2007 - Present

Venture Capital and Private Equity

Teaching Area/s

Economics; Entrepreneurial Studies; Finance

Courses Taught

Venture Capital and Private Equity (current) Investments (prior) Business Law (prior) Corporate (prior)

Previous Appointments

Associate Professor of Finance, Rensselaer Polytechnic Institute 2005-2007 Associate Professor of Finance, University of New South Wales, 2004-2005 Assistant Professor of Finance, University of Alberta, 1999-2003

Visiting Professorships

University of Cambridge, 2004 Goethe University of Frankfurt, 2004 University of Amsterdam, 2002, 2003

Professional and Teaching Awards

- Paolo Baffi Research Fellow, Bocconi University, Milan, 2008 - Best Paper Award at the Australian Graduate School of Entrepreneurship Conference, 2005 - Winner of the Iddo Sarnat Award for the best paper published in the Journal of Banking and Finance (JBF) in 2003 - Nominated for the Teaching Award at University of Alberta School of Business, 2003 - Highest Ranked Class at the University of Amsterdam Graduate School of Business, 2002

International Involvement

Paolo Baffi Research Fellow, Bocconi University, Milan (2008-) CIRANO, Montreal (2008-) AEI-Brookings Joint Center for Regulatory Studies and the Groupe d'Economie Mondiale at Sciences Po (2005-) Capital Markets CRC http://www.cmcrc.com/ (since 2004)Venture Capital Experts http://vcexperts.com/vce/ (2004-) Cambridge University ESRC Center for Business Research (2004-) Center for Financial Studies, Frankfurt (2004-) Amsterdam Center for Research in International Finance (2002-) University of Calgary Van Horne Institute (2001-)

Executive Education

Bank of China, 2008

 
WORK EXPERIENCE

Associate Professor of Finance and Entrepreneurship and Ontario Research Chair, York University Schulich School of Business, 2007-

Associate Professor of Finance, Rensselaer Polytechnic Institute, 2005-2007

Associate Professor of Finance, University of New South Wales, 2004-2005

Visiting Professor, University of Cambridge, Center for Business Research, Judge Business School, 2004

Visiting Professor, Johann Wolfgang Goethe-Universität, Frankfurt, 2004

Visiting Professor, Universität van Amsterdam, 2002, 2003

Assistant Professor of Finance, Economics and Law, University of Alberta, 1999-2003

Consulting Exprience: Wilshire Associates, Capital Markets CRC, Government of Canada, various others (details on request)

PROFESSIONAL LEADERSHIP

Research Associate:
- Paolo Baffi Research Center, Bocconi University, Milan (2008-)
- CIRANO, Montreal (2008-)
- AEI-Brookings Joint Center for Regulatory Studies and the Groupe d'Economie Mondiale at Sciences Po (2005-)
- Capital Markets CRC http://www.cmcrc.com/ (2004-)
- Venture Capital Experts http://vcexperts.com/vce/ (2004-)
- Cambridge University ESRC Center for Business Research (2004-)
- Center for Financial Studies, Frankfurt (2004-)
- Amsterdam Center for Research in International Finance (2002-)
- University of Calgary Van Horne Institute (2001-)

Member:
Academy of Management; American Economic Association; American Finance Association; American Law and Economics Association; Association for Investment Management and Research; Canadian Law and Economics Association; European Finance Association; European Financial Management Association; Financial Management Association; Phi Delta Phi International Legal Fraternity; various others

Special Issues of Journals Edited

Journal of Corporate Finance special issue on Private Equity, Buyouts and Governance (2006) (with co-guest editors Michael Jensen, Donald Siegel and Mike Wright)

Strategic Entrepreneurship Journal special issue on International Entrepreneurship: Managerial and Policy Implications (2009) (with co-guest editors Harry Sapienza, Donald Siegel and Mike Wright)

Editorial Boards
- Encyclopaedia of Alternative Investments (2008)
- Journal of Business Venturing (2006-)
- Venture Capital: An International Journal of Entrepreneurial Finance (2006-)

Contributing Editor:
- Venture Capital Experts http://vcexperts.com/vce/ (2004-).

Conference Organization:

2009 “International Entrepreneurship: Managerial and Policy Implications” Joint with Harry Sapienza, Son Siegel and Mike Wright, sponsored by the Strategic Entrepreneurship Journal

2008 “Financial Intermediaries and Markets at the Cross Roads: Economic and Legal Perspectives on Financial Stability, liquidity and Corporate Control” Joint with Arnoud Boot and Joe McCahery (Amsterdam), sponsored by the Review of Finance and the European Corporate Governance Institute

2008 “Canadian Conference on Entrepreneurship and Innovation” Joint with Ajay Agrawal (Toronto), Jean-Etienne de Bettignies (Queen’s), and John McHale (Queen’s), sponsored by Queen’s University and Industry Canada

2006 “Private Equity, Leveraged Buyouts and Governance” Joint with Michael Jensen (Harvard), Don Siegel (Riverside) and Mike Wright (Nottingham), sponsored by the Journal of Corporate Finance

Conference Program Committee:
Degroote School of Business McMaster University / Regulation Services Conference on Market Microstructure 2006, 2008 (Toronto); Eastern Finance Association, 2001 (Charleston); University of Toronto Capital Markets Institute (CMI) Conference on Venture Capital, 2002.

Conference Discussant or Session Chair:
ABN AMRO International Conference on IPOs, 2000 (Amsterdam); Academy of Management Conference, 2007 (Philadelphia); AEI Conference of Private Equity, 2007 (Washington); Australasian Banking and Finance Association, 2001 (Sydney); Bundesbank Conference on Financing Innovation, 2004 (Frankfurt); Eastern Finance Association, 2000 (Myrtle Beach), 2001 (Charleston), 2002 (Baltimore); European Financial Management Association, 2001 (Lugano), 2002 (London); Financial Management Association, 2001 (Toronto), 2002 (San Antonio), 2005 (Chicago), 2006 (Salt Lake City); Kiel Institute of World Economics Conference on European Financial Integration, 2004 (Germany); Multinational Finance Society, 2001 (Garda, Italy); Northern Finance Association, 1999 (Calgary), 2000 (Waterloo), 2002 (Banff), 2007 (Toronto); Society of Entrepreneurial Finance, 2002 (New York); and numerous other conferences and workshops (too many to keep track!).

Ad Hoc Academic Referee for:

Journals:
Academy of Management Review; Australian Journal of Management; Bulletin of Economic Research; Cambridge Journal of Economics; Canadian Journal of Economics; Contemporary Accounting Research; Economic Bulletin; European Financial Management; European Journal of Finance; European Journal of Law and Economics; Global Finance Journal; International Journal of Industrial Organization; International Review of Law and Economics; Journal of Banking and Finance; Journal of Business Ethics; Journal of Business Venturing; Journal of Corporate Finance; Journal of Finance; Journal of Law, Economics & Organization; Law and Policy; Journal of Management and Governance; Journal of Management Studies; Journal of Small Business Management; Managerial and Decision Economics; Multinational Finance Journal; Oxford Economic Papers; Quarterly Review of Economics and Finance; Research Policy; Review of Quantitative Finance and Accounting; Small Business Economics; The Financial Review; Venture Capital: An International Journal of Entrepreneurial Finance; various other journals in the fields of accounting, economics, finance, law and management

Books:
Venture Capital and Private Equity: A Casebook, 2^nd ed. (Josh Lerner, Harvard Business School, Wiley Press); various other entrepreneurship, entrepreneurial finance and venture capital textbook proposals.

Granting Agencies:
NSF -- National Science Foundation (US); UNIK -- Danish Agency for Science (Denmark), Technology and Innovation (Denmark); SSHRC -- Social Sciences and Humanities Research Counsel of Canada (Canada)

REPRESENTATIVE PUBLICATIONS

Recent Book:

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

http://www.venturecapitalprivateequitycontracting.com/

http://www.amazon.com/Venture-Capital-Private-Equity-Contracting/dp/0121985814

http://www.chapters.indigo.ca/books/Venture-Capital-Private-Equity-Contracting-Douglas-J-Cumming-Sofia-A-Johan/9780121985813-item.html

http://www.elsevier.com/wps/find/bookdescription.cws_home/717328/description#description

Working Papers

See: http://ssrn.com/author=75390

Cumming, D.J., 2007. “A Law and Finance Analysis of Hedge Funds” Presented at the American Law and Economics Association at 2007 Harvard Law School and the 2007 Western Finance Association, to be presented at the 2009 University of Cambridge EFM Symposium on Corporate Governance and Control

Available at: http://ssrn.com/abstract=946298

Cumming, D.J., 2007, and N. Dai. “Capital Flows and Hedge Fund Regulation” Presented at the 2008 Empirical Legal Studies Conference

Available at: http://ssrn.com/abstract=1026683

Cumming, D.J., and N. Dai, 2007. “Hedge Fund Regulation and Misreported Returns” To be presented at the 2009 Audencia School of Management EFM Symposium on Risk Management

Available at: http://ssrn.com/abstract=1029195

Cumming, D.J., and N. Dai, 2007. “Fund Size and Valuation” Presented at the 2008 European Finance Association

Available at: http://ssrn.com/abstract=1099465

Cumming, D.J., and N. Dai, 2007. “Local Bias in Venture Capital” Presented at the 2008 China International Conference on Finance, Dalan

Cumming, D.J., and S. Zambelli, 2007. “Illegal Buyouts” Presented at the 2007 Canadian Law and Economics Association and the 2007 ECB Conference on Regulation in Dublin, to be presented at the 2009 University of Cambridge EFM Symposium on Corporate Governance and Control

Available at: http://ssrn.com/abstract=988357

Carpentier, C., D.J. Cumming, and J.M. Suret, 2008. “The Value of Capital Market Regulation and Certification: IPOs versus Reverse Mergers” Presented at the 2008 Empirical Legal Studies Conference

Available at: http://ssrn.com/abstract=1034222

Cumming, D.J., and S.A. Johan, 2009. “Exchange Trading Rules” Presented at Bocconi University and the Australasian Banking & Finance Conference (2008), to be presented at the American Law and Economic Association (2009), European Financial Management Conference (2009)

Available at: http://ssrn.com/abstract=1328553


Publications:

2009

50) Cumming, D., D. Siegel and M. Wright, 2010. "International Entrepreneurship: Managerial and Public Policy Implications" in preparation for the Strategic Entrepreneurship Journal special issue on International entrepreneurship

49) Cumming, D., A. Gill and U. Walz, 2009. "International Private Equity Valuation and Disclosure" Northwestern University Journal of International Law and Business, forthcoming

48) Cumming, D., and U. Walz, 2009. "Private Equity Returns and Disclosure Around the World" Journal of International Business Studies, forthcoming

Available at SSRN: http://ssrn.com/abstract=514105

47) Cumming, D., G. Fleming, and A. Schwienbacher, 2009. "Style Drift in Private Equity" Journal of Business Finance & Accounting, forthcoming.

Available at SSRN: http://ssrn.com/abstract=729684

46) Cumming, D., and S. Johan, 2009. "The Differential Impact of the Internet in Spurring Regional Entrepreneurship, Entrepreneurship Theory and Practice, forthcoming.

Available at SSRN: http://ssrn.com/abstract=823704

45) Cumming, D., and S. Johan, 2009. "Venture Capital Investment Duration" Journal of Small Business Management, forthcoming.

Available at SSRN: http://ssrn.com/abstract=1315042

44) Cosh, A., D.J. Cumming, and A. Hughes, 2009. “Outside Entrepreneurial Capital” Economic Journal, forthcoming.

Available at SSRN: http://ssrn.com/abstract=663841

43) Cumming, D.J., and S. Johan, 2009. “Pre-Seed Government Venture Capital Funds” Journal of International Entrepreneurship 7: 29-56.

Available at SSRN: http://ssrn.com/abstract=1031005

42) Cumming, D.J., D. Schmidt and U. Walz, 2009. “Legality and Venture Capital Governance around the World” Journal of Business Venturing, forthcoming.

Available at SSRN: http://ssrn.com/abstract=537243

41) Cumming, D.J., and S. Johan, 2009. “Legality and Venture Capital Fund Manager Compensation” Venture Capital: An International Journal of Entrepreneurial Finance 11: 23-54.

2008

40) Cumming, D.J., and S. Johan, 2008 “Global Market Surveillance” American Law and Economics Review 10(2): 454-506.

Available at SSRN: http://ssrn.com/abstract=917625

39) Armour, J., and D.J.. Cumming, 2008. “Bankruptcy Law and Entrepreneurship” American Law and Economics Review 10(2): 303-350.

Available at SSRN: http://ssrn.com/abstract=762144

38) Cumming, D.J., 2008. “Contracts and Exits in Venture Capital Finance” Review of Financial Studies, 21, 1947-1982.

Available at SSRN: http://ssrn.com/abstract=302695

37) 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)

Available at SSRN: http://ssrn.com/abstract=1265947

36) 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.

Available at SSRN: http://ssrn.com/abstract=756266

35) Cumming, D.J., and S.A. Johan, 2008. “Preplanned Exit Strategies in Venture Capital” European Economic Review, 52, 1209-1241.

Available at SSRN: http://ssrn.com/abstract=918979

34) Cumming, D.J., and S.A. Johan, 2008. “Hedge Fund Forum Shopping” (with Sofia Johan) University of Pennsylvania Journal of Business and Employment Law 10(4), 783-831. (Lead Article)

Available at SSRN: http://ssrn.com/abstract=1122309

A condensed version of this paper appears as Cumming, D.J., and S.A. Johan (2008) “Hedge Fund Strategies and Regulation” Banking and Financial Services Policy Report, 27(7), 1-15. (Lead Article)

2007

33) Cumming, D.J., and S.A. Johan, 2007. “Socially Responsible Institutional Investment in Private Equity” Journal of Business Ethics 75, 395–416.

Available at SSRN: http://ssrn.com/abstract=802205

32) Cumming, D.J., and S.A. Johan, 2007. “The Internet and Regional Economic Development” Academy of Management Best Papers Proceedings.

Available at SSRN: http://ssrn.com/abstract=823704

31) 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.

Available at SSRN: http://ssrn.com/abstract=842964

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

Available at SSRN: http://ssrn.com/abstract=983802

29) 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.

Available at SSRN: http://ssrn.com/abstract=946671

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

Available at SSRN: http://ssrn.com/abstract=642122

27) Cumming, D.J., 2007. “Government Policy towards Entrepreneurial Finance: Innovation Investment Funds” Journal of Business Venturing 22, 193-235.

Available at SSRN: http://ssrn.com/abstract=801384

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

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

Available at CD Howe Institute: http://www.cdhowe.org/pdf/commentary_247.pdf

25) 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.

Available at SSRN: http://ssrn.com/abstract=418280

2006

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

Available at SSRN: http://ssrn.com/abstract=323821

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

23) Armour, J., and D.J. Cumming, 2006. “The Legislative Road to Silicon Valley” Oxford Economic Papers 58, 596-635.

Available at SSRN: http://ssrn.com/abstract=473593

22) 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.

Available at SSRN: http://ssrn.com/abstract=642124

21) 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).

Available at SSRN: http://ssrn.com/abstract=662181

20) Cumming, D.J., 2006. “The Determinants of Venture Capital Portfolio Size: Empirical Evidence” Journal of Business 79, 1083-1126.

Available at SSRN: http://ssrn.com/abstract=261747

19) Cumming, D.J., 2006. “Corporate Venture Capital Contracts” Journal of Alternative Investments, Winter 2006, 40-53.

Available at SSRN: http://ssrn.com/abstract=946296

18) Cumming, D.J., G. Fleming and A. Schwienbacher, 2006. “Legality and Venture Capital Exits” Journal of Corporate Finance 12, 214-245.

Available at SSRN: http://ssrn.com/abstract=329160

17) Cumming, D.J., 2006. “Adverse Selection and Capital Structure: Evidence from Venture Capital” Entrepreneurship Theory and Practice 30, 155-184.

Available at SSRN: http://ssrn.com/abstract=261693

2005

16) Cumming, D.J., G. Fleming and A. Schwienbacher, 2005. “Liquidity Risk and Venture Finance” Financial Management, 34, 77-105.

Available at SSRN: http://ssrn.com/abstract=553122

15) Cumming, D.J., and J. MacIntosh, 2005. “Selection Effects, Corporate Law and Firm Value” Finance Letters 3(3) 7-18.

Available at SSRN: http://ssrn.com/abstract=407520

14) Cumming, D.J., 2005. “Review Essay: Global Venture Capital Transactions” Venture Capital: An International Journal of Entrepreneurial Finance 7, 185-201.

Available at SSRN: http://ssrn.com/abstract=679281

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

Available at SSRN: http://ssrn.com/abstract=246228

12) Cumming, D.J., 2005. “Capital Structure in Venture Finance” Journal of Corporate Finance 11, 550-585.

Available at SSRN: http://ssrn.com/abstract=218352

11) 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.

Available at SSRN: http://ssrn.com/abstract=466962

2004

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

Available at SSRN: http://ssrn.com/abstract=609362

2003

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

Available at SSRN: http://ssrn.com/abstract=394581

8) 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.
Iddo Sarnat Award for the best paper published in the Journal of Banking and Finance.

Available at SSRN: http://ssrn.com/abstract=268557

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

Available at SSRN: http://ssrn.com/abstract=321641

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

Available at: http://www.fsr.nu/nl/forum

2002

5) Cumming, D.J., and J. MacIntosh, 2002. "The Rationales Underlying Reincorporation and Implications for Canadian Corporations" International Review of Law and Economics 22(3), 277-330.

Available at SSRN: http://ssrn.com/abstract=218391

2001

4) 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.

Available at SSRN: http://ssrn.com/abstract=218388

3) Cumming, D.J., 2001. "Settlement Disputes: Evidence from a Legal Practice Perspective" European Journal of Law and Economics 11(3): 249-280.

Available at SSRN: http://ssrn.com/abstract=218351

2000

2) Cumming, D.J., and J. MacIntosh, 2000. "The Determinants of R&D Expenditures: A Study of the Canadian Biotechnology Industry" Review of Industrial Organization (2000) 17(4): 357-370. (Lead Article)

Available at SSRN: http://ssrn.com/abstract=246064

1) Cumming, D.J., and J. MacIntosh, 2000. "The Role of Interjurisdictional Competition in Shaping Canadian Corporate Law" International Review of Law and Economics (2000) 20(2): 141-186. (Lead Article)

Available at SSRN: http://ssrn.com/abstract=10137

CURRICULUM VITAE

Name
Douglas Cumming

Rank
Associate Professor of Finance and Entrepreneurship and Ontario Research Chair

Status
Tenured

Education
CFA, Chartered Financial Analysts Institute, 2000-2002
Ph.D., University of Toronto, 1995-1999
J.D., University of Toronto, 1994-1998
M.A., Queen's University, 1992-1993
B.Com.(Hons.), McGill University, 1988-1992

Employment History
Associate Professor of Finance and Entrepreneurship and Ontario Research Chair, York University Schulich School of Business, 2007-

Associate Professor of Finance, Rensselaer Polytechnic Institute, 2005-2007

Associate Professor of Finance, University of New South Wales, 2004-2005

Visiting Professor, University of Cambridge, Center for Business Research, Judge Business School, 2004

Visiting Professor, Johann Wolfgang Goethe-Universität, Frankfurt, 2004

Visiting Professor, Universität van Amsterdam, 2002, 2003

Assistant Professor of Finance, Economics and Law, University of Alberta, 1999-2003

Consulting Exprience: Wilshire Associates, Capital Markets CRC, Government of Canada, various others (details on request)

Honours
2008 – 2010 Social Sciences and Humanities Research Council of Canada, Research Grant on Innovation Centers ($155,500) (with Eileen Fischer and Theo Peridis)

2008 – 2009 Paolo Baffi Fellow, Bocconi University, Research Award on Market Surveillance (with Sofia Johan)

2006 – 2007 Capital Markets CRC, Sydney, Research Grant on Market Surveillance

2005 – 2006 Government of Australia (Research on Government Policy towards Investment Funds and Research and Development Tax Credits)

2005 – 2006 AEI Brookings / Groupe d'Economie Mondiale at Sciences Po Research Grant (with Sofia Johan) for the study of regulatory harmonization and the development of private equity markets

2005 – 2006 PWC Global Competency Centre Research Excellence Grant (with Uwe Walz) for the study of international accounting standards and reports from private equity funds

2005 – 2006 U.K. Insolvency Office (with John Armour) for work on entrepreneurship and bankruptcy law across countries

2005 Best Paper Award at the Australian Graduate School of Entrepreneurship Conference

2003 – 2006 Social Sciences and Humanities Research Council of Canada Fellowship (joint with 12 colleagues, $Can 900,000) for work on Entrepreneurship and the Internet.

2004 Winner of the Iddo Sarnat Award for the best paper published in the Journal of Banking and Finance (JBF) in 2003, for the paper entitled “A cross-country comparison of full and partial venture capital exits" (with Jeffrey MacIntosh), published in JBF 27 (2003).

2004 Visiting Fellow at the ESRC Centre for Business Research, University of Cambridge Judge Institute of Management, and Visiting Fellow at Clare Hall, University of Cambridge

2004 Visiting Scholar at the Johann Wolfgang Goethe-University of Frankfurt am Main, and Visiting Fellow at the Center for Financial Studies, Frankfurt

2003 Nominated by Students for the University of Alberta School of Business Teaching Award

2002, 2003 Universiteit van Amsterdam Graduate Business School Visiting Professor (Sponsored by the ABN AMRO Bank in 2002)

2002, 2003 Highest Student Ranked Masters of International Finance (MIF) Course at Universiteit van Amsterdam in 2002

2002 Delivered the Keynote Speech at the ABN AMRO Bank “Private Equity Exits” Seminar held in Amsterdam, March 2002

2002 – 2003 University of Alberta Center for Entrepreneurship and Family Enterprise Grant

2001 – 2003 Schulich School of Business National Research Program in Financial Services and Public Policy Fellowship (joint with Jeffrey G. MacIntosh)

2000 – 2004 University of Alberta School of Business SAS and Pearson Fellowships

1999 University of British Columbia Entrepreneurship Research Alliance Scholarship

1995 – 1999 University of Toronto School of Graduate Studies and Research Open Fellowships

1992 – 1993 Queen's University Department of Economics Scholarship

1992 – 1993 Queen’s University School of Graduate Studies and Research Fellowship

1992 McGill University Faculty of Management Sir Edward Beatty Medal

1992 McGill University Faculty of Arts Cherry Prize

1992 McGill University First Class Joint Honors in Economics and Finance

Scholarly and Professional Activities
Research Associate:
- Paolo Baffi Research Center, Bocconi University, Milan (2008-)
- CIRANO, Montreal (2008-)
- AEI-Brookings Joint Center for Regulatory Studies and the Groupe d'Economie Mondiale at Sciences Po (2005-)
- Capital Markets CRC http://www.cmcrc.com/ (2004-)
- Venture Capital Experts http://vcexperts.com/vce/ (2004-)
- Cambridge University ESRC Center for Business Research (2004-)
- Center for Financial Studies, Frankfurt (2004-)
- Amsterdam Center for Research in International Finance (2002-)
- University of Calgary Van Horne Institute (2001-)

Member:
Academy of Management; American Economic Association; American Finance Association; American Law and Economics Association; Association for Investment Management and Research; Canadian Law and Economics Association; European Finance Association; European Financial Management Association; Financial Management Association; Phi Delta Phi International Legal Fraternity; various others

Special Issues of Journals Edited

Journal of Corporate Finance special issue on Private Equity, Buyouts and Governance (2006) (with co-guest editors Michael Jensen, Donald Siegel and Mike Wright)

Strategic Entrepreneurship Journal special issue on International Entrepreneurship: Managerial and Policy Implications (2009) (with co-guest editors Harry Sapienza, Donald Siegel and Mike Wright)

Editorial Boards
- Encyclopaedia of Alternative Investments (2008)
- Journal of Business Venturing (2006-)
- Venture Capital: An International Journal of Entrepreneurial Finance (2006-)

Contributing Editor:
- Venture Capital Experts http://vcexperts.com/vce/ (2004-).

Conference Organization:

2009 “International Entrepreneurship: Managerial and Policy Implications” Joint with Harry Sapienza, Son Siegel and Mike Wright, sponsored by the Strategic Entrepreneurship Journal

2008 “Financial Intermediaries and Markets at the Cross Roads: Economic and Legal Perspectives on Financial Stability, liquidity and Corporate Control” Joint with Arnoud Boot and Joe McCahery (Amsterdam), sponsored by the Review of Finance and the European Corporate Governance Institute

2008 “Canadian Conference on Entrepreneurship and Innovation” Joint with Ajay Agrawal (Toronto), Jean-Etienne de Bettignies (Queen’s), and John McHale (Queen’s), sponsored by Queen’s University and Industry Canada

2006 “Private Equity, Leveraged Buyouts and Governance” Joint with Michael Jensen (Harvard), Don Siegel (Riverside) and Mike Wright (Nottingham), sponsored by the Journal of Corporate Finance

Conference Program Committee:
Degroote School of Business McMaster University / Regulation Services Conference on Market Microstructure 2006, 2008 (Toronto); Eastern Finance Association, 2001 (Charleston); University of Toronto Capital Markets Institute (CMI) Conference on Venture Capital, 2002.

Conference Discussant or Session Chair:
ABN AMRO International Conference on IPOs, 2000 (Amsterdam); Academy of Management Conference, 2007 (Philadelphia); AEI Conference of Private Equity, 2007 (Washington); Australasian Banking and Finance Association, 2001 (Sydney); Bundesbank Conference on Financing Innovation, 2004 (Frankfurt); Eastern Finance Association, 2000 (Myrtle Beach), 2001 (Charleston), 2002 (Baltimore); European Financial Management Association, 2001 (Lugano), 2002 (London); Financial Management Association, 2001 (Toronto), 2002 (San Antonio), 2005 (Chicago), 2006 (Salt Lake City); Kiel Institute of World Economics Conference on European Financial Integration, 2004 (Germany); Multinational Finance Society, 2001 (Garda, Italy); Northern Finance Association, 1999 (Calgary), 2000 (Waterloo), 2002 (Banff), 2007 (Toronto); Society of Entrepreneurial Finance, 2002 (New York); and numerous other conferences and workshops (too many to keep track!).

Ad Hoc Academic Referee for:

Journals:
Academy of Management Review; Australian Journal of Management; Bulletin of Economic Research; Cambridge Journal of Economics; Canadian Journal of Economics; Contemporary Accounting Research; Economic Bulletin; European Financial Management; European Journal of Finance; European Journal of Law and Economics; Global Finance Journal; International Journal of Industrial Organization; International Review of Law and Economics; Journal of Banking and Finance; Journal of Business Ethics; Journal of Business Venturing; Journal of Corporate Finance; Journal of Finance; Journal of Law, Economics & Organization; Law and Policy; Journal of Management and Governance; Journal of Management Studies; Journal of Small Business Management; Managerial and Decision Economics; Multinational Finance Journal; Oxford Economic Papers; Quarterly Review of Economics and Finance; Research Policy; Review of Quantitative Finance and Accounting; Small Business Economics; The Financial Review; Venture Capital: An International Journal of Entrepreneurial Finance; various other journals in the fields of accounting, economics, finance, law and management

Books:
Venture Capital and Private Equity: A Casebook, 2nd ed. (Josh Lerner, Harvard Business School, Wiley Press); various other entrepreneurship, entrepreneurial finance and venture capital textbook proposals.

Granting Agencies:
NSF -- National Science Foundation (US); UNIK -- Danish Agency for Science (Denmark), Technology and Innovation (Denmark); SSHRC -- Social Sciences and Humanities Research Counsel of Canada (Canada)


Graduate Thesis Supervisions
2008 - Ph.D. Coordinator, Finance Area, Schulich School of Business, York University
2005: Ph.D. Referee for Audris Siow, University of New South Wales.
2004: Ph.D. External Referee for Jaeho Lee, University of Cambridge Judge Institute for Management, and Jesus College of the University of Cambridge.
2003: Ph.D. Committee for Georg Rindermann, Universitaet Münster Department of International Business

Graduate Courses Taught
MBA Venture Capital and Private Equity

Research Funding
2008 – 2010 Social Sciences and Humanities Research Council of Canada, Research Grant on Innovation Centers ($155,500) (with Eileen Fischer and Theo Peridis)

2008 – 2009 Paolo Baffi Fellow, Bocconi University, Research Award on Market Surveillance (with Sofia Johan)

2006 – 2007 Capital Markets CRC, Sydney, Research Grant on Market Surveillance

2005 – 2006 Government of Australia (Research on Government Policy towards Investment Funds and Research and Development Tax Credits)

2005 – 2006 AEI Brookings / Groupe d'Economie Mondiale at Sciences Po Research Grant (with Sofia Johan) for the study of regulatory harmonization and the development of private equity markets

2005 – 2006 PWC Global Competency Centre Research Excellence Grant (with Uwe Walz) for the study of international accounting standards and reports from private equity funds

2005 – 2006 U.K. Insolvency Office (with John Armour) for work on entrepreneurship and bankruptcy law across countries

2003 – 2006 Social Sciences and Humanities Research Council of Canada Fellowship (joint with 12 colleagues) for work on Entrepreneurship and the Internet.

2002 – 2003 University of Alberta Center for Entrepreneurship and Family Enterprise Grant

2001 – 2003 Schulich School of Business National Research Program in Financial Services and Public Policy Fellowship (joint with Jeffrey G. MacIntosh)

2000 – 2004 University of Alberta School of Business SAS and Pearson Fellowships

1999 University of British Columbia Entrepreneurship Research Alliance Scholarship

Publications
Books
Authored

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

http://www.venturecapitalprivateequitycontracting.com/

http://www.amazon.com/Venture-Capital-Private-Equity-Contracting/dp/0121985814

http://www.chapters.indigo.ca/books/Venture-Capital-Private-Equity-Contracting-Douglas-J-Cumming-Sofia-A-Johan/9780121985813-item.html

http://www.elsevier.com/wps/find/bookdescription.cws_home/717328/description#description


Edited

Cumming, D.J., 2009. Companion to Venture Capital, Wiley, forthcoming

Cumming, D.J., 2009. Companion to Private Equity, Wiley, forthcoming


Book Reviews

Cumming, D.J., 2005. “Venture Capital Financial Contracting and the Valuation of High Technology Firms: A Review” by Joseph A. McCahery and Luc Renneboog, eds., Oxford University Press 2004, Published in Economica

Cumming, D.J., 2004. “Global Venture Capital Transactions: A Review” by B.A. Brechbühl and B. Wooder, eds., Kluwer Academic Press, 2004. Published in the Journal of Corporate Law Studies