance at the London School of Economics. He graduated from the University of Valencia, and holds an MSc from CEMFI and a PhD in economics from the London School of Economics. His research focuses on theoretical and empirical issues on corporate finance that are often linked to questions in industrial organization or labor economics. He has published in the American Economic Review and the Journal of Finance, among other journals.

Ramon P. DeGennaro is the CBA professor of banking and finance at the University of Tennessee. He previously served as a visiting scholar at the Federal Reserve Bank of Atlanta. Professor DeGennaro has published more than forty refereed articles on financial market volatility, small firm finance, the term structure of interest rates, financial institutions, prediction markets, and investments. His articles have appeared or are forthcoming in journals such as the Journal of Financial and Quantitative Analysis,the Journal of Money, Credit and Banking,the Journal of Banking and Finance,the Journal of Financial Research,the Journal of Empirical Finance,the Journal of Financial Services Research,and Financial Management. He is an associate editor or member of the editorial board of the Journal of Financial Research,the Financial Review, the International Journal of Business, and the Journal of Private Enterprise. He is also a member of the academic board of directors of the Midwest Finance Association. He holds a PhD in finance from the Ohio State University.

Robert W. Fairlie is a professor of economics at the University of California, Santa Cruz. He has held visiting positions at Yale University, UC Berkeley, Australian National University, and the Institute for the Study of Labor (IZA), Germany. His research interests include entrepreneurship, technology, inequality, labor economics, education, and immigration. He recently published Race and Entrepreneurial Success: Black-, Asian-, and White-Owned Businesses in the United States with MIT Press. He is also the author of the Kauffman Index of Entrepreneurial Activity.His research has been published in leading economics, public policy, management, and demography journals. He has received funding for his research from numerous government agencies and foundations, and has testified to the U.S. Congress, U.S. Department of Treasury, and the California State Assembly regarding the findings from his research. Dr. Fairlie holds a PhD and MA in economics from Northwestern University and a BA with honors from Stanford University.

Frank M. Fossen is assistant professor of economics at Freie Universität Berlin, Germany; a research associate of the German Institute for Economic Research (DIW Berlin); and a research fellow of the Institute for the Study of Labor (IZA). He received his PhD in economics at Freie Universität Berlin in June 2008. Prior to this, he studied at the University of Karlsruhe and University of Toronto. His main research interests are empirical public economics, entrepreneurship, business taxation, and applied microeconometrics.

(p. xiii) Emilia García-Appendini is assistant professor of finance at Bocconi University. She holds an undergraduate degree in applied mathematics from the Instituto Tecnológico Autónomo de México, and an MSc and a PhD in economics and finance from Universitat Pompeu Fabra, Spain. Her research has focused on the financing of small firms, with particular emphasis on the role of trade credit.

Stefano Gatti is director of the BSc of economics and finance at Bocconi University in Milan, where he's also past director of the International Teachers' Program. His main area of research is corporate finance and investment banking. He has published in these areas, including recent publications in Financial Management, the Journal of Money, Credit and Banking, the Journal of Banking and Finance, and the European Journal of Operational Research. Professor Gatti has published a variety of texts on banking areas and has acted as a consultant to several financial and non-financial institutions and for the Italian Ministry of the Economy. He received the prize as the best MBA teacher during the period 2004–2010 and the prize for excellence in research in 2009–2011. He is financial advisor of the Pension Fund of Health Care Professions and former member of the board of directors of BCC Private Equity SGR and Same Deutz Fahr Group.

Brent Goldfarb is associate professor of management and entrepreneurship at the Robert H. Smith School of Business at the University of Maryland. Dr. Goldfarb studies emerging industries, finance of early stage ventures, and how the production and exchange of technology differs from more traditional economic goods. His work has been published in several journals, including the Journal of Financial Economics, Management Science,and Strategic Management Journal.Many press outlets and blogs have also covered his work, including the The Wall Street Journal and The New York Times. Dr. Goldfarb earned his BA from Tel Aviv University in 1996 and his PhD in economics from Stanford University in 2002.

Liang Han is a reader in financial management at the University of Surrey. He earned his PhD degree from the University of Warwick and taught at the University of Hull. He has published in high quality journals, such as Entrepreneurship Theory and Practice, Journal of Banking and Finance, and Journal of Business Finance and Accounting.His research focuses on entrepreneurship and small business finance.

Benson Honig (PhD, Stanford University) is the Teresa Cascioli chair in entrepreneurial leadership, DeGroote School of Business, McMaster University. Studying entrepreneurship worldwide, his research includes business planning, nascent entrepreneurship, transnational entrepreneurship, social entrepreneurship, social capital, and entrepreneurship in environments of transition. He has published widely and serves on six editorial boards, including JBV and JMS. He is immediate past president of CCSBE (Canadian Counsel of Small Business and Entrepreneurship), is on the board of the Babson Entrepreneurship Conference, and is also an editor for Entrepreneurship Theory and Practice.

(p. xiv) Christian Keuschnigg is professor of public economics at the University of St. Gallen and an editor of the European Economic Review. He has published widely on public policy toward entrepreneurial finance and venture capital, among other related topics, in leading journals that include, but are not limited to, the Journal of Public Economics and Oxford Economic Papers.

David Kirsch is the dean's term associate professor of capitalism studies at the Robert H. Smith School of Business at the University of Maryland. His research focuses on the intersection of problems of innovation and entrepreneurship, technological and business failure, and industry emergence and evolution. His work has appeared in Technology and Culture, Business History Review, Journal of Financial Economics, and Strategic Management Journal. Dr. Kirsch received his PhD in the history of technology from Stanford University, an MA in the economics of technological change from MERIT at the University of Limburg (Netherlands), and an AB from Harvard College in history and science magna cum laude.

Leora Klapper is a lead economist on the Finance and Private Sector Team of the Development Research Group at the World Bank. She holds a PhD in financial economics from the New York University Stern School of Business. She has published articles on entrepreneurship, access to finance, corporate governance, and bankruptcy and risk management. Her current research focuses on entrepreneurship and household finance, and measurements of financial inclusion. Prior to working at the Bank she worked at the Board of Governors of the Federal Reserve System, the Bank of Israel, and Salomon Smith Barney.

Benjamin Larralde is a master student specializing in entrepreneurship. He graduated with a degree in business studies from the University of Amsterdam (The Netherlands) in 2009, where he studied the topic of crowd funding for startups for his master thesis. He is currently following another year-long master degree at the University of Luxembourg in order to acquire deeper knowledge in all areas of entrepreneurship. In the meantime, he is also launching a French platform allowing all creatives to leverage the power of the crowd in order to promote and fund their projects (http://fansnextdoor.com).

David Lingelbach is an assistant professor of entrepreneurship at the University of Baltimore. He graduated from the Massachusetts Institute of Technology with bachelor degrees in economics and political science and a master degree in political science, and from the University of Exeter with a PhD in management studies. He served as CEO of Bank of America's businesses in the former Soviet Union and the first venture capital fund in Russia, and has also advised the World Bank, other development agencies, and national governments on venture capital and entrepreneurship. His research interests include entrepreneurial finance and the emergence of new organizational forms in developing and emerging economies.

(p. xv) Inessa Love is a senior economist on the Finance Team of the Development Research Group. Her recent research has focused on the relationship between entrepreneurship, business environment and financial crisis, and the impact of global crisis on firm stock returns. She holds a PhD in finance and economics from the Columbia University Graduate School of Business.

Eva Lutz is assistant professor at the Chair in Entrepreneurial Finance, supported by KfW-Bankengruppe, at Technische Universität München in Germany. Prior to joining CEFS in November 2006, she worked for L.E.K. Consulting in London as a consultant. She holds a doctorate from Technische Universität München and a graduate degree in business administration from the University of Goettingen in Germany. Her main research and teaching focus is on entrepreneurial finance, company valuation, and family firms.

Roy Mersland is associate professor in international business at Kristiansand School of Management at University of Agder in Norway. He has extensive international management, consulting, and research experience in Latin America, Asia, Africa, and Europe. His current research interest is microfinance management and governance.

Michael Peneder is deputy director of the Austrian Institute of Economic Research (WIFO) and managing editor of the Journal of Industry, Competition, and Trade. He was visiting professor at Ritsumeikan University in Kyoto (2004, 2008) and visiting researcher/scholar at Harvard University (2009) and Stanford University (2003). He leads an international consortium that prepares the European Commission's annual European Competitiveness Reports. Regularly publishing in international academic journals, his research focuses on industrial economics, innovation, and corporate finance.

Srinivasan Rangan is an associate professor of accounting at the Indian Institute of Management, Bangalore. He graduated from the University of Madras with a degree in commerce, and from the Wharton School of the University of Pennsylvania with a PhD in accounting. He has published in the Journal of Financial Economics, Journal of Accounting Research, The Accounting Review,and Review of Accounting Studies and Financial Management,and is interested in initial public offerings, market efficiency, mergers and acquisitions, earnings management, and valuation. He is an associate member of the Indian Chartered Accountants Institute.

Evelyn Ribi held a post-doctoral position at the University of St. Gallen. She graduated from the University of St. Gallen with a PhD in economics. In her research, she concentrates on public finance and capital and labor market frictions.

Alicia Robb is a senior research fellow with the Kauffman Foundation, a research associate with the University of California at Santa Cruz, and a visiting (p. xvi) scholar with both the Center for European Economic Research (Zentrum für Europäische Wirtschaftsforschung [ZEW]) in Mannheim, Germany, and the Federal Reserve Bank of Atlanta. Her main research interests are entrepreneurship, entrepreneurial finance, entrepreneurship by women and minorities, and entrepreneurship in emerging markets. Dr. Robb received her MS and PhD in economics from the University of North Carolina at Chapel Hill. She previously worked as a staff economist for an economic consulting firm and as an economist for the Office of Economic Research in the Small Business Administration and for the Division of Research and Statistics at the Federal Reserve Board of Governors. In addition to numerous journal articles and book chapters, she is the co-author of Race and Entrepreneurial Success, published by MIT Press, and is currently working on her second book on entrepreneurial finance and women-owned businesses for Stanford University Press.

David Robinson is a professor of finance at Duke University's Fuqua School of Business. He is also a faculty research associate in the National Bureau of Economic Research's Productivity Program. He graduated from the London School of Economics with a master degree in economics, and earned MBA and PhD degrees from the University of Chicago. He has published numerous scholarly articles in top finance and economics journals. His research interests include empirical corporate finance, entrepreneurship, venture capital, and private equity.

Stephanie Schraml is working as a member of the management board in the family firm Schraml GmbH. She holds a doctorate degree from the Chair in Entrepreneurial Finance, supported by KfW-Bankengruppe, at Technische Universität München in Germany. In her doctoral thesis, she analyzed financial management in family firms. She graduated from the Technische Universität München with a degree in management and technology.

Armin Schwienbacher is professor of finance at the Université Lille Nord de France-SKEMA Business School (France). He is also guest faculty at Duisenberg School of Finance (The Netherlands). He obtained his PhD in finance at the University of Namur (Belgium). His dissertation focused on exit strategies of venture capitalists. In 2001–2002, he was a visiting scholar at the Haas School of Business, UC Berkeley (USA). He teaches courses in corporate finance and entrepreneurial finance at the master, MBA, and executive levels. He has presented his research on venture capital and various other topics in corporate finance at numerous universities, financial institutions, and international conferences, and his work has been published in various international academic journals, including Journal of Financial Intermediation, Economic Journal, Journal of Banking and Finance, Entrepreneurship Theory and Practice, Journal of Business Venturing, and Financial Management.

(p. xvii) Houman B. Shadab is an associate professor of law at New York Law School. He graduated from the University of California at Berkeley with a degree in economics with high honors and from the University of Southern California with a juris doctorate in law. His primary research and writing interests include the law and finance of hedge funds, derivatives, and securitization. He is the author of several academic articles published in journals such as the New York University Journal of Legislation and Public Policy and the Berkeley Business Law Journal.

April Shen is a doctoral student in strategic management at the Robert H. Smith School of Business at the University of Maryland, College Park.

Sheryl Winston Smith is assistant professor of strategic management at the Fox School of Business at Temple University. Her research elucidates the nexus of strategic management, entrepreneurship, and innovation. Currently, her focus is on the relationship between entrepreneurial strategy and financing in new firms and subsequent performance; the role of corporate venture in innovation and competitive strategy; and the significance of intellectual property and prior knowledge in firm performance. She is the recipient of several grants and fellowships, including support from the Ewing Marion Kauffman Foundation for research on new firm performance. She served on the Program Committee of the 2011 Industry Studies Conference and was chair of the Innovation and Entrepreneurship Track. She received the Kauffman Foundation Best Paper Prize at the Strategic Management Society Annual Meeting in Rome in 2010 and the Kauffman Foundation Promising Paper Award in 2011. Prior to teaching at the Fox School of Business, she pursued postdoctoral work at the Sloan School of Management, MIT, and at the Carlson School of Management, University of Minnesota. She also was awarded a Rotary Foundation Fellowship to study innovation in the Czech Republic. She received her PhD from Harvard University and her BS from Yale University. At the Fox School of Business she is on the advisory board of Mid-Atlantic Diamond Ventures, a year-round venture forum and entrepreneurship-advisory program. Prior to her PhD work, she served as a research analyst for the U.S. Congress Office of Technology Assessment.

Khaled Soufani is an associate professor of finance and director of the Desjardins Center for Innovation in Business Finance at the John Molson School of Business at Concordia University in Montreal, Canada. He has been a visiting scholar in a number of universities researching and lecturing on finance and economics.Dr. Soufani has a PhD from the University of Nottingham in the United Kingdom. He has published in the areas of the finance of small- to medium-sized enterprises, and family businesses. He is on the editorial board of a number of academic journals.

Alessandro Steffanoni is the head of project finance at Meliorbanca Spa (Banca Popolare dell'Emilia Romagna Group). A former officer at General Electric (p. xviii) Interbanca and Banca Intesa, he teaches project and structured finance at SDA Bocconi School of Management. He's the author of recent publications in the Journal of Money, Credit and Banking and Financial Management.

R. Øystein Strøm is professor of finance at Oslo and Akershus University College in Oslo, Norway, where he teaches corporate finance and corporate governance. His main research interests are in corporate governance (board structure, network linkages, and CEO compensation issues) and microfinance. His microfinance interests span from the governance of microfinance institutions to lending practices and efficiency. He has published in journals such as Journal of Banking & Finance and World Development.

Song Zhang is a PhD candidate at the Business School, University of Surrey. He obtained an MSc degree in financial management with distinction from the University of Hull. He receives financial support from the University of Hull and the University of Surrey for his PhD, and his PhD dissertation examines the financial decision making of small businesses.

Haoyong Zhou is a PhD fellow in the Department of Economics at Copenhagen Business School. His research area focuses on corporate finance, corporate governance, and family business. During his PhD studies, he has been a visiting researcher at INSEAD. He holds a master degree in economics from the University of Copenhagen and a bachelor degree in chemical engineering from China. Bilal Zia is an economist in the Development Research Group at the World Bank. He graduated from the London School of Economics with BSc (honors) in economics, and received an MCP in international development and a PhD in economics, both from MIT. He has published in the Journal of Finance, Journal of Financial Economics,and the Review of Financial Studies.His research is focused on the behavior of firms, banks, households, and their financial interactions, and uses both experimental and non-experimental methods in his work.