(p. ix) Contributors
(p. ix) Contributors
Luisa Alemany is associate professor of entrepreneurial finance at ESADE Business School. She holds an MBA from Stanford University and a PhD in finance from Universidad Complutense, Madrid. She is currently the director of the ESADE Entrepreneurship Institute and the co-director of the Business Angels Academy program. Her research is in the field of entrepreneurial finance and entrepreneurship education.
Ron Christian Antonczyk is a manager with KPMG Corporate Finance in Singapore. Before he joined KPMG, Ron was a research associate at the Department of Finance in the Faculty of Business and Economics at the RWTH Aachen University in Germany. His research interests focus on international finance. He studied business science at the Humboldt University of Berlin and received his PhD in finance 2006 from the RWTH Aachen University.
Marina Balboa is associate professor of finance at the University of Alicante. She holds a PhD in finance from the University of Alicante. She has published in the Journal of Business Venturing, European Financial Management, Journal of Multinational Financial Management, and others. She also serves as a referee for several scientific journals. Her research focuses on corporate finance, venture capital and private equity, financial analysts, and banking.
Andrew M. Banks is a New York attorney currently serving as legal counsel at Greenhills Ventures. He previously held various financial functions within ING, Lyondell Chemical, and Seagate Technology. He holds an LLM in law and finance from Duisenberg School of Finance, an MSc in international finance from the University of Amsterdam, an LLM in international law from Leiden University, and an LLB from the University of Strathclyde.
Ola Bengtsson is assistant professor of finance at the University of Illinois. He received his undergraduate degree in business and economics from the Stockholm School of Economics, and his MBA and PhD in finance from the University of Chicago. He has been on the faculty of Cornell University. He is affiliated with the Institute of Financial Research (SIFR) and the Research Institute of Industrial Economics (IFN). His areas of interest include venture capital, entrepreneurship, and corporate finance. (p. x)
Wolfgang Bessler is professor of finance and banking at Justus-Liebig-University in Giessen. Previously, he was a faculty member at Syracuse University, Rensselaer Polytechnic Institute, and Hamburg University. He has published widely in the leading finance journals. His research interests in corporate finance include financing new ventures, initial public offerings, M&As, and innovations. He serves on the editorial board of various international finance journals.
Joern Block is assistant professor at Technische Universität München and Erasmus University, Rotterdam. He graduated from Humboldt University, Berlin, with a degree in business administration, and from Technische Universität München with a PhD in entrepreneurship and innovation management. He has published in the Journal of Business Venturing, Small Business Economics, and Research Policy. His research interests are in the areas of entrepreneurship, innovation, family firms, and corporate governance.
Stefano Bonini is assistant professor of finance at Bocconi University. He received his PhD from Bocconi University in Milan, Italy. He has been visiting associate professor of finance at NYU Stern School of Business and visiting scholar at Harvard University and MIT. His research interests include the quality and accuracy of equity and debt analysts, the capital structure determinants of firms, and the structure and management of venture capital and private equity companies. His research has been published in academic journals such as Journal of Business Ethics, Corporate Governance, Journal of Business Finance and Accounting, Small Business Economics, and European Financial Management.
Malte Brettel is professor for business administration and entrepreneurship at RWTH Aachen University, Germany. His areas of research interest include entrepreneurial management and development, entrepreneurial marketing, entrepreneurial finance, and innovation management. He has published several books as well as in many academic journals, such as the Strategic Management Journal, the Journal of Product Innovation Management, the Journal of Business Venturing, and Marketing Letters, and has presented his research at leading international conferences.
Wolfgang Breuer is a professor of finance at RWTH Aachen University in Germany. He graduated from the University of Cologne with a degree in business administration and a PhD in finance. He also worked some time as a consultant at McKinsey & Co., Inc. He has published in several journals, such as the Journal of Banking and Finance, and is currently particularly interested in behavioral corporate finance and the relationship between culture and financial decision making.
Susan Chaplinsky is the Tipton R. Snavely professor of business administration at the University of Virginia's Darden Graduate School of Business. Her research interests are primarily in capital raising and corporate finance with specialized interests in private equity, security issuance, capital structure, and PIPEs. She is the author of numerous articles that have appeared in the Journal of Finance, Journal of Financial Economics, Journal of Business, and Financial Management. She received (p. xi) her MBA and doctorate in business economics from the University of Chicago's Graduate School of Business.
Jess Chua is professor of finance and holder of the professorship in family business governance at the Haskayne School of Business of the University of Calgary. He has co-authored three books, three monographs, and over 100 papers in academic and professional journals on financial management and family business governance.
Douglas Cumming, JD, PhD, CFA, is a professor of finance and entrepreneurship and the Ontario research chair at the Schulich School of Business, York University. His research is primarily focused on venture capital, private equity, IPOs, law and finance, market surveillance, and hedge funds. He has published more than seventy-five refereed papers in leading journals and is the coauthor (with Sofia Johan) of Venture Capital and Private Equity Contracting: An International Perspective (2009). He has consulted for a variety of governmental and private organizations in Australasia, Europe, and North America. Much of Douglas Cumming's work is online at SSRN: http://ssrn.com/author=75390.
Na Dai, BA (Hons.) and MA (Ren Min University of China), PhD (University of Kansas), is an assistant professor of finance at the School of Business at the University of Albany (SUNY). She is also a research associate with the Center for Institutional Investment Management (CIIM) at the University of Albany. Her research is primarily focused on venture capital, private equity, hedge funds, private investment in public equity (PIPE), and small business financing. Her scholarly works have appeared in finance journals such as Financial Management, Journal of Banking and Finance, Journal of Corporate Finance, Journal of Empirical Finance, European Financial Management, and entrepreneurship journals such as Journal of Business Venturing and Entrepreneurship Theory and Practice. She has contributed book chapters to Companion to Private Equity, Oxford Handbook of Venture Capital, Oxford Handbook of Private Equity, Institutional Money Management: An Inside Look at Strategies, Players, and Practices, and Oxford Handbook of Corporate Governance. Much of Na Dai's work is online at SSRN: http://ssrn.com/author=332421.
Geertjan de Vries is a PhD student at Erasmus University Rotterdam. He studied economics at the University of Utrecht and Erasmus University, Rotterdam. His research interests are entrepreneurial finance, innovation, and intellectual property.
Roberta Dessí is associate professor of economics at the Toulouse School of Economics. She graduated from the University of Cambridge with a degree in economics, from the London School of Economics with an MSc, and then from the University of Cambridge with a PhD, always in economics. She has published in the American Economic Review, the Rand Journal of Economics, the Economic Journal, and the Journal of Economics and Management Strategy. Her research interests include venture capital and innovation; financial contracts; corporate finance; the (p. xii) relationship between incentives, motivation, and performance; the determinants and consequences of overconfidence.
Gary Dushnitsky (PhD, 2004, NYU) is an associate professor of strategy and entrepreneurship at the London Business School, and academic director of the Deloitte Institute of Innovation and Entrepreneurship. He is also a senior fellow at The Wharton School (University of Pennsylvania), where he was previously a faculty member. Gary serves as a senior editor at Organization Science and Strategic Entrepreneurship Journal and is or has been a member of several editorial review boards. Gary's research focuses on the economics of entrepreneurship and innovation and he has been published in leading academic journals, including Strategic Management Journal, Organization Science, and others. His work received several academic distinctions including the inaugural Kauffmann Junior Faculty Fellowship (2009) and several best dissertation prizes.
Alexander Groh is associate professor of finance at EMLYON Business School, France. He graduated from Darmstadt University of Technology, Germany, with a degree in mechanical engineering and with a PhD in finance. He held visiting positions at INSEAD, Fontainebleau; IESE Business School, Barcelona; and University of New South Wales, Sydney. He published in the Journal of Banking and Finance, the Journal of Corporate Finance, European Financial Management, the Journal of International Money and Finance, the Journal of Alternative Investments, and in Venture Capital, among others. His research and teaching activities focus on entrepreneurial finance, venture capital, and private equity.
John R. M. Hand is H. Allen Andrew distinguished professor (accounting, entrepreneurship, finance) at UNC Kenan-Flagler, USA. He earned his BSSc at the Bristol University, England, and then obtained his MBA and PhD degrees at the University of Chicago. He has published in the top accounting, entrepreneurship, and finance journals on topics ranging from inventory accounting to market efficiency to venture-backed companies to bond ratings.
David Haushalter is an associate professor of finance at Pennsylvania State University. His research interests are in empirical corporate finance. Currently, he is working on projects that examine the financial decisions of small businesses.
Julian Holler holds a PhD in finance from Justus-Liebig-University in Giessen and focuses in his research on alternative investments and hedge funds. He currently works for PricewaterhouseCoopers Advisory.
Akie Iriyama is an assistant professor at the University at Buffalo. He obtained his PhD from the University of Pittsburgh. He has research interests in globalization of venture capital investments, ownership dynamics in international joint ventures, and value creation in corporate acquisitions and divestitures. He also has theoretical interests in real options theory and economic sociology.
Darek Klonowski, formerly a managing director of a private equity fund operating in Central and Eastern Europe, is a professor at Brandon University, Manitoba, Canada. (p. xiii)
Stefan Krause is chief economist at the Unit of Economic and Monetary Union (European Relations Division) at Banque de France, and a fellow at the Department of Economics from Sciences-Po. Previously, he held positions in the United States as assistant professor of economics at Emory University in Atlanta, Georgia, and visiting scholar at the NBER in Cambridge, Massachusetts, and he also worked as economic advisor at the Ministry of Foreign Trade of Costa Rica. Krause holds a PhD in economics from the Ohio State University, and his work has been published in several leading journals, including Economic Journal, Economic Inquiry, and Journal of Macroeconomics, among many others. His research and views on how central banks have dealt with economic fluctuations has been cited by media outlets such as The Economist, Atlanta Journal-Constitution, and Daily Commercial News (Toronto). Krause's other fields of interest include analyzing the importance of financial development and access to credit, the effect of policy changes in the onset of an upcoming election, and the role of private equity and venture capital funding on innovation and growth.
Roman Kräussl is associate professor of finance at VU University, Amsterdam. He studied economics at the University of Bielefeld and got his PhD in financial economics at the Center for Financial Studies (CFS) at Goethe-University Frankfurt. Apart from his position at VU University, Dr. Kräussl also holds a position as adjunct associate professor at Goizueta Business School, Emory University, and is research fellow at the CFS, at the Emory Center for Alternative Investments (CAI), and at the Duisenberg School of Finance (DSF). His research focuses on private equity and venture capital, behavioral finance, and alternative investments, and has been published in the Journal of Financial and Quantitative Analysis, Strategic Management Journal, Journal of Corporate Finance, Journal of Empirical Finance, Journal of Business Ethics, Journal of International Money and Finance, Finance Research Letters, European Financial Management, Review of Derivatives Research, and Emerging Markets Review, among others. He established the website www.art-finance.com, where he publishes some of his recent work on art as an alternative asset class.
C. N. V. Krishnan is Deborah and David Daberko fellow and associate professor of banking and finance at Case Western Reserve University. He graduated from the Indian Institute of Management, Ahmedabad, India, with an MBA and from the University of Wisconsin-Madison with a PhD in finance. His research is centered in empirical corporate finance. One area he is interested in is how financial intermediaries and financial services providers (bank regulators, investment bankers, venture capitalists, law firms, banks) create or destroy value. His research has been published in leading academic journals including the Journal of Finance, and has been presented at top academic conferences including the American Finance Association meetings.
Jaeho Lee is assistant professor of international business at Kyung Hee University in Korea. He holds a bachelor degree in economics from Seoul National University, an MSc in international accounting and finance from the London School of (p. xiv) Economics, and a PhD in management from University of Cambridge. He has published in the Journal of International Management and won the 2010 Best Paper Award from the Korean Association of Small Business Studies with his paper on venture capital. His current research interests include diverse topics in the areas of global business and venture capital investment.
Dietmar Leisen is professor of banking at the University of Mainz, Germany. He graduated from the University of Bonn with an MSc in mathematics and with a PhD in economics. He has published in the Journal of Economic Dynamics & Control and is interested in private equity, derivatives, and quantitative finance.
Yong Li is an assistant professor of strategy and entrepreneurship at the State University of New York at Buffalo. He received his PhD in strategy and international business from the University of Illinois at Urbana, Champaign. His research on venture capital, international entrepreneurship, and real options has appeared in the Journal of Business Venturing, Journal of International Business Studies, Organization Science, and Strategic Entrepreneurship Journal, among others.
Ravi Madhavan is a professor of business administration and the Alcoa Foundation international faculty fellow at the University of Pittsburgh. He obtained his PhD in strategic management from the University of Pittsburgh. Ravi's research focuses on how networks drive value, viewing cognitive salience and action alignment as the twin pathways through which human and organizational networks shape value creation and appropriation. Empirical contexts of primary interest have been steel and venture capital, two very dissimilar industries that have both been relatively slow to globalize.
Sophie Manigart is full professor at Ghent University and partner at the Vlerick Leuven Gent Management School (Belgium), where she holds the Gimv Private Equity Chair. Her research interests focus on financing entrepreneurial companies, comprising the behavior of intermediaries (business angel and venture capital investors) and the interaction between financing choices and entrepreneurial company development. She has published on these topics in the Journal of Management Studies and the Journal of Business Venturing, among others.
José Martí is professor of corporate finance at Complutense University of Madrid. He graduated from CUNEF College (UCM) in business administration and earned his PhD in finance at the Complutense University of Madrid. He conducts yearly research on the Spanish private equity and venture capital markets, gathering data from all investors. He has published 21 books and more than 60 articles and book chapters. He has published in Journal of Business Venturing and Small Business Economics, among other journals on entrepreneurial finance.
Ronald W. Masulis is the Scientia professor of finance at the Australian School of Business at the University of New South Wales. His MBA and PhD degrees are from the University of Chicago. He is a research associate at the European Corporate Governance Institute, and is an associate editor at the Journal of Financial and (p. xv) Quantitative Analysis and an advisory editor at Financial Management. He is a past associate editor of the Journal of Finance, Journal of Financial Economics, and the Review of Financial Studies, among other academic journals, and a past member of the board of directors of the American Finance Association, Western Finance Association, and Financial Management Association. His research interests are in corporate finance, corporate governance, venture capital, mergers and acquisitions, and investment banking.
Joseph A. McCahery is professor of international economic law at Tilburg University. He is also program director of the masters in finance and law at Duisenberg School of Finance. He has published widely in corporate law, corporate finance, and financial market regulation.
Sampsa Samila is assistant professor of strategy at National University of Singapore Business School. He graduated from Columbia University with a PhD and from Helsinki University of Technology with an MSc. His research covers venture capital, private equity, regional economics, and social networks.
Philipp Sandner is post-doc at Technische Universität München and also partner of the company Munich Innovation Group. He studied business administration at the University of Mannheim and at the Copenhagen Business School, and holds a PhD in innovation and economics awarded by the Ludwig-Maximilians-University (LMU) in Munich. His research, which he partly conducted at the University of California at Berkeley, focuses on innovation, intellectual property, and entrepreneurship.
Mariarosa Scarlata is lecturer in entrepreneurship at Newcastle University Business School. Prior to that, she was fellow in the Finance Department at the London School of Economics. After spending a visiting period at Babson College, Mariarosa earned her PhD in management sciences from ESADE Business School. Her research interests lie in the entrepreneurship, social entrepreneurship, and social finance areas.
Arnout Seghers is research and teaching assistant at Ghent University, where he obtained his master degree in business education. His research interests focus on the determinants of the financing choices of start-ups and how these early choices impact their survival and growth.
Martin Seim is a research assistant and PhD student at the Center for Finance and Banking, Justus-Liebig-University in Giessen. He holds a degree in business administration and focuses his research on corporate finance and security offerings.
Emanuel Shachmurove, Esq., is managing partner of Shach Law LLC. He received his law degree from the University of Michigan Law School, where he was an associate editor of the Michigan Journal of Law Reform, and his bachelor of science in economics, cum laude, from The Wharton School at the University of Pennsylvania, where he was a Joseph Wharton Scholar. (p. xvi)
Yochanan Shachmurove is professor of economics and business at the City College of the City University of New York, a member of the faculty of the PhD program in economics at the Graduate Center of the City University of New York, and a member of the visiting faculty at the University of Pennsylvania. Professor Shachmurove graduated from Tel Aviv University, Israel, with degrees in economics, and an MBA in finance and operations research. He received his MA in economics and PhD at the University of Minnesota under Nobel Laureate Thomas J. Sargent (chairman), Professor Neil Wallace, Nobel Laureate Christopher Sims, Nobel Laureate Professor Edward C. Prescott, and Professor Symord Geisser. Dr. Shachmurove has published extensively in the areas of economics and finance, and his papers have been accepted for presentation at professional meetings throughout the world. His papers are published in journals including, among others, Kyklos, Public Choice, The Manchester Journal, Review of International Economics, The World Economy, Journal of Policy Modeling, The Journal of Energy and Development, Comparative Economic Studies, Justice Quarterly, Papers in Regional Science, Journal of Economic and Social Measurement, Applied Economics, Global Finance Journal, Applied Financial Economics, Journal of Futures Markets, International Journal of Manpower, International Migration, and International Trade Journal.
Azin Sharifzadeh is senior consultant at Ernst & Young. She graduated at Frankfurt University where she also received a PhD in economics in 2010. Her research interest lies generally in corporate governance and industrial economics with a focus on private equity, venture capital, and contract design.
Richard Smith is the Philip L. Boyd chair and professor of finance at University of California, Riverside. He received a PhD in business economics from UCLA in 1979, an MA in economics from UCLA in 1978, an MBA in finance from Washington University in 1973, and a BBA in finance from Southern Methodist University in 1971. Professor Smith is author of Entrepreneurial Finance: Strategy, Valuation, and Deal Structure (Stanford University Press, 2011) and over 35 journal articles and other research papers on an array of finance and economics topics. His record includes publications in all of the leading finance journals, including The Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Financial Management, and Journal of Financial and Quantitative Analysis. He served as executive editor for the Journal of Financial Research from 1986 through 1993. He has been engaged in financial economics consulting since 1981 and has consulted extensively on matters related to valuation, entrepreneurial finance, securities, and mergers and acquisitions. His clients have included a number of Fortune 500 companies, several federal and state agencies, and foreign agencies. Professor Smith has lectured internationally on venture finance, fostering entrepreneurship, and the role of entrepreneurship in economic growth.
Denis Trapido is assistant professor at the Paul Merage School of Business at the University of California, Irvine. He holds a PhD in sociology from Stanford (p. xvii) University. His research examines the effects of competition on the formation of social networks, the role of signaling actions in shaping inter-firm social ties, and the origins and rewards of creativity. Professor Trapido's research has appeared in Organization Science, Social Forces, and European Sociological Review.
Álvaro Edmundo Tresierra-Tanaka is associate professor of corporate finance at University of Piura. He graduated from the University of Piura with degrees in engineering, and an MBA and from the University Complutense of Madrid with a master in finance and a PhD in management. His research interests include corporate finance and venture capital.
Manuel A. Utset is the Charles W. Ehrhardt professor at Florida State University College of Law. He is a leading behavioral law and economics scholar, whose research has focused on the legal implications of self-control problems, overoptimism, bounded rationality, and fairness concerns. His most recent work has examined the extent to which these behavioral issues can lead to repeated misconduct and other types of agency costs by participants in public corporations, financial institutions, and venture-capital-financed firms.
Tom Vanacker is assistent professor at Ghent University, where he obtained his PhD in business administration in 2009. He was visiting scholar at the Carlson School of Management (University of Minnesota) and The Wharton School (University of Pennsylvania). His research interests focus on the financing of entrepreneurial companies.
Erik P. M. Vermeulen is senior counsel corporate at Philips in the Netherlands. In this function, he works on matters of corporate governance and corporate structuring within the Philips group of companies, international M&A transactions, and corporate venturing. He is also professor of business law and finance at Tilburg University Law School and Tilburg Law and Economics Center (TILEC), and is chairman of the Department of Business Law. In addition to having held visiting positions at Ghent University in Belgium, Pontificia Universidad Javeriana in Colombia, Interdisciplinary Center (IDC) Herzliya in Israel, and TiasNimbas Business School in the Netherlands, he lectures regularly at the Brabant Center for Entrepreneurship in the Netherlands, the Duisenberg School of Finance in the Netherlands, and Kyushu University Faculty of Law in Japan. He has worked on international projects concerning financial markets, corporate law, and corporate governance in listed and non-listed companies. He has written extensively in the area of corporate law, partnership law, corporate governance, joint ventures, and venture capital. His current research looks at trends in corporate governance, jurisdictional competition, disclosure regimes, financial and venture capital markets, dispute resolution and enforcement, business law/lawyers and innovation, and listings on alternative stock markets. He is a member of the International Venture Club Council and a member of the Board of the Foundation for Education of Inhouse Lawyers in the Netherlands. (p. xviii)
Paul Vronsky is an attorney at a Silicon Valley law firm specializing in venture capital fund formation. He previously studied law at Stanford Law School and economics at Nuffield College (University of Oxford) and the University of Washington.
Jennifer Walske is a professor and the director of social entrepreneurship at the Lester Center for Entrepreneurship, Haas School of Business, U.C. Berkeley. Dr. Walske publishes her research on emergent firms with an emphasis on how human capital, social capital, and strategy aids new firm success with particular focus on the social enterprise. Dr. Walske also founded Myriad Investments, LLC, in 2000 and serves on boards of directors for both non-profit and for-profit enterprises. Prior to her career in academia, she was a nationally ranked software analyst by Institutional All-American, and was a regular guest commentator on both CNN and CNBC. Dr. Walske also spent ten years in Silicon Valley holding various marketing positions within the software industry prior to investment banking.
Uwe Walz is professor of economics at the University of Frankfurt/Main. He graduated from the University of Tübingen where he also received a PhD in economics. His main research focuses on venture capital, private equity, entrepreneurial finance, and contract theory, as well as on the economics of network industries. He has published recently in the Journal of International Business Studies, the Journal of Business Venturing, the Journal of Economics and Management Strategy, as well as the Review of Finance.
Zhenyu Wu is an associate professor and holds the positions of Canada research chair (tier 2) in entrepreneurship and innovation at the University of Manitoba. He graduated from Nankai University with a bachelor degree, and from the University of Calgary with an MA in economics, and an MBA and PhD in finance. He has published in Entrepreneurship Theory and Practice and Journal of Business Venturing, among other journals, and is interested in entrepreneurial finance, entrepreneurship, and corporate governance.
Nina Yin is a PhD candidate at the Toulouse School of Economics. She graduated from the China Center for Economic Research at Peking University with an MA and then from the Toulouse School of Economics with an MSc in economics. She has published in the China Economic Review. Her research interests include the impact of venture capital on innovation, incremental innovation in pharmaceuticals, economics of intellectual property, and empirical industrial organization.
Chris Yung, associate professor at the McIntire School of Commerce at the University of Virginia, earned his doctorate at Washington University in St. Louis in 2002. He studies the informational problems associated with financial contracting and security issuance. His work on IPOs has appeared in the Review of Financial Studies and the Journal of Financial Economics. (p. xix)
Andrew Zacharakis is the John H. Muller, Jr. chair in entrepreneurship and the director of the Babson College Entrepreneurship Research Conference. He previously served as chair of the Entrepreneurship Department at Babson College and as acting director of the Arthur M. Blank Center for Entrepreneurship at Babson College. In addition, Zacharakis was the president of the Academy of Management, Entrepreneurship Division. His primary research area is the venture capital process and he is the co-author of five books. He received a BS from the University of Colorado, an MBA from Indiana University, and a PhD from the University of Colorado.
Jan Zimmermann is a research assistant and PhD student at the Center for Finance and Banking, Justus-Liebig-University in Giessen. He graduated in business administration and received an MA in economics from the University of Wisconsin-Milwaukee. His research interests are corporate finance and M&As. (p. xx)