Organizing Committee 


Université Paris-Dauphine

Serge Darolles is Professor of Finance at Université Paris-Dauphine where he teaches Financial Econometrics since 2012. Prior to joining Dauphine, he worked for Lyxor between 2000 and 2012, where he developed mathematical models for various investment strategies. He also held consultant roles at Caisse des Dépôts & Consignations, Banque Paribas and the French Atomic Energy Agency. Mr. Darolles specializes in financial econometrics and has written numerous articles which have been published in academic journals. He holds a Ph.D. in Applied Mathematic from the University of Toulouse and a postgraduate degree from ENSAE, Paris.


Wellershoff & Partners

Cyril Demaria specializes in private equity and combines practical and entrepreneurial experience, academic knowledge and lecturing experience. He is Head of Private Markets at Wellershoff & Partners, where he focuses on top-down buy-side research and advisory. Previously, he was Executive Director in charge of private markets research at the Chief Investment Office of UBS Wealth Management. Throughout his career, he held various positions as founder and managing partner of a venture capital fund, CIO of Tiaré Investment Management, an associate and portfolio manager in a fund of funds and an insurance group. He started as an analyst in a venture capital fund in the US and Europe. Cyril holds a BA in Political Sciences from the Institut d’Etudes Politiques of Lyon, a Master’s in Geopolitics, a Master’s in European Business Law, a Master’s from HEC (Paris) and a PhD from the University of St Gallen. He is lectures at EADA, ESCP-Europe, HEC Paris and EDHEC. He is the authors of six books of which five are on private equity.


Ecole hôtelière de Lausanne

Emmanuel Jurczenko is Associate Dean and Professor of Finance at Ecole hôtelière de Lausanne. Emmanuel’s research focuses on portfolio and risk management with particular interest in risk budgeting, factor investing, public and private equity real estate investments. Prior to joining Ecole hôtelière de Lausanne, he worked for ABN-AMRO between 2000 and 2006 as head of quantitative analysts, where he was in charge of quantitative fund selection. Mr. Jurczenko has written numerous articles which have been published in academic and practitioner journals. He holds a Ph.D. in Economics from the University of Paris 1 Panthéon Sorbonne.


Scientific Committee 

  • Gregory Brown (University of North Carolina)

  • Serge Darolles (Université Paris-Dauphine)

  • François Degeorge (Swiss Finance Institute and Università della Svizzera italiana)

  • Zsuzsanna Fluck (Michigan State University)

  • José-Miguel Gaspar (ESSEC), Martin Hoesli (University of Geneva)

  • Tim Jenkinson (University of Oxford, Saïd Business School)

  • Emmanuel Jurczenko (Ecole hôtelière de Lausanne)

  • Benoit Leleux (IMD)

  • Ludovic Phalippou (Saïd Business School University of Oxford)

  • David Robinson (Duke University, Fuqua School of Business and NBER)



8.15-8.45 Registration
8.45-9.00 Welcome Address
Michel Rochat, Chief Executive Officer (EHL Group)
Steffen Raub, Dean (Ecole hôtelière de Lausanne)
Emmanuel Jurczenko, Associate Dean (Ecole hôtelière de Lausanne)
Serge Darolles, Professor Finance (Université Paris-Dauphine)

Session 1
Chair: F. Degeorge (Swiss Finance Institute and Università della Svizzera italiana)

“Winning a Deal in Private Equity: Do Educational Networks Matter” - Paper
F. Fuchs (University of St. Gallen)
R. Füss (University of St. Gallen)
T. Jenkinson (Saïd Business School, University of Oxford)
S. Morkoetter (University of St. Gallen)
Speaker: R. Füss (University of St Gallen) - Slides
Discussant: P. Ostberg (University of Zurich) - Slides

“Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive
Delistings” - Paper

A. Ljungqvist (New York University, NBER, CEPR, and Research Institute of Economics)
L. Persson (Research Institute of Industrial Economics and CEPR)
J. Tag (Research Institute of Industrial Economics)
Speaker: J. Tag (Research Institute of Industrial Economics) - Slides
Discussant: M. Habib (University of Zurich) - Slides

10.30-11.00 Coffee Break

Session 2
Chair: L. Phalippou (Saïd Business School, University of Oxford)

“The Impact of Public Pension Funds and Other Limited Partners on the Governance
of Venture Capital Funds” - Paper

V. Atanasov (College of William and Mary)
T. Hall (Christopher Newport University)
V. Ivanov (the U.S. Securities and Exchange Commission)
K. Litvak (Northwestern University)
Speaker: T. Hall (Christopher Newport University) - Slides
Discussant: R. Fahlenbrach (EPFL) - Slides

“Persistent Blessings of Luck: Capital and Deal Flows in Venture Investment” - Paper
L.W. Cong (University of Chicago Booth School of Business)
Y. Xiao (The Chinese University of Hong Kong - CUHK Business School)
Speaker: Y. Xiao (The Chinese University of Hong Kong CUHK Business School) - Slides
Discussant: P. Valta (University of Bern) - Slides

12.30-14.00 Lunch break

Session 3
Chair: E. Jurczenko (Ecole hôtelière de Lausanne)

“Liquidity Provision on the Secondary Market for Private Equity Stakes” - Paper
R. Albuquerque (Boston College Carroll School of Management, CEPR, and ECGI)
J. Cassel (Saïd School of Business, University of Oxford, and Oxford-Man Institute)
L. Phalippou (Saïd School of Business, University of Oxford)
E. Schroth (Cass Business School, City University London and CEPR)
Speaker: L. Phalippou (Saïd Business School, University of Oxford)
Discussant: A. Bris (IMD) - Slides

“Learning through Crowdfunding” - Open the paper
G. Chemla (Imperial College Business School)
K. Tinn (Imperial College Business School)
Speaker: G. Chemla (Imperial College Business School) - Slides
Discussant: P. Masset (Ecole hôtelière de Lausanne) - Slides

“Do Discount Rates Predict Returns? Evidence from Private Commercial Real Estate” - Paper
L. Peng (Smeal College of Business, Pennsylvania State University)
Speaker: L. Peng (Smeal College of Business, Pennsylvania State University) - Slides
Discussant: T. Dimopoulos (University of Lausanne) - Slides

16.15-16.45 Coffee Break
16.45-18.00 Panel Session
Moderator: B. Leleux, Professor of Finance (IMD)
O. Dauman, Head of Private Equity (CFM Indosuez Wealth)
B. Engelien, Managing Director (Greenhill)
C. de Dardel, Head of Private Equity (Unigestion)
C. Demaria, Head of Private Markets (Wellershoff & Partners)
F. Maccarone, Head Private Assets
18.00-19.00 Cocktail



The Lausanne hotel management school is a member of the University of Applied Sciences Western Switzerland

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