Professor of Finance
Economics, Finance, Control
Dr. Groh specializes on Venture Capital, Private Equity and Entrepreneurial Finance research. He is coauthor of the Global Venture Capital and Private Equity Country Attractiveness. Index : http://blog.iese.edu/vcpeindex/.
- Since March 2012 : Professor of Finance at EMLYON Business School - Ecully, France
- September 2010 – Feb. 2012 : Associate Professor of Finance at EMLYON Business School - Ecully, France
January 2010 – July 2010 : Visiting Fellow at the School of Banking and Finance of the University of New South Wale (UNSW) - Sydney, Australia
Teaching tasks included one course on Venture Capital and Private Equity, and one course on Portfolio Management
Since November 2008 : Research Fellow of the International Center for Financial Research (CIIF) at IESE Business School, University of Navarra - Barcelona, Spain
Research project on a world-wide Venture Capital and Private Equity country attractiveness index
Since 2007 : Adjunct Professor of Free University of Bolzano - Bolzano, Italy
Teaching an elective course on Entrepreneurial Finance
- April 2007 – August 2010 : Associate Professor of Finance at GSCM – Montpellier Business School - Montpellier, France
May 2006 – March 2007 : Visiting Research Fellow at IESE Business School, University of Navarra - Barcelona, Spain
Research project on Venture Capital and Private Equity inCentral Eastern Europe
September 2004 – April 2005: Visiting Research Fellow at INSEAD - Fontainebleau, France
Research project on measuring risk-adjusted buyout performance
February 11th, 2004 : Received Doctorate Degree (summa cum laude) from Darmstadt University of Technology- Darmstadt,Germany
Ph.D. thesis is titled “Risk-Adjusted Performance of Private Equity Investments”
January 1999 – Dec. 2006 : PhD Student and then Assistant Professor Darmstadt University of Technology -Darmstadt, German
Responsible for particular lectures, seminars, master theses, marketing activities, sponsoring and external affairs
October 1990 – April 1998 : Darmstadt University of Technology - Darmstadt,Germany
Joint Master´s degree (Dipl.-Wirtsch.-Ing.) in Business Administration and Mechanical Engineering, specialized in finance and aerospace engineering
August 1988 - July 1990 : B. Metzler seel. Sohn & Co. KGaA - Frankfurt, Germany
Apprenticeship in investment banking. Completed training at top 1%-level in Frankfurt
June 1988 : Woehlerschule - Frankfurt, Germany
Graduation with secondary school diploma
November 1996 – present : Quadriga Capital Services GmbH - Frankfurt, Germany
Consultant for an independent Private Equity Fund, performing research, valuation, marketing and investor relations tasks
September – Dezember 1998 : M.C. Wilhelm Associates - Chicago,USA
Employed with a consulting firm specialised on energy risk, developing pricing tools for electricity derivatives
- March 1996 – April 1998 : Finance and Banking Chair - Darmstadt University of Technology - Darmstadt,Germany. Research Assistant
June - September 1994 : Banco de Castilla - Salamanca, Spain
Internship in the controlling department and in a branch
January - April 1994 : P. A. Becker & Co- Johannesburg, South Africa
Internship as a trainee auditor in a chartered accountants/consultants company
October 1992 - April 1993 : B. Metzler seel. Sohn & Co. KGaA -Frankfurt,Germany
Part-time employee (one to two days a week) in the controlling department of Metzler Bank
- August - September 1990 and September - October 1991 : P.I.V. GmbH & Co. KG - Bad Homburg, Germany. Internship position in a factory (mandatory for the engineering bachelor degree) : gained workfloor experience and insight into production processes
March and April 1991 : B. Metzler seel. Sohn & Co. KGaA - Frankfurt,Germany
Temporary employment in the credit department of Metzler Bank, controlling and managing particular credit exposures
Languages : German (native), English (+++), French (++), Spanish (+)
Venture Capital and Private Equity, Entrepreneurial Finance
Graduate courses such as “Entrepreneurial Finance, Venture Capital and Private Equity”, “LBOs”, “Shareholder Value Analysis and Company Valuation”, “Financial Strategy”, “Financial Markets”, and “Investments” at EMLYON Business School
Specialization course “Alternative Assets: Venture Capital and Private Equity”, and undergraduate course “Portfolio Management”, both 30 hours in the winter term at UNSW, 2010
“Corporate Finance I”, “Corporate Finance II”, “Financial Strategy”, “Finance and Investments”, and “Financial Engineering” (all of them 20 to 30 hours courses on the graduate level) at GSCM –MontpellierBusinessSchool
Invited lecture “Entrepreneurial Finance” at ESC Toulouse, France in the 2009 Summer Term
Since 2007 “Entrepreneurial Finance,Business Plans and Venture Capital” 60 hours full lecture series at Free University of Bozen Bolzano, mandatory lecture for the Graduate program “Global Management and Markets – Majoring in Entrepreneurship”
“Corporate Finance”, 30 hours full lecture series, held annually from 1998 to 2006 at Darmstadt University of Technology – mandatory lecture for the Master´s candidates in Finance
Occassionally “Foundations of Finance”, mandatory lecture for all Master Candidates at my time at Darmstadt University of Technology
Occasionally “Fundamentals of Business Administration”, mandatory lecture for Bachelor´s Candidates at my time at Darmstadt University of Technology
Invited lecture series for “General Corporate Finance and Banking” at the University Polytehnica of Bucharest, Romania, two weeks in June 1999
Invited lecture seriesin “European Foundations of Finance and Banking” for South-East-Asian Executives on behalf of the German Foundation for International Development,Berlin,Germany, one week in April 1998
Venture Capital, Private Equity, Entrepreneurial Finance
- Referee Activities :
Referee activities for the Journal of Banking and Finance, the Journal of International Money and Finance, the Journal of Business Venturing, the Strategic Entrepreneurship Journal, Entrepreneurship Theory and Praxis, the Journal of Economic Surveys, Frontiers in Finance and Economics, for the German Journals “DBW - Die Betriebswirtschaft” and “Kredit und Kapital”, for the Swiss Journal “Die Unternehmung”, and for numerous conferences.
ACADEMIC ARTICLES (13)GROH Alexander, ANDRIEU Guillaume (2012). Entrepreneurs' Financing Choice between Independent and Bank-Affiliated Venture Capital Firms. Journal of Corporate Finance: Contracting, Governance and Organization, 18 (5).
GROH Alexander, WICH Matthias (2012). Emerging economies' attraction of foreign direct investment. Emerging Markets Review, 13 (2).
LIESER Karsten, GROH Alexander (2011). The Attractiveness of 66 Countries for Institutional Real Estate Investments. Journal of Real Estate Portfolio Management, 17 (3).
GROH Alexander, GOTTSCHALG Oliver (2011). The effect of leverage on the cost of capital of US buyouts. Journal of Banking and Finance, 35 (8).
GROH Alexander, LIECHTENSTEIN Heinrich von (2011). International Allocation Determinants of Institutional Investments in Venture Capital and Private Equity Limited Partnerships. Journal of International Banking, Accounting and Finance, 3 (2/3).
GROH Alexander, LIECHTENSTEIN Heinrich von (2011). The first step of the capital flow from institutions to entrepreneurs : the criteria for sorting venture capital funds. European Financial Management, 17 (3).
GROH Alexander, LIECHTENSTEIN Heinrich von (2011). Determinants for allocations to Central Eastern Europe venture capital and private equity limited partnerships. Venture Capital, 13 (2).
GROH Alexander, LIECHTENSTEIN Heinrich von, MIGUEL Canela (2010). Limited Partners' Perceptions of the Central Eastern European Venture Capital and Private Equity Market. Journal of Alternative Investments, 12 (3).
GROH Alexander, LIECHTENSTEIN Heinrich von, LIESER Karsten (2010). The European Venture Capital and Private Equity country attractiveness indices. Journal of Corporate Finance: Contracting, Governance and Organization, 16 (2).
GROH Alexander, LIECHTENSTEIN Heinrich von (2009). How attractive is central Eastern Europe for risk capital investors?. Journal of International Money and Finance, 28 (4).
GROH Alexander, GUREAU Calin (2009). The Impact of Regional Development Policies on ICT and Biotech Firm Creation : A Comparative Analysis of France, Germany and the UK. International Journal of Entrepreneurship and Small Business, 7 (3).
GROH Alexander, HENSELEIT Christoph (2009). The Valuation of Tax Shields Induced by Asset Step-ups in Corporate Acquisitions. Review of Business, 30 (1).
GROH Alexander, BAULE Rainer, GOTTSCHALG Oliver (2008). Measuring Idiosyncratic Risks in Leveraged Buyout transactions. Quarterly Journal of Finance and Accounting, 47 (4).
BOOKS (6)GROH Alexander, LIECHTENSTEIN Heinrich von, LIESER Karsten (2012). The Global Venture Capital and Private Equity Country Attractiveness Index : 2012 Annual. .
LIECHTENSTEIN Heinrich von, GROH Alexander, LIESER Karsten (2011). The Global Venture Capital and Private Equity Country Attractiveness Index: 2011 Annual. IESE Insight.
GROH Alexander, LIECHTENSTEIN Heinrich von, LIESER Karsten (2010). The Global Venture Capital and Private Equity Country Attractiveness Index : 2009/2010 annual. IESE Insight.
BETSCH Oskar, GROH Alexander, SCHMIDT Kay (2000). Gründungs- und Wachstumsfinanzierung innovativer Unternehmen (Financing Innovations, Start-up and Growth). Oldenbourg.
BETSCH Oskar, GROH Alexander, LOHMAN Lutz (2000). Corporate Finance. 2nd Edition. Vahlen.
BETSCH Oskar, GROH Alexander, LOHMAN Lutz (1998). Corporate Finance. 1st Edition. Vahlen.
PRESS ARTICLES (1)GROH Alexander, LIESER Karsten (2010). Heading down Route 66 : How do the 66 investable real estate markets around the world measure up for institutional investors?. The Institutional Real Estate Letter – Europe, 4 (10).
CASE STUDIES (1)HIRSHORN, Mike, BONDAREW Veronica [et alii] (2011). BTF PTY LTD : An Interconinental VC Transaction. ECCH, 111-001-1.