Journal Articles
“Creative destruction? Evidence that private equity firmscut jobs to raise returns “, Venture capital: An international Journalof Entrepreneurial Finance. Forthcoming last quarter 2010/first quarter2011.
“Do unobservable factors explain the disposition effect in emergingstock markets?” (with H. Farag), Journal of Applied FinancialEconomics. Forthcoming, 2010.
“Do size and unobservable company factors explain stock pricereversals? (with H. Farag), Journal of Economics and Finance, Publishedelectronically 2009 (Springer, Boston. ISSN 1055-0925 (Print) 1938-9744(Online). DOI 10.1007/s 12197-009-9076-4. Forthcoming in hardcopy,2010.
“Do venture capitalists add credibility to earnings forecasts?Evidence from French Initial Public Offerings”, Venture Capital: Aninternational journal of entrepreneurial finance, (with X. Gerard andD. Citron), Volume 11, Number 2, April 2009 , pp. 87-105(19)
2007 "Playing to their strengths? Evidence thatspecialisation by private equity firms confers competitive advantage",with F. Munari and A. Malipiero,forthcoming, Journal of CorporateFinance
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 theUK 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: Surveyand Research Agenda", Small Business Economics 9(2), April, (with C.Olofsson)
1997(a) "European SME Financing: An Overview", SmallBusiness 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]
Professional reports
Private equity and insolvency, April 2010, sponsored by the British Venture Capital Association, with N. Wilson and M. Wright, and assisted by H. Farag.
Book chapters
1. “Funding gaps”, in Oxford Handbook of Venture Capital, Ed D. Cumming. Forthcoming, 2010/11.
2.“Employment, wage and productivity effects of Private Equity transactions”, Chapter 6. in Wiley Companion to Private Equity, Ed. D. Cumming, to be published in May
Books and reports
2004 UrGenT' and 'CardioGenix': The early development oftwo German Biotech ventures, and the impact of venture capitalists andthe financial markets on them, Academic Network in Entrepreneurship,Innovation and Finance, European Case Study no. 4/5, Gate 2 Growthproject, European Commission
2000 Tax, assistance, compliance & the performance ofthe Smaller Business, a research report to the Federation of SmallBusinesses, July
1999 "Funding gaps controversies: A layperson's guide tothe issues", background paper for Funding gaps controversies: AnInternational Conference, Warwick Business School, April 12-13
1999 "Government as venture capitalist", paper summarisingcomments to DTI on their consultation document "Addressing the SMEequity gap"
1998(b) Why do most firms die young?, final report to ESRCfor 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 theEuropean 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 versusevidence, Chapter 9 of Modern Perspectives on Entrepreneurship, Ed.Burke, Senate Hall, Dublin
2006(c) "Venture capital" in The Oxford Handbook ofEntrepreneurship, 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 TheInternational Handbook of Entrepreneurship, Kluwer, edited Simon Parker(forthcoming)
2001 "Lazy entrepreneurs or dominant banks: An empiricalanalysis of the market for SME loans in the UK", in Proceedings of theEntrepreneurial Finance Workshop, Hisrich and Hackner (eds), JonkopingInternational Business School, Jonkoping, Sweden
1999(d) The Older Entrepreneur: An Age-Specific Profile OfStartups And Established UK Small Business, Chapter 3 of The EconomicImpact of Ageing on Entrepreneurship and SMEs, report to the ForwardStudies Unit, DGV, European Commission, Brussels (with M. Peters and D.Storey), EIM, Netherlands, June
1999(c) "European Loan Guarantee Schemes: Who has them, whopays and who gains", in Green (ed), Risk Behaviour And Risk ManagementIn Business Life, Kluwer, Netherlands, June
1999(b) "Loan guarantee schemes in risk management",Introduction to section 5 of Green(ed) Risk Behaviour And RiskManagement In Business Life, Kluwer, Netherlands
1999(a) "Small businss failure: failure to fund or failureto 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 TheEuropean Observatory for SMEs: 5th Report to the European Commission,with H. Matlay, pages 175-187
Conference papers
2006 Playing to their strengths? Evidence thatspecialisation by private equity firms confers competitive advantage,with F. Munari and A. Malipiero, Journal of Corporate Financeconference, Renssaeler Institute, US, organisers M Wright, D Siegel andD 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 earningsforecasts? 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 earningsforecasts? Evidence from French Initial Public Offerings", EuropeanAccounting Association, Seville, Spain, April (with X. Gerard and D.Citron)
2003(b) "Do venture capitalists add credibility to earningsforecasts? Evidence from French Initial Public Offerings", EuropeanFinancial 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 theUK market for SME loans" ( with O. Toivanen),ZEW conference onEntrepreneurship and the demography of firms and industries, Mannheim,October 3-4
2002(a) "Lazy firms or dominant banks? An analysis of theUK market for SME loans" ( with O. Toivanen), European FinanceAssociation, Berlin, August
2000(b) "Lazy firms or dominant banks? An analysis of theUK market for SME loans" ( with O. Toivanen), Entrepreneurial FinanceWorkshop, 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 ofCertified Accountants Conference on Ageing And Entrepreneurship, 1December
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 firstlook": 2nd International Stockholm Seminar on Risk Behaviour and RiskManagement, 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 thesame title, organised by the Diebold Institute, London School ofEconomics, May 4th, and held at Royal Institute of British Architects
2002 For: "Why do most firms die young?", other panelistsincluded Michael Hannan (Stanford), David Audretsch (Indiana) and PaulReynolds (LBS), conference on Entrepreneurship and the demography offirms and industries, ZEW, Mannheim, October 3-4
1999 For: "Funding gaps", Funding gaps controversies: AnInternational Conference, Warwick Business School, April 12-13. Otherpanellists included Josh Lerner (Harvard), Adrian Piper (Bank ofEngland), 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 ofEntrepreneurial Types", Chinese translation in Guangdong Journal ofSocial 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 publicpolicy, conference, organised by the Diebold Institute, London Schoolof 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 andindustries, Mannheim, October 3-4
2001(b) Invited speech, to the OECD conference on GuaranteeSchemes "Business Loan Guarantees: Rationales, outcomes and bestpractices", 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 SMEsdevelop and apply new technology, Department of Trade and Industryseminar, London, October 19
2000(a) Invited paper "Tax, assistance, compliance &the performance of the Smaller Business", Inland Revenue seminar onResearch findings and Policy towards small business", July 12
1999 Panel member on "Funding gaps", Funding gapscontroversies: An International Conference, Warwick Business School,April 12-13. Other panellists included Josh Lerner (Harvard), AdrianPiper (Bank of England), etc.
1998(b) Invited paper "Performance and the EntrepreneurialLifecycle", ACCA & ISBA seminar, Entrepreneurship and the ThirdAge: Opportunities and Challenges for Older Entrepreneurs, 1 December,ACCA, London
1998(a) Invited paper "Targeting of government support tosmall businesses", DTI Academic and Senior DTI policy staff seminar, 2November
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 AndWho Gains", Keynote Speech, 2nd International Stockholm Seminar onRisk Behaviour and Risk Management, June
1997(a) "The future of UK SME research", conference on theEconomics Of Small Business Finance, Stern School of Business, New YorkUniversity, New York, June.