WEFI Lecture Series
What is it?
The WEFI Lecture Series is a monthly lecture series that presents advanced topical surveys on entrepreneurship, entrepreneurial finance, and innovation. It will run from August 2020 to May 2021. The lectures are organized by Michael Ewens, Yael Hochberg, Song Ma, and David Robinson.
Who is it for?
Faculty and PhD students interested in pursuing research in entrepreneurship, entrepreneurial finance, and innovation.
We have two major goals. First, the platform will encourage a synthesis of existing work and identification of key unanswered questions in a public setting. Next, the lecture series aims to provide high-quality lectures to PhD students who either have few faculty in the focus research areas or are geographically separated from major in-person events. Similarly, faculty already in the area or those interested in writing papers in the area will gain access to cutting-edge research. After the first run of the lecture series, a large syllabus with videos and slides decks will naturally emerge and be publicly-available. These can be used by others to make their own PhD course, or for students to self-study.
1.5 hours on Zoom
Classroom-like setting with a short reading list.
Material will cover the topics, not just the papers.
The WEFI Lecture Series begins August 2020.
A review of the economics of discrimination with a focus on the unique ways it manifests itself in firm formation and financing decisions. The presentation will cover the recent advances in testing alternative explanations for differential treatment by race and propose a framework for future research in the area.
The Risk and Return of Private Equity
An overview of the methodologies used to evaluate private equity performance at the fund and investment-level. The presentation will summarize the major facts about long-term performance, risk-adjustment and data sources.
Interactions Between Startups and Incumbents
October 12th, 2020
A overview of a research agenda studying the connections between startups and incumbent firms. Those connections are multi-dimensional and link to broad economic subfields. For example, those connections can be in the form of market competition (industrial organization), labor mobility (labor), innovation competition and sharing, financial and strategic alliances, and asset allocation.
Public versus Private Firms
November 9th, 2020
As a private entity, the entrepreneurial firm differs in many ways from the more commonly-studied public firm. Regulation, size and ownership differences between these two organizational forms could explain many of the differences between the entrepreneurial firm and other firms. This presentation will detail the regulatory regimes and information setting that underpins the distinction between the public and private firm, while connecting organizational form choice to outcomes.
Creation or Destruction: The Role of Private Equity
December 4th, 2020
The debate around whether and how private equity add values is a perennial debate among both academic and policy-makers. This lecture will review the economics of private equity -- the sources of any possible value-add -- and the large academic literature documenting its effects.
Bankruptcy of the Small Firm
This presentation focuses on the legal context, conceptual framework, and important empirical findings in small business bankruptcy. The discussion will focus on both the ex-ante effect of the bankruptcy institution--i.e., how it may affect innovation and entrepreneurtship; and the ex post resolution of small business cases.
Experimentation and Innovative Entrepreneur
The entrepreneurial firm plays a unique role in the production and dissemination of innovation. This presentation will present the major facts about small vs. large firm innovation and spillovers between the two.
Behaviorial Economics and Entrepreneurship
The decision to enter entrepreneurship is determined by the assessment of return and risks, the evaluation of personal skills, and potentially non-pecuniary benefit in the utility function. These connect to discussions in behavioral economics and decision-making. This lecture will will connect topics in entrepreneurship research to the major themes of behavioral economics.
Raising Capital beyond Venture Capital
An overview of capital sources beyond venture capital: accelerators, angel investors, incubators, non-traditional PE investors, venture debt, housing collateral, etc. The presentation will document how the financing landscape -- both early stage and and late stage -- has changed dramatically over the last 20 years.
WEFI Organizers, Guests, and Attendants
Panel: What's Next?
A discussion of where the literature is going (or should) next.