Academic and Professional Education
Since September 2010: Associate Professor of Finance at EMLYON Business School, Ecully, France
January 2010 – July 2010: Visiting Scholar at the School of Banking and Finance of the University of New South Wales (UNSW), Sydney, Australia
Teaching tasks included one course on Venture Capital and Private Equity, and one course on Portfolio Management
November 2008 – Dec. 2009: Visiting Scholar at IESE Business School, University of Navarra, Barcelona, Spain
Research project on a world-wide Venture Capital and Private Equity country attractiveness index
April 2007 – August 2010: Associate Professor of Finance at GSCM – Montpellier Business School, Montpellier, France, Affiliated Professor of the International Center for Financial Research (CIIF) at IESE Business School, Barcelona, Spain, and Adjunct Professor of Entrepreneurial Finance at Free University of Bolzano, Bolzano, Italy
May 2006 – March 2007: Visiting Scholar at IESE Business School, University of Navarra, Barcelona, Spain
Research project on Venture Capital and Private Equity in Central Eastern Europe
September 2004 – April 2005: Postdoc Researcher 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
PhD. thesis is titled “Risk-Adjusted Performance Measures of Private Equity Investments”
January 1999 – Dez. 2006: Finance Department of Darmstadt University of Technology, Darmstadt, Germany
Formerly PhD. student and Research Associate, responsible for particular research projects, lectures, seminars, students´ 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.
Work experience
November 1996 – present: Quadriga Capital Services GmbH, Frankfurt, Germany
Consultant for an independent Private Equity Fund.
September – Dezember 1998: M.C. Wilhelm Associates, Chicago, USA
Temporary employment with a consulting firm specialised on energy risk management. Developed pricing tools for derivates in electricity markets.
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
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: P.I.V. GmbH & Co. KG, Bad Homburg, Germany
and September - October 1991
Internship position.
March and April 1991: B. Metzler seel. Sohn & Co. KGaA, Frankfurt, Germany
Temporary employment in the credit department of Metzler Bank.
Languages
German (native), English (+++), French (++), Spanish (+)
Work in Progress
Working Papers are available at SSRN, http://ssrn.com/author=330804
together with Ludovic Phalippou, “A First Mover Disadvantage: The Case of Emerging Market Private Equity
together with Karsten Lieser, “The Attractiveness of 66 Countries for Institutional Real Estate Investments: A Composite Index Approach”
together with Oliver Gottschalg, “The Opportunity Cost of Capital of US Buyouts”, NBER working paper 14148
together with Matthias Wich, “A Composite Measure to Determine a Host Country’s Attractiveness for Foreign Direct Investment”
together with Heinrich Liechtenstein, “The Global VC and PE Country Attractiveness Index”
Publications
Refereed Journals
together with Oliver Gottschalg, “The Effect of Leverage on the Cost of Capital of US Buyouts”, forthcoming in the Journal of Banking and Finance
together with Heinrich Liechtenstein, “International Allocation Determinants of Institutional Investments in Venture Capital and Private Equity Limited Partnerships”, forthcoming in the Journal of International Banking, Accounting and Finance
together with Heinrich Liechtenstein, “The First Step of the Capital Flow from Institutions to Entrepreneurs: The Criteria for Sorting Venture Capital Funds”, forthcoming in European Financial Management
together with Heinrich Liechtenstein, “Determinants for Allocations to CEE Venture Capital and Private Equity Limited Partnerships”, forthcoming in Venture Capital, Volume 13, 2011
together with Heinrich Liechtenstein and Karsten Lieser, “The European Venture Capital and Private Equity Country Attractiveness Indices”, Journal of Corporate Finance, Volume 16, Issue 2, April 2010, pp. 205 - 224
together with Heinrich Liechtenstein and Miguel Canela, “Limited Partners’ Perceptions of the Central Eastern European Venture Capital and Private Equity Market”, Journal of Alternative Investments, Winter 2010, Volume 12, Issue 3, pp. 96 - 112
together with Christoph Henseleit, “The Valuation of Tax Shields Induced by Asset Step-ups in Corporate Acquisitions”, Review of Business, Volume 30, Number 1, Fall 2009, pp. 17 - 32
together with Heinrich Liechtenstein, “How Attractive is CEE for Risk Capital Investors?”, Journal of International Money and Finance, Volume 28, Number 4, June 2009, pp. 625 - 647
together with Calin Gurau, “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, Volume 7, Number 3, 2009, 347 – 366
together with Rainer Baule and Oliver Gottschalg, “Measuring Idiosyncratic Risks in Leveraged Buyout transactions”, Quarterly Journal of Finance and Accounting (formerly: Quarterly Journal of Business and Economics), Volume 47, Number 4, 2008, pp. 5 - 24
Chapters in books
“The Capital Flow from Institutional Investors to Entrepreneurs”, forthcoming in Douglas Cumming (ed.): Entrepreneurial Finance Handbook, Oxford University Press (publ.)
“Private Equity in Emerging Markets”, in Douglas Cumming (ed.): Companion to Private Equity, Blackwell (publ.), pp. 419 - 436
together with Max Römer, “Commercial and Strategic Due Diligence” (in German), in: Friedhold E. Andreas and Daniel Beisel (ed.): “Due Diligence Handbook”, 2nd edition München, pp. 641 - 668
“Benchmarking Leveraged Buyout Transactions”, in Oliver Gottschalg (ed.): The Mathematics of Private Equity, Private Equity Media (publ.), 2009, pp. 43 – 53
“How European Countries Attract Institutional Investors’ Venture Capital and Private Equity Allocations”, in Swiss Private Equity and Corporate Finance Association (ed.): Yearbook 2009, pp. 34 - 40
together with Max Römer, “Commercial and Strategic Due Diligence” (in German), in: Friedhold E. Andreas and Daniel Beisel (ed.): “Due Diligence Handbook”, München, 2007, pp. 593 – 621
“Valuer++TM - a Tool for Financial Analysis of Strategic Investments” (in German), in: Hans-Jürgen Wurl, (ed.): “Controlling of Strategic Investments”, Stuttgart, 2002, pp.77 – 99
together with Andreas Fendel, “Private Equity for Long Term Growth” (in German), in: Booz Allen Hamilton (ed.): “Strategic Corporate Finance”, Frankfurt am Main, 2002, pp. 90 – 123
together with Max Römer, “Private Equity and Leveraged Buyouts” (in German), in: Jörg Richard and Stefan Weinheimer (ed.): “Going Private Handbook”, Heidelberg, 2002, pp. 143 – 170
Books
“Risk Adjusted Performance Measures for Private Equity Investments” (in German), published Ph.D. thesis, Wiesbaden, 2004, 340 pages
together with Oskar Betsch and Lutz Lohman: “Corporate Finance” (German corporate finance textbook on master level), 2nd Edition, München, 2000, 423 pages
together with Oskar Betsch and Kay Schmidt: “Financing Innovations, Startup and Growth” (German venture capital textbook on master level), München, 2000, 281 pages
together with Oskar Betsch and Lutz Lohman: “Corporate Finance” (German corporate finance textbook on master level), 1st Edition, München, 1998, 305 pages
Other contributions
together with Karten Lieser, “Heading Down Route 66”, in: The Institutional Real Estate Letter – Europe, Volume 4, Number 10, pp. 24 - 26
together with Heinrich Liechtenstein and Karsten Lieser, “The Attractiveness of DACH for Limited Partners”, in: Bundesverband Alternativer Investments (BAI) Newsletter April 2010, pp. 30 - 33
together with Heinrich Leichtenstein, “The Russian Private Equity Market – Its Strengths, its Weaknesses and its Opportunities”, Featured Article in: Private Equity in Russia and CIS, Number 1, January 2010, pp. 10 - 12
together with Heinrich Liechtenstein and Karsten Lieser, “How European Countries Attract Institutional Investors’ Venture Capital and Private Equity Allocations”, in: Swiss Private Equity & Corporate Finance Association, Yearbook 2009, pp. 34 - 40
together with Heinrich Liechtenstein and Karsten Lieser, “Ranking the Attractiveness of European Union Countries for Venture Capital and Private Equity Investors”, in: Tomic, Igor M. and Rong Qi (ed.): Financial Services: Imoprts or Exports?, New York 2007 (conference proceedings), pp. 14 – 22
together with Heinrich Liechtenstein and Miguel Canela, “Decision Parameters for International Venture Capital and Private Equity Allocations”, in: Tomic, Igor M. and Rong Qi (ed.): Financial Services: Imoprts or Exports?, New York 2007 (conference proceedings), pp. 105 – 111
together with Oliver Gottschalg, “Venture Capital and Private Equity from an Economist`s Point of View” (in German), in: “Zeitschrift für das gesamte Kreditwesen” Vol. 58, No.1, 2005, pp. 26 -29
“Valuation of Private Equity Investments”, in: European Private Equity and Venture Capital Association (ed.): “Entrepreneurship Educational Toolkit on Private Equity & Venture Capital”, Zaventem, 2002, 23 pages
“Online-Brokerage: Adding Value with Risk Management Systems” (in German), “Bank und Markt”, Vol. 30, No. 3, 2001, pp. 30 - 34
Academic Seminars and Conference Presentations
The paper “The Attractiveness of 66 Countries for Institutional Real Estate Investments: A Composite Index Approach” was presented at the annual European Real Estate Society conference, 24th – 26th June 2010
The paper “The First Step of the Capital Flow from Institutions to Entrepreneurs: The Criteria for Sorting Venture Capital Funds” was presented at the workshop “Reassessing the Relationships between Private Equity Investors and Their Portfolio Companies”, Vlerick Leuven Gent Management School, October 1st 2010, at the EFM 2010 Symposium on Entrepreneurial Finance and Venture Capital Markets in Montreal, Canada, 15th - 17th April 2010, and at 17th Finance Forum in Madrid, Spain, 4th and 5th November 2009
The paper “A Composite Measure to Determine a Host Country’s Attractiveness for Foreign Direct Investment” was presented at the 2010 Annual FMA Meeting, New York City, USA, 23rd October 2010 and at the EIASM conference “Cross Border M&A: Challenges and Opportunities in Global Business Environment, Brussels, Belgium, 12th – 13th November 2009
Presentation of the paper “The Attractiveness of Central Eastern European Countries for Venture Capital and Private Equity Investors” at the 2008 FMA Meeting in Dallas, Texas, USA, October 10th 2008, the 2008 Annual Meeting of the European Finance Association in Athens, Greece, August 28th, at the 6th Annual INFINTI Conference on International Finance at Trinity College Dublin, Ireland, June 9th 2008, at the 2nd Emerging Markets Group Conference on Emerging Markets Finance, Cass Business School, London, United Kingdom, May 15th 2008, at the 11th Conference of the Swiss Society for Financial Market Research, Zurich, Switzerland, April 11th, at the Annual Meeting of the Midwest Finance Association, San Atonio, Texas, USA, February 29th 2008, at the AFFI 2007 Meeting, Bordeaux, France, June 27th 2007, at the Financial Services Institute’s Symposium, New York City, USA, September 14th 2007, and at the Kauffman Symposium on Entrepreneurship and Innovation Data, Kansas City, Missouri, USA, November 2nd 2007
The paper “International Allocation Determinants of Institutional Investments in Venture Capital and Private Equity Limited Partnerships” was presented at the 2009 FMA Annual meeting October 23rd 2009, Reno, Nevada, USA, at the 16th Annual Conference of the Multinational Finance Society, July 1st 2009, Rethymno, Greece, the 2008 EFMA Meeting, Athens, Greece, June 26th 2008, at the 6th Annual INFINTI Conference on International Finance at Trinity College Dublin, Ireland, June 9th 2008, and at the Financial Services Institute’s Symposium, New York City, USA, September 14th 2007
Presentation of the paper “Measuring Idiosyncratic Risks in Leveraged Buyout Transactions” at the 2008 Annual Meeting of the European Finance Association in Athens, Greece, August 28th, at the Annual Meeting of the Midwest Finance Association, San Atonio, Texas, USA, February 29th 2008, the Southern Finance Association Annual Meeting 2007, Charleston, South Carolina, USA, November 15th 2007 and at the German Finance Association Annual Meeting 2007, Dresden, Germany, September 28th
Presentation of the paper “Limited Partners’ Perceptions of the Central Eastern European Venture Capital and Private Equity Market” at the 6th Annual INFINTI Conference on International Finance at Trinity College Dublin, Ireland, June 9th 2008, and at the Annual Meeting of the Midwest Finance Association, San Atonio, Texas, USA, March 1st 2008
Presentation of the paper “The Risk-Adjusted Performance of US Buyouts” (now revised: “The Opportunity Cost of Capital of US Buyouts” at the at the London Business School Private Equity Symposium, United Kingdom, June 6th and 7th 2008, at a Workshop on Private Equity at EM Lyon, France, May 28th, 2008, at the NBER conference “The New World of Private Equity” in New Paltz, New York, USA, April 4th 2008, the 2007 Western Finance Association Conference, Big Sky Resort, Montana, USA, June 28th 2007, the NBER pre conference on Private Equity, Cambridge, Massachusetts, USA, October 5th 2007, the Annual Meeting of the Financial Management Association, Salt Lake City, Utah, USA, October 2006, the 4th Portuguese Finance Network International Conference, Porto, Portugal, July 2006, the Annual Meeting of the European Financial Management Association, Madrid, Spain, June 2006, the Annual Conference of the French Finance Association, Poitiers, France, June 2006, the 23rd International Symposium on Money, Banking, and Finance, Lille, France, June 2006, the 30th Anniversary of the Journal of Banking and Finance Conference, Beijing, China, June 2006, a research Seminar at Alicante University, Spain, Mai 2006, the Global Finance Conference, Rio de Janeiro, Brasil, April 2006, the Journal of Corporate Finance Special Issue Conference on Private Equity, LBOs, and Governance, Albany, USA, April 2006, the Gutmann Center Symposium on Real Assets and Portfolio Management, Vienna, Austria, March 2006, the 5th Workshop on Financial Markets, Cologne, Germany, January 2006, the Campus for Finance Conference, Vallendar, Germany, January 2006, the 10th Symposium on Finance, Banking, and Insurance, Karlsruhe, Germany, December 2005, the 18th Australasian Finance and Banking Conference, Sydney, Australia, December 2005, the XIII Foro de Finanzas, Madrid, Spain, November 2005, the 12th Annual Meeting of the German Finance Association, Augsburg, Germany, October 2005, and a Research Seminar at HEC, Jouy en Josas, France, June 2005
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, the Journal of Economic Surveys, Frontiers in Finance and Economics, for the German Journal DBW “Die Betriebswirtschaft”, for the Swiss Journal “Die Unternehmung”, and for many conferences.
Teaching
Courses such as “Venture Capital and Private Equity”, “LBOs”, “Shareholder Value Analysis and Company Valuation”, “Financial Strategy” at EMLYON Business School
Graduate course “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 MBA level) at GSCM – Montpellier Business School, since April 2007
“Entrepreneurial Finance” at ESC Toulouse, France in the 2009 Summer Term
Teaching contract for “Business Plans and Venture Capital” 30 hours full lecture series at Free University of Bozen Bolzano, since Winter Term 2006/2007, mandatory lecture in their 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
Invited lecture series for “General Corporate Finance and Banking” at the University Polytehnica of Bucharest, Romania, two weeks in June 1999
Grant and Awards
Research grant from the International Center for Financial Research at IESE Business School, Barcelona (10,000.-- €)
2006 Reviewer Award of “Die Unternehmung”
“Featured Paper Award" for the paper "The Attractiveness of Central Eastern European Countries for Venture Capital and Private Equity Investors" from the Financial Services Institute’s Symposium, New York City, September 14th 2007
Speeches and Conference Presentations as a Practioner
Lectures on valuation and the economics of VC and PE on behalf of the Indian Venture Capital Association. Course participants are Indian VC and PE executives, http://www.indiavca.org/
Since 1998 semiannual lectures about “Valuation Private Equity Investments” on behalf of the European Private Equity and Venture Capital Association (EVCA) Institute for their introduction courses. Course participants are European VC and PE executives http://www.evca.eu/
Lecture and case study “Structuring Leveraged Buyout Transactions” on behalf of the European Private Equity and Venture Capital Association (EVCA) Institute for their introduction course in Amsterdam, April 5th 2007
“Cross Border Syndication of Private Equity Investments”, at the “Conference on Management Buyouts” of the European Private Equity and Venture Capital Association (EVCA), held October 2002 in Frankfurt, Germany
General Research Interests
Venture Capital and Private Equity
Entrepreneurial Finance
Research project “Global Venture Capital and Private Equity Country Attractiveness Index” together with Heinrich Liechtenstein (IESE Business School, Barcelona) http://vcpeindex.iese.us/. The project is sponsored by E&Y.