Joint Conference of the
Academy of Entrepreneurial Finance (Europe)
and the
Academy of Behavioral Finance & Economics
15 - 17 March 2017
Stuttgart, Germany
Sponsors
Conference Program
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Conference Chairs
Tereza Tykvová, University of Hohenheim, INEF-Network
Patrick Roger, EM Strasbourg Business School, University of Strasbourg, INEF-Network
Wednesday, 15 March 2017
Venue: Boerse Stuttgart (Stuttgart Stock Exchange), Börsenstraße 4, 70174 Stuttgart
18:00
Welcome at Stuttgart Stock Exchange
18:15 - 18:45
Tour of Stuttgart Stock Exchange
Ulli Spankowski, Stuttgart Financial
“Specifics of trading and start-up activities at Stuttgart Stock Exchange”
Please note:
If you arrive late, please ask at the front desk to be guided to the group
18:45
Reception
Thursday, 16 March 2017
Venue: L-Bank Stuttgart, Börsenstraße 1, 70174 Stuttgart
8:30 - 9:00
Arrival and Registration
Welcome Coffee
9:00 - 9:30
Welcome and Opening Remarks
Tereza Tykvová (conference chair), University of Hohenheim, INEF-Network
Robert Jung, Vice-Dean for Research, Faculty of Business, Economics and Social Sciences,
University of Hohenheim
Guido Mantovani, HERMES Universities, Strasbourg
Ali Fatemi, Academy of Behavioral Finance & Economics, DePaul University
Room: Large Triangle
1
9:30 – 11:00
Parallel Sessions
Entrepreneurial Finance 1:
Boards and Governance
Behavioral Finance and Economics 1: Gender, Culture, and
Personality Traits
Session Chair: Shailendra Kumar Rai (HHL Leipzig Graduate
School of Management)
Session Chair: Edward R. Lawrence (Florida International
University)
Room: Large Triangle
Room: Small Triangle
Stubborn and persistent: The evolution of slack resources in firms
Jürgen Hanssens (Ghent University),
Marc Deloof (University of Antwerp and Antwerp Management
School),
Tom Vanacker (Ghent University)
Are all women risk averse investors?
Razan Salem (Anglia Ruskin University)
Discussant: Edward Lawrence (Florida International University)
Discussant: Johannes Kolb (University of Hohenheim)
Corporate Demand for External Connectivity: Pricing Boardroom
Social Capital
Stephen Ferris (University of Missouri)
Leading-by-Example and Third-Party Punishment: Behavioral
Evidence
Reka Heim (Danube University),
Jürgen Huber (University of Innsbruck)
Discussant: Jürgen Hanssens (Ghent University)
Discussant: Razan Salem (Anglia Ruskin University)
Entrepreneurial Identity and Signaling: Founder CEOs and New
Venture Media Coverage
Johannes Kolb (University of Hohenheim), Michael Howard
(Texas A&M University)
Cross-Border Acquisitions and Dyadic Distance
Edward Lawrence (Florida International University),
Mehul Raithatha (Indian Institute of Management),
Ivan M. Rodriguez (Florida International University)
Discussant: Stephen Ferris (University of Missouri)
Discussant: Reka Heim (Danube University)
11:00 - 11:30
Coffee Break
11:30 – 12:30
Keynote: Harald Poth
(Senior investment manager Life Science/Healthcare at LBBW VENTURE CAPITAL GmbH)
Topic: “Some more philosophical thoughts about venture capital from the buyside:
Venture capital is more an art form than business”
Room: Large Triangle
12:30 – 13:30
Lunch
13:30 – 14:30
Keynote: Jürgen Huber
(University of Innsbruck)
Topic: “Experimental Evidence on what people perceive as risk and how it influences asset
prices”
Room: Large Triangle
2
14:30 – 16:00
Parallel Sessions
Entrepreneurial Finance 2:
Performance and Investments
Behavioral Finance and Economics 2:
Behavioral Biases and Investment Performance
Session Chair: Giorgio Bertinetti (Ca’Foscari Venezia)
Session Chair: Arman Eshraghi (University of Edinburgh)
Room: Large Triangle
Room: Small Triangle
Role of Strategic Alliances in VC Exits – Evidence from
Biotechnology
Leonhard Brinster (University of Hohenheim),
Tereza Tykvová (University of Hohenheim),
Christian Hopp (RWTH Aachen)
Appetite for Information in Mandatory Profiling of Individual
Investors
Anthony Bellofatto (Université Catholique de Louvain),
Marie-Hélène Broihanne (EM Strasbourg)
Discussant: Arman Eshraghi (University of Edinburgh)
Discussant: Diego D'Adda (Università Politecnica delle
Marche)
New Venture Investment Dynamics - A Longitudinal Study
Reinhard Schulte (University of Lüneburg)
Discussant: Leonhard Brinster (University of Hohenheim)
Does Households’ Wealth Predict the Efficiency of their Asset
Mix? Empirical Evidence
Andreas Oehler (Bamberg University),
Matthias Horn (Bamberg University)
Discussant: Marie-Hélène Broihanne (EM Strasbourg)
Venture Capital is in the air: the impact of Venture Capital
monitoring in Europe
Diego D'Adda (Università Politecnica delle Marche),
Massimo G. Colombo (Politecnico di Milano), Paolo Malighetti
(Università degli Studi di Bergamo),
Anita Quas (EMLYON business school),
Silvio Vismara (Università degli Studi di Bergamo)
Fund Manager Active Share, Overconfidence and Investment
Performance
Arman Eshraghi (University of Edinburgh)
Discussant: Matthias Horn (Bamberg University)
Discussant: Reinhard Schulte (University of Lüneburg)
16:00 – 16:30
Coffee Break
16:30 – 18:00
Parallel Sessions
Entrepreneurial Finance 3:
Syndication
Entrepreneurial Finance 4:
Investment Decision and Valuation
Session Chair: Elisabeth Berger (University of Hohenheim)
Session Chair: Andreas Kuckertz (University of Hohenheim)
Room: Large Triangle
Room: Small Triangle
Better safe than sorry? The effect of trust on venture capitalists'
choice of syndicate partners
Carolin Helmreich (Heinrich-Heine-University Düsseldorf),
Eva Lutz (Heinrich-Heine-University Düsseldorf)
A world of difference? The impact of corporate venture
capitalists’ investment motivation on startup valuation
Andreas Köhn (University of Hohenheim), Patrick Röhm
(University of Hohenheim), Andreas Kuckertz (University of
Hohenheim), Hermann Dehnen (RWTH Aachen University)
Discussant: Elisabeth Berger (University of Hohenheim)
Discussant: Anita Quas (EMLYON business school)
Overcoming the Matthew effect in status dominated
environments – a configurational analysis of venture capital
investments
Elisabeth Berger (University of Hohenheim),
Andreas Kuckertz (University of Hohenheim)
Responsible investment or Risky bet? The role of Language in
Influencing Investment Decisions in Early-stage Companies
Francesca Di Pietro (LUISS Guido Carli University),
Francesca Masciarelli (University G. d’Annunzio),
Andrea Prencipe (LUISS Guido Carli University)
Discussant: Carolin Helmreich (Heinrich-Heine-University
Düsseldorf)
Discussant: Andreas Köhn (University of Hohenheim)
The electoral cycle of government venture capital investments
Fabio Bertoni (EMLYON business school),
Anita Quas (EMLYON business school)
Discussant: Francesca Di Pietro (LUISS Guido Carli
University)
3
17:30 – 18:15
Trends in Entrepreneurial Finance Research and Publishing
Special Panel Session organized by the Board of AEF
Guido Mantovani, HERMES Universities, Strasbourg, Ali Fatemi, DePaul University and editorial
board and scientific board members
18:15 – 18:30
Transfer (walk) to the Conference Dinner
Meeting Point: Foyer at L-Bank
18:30 – 23:00
Conference Dinner
Cube Restaurant @ Kunstmuseum Stuttgart (Stuttgart Art Gallery)
Kleiner Schlossplatz 1
70173 Stuttgart
Friday, 17 March 2017
Venue: L-Bank Stuttgart, Börsenstraße 1, 70174 Stuttgart
8:30 – 9:00
Check-in and Arrival
Welcome Coffee
9:00 – 10:30
Parallel Sessions
Entrepreneurial Finance 5:
Debt Financing
Behavioral Finance and Economics 3:
Investor Sentiment and Decision Making
Session Chair: Christian Thomann (KTH, Royal Institute of
Technology)
Session Chair: Kremena Bachmann (University of Zurich)
Room: Large Triangle
Room: Small Triangle
Local banking development and the use of debt financing by startups
Marc Deloof (University of Antwerp and Antwerp Management
School),
Maurizio La Rocca (University of Calabria),
Tom Vanacker (Ghent University)
Mutual Fund Flows and Investor Sentiment
Egle Karmaziene (University of Groningen)
Discussant: Kremena Bachmann (University of Zurich)
Discussant: Christian Thomann (KTH, Royal Institute of
Technology)
Access to banking and its value in developed countries: evidence
from the U.S. Marijuana Industry
Markus Merz (University of Tuebingen),
Jan Riepe (University of Tuebingen)
Discussant: Marc Deloof (University of Antwerp and Antwerp
Management School)
Productivity Growth in the Financial Crisis: Evidence from a
Sample of Entrepreneurial Firms
Christian Thomann (KTH, Royal Institute of Technology),
James R. Brown (Iowa State University),
Gustav Martinsson (INDEK, KTH, Royal Institute of Technology)
Discussant: Markus Merz (University of Tuebingen)
10:30 – 11:00
Coffee Break
4
Investor sentiment and stock return predictability: The power of
ignorance
Patrick Roger (EM Strasbourg Business School),
Catherine D'Hondt (Louvain School of Management, Catholic
University of Louvain)
Discussant: Egle Karmaziene (University of Groningen)
Responsibility Sharing, Beliefs and Risk Taking Kremena
Bachmann (University of Zurich)
Discussant: Patrick Roger (EM Strasbourg Business School)
11:00 – 12:30
Parallel Sessions
Entrepreneurial Finance 6:
Stock Markets
Behavioral Finance and Economics 4:
Information and Incentives
Session Chair: Emanuele Rossi (University of Milan-Bicocca)
Session Chair: Patrick Herbst (University of Stirling)
Room: Large Triangle
Room: Small Triangle
The creation function of a junior trading venue: An empirical test
on the Alternative Investment Market
Alessandro Sapio (Parthenope University of Naples),
Valérie Revest (Université Lumière Lyon 2)
Incentives of Financial Analysts: Trading Turnover and
Compensation
Egle Karmaziene (University of Groningen)
Discussant: Patrick Herbst (University of Stirling)
Discussant: Julius Tennert (University of Hohenheim)
SPACs: Post-merger survival
Milos Vulanovic (EDHEC Business School)
Surprise in Short Interest
Pavel Lesnevski (University of Mannheim),
Esad Smajlbegovic (Erasmus University Rotterdam, Erasmus
School of Economics)
Discussant: Alessandro Sapio (Parthenope University of
Naples)
Discussant: Egle Karmaziene (University of Groningen)
Moral Hazard in VC Finance: More Expensive than you thought
Julius Tennert (University of Hohenheim), Marie Lambert (HEC
Liège),
Hans-Peter Burghof (University of Hohenheim)
Investor Attention to Stock Recommendations
Patrick Herbst (University of Stirling), Konstantinos Gavriilidis
(University of Stirling),
Anastasios Kagkadis (Lancaster University Management School)
Discussant: Milos Vulanovic (EDHEC Business School)
Discussant: Pavel Lesnevski (University of Mannheim)
12:30 – 12:45
Best Paper Award
presented by Hans-Peter Burghof (University of Hohenheim)
12:45 – 13:45
Lunch
13:45 – 15:15
Parallel Sessions
Entrepreneurial Finance 7:
Different Issues
Entrepreneurial Finance 8:
Entrepreneurial Activity
Session Chair: Monika Gehde-Trapp (University of
Hohenheim)
Session Chair: Jisok Kang (University of Cambridge)
Room: Large Triangle
Room: Small Triangle
Portfolio allocation and the cost of capital of entrepreneurial
projects: Theory and policy implication
Thomas Bonesire (HEC Liège, University of Liège),
Roland Gillet (Université Paris 1 Panthéon-Sorbonne),
Georges Hübner (HEC Liège)
Stock Market Concentration, Entrepreneurship, and Economic
Growth
Jisok Kang (University of Cambridge)
Discussant: Abhishek Saurav (George Washington University,
The World Bank)
Discussant: Marina Töpfer (University of Hohenheim)
Disentangling the Link Between Product Relatedness, Parental
Hostility, and Spin-Off Performance
Egle Vaznyte (Ghent University),
Petra Andries (Ghent University),
Sarah Demeulemeester (KU Leuven)
Impact of Spousal Migration on Entrepreneurial Activity of LeftBehind Female Spouse
Abhishek Saurav (George Washington University, The World
Bank)
Discussant: Jisok Kang (University of Cambridge)
Discussant: Thomas Bonesire (HEC Liège, University of Liège)
The Effect of Women Directors on Innovative Activity and
Performance of Corporate Firms - Evidence from China
Marina Töpfer (University of Hohenheim)
Discussant: Egle Vaznyte (Ghent University)
5
Participants
First Name
Last Name
Affiliation
Tamara
Almeyda
University of Hohenheim
Daniela
Arzu
Ca'Foscari Venezia
Kremena
Bachmann
University of Zurich
Elisabeth S.C.
Berger
University of Hohenheim
Giorgio
Bertinetti
Ca'Foscari Venezia
Thomas
Bonesire
HEC Liège, University of Liège
Leonhard
Brinster
University of Hohenheim
Marie-Hélène
Broihanne
LaRGE, EM Strasbourg Business School
Hans-Peter
Burghof
University of Hohenheim
Diego
D'Adda
Università Politecnica delle Marche
Marc
Deloof
University of Antwerp
Francesca
Di Pietro
LUISS University
Arman
Eshraghi
University of Edinburgh
Ali
Fatemi
DePaul University
Stephen Paul
Ferris
University of Missouri
Monika
Gehde-Trapp
University of Hohenheim
Teresa
Guidone
Ca'Foscari Venezia
Jürgen
Hanssens
Ghent University
Reka
Heim
Danube University Krems, Austria
Carolin
Helmreich
Heinrich-Heine-University Düsseldorf
Patrick
Herbst
University of Stirling
Matthias
Horn
Bamberg University
Jürgen
Huber
University of Innsbruck
Jisok
Kang
University of Cambridge
Egle
Karmaziene
University of Groningen
Andreas
Köhn
University of Hohenheim
Johannes
Kolb
University of Hohenheim
Andreas
Kuckertz
University of Hohenheim
Edward R.
Lawrence
Florida International University
Benjamin
Le Pendeven
CNAM
Pavel
Lesnevski
University of Mannheim
Guido Massimiliano
Mantovani
Ca'Foscari Venezia
Marc
Mehlhorn
Vereinigung Baden-Württembergische Wertpapierbörse e.V. Stuttgart Financial
Markus
Merz
University of Tuebingen
Harald
Poth
LBBW VENTURE CAPITAL GmbH
Anita
Quas
EMLYON business school
6
Roland
Raff
L-Bank
Shailendra Kumar
Rai
HHL Leipzig Graduate School of Management
Jan
Riepe
University of Tuebingen
Patrick
Roger
EM Strasbourg
Emanuele Filiberto
Rossi
University of Milan-Bicocca
Razan O
Salem
Anglia Ruskin University
Alessandro
Sapio
Parthenope University of Naples
Abhishek
Saurav
George Washington University
Reinhard
Schulte
Leuphana University of Lüneburg
Alexander
Sebestény
L-Bank
Ulli
Spankowski
Vereinigung Baden-Württembergische Wertpapierbörse e.V. Stuttgart Financial
Julius
Tennert
University of Hohenheim
Christian
Thomann
Royal Institute of Technology, Stockholm
Marina
Töpfer
University of Hohenheim
Tereza
Tykvová
University of Hohenheim
Egle
Vaznyte
Ghent University
Milos
Vulanovic
Edhec Business School
Christopher
Weigand
Leuphana University of Lüneburg
7
Notes
8
Main Conference Venue
L-Bank, Staatsbank für Baden-Württemberg
Börsenstraße 1
70174 Stuttgart
www.l-bank.de/
From Stuttgart Central Station (“Hauptbahnhof”) use the following subway lines to “Börsenplatz”: U1 Vaihingen, U9 Vogelsang,
U14 Heslach Vogelrain, U2 Botnang.
Alternatively you could walk for approx. 10 minutes.
9
aef2017.uni-hohenheim.de