Armin Schwienbacher SKEMA Business School   Avenue Willy Brandt - Euralille Lille, 59777 France   armin.schwienbacher@skema.edu     Biographical Sketch: 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. He is currently Director of the Research Center FAIRR in finance and accounting at SKEMA.       JEL Areas: G2 : Financial Institutions and Services: General G3 : Corporate Finance and Governance: General