Welcome to CEFS
at Technische Universität München (TUM)
News Section |
| 29.07.2010 |
Interview with Prof. Kaserer about costs of the financial crisis
Prof. Kaserer wrote an expert report on costs of the financial crisis and the need of state exit in bank investments for the Initiative Neue Soziale Marktwirtschaft.
The report can be found at www.insm.de or here .
|
| 24.07.2010 |
Prof. Kaserer on the results of stress tests of European banks
In an interview with tagesschau.de, Prof. Kaserer cautions against considering the banking system resistent to crises. Important elements of the recent crisis and interactions between the institutes had not been investigated.
Interview (in German).
|
| 16.07.2010 |
Paper accepted for publication in European Financial Management
The paper 'Private Equity Acquisitions of Continental European Firms - The Impact of Ownership and Control on the Likelihood of Being Taken Private' by Ann-Kristin Achleitner, André Betzer, Marc Goergen and Bastian Hinterramskogler has been accepted for publication in European Financial Management.
|
| 05.07.2010 |
Paper accepted for publication in Review of Managerial Science (RoMS)
The paper 'Determinants of Director Compensation in Two-Tier Systems: Evidence from German Panel Data', by Jörn Andreas, Marc Steffen Rapp and Michael Wolff was accepted for publication in the Review of Managerial Science (RoMS). Using a novel, hand-collected data set covering all German non-financial Prime Standard firms the paper examines determinants of director compensation. Thereby the paper analyses three potential determinants: firm, performance, and corporate governance characteristics. The CEFS is happy to announce the forthcoming publication in this well renowned journal.
The paper is hosted on SSRN.
|
| 05.07.2010 |
Paper accepted for publication in Zeitschrift für betriebswirtschaftliche Forschung (ZfbF)
The paper 'Der Einfluss der Aufsichtsratszusammensetzung auf die Präsenz von Frauen in Aufsichtsräten' (engl: The influence of the supervisory board composition on the presence of women in supervisory boards), by Jana Oehmichen, Marc Steffen Rapp and Michael Wolff was accepted for publication in Zeitschrift für betriebswirtschaftliche Forschung (ZfbF). The authors find that currently only some 4% of supervisory board members in German listed firm are female and analyze whether certain board characteristics can explain this figure. Therefore, the authors collect data for 44,596 supervisory board member positions within approximately 600 German listed companies from 1998 to 2007. They find that the probability of having a female shareholder representative increases if the male directors already had the chance to experience a female director and if employees have at least one female representative. In contrast, the likelihood of having a female supervisory board member decreases with the degree of centrality of the supervisory board within the 'old boys' network'.
The CEFS is happy to announce the forthcoming publication in this well renowned journal.
|
| 26.06.2010 |
Prof. Josh Lerner at CEFS for doctoral seminar
On Saturday, 26th of June, Prof. Josh Lerner, PhD, from Harvard Business School held a doctoral seminar at CEFS on the topic 'Research Opportunities in Entrepreneurial Finance'. He presented three recent working papers and outlined current trends in the research field. Participants in the seminar included 16 doctoral students and three assistant professors from CEFS.
|
| 09.06.2010 |
Energie braucht Unternehmer - Unternehmer brauchen Energie
On 21 June 2010 we will be welcoming Dr. Jürgen Großmann, CEO of RWE AG, to our semi-annual CEFS Speaker Series at Technische Universität München. Dr. Großmann's speech will be held in the university's main lecture hall Audimax at 7pm and will be followed by a reception in the foyer to the lecture hall.
For further information, please click here [PDF].
|
| 07.06.2010 |
SWM Dissertation Prize for Stephanie Schraml and Bernhard Gegenfurtner
Both former CEFS members Stephanie Schraml and Bernhard Gegenfurtner will be awarded the Stadtwerke München Förderpreis for their
outstanding dissertations. The price is awarded for the second time at Technische Universität München.
|
| 13.04.2010 |
Case study on Messer Griesheim accepted for publication in The Journal of Private Equity
The paper 'Family Business and Private Equity: Conflict or Collaboration? The Case of Messer Griesheim', by Achleitner/Herman/Lerner/Lutz was accepted for publication in The Journal of Private Equity. The paper analyzes the buyout of the German industrial gas company Messer Griesheim by Allianz Capital Partners and Goldman Sachs in 2001. Under private equity ownership, the company was restructured at a critical inflection point and governance benefits were alleviated through closer monitoring of the management, valuable external board members and stronger management incentives. The deal navigated the delicate nature of specific aspects of a private equity-backed family firm and finally led to the family regaining control over a portion of its original businesses.
|
| 30.03.2010 |
Cornelia Ernst wins DZ-Bank Karrierepreis
Cornelia Ernst won the "Karriere Preis" of DZ Bank for her thesis "The most reliable approach to measure Value at Risk adjusted for market liquidity". Dr. Sebastian Stange supervised the thesis.
For more information click here [pdf].
|
| 24.03.2010 |
CEFS-Speaker-Series with Dr. Jürgen Großmann (CEO of RWE) on 21 June 2010
On 21 June 2010 we will be welcoming Dr. Jürgen Großmann, CEO of RWE AG, to our semi-annual CEFS Speaker Series at Technische Universität München. Dr. Großmann's speech will be held in the university's main lecture hall Audimax at 6:30pm and will be followed by a reception in the foyer to the lecture hall.
For further information, please click here [pdf].
|
| 24.03.2010 |
Paper accepted for publication in European Financial Management (EFM)
The revised paper entitled "Do Corporate Governance Motives Drive Hedge Fund and Private Equity Fund Activities?" by Ann-Kristin Achleitner, André Betzer and Jasmin Gider, has been accepted for publication in the European Financial Management (EFM) journal. The authors show empirical evidence that both hedge fund and private equity investments are driven by corporate governance improvements, but seem to address different types of agency conflicts. The authors further show that the two investment classes appear to address free cash flow problems differently.
The paper is hosted on SSRN.
|
| 12.03.2010 |
Paper accepted for publication in Problems and Perspectives in Management (PPM)
The paper ' Information Asymmetries and the Value-Relevance of Cash Flow and Accounting Figures - Empirical Analysis and Implications for Managerial Accounting', by Marc Steffen Rapp was accepted for publication in the Problems and Perspectives in Management (PPM). The paper examines the correlation between operating cash flows and earnings with firm's total shareholder returns. Using fixed firm effects regression methods the analysis shows that with increasing information asymmetry earnings become less correlated with the firm's stock market performance and operating cash flows dominate earnings in explaining total shareholder return (and vice versa). The CEFS is happy to announce the forthcoming publication in this renowned journal.
The paper is hosted on SSRN.
|
| 12.03.2010 |
Paper accepted for publication in Zeitschrift für Betriebswirtschaft (ZfB)
The paper 'Determinanten der Vorstandsvergütung - Eine empirische Untersuchung der deutschen Prime-Standard-Unternehmen' (engl: Determinants of Executive Compensation - Empirical Evidence from German Prime Standard Firms), by Marc Steffen Rapp and Michael Wolff was accepted for publication in the Zeitschrift für Betriebswirtschaft (ZfB). Using a novel, hand-collected data set covering all German non-financial Prime Standard firms the paper examines determinants of executive compensation distinguishing three potential determinants: firm, performance, and corporate governance characteristics. The CEFS is happy to announce the forthcoming publication in this well renowned journal.
The paper is hosted on SSRN.
|
| 08.03.2010 |
Two academic papers accepted for the EFM Symposium 2010 - Entrepreneurial Finance & Venture Capital Markets
We are happy to announce that two academic papers have been accepted for the upcoming European Financial Management - Entrepreneurial Finance & Venture Capital Markets Symposium in Montral, Canada on April 15-17, 2010. The papers going to be presented are 'Private Equity Funds: Valuation, Systematic Risk and Illiquidity' by Buchner Axel, Christoph Kaserer and Niklas Wagner; 'Structure and Determinants of Financial Covenants in Leveraged Buyouts - Evidence from an Economy with strong Creditor Rights' by Ann-Kristin Achleitner, Reiner Braun and Florian Tappeiner. Keynote speakers include Josh Lerner and Alexander Ljungqvist.
|
| 24.02.2010 |
3rd EFI Report on 'Research, Innovation and Technological Performance in Germany' published
The third expertise on 'Research, Innovation and Technological Performance in Germany' was handed over to the federal German
government by the independent expert commission of which Ann-Kristin Achleitner is a member.
It can be downloaded from EFI [german].
Press release
Interview with Prof. Ann-Kristin Achleitner and Prof. Dietmar Harhoff.
|
| 22.01.2010 |
Expertise on financial regulation published
An expertise evaluating current proposals for regulating the financial sector in Germany has been published. The study was
conducted by Prof. Christoph Kaserer on behalf of VBM - Verband der Bayerischen
Metall- und Elektro-Industrie e. V. (one of the employers' associations of the Bavarian electrical and metalworking industries).
Summary [pdf in German]
Long version [pdf in German]
|
| 29.11.2009 |
Paper accepted for publication in The Journal of Private Equity
The paper 'Value Creation Drivers in Private Equity Buyouts: Empirical Evidence from Europe', by Achleitner/Braun/Engel/Figge/Tappeiner was accepted for publication in The Journal of Private Equity. The paper analyzes value creation drivers in European (Continental Europe and the UK) buyouts from the perspective of private equity sponsors using a new value creation framework. The CEFS is happy to announce the forthcoming publication in this well renowned journal.
[SSRN]
|
| 29.11.2009 |
CEFS becomes 'Special place in the land of ideas' 2010
We are proud to announce that the CEFS was voted among more than 2,200 applications as one of the '365 Orte im Land der Ideen' ('365 places in the land of ideas') 2010. The competition is an initiative of the German government in cooperation with Deutsche Bank. The patron is Germany's federal president Horst Köhler. CEFS won with its unique profile against many competitors and was able to convince the highly ranked jury.
More information
|
| 26.11.2009 |
TU München ranked fourth as top-universities of entrepreneurship education
The LMU chair on economic geography and tourism research conducted the ranking 'From student to Entrepreneur: Which university provides highest chances?' for the fifth time. The study compares 59 German universities on various measurements, such as offered entrepreneurship courses and support of young entrepreneurs. TUM ranked 4th with 257 of 400 points, closely after the Universität Potsdam (285), the Bergische Universität Wuppertal (273), and the Technische Universität Dresden (262).
For further infomation (in German): www.wigeo-muenchen.de
|
| 20.11.2009 |
Paper on 'Investment Rationales of Hedge Funds and Private Equity Funds in the German Stock Market' accepted for presentation
The paper "Investment Rationales of Hedge Funds and Private Equity Funds in the German Stock Market" by Achleitner / Betzer / Gider has been accepted for presentation at the 2010 meetings of Midwest Finance Association! The meeting is well renowned and of high reputation in the scientific world.
[SSRN]
|
| 12.11.2009 |
CEFS-Speaker-Series with Dr. Martin Halusa, CEO of Apax Partners
Dr. Martin Halusa, CEO of Apax Partners, one of the world's largest private equity firms, comes to speak at the Technische Universität München (Audimax) on November 26, 2009 at 5 pm on 'A Few Learnings from the Recession'.
We would be pleased to welcome you to the CEFS Speakers Series!
More information
|
| 12.11.2009 |
Film on NTV: CEFS Study on Listed Familiy Firms
Family Firms are innovative and of high growth. This was shown by the CEFS study on Listed Family Firms.
Video on n-tv (in german)
|
| 12.11.2009 |
Paper accepted for publication in European Financial Management Journal
The paper 'Investment Rationales of Hedge Funds and Private Equity Funds in the German Stock Market', by Achleitner/Betzer/Gider was accepted for publication in the European Financial Management Journal. The paper analyzes the investment strategies of hedge funds and private equity fund in public equity markets. It provides empirical evidence for substantial differences in the investment strategies. The CEFS is happy to announce the forthcoming publication in this well renowned journal.
[SSRN]
|
| 11.11.2009 |
German stock exchange to create two new family firm indices
In Frankfurt, Deutsche Börse AG has announced the launch of two new stock indices based on research done in Munich - at TUM, the Technische Universität München. Beginning on January 4, 2010, the DAXplus Family and the DAXplus Family 20 will become part of the DAX index family. The first index is tracking all listed German family firms, as defined by criteria developed at the university's Center for Entrepreneurial and Financial Studies (CEFS). The second one is focused on the 20 largest German family firms.
TUM Press Release (English)
TUM Press Release (German)
Deutsche Börse Presse Release
Film about the two new family firm indices
DAXplus Family index presentation (German equity forum 2009) [PDF]
Overview DAXplus Family and GEX [PDF in german]
|
| 09.11.2009 |
Study on equity finance in small and medium enterprises
With the recent financial crisis, the importance of equity finance has received increased attention by both businesses and the general public. A joint study by the Center for Entrepreneurial and Financial Studies, Ernst & Young and Deutsche Börse investigates the reasons for this trend towards a higher level of equity finance. The authors also analyze the relevance of public offerings of equity to a company's development and to the national economy.
Press release (in German)
Full text [PDF in German]
Video (DAF - Deutsches Anleger Fernsehen)
|
| 03.11.2009 |
More industrious ant than hungry locust: The listed family business
Around half of all listed companies in Germany are family-owned. They have less debt and therefore more equity behind them to survive times of economic hardship, and their workforces are growing at a faster rate. These are some of the findings of a comprehensive analysis of stock market-listed family businesses in Germany presented by Prof. Ann-Kristin Achleitner, Prof. Christoph Kaserer and their team at the Center for Entrepreneurial and Financial Studies at the Technical University Munich (TUM). The study was commissioned by the Family Business Foundation (Stiftung Familienunternehmen) in Munich.
Press release [PDF]
|
| 02.11.2009 |
Paper accepted for European Journal of Finance
The Paper 'Wealth effects of private equity investments on the German stock market' (by Achleitner, Andres, Betzer and Weir) has been accepted at the European Journal of Finance. It investigates the wealth effects of private equity (PE) investor purchases of shares in German quoted companies. It is the first study to analyze these effects for the German market which is particularly interesting due to its distinct characteristics with regard to the ownership structure of publicly listed companies and the protection of minority shareholders.
[SSRN]
|
| 20.10.2009 |
New Study on Listed Family Firms
Together with their team Prof. Achleitner and Prof. Kaserer conducted an extensive study on listed family firms in cooperation with Stiftung Familienunternehmen based on all non-financial firms listed in the CDAX from 1998 to 2008. According to a founding-family definition about half of all CDAX-listed non-financial firms in Germany can be classified as family firms. This firm type provides about one third of the market capitalization in the sample and differs distinctively from their non-family counterpart in terms of size, employee growth, capital structure and industry distribution. The study finds a weak positive family influence on operating performance and provides evidence that concerning stock market performance family firms are more sensitive to market movements compared to non-family firms.
[Press release (in german)]
[Press release Stiftung Familienunternehmen (PDF in german)]
[SSRN]
|
| 12.10.2009 |
Case study 'New Look: Going Private with Private Equity Support' forthcoming in JBS
We are happy to announce that the case study 'New Look: Going Private with Private Equity Support' by Ann-Kristin Achleitner (CEFS), Eva Lutz (CEFS), Kerry Herman (HBS) and Josh Lerner (HBS) was accepted for publication in the Journal of Business Strategy (JBS). It is forthcoming in early 2010. The case study analyzes New Look as a European public-to-private transaction with support of private equity. It offers rich evidence on the impact of private equity on issues such as corporate governance, employment and leverage.
[SSRN]
|
| 09.10.2009 |
New CEFS study on value creation drivers in private equity transactions
A team of CEFS led by Prof. Dr. Dr. Ann-Kristin Achleitner conducted a detailed value creation analysis using a dataset of over 200 completed private equity (PE) transactions in the period 1989 to 2006. The dataset was made available by the cooperation partner Capital Dynamics, a large PE fund of fund. Key findings are that two thirds of value creation can be attributed to operational and market effects, i.e. EBITDA and cash flow growth as well as multiple expansion. The remaining third is due to the use of leverage. The analysis further shows that, compared to publicly listed benchmarks, PE-backed companies create an operational alpha of 6 percentage points in this sample. For further information about the study please contact Nico Engel.
Press release [PDF in German]
|
| 08.10.2009 |
Economists develop reporting standard for social enterprises
Fostering disadvantaged groups instead of maximizing profits - social entrepreneurs like the nobel prize laureate Muhammad Yunnus want to improve people's living conditions. Economists of the Technische Universität München (TUM) and the Universität Hamburg (UHH) have now developed a social reporting standard which will help social entrepreneurs attract investors.
Press release [PDF in German]
|
| 24.09.2009 |
ZfB publishes paper on 'Angels or Demons? Evidence on the Impact of Private Equity Firms on Employment'
The so-called locust debate has become very intense and is fostered by irrational fear since a prominent statement by leading social democrat Franz Münteferig in 2005.
Widely people see private equity firms as those that make high returns through brutal methods and at the expense of company employees. In their article, 'Angels or Demons?
Evidence on the Impact of Private Equity Firms on Employment', Eva Lutz (formerly Nathusius) and Ann-Kristin Achleitner take a closer look at these accusations by
surveying 49 studies that focus on the potential employment effects of private equity financing. For further information please see http://www.zfb-online.de/.
|
| 18.09.2009 |
Two New Studies on Compensation of Executives and Non-Executives in German Prime Standard Firms
Dr. Marc Steffen Rapp (CEFS) and Dr. Michael Wolff (Universität Karlsruhe (TH)) conducted new issues of their compensation studies. The two researchers collected data on compensation of executive and non-executive board members for some 330 German Prime Standard firms for the years 2005 to 2008 and examined the size and design of different compensation components.
The study, which is edited by Professor Christoph Kaserer (CEFS) and Professor Hagen Lindstädt (Universität Karlsruhe (TH)), is published by the Fachverlag and will be available in early October 2009. For further information about the study and how to order a copy please contact Dr. Marc Steffen Rapp.
|
| 23.08.2009 |
Two academic papers accepted for NYU Stern 6TH ANNUAL SATTER CONFERENCE ON SOCIAL ENTREPRENEURSHIP
We are happy to announce that two academic papers have been accepted for the upcoming New York University - Stern Business School - 6th Annual Satter Conference on Social Entrepreneurship.
The papers that will be presented are 'Selection Criteria of Venture Philanthropy Funds' by Prof. Dr. Dr. Ann-Kristin Achleitner and Dipl.-Volksw. Peter Heister and 'Reporting in Social Entrepreneurship' by Prof. Dr. Dr. Ann-Kristin Achleitner, Prof. Dr. Alexander Bassen and Dipl.-Kffr. Barbara Roder. The 6th Annual Satter Conference on Social Entrepreneurship will take place on November 4-6, 2009. The aim is to bring together scholars in social entrepreneurship to discuss emerging concepts and themes in social entrepreneurship research. Keynote speakers this year include William Baumol, Paul Light, Sharon Alvarez, Tom Lumpkin, and Phil Phan.
|
| 14.07.2009 |
CEFS paper on valuation of platform technology based entrepreneurial ventures forthcoming in IJEV
We are happy to announce that the CEFS paper 'Quantitative valuation of platform technology based entrepreneurial ventures' by Ann-Kristin Achleitner, Eva Nathusius and Stephanie Schraml was accepted for publication in the International Journal of Entrepreneurial Venturing (IJEV). It is forthcoming in Volume 1 (2009) - Issue 4 of the journal. By developing and applying a systematic map of valuation requirements, the paper analyzes whether the cost, market, discounted cash flow or real option approach is suitable to value platform technology based entrepreneurial ventures.
|
| 04.07.2009 |
Prof. Achleitner speaks on Social Entrepreneurship at Entrepreneurship-TV
Prof. Achleitner spoke on July 2nd, 2009 at Entrepreneurship-TV on the topic of Social Entrepreneurship. In the 30 minute interview, Prof. Achleitner explains what social entrepreneurship means, how it can be taught, and what she has learned from and about it.
Video (enter "Achleitner" as search item)
|
| 04.07.2009 |
Best paper prize at the 7th International Conference on Corporate Governance
CEFS is delighted to announce that Ann-Kristin Achleitner, André Betzer and Bastian Hinterramskogler have won the best paper prize for 'Private Equity Investors as Corporate
Governance Mechanism in Continental Europe' at the 7th International Conference on Corporate Governance (Birmingham Business School). The paper, presented by Bastian Hinterramskogler, was selected out of 36 accepted articles. The prize was awarded by Sir Adrian Cadbury who has been responsible for the development of the Cadbury Code, which served as a basis for corporate governance reforms around the world.
More information
Working Paper
|
| 04.07.2009 |
'Highly Commended' award at the 7th International Conference on Corporate Governance
The honour 'Highly Commended' was awarded to Marc Steffen Rapp, Philipp Schaller (CEFS) and Michael Wolff (TH Karlsruhe) for their paper 'Stock-based Incentives:
Design and Implications for Firm Performance' at the 7th International Conference on Corporate Governance. The Centre for Corporate Governance Research of the Birmingham Business School holds this annual international conference.
More information
Working Paper [SSRN]
|
| 30.06.2009 |
CEFS-Speaker-Series with Martin Halusa, CEO of Apax Partners
Please save the date for a special event: On 26 November 2009, 5:00 pm, Mr. Martin Halusa
(CEO of the private equity advisory firm APAX Partners) will give a speech within the CEFS-Speaker-Series.
|
| 29.06.2009 |
CEFS-Speaker-Series with Dr. Josef Ackermann, CEO of Deutsche Bank AG
On monday, 29 June 2009, Dr. Josef Ackermann (CEO of Deutsche Bank AG), gave a speech on 'Die Finanzkrise: Zeitenwende für Banken, Wirtschaft und Gesellschaft' within the CEFS-Speaker-Series.
Source: Deutsche Bank
|
| 19.05.2009 |
Josh Lerner receives honorary doctoral degree from TUM Business School
For his outstanding contributions to the fields of entrepreneurial finance, innovation policy and entrepreneurship, Josh Lerner (Jacob H. Schiff Professor of
Investment Banking at Harvard Business School) was awarded a doctoral degree honoris causa by TUM Business School. His work addresses the
role and organization of venture capital and private equity as well as the impact of intellectual property protection on the competitive
strategies of firms in high-technology industries. He is best known for his book 'The Venture Capital Cycle', MIT Press, 2004.
|
| 23.04.2009 |
WEF report on entrepreneurship education published
The report 'Educating the Next Wave of Entrepreneurs' has been launched by the World Economic Forum. The report provides concrete recommendations to public and private sectors and consolidates practices covering youth, higher education and social inclusion.
More information.
|
| 07.04.2009 |
Bachelor thesis wins Leonardo Award
Verena Rathgeber won the 1st prize for the best bachelor thesis in Mergers&Acquisitions. Her thesis 'Financial Covenants in Leveraged Buyouts' was appointed by a renowned jury including German as well as international researchers under the chair of Prof. Dr. Dirk Schiereck (European Business School).
|
| 06.03.2009 |
New CEFS-Working Paper
In a new Working Paper the two CEFS fellows Marc Steffen Rapp and Philipp Schaller together with their co-author
Michael Wolff (University of Karlsruhe (TH)) examine the relevance of stock-based incentives in compensation packages
of German executives. They find that some 37% of all German Prime Standard firms have used stock-based long-term
incentives in 2006. In these firms stock-based long-term incentives account for less that 23% of executives'
overall compensation. The results of their empirical analysis are consistent with the view that shareholders use
stock-based incentives as a governance mechanism to mitigate the agency problem in complex firms with high information
asymmetry.
It can be downloaded at SSRN.
|
| 04.03.2009 |
2nd EFI Report on 'Research, Innovation and Technological Performance in Germany' published
The second expertise on 'Research, Innovation and Technological Performance in Germany' was handed over to the federal German
government by the independent expert commission of which Ann-Kristin Achleitner is a member.
It can be downloaded from EFI [german].
Press release [german].
|
| 27.02.2009 |
European Commission Conference on Private Equity and Hedge Funds
Ann-Kristin Achleitner took part in the EU Commission hearing on private equity and hedge funds. The panel on self-regulatory codes
and national regulatory provisions advocated that industry codes should have a role to play alongside any new regulatory
regime. Industry representatives recommend that private equity should engage actively in building up of a new
pan-European regulatory framework that can work for all parties concerned.
|
| 15.02.2009 |
Süd-Chemie Prize for Oliver Trinchera
We are happy to announce that new CEFS member and TUM Almuni Oliver Trinchera was awarded the Süd-
Chemie Price for his outstanding Diploma Thesis titled 'The Impact of Ownership Structures on Research and
Development Expenditures - An Empirical Analysis of the German Equity Market'. The award is a key element in
Süd-Chemie's endeavor to foster young researchers. Two young and promising researchers from TU München
received the award.
Press release [german]
|
| 15.02.2009 |
SWM Dissertation Prize for Kay Müller and Axel Buchner
Both former CEFS members Kay Müller and Axel Buchner received the Stadtwerke München Förderpreis for their
outstanding dissertations. The price was awarded for the first time at the Technische Universität München and
honored four scientific theses with an amount of EUR 1.000 each.
Press release [pdf in german]
|
| 03.02.2009 |
Private equity investors' strategy to take continental European firms private
On the current background of large fund overhangs of private equity investors (PE) and relatively low stock market
valuations of continental European firms, A.-K. Achleitner, A. Betzer and B. Hinterramskogler examine the investment
rationales of PEs in these companies. The results suggest that the investment strategy is predominantly driven by two
rationales:
1. The potential to generate value through improving the corporate governance of the firm.
2. The potential to increase the deal success probability of costly taking privates through private negotiations with large company blockholders.
The study will be presented at Cambridge University in the course of the European Financial Management Symposium on Corporate Governance and Control.
It can be downloaded at SSRN
|
| 20.12.2008 |
Liquidity risk article in 'capital market research' section of the Börsenzeitung
Prof. Kaserer and Sebastian Stange published a full page article (pdf in German)
in the section on capital market research of the Börsenzeitung. It summarizes their latest scientific
working papers on liquidity [SSRN] and
liquidity risk [SSRN] for a wider audience and highlights the
findings that are most important for practical application. Their latest research on non-normal liquidity risk has
also recently been published online [SSRN].
A presentation is also available.
|
| 15.12.2008 |
Delegation of Centre for Entrepreneurship & Family Enterprise (CEFE) of University of Alberta School of
Business at TUM in May 2009
We are proud to announce that a delegation of the Centre for Entrepreneurship & Family Enterprise (CEFE) of
University of Alberta School of Business will be at TUM on May 11th and May 12th, 2009. Participants include the
international renowned researchers Prof. Peter Jaskiewicz and Prof. Lloyd Steier as well as 30 MBA and undergraduate
students. Their field trip focuses on family business and entrepreneurship in Europe. The 2009 tour will
include Germany, Austria, and France and stops in Frankfurt, Munich, Salzburg and Strasbourg. In Munich, joint
lectures will be held with students from TUM Business School by Prof. Ann-Kristin Achleitner, Prof. Peter
Jaskiewicz and Dr. Eva Nathusius. In addition, the group will jointly visit prominent German family businesses.
More information
|
| 13.11.2008 |
Hedge funds and private equity funds driven by distinct investment motives
Financial investors in public equity markets cannot be lumped together - they pursue substantially different investment strategies with their equity stakes.
This represents the central result of an empirical study undertaken by researchers from the University of Bonn and the Technical University of Munich. Dr. André Betzer and Jasmin Gider (both U of Bonn) as well as Prof. Dr. Dr. Ann-Kristin Achleitner (TU of Munich) analyse investment rationales of private equity funds and hedge funds based on a sample of 57 private equity and 96 hedge fund investments in Germany.
[Abstract and PDF]
|
| 12.11.2008 |
Study on Executive Compensation in Germany published
Dr. Marc Steffen Rapp (CEFS) and his collaborator Dr. Michael Wolff (Universität Karlsruhe (TH)) conducted the hitherto
largest study on compensation of executive board members in German firms.
The two researchers collected compensation data for some 330 German Prime Standard firms for the years 2005 to 2007 and
examined the size and design of different compensation components: fixed salary, bonus and stock-based incentives. The
study summarizes their results on 60 pages with some 90 figures showing substantial variation among different indices
(DAX, MDAX, SDAX, TecDAX) and across industries.
The study, which is edited by Professor Christoph Kaserer (CEFS) and Professor Hagen Lindstädt (Universität Karlsruhe (TH)), received significant media coverage (e.g. Süddeutsche Zeitung, Bild, handelsblatt.com, manager-magazin.de). For further information about the study and how to order a copy please contact Dr. Marc Steffen Rapp (Email: marc.rapp@cefs.de, Phone: 089-289-25486).
|
| 07.10.2008 |
CEFS-Speaker-Series with Stephen A. Schwarzman, Chairman & CEO of the Blackstone Group
On wednesday, October 15th 2008, Stephen A. Schwarzman (Chairman & CEO of the Blackstone Group), gave a speech on 'Financial Contagion and Private Equity' within the CEFS-Speaker-Series.
Source: The Blackstone Group
|
| 11.09.2008 |
Prof. Alexander Bassen and Barbara Roder speak at the 3rd International CSR-Conference 'Corporate Responsibility and Governance' in Berlin.
On october 9, Alexander Bassen and Barbara Roder will present the current status of the research project 'Reporting in
Social Entrepreneurship'. In this cooperation between Ashoka - Innovators for the Public, the Schwab Foundation for Social
Entrepreneurship, TUM Business School and the University of Hamburg reporting guidelines for social entrepreneurs will be
developed based on a theoretical reporting concept. These guidelines contain general requirements for a specific reporting
process for social entrepreneurs and establish a structure for their reporting, as well as definitions and instructions
for measuring individual indicators. The project is generously funded by the Heinz-Nixdorf-Stiftung.
For more information visit: www.cr08-berlin.de
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| 03.09.2008 |
EFI Report on 'Research, Innovation and Technological Performance in Germany' available
Germany's politicians have increasingly been considering how best to promote research and innovation, and where
the country ranks in the international innovation contest. The Federal Government of Germany therefore decided in
2006 to establish an independent Commission of Experts on Research and Innovation (EFI), with the remit to analyse
the structures, trends, performance, and prospects of the German research and innovation system, and to formulate
policy recommendations for its further development. This report is the result of our work to achieve this goal.
To download the report via SSRN: [Abstract and PDF].
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| 03.09.2008 |
Prof. Ann-Kristin Achleitner is member of the technical advisory group of the World Economic Forum's Global Education Initiative - Entrepreneurship Education
The World Economic Forum's Global Education Initiative (GEI), launched in 2003, has made significant progress in its
overall objective of raising awareness and supporting the implementation of relevant, sustainable and scalable education
programs. One special project focuses on entrepreneurship education, as it is considered as one of the key areas of
opportunity for promoting economic development.
The Technical Advisory Group (TAG) will play a key role in helping to deliver this initiative, by providing technical
advice, resources and advocacy for the Entrepreneurship Education project. Members of the TAG are leading experts in
entrepreneurship education, drawn from different professional backgrounds across different geographies in the world.
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| 18.08.2008 |
New CEFS-Working Paper
In a new CEFS-Working Paper Marc Steffen Rapp and his co-author Bernhard Schwetzler examine the impact of a flat withholding tax on
capital income (dividends, interest, and capital gains) as will be introduced in Germany from 2009 onwards. In their theoretical model the authors
show that if taxation is used as a policy tool to transfer wealth from capital market participants to non-market participants, the level of the statutory
tax rate is reflected in security prices and taxation affects households portfolio decisions, which in turn may affect investment decision of firms.
The paper is accepted for publication in Public Finance Analysis (FinanzArchiv).
Paper [pdf]
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| 26.07.2008 |
Price for best junior researcher awarded to Marc Steffen Rapp
On Saturday, July 26th, Marc Steffen Rapp was honoured as best junior researcher at HHL - Leipzig Graduate School of Management in 2006.
The price was awarded in recognition of his academic contributions in the area corporate finance where Marc studied the effect of taxation for security
prices and methods of corporate valuation.
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| 11.07.2008 |
Dr. Eva Nathusius receives Johannes B. Ortner Prize in December
We are proud to announce that Dr. Eva Nathusius was selected to receive one of the prizes for young scholars of TUM awarded by the Johannes B. Ortner
Stiftung in December 2008. She receives the award for the research project 'European Venture Capital Market: Scaling Beyond Current Boundaries' which
was a cooperation project with London Business School and sponsored by the European Venture Capital & Private Equity Association (EVCA).
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| 14.06.2008 |
Marjolin Prize awarded to Tobias Berg
The 2008 Marjolin Prize was awarded to Tobias Berg (CEFS) for his paper 'Linking Credit Risk Premia to the Equity Premium'.
The paper was selected by the SUERF Council for having made the best contribution to the SUERF Colloquium.
SUERF wishes to honour Robert Marjolin's memory by supporting a young outstanding author's publication.
More information (SUERF)
Paper [pdf]
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| 22.05.2008 |
Expertise 'Finanzinvestoren im Medienbereich' now published
Private equity and hedge fund activity in German media companies increased strongly during the past decade. Our aim was to assess the impact of these
investments on German media companies and to derive implications for future media regulation. The study was conducted in cooperation with the Hans
Bredow Institute for Media Research at the University of Hamburg and the IPMZ - Institut für Publizistikwissenschaft und Medienforschung - in Zurich on
behalf of the German State Media Authorities (ALM/DLM).
Press release [german]
Summary and full text [german]
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| 19.05.2008 |
CEFS at the 70. Annual Meeting of the German Academic Association for Business Research (VHB e.V.) in Berlin
During the 70. Annual Meeting of the German Academic Association for Business Research (VHB e.V.) Marc Steffen Rapp and Michael Wolff (Universität Karlsruhe (TH))
presented first results from their joint project on corporate governance and executive compensation in German listed firms. In their paper called 'Unternehmensmerkmale,
Performance und Corporate Governance-Mechanismen als Determinanten der Vorstandsvergütung in deutschen Aktiengesellschaften' the two researchers examine the link
between corporate governance mechanisms and managerial compensation levels. The 70. Annual Meeting of the German Academic Association for Business Research
was hosted by the Freie Universität Berlin. Contributions were selected on the basis of a double blind-review process with an average acceptance rate of 45%.
The presentation can be downloaded here [pdf].
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| 09.05.2008 |
CEFS launches Maetova Award
The Maetova Award evaluates profitable private equity deals, which illustrate that private equity can lead to a successful
strategic realignment and sustainable growth. Through this prize, the overall positive impact of private equity on the German economy
shall be acknowledged. The award is launched by the audit and consulting company Deloitte, the CEFS and the Institute for
Business Management of the University of Karlsruhe. The selection of potential nominees is carried out in two steps:
applicationsusing a are evaluated usign a scoring model followed by the nomination of the winner conducted by a judging
panel of experts. The three award categories during this selection process are family background, corporate background and
transaction background. At the beginning of November a festive closing ceremony will take place in Munich. The ceremony as
well as the application process are supported by our media partner 'Wirtschaftswoche'.
For further information on the award, please visit www.maetova-award.de.
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| 23.04.2008 |
European Commission report on entrepreneurship in higher education portrays Technical University of Munich and the KfW Endowed
Chair in Entrepreneurial Finance as good practice case
The European Commission and an expert group in the field of education for entrepreneurship appointed by the national authorities, under the Multiannual Programme for
Enterprise and Entrepreneurship (2001-2005) coordinated by the European Commission's Directorate-General for Enterprise and Industry published the final report
on 'Entrepreneurship in higher education, especially within non-business studies'. Therein, the Technical University of Munich (TUM), the KfW Endowed Chair in
Entrepreneurial Finance and the UnternehmerTUM are portrayed as a good practice case. The expert group highlights the TUM as an 'Entrepreneurial University', where
students of all disciplines are encouraged to think and act in an entrepreneurial way.
The report can be seen and downloaded here [pdf].
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| 08.04.2008 |
Prof. Ann-Kristin Achleitner speaks at ECON Committee of the European Parliament
Prof. Ann-Kristin Achleitner was entrusted to speak at the Public Hearing on Hedge Funds and Private Equity in Brussels on April 8th. Her speech dealt with
central topics like the leverage and capital depletion of portfolio companies financed by private equity. Furthermore, she discussed the current regulation
concerning differences in the taxation of equity and debt financing. Finally she picked up the current debate on the claimed enhancement of transparency levels
of portfolio companies as well as private equity funds.
More information can be found here.
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| 08.04.2008 |
Private Equity in Familienunternehmen - Erfahrungen mit Minderheitsbeteiligungen (Private Equity in Family Firms - Experiences with Minority Shareholdings)
Ann-Kristin Achleitner, Stephanie Schraml and Florian Tappeiner presented the results of the new study on private equity minority shareholdings in family firms.
This Study was conducted on behalf of Stiftung Familienunternehmen. It analyzes the suitability of minority shareholdings by private-equity-investors for family firms.
The results are based on qualitative analysis of in-depth interviews with family firms, private-equity-investors and experts. The paper covers the motivation and the process
of the share sale, the legal structuring of contracts, and the impact of the private-equity-investors on the family firms. The results reflect a strong satisfaction of the family
firms with the minority shareholding. Apart from the capital injection, the family firms benefit from the investors' support in corporate governance, controlling and reporting
as well as corporate finance. A crucial prerequisite for a successful partnership is the diligent selection of the investor, as their investment approach can differ to a large
extent. Additionally, the legal structuring of the relevant contracts is decisive. The shareholders' agreement and the articles of association shall eliminate potential conflicts
between the family firm and the private-equity-investor. Regulations concerning the investors' influence and exit are of high importance.
More information at www.familienunternehmen.de
To download the study via SSRN: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1117903.
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| 13.03.2008 |
Prof. Dr. Christoph Kaserer speaks at DLM-Symposium
Christoph Kaserer presented preliminary results taken from the CEFS-expertise on private equity investments in german media
companies ('Finanzinvestoren im Medienbereich'), a study which is being conducted in cooperation with the Hans Bredow Institute
for Media Research at the University of Hamburg and the IPMZ - Institut für Publizistikwissenschaft und Medienforschung - in Zurich
on behalf of the German State Media Authorities (ALM/DLM).
More information at www.dlm-symposium.de
Video coverage is available here.
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| 11.03.2008 |
'Going Public and Being Public - A Global Comparison of the Impact of the Listing Decision on the Cost of Capital' presented at BAI Alternative Investments Conference
The follow-on study 'Deutsche Börse: Going Public and Being Public. The Impact of the Listing Decision on the Cost of Capital -
An International Comparison' by Prof. Kaserer and Prof. Schiereck (ebs) was presented at BAI Alternative Investor Conference
(http://www.ai-conference.com) on March 11, 2008. The study has previously been introduced at Deutsches Eigenkapitalforum in
Frankfurt on November 12, 2007 and has been covered by several reports in 'Die Börsenzeitung'.
More information as well as the press release by Deutsche Börse AG is available
here.
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| 06.02.2008 |
Teaching case 'Valuation and Management of an Intellectual Property Based Company: the Case of Anchorus SA' now available at ecch
The case material consisting of the case, the teaching note and case supplements has been registered into the ecch collection. The case written by
Prof. Dr. Dr. Ann-Kristin Achleitner, Svenja Jarchow, M. Sc. and Dipl.-Kffr. Stephanie C. Schraml provides students with a deep understanding of the challenges an
intellectual property based company faces. It gives profound insight into the valuation and strategic management of this specific company type. Anchorus SA offers an ideal
example for a real life scenario of an intellectual property (IP) based company. The case focuses on two strategic decisions: firstly, platform technology based companies have
to decide on a suitable commercialisation strategy for their intangible assets. Students learn to analyse the specific sources of value that such an intangibles company has.
Secondly, the students have to consider the situation of exiting equity holders. They discuss different exit options and learn which factors influence a company valuation.
more information on ecch
The case study is accompanied by a research paper on the valuation of IP based intangibles companies which is available on SSRN.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1088643
This paper, entitled 'Quantitative Valuation of Platform Technology Based Intangibles Companies', was recently listed on SSRN's Top Ten download list for ENT: High-Tech (Topic). To view the top ten list for the journal click on
ENT: High-Tech (Topic) Top Ten
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| 04.02.2008 |
Dr. Eva Nathusius participates in EFER Bologna Faculty Exchange Program with TU Delft
Dr. Eva Nathusius was accepted to participate in the faculty exchange program by the European Foundation for Entrepreneurship Research (EFER) with Prof. Paul Trott from
TU Delft as exchange partner. The program supports faculty exchange to encourage cross-border sharing and collaboration of faculty members engaged in entrepreneurship teaching.
During the exchange, Dr. Eva Nathusius is going to spend one week at TU Delft teaching in a graduate level class in the summer term and, in exchange, Prof. Paul Trott is going to
come to TU München for a week as lecturer.
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| 25.01.2008 |
World Economic Forum publishes Volume 1 of Working Papers on 'The Global Economic Impact of Private Equity'
Davos, Switzerland, 25 January 2008 - The World Economic Forum today released the Globalization of Alternative Investments Working Papers Volume 1: The Global
Economic Impact of Private Equity Report 2008. The report focuses on the demography of global private equity deals, the willingness of private equity-backed firms to make
long-term investments globally, and the impact of private equity investments on the employment levels of firms in the US and corporate governance in the UK. The core research
team was led by Josh Lerner, Jacob H. Schiff Professor of Investment Banking at Harvard Business School, and includes Ann-Kristin Achleitner (CEFS, Technische Universität München),
Francesca Cornelli (London Business School), Lily Fang (INSEAD), Roger Leeds (Johns Hopkins University) and Per Strömberg (Stockholm School of Economics and Swedish Institute for
Financial Research). Ann-Kristin Achleitner, Eva Nathusius (CEFS, Technische Universität München), Kerry Herman (Harvard Business School) and Josh Lerner (Harvard Business School)
jointly published two detailed case studies examining the globalization of the private equity industry in Germany (Messer Griesheim) and U.K. (New Look).
http://www.weforum.org
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| 17.01.2008 |
Prof. Achleitner resigns from the group of initiators of AlphaZirkel
After two years of successful cooperation, Prof. Achleitner resigns from the group of initiators of AlphaZirkel. AlphaZirkel is an initiative of Bavarian family businesses. Primary goal is the provision of an information platform and the exchange of experiences among family business owners.
more information on AlphaZirkel
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| 17.01.2008 |
Study: Financing Family Firms ('Finanzierung von Familienunternehmen - wie professionell ist die Unternehmensfinanzierung tatsächlich?')
The Center for Entrepreneurial and Financial Studies (CEFS) conducted a study on the financing of family firms in Germany in cooperation with AlphaZirkel and supported by Droege & Comp. Financial Advisors. A detailed questionnaire was sent out to 1.800 family firms and the response rate was as high as 13%. The study focuses on the goals of family firm owners as well as on financial management practices and capital structure decisions. The authors, Prof. Ann-Kristin Achleitner, Stephanie C. Schraml and Oliver Klöckner, found that the majority of family firms pursues a professional approach towards corporate finance but hardly uses alternative financial instruments in comparison to traditional financial instruments.
If you are interested in the study, please contact Stephanie C. Schraml, stephanie.schraml@wi.tum.de.
Download press release (pdf in german)
Download newspaper article and interview with Prof. Ann-Kristin Achleitner in Süddeutsche Zeitung
(pdf in german)
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