A joint workshop of CESifo, University of Helsinki and University of St. Gallen (IFF-HSG)

Conference on Venture Capital, Entrepreneurship, and Public Policy

CESifo Conference Centre , Poschingerstraße 5, 81679 Munich

22-23 November 2002


Programme
Friday, 22 November 2002
09:15 - 09:30	Introductory Remarks
Session 1
09:30 - 10:15	Financing Entrepreneurial Firms in Europe: Facts, Issues, and Research Agenda LAURA BOTTAZZI, Bocconi University, IGIER, and CEPR and Marco Da Rin, Turin University and IGIER Discussant: ARMIN SCHWIENBACHER, University of Namur
10:15 - 11:00	Public Policy for Start-Up Entrepreneurship with Venture Capital and Bank Finance CHRISTIAN KEUSCHNIGG,University of St. Gallen IFF-HSG, CEPR, and CESifo and Søren Bo Nielsen, Copenhagen Business School, EPRU, CEPR and CESifo Discussant: RUNE STENBACKA, Swedish School of Economics and Business Administration
11:00 - 11:45	Comparative Venture Capital Governance: Private Versus Labour Sponsored Venture Capital Funds DOUGLAS J. CUMMING, University of Alberta,) & Jeffrey G. MacIntosh, University of Toronto Discussant: ROBERT CRESSY, City University Business School, London
11:45 - 12:15	Coffee Break
Session 2
12:15 - 13:15	Keynote Lecture: Information Problems in Start-Up Entrepreneurship: The Public Finance View ROBIN BOADWAY, Queen's University, Economics Department
13:15 - 14:30	Lunch
Session 3
14:30 - 15:15	Tax Policy and Entrepreneurship in the Presence of Asymmetric Information in Capital Markets CLEMENS FUEST, University of Cologne, Bernd Huber, University of Munich, Philipp Tilleßen, University of Cologne Discussant: MARTIN D. DIETZ, University of St. Gallen
15:15 - 16:00	IT Innovations and Financing Patterns: Implications for the Financial System ALLEN FRANKEL; Head of Secretariat, Committee on the Global Financial System Discussant: SØREN BO NIELSEN, Copenhagen Business School, EPRU, CEPR and CESifo
16:15- 16:45	Coffee Break
Session 4
16:45 - 17:45	Keynote Lecture: Determinants of the Venture Capital Industry: A Financial Economics Perspective THOMAS HELLMANN; Stanford Universtiy, Graduate School of Business *The speech will be based on the following paper
Saturday, 23 November 2002

Session 5
09:30 - 10:15	Venture Capital Investment and Labor Market Performance: A Panel Data Analysis ANSGAR BELKE, University of Hohenheim, RAINER FEHN, University of Munich and ifo Institute and Neil Foster, University of Vienna Discussant: SIMON PARKER (University of Durham)
10:15 - 11:00	Entrepreneurial Venture Performance And Initial Capital Constraints: An Empirical Analysis MIRJAM VAN PRAAG, University of Amsterdam and Gerrit de Wit, EIM Business Policy Research Discussant: UWE WALZ, University of Frankfurt
11:00 - 11:45	Venture Cycles: Theory and Evidence THOMAS GEHRIG, University of Freiburg and CEPR, & Rune Stenbacka, University of Helsinki Discussant: DIMA LESHINSKII, Groupe HEC, Paris
11:45 - 12:15	Coffee-Break
Session 6
12:15 - 13:15	Entrepreneurship and Taxation: Empirical Evidence HARVEY S. ROSEN, Princeton University
13:15 - 14:30	Lunch
Session 7
14:30 - 15:15	Good News, Bad News: Ten Years' Lessons from the Canadian Labour-Sponsored Venture Capital Corporations AYI AYAYI, Ryerson University Discussant: PEKKA ILMAKUNNAS, Helsinki School of Economics
15:15 - 16:00	How Important Are Exits for Venture Capital Finance? Evidence from Finland ARI HYYTINEN, Research Institute of the Finnish Economy (ETLA) and Etlatieto Ltd. Discussant: DOUGLAS J. CUMMING, University of Alberta
16:00 - 16:30	Coffee-Break
Session 8
16:30 - 17:15	Venture Capital and Productivity MASAKO UEDA, University of Wisconsin and CEPR Discussant: MARCO DA RIN, Turin University and IGIER
19:00	Conference Dinner at the Seehaus Restaurant Financial Support by the Dr. Emil-Zaugg-Fonds of the University of St. Gallen, the Finnish Society for Economic Research in Industrial Organization and the Yrjö Jahnsson Foundation is gratefully appreciated

Conference on Venture Capital, Entrepreneurship, and Public Policy

Programme