European Capital

European Venture Capital: Financing Innovation for Long-Term Growth
IGIER, Università Bocconi, Milano
November 5-6, 1998

A Conference Organized by
CEPR - Centre for Economic Policy and Research, London
Consob - Commissione Nazionale per le Societ e la Borsa, Rome
IGIER Università Bocconi, Milano

Scientific Committee
Erik Berglof (Stockholm School of Economics and CEPR)
Marco Da Rin (Università di Torino and IGIER)
Alfredo Macchiati (Consob)

Our conference runs back-to-back with the Conference of the European Corporate Governance Network, which will be held at the Fondazione ENI Enrico Mattei, and whose programme can be found at:
http://www.ecgn.ulb.ac.be/ecgn/annualconference98.htm

9.15
Opening Remarks (Francesco Giavazzi, IGIER)

9.30
European Venture Capital: some facts and some questions (Marco Da Rin, Università di Torino and IGIER)

Section 1 - The Supply of Funds for Innovation

10.00-11.00
"What Drives Venture Capital Fund-raising"
Paul Gompers and Josh Lerner (Harvard Business School)

DISCUSSANT: Colin Mayer (School of Management, University of Oxford, and CEPR)

11.00-11.30
Coffee Break

11.30-12.30
"Stage Financing and the Role of Convertible Debt
Francesca Cornelli (London Business School and CEPR) and Oved Yosha (Tel-Aviv University)

DISCUSSANT: Giacinta Cestone (Universit de Toulouse)

12.30-13.30
Lunch

Section 2 - The Effects of Financing on the Direction of Innovation

13.30-14.30
"The Interaction Between Product Market and Financing Strategy: the Role of Venture Capital
Thomas Hellmann and Manju Puri (Stanford Business School)

DISCUSSANT: Bruno Cassiman (Universitat Pompeu Fabra, Barcelona)

14.30-15.30
"Does Venture Capital Spur Innovation?
Josh Lerner (Harvard Business School) and Samuel Kortum ( Boston University)

DISCUSSANT: Enrico Perotti (Universiteit van Amsterdam and CEPR)

15.30-16.00
Coffee Break

16.00-18.00
Round Table "The institutional constraints on European Venture Capital

Participants:
Luciano Balbo (B&S Electra), Juan Artegoitia (European Commission, DG XV, Stock Exchanges and Securities Division), Salvatore Bragantini (CONSOB), Eugenio Leanza (BEI), Fabio Sattin (Private Equity Partners)

Section 3 - Institutional Constraints on Financing Innovation

9.15-10.15
"Weak Property Rights and Hold-up in R&D
Bharat Anand (Harvard Bus. School) and Alexander Galetovic ( Universidad de Chile)

DISCUSSANT: Ulrich Hege (CentER, Tillburg University, and CEPR)

10.15-11.15
"Start-up Investment and Financial Sector Productivity
Christian Keuschnigg (University of Saarland)

DISCUSSANT: Javier Suarez (CEMFI, Madrid, and CEPR)

11.15-11.45
Coffee Break

11.45-12.45
"The Role of Angel Investors in Financing High-tech Start-ups
Stephen Prowse (Federal Reserve Bank of Dallas), George Fenn (Milken Institute), and Nellie Lian (Board of Governors of the Federal Reserve)

DISCUSSANT: Erik Berglf (Stockholm Institute of Transition Economics and East European Studies, and CEPR)