ENTFIN Conference 2016


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emlyon business School, University of Lyon 2, University of Lyon 3, and the University of Saint-Etienne


The European Commission establishes a European Strategic Investments Fund in June 2016 which is expected to trigger EUR 315 billion investments and to create 1.3 million new jobs in young ventures and SMEs. The decision to implement this fund is based on the desire to mimic the success of the North American capital market for start-ups and SMEs which has proven to help building the currently most important multinational corporations. Policy makers acknowledge that investment shortfalls (in Europe) are caused by both supply and demand factors and that some European Union countries might not be sufficiently competitive. However, these countries also cut public spending and this requires action on the European level to increase the supply of risk capital in Europe.


Our conference and the special issue of the Journal of Corporate Finance aim at the factors for governments to spur start-up and SME financing, on the growth of entrepreneurial finance markets and improvement of access to capital for start-ups and SMEs. In particular, we solicit theoretical and empirical papers on or related to


  • the government’s role in the entrepreneurial finance market, preferable ways of public activity and lessons learned,
  • syndication and appropriate incentive structuring for collaborations among public and private investors in the risk capital market,
  • the socio-economic requirements for successful regional clusters of entrepreneurial finance markets,
  • internationalization of venture capital and private equity activities,
  • the contribution of business angels and the crowd to bridging the “equity gap”,
  • benchmarking and measuring the success of risk capital investments under different motivations of syndicate partners,
  • exit markets and the possibility to improve liquidating privately held assets




Douglas Cumming, Professor of Finance and Entrepreneurship, Schulich School of Business, York University, Canada

Alexander Groh, Professor of Finance, emlyon business school, France




Aurélie Sannajust, Associate Professor, University of Saint-Etienne, France

Alexander Groh, Professor of Finance, emlyon business school, France




Max W. Römer, Chairman of Investeurope (formerly the European Venture Capital and Private Equity Association, EVCA) and Founding Partner and Chairman, Quadriga Capital, Frankfurt


Uli Grabenwarter, Deputy Director Equity Investments, European Investment Fund, Luxembourg




Please submit your paper in a complete (including author information) and a blind version to: entfinsubmissions@em-lyon.com


  • Papers will be reviewed anonymously and authors will be notified of the decision on May 15th, 2016.
  • The deadline for registration for the conference is May 31st, 2016. Papers from authors who do not register on time will be withdrawn from the program.
  • The conference registration fee is EUR 250,-- including meals and a gala dinner.
  • If you want your paper to be considered for publication in the Special Issue of the Journal of Corporate Finance please indicate this in your submission email.
  • Papers that qualify for the Special Issue of the Journal of Corporate Finance will be presented and discussed in a special conference track.
  • Presenting authors are expected to discuss another paper.
  • Further information about the conference and logistics will be made available soon.