Entrepreneurial Financial Management Conference

These are the logos of EFM2 organisers- CFRA and IFEE

2nd Conference on Entrepreneurial Financial Management

The Evolution of Capital Markets and Entrepreneurship

Date: June 14-15, 2018
Center for Financial Reporting and Auditing and ESMT Institute for Endowment Management and Entrepreneurial Finance, ESMT Berlin, Schlossplatz 1, 10178 Berlin


Conference focus

Access to financial resources and sound financial management are vital for companies of all sizes. While start-ups enjoy many regulatory exemptions, they also face particular challenges that deserve greater attention from researchers and practitioners. Among others, these include power imbalances and information asymmetries between entrepreneurs and potential investors, limited capabilities for internal finance and accounting functions, as well as challenges in valuing and accounting for intellectual or human capital. Recent developments such as equity crowdfunding or initial coin offerings mitigate some of these challenges, while reinforcing others.

After its successful launch in 2017 (http://www.esmt.org/cfra/efm-2017), the Entrepreneurial Financial Management conference represents a unique transatlantic forum of academics and practitioners, which focuses closely on the interaction of entrepreneurial finance and entrepreneurial accounting. In addition to two days of academic programming, the EFM II conference will feature an afternoon practitioners’ session, including a keynote and two panel discussions that highlight current insights from the European and US practitioner community. Participation is by invitation only.

Academic organizers

Organizational aspects

Organizational aspects and support: ESMT Center for Financial Reporting and Auditing and ESMT Institute for Endowment Management and Entrepreneurial Finance.

For all questions, please contact: cfra@esmt.org

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Academic Program

Academic Program

The following papers will be presented within the Academic program of the conference:

  • Jiafu An (University of Edinburgh Business School): Initial Coin Offerings: Investor Protection and Disclosure

  • Daniel Blaseg (Goethe University Frankfurt): Consumer Protection Under Laissez-Faire Regulation

  • Michael Ewens (California Institute of Technology): Declining IPOs

  • Lee Fleming, (UC Berkeley): Crowdfunding and regional economic

  • Isaac Hacamo (Kelley School of Business, Indiana University): Updating Beliefs: Do Peers Promote or Discourage Entrepreneurship?

  • Vladimir I. Ivanov (U.S. Securities and Exchange Commission):  Soft and hard information and signal extraction in securities crowdfunding

  • Mark Jansen (University of Utah): Seller-Financed Acquisitions

  • Katja Kisseleva (ESMT Berlin): Returns from Investing in Early-stage Companies

  • Tim McQuade (Stanford Graduate School of Business): Marginal Entrepreneurs

  • Mikael Paaso (Aalto University School of Business): Perfect Pitch: Appearance in Entrepreneurial Pitching

  • Olav Sorenson (Yale School of Management): The Persistent Effect of Initial Success: Evidence from Venture Capital

The papers will be discussed by the following discussants:

  • Michael Ewens, California Institute of Technology
  • Lee Fleming, UC Berkeley
  • Marti Guasch, Universitat Pompeu Fabra
  • Vincent Maurin, Stockholm School of Economics
  • Tim McQuade, Stanford Graduate School of Business
  • Daniel Metzger, Stockholm School of Economics
  • Aksel Mjøs, Norwegian School of Economics
  • David Robinson, Duke University
  • Olav Sorenson, Yale School of Management

Please note that the final program will be posted on the website soon.


Call for papers (closed)

Call for papers (closed)

Please note that the Call for papers is closed.

Call for papers:

For the academic part of the conference, we invite authors to submit high-quality research papers in all areas relating to entrepreneurial finance and entrepreneurial accounting. Both empirical and theoretical submissions are encouraged.

Paper submission:

Interested authors are invited to submit full papers to cfra@esmt.org no later than March 15, 2018. The authors will be informed about their paper acceptance for presentation no later than March 30, 2018.


We will provide accommodation as well as reimbursement for reasonable travel expenses for presenting authors and discussants.

For further questions, please contact Katja Kisseleva: cfra@esmt.org


Call for papers can be downloaded here.


Hotel information

Hotel information

Rooms have been reserved for speakers and special guests. Please contact the organizers at cfra@esmt.org for more information.

We recommend the following hotel close to our campus:

ARCOTEL John F (****S)

Please note that the accommodation should be booked directly with the hotel.