Venture Capital & Private Equity Contracting

Douglas Cumming, B.Com. (Hons.) (McGill), M.A. (Queen's), J.D. (University of Toronto Faculty of Law), Ph.D. (Toronto), CFA, is an Associate Professor of Finance and Entrepreneurship and the Ontario Research Chair at the Schulich School of Business, York University. His research is primarily focused on law and finance, market surveillance, hedge funds, venture capital, private equity and IPOs. His work has been presented at the American Finance Association, the Western Finance Association, the European Finance Association, the American Law and Economics Association, the European Law and Economics Association, and other leading international conferences. His recent publications in have appeared in numerous journals including the American Law and Economics Review, Cambridge Journal of Economics, Economic Journal, European Economic Review, Financial Management, Journal of Business, Journal of Business Venturing, Journal of Corporate Finance, Oxford Economic Papers, and Review of Financial Studies. He was the recipient of the 2004 Ido Sarnat Award for the best paper published in the Journal of Banking and Finance for a paper on full and partial venture capital exits in Canada and the United States. He is a research associate with the Paolo Baffi Center for Central Banking and financial Regulation (Bocconi University), Groupe d'Economie Mondiale at Sciences Po (Paris), Capital Markets CRC (Sydney), Venture Capital Experts (New York), Cambridge University ESRC Center for Business Research, Center for Financial Studies (Frankfurt), Amsterdam Center for Research in International Finance, and the University of Calgary Van Horne Institute. He has also consulted for a variety of governmental and private organizations in Australasia, Europe and North America, and most recently is working with Wilshire Associates. Sofia Johan, LL.B (Liverpool), LL.M. in International Economic Law (Warwick), Ph.D. in Law (Tilburg), is the AFM Senior Research Fellow at the Tilburg Law and Economics Centre (TILEC) in The Netherlands. Her research is primarily focused on law and finance, market surveillance, hedge funds, venture capital, private equity and IPOs. Her work has been presented at the American Law and Economics Association, the European Law and Economics Association, the European Financial Management Association, and other leading international conferences. Her recent publications have appeared in numerous journals including the American Law and Economics Review, Journal of Banking and Finance, European Financial Management, European Economic Review, and Entrepreneurship Theory and Practice, among numerous other journals. Prior to her Ph.D., she was the head legal counsel at the largest government owned venture capital fund in Malaysia. She has also consulted for a variety of governmental and private organizations in Australasia and Europe.