Angel Investors, VC, PE, Private Debt, and IPOs (crowdfunding is found on the fintech tab)

Expert Witness: I have served as an expert witness on various litigation cases specific to venture capital, including valuation and disclosure in mergers and acquisitions, wrongful dismissal, and valuation of private enterprises backed by venture capital and private equity funds.  Details are available on request.

Employment: I have worked for two international fund-of-funds on their allocation strategies to venture capital and private equity funds.

Advisory Services: I have advised private enterprises and regulatory bodies in North America, Europe, and Australasia on the design of government venture capital funds and regulation pertinent to venture capital.  Details are available on request.

1.  Cumming, Douglas J. and Schwienbacher, Armin and Zhang, Yelin, 2023. The Performance Puzzle in Venture Capital and Private Equity Style Drifts 

2. Cumming, Douglas J., and Li, Yuan and Yu, Yimeng, 2023. "Stock Market Manipulation and Corporate Venture Capital Investments" 

   1. Presented at the Citrus Finance Conference, University of California, Riverside, the University of New South Wales, and the University of Technology, Sydney.

1. Cumming, D.J., Köchling, G., Neukirchen, D., and Posch, P.N., 2024. How Does Corporate Culture Affect IPO Price Formation? (February 11, 2022). Journal of Banking and Finance, Forthcoming.

2. Cumming, D.J. A. Meles, G. Sampagnaro, and V. Verdoliva, 2023, "Corporate Culture and IPOs" European Financial Management, forthcoming.  [ABS 3]

3. Cumming, D.J., M. Zhang, 2022. "Bankruptcy Law and Angel Investors around the World" Journal of International Business Studies, forthcoming. [ABS 4* FT]

4. Cumming, D.J., Kumar, S., Lim, W.M., Pandey, N. 2021. "Venture capital and private equity research: A bibliometric review and future research agenda" Small Business Economics, forthcoming. [ABS 3]

5. Cumming, D.J., and M. Zhang, 2019. “Angel Investors around the World” Journal of International Business Studies, 50, 692–719. [ABS 4* FT]

6. Bonini, S., V. Capizzi, and D.J. Cumming, 2019. "Emerging Trends in Entrepreneurial Finance,” Venture Capital: An International Journal of Entrepreneurial Finance, 21(2-3), 133-136. [ABS 2]

7. Cumming, D.J., M. Deloof, S. Manigart, and M. Wright, 2019. “New Directions in Entrepreneurial Finance” Journal of Banking and Finance, 100, 252-260 [ABS 3]

8. Cumming, D.J., S. Johan, Y. Zhang, 2018. “Public Policy Towards Entrepreneurial Finance: Spillovers and the Scale-up Gap” Oxford Review of Economic Policy, 34, 652-675. [ABS 2]

9. Block, J.H., M. Colombo, D.J. Cumming, and S. Vismara, 2018. "New players in entrepreneurial finance and why they are there," Small Business Economics, 50(2), 239–250. [ABS 3]

10. Cumming, D.J., and S. Johan, 2017. “The Problems with and Promise of Entrepreneurial Finance” Strategic Entrepreneurship Journal 11, 357-370.[ABS 4 FT]

11. Cumming, D.G., and Y. Zhang, 2016. “Alternative Investments in Emerging Markets: A Review and New Trends” Emerging Markets Review, 29(1), 1-23. [ABS 2]

12. Cumming, D.J., and S. Vismara, 2017. “De-segmenting Research in Entrepreneurial Finance” Venture Capital: An International Journal of Entrepreneurial Finance, 19, 17-27. [ABS 2]

13. Cumming, D.J, U. Walz, and J. Werth, 2016. “Entrepreneurial Spawning: Experience, Education, and Exit”, The Financial Review 51(4), 507-525. [ABS 3]

    1. Blog of this paper on Blue Sky at Columbia Law School

14. Cumming, D.J., J.A. Pandes and M.J. Robinson, 2015. “The Role of Agents in Private Entrepreneurial Finance” Entrepreneurship Theory and Practice 39(2), 345-374. [ABS 4 FT]

15. Cumming, D.J., L.H. Haß, and D. Schweizer, 2014. “The Fast Track IPO – Success Factors for Taking Firms Public with SPACs” Journal of Banking and Finance 47, 198-213. [ABS 3]

16. Carpentier, C., D.J. Cumming, and J.M. Suret, 2012. “The Value of Capital Market Regulation: IPOs versus Reverse Mergers” Journal of Empirical Legal Studies 9, 56-91.

17. Cosh, A., D.J. Cumming, and A. Hughes, 2009. “Outside Entrepreneurial Capital” Economic Journal 119, 1494-1533. [ABS 4]

1. Cumming, Douglas J. and Dai, Na, 2024. Shadow Capital in Venture Financing: Selection, Valuation, and Exit Dynamic Journal of Empirical Finance, forthcoming. 

2. Cumming, Douglas J. and Monteiro, Pedro, 2023. Sovereign Wealth Fund Investment in Venture Capital, Private Equity, and Real Asset Funds, Journal of International Business Policy 6, 330–355. 

3. Cumming, D.J., Kumar, S., Lim, W.M., Pandey, N. 2022. "Venture capital and private equity research: A bibliometric review and future research agenda" Small Business Economics, forthcoming.

4. Cumming, D.J., R. Peter, M. Tarsalewska, 2020. “Public to Private Buyouts and Innovation”  British Journal of Management, 31(4), 811-829. [ABS 4]

   1. Wiley Top Cited Paper Award

5. Cao, J., D.J., Cumming, J. Goh, and X. Wang, 2019. “The Impact of Investor Protection Law on Takeovers: LBO vs. non-LBO Transactions” Journal of International Financial Markets, Institutions, & Money, 59, 1-18. (lead article) [ABS 3]

6. Cumming, D., G. Fleming, and F. Liu, 2019. “The Returns to Private Debt: Primary Issuances versus Secondary Acquisitions” Financial Analysts Journal, 75(1), 48-62 [ABS 3]

7. Cumming, D.J., G. Fleming, and F. Liu, 2018. “Shadow Banking in Asia: Foreign versus Domestic Lending to Real Estate Projects” Emerging Markets Review, 35, 137-147. [ABS 2]

8. Cumming, D.J., and S. Zambelli, 2017. “Due Diligence and Investee Performance”, European Financial Management, 23, 211–253. [ABS 3]

9. Cumming, D., O. Rui, and Y. Yu, 2016. “Political Instability, Access to Private Debt, and Innovation Investment in China” Emerging Markets Review, 29(1), 68-81. [ABS 2]

10. Cumming, D.J., and G. Fleming, 2016. "Taking China Private: The Carlyle Group, Leveraged Buyouts and Financial Capitalism in Greater China" Business History, 58(3), 345-363. [ABS 4]

11. Cao, J., D.J. Cumming, M. Qian, and X. Wang, 2015. “Cross Border LBOs” Journal of Banking and Finance 50, 69-80. [ABS 3]

12. Cumming, D.J., and G. Fleming, 2015. “Corporate Defaults, Workouts and the Rise of the Distressed Asset Investment Industry” Business History Review, 89(2), 305-330. [ABS 3]

13. Cumming, D.J., L.H. Haß, and D. Schweizer, 2013. “Private Equity Benchmarks and Portfolio Optimization” Journal of Banking and Finance 37, 3515-3528.  [ABS 3]

14. Cumming, D.J., and G. Fleming, 2013. “Debt Investments in Private Firms: Legal Institutions and Investment Performance in 25 Countries” Journal of Fixed Income, Summer, 2013, 102-123. [ABS 2]

15. Cumming, D.J., and S. Zambelli, 2013. “Private Equity Performance under Extreme Regulation,” Journal of Banking and Finance 37(5), 1508–1523. [ABS 3]

16. Cumming, D.J., G. Fleming and S.A. Johan, 2011 “Institutional Investment in Listed Private Equity” European Financial Management 17(3), 594-618. [ABS 3]

17. Cumming, D.J., S.A. Johan, G. Fleming, M. Takeuchi, 2010. “Legal Protection, Corruption, and Private Equity Returns in Asia” Journal of Business Ethics 95(2), 173-193. [ABS 3 FT]

    1. Reprinted in Cressy, R., D.J. Cumming, and C. Malin, 2012, eds.,  Entrepreneurship, Governance and Ethics, Springer Press (2012)

18. Cumming, D.J., and S. Zambelli, 2010. “Illegal Buyouts” Journal of Banking and Finance 34, 441-456. [ABS 3]

19. Cumming, D.J., and U. Walz, 2010. “Private Equity Returns and Disclosure around the World” Journal of International Business Studies 41(4), 727-754. [ABS 4* FT]

    2. 1. 1. Reprinted as Cumming, D.J., and U. Walz, 2010. “Private Equity Returns and Disclosure around the World” Journal of Business Valuation, Vol 2., pp.1-33 (lead article)

          2. Winner of the Canadian Institute of Chartered Business Valuators (CICBV) Best Paper Prize ($5,000)

          3. PWC Global Competency Centre Research Excellence Award (€3,000)

          4. Our paper was the first on overreporting of unexited returns by private equity and venture capital funds.  It was first presented at the European Finance Association Conference in 2004.  Subsequent work on topic published in the Review of Financial Studies in 2009 was presented for the first time at the European Finance Association Conference in 2005.  Those authors beat us into a journal by a couple of months.  They emailed us the same day their paper appeared online at the RFS page inviting us to update our citations while at the same time they removed citation to our work from the published version of their paper.  I comment on this behavior and other forms of unethical conduct in publications that are downloadable for free here and here.

20. Cumming, D.J., A. Gill, and U. Walz, 2009. “International Private Equity Valuation and Disclosure” Northwestern University Journal of International Law and Business 29, 617-642.

    2. 1. 1. This paper summarizes the issues work related to Cumming and Walz (2010) "Private Equity Returns and Disclosure around the World".

21. Cumming, D.J., G. Fleming and A. Schwienbacher, 2009. “Style Drift in Private Equity” Journal of Business Finance and Accounting 36(5-6), 645-678. [ABS 3]

22. Cumming, D.J., and S.A. Johan, 2007. “Socially Responsible Institutional Investment in Private Equity” Journal of Business Ethics 75, 395–416. [ABS 3 FT]

23. Cumming, D.J., and S.A. Johan, 2007. “Regulatory Harmonization and the Development of Private Equity Markets” Journal of Banking and Finance, 31, 3218–3250. [ABS 3]

24. Cumming, D.J., D. Siegel and M. Wright, 2007. “Private Equity, Leveraged Buyouts, and Governance” Journal of Corporate Finance 13, 439-460 (lead article). [ABS 4]

25. Bernile, G., D.J. Cumming, and E. Lyandres, 2007. “The Size of Venture Capital and Private Equity Fund Portfolios” Journal of Corporate Finance 13, 564-590. [ABS 4]

26. Cumming, D.J., and S.A. Johan, 2006. “Provincial Preferences in Private Equity” Financial Markets and Portfolio Management 20, 369-398. (lead article in a special issue on alternative investments).

1. Cumming, Douglas J. and Dai, Na, 2024. Shadow Capital in Venture Financing: Selection, Valuation, and Exit Dynamic Journal of Empirical Finance, forthcoming. 

2. Cumming, Douglas J. and Monteiro, Pedro, 2023. Sovereign Wealth Fund Investment in Venture Capital, Private Equity, and Real Asset Funds, Journal of International Business Policy 6, 330–355. 

3. Cumming, D.J. and Hass, L.H.,  Myers, L.A., and Tarsalewska, M., 2023. Does Venture Capital Backing Improve Disclosure Controls and Procedures? Evidence from Management’s Post-IPO Disclosures. Journal of Business Ethics,  187, 539–563 [ABS 3 FT]

   1. British Academy of Management Annual Conference Best Paper Award

4. Cumming, D.J., Kumar, S., Lim, W.M., Pandey, N. 2023. "Venture capital and private equity research: A bibliometric review and future research agenda" Small Business Economics 61, 173–221. [ABS 3]

5. Cumming, D.J., G. Nguyen, and M. Nguyen, 2022. "Product Market Competition, Venture Capital, and the Success of Entrepreneurial Firms" Journal of Banking and Finance 144, 106561. [ABS 3]

6. Basnet, A., Blomqvist, M., and Cumming, D.J. 2022. "Premature Listing and Post-IPO Venture Capital Refinancing" Economics Letters 216, 110582 [ABS 3]

7. Cumming, D.J., Mohammadi, A., and Zambelli, S. 2022. "Misconduct Risks, Legal Enforcement, and Venture Capital Networks" European Financial Management, 28(3), 607-650. [ABS 3]  PPT Slides accompanying the paper.

8. Cumming, D.J., Werth, J.C. and Y. Zhang, 2019. “Governance in entrepreneurial ecosystems: venture capitalists vs. technology parks” Small Business Economics, 52(2), 455–484 [ABS 3]

9.  Cumming, D.J., and A. Schwienbacher, 2018. “Fintech Venture Capital” Corporate Governance: An International Review, 26(5), 374-389. [ABS 3]

10. Cumming, D.J., B. Haslem, and A. Knill, 2017. “Entrepreneurial Litigation and Venture Capital Finance” Journal of Financial and Quantitative Analysis, 52(5), 2217-2250 [ABS 4* FT]

11. Cumming, D.J., and S. Johan, 2017. “The Problems with and Promise of Entrepreneurial Finance” Strategic Entrepreneurship Journal 11, 357-370.[ABS 4 FT]

12. Block, J., D.J. Cumming, and S. Vismara, 2017. “International Perspectives on Venture Capital and Bank Finance for Entrepreneurial Firms” Journal of Industrial and Business Economics, 44, 3-22. [ABS 1]

13. Cumming, D.J., I. Henriques, and P. Sedorsky,  2016. “‘Cleantech’ Venture Capital around the World” International Review of Financial Analysis, 44, 86-97. [ABS 3]

14. Colombo, M.G., D..J. Cumming, C. Rossi Lamastra, A. Mohammadi, and A. Wadhwa, 2016. “Open Business Models and Venture Capital Finance”  Industrial and Corporate Change, 25, 353-370. [ABS 3]

15. Cumming, D.J., A. Knill, and K. Syvrud, 2016. “Do International Investors Enhance Private Firm Value?  Evidence from Venture Capital” Journal of International Business Studies, 47, 347–373. [ABS 4* FT]

16. Cole, R., D.J. Cumming, and D. Li., 2016. “Do Banks or VCs Spur Small Firm Growth?” Journal of International Financial Markets, Institutions, & Money 41, 60-72. [ABS 3]

    1. Write up of this paper appeared in the Wall Street Journal November 2016

17. Cumming, D.J., and S.A. Johan, 2016. “Venture’s Economic Impact in Australia” Journal of Technology Transfer, 41, 25-59. [ABS 2]

    1. AVCAL Best Paper Award 2013 for research in venture capital $2500

18. Cumming, D.J., and D. Li, 2013. “Public Policy, Entrepreneurship, and Venture Capital in the United States” Journal of Corporate Finance 23, 345–367. [ABS 4]

19. Cumming, D.J., G. Fleming, S. Johan and D. Najar, 2013. “The Impact of Law and Corruption on Venture Capital and Private Equity Fees and Returns” World Financial Review, (September-October), 65-68.

20. Cumming, D.J., and N. Dai, 2013. “Why do Entrepreneurs Switch Lead Venture Capitalists?” Entrepreneurship Theory and Practice, 37, 999-1017. [ABS 4 FT]

    1. Bank of Canada Best Paper Award on Canadian Financial Institutions, Northern Finance Association, 2011

21. Cumming, D.J., and S.A. Johan, 2012. “Is Venture Capital in Crisis?” World Financial Review (July-August), 69-72.

22. Cumming, D.J., and A. Knill, 2012. “Disclosure, Venture Capital, and Entrepreneurial Spawning” Journal of International Business Studies 43, 563-590. [ABS 4* FT]

23. Cumming, D.J. and J.-M. Suret, 2011. “Entrepreneurial Finance and Venture Capital Markets” European Financial Management 17(3), 420-422. [ABS 3]

24. Cumming, D.J., and N. Dai, 2011. “Limited Attention, Fund Size and the Valuation of Venture Capital Backed Companies” Journal of Empirical Finance 18(1), 2-15. (Lead article) [ABS 3]

25. Cumming, D.J., and N. Dai, 2010. “Local Bias in Venture Capital Investments” Journal of Empirical Finance 17, 362-380. [ABS 3]

26. Cumming, D.J., and S.A. Johan, 2010. “Venture Capital Investment Duration” Journal of Small Business Management 48, 228-257. [ABS 3]

27. Cumming, D.J., D. Schmidt and U. Walz, 2010. “Legality and Venture Capital Governance around the World” Journal of Business Venturing 25, 54-72. [ABS 4 FT]

28. Cumming, D.J., G. Fleming and A. Schwienbacher, 2009. “Corporate Relocation in Venture Capital Finance” Entrepreneurship Theory and Practice 33, 1121-1155. [ABS 4 FT]

29. Cumming, D.J., and S. Johan, 2009. “Pre-Seed Government Venture Capital Funds” Journal of International Entrepreneurship 7, 26-56.  [ABS 1]

30. Cumming, D.J., & S. Johan, 2009. “Legality and Venture Capital Fund Manager Compensation” Venture Capital: An International Journal of Entrepreneurial Finance 11, 23-54. [ABS 2]

31. Cumming, D.J., and S.A. Johan, 2008. “Preplanned Exit Strategies in Venture Capital” European Economic Review 52, 1209-1241. [ABS 3]

    1. European VC deals often do not use convertible preferred equity, and we explain why.  We have a cool theory and novel evidence.

32. Cumming, D.J., 2008. “Contracts and Exits in Venture Capital Finance” Review of Financial Studies 21, 1947-1982. [ABS 4* FT]

    1. I explain the different deals might involve something other than convertible preferred equity, and how the allocation of cash flow and control rights can affect exit outcomes.

33. Cumming, D.J., and S.A. Johan, 2008. “Information Asymmetries, Agency Costs and Venture Capital Exit Outcomes” Venture Capital: An International Journal of Entrepreneurial Finance 10, 197-231. (lead article) [ABS 2]

34. Cumming, D.J., G. Fleming and A. Schwienbacher, 2008. “Financial Intermediaries, Ownership Structure and the Provision of Venture Capital to SMEs: Evidence from Japan” Small Business Economics 31, 59-92.  [ABS 3]

35. Cumming, D.J., and S. Johan, 2007. “Advice and Monitoring in Venture Capital Finance” Financial Markets and Portfolio Management 21, 3-43. (lead article)

36. Cumming, D.J., 2006. “The Determinants of Venture Capital Portfolio Size: Empirical Evidence” Journal of Business 79, 1083-1126.  [ABS 4]

37. Cumming, D.J., 2006. “Corporate Venture Capital Contracts” Journal of Alternative Investments, Winter 2006, 40-53. [ABS 2]

    1. Corporate VCs, whether or not they are Canadian investing locally in Canada, or American investing cross-border in Canada, typically do not use convertible preferred equity.

38. Cumming, D.J., G. Fleming and A. Schwienbacher, 2006. “Legality and Venture Capital Exits” Journal of Corporate Finance 12, 214-245. [ABS 4]

    1. This paper arose from work presented on comparing venture capital exits in Canada and the United States in at Australasian Banking and Finance Conference in 2000 and 2001 (both subsequently published in 2003).  Grant Fleming (who worked at Wilshire Associates) attended the conference sessions in both years, and invited me to formally work with Wilshire on their asset allocation strategies with similar international comparisons across Australasia in 2001.  Grant's idea was to use the new legal indices from La Porta et al. (1998) to account for many countries, extending our 2 country US-Canada comparison.  I was happy to do the work with Wilshire of course in exchange for access to their data.  When another academic informed me that he was working on a paper about legal differences and VC contracts in June 2002, I asked Wilshire if I could show him our work and even invite him to join our project, which I subsequently did in July 2002.  He declined to join, indicating our work on this topic would upset his coauthor.  We found it very tough to publish on anything to do with this topic area due to concerns with data validity - a common sentiment at that time amongst the small number of VC academics, but we eventually found a good home for our work and had a great long-term working relationship with Grant and Armin.  Our findings have been replicated in many different contexts, so we think the data we used are quite reliable.  Our work helped inform Wilshire's investment allocations in the 2000s, and subsequently in the 2010s Continuity Capital Partner's allocations, with over a billion dollars successfully invested in ways informed by our analyses.

39. Cumming, D.J., 2006. “Adverse Selection and Capital Structure: Evidence from Venture Capital” Entrepreneurship Theory and Practice 30, 155-184. [ABS 4 FT]

40. Cumming, D.J., and S.A. Johan, 2006. “Is it the Law or the Lawyers? Investment Covenants around the World” European Financial Management 12, 553-574.  [ABS 3]

    1. We examine limited partnership covenants in different countries.  It was tough to get the data.  The data indicate some interesting explanations as to why these agreements differ around the world.

41. Cumming, D.J., 2005. “Agency Costs, Institutions, Learning and Taxation in Venture Capital Contracting” Journal of Business Venturing 20, 573-622. (Lead Article) [ABS 4 FT] 

    1. I expanded my data in the JCF paper to include US VCs investing in Canada, and other types of VCs, and show that convertible preferred equity is typically not used in VC deals (even among US VCs investing in Canada), and explain why.

42. Cumming, D.J., G. Fleming and A. Schwienbacher, 2005. “Liquidity Risk and Venture Finance” Financial Management, 34, 77-105. [ABS 3]

    1. When the page proofs for our paper came in - in 2004 - the Editor noticed a new NBER working paper that was just released and subsequently published in 2008.  We had never seen the paper, but were asked to insert it in (unmet) hopes that these authors would do the same because the papers do the same thing.  The papers both show that VC investment cycles vary systematically with public markets - but the 2008 paper also at looks at differences between experienced VCs and inexperienced VCs.

43. Cumming, D.J., 2005. “Capital Structure in Venture Finance” Journal of Corporate Finance 11, 550-585. [ABS 4]

    1. This paper was my job market paper in 1998/1999.  It was the first ever to show that venture capitalists do not often use convertible preferred equity when doing their deals in a non US country (specifically, I had data from Canada - sorry, I am Canadian that did my PhD in Canada - yikes!).  Most finance VC authors (referees) at the time had a paper that said "convertible preferred equity is optimal in venture capital" either in theory, or with US only data (there were no international studies at the time).  So my paper was definitely not popular at the time.  It turns out, however, that when you look at every dataset around the world outside of the U.S., the prevailing evidence shows that VCs often do not use convertible preferred equity.  And Gilson and Schizer (2003 Harvard Law Review) showed their were tax biases in the US that favor the use of convertible preferred shares in VC deals in the U.S., which helped me publish my paper in JCF.  So while I had scant voice on what it is that VCs do in their contracts as the unknown assistant professor from Canada in the early 2000s, at least the paper was eventually well published and it turned out correct insofar as it lead to a body of work showing that the US was the outlier country (not Canada) in terms of how VC deals are structured.

    2. This issue inspired me to be "interdisciplinary" in part due to the politics of publishing.  It was a tough lesson to learn as an assistant professor.  I explain further in this paper.

44. Cumming, D.J., G. Fleming and J.A. Suchard, 2005. “Venture Capitalist Value Added Activities, Fundraising and Drawdowns” Journal of Banking and Finance 29, 295-331. [ABS 3]

45. Cumming, D.J., 2005. “Review Essay: Global Venture Capital Transactions” Venture Capital: An International Journal of Entrepreneurial Finance 7, 185-201. [ABS 2]

46. Cumming, D.J., and J. MacIntosh, 2004. “Boom, Bust and Litigation in Venture Capital Finance” Willamette Law Review 40(4), 867-906.

47. Cumming, D.J., and J. MacIntosh, 2003. “A Cross-Country Comparison of Full and Partial Venture Capital Exits” Journal of Banking and Finance 27(3), 511-548. [ABS 3]

    1. Iddo Sarnat Award best paper published in the Journal of Banking and Finance.

48. Cumming, D.J., and J. MacIntosh, 2003. “Venture Capital Exits in Canada and the United States” University of Toronto Law Journal 53, 101-200.

49. Cumming, D.J., and J. MacIntosh, 2003. “Venture Capital Buyback Exits in Canada and the United States” FSR Forum (2003) 5(4), 36-45.

50. Cumming, D.J., and J. MacIntosh, 2001. "Venture Capital Investment Duration in Canada and the United States" Journal of Multinational Financial Management 11(4-5): 445-463.  [ABS 2] 

1. Cumming, Douglas J., Knill, April M. & Syvrud, Kelsey, 2024. Government as a Source of Capital for Entrepreneurs: Evidence from Entrepreneurial Exits Corporate Governance: An International Review, forthcoming.

2. Cumming, D.J., and S.A. Johan, 2018. “Government Venture Capital Research: Fake Science and Bad Public Policy,” Venture Capital: An International Journal of Entrepreneurial Finance, 29(1): 121-131. [ABS 2] (earlier version on SSRN for free)  (and this paper documents some related problems of fake science on topic)

3. Cumming, D.J., S. Johan, Y. Zhang, 2018. “Public Policy Towards Entrepreneurial Finance: Spillovers and the Scale-up Gap” Oxford Review of Economic Policy, 34, 652-675. [ABS 2]

4. Cumming, D.J., S. Johan, and J.G. MacIntosh, 2017. “A Drop in an Empty Pond: Canadian Public Policy towards Venture Capital,” Journal of Industrial and Business Economics, 44, 103–117. [ABS 1]

   1. A Blog of this paper appears at the Oxford Business Law Blog 

5. Cumming, D.J., L. Grilli, and S. Murtinu,  2017. “Government and Independent Venture Capital Investments in Europe: A Firm-Level Performance Analysis” Journal of Corporate Finance, 42, 439-459. [ABS 4] 

6. Colombo, M.G., D.J. Cumming, and S. Vismara, 2016. “Governmental Venture Capital for Innovative Young Firms” Journal of Technology Transfer, 41:10–24. [ABS 2]

7. Cumming, D.J., 2014. “Public Economics Gone Wild: Lessons from Venture Capital” International Review of Financial Analysis, 36, 251-260.  [ABS 3]

   1. Extract reprinted in Global Government Venturing available at 

   2. Related to the earlier work reviewed in the Economist

   3. See also this Harvard Law School blog

8. Cumming, D.J., 2011. “Misinforming the Public about Public Policy towards Venture Capital” Venture Capital: An International Journal of Entrepreneurial Finance 13(1), 99-102. [ABS 2].  

   1. (This paper explains the obviously false reply of the authors following the paper "Public Policy and the Creation of Active Venture Capital Markets")

9. Cumming, D.J., 2011. “Public Policy and the Creation of Active Venture Capital Markets” Venture Capital: An International Journal of Entrepreneurial Finance 13(1), 75-94. [ABS 2]  

   1. This paper was reviewed by The Economist.  It shows that others' work published on topic in the Journal of Public Economics is completely wrong, and information that highlights the mistakes was intentionally removed in 2004 from the incorrect paper 2 years before it was published in 2006 (of course, I reproduce the removed table which shows their work is wrong).  Also, I show that subsequent papers and books that rely on the false paper did so to their detriment.

10. Cumming, D.J., and S.A. Johan, 2010. “Phasing out an Inefficient Venture Capital Tax Credit” Journal of Industry, Competition and Trade 10, 227-252. [ABS 2]

11. Cumming, D.J., 2007. “Government Policy towards Entrepreneurial Finance: Innovation Investment Funds” Journal of Business Venturing 22, 193-235. [ABS 4 FT]

    2. 1. Reprinted in David Audtresch, ed., The International Library of Entrepreneurship, Edward Elgar, 2009.

12. Cumming, D.J., 2007. “Financing Entrepreneurs: Better Canadian Policy for Venture Capital” CD Howe Institute Commentary No 247.

13. Cumming, D.J., and J. MacIntosh, 2007. “Mutual Funds that Invest in Private Equity? An Analysis of Labour Sponsored Investment Funds” Cambridge Journal of Economics 31, 445-487. [ABS 3]

14. Cumming, D.J., and J. MacIntosh, 2006. “Crowding Out Private Equity: Canadian Evidence” Journal of Business Venturing 21, 569-609. (Lead Article) [ABS 4 FT]

    2. 1. Reprinted in Magnus Henrekson, Jacob Wallenberg and Robin Douhan, eds., The Political Economy of Entrepreneurship (2008 Edgar Elgar, volume 2, chapter 5);

       2. A condensed version appears as Cumming, D.J., J. MacIntosh, and K. Godin, 2007. “Crowding Out Private Equity: Canadian Evidence” Frazer Alert (The Fraser Institute, Vancouver)

15. Armour, J., and D.J. Cumming, 2006. “The Legislative Road to Silicon Valley” Oxford Economic Papers 58, 596-635. [ABS 3]

16. Cumming, D.J., 2003. “The Structure, Governance and Performance of UK Venture Capital Trusts” Journal of Corporate Law Studies 3(2), 401-427.

1. Cumming, D., L. Johanning, U. Ordu, and D. Schweizer, 2017. “Ambiguity in Option Markets – Evidence from SEOs” Journal of Financial Management, Markets and Institutions, 5(1), 67-92.  [ABS 1]

2. Andres, C., D.J. Cumming, T. Karabiber, and D. Schweizer, 2014. “Do Markets Anticipate Capital Structure Decisions? Feedback Effects in Equity Liquidity,” Journal of Corporate Finance, 27, 133-156. [ABS 4]

Authored

1. Cumming, D.J., and S.A. Johan, 2013. Venture Capital and Private Equity Contracting: An International Perspective, 2nd Edition, Elsevier Science Academic Press. (756 pages)

2. Cumming, D.J., and S.A. Johan, 2009. Venture Capital and Private Equity Contracting: An International Perspective, Elsevier Science Academic Press. (778 pages)

Edited

3. Cumming, D.J., and S.A. Johan, 2018. Oxford Handbook of IPOs, Oxford University Press

4. Cumming, D.J., 2013. Oxford Handbook of Entrepreneurial Finance, Oxford University Press (930 pages)

5. Cumming, D.J., 2013. Oxford Handbook of Venture Capital, Oxford University Press (1050 pages)

6. Cumming, D.J., 2013. Oxford Handbook of Private Equity, Oxford University Press (850 pages)

7. Cumming, D.J., 2010. Venture Capital: Investment Strategies, Structures and Policies, Wiley Press. (592 pages)

8. Cumming, D.J., 2010. Private Equity: Fund Types, Risks and Returns, and Regulation, Wiley Press. (608 pages)

1. Cumming, D., G. Fleming, and F. Liu, 2019. “Private Debt Markets,” in H. Kent Baker, Greg Filbeck, Andrew C. Spieler eds., Debt Markets and Investments, Ch. 11, Oxford University Press.

2. Cumming, D., S. Johan, and Y. Zhang, 2018. “Collaboration in Entrepreneurial Finance” in Jeff Reuer, Sharon Matusik and Jessica Jones (eds.) Oxford Handbook on Entrepreneurship and Collaboration, Oxford University Press

3. Cumming, D., and G. Wood, 2018. “Hedge Funds and Private Equity: Features, Diversity, and Regulation,” in Kevin Amos, Nick Bacon, Don Siegel, and Mike Wright, ed., Oxford Handbook of MBOs, forthcoming

4. Cumming, D., and S. Zambelli, 2018. “Interpreting the M&A Black Box by Thinking Outside the Box” in Kevin Amos, Nick Bacon, Don Siegel, and Mike Wright, ed., Oxford Handbook of MBOs, forthcoming

5. Cumming, D.J., N. Dai, and S. Johan, 2017. “Hedge Fund Organization” in H. Kent Baker and G. Filbeck, eds., Hedge Funds: Structure, Strategy, and Performance, Oxford University Press, Chapter 5.

6. Cumming, D., and S. Vismara, 2016. “A Research Journey into Entrepreneurial Finance,” David B. Audretsch & Erik E. Lehmann, eds., Companion to Makers of Modern Entrepreneurship. Routledge, Chapter 7.

7. Cumming, D.J., and S.J., Johan, 2016. “Crowdfunding and Entrepreneurial Internationalization” in N. Dai and D. Siegel, eds.  Entrepreneurial Finance: Managerial and Policy Implications.  The World Scientific Publishers.  Chapter 5.

8. Cumming, D.J., and S. Johan, “Government Intervention in the Venture Capital Market” in S. Caselli, G. Corbetta, and V. Vecchi, eds., Public Private Partnerships for Infrastructure and Business Development, New York: Palgrave MacMillan, pp. 237-264.

9. Cumming, D.J., and S. Johan, 2013. “The IPO as an Exit Strategy for Venture Capitalist: Regional Lessons from Canada with International Comparisons,” in M. Levis and S. Vismara, eds., Handbook of Research on IPOs, Edward Elgar Press, pp. 664-709

10. Cumming, D.J., 2012. “Venture capital financial contracting: an overview of the international evidence” in Colin Mason and Hand Landstrom, eds., Handbook of Research on Venture Capital, volume 2, Chapter 4, pp. 70-97.

11. Cumming, D.J., and S.A. Johan, 2012. “Venture Capital Contracts: Implications for Emerging Markets” in Klowonski, ed., Private Equity in Emerging Markets: The New Frontiers of International Finance, Palgrave, Chapter 23.

12. Cumming, D.J., G. Fleming, S. Johan and D. Najar, 2012. “Law and Corruption in Venture Capital and Private Equity” in R. Cressy, D.J. Cumming, and C. Malin,  Law, Ethics and Finance, Springer Press.

13. Cumming, D.J., and S.A. Johan, 2012. “Venture Capital Contracts: Implications for Emerging Markets,” in D. Klonowski, Private Equity in Emerging markets: The New Frontiers of International Finance, Palgrave Macmillan.

14. Cumming, D.J., and S.A. Johan, 2014. “Corporate Governance in Venture Capital,” in I. Filatotchev, D. Siegel, and M. Wright, eds., Oxford Handbook of Corporate Governance, Oxford University Press, Ch. 24.

15. Cumming, D.J., 2013. “Introduction to the Oxford Handbook of Venture Capital” in Douglas J. Cumming, ed., Oxford Handbook of Venture Capital, Oxford University Press, Chapter 1.

16. Cumming, D.J., 2013. “The Role of Geographic Proximity in Venture Capital” in Douglas J. Cumming, ed., Oxford Handbook of Venture Capital, Oxford University Press, Chapter 31.

17. Cumming, D.J., 2013. “Introduction to the Oxford Handbook of Private Equity” in Douglas J. Cumming, ed., Oxford Handbook of Private Equity, Oxford University Press, Chapter 1.

18. Cumming, D.J., 2013. “Fund Size, Limited Attention and the Valuation of Private Equity Backed firms” in Douglas J. Cumming, ed., Oxford Handbook of Private Equity, Oxford University Press, Chapter 16.

19. Cumming, D.J., 2013. “Introduction to the Oxford Handbook of Entrepreneurial Finance” in Douglas J. Cumming, ed., Oxford Handbook of Entrepreneurial Finance, Oxford University Press, Chapter 1.

20. Cumming, D.J., 2010. “Introduction to the Companion to Venture Capital” in Douglas J. Cumming, ed., Venture Capital: Investment Strategies, Structures and Policies, Wiley Press, Chapter 1.

21. Cumming, D.J., 2010. “Introduction to the Companion to Private Equity” in Douglas J. Cumming, ed., Private Equity: Fund Types, Risks and Returns, and Regulation, Wiley Press, Chapter 1.

22. Bernelie, G., D.J. Cumming, and E. Lyandres, 2010. “The Structure of Venture Capital and Private Equity Fund Portfolios” in Douglas J. Cumming, ed., Private Equity: Fund Types, Risks and Returns, and Regulation, Wiley Press, Chapter 6.

23. Cumming, D.J., A. Gill and U. Walz, 2010. “Valuation and Financial Disclosure in the Private Equity Industry” in Douglas J. Cumming, ed., Private Equity: Fund Types, Risks and Returns, and Regulation, Wiley Press, Chapter 15

24. Cumming, D.J., and S.A. Johan, 2010. “Venture Capital and Private Equity in Canada: Phasing Out an Inefficient Tax Credit” in Douglas J. Cumming, ed., Private Equity: Fund Types, Risks and Returns, and Regulation, Wiley Press, Chapter 24.

25. Cumming, D.J., 2008. “Acceleration”, “Certification”, “Companion Fund”, “Offering Date”, “Venture Capital Financing” and “Withdrawn Offering” entries in the Encyclopaedia of Alternative Investments, edited by G.N. Gregoriou, Chapman Hall UK.

26. Wright, M., M. Jensen, D.J. Cumming, and, D. Siegel,, 2007. “The Impact of Private Equity: Setting the Record Straight” Corporate Financier, Issue 94 (July/August 2007) pp. 5-7.

27. Cumming, D.J., and S. Johan, 2007. “The Profile of Venture Capital Exits in Canada” in G. Gregoriou and L. Renneboog, ed., International Mergers and Acquisitions Activity since 1990: Quantitative Analysis and Recent Research (Elsevier), ch. 9, pp. 195-219.

28. Cumming, D.J., G. Fleming and A. Schwienbacher, 2007. “The Structure of Venture Capital Funds,” in C. Mason and H. Landström, eds., Handbook of Research on Venture Capital, Edward Elgar, Chapter 5, pp. 155-176.

29. Cumming, D.J., 2007. “United States Venture Capital Financial Contracting: Foreign Securities” in M. Hirschey, K. John and A. Makhija, eds., Advances in Financial Economics, Vol. 12, pp. 405-444.

30. Cumming, D.J., G. Fleming and A. Schwienbacher, 2006. “The Structure of Venture Capital Funds” in Hans Landström, ed., Handbook of Research in Venture Capital (Edward Elgar Publishing Ltd.).

31. Cumming, D.J., and J. MacIntosh, 2005. “Firm, Market and Strategic Factors in Venture Capital Exits” in M. Bagella, L. Becchetti, and I. Hasan, eds., Transparency, Governance and Markets (Elsevier).

32. Cumming, D.J., and J. MacIntosh, 2004. “Law, Finance and the Canadian Venture Capital Cycle” in C. Waddell, ed. Financial Services and Public Policy (McGill Queen’s University Press).

33. Cumming, D.J., and J. MacIntosh, 2004. "The Extent of Venture Capital Exits: Evidence from Canada and the United States" in L.D.R. Renneboog and J. McCahery, eds., Venture Capital Contracting and the Valuation of High Technology Firms (Oxford University Press), Chapter 15.  http://www.oup.co.uk/isbn/0-19-927013-9

34. Cumming, D.J., and J. MacIntosh, 2003. “Canadian Labor-Sponsored Venture Capital Corporations: Bane or Boon?” in A. Ginsberg and I. Hasan, eds., New Venture Investment: Choices and Consequences (Elsevier Science Academic Press), pages 169-200.

35. Cumming, D.J., and J. MacIntosh, 2004. “Comparative Venture Capital Governance: Private Versus Labour-Sponsored Funds” in V. Kanniainen and C. Keuschnigg, eds. Venture Capital, Entrepreneurship and Public Policy (MIT Press). 

36. Cumming, D.J., and J. MacIntosh, 2002. "Economic and Institutional Determinants of Venture Capital Investment Duration" Advances in the Study of Entrepreneurship, Innovation and Economic Growth, Vol.14 (Gary Libecap, Editor, JAI Press, 2002, pp. 125-159).