Index of documents and other publications

RICAFE Working Papers

WP 078

Harry Yuklea(The Hebrew University of Jerusalem)

An Integrated Approach to VC Financing Policy: “The Plumber’s Model of Entrepreneurial Finance”

 

WP 077

Michel A. Habib(Swiss Banking Institute), Ulrich Hege(HEC School of Management) and Pierre Mella-Barral(EDHEC Business School)

Entrepreneurial spawning and firm growth in innovative industries

 

WP 076

Milos Bozovic(Universitat Pompeu Fabra, SECCF and Laboratory for Quantitative Finance, Institute of Physics), Rasa Karapandza(Universitat Pompeu Fabra, SECCF and Laboratory for Quantitative Finance, Institute of Physics) and Branko Urosevic(University of Belgrade, SECCF and Laboratory for Quantitative Finance, Institute of Physics)

Valuing Legal Inefficiencies in Emerging Market Economies

 

WP 075

Milos Bozovic(Universitat Pompeu Fabra, SECCF and Laboratory for Quantitative Finance, Institute of Physics), Rasa Karapandza(Universitat Pompeu Fabra, SECCF and Laboratory for Quantitative Finance, Institute of Physics) and Branko Urosevic(University of Belgrade, SECCF and Laboratory for Quantitative Finance, Institute of Physics)

A Copula Approach to Cross-Market Diversification

 

WP 074

Vyacheslav Dombrovsky(Stockholm School of Economics in Riga and BICEPS)

Innovations and Human Capital of Business Owners: Evidence from SIBiL

 

WP 073

Vyacheslav Dombrovsky(Stockholm School of Economics in Riga and BICEPS), Boris Ginzburg(BICEPS) and Olga Rastrigina(BICEPS)

Is There Learning from Exporting? Firm-level Evidence from Latvia

 

WP 072

Branko Urosevic(University of Belgrade, SECCF and Laboratory for Quantitative Finance, Institute of Physics), Rasa Karapandza(Universitat Pompeu Fabra, SECCF and Laboratory for Quantitative Finance, Institute of Physics) and Milos Bozovic(Universitat Pompeu Fabra, SECCF and Laboratory for Quantitative Finance, Institute of Physics)

Market Risk Management in Emerging Markets: the Case of Western Balkans

 

WP 071

Armin Schwienbacher(University of Amsterdam and Louvain School of Management)

Financing Commitments and Investor’s Incentives in Entrepreneurial Firms

 

WP 070

Joop Hartog(University of Amsterdam, Tinbergen Institute and IZA) Mirjam van Praag(Amsterdam Center for Entrepreneurship, University of Amsterdam Tinbergen Institute, IZA and Max Planck Institute for Economics) and Justin van der Sluis(University of Amsterdam)

If you are so smart, why aren’t you an entrepreneur? Returns to cognitive and social ability: Entrepreneurs versus employees

 

WP 069

Ludovic Phalippou(University of Amsterdam)

Venture Capital Funds: Performance Persistence and Flow- Performance Relation

 

WP 068

Dirk Bergemann(Yale University), Ulrich Hege(HEC School of Management) and Liang Peng(Leeds School of Business)

Venture Capital and Sequential Investments

 

WP 067

Julia Hirscha(Iberoamerican University Mexico City) and Uwe Walz1(University Frankfurt and CFS)

Financing Choices and Corporate Governance along a Firm's Life Cycle

 

WP 066

Julia Hirscha(Iberoamerican University Mexico City) and Azin Sharifzadehb(Goethe University Frankfurt)

Geography and Contract Design in the Venture Capital Industry

 

WP 065

Patrick Herbst(Goethe University Frankfurt) and Eric Jahn (Goethe University Frankfurt)

R&D Competition and Strategic Trade Restrictions in the Market for Technology

 

WP 064

Sridhar Arcot(ESSEC Business School) and Valentina G. Bruno(Kogod School of Business)

Silence is not Golden: Corporate Governance Standards, Transparency, and Performance

 

WP 063

Mariassunta Giannetti(Stockholm School of Economics, CEPR and ECGI)

Liquidity Constraints and Occupational Choice

 

WP 062

C. Lelarge(CREST-OECD) D. Sraer(University of California, Berkeley) D. Thesmar(HEC Paris and CEPR)

Entrepreneurship and Credit Constraints Evidence from a French Loan Guarantee Program

 

WP 061

Amnon Frenkel(Samuel Neman Institute, Technion - Israel Institute of Technology)

The Intra-Metropolitan Competition for Attracting High-Tech Firms

 

WP 060

Ashish Arora(Heinz School of Public Policy and Management, Carnegie Mellon University) and Alfonso Gambardella(Bocconi University)

IT and regional development: lessons from the growth of the software industry in India, Ireland, Israel, Brazil and China

 

WP 059

Allen N. Berger(University of South Carolina, Wharton Financial Institutions Center and CentER – Tilburg University), Geraldo Cerqueiro(CentER – Tilburg University) and María Fabiana Penas(CentER – Tilburg University)

Does Debtor Protection Really Protect Debtors? Evidence from the Small Business Credit Market

 

WP 058

Sharon Belenzon(Nuffield College, Oxford and CEP-LSE) and Mark Schankerman(London School of Economics and CEPR)

The impact of Private Ownership, Incentives and Local Development Objectives on University Technology Transfer Performance

 

WP 057

Ann Bartel(Columbia University and NBER), Saul Lach(The Hebrew University and CEPR) and Nachum Sicherman(Columbia University and IZA)

Outsourcing and Technological Innovations: A Firm-Level Analysis

 

WP 056

Philippe Aghion, Eric Bartelsman, Enrico Perotti and Stefano Scarpetta

Barriers to Exit, Experimentation and comparative advantage

 

WP 055

Ashish Arora(Heinz School of Public Policy and Management Carnegie Mellon University) and Surendrakumar Bagde(Heinz School of Public Policy and Management Carnegie Mellon University)

Private investment in human capital and Industrial development: The case of the Indian software industry

 

WP 054

Jan Bena(LSE) and Štepán Jurajda(CERGE-EI)

Which Firms Benefit More from Financial Development?

 

WP 053

Marco Da Rin(Tilburg University, ECGI, and IGIER), Marina Di Giacomo(Università di Torino) and Alessandro Sembenelli(Università di Torino and Collegio Carlo Alberto)

Firm entry dynamics and the taxation of corporate profits: Evidence from firm-level data

 

WP 052

Gerard Llobet(CEMFI) and Javier Suarez(CEMFI, CEPR, and ECGI)

Financially Constrained Innovation, Patent Protection, and Industry Dynamics

 

WP 051

Joseph A. McCahery(Faculty of Economics and Econometrics, University of Amsterdam; Faculty of Law, Tilburg Law and Economics Center, Tilburg University; and ECGI) and Erik P.M. Vermeulen(Faculty of Law, Tilburg University, Tillberg Law and Economics Center; and Philips International B.V)

New Business Law and Innovation A Comparative Analysis

 

WP 050

Joseph A. McCahery(Faculty of Economics and Econometrics, University of Amsterdam; Faculty of Law, Tilburg Law and Economics Center, Tilburg University; and ECGI) and Erik P.M. Vermeulen(Faculty of Law, Tilburg University, Tillberg Law and Economics Center; and Philips International B.V)

The Contractual Structure and Regulation of Private Equity Funds and Hedge Funds

 

WP 049

Elisa Luciano(Università di Torino and Collegio Carlo Alberto) and Giovanna Nicodano(Università di Torino and Collegio Carlo Alberto)

Leverage and Firm Scope

 

WP 048

Katrin Tinn(Stockholm School of Economics)

Technology adoption with exit in imperfectly informed equity markets

 

WP 047

Mariassunta Giannetti (Department of Finance, Stockholm School of Economics, CEPR, and ECGI) and Andrei Simonov(Department of Finance, Stockholm School of Economics and CEPR)

Social Interactions and Entrepreneurial Activity

 

WP 046

Wolfgang Bessler(Center for Finance and Banking, Justus-Liebig-University Giessen) and Claudia Bittelmeyer(Center for Finance and Banking, Justus-Liebig-University Giessen)

Innovation and the Performance of Technology Firms

 

WP 045

Damiano Bonardo(University of Bergamo), Stefano Paleari(University of Bergamo) and Silvio Vismara(University of Bergamo)

Valuing University-based Firms

 

WP 044

Iain Cockburn(BU, NBER) and Stefan Wagner(INNOtec, LMU Munich)

Patents and the Survival of Internet-related IPOs

 

WP 043

Eren Inci(Sabanci University).

Success Breeds Success Locally: A Tale of Incubator Firms

 

WP 042

Guido Friebel(University of Toulouse (EHESS and IDEI) and CEPR ) and Mariassunta Giannetti(Stockholm School of Economics CEPR and ECGI)
Fighting for Talent: Risk-Taking, Corporate Volatility, and Organizational Change

 

WP 041

Yuan Ding(China Europe International Business School -CEIBS), Eric Nowak(University of Lugano - USI and Swiss Finance Institute - SFI) and Hua Zhang(China Europe International Business School - CEIBS)
Foreign vs. domestic listing: an entrepreneurial decision

 

WP 040

Carsten Bienz(Norwegian School of Economics and Business Administration, FMG-LSE and CFS) and Uwe Walz(University Frankfurt and CFS)
Evolution of Decision and Control Rights in Venture Capital Contracts: An Empirical Analysis

 

WP 039

Laura Bottazzi(Bologna University and IGIER), Marco Da Rin(Tilburg University, ECGI and IGIER) and Thomas Hellmann(University of British Columbia)
The Importance of Trust for Investments: Evidence from Venture Capital

 

WP 038

Frédéric Palomino(HEC Paris) and Eloic-anil Peyrache(HEC Paris)
Job-Back Guarantees

 

WP 037

Tereza Tykvovà(ZEW Mannheim)
Who chooses whom? Syndication, Skills and Reputation

 

WP 036

Augustin Landier(Stern School, New York University) and David Thesmar(HEC Paris)
Financial Contracting with Optimistic Entrepreneurs: Theory and Evidence

 

WP 035

Mariassunta Giannetti(Stockholm School of Economics) and Xiaoyun Yu(Kelley School of Business, Indiana University)
Favoritism in Capital Allocation

 

WP 034

Ashish Arora(Heinz School, Carnegie Mellon), Alfonso Gambardella(Bocconi University), Laura Magazzini(University of Verona) and Fabio Pammolli(University of Florence)
A Breath of Fresh Air? Firm Types, Scale, Scope and Selection Effects in Drug Development

 

WP 033

Simon Parker(University of Durham) and Mirjam van Praag(University of Amsterdam)
Schooling, Capital Constraints and Entrepreneurial Performance: The Endogenous Triangle

 

WP 032

Armin Schwienbacher
Innovation and Venture Capital Exits

 

WP 031

Sridhar Arcot(FMG, LSE) and Valentina Bruno(FMG, LSE)
In Letter but not in Spirit: An Analysis of Corporate Governance in the UK

 

WP 030

Thomas Hellmann(University of British Columbia) and Enrico Perotti(University of Amsterdam and CEPR)
The Circulation of Ideas in Firms and Markets

 

WP 029

Christoph Zott(INSEAD) and Quy Nguyen Huy(INSEAD)
How Entrepreneurs use Symbolic Management to acquire Resources

 

WP 028

Paolo Fulghieri(UNC) and Merih Sevilir(UNC)
Size and Focus of a Venture Capitalist's Portfolio
 

WP 027

François Degeorge(Lugano, Switzerland), François Derrien(Rotman, Canada) and Kent L. Womack(Tuck, Dartmouth)
Analyst Hype in IPOs: Explaining the Popularity of Bookbuilding
 

WP 026

Yael Hochberg(Kellogg, Northwestern), Alexander Ljungqvist(Stern, NYU) and Yang Lu(Stern, NYU)
Whom You Know Matters: Venture Capital Networks and Investment Performance
(forthcoming in The Journal of Finance)

 

WP 025

Thomas Chemmanur(Boston College), Shan He(Boston College) and Debarshi Nandy(York University, Canada)
The Going Public Decision and the Product Market

 

WP 024

Carsten Bienz(FMG-LSE and CFS) and Julia Hirsch(Goethe University, Frankfurt)
The Dynamics of Venture Capital Contracts

 

WP 023

Julia Hirsch(Goethe University, Frankfurt)
Public Policy and Venture Capital Financed Innovation: A Contract Design Approach

 

WP 022

Laura Bottazzi(Bocconi University and IGIER), Marco Da Rin(Turin University, ECGI and IGIER) and Thomas Hellmann(University of British Columbia)
What Role of Legal Systems in Financial Intermediation? Theory and Evidence

 

WP 021

Gerard Llobet(CEMFI) and Javier Suarez(CEMFI, CEPR and ECGI)
Financing and the Protection of Innovators

 

WP 020

Sridhar Arcot(FMG and London School of Economics)
Participating Convertible Preferred Stock in Venture Capital Exits

 

WP 019

Tereza Tykvovà(ZEW Mannheim) and Uwe Walz(Goethe University, Frankfurt, CFS and CEPR)
Are IPOs of different VCs different?

 

WP 018

Gennaro Bernile(Simon School, Rochester), Douglas Cumming(University of New South Wales, Sydney) and Evgeny Lyandres(Jones School, Rice University)
The Size of Venture Capitalists Portfolios

 

WP 017

Eugene Kandel(Hebrew University), Dima Leshchinskii(HEC, Paris and Rensselaer Polytechnic) and Harry Yuklea(Hebrew University)
VC's Limited Horizon as a Source of Inefficiency

 

WP 016

Guido Friebel(University of Toulouse and CEPR) and Mariassunta Gianneti(SITE, Stockholm School of Economics and CEPR)
Fighting for Talent: Risk-Taking, Corporate Volatility and Organizational Change

 

WP 015

Christian Diller(CEFS and Technischë Universität München) and Christoph Kaserer(CEFS and Technischë Universität München)
What Drives Cash Flow Based European Private Equity Returns? – Fund Inflows, Skilled GPs and/or Risk?

 

WP 014

Tuomos Takalo(Bank of Finland and IDEI), Tanja Tanayama(VTT Technology Studies and Helsinki School of Economics) and Otto Toivanen(HECER, University of Helsinki)
Selection or Self-Rejection. Applications into a Treatment Program: The Case of R&D Subsidies 

 

WP 013

Marco Da Rin(Turin University, ECGI and IGIER), Giovanna Nicodano(Turin University) and Alessandro Sembenelli(Turin University)
Public Policy and the Creation of Active Venture Capital Markets

 

WP 012

Laura Bottazzi(Bocconi University, IGIER and CEPR) Marco Da Rin(Turin University, ECGI and IGIER) and Thomas Hellmann(University of British Columbia)
Active Financial Intermediation: Evidence of the Role of Organizational Specialization and Human Capital

 

WP 011

François Degeorge(University of Lugano and CEPR) François Derrien(Rotman School of Management, University of Toronto) and Kent L. Womack(Tuck School of Business, Dartmouth College)
Quid Pro Quo In IPOs: Why Book-Building is Dominating Auctions?

 

WP 010

Douglas Cumming(University of Alberta School of Business) Daniel Schmidt(Goethe University, Frankfurt) and Uwe Walz(Goethe University, Frankfurt and CFS)
Legality and Venture Governance Around the World

 

WP 009

Douglas Cumming(University of Alberta School of Business) and Uwe Walz(Goethe University, Frankfurt and CFS)
Private Equity Returns and Disclosure Around the World

 

WP 008

Daniel Schmidt and Mark Wahrenburg (Goethe University, Frankfurt)
Contractual Relations between European-VC Funds and Investors: The Imapct of Reputation and Bargaining Power on Contractual Design

 

WP 007

Ibolya Schindele(Stockholm Institute of Financial Research and University of Amsterdam)
Advice and Monitoring: Venture Financing with Multiple Tasks

 

WP 006

Gilles Chemla(UBC & CEPR), Michel Habib(University of Zurich) and Alexander Ljungqvist(Stern, NYU) 
An Analysis of Shareholder Agreements

 

WP 005

Alexander Ljungqvist(Stern, NYU) and Matthew Richardson(Stern, NYU)
The Investment Behaviour of Private Equity Fund Managers

 

WP 004

Christian Keuschnigg(University of St. Gallen))
Public Policy and Venture Capital Backed Innovation

 

WP 003

Stefanie A. Franzke(CFS)
Underpricing of Venture-Backed and Non Venture-Backed IPOs: Germany's Neuer Market

 

WP 002

Dirk Bergemann (Yale) and Ulrich Hege (HEC)
The Value of Benchmarking

 

WP 001

Ulrich Hege (HEC), Frédéric Palomino (HEC) and Armin Schwienbacher (Namur)
Determinants of Venture Capital Performance: Europe and the United States

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