1 ARMIN SCHWIENBACHER Primary Address: Université Lille 2 Faculté de Finance, Banque, Comptabilité Rue de Mulhouse 2 - BP Lille Cédex (France) SKEMA Business School (Lille campus) Department of Finance Avenue Willy Brandt Euralille (France) Currently Visiting Scholar at the Schulich School of Business, York University, Canada EDUCATION Ph.D. in Finance at the Facultés Universitaires Notre-Dame de la Paix (FUNDP), in Namur (Belgium), December 2002 Doctoral Dissertation on Venture Capital Financing and the Decision to Exit M.A. B.A. in Economics at the Institut für Höhere Studien (Austria) in Economics at the Université catholique de Louvain (Belgium) ACADEMIC EXPERIENCE 8/2014-7/2015: Visiting Professor at the Schulich School of Business, York University, Canada Since 9/2010: Since 7/2013: Since 8/2009: Professor of Finance at the Université Lille 2 & SKEMA Business School, France (since 9/2011: Professeur des Universités, Université Lille 2, Section 06) Research Fellow at the Duisenberg School of Finance, The Netherlands Guest Faculty at the Duisenberg School of Finance (Finance and Law program), The Netherlands 9/2006-8/2010: Associate Professor of Finance at the Université catholique de Louvain, Louvain School of Management 8/2009-8/2011: Research Fellow at the University of Amsterdam Business School, Finance Group 8/2003-8/2009: Assistant Professor of Finance at the University of Amsterdam Business School, Finance Group (from 9/2006-8/2009: part-time) : Visiting Scholar at the University of California at Berkeley, Haas School of Business : ICM-CIM Fellow (Doctoral Scholarship from the Belgian Government) Short-term visiting: Aarhus School of Business (Aarhus July 2010); Schulich School of Business (Univ. York, Toronto June 2010); IPSARD Vietnam (Hanoi, August 2009) RESEARCH INTERESTS Corporate finance, crowdfunding, crowdinvesting, venture capital, entrepreneurial finance, private equity, agency theory
2 TEACHING EXPERIENCE - Corporate Finance (basic + advanced; various programs, incl. PhD level) - Venture Capital / Private Equity (corporate finance related issues) - Entrepreneurial Finance (master programs, MBA and executive education) PUBLICATIONS - International Analysis of Venture Capital Programs of Large Companies and Financial Institutions, with L. Da Gbadji and B. Gailly, Entrepreneurship Theory and Practice, forthcoming. - Are Novice Private Equity Funds Risk-Takers? Evidence From a Comparison with Established Funds, with P. Giot and U. Hege (2014), Journal of Corporate Finance 27, pp Crowdfunding: Tapping the Right Crowd, with P. Belleflamme and Th. Lambert (2014), Journal of Business Venturing 29(5), pp (Book chapter) Financing the Business, Chapter 13 of Routledge Companion on Entrepreneurship: Routledge (Ed. T. Baker and F. Welter), pp Debt Capacity of Real Estate Collateral, with E. Giambona and J. Golec (2014), Real Estate Economics 42 (3), pp Securitization of Corporate Assets and Executive Compensation, with I. Riachi (2013), Journal of Corporate Finance 21, pp The Entrepreneur s Investor Choice: The Impact on Later-Stage Firm Development (2013), Journal of Business Venturing 28 (4), pp Legality and the Spread of Voluntary Investor Protection, with D. Cumming and G. Imad Eddine, Finance 34 (3), pp Individual Crowdfunding Practices, with P. Belleflamme and Th. Lambert (2013), Venture Capital: An International Journal of Entrepreneurial Finance 15 (4 - Special Issue), pp Underwriting Syndicate Structure and Lead Manager Reputation: An Empirical Study on European Stock Markets, with A. Bernoussi and S. Dereeper (2013), Finance 34 (2), pp International Capital Flows into the European Private Equity Market, with G. Imad Eddine (2013), European Financial Management 19 (2), pp Harmonized Regulatory Standards, International Distribution of Investment Funds and the Recent Financial Crisis, with D. Cumming and G. Imad Eddine (2012), European Journal of Finance 18 (3-4), pp (Book chapter) Crowdfunding of Small Entrepreneurial Ventures, with B. Larralde (2012), Chapter of The Oxford Handbook of Entrepreneurial Finance: Oxford University Press (Ed. D. Cumming). - When Bank Loans Are Bad News: Evidence from Market Reactions to Loan Announcements under the Risk of Expropriation, with W. Huang and S. Zhao (2012), Journal of International Financial Markets, Institutions & Money 22, pp Bank Reputation in the Private Debt Market, with J. McCahery (2010), Journal of Corporate Finance 16 (4), pp (Book chapter) Venture Capital Exits (2010), Chapter 18 of Venture Capital: Investment Strategies, Structures, and Policies (Robert W. Kolb Series in Finance): Wiley/Blackwell (Ed. D. Cumming).
3 - Corporate Relocation in Venture Capital Finance, with D. Cumming and G. Fleming (2009), Entrepreneurship Theory and Practice 33 (5), pp Venture Capital Performance: The Disparity between Europe and the United States, with U. Hege and F. Palomino (2009), Revue Finance 30 (1), lead article, pp Style Drift in Private Equity, with D. Cumming and G. Fleming (2009), Journal of Business Finance and Accounting 36 (5-6), pp The Political Origin of Pension Reform, with E. Perotti (2008), Journal of Financial Intermediation 18, pp Innovation and Venture Capital Exits (2008), Economic Journal 118 (533), pp (Book chapter) Reputation in the Private Loan Syndication Market, with J. McCahery (2008), Chapter 13 of Rationality in Company Law: Essays in Honour of Dan Prentice: Hart Publishing (Ed. J. Armour and J. Payne), pp Financial Intermediaries, Ownership Structure and Monitored Finance: Evidence from Japan, with D. Cumming and G. Fleming (2008), Small Business Economics 31 (1), pp Venture Capital Investment Practices in Europe and in the United States (2008), Financial Markets and Portfolio Management 22 (3), pp IPOs, Trade Sales and Liquidations: Modelling Venture Capital Exits Using Survival Analysis, with P. Giot (2007), Journal of Banking & Finance 31 (3), pp A Theoretical Analysis of Optimal Financing Strategies for Different Types of Capital-Constrained Entrepreneurs (2007), Journal of Business Venturing 22 (6), pp International Capital Flows into Private Equity Funds (2007), Maandblad voor Accountancy en Bedrijfseconomie 7/8, pp (Book chapter) The Structure of Venture Capital Funds, with D. Cumming and G. Fleming (2007), Chapter 5 of Handbook of Research on Venture Capital: Edward Elgar, pp Legality and Venture Capital Exits, with D. Cumming and G. Fleming (2006), Journal of Corporate Finance 12, pp The Strategic Use of Corporate Venture Financing for Securing Demand, with Y.E. Riyanto (2006), Journal of Banking & Finance 30 (10), pp Liquidity Risk and Venture Capital Finance, with D. Cumming and G. Fleming (2005), Financial Management 34 (4), pp Other Contributions: - Le Crowdfunding : Une source de financement viable? (2009), La Libre Belgique (Belgian daily newspaper). - Le marché du capital-risque en Wallonie : une nouvelle initiative est-elle nécessaire? with Ch. Van Wymeersch and Y. de Harlez (2009), Revue Bancaire et Financière 2009/4, pp L Equity Gap : Un Yeti Financier?, (2008), L Expansion Entrepreneuriat 1, pp Capital-risque en Wallonie : l offre est-elle suffisante et bien ciblée? (2008), Finance Management 16, pp Le financement par capital-risque des entreprises innovantes en Wallonie, with Ch. Van Wymeersch and Y. de Harlez (2007), Research report for the Union Wallonne des Entreprises. - Recent Research on the Investment Behavior of Private Equity Fund Managers, with Douglas Cumming and Grant Fleming (2005), Amsterdam Center for Corporate Finance: Topics in Corporate Finance, Vol. 11.
4 - Comments on La Relation Capital-Risque/PME. Fondements et Pratiques (by E. Stéphany), in: Reflets & Perspectives de la Vie Economique, 2004, Vol. 43 (2). - On the VC Learning Curve, BVA.news Newsletter, 2003, Nr. 3. RESEARCH PAPERS (Available on SSRN or Upon Request) - (Book chapter) Crowdinvesting Angel Investing for the Masses?, with L. Hornuf, prepared for Handbook of Research on Venture Capital: Volume 3. Business Angels: Edward Elgar (Ed. C. Mason and H. Landström). - The Emergence of Crowdinvesting in Europe, with L. Hornuf - Which Securities Regulation Promotes Crowdinvesting?, with L. Hornuf - Crowdfunding Models: Keep-it-All vs. All-or-Nothing, with D. Cumming and G. Leboeuf - The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries, with H. Degryse and Th. Lambert - Tranching in the Syndicated Loan Market around the World, with D. Cumming, F. Lopez-de-Silanes and J. McCahery - Overcollateralization in Corporate Securitizations, with I. Riachi - Private Equity Fundraising and Firm Specialization, with M. Gejadze and P. Giot - Public Disclosure of Corporate Venture Capital Investments, with A. Mohamed - Did the Euro Increase Systemic Risk?, with E. de Bodt and F. Lobez CORPORATE RESEARCH & EDUCATIONAL PARTNERSHIPS PricewaterhouseCoopers Luxembourg ( ); Deloitte Belgium ( ); Total/Petrofina (2007); Union Wallonne des Entreprises ( ) AWARDS AND FELLOWSHIPS - Best Paper Award at SKEMA Business School (academic year ; Grande Ecole program) for research work published on crowdfunding - Best Teacher Award at Duisenberg School of Finance, MSc Finance and Law program (academic year ) for the course Entrepreneurial Finance - Best Teacher Award at Duisenberg School of Finance, LLM Finance and Law program (academic year ) for the course Entrepreneurial Finance - RICAFE2 EU STREP Grant (as part of a network with other leading European universities in Venture Capital and Innovation Research); Contract Number: RICAFE2 - Research Grant from the Fondation Banque de France (with Ulrich Hege and Frédéric Palomino) - BEST DOCTORAL PAPER at the FMA European Conference 2002 in Copenhagen for the paper An Empirical Analysis of Venture Capital Exits in Europe and in the United States - PhD Fellowship of the Belgian Government (ICM-CIM) from October 2000 to September Scholarship from the Institute for Advanced Studies (Austria),
5 PRESENTATIONS IN CONFERENCES AND SEMINARS Conferences: - 5th HEC Workshop on Entrepreneurship Entrepreneurial Finance at HEC Paris (Jouy-en-Josas September 2014) - Annual Meeting of the Canadian Law and Economics Association at University of Toronto (Toronto September 2014) - 2nd Annual Academic Symposium on Crowdfunding at UC Berkeley (Berkeley September 2014) - 2nd Crowdinvesting Symposium Keynote Presentation on After Crowdinvesting: Second Rounds, Exit Strategies and Dilution Protection at the LMU Munich, organized by the Juristische Fakultät (Munich July 2014) - Research workshop (Journée d'etude) on the topic of Crowdfunding : L'encadrement juridique de la finance participative at the Université Lille 2, organized by the Centre René Demogue (Lille June 2014) - 5 th Belgian Financial Research Forum 2014 (Louvain-la-Neuve May 2014) - High-Level Roundtable Participation at the ECB Committee on Financial Integration (CFI): Overcoming financial fragmentation in a context of bank deleveraging: Capital markets, financial innovation, and non-bank lenders as viable supply channels for SME financing, organized by the European Central Bank (Frankfurt May 2014) - 31 st French Finance Association (AFFI) Conference (Aix-en-Provence May 2014) - Roundtable Participation on Crowdfunding: Beyond the Hype at the Finance Focus Breakfast, organized by the Bruegel Institute (Brussels May 2014) - Belgian Entrepreneurship Research Day 2014 (BERD) Keynote Presentation on Entrepreneurial Risk-Taking in Crowdfunding Campaigns, organized by Ghent University and Vlerick Business School (Ghent May 2014) - 10 petit déjeuner du Cycle Innovation & Connaissance (Presentation on Le crowdfunding, nouvelle source de financement pour les entreprises?, organized by SKEMA), Euratechnologies (Lille March 2014) - FMA Annual Conference (Chicago October 2013) - Realise It Meeting Keynote Presentation on The Economics of Crowdfunding, organized by the Oceans Network and Erasmus Mundus Association (Lisbon September 2013) - Roundtable on Crowdfunding Practice, Policy and Research (Introductory Presentation on Crowdfunding in Europe ), organized by the Utrecht University School of Economics (Utrecht May 2013) - 30 th French Finance Association (AFFI) Conference (Lyon May 2013) - 10th International Paris Finance Meeting Eurofidai/AFFI (Paris December 2012) - Workshop on Crowdfunding: State of Play (Introductory Presentation on Overview of Crowdfunding in Europe ), organized by DG Connect and DG Enterprise & Industry at the European Commission (Brussels November 2012) - FMA Annual Conference (Atlanta October 2012) - ZEW International Conference on The Dynamics of Entrepreneurship (Mannheim October 2012) - 10 th Corporate Finance Day (Ghent September 2012) - 28 th French Finance Association (AFFI) Conference (Montpellier May 2011) - Workshop at Fraunhofer ISI on Crowdfunding innovativer und kreativer Vorhaben Ein brauchbares Instrument zur Schließung der FrühphasenFinanzierungslücke? (Karlsruhe May 2011) - MOVE Conference on Venture Capital (Barcelona April 2011) - Conference on Executive Compensation and Corporate Governance Conference (Genoa March 2011) - FMA Annual Conference (New York October 2010) - Conference on The Energy Challenges Facing European Industry organized by the Belgian Presidency of the EU Council, keynote speaker at the workshop Financing Tools (Spa September 2010) - 4 th KUL-LSM Workshop in Finance (Brussels June 2010) - 1 st Belgian Entrepreneurship Research Workshop (Antwerp May 2010) - Anton Philips Fund Corporate Law and Finance Symposium (Tilburg February 2010) - 7 th Corporate Finance Day (Antwerp September 2009) - 2 nd KUL-LSM Workshop in Finance (Brussels June 2009) - 4 th Annual Conference of the Financial Intermediation Research Society, FIRS (Prague May 2009) - Conference on Business Angels, organized by CréaLouv (Louvain-la-Neuve March 2009)
6 - Conference on Bankruptcy and Distress Resolution, organized by the Univ. Ghent (Ghent Dec. 2008) - Conference on Financial Intermediaries and Markets at the Cross Roads: Economic and Legal Perspectives on Financial Stability, Liquidity and Corporate Control, organized by Univ. Amsterdam, York Univ. and ECGI (Amsterdam September 2008) - 35 th European Finance Association Conference (Athens August 2008) - UPP Final Conference on Understanding Privatization Policy: The End of Privatization? organized by the Fondazione Eni Enrico Mattei (Milano June 2008) - Salon Financier Finance Management (Charleroi January 2008) - 3 rd NORFACE Workshop on Entrepreneurial Finance (Berlin May 2007) - Conference on Activist Investors, Hedge Funds and Corporate Governance (Amsterdam March 2007) - CEPR Annual Public Policy Symposium 2006 (Kiel November 2006) - Workshop on Long-Term Perspectives on Institutions, Business and Finance: What Can We Learn from the Past (Antwerp October 2006) - Workshop on the Politics of Corporate Governance (Copenhagen September 2006) - Workshop on Venture Capital Policy (Lund May 2006) - NORFACE Venture Capital Policy Research Seminar (London April 2006) - NETSPAR Pension Day (Tilburg March 2006) - 3 rd Corporate Finance Day (Leuven September 2005) - 32 nd European Finance Association Conference (Moscow August 2005) - 12 th Annual Global Finance Conference (Dublin June 2005) - 4 th Asian Corporate Governance Conference of the AICG (Seoul May 2005) - 2 nd RICAFE Conference on Risk Capital and the Financing of European Innovative Firms (Frankfurt October 2004) - 6 th Bundesbank Spring Conference on Financing Innovation (Eltville April-May 2004) - 3 rd ECB-CFS Workshop on Capital Markets and Financial Integration in Europe (Athens Nov. 2003) - 30 th European Finance Association Conference 2003 (Glasgow) - 10 th German Finance Association Conference 2003 (Mainz) - Tilburg Young Financial Researchers Day (Tilburg November 2002) - CEPR-WZB Conference on the Innovation Policy in International Markets (Berlin Oct. 2002) - 19 th French Finance Association (AFFI) Conference (Strasbourg June 2002) - 29 th European Finance Association Conference (Berlin August 2002) - FMA European Conference 2002 (Copenhagen June 2002) - CMI Conference on What Next for Private Equity and Venture Capital? (Toronto June 2002) - 18 th French Finance Association (AFFI) Conference (Namur June 2002) - FMA European Conference 2001 (Paris June 2001) - 5 th Belgian Financial Research Forum 2001 (Ghent) - CEPR Conference on the Evolution of Market Structure in Network Industries (Heidelberg Oct. 2000) - FMA European Conference 2000 (Edinburgh June 2000) - 27 th European Finance Association Conference, Doctoral Tutorial (Helsinki August 1999) Seminars: - EM-Lyon Business School (Lyon May 2014) - OECD STI Seminar (Paris November 2013) - SKEMA Business School, Lille Campus (Lille June 2013) - Pompeu Fabra University (Barcelona May 2013) - Grenoble Ecole de Management (Grenoble February 2013) - Paris School of Economics (Paris January 2013) - SKEMA Business School, Sophia-Antipolis Campus (Lille June 2012) - SKEMA Business School, Lille Campus (Lille March 2010)
7 - University of Maastricht, Department of Finance (Maastricht October 2009) - Louvain School of Management, Université catholique de Louvain (Louvain-la-Neuve October 2009) - Université Paris-Dauphine, CEREG (Paris November 2008) - University of Namur, FUNDP (Namur April 2008) - Katholieke Universiteit Leuven, Department of Finance & Accounting (Leuven November 2007) - ESC Lille School of Management (Lille November 2007) - Warwick Business School, Finance Group (Warwick October 2007) - CORE, Université catholique de Louvain (Louvain-la-Neuve February 2007) - Université catholique de Louvain, Unité Finance d Entreprise (Louvain-la-Neuve February 2006) - Katholieke Universiteit Leuven, Department of Finance & Accounting (Leuven December 2005) - University of Grenoble, Laboratoire d Economie Appliquée (Grenoble November 2005) - Tilburg University, Finance Department (Tilburg September 2005) - University of Exeter, Xfi (Exeter December 2004) - University of Amsterdam, KAFEE Seminars (Amsterdam November 2004) - University of Amsterdam, KAFEE Seminars (Amsterdam March 2004) - University of Amsterdam, Finance Group (Amsterdam September 2003) - University of Antwerp, Department of Finance and Accounting (Antwerp March 2003) - HEC School of Management, Finance Department (Paris February 2003) - Tilburg University, Finance Department (Tilburg January 2003) - HEC Montréal, Finance Department (Montreal January 2003) - Katholieke Universiteit Leuven, Department of Finance & Accounting (Leuven December 2002) - University of Amsterdam, Finance Group (Amsterdam November 2002) - Rotterdam Institute of Financial Management, Erasmus Univ. Rotterdam (Rotterdam Nov. 2002) - Haas School of Business (Finance Group), UC Berkeley (Berkeley March 2002) - University of Groningen (Groningen January 2001) - University of Namur (Namur February 2001) Conference Participations as Discussant only (further paper discussions were done in various conferences mentioned above): - Conference on Business Law and Innovation, organized by the Duisenberg School of Finance and Columbia Law School (Amsterdam May 2009) - Conference on Mergers and Acquisitions, organized by Vanderbilt Univ. and Univ. Amsterdam (Curacao March 2009) - Conference on Shareholder Rights, Shareholder Voting and Corporate Performance (Sardinia March 2008) - Commercial Real Estate Workshop, organized by the Tinbergen Institute (Amsterdam October 2007) - 5 th Corporate Finance Day, organized by the Université catholique de Louvain (Louvain-la-Neuve September 2007) - Workshop on The Market for Corporate Control, Regulation and Corporate Governance Issues, organized by the Université Lille 2 (Lille March 2007) - First RICAFE2 Conference on Regional Comparative Advantage and Knowledge-Based Entrepreneurship, organized by the London School of Economics (London October 2006) - Conference on International Markets and Corporate Governance, organized by the Georgetown University Law Center and Tilburg University (Washington October 2005) - JFI Conference on The Ownership of the Modern Corporation: Economic and Legal Perspectives on Private versus Publicly-listed Companies (Zandvoort September 2005) - CESifo Workshop on Venture Capital, Entrepreneurship and Public Policy (Munich November 2002)
8 REFEREEING & EDITORIAL ACTIVITIES FOR ACADEMIC JOURNALS Member of the Editorial Review Board of Entrepreneurship Theory & Practice (since January 2014) Member of Editorial Board of Revue Bancaire et Financière (2010) Refereeing Activities (in alphabetic order selected list): Academy of Management Journal; Economic Journal; Entrepreneurship Theory & Practice; European Economic Review; European Financial Management; Finance; Journal of Banking & Finance; Journal of Business Venturing; Journal of Corporate Finance; Journal of Economics and Management Strategy; Journal of Empirical Finance; Journal of Finance; Journal of Financial Intermediation; Management Science; Review of Finance; Small Business Economics; Strategic Entrepreneurship Journal OTHER ACTIVITIES & MEMBERSHIPS - Director of PhD Program in Corporate Finance at SKEMA Business School, since September Guest lecturer (full course) for Venture Capital at Aarhus School of Business (Denmark), Summer School program (Aarhus, July 2010) - Instructor for the program From Research to Business (www.fr2b.be), section Entrepreneurial Finance (jointly with Prof. Charles Van Wymeersch, LSM/FUNDP), Member of the Board of Examiners at Duisenberg School of Finance, September 2011-September Member of the Academic Advisory Board of the Brussels Finance Institute, Director of the Center for Studies in Asset Management (CESAM) at the Louvain School of Management, January September Guest lecturer (full course) on Entrepreneurial Finance at IPSARD Vietnam (Hanoi, August 2009) - Coordinator of the EU program RICAFE2 for the University of Amsterdam node ( ) - Supervision of PhD students at the Université catholique de Louvain and Université de Lille 2: Ilham Riachi (defended February 2013; first appointment: Belgian National Bank), Maia Gejadze (defended June 2014; first appointment: IESEG, France), Thomas Lambert (started 2010), Cheng Cheng (started 2011), Ngan Bui Kim (started 2012) Gael Leboeuf (started 2013) and Fady Hage (started 2013) - Member of PhD Examination Committees of Katleen Baeyens (University of Gent, June 2006), Sofia Johan (University of Tilburg, May 2007), Gael Imad Eddine (Univ. Lille 2, Dec. 2007), Tom Frank (Katholieke Universiteit Leuven, July 2008), Bart Leyman (University of Gent, Sept. 2008), Ouidad Yousfi (Université de Paris X Nanterre, Jan. 2009), Ufuk Gucbilmez (Lancaster University Management School, Dec. 2010), To Huy Vu (Université Nancy 2, Jan. 2011), Savina Princen (Université catholique de Louvain, Oct. 2011), Malika Lounes (Université Paris-Est, June 2012), Sofie De Prieker (University of Gent, Oct. 2012), Luc Da Gbadji (Université catholique de Louvain, Feb. 2013), Andy Heughebaert (University of Gent, April 2013), Randy Priem (Katholieke Universiteit Leuven, June 2013), Christel Karsten (Universiteit van Amsterdam, Nov. 2013), Sergio Fortun-Auad (IAE Aix Graduate School of Management - Aix Marseille Université, Dec. 2013), Alexandre Di Giacomo (Université Lille 2, Feb. 2014), Irina Demidova De Bryune (Université Lille 2, May 2014), and Maia Gejadze (Université catholique de Louvain, June 2014) (Lille October 2014)