Josh Lerner, Jacob H Schiff Professor of Investment Banking at Harvard Business School, is one of our special guest speakers at SuperReturn International 2012 this year. His presentation will take place on Thursday 1st March, and is entitled: “Transparent, Opaque or Translucent? Information & The Private Equity Industry.”
He will follow this with an in-depth panel discussion on Transparency In Private Equity: Perspectives From Major Industry Players. He will be joined by the following pre – eminent panellists to discuss this topic in detail:
Wouter Pelser, CIO, MN SERVICES
Steve LeBlanc, Senior Managing Director, Private Markets, TEACHERS RETIREMENT SYSTEM OF TEXAS
Tom Rotherham, Director, Private Markets, HERMES EQUITY OWNERSHIP SERVICES
Robert van Schaik, Portfolio Manager, Private Equity, SHELL ASSET MANAGEMENT COMPANY
Here we present the abstract of the first of two of his recent academic papers, entitled “The Consequences of Entrepreneurial Finance: Evidence from Angel Financings.”
This paper documents that ventures that are funded by two successful angel groups experience superior outcomes to those that are
rejected: they have improved survival, exits, employment levels, patenting, web traffic, and financing. We use strong discontinuities in the funding behavior of angels over small changes in their collective interest levels to implement a regression discontinuity approach. We confirm the positive effect of angel financing on most operations of the venture, with qualitative support for a higher likelihood of successful exits. On the other hand, there is no difference in access to additional financing around the discontinuity. This might suggest that financing is not a central input of angel groups.
