KWC Conference on Entrepreneurial Finance

December 11-12, 2019, Grand Hotel, Lund


Wednesday, Dec. 11

(sessions in the Lukas Room, 1st floor)

11:30 - 12:00: Welcome and registration

12:00 - 13:25: Lunch

13:25 - 13:30: Opening remarks: Jens Forssbæck (Lund University and KWC)

13:30 - 15:15: Session 1 Chair: Anders Vilhelmsson (Lund University and KWC)

13:30 - 14:15: Launching with a Parachute: Income Fallbacks and Entrepreneurial Activity (invited talk), John Barrios (University of Chicago), Yael Hochberg (Rice University), and Hanyi Livia Yi (Rice University)

Discussant: Gustav Martinsson (Royal Institute of Technology)

14:15 - 14:45: Competition for Talent: The Impact of Venture Capital Flows on Incumbent Firms, Linghang Zeng (Babson College)

Discussant: Rustam Abuzov (University of Lausanne and SFI)

14:45 - 15:15: Personal Wealth and Self-Employment, Aymeric Bellon (Wharton), Anthony Cookson (CU Boulder), Erik Gilje (Wharton), Rawley Heimer (Boston College)

Discussant: Scott Guernsey (University of Cambridge)

15:15 - 15:45: Coffee Break

15:45 - 17:15: Session 2 Chair: Niclas Andrén (Lund University and KWC)

15:45 - 16:15: Platform Enterprises: Financing, Investment, and Network Growth, Joanne Juan Chen (London School of Economics)

Discussant: Lars Persson (Research Institute of Industrial Economics)

16:15 - 16:45: Security Design with Status Concerns, Suleyman Basak (London Business School), Dmitry Makarov (NRU Higher School of Economics), Alex Shapiro and Marti Subrahmanyam (NYU Stern)

Discussant: Spyros Terovitis (University of Amsterdam)

16:45 - 17:15: Keeping Secrets from Creditors: The Uniform Trade Secrets Act and Financial Leverage, Scott Guernsey (University of Cambridge), Kose John (NYU Stern), and Lubomir Litov (University of Oklahoma)

Discussant: Linghang Zeng (Babson College)

19:00: Dinner at Kulturen

Thursday, Dec. 12

(sessions in the Sten Broman Room, 2nd floor)

08:15 - 08:45 Coffee

08:45 - 10:30: Session 3 Chair: Marco Bianco (Lund University and KWC)

08:45 - 09:30: Herding in Equity Crowdfunding (invited talk), Thomas Åstebro (HEC Paris), Manuel Fernández (University of Essex), Stefano Lovo (HEC Paris), and Nir Vulkan (University of Oxford)

Discussant: Vesa Pursiainen (University of Hong Kong)

09:30 - 10:00: Raising Capital under Demand Uncertainty, Spyros Terovitis (University of Amsterdam)

Discussant: Joanne Juan Chen (London School of Economics)

10:00 - 10:30: The Round Number Heuristic and Entrepreneur Crowdfunding Performance, Tse-Chun Lin and Vesa Pursiainen (University of Hong Kong)

Discussant: Martin Holmén (University of Gothenburg)

10:30 - 11:00: Coffee break

11:00 - 12:15: Session 4 Chair: Reda Moursli (Lund University and KWC)

11:00 - 11:45: Trademarks in Entrepreneurial Finance (invited talk), Thomas Chemmanur (Boston College), Harshit Rajaiya (Boston College), Xuan Tian (Tsinghua University), and Qianqian Yu (Lehigh University)

Discussant: Erik Gilje (Wharton)

11:45 - 12:15: The Impact of Venture Capital Screening, Rustam Abuzov (University of Lausanne and SFI)

Discussant: Katja Kisseleva (ESMT Berlin)

12:15 - 13:30: Lunch at Grand Hotel

13:30 - 14:30: Keynote address: Value Creation in Venture Capital, Alexander Ljungqvist (Stockholm School of Economics and Swedish House of Finance)

14:30 - 14:45 Coffee break

14:45 - 16:00: Session 5 Chair: Jens Forssbæck (Lund University and KWC)

14:45 - 15:30: Innovation under Ambiguity and Risk (invited talk), Gabriela Coiculescu (Yeshiva University), Yud Izhakian (Baruch College), and Abraham Ravid (Yeshiva University)

Discussant: Dmitry Makarov (NRU Higher School of Economics)

15:30 - 16:00: The Returns to Early-Stage Investment, Katja Kisseleva (ESMT Berlin), Aksel Mjøs (Norwegian School of Economics), and David Robinson (Duke University)

Discussant: Joacim Tåg (Research Institute of Industrial Economics)

16:00: End of conference

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