Professors

Armin SCHWIENBACHER

Professor

Corporate finance, entrepreneurial finance, crowdfunding, venture capital, fintech

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Armin SCHWIENBACHER

Academy

Innovation

Research center

Finance & Accounting Insights on Risk and Regulation

Location

Lille

Discipline

Finance

Armin Schwienbacher is a permanent professor of finance at SKEMA Business School since 2010. He previously worked at the Université Lille 2 (France), Louvain School of Management (Université catholique de Louvain, Belgium) and Universiteit van Amsterdam (the Netherlands), and as guest lecturer at Duisenberg School of Finance (the Netherlands), Rotterdam School of Management (the Netherlands) and the European School of Management and Technology (Germany). He obtained his PhD in 2003 at the University of Namur (Belgium) on exit strategies of venture capital funds. He was a visiting scholar at the Haas School of Business (UC Berkeley, USA) in 2001-2002 and visiting professor at Schulich School of Business (York University, Canada) in 2014-2015. Mr. Schwienbacher regularly teaches courses in corporate finance and entrepreneurial finance. He has presented his research on crowdfunding, venture capital and various other topics in corporate finance at many universities, financial institutions and international conferences, and his work has been published in several international academic journals.

Education
2003
Ph.D. in Finance, Facultés Universitaires Notre-Dame-de-la-Paix, Belgium
Experience
Full-time academic positions
2010 - 2016
Professor of Finance, Université de Lille, France
Since 2010
Professor of Finance, SKEMA Business School, France
2006 - 2010
Associate Professor of Finance, Université catholique de Louvain, Belgium
2003 - 2009
Assistant Professor of Finance, Amsterdam Business School, University of Amsterdam, The Netherlands
Other academic affiliations and appointments
2016 - 2022
Director of Research Center FAIRR, SKEMA Business School, France
2009 - 2015
Guest Faculty, Duisenberg School of Finance, The Netherlands
2009 - 2011
Research Fellow, Amsterdam Business School, University of Amsterdam, The Netherlands
2001 - 2002
Visiting Scholar, Haas School of Business, University of California Berkeley, United States of America
Research grants, Awards and Honors
Awards and Honors
2020
AOM Best Paper in Entrepreneurial Cognition
2018
Best Paper Award 2018 at the 1st International FinTech, InsurTech & Blockchain Forum, Swiss FinTech Innovation Lab, Intl FinTech & Blockchain Forum, University of Zurich
2018
KSG Entrepreneurship Research Award 2018, The Karl Schlecht Foundation, Germany
2017
"Lauréat de Prix d'Excellence" of the Université Côte d'Azur in the category "Best Paper Award", Université Côte d'Azur
2017
Citation of Excellence Award at Emerald Group Publishing for the published article "Crowdfunding: Tapping the Right Crowd", Emerald Group Publishing
2016
Best Paper Award for the best paper published in Revue Finance in 2015 for the paper "Overcollateralization in Corporate Securitizations" (with I. Riachi), Revue Finance
2014
Best Paper Award at SKEMA Business School (academic year 2013-2014; Grande Ecole program) for research work published on crowdfunding, SKEMA Business School
2011
Best Teacher Award at Duisenberg School of Finance, MSc Finance and Law program (academic year 2010-2011) for the course Entrepreneurial Finance, Duisenberg School of Finance, The Netherlands
2010
Best Teacher Award at Duisenberg School of Finance, LLM Finance and Law program (academic year 2009-2010) for the course Entrepreneurial Finance, Duisenberg School of Finance, The Netherlands
Other research activities
Co-Editor
2021
Entrepreneurship Theory and Practice
Senior or Associate Editor
Since 2015
Finance
PhD Supervision
2022
B. SONG, SKEMA Business School, PhD thesis, Thesis director
2018
SKEMA Business School, Habilitated for thesis direction, Thesis director
M. AWUNI, SKEMA Business School, PhD thesis, Thesis director

Peer-reviewed journal articles

BLASEG, D. and SCHWIENBACHER, A. (2024). Biased Calibration: Exacerbating Instead of Mitigating Entrepreneurial Overplacement with Reference Values. Entrepreneurship Theory and Practice.
SONG, B. and SCHWIENBACHER, A. (2024). How Do Family Founders Help Novice Entrepreneurs to Develop their Firms? Small Business Economics.
CROCE, A., SCHWIENBACHER, A. and UGHETTO, E. (2023). Internationalization of business angel investments: The role of investor experience. International Business Review, 32(1), pp. 102033.
LE PENDEVEN, B. and SCHWIENBACHER, A. (2023). Equity Crowdfunding: The Influence of Perceived Innovativeness on Campaign Success. British Journal of Management, 34(1), pp. 280-298.
LUKKARINEN, A. and SCHWIENBACHER, A. (2023). Secondary market listings in equity crowdfunding: The missing link? Research Policy, 52(1), pp. 104648.
HORNUF, L., SCHILLING, T. and SCHWIENBACHER, A. (2022). The Relevance of Investor Rights in Crowdinvesting. Journal of Corporate Finance, 77, pp. 101927.
CUMMING, D., HERVÉ, F., MANTHE, E. and SCHWIENBACHER, A. (2022). Testing-the-Waters Policy with Hypothetical Investment: Evidence from Equity Crowdfunding. Entrepreneurship Theory and Practice, 46(4), pp. 1019-1053.
AMINI, S., MOHAMED, A., SCHWIENBACHER, A. and WILSON, N. (2022). Impact of venture capital holding on firm life cycle: Evidence from IPO firms. Journal of Corporate Finance, 74, pp. 102224.
HORNUF, L., KUECK, T. and SCHWIENBACHER, A. (2022). Initial coin offerings, information disclosure, and fraud. Small Business Economics, 58, pp. 1741-1759.
HORNUF, L., KLUS, M., LOHWASSER, T. and SCHWIENBACHER, A. (2021). How do banks interact with fintech startups? Small Business Economics, 57, pp. 1505-1526.
GAZEL, M. and SCHWIENBACHER, A. (2021). Entrepreneurial fintech clusters. Small Business Economics, 57, pp. 883-903.
KHURSHED, A., MOHAMED, A., SCHWIENBACHER, A. and WANG, F. (2020). Do venture capital firms benefit from international syndicates? Journal of International Business Studies, 51, pp. 986-1007.
BOLLAERT, H., LEBOEUF, G. and SCHWIENBACHER, A. (2020). The Narcissism of Crowdfunding Entrepreneurs. Small Business Economics, 55, pp. 57-76.
CUMMING, D., LEBOEUF, G. and SCHWIENBACHER, A. (2020). Crowdfunding Models: Keep-It-All vs. All-Or-Nothing. Financial Management, 49(2), pp. 331-360.
BUCHNER, A., MOHAMED, A. and SCHWIENBACHER, A. (2020). Herd behaviour in buyout investments. Journal of Corporate Finance, 60, pp. 101503.
VERMOESEN, V., DELOOF, M. and SCHWIENBACHER, A. (2020). Incentives Work: Performance-Related Remuneration of Directors Before and During the Great Depression in Belgium. European Review of Economic History, 24(1), pp. 192-218.
CUMMING, D., LOPEZ DE SILANES MOLINA, F., MCCAHERY, J. and SCHWIENBACHER, A. (2020). Tranching in the syndicated loan market around the world. Journal of International Business Studies, 51(1), pp. 95-120.
HORNUF, L., MOHAMED, A. and SCHWIENBACHER, A. (2019). The Economic Impact of Forming a European Company. Journal of Common Market Studies, 57(4), pp. 659-674.
HERVÉ, F., MANTHE, E., SANNAJUST, A. and SCHWIENBACHER, A. (2019). Determinants of Individual Investment Decisions in Investment-Based Crowdfunding. Journal of Business Finance and Accounting, 46(5-6), pp. 762-783.
SCHWIENBACHER, A. (2019). Equity Crowdfunding: Anything to Celebrate? Venture Capital : An International Journal of Entrepreneurial Finance, 21(1), pp. 65-74.
SCHWIENBACHER, A. and HERVÉ, F. (2018). Crowdfunding and Innovation. Journal of Economic Surveys, 32(5), pp. 1514-1530.
SCHWIENBACHER, A. (2018). Entrepreneurial Risk-Taking in Crowdfunding Campaigns. Small Business Economics, 51, pp. 843-859.
HERVÉ, F. and SCHWIENBACHER, A. (2018). Round-Number Bias in Investment: Evidence from Equity Crowdfunding. Finance, 39, pp. 71-105.
CUMMING, D. and SCHWIENBACHER, A. (2018). Fintech Venture Capital. Corporate Governance : An International review, 26(5), pp. 374-389.
WALTHHOFF-BORM, X., SCHWIENBACHER, A. and VANACKER, T. (2018). Equity Crowdfunding: First Resort or Last Resort? Journal of Business Venturing, 33(4), pp. 513-533.
HORNUF, L. and SCHWIENBACHER, A. (2018). Market Mechanisms and Funding Dynamics in Equity Crowdfunding. Journal of Corporate Finance, 50, pp. 556-574.
DEGRYSE, H., LAMBERT, T. and SCHWIENBACHER, A. (2018). The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries. Economic Journal, 128(611), pp. 1433-1475.
HORNUF, L. and SCHWIENBACHER, A. (2018). Internet-Based Entrepreneurial Finance: Lessons from Germany. California Management Review, 60(2), pp. 150-175.
BUCHNER, A., MOHAMED, A. and SCHWIENBACHER, A. (2017). Diversification, Risk, and Returns in Venture Capital. Journal of Business Venturing, 32(5), pp. 519-535.
GEJADZE, M., GIOT, P. and SCHWIENBACHER, A. (2017). Private Equity Fundraising and Firm Specialization. Quarterly Review of Economics and Finance, 64, pp. 259-274.
CUMMING, D., LEBOEUF, G. and SCHWIENBACHER, A. (2017). Crowdfunding Cleantech. Energy Economics, 65, pp. 292-303.
HORNUF, L. and SCHWIENBACHER, A. (2017). Should Securities Regulation Promote Equity Crowdfunding? Small Business Economics, 49, pp. 579-593.
CHENG, C. and SCHWIENBACHER, A. (2016). Venture Capital Investors and Foreign Listing Choices of Chinese Companies. Emerging Markets Review, 29, pp. 42-67.
DE BODT, E., LOBEZ, F. and SCHWIENBACHER, A. (2016). Paulson Plan Credits. Finance, 37, pp. 97-120.
BUCHNER, A., MOHAMED, A. and SCHWIENBACHER, A. (2016). Does Risk Explain Persistence in Private Equity Performance? Journal of Corporate Finance, 39, pp. 18-35.
MOHAMED, A. and SCHWIENBACHER, A. (2016). Voluntary Disclosure of Corporate Venture Capital Investments. Journal of Banking and Finance, 68, pp. 69-83.
DA GBADJI, L.A., GAILLY, B. and SCHWIENBACHER, A. (2015). International Analysis of Venture Capital Programs of Large Companies and Financial Institutions. Entrepreneurship Theory and Practice, 39(5), pp. 1213-1246.
RIACHI, I. and SCHWIENBACHER, A. (2015). Overcollateralization in Corporate Securitization. Finance, 36(3), pp. 7-52.
CUMMING, D., SCHWIENBACHER, A. and ZHAN, F. (2015). The Scope of International Mutual Fund Outsourcing: Fees, Performance and Risks. Journal of International Financial Markets, Institutions and Money, 38, pp. 185-199.
RIACHI, I. and SCHWIENBACHER, A. (2015). Investment, firm performance and securitization: Evidence from industrial companies. Finance Research Letters, 13, pp. 17-28.
SAHM, M., BELLEFLAMME, P., LAMBERT, T. and SCHWIENBACHER, A. (2014). Corrigendum to "Crowdfunding: Tapping the right crowd". Journal of Business Venturing, 29(5), pp. 610-611.
BELLEFLAMME, P., LAMBERT, T. and SCHWIENBACHER, A. (2014). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), pp. 585-609.
GIOT, P., HEGE, U. and SCHWIENBACHER, A. (2014). Are Novice Private Equity Funds Risk-Takers? Evidence from a Comparison with Established Funds. Journal of Corporate Finance, 27, pp. 55-71.
GIAMBONA, E., GOLEC, J. and SCHWIENBACHER, A. (2014). Debt capacity of Real Estate Collateral. Real Estate Economics, 42(3), pp. 578-605.
SCHWIENBACHER, A. (2013). The Entrepreneur's Investor Choice: The Impact on Later-Stage Firm Development. Journal of Business Venturing, 28(4), pp. 528-545.
SCHWIENBACHER, A. and RIACHI, I. (2013). Securitization of Corporate Assets and Executive Compensation. Journal of Corporate Finance, 21, pp. 235-251.
BELLEFLAMME, P., LAMBERT, T. and SCHWIENBACHER, A. (2013). Individual Crowdfunding Practices. Venture Capital : An International Journal of Entrepreneurial Finance, 15(4), pp. 313-333.
IMAD'EDDINE, G. and SCHWIENBACHER, A. (2013). International Capital Flow into the European Private Equity Market. European Financial Management, 19(2), pp. 366-398.
CUMMING, D., IMAD'EDDINE, G. and SCHWIENBACHER, A. (2013). Legality and the Spread of Voluntary Investor Protection. Finance, 34(3), pp. 31-65.
BERNOUSSI, A., DEREEPER, S. and SCHWIENBACHER, A. (2013). Underwriting syndicate structure and lead manager reputation: an empirical analysis study on European stock markets. Finance, 34(2), pp. 7-34.
CUMMING, D., IMAD'EDDINE, G. and SCHWIENBACHER, A. (2012). Harmonized Regulatory Standards, International Distribution of Investment Funds and the Recent Financial Crisis. The European Journal of Finance, 18(3-4), pp. 261-292.
HUANG, W., SCHWIENBACHER, A. and ZHAO, S. (2012). When bank loans are bad news: Evidence from market reactions to loan announcements under the risk of expropriation. Journal of International Financial Markets, Institutions and Money, 22(2), pp. 233-252.
MCCAHERY, J. and SCHWIENBACHER, A. (2010). Bank Reputation in the Private Debt Market. Journal of Corporate Finance, 16(4), pp. 498-515.
CUMMING, D., FLEMING, G. and SCHWIENBACHER, A. (2009). Corporate Relocation in Venture Capital Finance. Entrepreneurship Theory and Practice, 33(5), pp. 1121-1155.
CUMMING, D., FLEMING, G. and SCHWIENBACHER, A. (2009). Style Drift in Private Equity. Journal of Business Finance and Accounting, 36(5-6), pp. 645-678.
HEGE, U., PALOMINO, F. and SCHWIENBACHER, A. (2009). Venture Capital Performance: The Disparity between Europe and the United States. Finance, 30(1), pp. 7-50.
SCHWIENBACHER, A. (2008). Innovation and Venture Capital Exits. Economic Journal, 118(553), pp. 1888-1916.
SCHWIENBACHER, A. (2008). Venture Capital Investment Practices in Europe and in the United States. Financial Markets and Portfolio Management, 22, pp. 195-217.
CUMMING, D., FLEMING, G. and SCHWIENBACHER, A. (2008). Financial intermediaries, ownership structure and the provision of venture capital to SMEs: evidence from Japan. Small Business Economics, 31(1), pp. 59-92.
SCHWIENBACHER, A. and PEROTTI, E. (2008). The Political Origin of Pension Reform. Journal of Financial Intermediation, 18(3), pp. 384-404.
SCHWIENBACHER, A. (2007). A Theoretical Analysis of Optimal Financing Strategies for Different Types of Capital Constrained Entrepreneurs. Journal of Business Venturing, 22(6), pp. 753-781.
GIOT, P. and SCHWIENBACHER, A. (2007). IPOs, trade sales and liquidations: Modelling venture capital exits using survival analysis. Journal of Banking and Finance, 31(3), pp. 679-702.
RIYANTO, Y.E. and SCHWIENBACHER, A. (2006). The Strategic Use of Corporate Venture Financing for Securing Demand. Journal of Banking and Finance, 30(10), pp. 2809-2833.
CUMMING, D., FLEMING, G. and SCHWIENBACHER, A. (2006). Legality and Venture Capital Exits. Journal of Corporate Finance, 12(2), pp. 214-245.
CUMMING, D., FLEMING, G. and SCHWIENBACHER, A. (2005). Liquidity Risk and Venture Capital Finance. Financial Management, 34(4), pp. 77-105.

Non peer-reviewed journal articles

SCHWIENBACHER, A. (2016). Crowdfunding and the 'Alternativfinanzierungsgesetz' in Austria. CESifo DICE Report, 14(2), pp. 3-6.
VAN WYMEERSCH, C., DE HARLEZ, Y. and SCHWIENBACHER, A. (2009). Le marché du capital-risque en Wallonie: une nouvelle initiative est-elle nécessaire ? Revue Bancaire et Financière, 4, pp. 266-269.
SCHWIENBACHER, A. (2007). International Capital Flows into Private Equity Funds. Maandblad voor Accountancy en Bedrijfseconomie, 81(7/8), pp. 335-343.

Book chapters

SCHWIENBACHER, A. (2021). Equity Crowdfunding and Capital Formation for Early-Stage Firms. In: Raghavendra Rau, Robert Wardrop, and Luigi Zingales eds. Handbook on Technological Finance. 1st ed. Palgrave Macmillan, pp. 425-440.
LEBOEUF, G. and SCHWIENBACHER, A. (2018). Crowdfunding as a New Financing Tool. In: Douglas Cumming, Lars Hornuf eds. The Economics of Crowdfunding -- Startups, Portals and Investor Behavior. 1st ed. Palgrave Macmillan.
BELLEFLAMME, P., LAMBERT, T. and SCHWIENBACHER, A. (2018). Effets de réseau et financement participatif : une analyse empirique. In: François Moreau, Yann Nicolas eds. Financement participatif : une voie d'avenir pour la culture ? 1st ed. Presses de Sciences Po, pp. 23-47.
SCHWIENBACHER, A. and VAN WYMEERSCH, C. (2016). Le Financement Entrepreneurial. In: Franck Janssen (ed.). Entreprendre : Une Introduction à  l'Entrepreneuriat - 2e Edition. 1st ed. Edition de Boeck, pp. 129-151.
SCHWIENBACHER, A. and HORNUF, L. (2016). Crowdinvesting Angel Investing for the Masses? In: Colin Mason, Hans Landström eds. Handbook on Research on Business Angels. 1st ed. Edward Elgar Publishing, pp. 381-397.
SCHWIENBACHER, A. and DEREEPER, S. (2016). The Structure and Role of the Underwriting Syndicate. In: Douglas Cumming and Sofia A Johan (ed.). The Oxford Handbook of IPOs. 1st ed. Oxford University Press, pp. 390-412.
SCHWIENBACHER, A. (2016). The Internet, Crowdfunding, and the Banking Industry. In: Thorsten Beck, Barbara Casu eds. The Palgrave Handbook of European Banking. 1st ed. Palgrave Macmillan, pp. 213-231.
SCHWIENBACHER, A. (2015). Le Crowdinvesting : Une Nouvelle Forme de Finance Entrepreneuriale. In: Véronique Bessière, Eric Stéphany eds. Le Financement de l'Innovation: Nouvelles Perspectives Théoriques & Pratiques. 1st ed. Edition de Boeck, pp. 193-206.
SCHWIENBACHER, A. (2014). Financing the Business. In: Ted Baker, Friederike Welter eds. Routledge Companion on Entrepreneurship. 1st ed. Routledge, pp. 193-207.
SCHWIENBACHER, A. and LARRALDE, B. (2012). Crowdfunding of Small Entrepreneurial Ventures. In: Cumming, Douglas eds. The Oxford Handbook of Entrepreneurial Finance. 1st ed. Oxford University Press, pp. 369-392.
SCHWIENBACHER, A. (2010). Venture Capital Exits. In: Douglas Cumming (ed.). Venture Capital: Investment Strategies, Structures, and Policies. 1st ed. Wiley-Blackwell, pp. 389-407.
SCHWIENBACHER, A. and MCCAHERY, J. (2008). Reputation in the Private Loan Syndication Market. In: Daniel David Prentice, Jennifer Payne, John Amour eds. Rationality in Company Law: Essays in Honour of Dan Prentice. 1st ed. Hart Publishing.
SCHWIENBACHER, A., CUMMING, D. and FLEMING, G. (2007). The Structure of Venture Capital Funds. In: Hans Landström, Sten K. Johnson eds. Handbook of Research on Venture Capital. 1st ed. Edward Elgar Publishing.

Editorials of a journal

UGHETTO, E., CROCE, A., SCHWIENBACHER, A., COLOMBO, M.G. and BREM, A. (2021). Digital Technologies and the Changing Entrepreneurial Finance Landscape: Status Quo and Perspectives for Future Research. Technological Forecasting and Social Change, 168, pp. 120768.
BOLLAERT, H., LOPEZ DE SILANES MOLINA, F. and SCHWIENBACHER, A. (2021). Fintech and Access to Finance. Journal of Corporate Finance, 68, pp. 101941.