Symposium on Private Firms: Reporting, Financing, and the Aggregate Economy

Welcome to the inaugural Symposium on Private Firms: Reporting, Financing, and the Aggregate Economy.

The goals of this unique conference are threefold:

To bring together academics studying the private capital economy to share ideas and present their latest research.
To allow academics to engage with regulators and practitioners, and hear about and discuss issues facing private firms with the hopes of stimulating new research ideas.
To help academics interested in researching private firms better understand the setting and give them the opportunity to engage with representatives from private company dataset providers who will also be in attendance.”

The conference includes a collection of six papers from leading Economics, Finance, and Accounting researchers and two panels discussing the unique aspects and regulatory features of private firms. We will have cocktails followed by dinner on the top floor of the Rubenstein Forum which overlooks the city of Chicago. We are pleased to announce that SEC Commissioner Caroline Crenshaw will be the dinner keynote speaker.

The conference will start at noon on Thursday, April 14 and conclude at noon on Friday, April 15, 2022.

Conference attendance is by invitation only.

We would like to thank generous sponsorship from the Chookaszian Accounting Research Center with the cocktail hour sponsored by Lincoln International.

Please email questions to: Michael.minnis@chicagobooth.edu

Conference organizers:

Matthias Breuer, Columbia Business School
Sebnem Kalemli-Ozcan, University of Maryland
Michael Minnis, Chicago Booth School of Business
Andrew Sutherland, MIT Sloan School of Business

Schedule

Thursday, April 14, 2022

Note: all times below are CDT

12:00 pm - 1:00 pm	Lunch
1:00 pm - 1:15 pm	Welcome
1:15 pm - 2:30 pm	Panel: “Private firms in the U.S. economy”; Moderated by Chad Syverson with Sebnem Kalemli-Ozcan, Ufuk Akcigit, John Haltiwanger, and Steve Kaplan.
2:30 pm - 3:15 pm	Paper: “Private or Public Equity? The Evolving Entrepreneurial Finance Landscape”; Michael Ewens (with Joan Farre-Mensa).
3:15 pm - 3:45 pm	Coffee break
3:45 pm - 4:30 pm	Paper: “The Rise of Finance Companies and FinTech Lenders in Small Business Lending”; Manasa Gopal (with Philipp Schnabl).
4:30 pm - 5:15 pm	Paper: “Do Reference Rates Matter for Credit Supply”; Stephan Luck (with Harry Cooperman, Darrell Duffie, and Zachry Wang).
5:15 pm	Adjourn
6:00 pm - 6:30 pm	Cocktails
6:30 pm	Seated for dinner
7:00 pm	Keynote address: SEC Commissioner Caroline Crenshaw.

Friday, April 15, 2022

7:30 am - 8:00 am	Continental Breakfast
8:00 am - 9:00 am	Panel: “Public or Private? Differences in Capital Markets and ESG Regulation”; Moderated by Michael Minnis with John Coates, Elizabeth Seeger, and Christian Leuz.
9:00 am- 9:45 am	Paper: “Informing Entrepreneurs: Public Corporate Disclosure and New Business Formation”; John Barrios (with Yael Hochberg, Jung Ho Choi, Jinhwan Kim, and Miao Liu).
9:45 am - 10:15 am	Coffee break
10:15 am - 11:00 am	Paper: “Reporting Regulation and Corporate Innovation”; Matthias Breuer (with Christian Leuz and Steven Vanhaverbeke).
11:00 am - 11:45 am	Paper: "Filling the Private Firm Void: Using Representation Learning on Corporate Websites to Identify Competitor Relationships"; Gerard Hoberg (with Gordon Phillips).
11:45 am	Lunch and adjourn

Participants

Name	Affiliation
Ufuk Akcigit	University of Chicago
Sanjay Arya	Morningstar
Brad Badertscher	University of Notre Dame
John Barrios	Washington University
Sandy Beharry	Lincoln International
Phil Berger	University of Chicago
Darren Bernard	University of Washington
Jonathan Bonham	University of Chicago
Thomas Bourveau	Columbia University
Kerry Brenneman	Moody's
Matthias Breuer	Columbia University
Patricia Breuer	University of Mannheim
Zane Carmean	Pitchbook
Dennis Chookaszian	University of Chicago
Dane Christensen	Kirkland and Ellis
John Coates	Harvard University
Anna Costello	University of Chicago
Keith Crouch	Burgiss
Jonas Dalmazzo	University of Chicago
Olivier Darmouni	Columbia University
Thomas Drechsel	University of Maryland
Michael Ewens	California Institute of Technology
Joan Farre-Mensa	University of Illinois Chicago
Joachim Gassen	Humboldt University of Berlin
Manasa Gopal	Georgia Institute of Technology
Joao Granja	University of Chicago
John Haltiwanger	University of Maryland
Yvonne Han	University of Chicago
Gerard Hoberg	University of Southern California
Yael Hochberg	Rice University
Jordan Hoffa	Moody's
June Huang	University of Chicago
Kalash Jain	University of Chicago
Baily Jensen	Moody's
Ronald Kahn	Lincoln International
Sebnem Kalemli-Ozcan	University of Maryland
Yiran Kang	Columbia University
Steve Kaplan	University of Chicago
Maria Khrakovsky	University of Chicago
Jinhwan Kim	Stanford University
Hyunseob Kim	Federal Reserve Board
Sinja Leonelli	University of Chicago
Christian Leuz	University of Chicago
Larry Levine	Lincoln International
Alexander Ljungqvist	Stockholm School of Economics
Stephan Luck	Federal Reserve Bank of New York
Kendall Lynch	University of Michigan
Charlie McClure	University of Chicago
Jeremy Michels	University of Pennsylvania
Michael Minnis	University of Chicago
Maxi Muhn	University of Chicago
Maximilian A. Müller	European School of Management and Technology
Fabien Nagel	University of Chicago
Valeri Nikolaev	University of Chicago
James Omartian	University of Michigan
Veronika Penciakova	Federal Reserve Bank of Atlanta
Gordon Phillips	Dartmouth University
Benjamin Pugsley	University of Notre Dame
Thomas Rauter	University of Chicago
Amoray Riggs-Cragun	University of Chicago
Sugata Roychowdhury	Northwestern University
Delphine Samuels	University of Chicago
Haresh Sapra	University of Chicago
Sandra Schafhautle	University of Chicago
Elizabeth Seeger	KKR
Nemit Shroff	Massachusetts Institute of Technology
Doug Skinner	University of Chicago
Abbie Smith	University of Chicago
Young Soo Jang	University of Chicago
Gurpal Sran	University of Chicago
Chris Stewart	University of Chicago
Amir Sufi	University of Chicago
Andrew Sutherland	Massachusetts Institute of Technology
Chad Syverson	University of Chicago
Rimmy Tomy	University of Chicago
Felix Vetter	University of Mannheim
Neil Vohra	Kirkland and Ellis
Lucas Weiss	Lincoln International
Andy White	PitchBook
Li Yang	Columbia University
Teri Yohn	Emory University
Luigi Zingales	University of Chicago

Data Sources

Data Base/Provider	Category
Aberdeen CiTDB	Other
Activist Insight	Investments & transactions
Allvue	Investments & transactions
AlphaSense	Credit bureaus & data aggregators
Alto Analytics	Other
Amadeus	Credit bureaus & data aggregators
AVCJ	Investments & transactions
Bloomberg	Credit bureaus & data aggregators
BrokerCheck	Administrative data
Builtwith	Other
Bureau van Dijk	Credit bureaus & data aggregators
Burgiss	Investments & transactions
Capitol IQ/S&P	Credit bureaus & data aggregators
CBInsights	Other
Census	Administrative data
CEPRES	Investments & transactions
Cobalt	Investments & transactions
Cortera	Credit bureaus & data aggregators
Creditreform	Credit bureaus & data aggregators
Crunchbase	Investments & transactions
Current Establishment Survey	Credit bureaus & data aggregators
DealEdge	Investment & transactions
Destatis	Administrative data
Dun & Bradstreet	Credit bureaus & data aggregators
Emsi Burning Glass	Other
Eureka Private Equity	Investment & transactions
Eurostat	Administrative data
eVestment	Investment & transactions
Factiva	Credit bureaus & data aggregators
Federal Reserve Survey of Small Business Finance	Administrative data
Federal Reserve Y-14Q	Administrative data
Hoberg-Phillips Data Library	Academic data
IRS	Administrative data
JOLTS Micro Data (BLS)	Administrative data
Kauffman Firm Survey	Academic data
Lincoln International	Investments & transactions
Longitudinal Business Database (Census and BLS)	Administrative data
Longitudinal Employer-Household Database (Census)	Administrative data
Mergr	Investments & transactions
National Establishment Time Series (NETS)	Administrative data
Occupational and Wage Establishment Survey (BLS)	Administrative data
OpenCorporates	Credit bureaus & data aggregators
Orbis	Credit bureaus & data aggregators
Palico	Investments & transactions
PayNet/Equifax	Credit bureaus & data aggregators
Pitchbook	Investments & transactions
Powerlytics	Credit bureaus & data aggregators
Pregin	Investments & transactions
Private Equity International	Investments & transactions
PrivCo	Investments & transactions
Refinitiv	Investments & transactions
Rocksling	Investments & transactions
Risk Management Association	Credit bureaus & data aggregators
Sageworks/Abrigo	Credit bureaus & data aggregators
Startup Carography Project	Academic data
Tracxn	Investments & transactions
UCC filings/Randall Reily	Other
Unquote	Investments & transactions
USPTO Patent Database	Other
VenturExpert	Investments & transactions
VentureSource	Investments & transactions
Wayback Machine	Other
Zephyr	Investments & transactions

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