Manual

WEDNESDAY PROGRAM, APRIL 19

Afternoon Session

4:30 – 7:00 PM

Cordova

Reception, Registration, and Networking

THURSDAY PROGRAM, APRIL 20

Morning Sessions	Morning Sessions
7:30 – 8:30 Piazza Room	Breakfast & Registration

General Session State of research	General Session: State of research
8:30 - 10:00	*State of research in the field of entrepreneurial and small business finance*
Piazza Room
	Session Chair: J. William Petty, Baylor University

	J. William Petty
	Baylor University

	Richard Smith
	Claremont Graduate University

	Rassoul Yazdipour
	CSU, Fresno, and AEF

Refreshments	Refreshments
10:00 – 10:15
Session 11:	Breakout Session 11: Venture capital issues-1

Venture capital issues-1	Session Chair: John Sibert, Global Financial Group China Holding
10:15 – 12:00
Maple	Paper 1
	*Diagnosing unforeseeable uncertainty to improve new venture returns*

	Christoph H. Loch
	INSEAD

	Michael E. Solt
	San Jose State University

	Elaine M. Bailey
	Novus Ventures

	Paper 2
	*Globalized venture capital markets*

	John Sibert
	Global Financial Group China Holding

	Paper 3
	*Do venture capitalists imitate portfolio size?*

	André F. Gygax
	University of Melbourne

	Anna Griffiths
	Credit Suisse First Boston

	Catherine Maguire
	University of Melbourne

Session 12: Agency relationships and new ventures	Breakout Session 12: Agency relationships and new ventures
10:15 – 12:00	Session Chair: Jacky Yuk-Chow So, Texas A&M International University
Cypress
	Paper 1
	*Branding the Google IPO- a case study*

	Victor Fleischer
	University of California at Los Angeles- UCLA

	Paper 2
	*Agency costs and ownership structure:*
	*Evidence from the small business finance survey data base*

	Jacky Yuk-Chow So
	Texas A&M International University

	Paper 3
	*An excursion into the venture capital industry stratified by locations*

	Yochanan Shachmurove
	The City College of The City University of New York, and The University of Pennsylvania

Luncheon and Speaker	Luncheon and Speaker
12:00– 2:00 PM Piazza Room	Luncheon and Speaker
Afternoon Sessions	Afternoon Sessions
Session 13:	Breakout Session 13: Private equity financing
Private equity financing
2:00 – 3:30	Session Chair: Clifford Baugh, Matrix Financial Services
Maple
	Paper 1
	*Testing an entrepreneur centric hypothesis of economic development: evidence from 121 countries*

	Duke Bristow
	University of California at Los Angeles- UCLA

	Prashant Chaudhary
	University of California at Los Angeles- UCLA

	Paper 2
	*The U.S. bankruptcy law and private equity financing: empirical evidence*

	Michael D. Ensley, Rensselaer Polytechnic Institute
	Iftekhar Hasan, Rensselaer Polytechnic Institute
	Haizhi Wang, Rensselaer Polytechnic Institute

	Paper 3
	*PIPEs: a perspective of their place in the market*

	Alva Wright Butcher
	University of Puget Sound
Session 14:	Breakout Session 14: Capital structure issues

Capital structure issues	Session Chair: Constantine Kalogeras, Florida International University
2:00 – 3:30
Cypress	Paper 1
	*Industry effects and banking relationship as determinants of small firm capital structure decisions*

	Timo P. Korkeamaki
	Gonzaga University

	Matthew W. Rutherford
	Virginia Commonwealth University

	Paper 2
	*A small firm’s “optimal capital structure” maximizes its borrowing capacity rather than minimizing its borrowing costs.*

	Constantine Kalogeras
	Florida International University

	Paper 3
	*The availability and cost of capital: are small black-owned firms at a disadvantage?*

	Susan Coleman
	University of Hartford
Refreshments	Refreshments
3:30 – 3:45
Session 15:	Breakout Session 15: Capital access

Capital access	Session Chair: Susan Coleman, University of Hartford
3:45 – 5:15
Maple	Paper 1
	*Access to venture capital and the performance of venture-backed start-ups in silicon valley*

	Junfu Zhang
	Public Policy Institute of California

	Paper 2
	*Determinants of credit rationing for manufacturing firms- any potential effects from basel 2?*

	Cristiano Zazzara, Capitalia Banking Group, University “Luiss-Guido Carli” École Polytechnique Fédérale de Lausanne

	Paper 3
	*Shell companies as IPO alternatives: an analysis of trading activity around reverse* mergers

	Murat Aydogdu
	Bryant University

	Chander Shekhar
	University of Melbourne

	Violet Torbey
	Queensland Treasury

	Paper 4
	*SMEs’ availability of bank loan and guarantee agency:*
	*An illustrative model, with an analysis of institutional innovation about guarantee alliance in china’s sichuan province*

	Hongjiang Zhao
	University of Electronic Science and Technology of China (UESTC)

	Yong Zeng
	University of Electronic Science and Technology of China (UESTC)

	Xuehua Chen
	Southwestern University of Finance and Economics (SWUFE)

Session 16:	Breakout Session 16: Cost of capital, capital structure, and capital budgeting
Cost of capital, capital structure, and capital budgeting	Session Chair: Jace Baker, California State University, San Bernardino
3:45 – 5:15	Paper 1
Cypress	*Relationship between business internet disclosure and the cost of capital*

	Tung Bui
	University of Hawaii, Manoa

	Ewa A. Froidevaux
	University of Fribourg

	Siva Sankaran
	California State University, Northridge

	Paper 2
	*The capital structure of irish small and medium sized enterprises – an exploratory study.*

	Ciaran Mac an Bhaird
	Trinity College Dublin

	Brian Lucey
	Trinity College Dublin

	Paper 3
	*Capital budgeting in a small firm: a case study*
	Prakash L Dheeriya
	California State University, Dominguez Hills


FRIDAY	PROGRAM, APRIL 21

Morning Sessions	Morning Sessions
7:30 – 8:30 Piazza Room	Breakfast
Session 21: Initial public offerings- IPO’s	Breakout Session 21: Initial public offerings- IPO’s
8:30 - 10:00 Maple	Session Chair: N. Darius Sankey, Zone Ventures, and University of Southern California- USC

	Paper 1
	*On valuing employee stock option plans: pedagogy*

	Thomas A. Rhee
	California State University, Long Beach

	Paper 2
	*Book building versus auction selling methods: a study of u.s. IPO’s*

	Kuntara Pukthuanthong
	San Diego State University

	Nikhil P. Varaiya
	San Diego State University

	Thomas J. Walker
	Concordia University

	Paper 3
	*Trading activities of IPO firm executives*

	Jaemin Kim
	San Diego State University

	Kuntara Pukthuanthong
	San Diego State University

Session 22: Technology transfer, tech financing	Breakout Session 22: Tech transfer, tech financing, and challenges for both investors and entrepreneurs
8:30 - 10:00
Cypress	Session Chair: Duke Bristow, University of California at Los Angeles- UCLA

	*Technology transfer, tech financing, and challenges for both investors and entrepreneurs*
	Duke Bristow
	University of California at Los Angeles- UCLA

	Larry Gilbert
	Caltech

	Duwayne Peterson
	Pasadena Angels Network

	Stephanie Yanchinski
	Entretec

Refreshments	Refreshments
10:00 – 10:15
Session 23:	Breakout Session 23: Venture capital issues-2

Venture capital issues-2	Session Chair: Joe Greco, California State University, Fullerton
10:15 – 12:00
Maple	Paper 1
	*New investment models for increasing economic returns from government grants to venture backed corporations*

	N. Darius Sankey, General Partner, Zone Ventures, and University of Southern California- USC

	Paper 2
	*Do serial entrepreneurs raise more venture capital?*

	Junfu Zhang
	Public Policy Institute of California

	Ting Lu
	Department of Economics
	University of California, Berkeley

	Paper 3
	*Dynamic aspects of the relationship between venture capital firm and partner*

	Paulina Junni
	Swedish School of Economics and Business Administration, Helsinki, Finland

Session 24: Risk-taking	Breakout Session 24: Risk-taking, business failure, and litigation
10:15 – 12:00
Cypress	Session Chair: Nikhil P. Varaiya, San Diego State University

	Paper 1
	*Economic damages in commercial litigation involving entrepreneurs: self-employed, small businesses and start-ups*

	Stanley P. Stephenson
	Managing Principal, Litigation Economics, LLC

	Nora Ostrofe
	Senior Economist, Pacific Economic Consultants

	Paper 2
	*Entrepreneurial and financial risk-taking: construct refinement and cross-cultural validation*

	Dietmar Grichnik
	Witten/Herdecke University (UW/H), Germany

	Paper 3
	*Participant observation case study of a failed business angel investment – what can we learn from it?*

	Oskari Lehtonen
	Swedish School of Economics and Business Administration, Helsinki, Finland

Lunch and Networking	Lunch and Networking
12:00– 2:00 PM Piazza Room
Afternoon Sessions	Afternoon Sessions
Session 25: Special session	Breakout Session 25: Special session- online
2:00 – 4:00	Session Chair: Thomas A. Rhee, California State University, Long Beach
Maple	Discussant 1: A Vinay Kumar, Indian Institute of Management

	Discussant 2: Prakash L Dheeriya, California State University, Dominguez Hills

	Discussant 3: Siva Sankaran, California State University, Northridge

	Paper 1
	*Shell companies as IPO alternatives: an analysis of trading activity around reverse* mergers

	Murat Aydogdu
	Bryant University

	Chander Shekhar
	University of Melbourne

	Violet Torbey
	Queensland Treasury

	Paper 2
	*Dividend initiations and the long-run performance of IPO’s*

	Gow-Cheng Huang
	Alabama State University

	Kartono Liano
	Mississippi State University

	Ming-Shiun Pan
	Shippensburg University.

	Paper 3
	*On the determinants of returns on venture capital funds*

	Xiaoqing Eleanor Xu
	Seton Hall University

4:00	*CONFERENCE CONCLUSION*

Advisory Board

2006 PROGRAM COMMITTEE AND ADVISORY BOARD

PROGRAM CHAIR:

Rassoul Yazdipour, Ph.D.
California State University, Fresno, and
Academy of Entrepreneurial Finance

PROGRAM COMMITTEE MEMBERS:

Reena Aggarwal, Ph.D.
Georgetown University

Richard L. Constand, Ph.D.
University of West Florida

A Vinay Kumar, Ph.D.
Indian Institute of Management

Jerome Osteryoung, Ph.D.
Florida State University

Charles C. Ou, Ph.D.
U.S. Small Business Administration

J. William Petty, Ph.D.
Baylor University

Thomas A Rhee, Ph.D.
California State University, Long Beach

Yochanan Shachmurove

The City University of New York, and

The University of Pennsylvania

Jacky C. So, Ph.D.
Texas A&M International University

Allan E. Young, Ph.D.
Syracuse University

Academy of Entrepreneurial Finance-International Division

Conference On Entrepreneurial And Small Business Finance

October 19-21, 2006

At the Indian Institute of Management

Lucknow, India

Indian Institute of Management, Lucknow, India and Academy of Entrepreneurial Finance are jointly hosting the first international conference on entrepreneurial and small business finance in India. The aim of the conference is to encourage and promote academic inquiry into financial, economic and accounting issues of business venturing. The small and medium scale businesses are undergoing rapid change in the emerging markets of the world. The changing dynamics of the business has many financial and economic implications. The conference invites papers related to such changes particularly in emerging markets. Some of the board topics of interest are.

1. Corporate Finance issues relevant to Small/Entrepreneurial Firms;

2. Behavioral Finance- especially issues related Risk-taking and Startups;

3. Business Valuation- and Evaluation;

4. Initial Public Offerings;

5. The Market for Formal and Informal Venture Capital;

6. Financial Institutions and Small Business Financing;

7. Innovations in Capital Markets for Small Firms and Startups;

8. Economics and Accounting of Small Business;

9. Models for Predicting Small Firm Success and/or Failure; and

10. Other related issues- including Globalization and Technological factors affecting Capital Access and Startup Process.

Distinguished papers will be considered for publication in “The Journal of Entrepreneurial Finance and Business Ventures”.

Important Dates and Information
Submission of Completed Paper	July 15 ^th 2006
Conference Dates	October19-21, 2006.
Conference Email	conference@iiml.ac.in

Board and Lodging at the Institute:

International Participants USD 25 per day

Indian Participants INR 1000 per day

Conference Registration Fee:

International Participants: USD 200 if paid before 12^th Sept 2006; thereafter USD 250

Indian Participants: INR 2000 if paid before 12^th Sept 2006; thereafter INR 2500

For more information please contact:

Prof. A Vinay Kumar, Conference Chair, Indian Institute of Management

Prabandh Nagar, Off Sitapur Road, Lucknow, INDIA 226 013

Email: vinay@iiml.ac.in ; Phone: 091 522 2736645; Fax: 091 522 2734025

Contact Information

You may contact us by either:
Phone: 559-278-4987 or 818-236-2145,

Email: rassouly@csufresno.edu or rassoul@aoef.net

Regular Mail:
Academy of Entrepreneurial Finance
P.O. Box 157
Montrose, CA 91021-0157

A C A D E M Y O F E N T R E P R E N E U R I A L F I N A N C E

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