Harvard Business School held its Third Annual Entrepreneurship Conference on December 8-9, 2006. The theme of the 2006 conference was "Entrepreneurship, Venture Capital and Initial Public Offerings (EVI)," and, as such, this was one of an occasional series of EVI Conferences rotating among various schools.
We received nearly 150 papers and selected ten to be discussed in these sessions:
Networks and Entrepreneurship, Venture Activity and its Impact, The Returns to Private Equity, The Dark Side of Initial Public Offering Markets, The Evolution of Initial Public Offerings. A wide range of discussions and panels will also took place.
Conference Schedule, December 8-9, 2006
| Friday, December 8 | |
|---|---|
| 10:30 - 11:00 | Registration and check-in |
| 11:00 - 12:40 | Paper Session 1: Networks and Entrepreneurship "Networking as a Barrier to Entry and the Competitive Supply of Venture Capital" - Yael Hochberg, Kellogg School of Management, Northwestern University
- Alexander Ljungqvist, Stern School of Business, New York University and CEPR
- Yang Lu, Stern School of Business, New York University
Discussant: David Scharfstein, Harvard Business SchoolDownload Abstract |
| "The Origin of the Network Positions of New Organizations" - Benjamin L. Hallen, Stanford University
Discussant: David T. Robinson, Duke UniversityDownload Abstract |
|
| 12:40 - 1:45 | Lunch |
| 1:45 - 3:25 | Paper Session 2: Venture Activity and its Impact "Venture Capital Contracting: Staged Financing and Syndication of Later-stage Investments" - Zsuzsanna Fluck, Eli Broad School of Business, Michigan State University
- Kedran Garrison, Massachusetts Institute of Technology
- Stewart C. Myers, Sloan School of Management, Massachusetts Institute of Technology
Discussant: Steven Kaplan, University of ChicagoDownload Abstract |
| "The Importance of Venture Capital in New Firm Creation" - Manju Puri, Duke University
- Rebecca Zarutskie, Duke University
Discussant: Paul Gompers, Harvard Business SchoolDownload Abstract |
|
| 3:25 - 3:35 | Break |
| 3:35 - 5:15 | Paper Session 3: The Returns to Private Equity "On the Return to Venture Capital" - Boyan Jovanovic, New York University
- Balázs Szentes, University of Chicago
Discussant: Jeremy C. Stein, Harvard UniversityDownload Abstract |
| "Economics of Private Equity Funds" - Andrew Metrick, The Wharton School
- Ayako Yasuda, The Wharton School
Discussant: Josh Lerner, Harvard Business SchoolDownload Abstract |
|
| 5:15 - 5:25 | Break |
| 5:25 - 6:30 | Panel: The Big Issues in Entrepreneurial Finance Panelists: - Steven Kaplan, University of Chicago
- William H. Janeway, Vice Chairman, Warburg Pincus
- William A. Sahlman, Harvard Business School
|
| 6:45 - 7:15 | Reception |
| 7:15 - 8:30 | Dinner |
| Saturday, December 9 | |
| 8:00 - 9:00 | Breakfast |
| 9:00 - 10:45 | Paper Session 4: The Dark Side of Initial Public Offering Markets "Purchasing IPOs with commissions: Theoretical predictions and empirical results" - Michael Goldstein, Babson College
- Paul Irvine, University of Georgia
- Andy Puckett, University of Missouri
Discussant: Chester Spatt, Carnegie Mellon UniversityDownload Abstract |
| "Corporate Executive Bribery: An Empirical Analysis" - Xiaoding Liu, Yale University
- Jay R. Ritter, University of Florida
Discussant: Michael Cliff, Virginia TechDownload Abstract |
|
| 10:45 - 11:00 | Break |
| 11:00 - 12:45 | Paper Session 5: The Evolution of Initial Public Offerings "Why Do IPO Auctions Fail?" - Ravi Jagannathan, Northwestern University
- Ann E. Sherman, University of Notre Dame
Discussant: Mike Piwowar, Securities Litigation & Consulting GroupDownload Abstract |
| "The Variability of IPO Initial Returns - Michelle Lowry, Penn State University
- Micah S. Officer, University of Southern California
- G. William Schwert, University of Rochester
Discussant: Ivo Welch, Brown UniversityDownload Abstract | |
| 12:45 - 2:00 | Lunch |