BA
PhD

BUSINESS SCHOOL GROUP

Accounting and Finance

RESPONSIBILITIES:

Director of the Entrepreneurship and Innovation Centre

Lecturer in Corporate Finance, Venture capital and innovation

Member of the Editorial Board of Small Business Economics journal (1997-present)

Member of Editorial Board of International Journal of Entrepreneurship Education (2000-present)

Member of the editorial board of Venture Capital: An International Journal of Entrepreneurial Finance (2004-present)

RESEARCH INTERESTS

Venture capital, private equity and innovation.

Company valuation.

PROFILE:

Joined BBS in November 2006 as Professor of Entrepreneurship and Innovation.

1998-2002  Member of the Bank of England's Annual Seminar on SME Finance, chaired by the then Governor, Eddie George

1998 Member of  Academic and Senior DTI Policy Staff Seminar

1998 Member of the European Commission's (DGXXIII's) Group of Experts on problems of SME Financing

1997 Advisor to the Dutch government on small business finance.

PUBLICATIONS

Journal Articles

2007 "Playing to their strengths? Evidence that specialisation by private equity firms confers competitive advantage", with F. Munari and A. Malipiero,forthcoming, Journal of Corporate Finance

2006(a) "Why do most firms die young?" Small Business Economics, 26(2) March, 2006, 103-116

2004(a) "Small business finance constraints: Theory versus evidence", International Journal of Entrepreneurship Education

2002(a) "Funding gaps: A symposium", The Economic Journal 112(477) (February), 1-20

2001(b) "Is there adverse selection in the credit market?", Venture Capital: An international journal of entrepreneurial finance, with O. Toivanen

2001(a) "Lazy firms or dominant banks? An analysis of the UK market for SME loans" (summary version only) Venture Capital: Special Issue  (with O. Toivanen)

1999(b) "Credit rationing or entrepreneurial risk aversion? An alternative explanation for the Evans and Jovanovic finding", Economics Letters

1999(a) "The Evans and Jovanovic equivalence theorem and credit rationing: Another look", Small Business Economics

1997(b) "Financial Conditions for SMEs in Sweden: Survey and Research Agenda", Small Business Economics 9(2), April, (with C. Olofsson)

1997(a) "European SME Financing: An Overview", Small Business Economics 9(2), Special Issue on "European SME Financing", April (with C. Olofsson)

1996(d) "Are Business Startups Debt-rationed?", The Economic Journal 106(438), September: 1253-1270 [Current citations: 165]

Books and reports

2004 UrGenT' and 'CardioGenix': The early development of two German Biotech ventures, and the impact of venture capitalists and the financial markets on them, Academic Network in Entrepreneurship, Innovation and Finance, European Case Study no. 4/5, Gate 2 Growth project, European Commission

2000 Tax, assistance, compliance & the performance of the Smaller Business, a research report to the Federation of Small Businesses, July

1999 "Funding gaps controversies: A layperson's guide to the issues", background paper for Funding gaps controversies: An International Conference, Warwick Business School, April 12-13

1999 "Government as venture capitalist", paper summarising comments to DTI on their consultation document "Addressing the SME equity gap"

1998(b) Why do most firms die young?, final report to ESRC for project of the same name, December. Rated by the ESRC as 'Outstanding'.

1998(a) Business Related Services and Competitiveness, Final Report to the European Commission (DGV), joint editor with G. Musati, and H. Matlay, 300 pages,

1997 European Observatory for SMEs: 5th Report, to the European Commission, joint editor with H. Matlay, K. van Elk and J. Snijders, 360 pages

1997 Small Business Economics 9(2), Special Issue on "European SME Financing", April (guest editor, with C. Olofsson)

Chapters in edited books

2006(d) Credit Constraints on small business: Theory versus evidence, Chapter 9 of Modern Perspectives on Entrepreneurship, Ed. Burke, Senate Hall, Dublin

2006(c) "Venture capital" in The Oxford Handbook of Entrepreneurship, Oxford University Press, edited M. Casson, B. Yeung, A. Basu, N. Wadeson, ISBN 0-19-928898-4, 978-0-19-928898-4, 13579108642, pp.353-386

2006(b) "Determinants of small firm survival and growthl" in The Oxford Handbook of Entrepreneurship, Oxford University Press, edited M. Casson, B. Yeung, A. Basu, N. Wadeson, ISBN 0-19-928898-4, 978-0-19-928898-4, 13579108642, pp.353-386, pp. 161-193

2006(a) "Debt finance and Entrepreneurship", in The International Handbook of Entrepreneurship, Kluwer, edited Simon Parker (forthcoming)

2001 "Lazy entrepreneurs or dominant banks: An empirical analysis of the market for SME loans in the UK", in Proceedings of the Entrepreneurial Finance Workshop, Hisrich and Hackner (eds), Jonkoping International Business School, Jonkoping, Sweden

1999(d) The Older Entrepreneur: An Age-Specific Profile Of Startups And Established UK Small Business, Chapter 3 of The Economic Impact of Ageing on Entrepreneurship and SMEs, report to the Forward Studies Unit, DGV, European Commission, Brussels (with M. Peters and D. Storey), EIM, Netherlands, June

1999(c) "European Loan Guarantee Schemes: Who has them, who pays and who gains", in Green (ed), Risk Behaviour And Risk Management In Business Life, Kluwer, Netherlands, June

1999(b) "Loan guarantee schemes in risk management", Introduction to section 5 of Green(ed) Risk Behaviour And Risk Management In Business Life, Kluwer, Netherlands

1999(a) "Small businss failure: failure to fund or failure to learn by doing?", in Entrepreneurship, SMEs and the Macro Economy, Acs and Carlsson (eds), Cambridge University Press

1997 "Health and Safety in SMEs", Chapter 8  of  The European Observatory for SMEs: 5th Report to the European Commission, with H. Matlay, pages 175-187

Conference papers

2006 Playing to their strengths? Evidence that specialisation by private equity firms confers competitive advantage, with F. Munari and A. Malipiero, Journal of Corporate Finance conference, Renssaeler Institute, US, organisers M Wright, D Siegel and D Cumming

2005 When should a venture capitalist replace an owner-manager?", Financial Management Association, Siena, Italy, 9-11 June

2004 "The venture capitalist as learning organisation", Multinational Finance Association, Istanbul, Turkey, 3-8 July

2003(d) "Do venture capitalists add credibility to earnings forecasts? Evidence from French Initial Public Offerings", Multinational Finance Association, Montreal, Canada, June (with X. Gerard and D. Citron)

2003(c) "Do venture capitalists add credibility to earnings forecasts? Evidence from French Initial Public Offerings", European Accounting Association, Seville, Spain, April (with X. Gerard and D. Citron)

2003(b) "Do venture capitalists add credibility to earnings forecasts? Evidence from French Initial Public Offerings", European Financial Management Association, Helsinki, Finland, August (with X. Gerard andD. Citron)

2003(a) "Do venture capitalists add credibility to  earnings forecasts? Evidence from French Initial Public Offerings", Venture Creation and Entrepreneurship, Durham Business School, November (with X. Gerard andD. Citron)

2002(b)  "Lazy firms or dominant banks? An analysis of the UK market for SME loans" ( with O. Toivanen),ZEW conference on Entrepreneurship and the demography of firms and industries, Mannheim, October 3-4

2002(a) "Lazy firms or dominant banks? An analysis of the UK market for SME loans" ( with O. Toivanen), European Finance Association, Berlin, August

2000(b) "Lazy firms or dominant banks? An analysis of the UK market for SME loans" ( with O. Toivanen), Entrepreneurial Finance Workshop, Jonkoping International Business School, Jonkoping, Sweden, Nov. 30-Dec 3

2000(a) "Why do most firms die young?", Royal Economic Society, 10-13 July

1999 "Is there adverse selection in the credit market?", Network of Industrial Economists, Merton College Oxford, 25-26 March (with O. Toivanen)

1998(c) "The lifecyle of the entrepreneur", Association of Certified Accountants Conference on Ageing And Entrepreneurship, 1 December

1998(b) "Is there adverse selection in the credit market?", European Finance Association, INSEAD, Fontainebleau, France, August  19-22 (with O. Toivanen)

1998(a) "Is there adverse selection in the credit market?", Royal Economic Society Annual Conference, Warwick University, April (with O. Toivanen)

1997(b) "Is there adverse selection in the credit market?", Econometric Society North American Meeting, Caltec, August (with O. Toivanen)

1997(a) "The UK Loan Guarantee Scheme 1987-94: A first look": 2nd  International Stockholm Seminar on Risk Behaviour and Risk Management, June (with M. Cowling)

Conference Panel member

2006 Presenter and panelist in the Critical Eye debate: IPO vs. Trade Sale, hosted by Cass Business school, February

2004 Entrepreneurship and public policy, conference of the same title, organised by the Diebold Institute, London School of Economics, May 4th, and held at Royal Institute of British Architects

2002 For: "Why do most firms die young?", other panelists included Michael Hannan (Stanford), David Audretsch (Indiana) and Paul Reynolds (LBS), conference on Entrepreneurship and the demography of firms and industries, ZEW, Mannheim, October 3-4

1999 For: "Funding gaps",  Funding gaps controversies: An International Conference, Warwick Business School, April 12-13. Other panellists included Josh Lerner (Harvard), Adrian Piper (Bank of England), etc.

Other published papers

2000(b) New Firms and their bank , Chinese translation in Guangdong Journal of Social Science , with D. Storey

2000(a) "Business Borrowing and Control: A theory of Entrepreneurial Types", Chinese translation in Guangdong Journal of Social Science

Invited presentations

2004(b) Keynote speech to the Business Links University Workshop on Growth, Radcliffe House, University of Warwick, October 22nd

2004(a) Panel discussant on Entrepreneurship and public policy, conference, organised by the Diebold Institute, London School of Economics, May 4th, and held at Royal Institute of British Architects

2002 Panel Member on topic: "Why do most firms die young?", ZEW conference on Entrepreneurship and the demography of firms and industries, Mannheim, October  3-4

2001(b) Invited speech, to the OECD conference on Guarantee Schemes "Business Loan Guarantees: Rationales, outcomes and best practices", Zagreb, Croatia, 9-10 October

2001(a) Seminar at University College Cork, Ireland, " Why do most firms die young?", January

2000(b) Invited paper A review of policies to help SMEs develop and apply new technology, Department of Trade and Industry seminar, London, October 19

2000(a) Invited paper "Tax, assistance, compliance & the performance of the Smaller Business", Inland Revenue seminar on Research findings and Policy towards small business", July 12

1999 Panel member on "Funding gaps",  Funding gaps controversies: An International Conference, Warwick Business School, April 12-13. Other panellists included Josh Lerner (Harvard), Adrian Piper (Bank of England), etc.

1998(b) Invited paper "Performance and the Entrepreneurial Lifecycle", ACCA & ISBA seminar, Entrepreneurship and the Third Age: Opportunities and Challenges for Older Entrepreneurs, 1 December, ACCA, London

1998(a) Invited paper "Targeting of government support to small businesses", DTI Academic and Senior DTI policy staff seminar, 2 November

1997(d) Invited address to South Asian Entrepreneurs in Britain Conference, University of Reading, 29th September.

1997(c) Invited address to Bank of England Seminar on Loan Guarantee Schemes, November.

1997(b) "European Loan Schemes: Who Has Them, Who Pays And Who Gains", Keynote Speech, 2nd  International Stockholm Seminar on Risk Behaviour and Risk Management, June

1997(a) "The future of UK SME research", conference on the Economics Of Small Business Finance, Stern School of Business, New York University, New York, June.