Years at SKEMA Business School: 9
 


Armin SCHWIENBACHER

Innovation
Lille



CV
Skills & Interests 
Languages
French, German, English
Expertise
Corporate finance, entrepreneurial finance, crowdfunding, venture capital, fintech.
Qualification 
Scholarly Academic
Academic Degrees 
Ph.D.  Fac. Universit. Notre-Dame de la Paix, Namur (B), Namur (Belgium), Finance, 2003.
Work Experience 
Director of PhD in Corporate Finance, SKEMA Business School (2011 - Present), Lille, France.
Professor of Finance, Skema Business School (September, 2010 - Present), Lille, France.
Professor of Finance, Université Lille 2 (September, 2010 - Present), Lille, France.
Guest Faculty, Duisenberg School of Finance (August, 2009 - August, 2015), Amsterdam, Netherlands.
Research Fellow, University of Amsterdam Business School (August, 2009 - August, 2011), Amsterdam, Netherlands.
Associate Professor of Finance, Université catholique de Louvain, Louvain School of Management (September, 2006 - August, 2010), Louvain-la-Neuve, Belgium.
Assistant Professor of Finance, University of Amsterdam Business School (August, 2003 - August, 2009), Amsterdam, Netherlands.
Visiting Scholar, University of California at Berkeley, Haas School of Business (2001 - 2002), Berkeley, California.
Intellectual contributions
Articles in Journals 
Herve, F., Manthe, E., Sannajust, A., & SCHWIENBACHER, A. (2019).  Determinants of Individual Investment Decisions in Investment-Based Crowdfunding.   Journal of Business Finance & Accounting, 46, 762–783, doi: 10.1111/jbfa.12372.
SCHWIENBACHER, A. (2019).  Equity Crowdfunding: Anything to Celebrate?   Venture Capital: An International Journal of Entrepreneurial Finance, 21 (1), 65-74.
Cumming, D., Leboeuf, G., & SCHWIENBACHER, A. (in press, 2019).  Crowdfunding Models: Keep-It-All vs. All-Or-Nothing.   Financial Management.
Buchner, A., Mohamed, A., & SCHWIENBACHER, A. (in press, 2019).  Herd Behavior in Buyout Investments.   Journal of Corporate Finance.
BOLLAERT, H., Leboeuf, G., & SCHWIENBACHER, A. (in press, 2019).  The Narcissism of Crowdfunding Entrepreneurs.   Small Business Economics.
Cumming, D., LOPEZ DE SILANES MOLINA, F., McCahery, Joseph A., & Schwienbacher, A. (in press, 2019).  Tranching in the syndicated Loan market around the world.   Journal of International Business Studies.
SCHWIENBACHER, A., & Hornuf, L. (2018).  Internet-Based Entrepreneurial Finance: Lessons from Germany.   California Management Review, 60 (2), 150-175.
Hornuf, L., Mohamed, A., & SCHWIENBACHER, A. (in press, 2018).  The Economic Impact of Forming a European Stock Company.   Journal of Common Market Studies, 57 (4), 659–674.
Hervé, F., & SCHWIENBACHER, A. (2018).  Round-Number Bias in Investment: Evidence from Equity Crowdfunding.   FINANCE, 39, 71-105.
Cumming, D. J., & SCHWIENBACHER, A. (2018).  Fintech Venture Capital.   Corporate Governance: An International Review, 26, 374–389.
SCHWIENBACHER, A., Lambert, T., & Degryse, H. (2018).  The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries.   Economic Journal, 128, 1433–1475.
SCHWIENBACHER, A., & Herve, F. (in press, 2018).  Crowdfunding and Innovation.   Journal of Economic Surveys.
SCHWIENBACHER, A., & Walthhoff-Borm, X. (2018).  Equity Crowdfunding: First Resort or Last Resort?   Journal of Business Venturing.
Deloof, M., SCHWIENBACHER, A., & Vermoesen, V. (in press, 2018).  Incentives Work: Performance-Related Remuneration of Directors Before and During the Great Depression in Belgium.   European Review of Economic History.
Hornuf, L., & SCHWIENBACHER, A. (2018).  Market Mechanisms and Funding Dynamics in Equity Crowdfunding.   Journal of Corporate Finance.
SCHWIENBACHER, A., Cumming, D., & Leboeuf, G. (2017).  Crowdfunding Cleantech.   Energy Economics, 65, 292-303.
SCHWIENBACHER, A., BUCHNER, A., & Mohamed, A. (2017).  Diversification, Risk, and Returns in Venture Capital.   Journal of Business Venturing, 32 (5), 519-535.
SCHWIENBACHER, A. (in press, 2017).  Entrepreneurial Risk-Taking in Crowdfunding Campaigns.   Small Business Economics.
SCHWIENBACHER, A., GEJADZE, M., & GIOT, P. (2017).  Private Equity Fundraising and Firm Specialization.   Quarterly Review of Economics and Finance.
Schwienbacher, A., & Mohamed, A. (2016).  Voluntary Disclosure of Corporate Venture Capital Investments.   Journal of Banking and Finance, 68, 69–83.
Hornuf, L., & SCHWIENBACHER, A. (2016).  Should Securities Regulation Promote Equity Crowdfunding?   Small Business Economics, 49 (3), 579-593.
Buchner, A., SCHWIENBACHER, A., & Mohamed, A. (2016).  Does Risk Explain Persistence in Private Equity Performance?   Journal of Corporate Finance, 39, 18-35.
SCHWIENBACHER, A., de Bodt, E., & Lobez, F. (2016).  Paulson Plan Credits.   FINANCE, 37 (1), 97-120.
SCHWIENBACHER, A. (2016).  Crowdfunding and the 'Alternativfinanzierungsgesetz' in Austria.   CESifo DICE Report, 2, 3-6.
SCHWIENBACHER, A., & CHENG, C. (2016).  Venture Capital Investors and Foreign Listing Choices of Chinese Companies.   Emerging Markets Review.
Schwienbacher, A., Cumming, D., & Zhan, F. (2015).  The scope of international mutual fund outsourcing: Fees, performance and risks.   Journal of International Financial Markets, Institutions & Money, 38, 185-199.
Riachi, I., & Schwienbacher, A. (2015).  Overcollateralization in Corporate Securitization.   FINANCE, 36 (3), 7-52.
Riachi, I., & Schwienbacher, A. (2015).  Investment, Firm Performance and Securitization: Evidence from Industrial Companies.   Finance Research Letters, 13, 17-28.
Schwienbacher, A., Da Gbadji, L., & Gailly, G. (2015).  International Analysis of Venture Capital Programs of Large Companies and Financial Institutions.   Entrepreneurship Theory and Practice.
Schwienbacher, A., Giambona, E., & Golec, J. (2014).  Debt capacity of Real Estate Collateral.   Real Estate Economics, 42 (3), 578-605.
Sahm, M., Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014).  Corrigendum to "Crowdfunding: Tapping the right crowd".   Journal of Business Venturing, 29 (5), 610-611.
Schwienbacher, A., Belleflamme, P., & Lambert, T. (2014).  Crowdfunding: Tapping the right crowd.   Journal of Business Venturing, 29 (5), 585-605.
Schwienbacher, A., Giot, P., & Hege, U. (2014).  Are Novice Private Equity Funds Risk-Takers? Evidence from a Comparison with Established Funds.   Journal of Corporate Finance, 27.
Cumming, D., Imad'Eddine, G., & Schwienbacher, A. (2013).  Legality and the Spread of Voluntary Investor Protection.   FINANCE, 34 (2013/3).
Ashraf, B., Dereeper, S., & Schwienbacher, A. (2013).  Underwriting syndicate structure and lead manager reputation: an empirical analysis study on European stock markets.   FINANCE, 34 (2).
Schwienbacher, A. (2013).  The entrepreneur's investor choice: the impact on later-stage firm development.   Journal of Business Venturing, 28 (4), 528-545.
Schwienbacher, A., & Riachi, I. (2013).  Securitization of Corporate Assets and Executive Compensation.   Journal of Corporate Finance, 21, 235-251.
Schwienbacher, A., & Imad'Eddine, G. (2013).  International Capital Flow into the European Private Equity Market.   European Financial Management, 19 (2), 366-398.
Schwienbacher, A., Belleflamme, P., & Lambert, T. (2013).  Individual Crowdfunding Practices.   Venture Capital: An International Journal of Entrepreneurial Finance, 15 (4), 313-333.
Schwienbacher, A., Huang, W., & Zhao, S. (2012).  When banks loans are bad news: Evidence from market reactions to loan announcements under the risk of expropriation.   Journal of International Financial Markets, Institutions & Money, 22, 233-252.
Schwienbacher, A., Cumming, D., & Imad'Eddine, G. (2012).  Harmonized Regulatory Standards, International Distribution of Investment Funds and the Recent Financial Crisis.   The European Journal of Finance, 18 (3-4), 261-292.
Schwienbacher, A., & McCahery, J. (2010).  Bank Reputation in the Private Debt Market.   Journal of Corporate Finance, 16 (4), 498-515.
SCHWIENBACHER, A., Van Wymeersch, Ch., & de Harlez, Y. (2009).  Le marché du capital-risque en Wallonie : une nouvelle initiative est-elle nécessaire ?   Revue Bancaire et Financière, 4, 266-269.
SCHWIENBACHER, A., Cumming, D., & Fleming, G. (2009).  Style Drift in Private Equity.   Journal of Business Finance & Accounting, 36 (5-6), 645–678.
SCHWIENBACHER, A., Cumming, D., & Fleming, G. (2009).  Corporate Relocation in Venture Capital Finance.   Entrepreneurship Theory and Practice, 33 (5), 1121-1155.
SCHWIENBACHER, A., Hege, U., & Palomino, F. (2009).  Venture Capital Performance: The Disparity between Europe and the United States.   FINANCE, 30 (1), 7-50.
SCHWIENBACHER, A., Cumming and, D., & Fleming, G. (2008).  Financial Intermediaries, Ownership Structure and Monitored Finance: Evidence from Japan.   Small Business Economics, 31 (1), 59-92.
SCHWIENBACHER, A. (2008).  Venture Capital Investment Practices in Europe and in the United States.   Financial Markets and Portfolio Management, 22 (3), 195-217.
SCHWIENBACHER, A., & Perotti, E. (2008).  The Political Origin of Pension Reform.   Journal of Financial Intermediation, 18, 384-404.
SCHWIENBACHER, A. (2008).  Capital-risque en Wallonie : l'offre est-elle suffisante et bien ciblée ?   Financial Management, 16, 30-33.
SCHWIENBACHER, A. (2008).  Innovation and Venture Capital Exits.   Economic Journal, 118 (533), 1888-1916.
SCHWIENBACHER, A. (2008).  L'Equity Gap : Un Yeti Financier ?   L'Expansion Entrepreneuriat, 1.
SCHWIENBACHER, A., & Giot, P. (2007).  IPOs, Trade Sales and Liquidations: Modelling Venture Capital Exits Using Survival Analysis.   Journal of Banking and Finance, 31 (3), 679-702.
SCHWIENBACHER, A. (2007).  A Theoretical Analysis of Optimal Financing Strategies for Different Types of Capital Constrained Entrepreneurs.   Journal of Business Venturing, 22 (6), 753-781.
SCHWIENBACHER, A. (2007).  International Capital Flows into Private Equity Funds.   Maandblad voor Accountancy en Bedrijfseconomie, 335-343.
SCHWIENBACHER, A., & Riyanto, Y.E. (2006).  The Strategic Use of Corporate Venture Financing for Securing Demand.   Journal of Banking and Finance, 30 (10), 2809-2833.
SCHWIENBACHER, A., Cumming, D., & Fleming, G. (2006).  Legality and Venture Capital Exits.   Journal of Corporate Finance, 12, 214-245.
SCHWIENBACHER, A., Cumming, D., & Fleming, G. (2005).  Liquidity Risk and Venture Capital Finance.   Financial Management, 34 (4), 77-105.
Chapters, Cases, Readings, Supplements 
SCHWIENBACHER, A. (2018). Equity Crowdfunding and Capital Formation for Early-Stage Firms. In Press, In R. Rau and R. Wardrop (Eds.), Palgrave-MacMillan Handbook on Alternative Finance.  
Belleflamme, P., Lambert, T., & SCHWIENBACHER, A. (2018). Effets de réseau et financement participatif : une analyse empirique. Financement participatif : une voie d'avenir pour la culture ?. Presses de Sciences Po. 
Leboeuf, G., & SCHWIENBACHER, A. (2017). Crowdfunding as a New Financing Tool. In Palgrave Macmillan (Ed. D. Cumming and L. Hornuf) (Eds.), The Economics of Crowdfunding -- Startups, Portals and Investor Behavior.  
Schwienbacher, A., & Hornuf, L. (2016). Crowdinvesting – Angel Investing for the Masses?. In Edward Elgar (Ed. C. Mason and H. Landström) (Eds.), Handbook on Research on Business Angels (pp. 381-397). EE Publisher, London.. 
SCHWIENBACHER, A. (2016). The Internet, Crowdfunding, and the Banking Industry. In Palgrave Macmillan (Ed. Th. Beck and B. Casu) (Eds.), The Palgrave Handbook of European Banking.  
SCHWIENBACHER, A., & Van Wymeersch, C. (2016). Le Financement Entrepreneurial. In Edition De Boeck (Ed. F. Janssen) (Ed.), Entreprendre : Une Introduction à l'Entrepreneuriat - 2e Edition (pp. 129-150). Edition de Boeck. 
SCHWIENBACHER, A. (2016). The Structure and Role of the Underwriting Syndicate. In Oxford University Press (Ed. D. Cumming and S. Johan) (Eds.), The Oxford Handbook of IPOs.  
Schwienbacher, A. (2015). Le Crowdinvesting : Une Nouvelle Forme de Finance Entrepreneuriale. In Edition De Boeck (Ed. V. Bessière and E. Stéphany) (Eds.), Le Financement de l'Innovation: Nouvelles Perspectives Théoriques & Pratiques (pp. 193-206). Edition de Boeck. 
Schwienbacher, A. (2015). Financing the Business. Routledge Companion on Entrepreneurship (pp. 193-206.). Routledge (Ed. T. Baker and F. Welter). 
Schwienbacher, A., & Larralde, B. (2012). Crowdfunding of Small Entrepreneurial Ventures. In Cumming, D. (Ed.), The Oxford Handbook of Entrepreneurial Finance. Oxford University Press. 
Schwienbacher, A. (2010). Venture Capital Exits. Venture Capital: Investment Strategies, Structures, and Policies. Wiley/Blackwell. 
Schwienbacher, A., & McCahery, J. (2008). Reputation in the Private Loan Syndication Market. Rationality in Company Law: Essays in Honour of Dan Prentice. Hart Publishing. 
SCHWIENBACHER, A., Cumming, D., & Fleming, G. (2007). The Structure of Venture Capital Funds. Handbook of Research on Venture Capital. Edward Elgar Publishing. 
Conference Presentations 
SCHWIENBACHER, A. (2016). Internet-based Entrepreneurial Finance: Lessons from Europe.  California Management Review-Concordia-Schulich Conference on "Entrepreneurship, the Internet, and Fraud" at John Molson School of Business, Concordia University, Montreal, Canada-Quebec.
SCHWIENBACHER, A. (2016). Portal Design and Funding Dynamics in Equity Crowdfunding.  ENTFIN Conference Lyon 2016 at Jean Moulin Lyon 3 University and EM-Lyon Business School, Lyon, France.
SCHWIENBACHER, A. (2016). Investor Motivations in Investment-Based Crowdfunding.  ENTFIN Conference Lyon 2016 at Jean Moulin Lyon 3 University and EM-Lyon Business School, Lyon, France.
SCHWIENBACHER, A. (2016). Fintech Venture Capital.  Crowdinvesting Symposium on "Financial Decision Making and the Internet" at the Max Planck Institute for Innovation and Competition, Munich, Germany.
SCHWIENBACHER, A. (2016). Investor Motivations in Investment-Based Crowdfunding.  French Finance Association (AFFI) Conference, Liege, Belgium.
Schwienbacher, A. & Hornuf, L. (2014). Which Securities Regulation Promotes Crowdinvesting?  Annual Meeting of the Canadian Law and Economics Association at University of Toronto, Toronto, Canada.
Schwienbacher, A. (2014). Entrepreneurial Risk-Taking in Crowdfunding Campaigns.  HEC Workshop on Entrepreneurship – Entrepreneurial Finance, Paris, France.
de Bodt, E., Lobez, E., & Schwienbacher, A. (2014). Did the Euro Increase Systemic Risk?  International French Finance Conference, Aix-en-Provence, France.
Schwienbacher, A., Douglas, C., & Leboeuf, G. (2014, December). Crowdfunding Models: Keep-it-All vs. All-or-Nothing.  International Paris Finance Meeting Eurofidai/AFFI, Paris, France.
Schwienbacher, A. & Hornuf, L. (2014, September). Which Securities Regulation Promotes Crowd investing?  Annual Academic Symposium on Crowdfunding, Berkeley, United Kingdom.
Schwienbacher, A. (2014, May). Voluntary Disclosure of Corporate Venture Capital Investments.  AFFI (Association Française de Finance) Conference, Paris, France.
Delanghe, M. & Schwienbacher, A. (2012). Long-Term Effects of Lender Certification: An Empirical Analysis of Corporate Acquisitions.  PhD Workshop - AFFI Conference, Strasbourg, France.
Schwienbacher, A. (2012, October). Crowdfunding: Tapping the Right Crowd.  FMA Annual Conference, Atlanta, Georgia.
Schwienbacher, A. (2012, October). Crowdfunding: Tapping the Right Crowd.  ZEW International Conference, Mannheim, Germany.
Schwienbacher, A. (2012, October). Private Equity Fundraising and Firm Specialization.  FMA Annual Conference, Atlanta, Georgia.
Schwienbacher, A. (2012, October). Legality and the Spread of Voluntary Investor Protection.  FMA Annual Conference, Atlanta, Georgia.
Schwienbacher, A. (2012, October). International Analysis of Venture Capital Programs of Large Companies and Financial Institutions.  FMA Annual Conference, Atlanta, Georgia.
Schwienbacher, A. (2012, September). Crowdfunding: Tapping the Right Crowd.  Corporate Finance Day, Ghent, Belgium.
Delanghe, M. & Schwienbacher, A. (2011). Long-term effects of lender certification: An empirical analysis of corporate acquisitions.  ECCCS Research Seminar, Lille, France.
Research Reports 
2007: SCHWIENBACHER, A., Van Wymeersch, Ch., & de Harlez, Y., Le financement par capital-risque des entreprises innovantes en Wallonie., submitted to Union Wallonne des Entreprises.
Other Research 
2009: , ., .  Le Crowdfunding : Une source de financement viable ? dans La Libre Belgique (Belgian daily newspaper)   [Basic or Discovery Scholarship]
Professional Memberships 
Director of the Center for Studies in Asset Management (CESAM) at the Louvain School of Management, 2009-2010
Academic Advisory Board of the Brussels Finance Institute, 2008