News - Archive
| 2007 |
| 03.12.2007 |
Dr. Christian Diller awarded Johannes B. Ortner Prize by Technische Universität München
Each year, Technische Universität München (TUM) and Johannes B. Ortner Stiftung honor the five most outstanding doctoral theses of young researchers. The CEFS is proud to announce that Dr. Christian Diller is awarded for his excellent doctoral thesis 'Rendite, Riskio und Markteinflussfaktoren von Private Equity - Eine empirische Analyse von europäischen Private-Equity-Fonds' which was supervised by Prof. Christoph Kaserer and Prof. Ann-Kristin Achleitner. The former CEFS assistant, Dr. Christian Diller received the award from the president of the TUM, Prof. Wolfgang A. Herrman, at the 'Akademische Jahresfeier' on 3 December 2007 in Munich.
more information (german)
|
| 29.11.2007 |
TUM scores 4th rank in Entrepreneurial Ranking 2007 'From Students to Entrepreneurs: Which university offers the best opportunities'
In a close run this year's winners of the the university ranking 'From students to entrepreneurs: Which university offers the best opportunities' were chosen. The first rank is reached by the Bergische Universität Wuppertal, followed closely by the University of Potsdam, TU Dresden and Technische Universität München (TUM). The study compares offers in entrepreneurial education and support of young entrepreneurs across 65 German Universities. Since 2001, the university ranking is published every two years. The 2007 ranking is issued by Prof. Jürgen Schmude and Stefan Heumann of the University of Regensburg and is supported by BMWi, Handelsblatt, Hans-Lindner Institut, Deutsche Sparkassen- und Giroverband and Stifterverband für die Deutsche Wissenschaft.
more information (german)
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| 28.11.2007 |
Nina Günther awarded Münchner Forschungspreis für Wirtschaftsprüfung
For her outstanding diploma thesis, an empirical investigation of reconciliations from International Financial Reporting Standards (IFRS) to US-GAAP, Nina Günther was awarded the 5th Münchner Forschungspreis für Wirtschaftsprüfung at the University of Munich on November 27. The Münchner Forschungspreis für Wirtschaftsprüfung is assigned by the Chair of Accounting, Auditing and Corporate Valuation of the University of Munich (Prof. Ballwieser) and Deloitte and Touche.
more information (german)
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| 28.11.2007 |
CEFS job offers 2008
We are looking for scientific assistants to strengthen our team. If you are interested please have a look at the detailed job offer. If you have questions please do not hesitate to get in touch with us.
Job offer (pdf in german)
|
| 12.11.2007 |
Prof. Achleitner elected as new president of Förderkreis Gründungsforschung e.V. Entrepreneurship Research
On November 7th, Prof. Achleitner was elected as new president of Förderkreis Gründungsforschung e.V. (FGF) Entrepreneurship Research. Since the foundation in 1987, the objective of FGF is 'To support and contribute to the research, education and transfer with respect to the subject Entrepreneurship'. The main activities of the FGF have so far been focused on efforts to push the topic Entrepreneurship at universities, development and maintenance of the literature database ELIDA, publication of academic literature on the subject of Entrepreneurship, organization of academic conferences on Entrepreneurship and provision of a virtual platform for information and communication among researchers in Entrepreneurship.
more information (pdf in german)
|
| 09.11.2007 |
Multiple CEFS contribution to the G-Forum 2007
CEFS contributed to the G-Forum 2007 in Aachen in multiple ways. Three papers were presented in the workshop sessions: 'Financing privately held family firms in Germany' by Prof. Dr. Dr. Ann-Kristin Achleitner / Stephanie Schraml / Oliver Klöckner, 'Drivers of spatial proximity in venture capital finance' by Marko Bender / Prof. Dr. Christoph Kaserer / Dr. Nathusius / Christoph Stellner and 'What do outperforming venture capitalists do different?' by Prof. Dr. Gerard George / Dr. Eva Nathusius / Prof. Dr. Christoph Kaserer. In addition, Dr. Eva Nathusius was Session Chair in the workshop session on technology start-ups.
more information
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| 24.10.2007 |
Venture Capital Workshop on behalf of EVCA at CEFS
On 24th of October, a venture capital workshop was held at CEFS on behalf of the European Private Equity & Venture Capital Association. The aim of the workshop was to introduce the new study 'European Venture Capital Market: Scaling Beyond Current Boundaries' conducted by the Private Equity Institute of London Business School and CEFS for EVCA. Participants of the workshop included Georges Noel, the director of the EVCA VC Platform, 15 venture capitalists and a number of journalists. Dr. Eva Nathusius held a presentation on the study which was followed by a lively discussion by all participants. Georges Noel then introduced future initiatives under the new VC Platform at EVCA. Afterwards, journalists were invited to join the group and ask questions on the study and on broader issues of the European venture capital market.
|
| 24.10.2007 |
CEFS presence at the EIASM workshop on intangibles
Dr. Eva Nathusius held a presentation on 'Valuation of platform technology based intangibles companies' on October 24, 2007 at the EIASM workshop on Visualising, Measuring, and Managing Intangibles & Intellectual Capital in Ferrara, Italy. Over 110 abstracts were submitted to be presented at the workshop, and we were delighted that our abstract was among the ones selected for presentation. The workshop included key note speeches and parallel sessions in which researchers were able to present new findings on various aspects of intangibles management and valuation.
|
| 22.10.2007 |
Prof. Achleitner elected as senator of Fraunhofer-Gesellschaft
On October 11th the German Fraunhofer-Gesellschaft elected Prof. Achleitner as new senator. The Fraunhofer-Gesellschaft is Europe's leading organisation for applied research. Their aim is to undertake research of direct utility to private and public enterprises and of wide benefit to the society. It comprises 56 institutes and 12,500 employees. The Senate is responsible for decisions concerning the establishment and changes within the research entities belonging to the Fraunhofer Gesellschaft.
press release (german)
|
| 11.10.2007 |
Stellungnahme zum Gesetz zur Modernisierung der Rahmenbedingungen für Kapitalbeteiligungen (MoRaKG)
Stellungnahme [pdf]
|
| 11.10.2007 |
Stellungnahme zum Referentenentwurf für das Gesetz zur Begrenzung der mit Finanzinvestitionen verbundenen Risiken (Risikobegrenzungsgesetz-RE)
Stellungnahme [pdf]
|
| 01.10.2007 |
European Venture Capital Market: Scaling Beyond Current Boundaries
We are proud to announce that our most recent study 'European Venture Capital Market: Scaling Beyond Current Bourdaries' was released. The study was undertaken by the Private Equity Institute of London Business School in cooperation with CEFS on behalf of the European Private Equity and Venture Capital Association (EVCA). The study can be purchased on the EVCA webpage.
|
| 28.09.2007 |
Capital Markets Symposium at Bucerius Law School
On 16 October 2007, Christoph Kaserer will take part in the Capital Markets Symposium at Bucerius Law School, Hamburg.
The conference is beeing held by the ZEIT foundation in honour of Helmut Schmidt.
|
| 28.09.2007 |
Deutsche unquote'' Private Equity Congress
Christoph Kaserer speaks at the Deutsche unquote'' Private Equity Congress on 11 October 2007.
more information
|
| 20.09.2007 |
CEFS is member of recently founded 'Existenzgründerpakt Bayern'
The 'Existenzgründerpakt Bayern' is an initiative of the Bavarian Ministry of Economic Affairs, Infrastructure, Transport and Technology to
assist companies during startup and management succession. This network combines the activities of all institutions relevant for the startup climate in Bavaria.
more information
|
| 14.09.2007 |
The CEFS cordially invites to: Harvard's Mohamed A. El-Erian 'Navigating a fluid economy and financial landscape'
On Monday, Oct. 22nd at 6pm Mohamed A. El-Erian comes to speak at the TU München. El-Erian is CEO and president of the Harvard Management Company (HMC) and thus responsible for the world'd largest university endwoment fund! he is one of the leading investors in the world with a long history of experiences in several companies as well as boards and committees.
Invitation (pdf)
Location
|
| 17.07.2007 |
Book "Finanzierung von Sozialunternehmern" (financing social entrepreneurs) published
Nobel Peace Prize winner Muhammad Yunus and his Grameen Bank proved it:
Entrepreneurship and solving social problems are not contradicting each another. Social Entrepreneurship
(german: Sozialunternehmertum) alleviates the hardship of many people and can initiate extensive social reforms.
But how can social entrepreneurship be financed? How can a capital investment in beneficial goals repay the investor?
This guideline by Prof. Achleitner, Dr. Pöllath and Dr. Stahl informs for the first time systematically on the different financing options and mechanisms.
more information
book order link
|
| 29.06.2007 |
Eva Nathusius spoke at the European IP Teachers Network Conference
Eva Nathusius was one of the speakers of the first annual meeting of the European IP Teacher' Network,
funded by the European Patent Academy, and hosted by Aston Business School.
The aim of the European IP Teachers' Network is to bring together academics from across Europe to exchange ideas on best practice in IP teaching.
The Network is interdisciplinary in focus, with participants reflecting IP teaching in a range of disciplines.
The Network meeting is an opportunity for IP teachers to meet and exchange ideas, with the focus of discussion firmly on teaching issues.
Eva Nathusius held a talk on "Applying the Case Method to Teach Management Issues of IP Based Companies".
more information
|
| 15.06.2007 |
Prof. Dr. Dr. Ann-Kristin Achleitner awarded with the Order of Merit of the Federal Republic of Germany
The Order of Merit of the Federal Republic of Germany is the only honour that may be awarded in all fields of endeavour and
is the highest tribute the Federal Republic of Germany can pay to individuals for services to the nation. The Order of Merit
may be awarded to Germans as well as foreigners for achievements in the political, economic, social or intellectual realm and
for all kinds of outstanding services to the nation in the field of social, charitable or philanthropic work.
The CEFS is very proud to announce that Prof. Dr. Dr. Ann-Kristin Achleitner is honoured for her outstanding contribution to
the scientific community. She is awarded with the Order of Merit on 21st of June, 2007 by the Federal President Horst Köhler
in Berlin.
|
| 21.05.2007 |
Forschungsprojekt 3/06: "Erwerb und Übernahme von Firmen durch Finanzinvestoren (insbesondere Private-Equity-Gesellschaften)" für das Bundesministerium der Finanzen
Das vom Bundesministerium der Finanzen in Auftrag gegebene Forschungsgutachten zu den Rahmenbedingungen für Private Equity
in Deutschland wurde veröffentlicht. Eine Kurzversion kann auf unserer Homepage hier [pdf] kostenlos herunter geladen werden. Das vollständige Gutachten
ist unter dem Titel "Private Equity in Deutschland - Rahmenbedingungen, ökonomische Bedeutung und Handlungsempfehlungen" bei
Books on Demand GmbH erschienen und bei Amazon (Link) erhältlich.
|
| 14.05.2007 |
Stellungnahme zum Eckpunktepapier 'Förderung von Wagniskapital - Begrenzung der mit Finanzinvestitionen verbundenen Risiken' des BMF vom 9.5.2007
Das vom BMF vorgelegte Eckpunktepapier ist angesichts der öffentlichen Diskussion um die Neuordnung der Rahmenbedingungen für privates Beteiligungskapital in Deutschland eine große Enttäuschung.
Der im Sinne einer Stärkung der Finanzierungskraft des hiesigen Kapitalmarkts erhoffte große Wurf ist leider ausgeblieben. Die Vorschläge bleiben weiter hinter dem zurück, was das Gutachterteam
unter der Leitung von Professor Christoph Kaserer im Rahmen eines vom Bundesministeriums für Finanzen in Auftrag gegebenen Gutachtens zur Rolle von privatem Beteiligungskapital
bei der Finanzierung deutscher Unternehmen vorgeschlagen hat.
Weitere Informationen (pdf)
|
| 02.04.2007 |
Priv.-Doz. Dr. Niklas Wagner wird Inhaber des DekaBank-Stiftungslehrstuhls für Finanzcontrolling
Dr. Niklas Wagner, Habilitand von Prof. Kaserer und ehemaliger Geschäftsführer des CEFS, ist ab 1. April Inhaber des DekaBank-Stiftungslehrstuhls für Betriebswirtschaftslehre mit Schwerpunkt Finanzcontrolling an der Universität Passau. Sparkassendirektor Eckhard Helber, Vorstandsmitglied der Sparkasse Passau, freute sich anlässlich der Übergabe der Ernennungsurkunde an Priv.-Doz. Dr. Wagner über das besondere Engagement der DekaBank und versprach: "Gemeinsam mit unserer Deka werden wir gerade mit diesem Lehrstuhl, seinem Professor und den Studenten künftig sehr gut zusammenarbeiten."
More information
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| 27.03.2007 |
DZ Bank Karriere Preis:
Die Diplomarbeit von Maximilian Rödel mit dem Titel "The Entrepreneur's Cost of Capital - A Theoretical Model Incorporating Underdiversification and Myopic Loss Aversion", betreut von Prof. Kaserer, hat den 1. Preis in der Kategorie Diplomarbeiten/Master Theses beim DZ Bank Karriere Preis gewonnen. Die Preisverleihung fand am 23. März in Frankfurt statt. Die Jury wird von Dr. Dr. h.c. Ulrich Brixner geleitet. Zudem gehören ihr hochkarätige Vertreter aus Wissenschaft und Praxis an.
|
| 09.02.2007 |
Prof. Dr. Dr. Ann-Kristin Achleitner honoured for her entrepreneurial thinking and acting
On February 9th, Prof. Achleitner will be honoured with the "University award for entrepreneurial thinking and acting". North Rhine-Westphalia's Minister of Innovation, Science, Research and Technology, Prof. Dr. Andreas Pinkwart will award this prize of the UNESCO chair for Entrepreneurship and Intercultural Management (FH Gelsenkirchen) for the first time. Prof. Achleitner was chosen by a jury among 23 candidates.
More information (in German)
|
| 08.02.2007 |
Prof. Kaserer lectures at children's university
The children's university (KinderUni) is an initiative where professors give lectures for children between the age of 8 and 12. The lectures are related to the professor's actual field of research and prepared to attract the children's interest. Prof. Kaserer lectures on "Euro, Dollar, Yen, Peseten - why do we have money?". Together with the designed comic figure "the little Euro" he leads the kids through questions like "Have we always had money?", "Why do we need money" and "How can money become more and what is it worth?".
More information (in German)
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| 06.02.2007 |
Global Social Venture Competition (GSVC): Dr. Eva Nathusius as Professional Judge
The Global Social Venture Competition (GSVC) actively supports and promotes the creation and growth of successful social ventures around the world. Its annual business plan competition strives to elevate the visibility of the field and the quality and quantity of new ventures. GSVC began in 1999 as a student-led initiative at the Haas School of Business. Today, additional partners of GSVC include Columbia Business School, London Business School, Indiana School of Business, Yale School of Management and the Social Venture Competition Korea (SVCK). Dr. Eva Nathusius, managing director of the CEFS, will take part in the GSVC as a professional judge for the semi-finals at London Business School. In addition, she acts as a team-mentor and guide for the student judging day at London Business School.
More information
|
2006 |
| 28.11.2006 |
New study with Prof. Kaserer
Deutsche Börse presents a study on the cost of going and being public. The study was performed jointly by Prof. Kaserer (CEFS) and Prof. Schiereck (ebs).
More information
|
| 16.11.2006 |
Dipl.-Kffr. Stephanie Schraml awarded with Süd-Chemie Award 2006
The award is a key element in Süd-Chemie's endeavour to foster young researchers. Three young and promising researchers from Technische Universität München receive the award. The CEFS is proud to announce that Dipl.-Kffr. Stephanie Schraml is awarded for her excellent diploma thesis on "Buyouts in Family Firms".
Press release (pdf in german)
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| 07.11.2006 |
The CEFS cordially invites to: David Swensen 'Managing Yale's Endowment'
On Thursday, Nov. 30th at 5pm David Swensen comes to speak at the TU München. David Swensen is chief investment officer at Yale University and responsible for more than $15 billion in endowment assets. He has been generating annual returns of 16% over the past two decades.
Invitation (pdf)
Location
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| 15.09.2006 |
Private Equity Brief - Europe 2006
Europe's leading industry players will gather on 3rd October 2006 in London to debate how they are
implementing best practices to manage new challenges and grow their businesses. We are proud to announce
that Univ.-Prof. Dr. Christoph Kaserer will participate in the head-to-head debate: "'PE or not PE? - that's the question'
A plague of locusts on your house?" at 14:15.
more information
|
| 28.08.2006 |
Working Paper: Stochastic Modeling of Private Equity
In this paper, Axel Buchner, Christoph Kaserer and Niklas Wagner present a new approach to measure the returns of private
equity investments based on a stochastic model of the dynamics of a private
equity fund. Applying equilibrium intertemporal asset pricing
consideration, they are able to derive closed-form solutions for the market value
and time-weighted model returns of a private equity fund.
Working Paper Series
|
| 27.07.2006 |
Prof. Dr. Dr. Ann-Kristin Achleitner on TV
On July 18th Prof. Ann-Kristin Achleitner was invited to JobTV24, a German private TV station, which offers specialised information on jobs, careers as well start-up advice. In a 10 minute interview she answered questions concerning the employment effects of venture capital and private equity. Prof. Achleitner differentiated the widespread notion that so-called locusts exploit the German Economy. She illustrated the special role of private equity investors for young companies, pointing out, that especially job-wise, this financing tool clearly added new jobs to the market, as can also be seen in the CEFS research study "Employment contribution of Private Equity and Venture Capital in Europe". The entire interview (in German) can be watched here:
[more information]
| 21.06.2006 |
European Private Equity COOs and CFOs Forum
We are proud to announce that Univ.-Prof. Dr. Dr. Ann-Kristin Achleitner has been invited to ''The 2006 European Private Equity COOs and CFOs Forum'', an annual meeting for finance and operating partners at private equity firms (July 5-6 2006 in London). She will be among the speakers on a panel discussing the topic ''Private Equity Valuation IFRS - one year on''.
[more information]
| 20.06.2006 |
CEFS job offers 2006
CEFS is hiring. We are looking for scientific assistants and scientific associates to strengthen our team. If you are interested please have a look at the detailed job offer. If you have questions please do not hesitate to get in touch with us.
Job offer [german][pdf]
| 13.06.2006 |
Swiss Economic Award 2006
We are proud to announce that the Woodwelding SA has won the Swiss Economic Award 2006. The award is the most renowned award for innovative young companies in Switzerland. It is endowed with 75,000 swiss francs. Woodwelding SA is a high-tech company, which offers an innovative way to bond porous materials. Mr. Gerhard Plasonig, associate lecturer at the KfW Chair in Entrepreneurial Finance, is Delegate of the Board at Woodwelding SA.
more information
| 09.06.2006 |
Josseph de la Vega Prize 2006
The Federation of European Securities Exchanges (FESE) and the European Capital Markets Institute (ECMI)
yearly honour research papers of young European researchers, academics and practitioners focused on issues
related to European securities markets with the Josseph de la Vega Prize. This year, Dipl.-Kfm. Benjamin
Moldenhauer, MBA, was awarded an honorary mention (2nd prize) of the Josseph de la Vega Prize for his paper
''Insider Ownership, Corporate Performance and the German Entrepreneurial Index (GEX) - Practical and
Academic Evidence from Germany''. The award was presented at the 10th European Financial Markets Convention
(EFMC) on June 8, 2006 in Zurich.
more information
| 01.06.2006 |
Presidential Science and Engineering Research Fellowship
The Karl Max von Bauernfeind-association aims at bringing forward young, female scientists. Their first
scholarship was awarded to Ms Svenja Jarchow, M. Sc. for her outstanding commitment to TUM, her initiative to
strengthen the academic community at TUM and her academic achievements. We are glad that Ms Jarchow decided
to bring in her expertise and excellence at CEFS, where she will have the opportunity to promote her research
both in the field of natural sciences and economics.
more information
| 31.05.2006 |
Corporate Governance in Family/Unlisted Firms Conference in Thun
The Institute for Financial Management the University in Bern will host on 15 - 17.06.06 this years'
conference on Corporate Governance in Family/Unlisted Firms in Thun. Leading academics and practitioners are
going to contribute. We are delighted to announce that Univ.-Prof. Dr. Christoph Kaserer will participate in
the Roundtable Discussion on 16.06.06. The key note for the roundtable discussion is "Family Firms -
Answering the Challenges".
more information
| 24.05.2006 |
Department of Financial Management and Capital Markets job offers 2006
The Department of Financial Management and Capital Markets is hiring. They are looking for scientific assistants to strengthen their team. If you are interested please have a look at the detailed job offer.
Job offer [german][pdf]
| 16.05.2006 |
FondsConsult Investment-Konferenz 2006
We are proud to announce that Dr. Niklas Wagner is among the invited speakers at the 2006 FondsConsult investement conference.
Together with Rüdiger Sälzle and Wolfgang Kaiser from FondsConsult he will present his findings on applied fonds selection.
more information
| 05.05.2006 |
6. Annual Handelsblatt Conference - Private Equity
This years' Handelsblatt Conference on Private Equity will take place in Frankfurt on 09.-10.05.2006. Once again it will be under the chairmenship of Univ.-Prof. Dr. Dr. Ann-Kristin Achleitner and Univ.-Prof. Dr. Christoph Kaserer.
A great variety of topics will be adressed, i.a. pitfalls for Private Equity companies being member of the supervisory board and the vitalization of the IPO-market for mid-sized companies.
more information
| 24.04.2006 |
Swiss Economic Award 2006
We are proud to announce that the Woodwelding SA is one of nine selected companies, which are assessed in the final round of the Swiss Economic Award. The Woodwelding SA is a high-tech company, which offers an innovative way to bond porous materials. Mr. Gerhard Plasonig, associate lecturer at the KfW Chair in Entrepreneurial Finance, is Delegate of the Board at Woodwelding SA. We are looking forward to announce the results soon.
more information
| 20.04.2006 |
EVCA Symposium 2006 in Monte-Carlo
This year the EVCA Symposium will be held in Monte-Carlo from 14-16 June. Being one of the most
important conferences in the industry this year's conference can be expected to set a course for the entire
industry. We are very glad to announce that Univ.-Prof. Kaserer is among the panel members in the keynotes'
interview, which will deal with the role of Private Equity. It is titled: Private Equity – No longer just an
Alternative... What is the Real Impact we are having? A Force for Good or Bad?
more information
| 27.03.2006 |
Best research proposal nomination
At the 6th Annual Conference of the International Family Enterprise Research Academy (IFERA) in Jyväskylä (Finland), the research proposal of CEFS member Oliver Klöckner was nominated for the ''Best Research Proposal'' (Top 3 out of 24 research proposal). His research proposal deals with the investigation of buyouts in family firms and how the transaction affects the competitiveness of the company while being transformed from a family firm to a portfolio company.
more information
| 15.03.2006 |
CEFS job offers 2006
CEFS is hiring. We are looking for scientific assistants and scientific associates to strengthen our team. If you are interested please have a look at the detailed job offer. If you have questions please do not hesitate to get in touch with us.
Job offer [german][pdf]
| 01.02.2006 |
E.ON Energy Science awards 2006
E.On Science honors in collaboration with Bayerischer Rundfunk the most outstanding theses, which were handed
in at the business faculty of Munich University of Technology (Technische Universität München). On an annual
basis the authors of the six best diploma theses and the three best doctoral theses are are awarded the the
E.On Energy Science award. We are proud to announce that Andreas Heubl, whose diploma theses was supervised
at the KfW Endowed Chair in Entrepreneurial Finance, and Dr. Christian H. Fingerle, former scientific
assistant at the same chair, are among the laureates.
more information
| 16.01.2006 |
Project study in cooperation with FondsConsult Research AG on the quantitative performance measurement for
investment funds
This project study is to examine the historical performance of investment funds with quantitative methods.
Aim is to draw conclusions on the quality of the fund management and possibly to derive findings for the
future performance of the particular funds. FondsConsult disposes of an adequate data basis. Prerequisites to
participate in the project study are substantial proficiency in capital markets theory and statistics als
well as solid skills with spreadsheet-software, such as Excel.
If you are interested please send your
short CV and grade reports (Abitur/university-entrance diploma and results to date at university) attached to
an email to Priv.-Doz. Dr. Niklas Wagner (niklas.wagner@wi.tum.de).
more information
| 02.01.2006 |
German Entrepreneurial Index (GEX ®): Best performing Index in 2005
The German Entrepreneurial Index (GEX®) is the best performing German stock index in 2005. With an increase of +36,65% it outperformed the MDAX (+34,82%), SDAX (+35,57%), DAX (+26,02%) and TecDAX (+12,67).
The index was developed jointly by the Center for Entrepreneurial and Financial Studies (CEFS) at Technische Universität München and Deutsche Börse Group,
which added the GEX as a new index to its index family on January 3, 2005. It comprises mostly family and mid-sized German companies whose management
has to hold at least 25% and at most 75% of the companies' ordinary shares.
Since its introduction the GEX has attracted broad public attention. The Stiftung Industrieforschung honoured
Univ.-Prof. Dr. Dr. Ann-Kristin Achleitner and Univ.-Prof. Dr. Christoph Kaserer with the ''Initiativpreis
2005'' for the development of the GEX in October 2005.
more information
|
2005 |
| 19.12.2005 |
IfM scientific advisory member appointed
We are proud to announce that Univ.-Prof. Dr. Dr. Ann-Kristin Achleitner has joined the scientific advisory
board of the ''Institut für Mittelstandsforschung(IfM)''. The scientific advisory board plays an active role
in the development of future projects and fosters IfM's close collaboration with other institutes, mid-sized
companies, associations and public authorities.
more information
|
| 30.11.2005 |
Employment contribution of Private Equity and Venture Capital in Europe
We are proud to present the results of the first pan-European survey on the overall employment contribution
of the private equity and venture capital industry to European job creation. This study has been undertaken
for the European Venture Capital and Private Equity Association (EVCA) by the CEFS. It examines both the
current levels of employment by private equity and venture capital financed companies as well as the new jobs
created by the industry in recent years.
The study and its executive summary can be downloaded here (registration required):
download
more information
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| 28.11.2005 |
Dr. Eva Nathusius is honoured with the Süd-Chemie Award 2005
This year Süd-Chemie AG confers for the first time the Süd-Chemie Award. The award is, just as the ''Liebig-Medaille der Süd-Chemie'', a key element in Süd-Chemie's endeavour to foster young researchers. This year three young and promising researchers from Technische Universität München received the award.
Mr. Torsten Wedderer und Mr. Ulrich Krauß were honoured with he award for their outstanding diploma theses, Dr. Eva Nathusius is honoured for her excellent doctoral thesis ''Syndizierte Venture-Capital-Finanzierung''.
more information
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| 24.11.2005 |
European Venture Philanthropy Association
Membership
We are proud to announce that CEFS joined the European Venture Philanthropy Association (EVPA). The EVPA is a membership organisation that aims at organisations and individuals who either are practising venture philanthropy, are interested in learning more about it or becoming more actively involved with it. The EVPA provides a forum for networking with others in order to achieve common objectives.
more information
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| 21.11.2005 |
IPO-Sentiment-Indicator released
The IPO-Sentiment-Indicator is designed to reflect the sentiment in the primary market. It was developed jointly by Deutsche Börse Group and CEFS, lead-managed by Univ.-Prof. Dr. Christoph Kaserer. Its aims are to predict the level of IPO-activity in the German stock market and to point out possible distortions in the expectations and in the exigencies for all involved parties. The IPO-Sentiment-Indicator is published on a quarterly basis and offers information on the market sentiment to investors, banks and issuers.
more information
press information [pdf] [german]
|
| 16.11.2005 |
IPEV Valuation Board
We are very proud to announce that Univ.-Prof. Dr. Dr. A.-K. Achleitner was recently appointed member of the
IPEV Valuation Board. AFIC, BVCA and EVCA also created the IPEV Valuation Board, an independent board,
which monitors market practices in the use of the International Private Equity and Venture Capital Valuation
Guidelines. It also proposes amendments to the guidelines following any relevant changes to accounting
standards and market practices. In addition it formally reviews the guidelines every three years.
more information
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| 16.11.2005 |
Vision2Market business plan competition winners
We are proud to announce that Florian Tillman, Ferdinand Geiger and Ulrich Ottes won the Vison2Market business plan competition organized by Initiative D-21, Siemens and TNS Infratest. Within the scope of their project study at KfW Endowed Chair in Entrepreneurial Finance they developed a business model in the mobile healthcare market. Their idea ''Pocketcare'' will know be tested under real conditions in Bremen, Germany. The study was supervized by CEFS team member Dipl.-Kfm. Kay Müller. Congratulations!
more information
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| 10.10.2005 |
Initiativpreis 2005
Univ.-Prof. Dr. Dr. Ann-Kristin Achleitner and Univ.-Prof. Dr. Christoph Kaserer will receive the Initiativpreis 2005 for the German Entrepreneurial Index (GEX), which was developed in cooperation with Deutsche Börse AG. The Stiftung Industrieforschung awards this renowned prize on a yearly basis. This is the second year in a row that the prize is awarded to a member of Technische Universität München. In 2004 Univ.-Prof. Dr. Dr. h.c. mult. Wolfgang A. Herrmann was granted the Initiativpreis for his university reform.
press announcement [german] [pdf]
more information
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| 05.09.2005 |
Vision2Market: CEFS project study among the top five teams
We are proud to announce that Florian Tillman, Ferdinand Geiger and Ulrich Ottes are among the five
best teams of Vison2Market, a business plan competition organized by Initiative D-21, Siemens and TNS
Infratest. Within the scope of their project study at KfW Endowed Chair in Entrepreneurial Finance they
developed a business model in the mobile healthcare market. Their idea ''Pocketcare'' still has the chance to
win financial support to be tested under real conditions. The study is supervized by CEFS team member
Dipl.-Kfm. Kay Müller. Congratulations!
more information
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| 09.08.2005 |
New project study on quantitative performance measurement for investment
fonds
In cooperation with FondsConsult Research AG the Department for Financial
Management and Capital Markets at the Technische Universität München offers a
new project study. More information on the project scope, its aims and the
prerequisites to participate are included in the mission statement.
mission
statement [pdf]
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| 04.08.2005 |
The Risk Capital Summit 2005 - Univ.-Prof. Dr. Kaserer among speakers
On 04-05.10.2005 the United Kingdom and the European Commission are jointly holding a major
conference to debate and make recommendations on how risk capital should support
European innovation and growth. The conference is part of UK's current presidency of the European Union. More than 300 delegates from the European Union, the United States and Asia
Pacific rim countries are expected to attend the conference. Univ.-Prof. Dr. Kaserer was invited as one of this years's speakers. He will participate in a extensive workshop session and give a presentation.
more information
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| 20.07.2005 |
Spiegel TV documentary on private equity and buy outs with Univ.-Prof. Dr. Kaserer's participation
On 17.07.2005 Spiegel TV on RTL Germany focused on the private equity industry and the potential of buy outs. Univ.-Prof. Kaserer was invited to present the financial basics and to illustrate the risk / return profile. The video footage is available in the CEFS press area.
CEFS press area - video footage
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| 11.07.2005 |
Teaching Award 2004 of the Bavarian State Minister of Sciences, Research and Arts
We are proud to announce that Mr. Dr. Thomas Goppel, Bavarian State Minister of Sciences, Research and Art,
accorded his 2004 Teaching award to Mrs. Univ.-Prof. Dr. Dr. Ann-Kristin Achleitner. The award ceremony is
going to take place at the University of Passau on 13th of July.
more information
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| 08.06.2005 |
Heinz Ansmann Stiftung - Award 2005
We are proud to announce that the Heinz Ansmann-Stiftung decided to accord this year's award to Dr. Anna Magdalena Haslinger,
a former doctoral student of Univ.-Prof. Dr. Dr. Ann-Kristin Achleitner. The Heinz Ansmann-Stiftung is a foundation at the Cologne University
that aims to foster research in the fields of equity financing for German companies. Dr. Haslinger's work combines excellence in academic
prospects and a high degree of applicability in corporate practice. It is titled "Lock-up-Periode und Eigenkapitalplatzierung bei Wachstumsunternehmen
(Lock-up-period and Equity placement for growth companies)".
more information
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| 12.05.2005 |
Werner von Siemens Excellence Award
We are proud to announce that Michael Ludwig, Maximilian Schwaiger, Michael Springmann and Philipp Wacker received the Werner von Siemens Excellence Award. Within the scope of their project study at the KfW Chair in Entrepreneurial Finance "Prüfung des Internen Überwachungssystems durch den Wirtschaftsprüfer im Rahmen des Sarbanes-Oxley Act" they analyzed internal corporate monitoring systems for companies listed in the US. The study was supervized by CEFS team member Dipl.-Kfm. Kay Müller. In addition the TUfast team (Michael Erspamer, Christian Jansen, Lars Lehman and Stefan Maier) also was honoured with the Werner von Siemens Excellence Award.
Congratulatiuons!
more information
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| 11.05.2005 |
Best paper Award of the association "Hochschullehrer für Betriebswirtschaftslehre e.V."
We are pleased to announce that Priv-Doz. Dr. Niklas Wagner (Managing Director at CEFS) won the Best Paper Award for his joint publication "Non-linear Term Structure Dependence: Copula Functions, Empirics, and Risk Implications" in collaboration with Dr. Markus Junker and Dr. Alex Szimayer.
The goal of main function of this award is to encourage members of the association to present their findings to an international audience.
The award ceremony is part of the conference of the association on 21st of May in Kiel at the Christian-Albrechts-Universität.
more information
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| 10.04.2005 |
5. Annual Handelsblatt Conference - Private Equity
This years' Handelsblatt Conference on Private Equity will take place in Frankfurt on 10.-11.05.2005. It will be under the chairmenship of Prof. Dr. Dr. Ann-Kristin Achleitner and Prof. Dr. Christoph Kaserer.
A great variety of topics will be adressed, i.a. modern portfolio- and riskmanagement in Private Equity and successfactors for the use of Private Equity in MBOs.
more information
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| 04.04.2005 |
EU-US working group on Venture Capital
The Directorate-General for Enterprise and Industry of the European Commission and the United States Department of Commerce established a joint working group on Venture Capital. This is part of the activities under the EU-US dialogue on SME competitiveness. Among other topics the comparability and transparency of data will be addressed. Furthermore, the working group analyzes the current industry structure to give advice on the role of the public sector. Representatives of industry associations and academia as well as other key stakeholders are invited to advise the group. We are very proud to announce that Univ.-Prof Dr. Christoph Kaserer was invited to join the working group as academic advisor.
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| 21.03.2005 |
GEX index certificate beats all other certificates in turnover on 19.03.2005 at the Frankfurt exchange
The GEX index certificate (ISIN: DE000SG16HM0) issued by Société Générale was the certificate with the highest turnover
on 19.03.2005. Overall, more than 44.000 certificates were traded at the Frankfurt exchange with a total volume amounting to more than 535.000 Euro.
more information
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| 04.03.2005 |
Dipl.-Kfr. Eva Nathusius to receive her doctoral degree
Dipl.-Kfr. Eva Nathusius, scientific assistant at the KfW Chair in Entrepreneurial Finance and CEFS member, successfully completed the TUM graduation process.
Her thesis is titled: Syndizierte Venture-Capital-Finanzierung. Today, she presented her work to the representatives of the TUM business school. We are very proud to announce that Ms. Nathusius graduated
summa cum laude.
more information
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| 03.03.2005 |
Dipl.-Vw. Christian Fingerle to receive his doctoral degree
Dipl.-Vw. Christian Fingerle, scientific assistant at the KfW Chair in Entrepreneurial Finance and CEFS member, successfully completed the TUM graduation process.
His thesis is titled: Smart Money - Influence of Venture Capitalists on High Potential Companies. Today, he presented his work to the representatives of the TUM business school. We are very proud to announce that Mr. Fingerle graduated
summa cum laude.
more information
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| 29.02.2005 |
G-Forum 2003 Interviews - Video footage available online now
Entrepreneurship-tv.de, an online entrepreneurship-platform supported through the
Strascheg Center for Entrepreneurship, has started its operations. Video footage from the G-Forum 2003 is available for streaming now.
Among others interviews with Prof. Szyperski, Prof. Klandt, Prof. Koch and Prof. Achleitner are accessible free of charge.
more information
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23.02.2005
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14. Symposium des Instituts für Mittelstandsforschung
der Universität Mannheim - ifm
Mannheim
This years symposium focuses on financing for midsized companies. Its aim is to elaborate current financing issues and to point
out suitable financing approaches. Priv.-Doz. Dr. Niklas Wagner will be among the speakers and presents CEFS latest findings.
More information
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18.02.2005
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Venture Valuation textbook - teaching material available now
In October 2004 Univ.-Prof. Dr. Dr. Ann-Kristin Achleitner and Eva Nathusius published
their textbook "Venture Valuation - Bewertung von Wachstumsunternehmen", a textbook focusing on
the valuation of young high growth companies.
Now complementary teaching material is available free of charge. This teaching material comprises i.a.:
a complete set of slides for the course (English and German editions available),
Excel spreadsheets for different valuation methods,
solutions for the exercises presented in the book.
Download
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31.01.2005
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E.ON Science Award 2005 - CEFS member among laureates
The E.ON Science Award is accorded on an annual basis in cooperation with Technische Universität München.
It is awarded for highly innovative diploma and doctoral theses in the fields of business, economy and power industry.
We are proud to announce that Dr. Simon J. Wahl was awarded the E.ON Science award for his doctoral thesis. For more information
please refer to the
press announcement
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| 11.01.2005 |
Studierenden-Wettbewerb 2004 - CEFS member among laureates
We are proud to announce that a second price was granted for a paper written by CEFS member Kay Mueller about outcome-focused management in public administrations. Congratulations! You find
more information and a version of the paper here.
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2004 |
| 23.11.2004 |
Deutsche Börse Group and CEFS present the new share index "GEX"
Starting January 2005 Deutsche Börse Group is going to add a new index called German Entrepreneurial Index (GEX) to its index family.
It comprises German companies whose management holds at least 25% and at most 75% of the companies' ordinary shares.
In addition the ordinary shares may not be listed for longer than 10 years in the Prime Standard at the Frankfurter Wertpapierbörse (FWB).
Currently, 124 companies meet the aforementioned criteria and enter into the GEX calculation.
The index was developed jointly by CEFS at Technische Universität München and Deutsche Börse Group.
German press release
English press release
German overhead presentation
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| 11.01.2005 |
Best teaching award granted to CEFS member
The TUM business school actively promotes excellence in teaching. All students are invited to give feedback on their courses.
Based on the evaluation results those lecturers who delivered outstanding performance on their courses are determined. To the very best TUM business school grants
the "Best teaching award". On an annual basis the best teaching through a scientific assistant and through a professor are honored. We are very proud to announce that Dipl.-Vw. Christian Fingerle, scientific assistant at the KfW Chair in Entrepreneurial Finance and CEFS member,
received this year's best teaching award. In addition Prof. Dr. Edward G. Krubasik was honored for the best teaching through a professor.
more information
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| 10.11.2004 |
Deutsches Eigenkapitalforum Fall 2004 - November 22nd to 24th, Frankfurt am Main
The Deutsches Eigenkapitalforum is a joint event of Deutsche Börse, KfW SME Bank and Ernst & Young. It will take place in the Congress Center at Frankfurt Messe. This event is of particular interest to Capital-seeking late-stage SME's, Listed Companies, Financial Service Providers, and Investors/ Analysts.
In addition to its more than 120 analyst conferences the Deutsche Eigenkapitalforum is complimented by a range of workshops, panel discussions and keynote speeches. Deutsche Börse and the KfW SME Bank have organised the German Equity Forum on biannual basis since 1970.
It is recognized as Europe's most successful, well established fund raising event. The autumn event is focussed towards late-stage and listed companies. Over 1000 companies have participated in previous years. More than the half found an investor or cooperation partner within a year. Around 2.500 participants are expected to attend the event. As in previous years, the main focus of the German Equity Forum lies on exhibitions and presentations of capital seeking companies. Listed companies may seize the opportunity to present their third quarter 2004 results at the Forum.
Univ.-Prof. Dr. Dr. Ann-Kristin Achleitner and Univ.-Prof. Dr. Christoph Kaserer - CEFS' scientific directors - will present the launch of the new share index "German Entrepreneurial Index (GEX)",a recent cooperation project with Deutsche Börse, on November 23rd, 2004 at 5:15 pm (Room: Harmonie).
More details...
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| 04.10.2004 |
Alpha-Forum - TV appearance Univ.-Prof. Dr. Dr. Achleitner
The Alpha-Forum on BR alpha hosts on a regular basis outstanding personalities from politics, business, arts and sciences.
On 22.09. Univ.-Prof. Dr. Dr. Achleitner was inveted to join to share her views on Entrepreneurial Finance, Mezzanine capital and current trends in the financing for German
midsize companies. A detailed report of the interview is available at the BR alpha website.
Report
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| 02.10.2004 |
German Finance Association (DGF) Meetings Tübingen 2004 - "Outstanding paper award"
We are proud to announce that this year's outstanding paper award was granted for the paper
"Nonlinear Term Structure Dependence: Copula Functions, Empirics, and Risk
Implications" written by M. Junker / A. Szimayer / N. Wagner.
Congratulations! For an abstract please have a look at SSRN
Abstract
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| 20.09.2004 |
Alpha Summit Europe 2004 - the leading place for technopreneurs
Alpha Summit Europe is the leading platform in Europe that brings
together leaders in industry, venture capital, technology transfer,
entrepreneurship networks, research and education in order to work
on a common agenda for technopreneurship in Europe. It will take
place on 01.10. at the Kempinski Airport Hotel in Munich. Its goal
is to:
Highlight entrepreneurs and their innovative businesses
Create and grow new technology ventures
Push the commercialization of european technology
Univ.-Prof. Dr. C. Kaserer is among the speakers and is going to
present panel C2, "Creating financing infrastructure for growth
companies".
More Details
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| 18.09.2004 |
Second RICAFE Conference - "Risk Capital and the Financing of
European Innovative Firms"
The Risk Capital and the Financing of European Innovative Firms
(RICAFE) research network is formed by members from the London
School of Economics and Political Science (Financial Markets Group),
the Centre for Financial Studies in Frankfurt, HEC School of
Management Paris and Turin University.
RICAFE is sponsored by the European Commission, DG-Research. It aims
to provide research breakthroughs in the economics of risk capital
financing of innovative companies, and at offering informed,
insightful research advice to the Commission.
Univ.-Prof. Dr. C. Kaserer will present the latest findings from the
CEFS study on European Private Equity Funds on Sunday, 16.10.2004.
More
Details
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| 17.09.2004 |
Gate2Grwoth - G2G Specialized Research Workshop
Within the Gate2Growth Academic Network in Entrepreneurship,
Innovation and Finance project (formerly known under the name G2G
Finance Academia), a Specialized Research Workshop will be run on
"Managing Growth: the role of private equity". The event will be
hosted by IESE Business School in Barcelona, Spain on November 12,
2004. The workshop is co-organized by EIASM and the Vlerick Leuven
Ghent Management School.
Univ.-Prof. Dr. C. Kaserer will be among the conference's speakers.
More
Details
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| 17.09.2004 |
German Finance Association - 11th Annual Meeting, 01.10 to
02.10.2004 at the Eberhard-Karls-University in Tübingen
The annual meeting of the German Finance Association offers a unique
platform to discuss different aspects of Finance. Both Univ.-Prof.
Dr. Kaserer and Dr. N. Wagner are among the participants. For an
overview on this year's topics and a schedule please check with the
host's website
More
Details
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| 01.06.2004 |
EVI conference "Entrepreneurship, Venture Capital, and Initial Public
Offerings"
The 3rd Annual EVI Conference on Entrepreneurship, Venture
Capital, and Initial Public Offerings is to be held in Hanover, New Hampshire
on June 2-4, 2004. Its host, the Tuck's Center for Private Equity and
Entrepreneurship, directed the focus of the conference on high-quality and
generally accessible research with respect to the creation, development, and
growth of young firms. Prof. Dr. C. Kaserer and Dipl.-Kfm. C. Diller
present the findings of their recent study on Private Equity returns.
More
Details
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| 29.03.2004 |
Optimized Baskets of S&P Europe 350
Many trading, investing and structured product applications require narrow, liquid baskets of stocks that efficiently track the market. A team of researchers from Standard & Poor's and Technische Universität München was formed to explore approaches for creating such liquid baskets that track the S&P Europe 350.
The paper on the joint research and its findings can be obtained free of charge at the S&P website
More details
Presentation [pdf]
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| 21.03.2004 |
Gate2Growth Finance Academia European Case Study writing competition 2004
Gate2Growth Finance Academia aims at building and supporting an open
pan-European network of academics, researchers and scholars in the fields of
entrepreneurship, innovation and finance. CEFS submitted two proposals to
this year's Finance Academia European Case Study writing competition:
ᮂ Case Studies in Entrepreneurial Finance
ᮂ Psychological Barriers of Buyouts in Family Firms – a Comparison between European Countries
We are proud to announce that both proposals are among the few to be accepted
for the competition.
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| 10.3.2004 |
Private Equity in strategic asset allocation
We would like to call your attention to the current European
Private Equity and Venture Capital Association (EVCA) study on the
role of Private Equity in strategic asset allocation. It was
conducted as joint project of EVCA, CDC IXIS and CEFS.
More details ....
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| 10.3.2004 |
Elitenetzwerk Bayern
We are proud to announce that Technische Universität München (TUM) will contribute four additional elite study programs to the Elitenetzwerk Bayern (Bavarian elite network).
TUM's participation in seven out of fifteen projects within the scope of this initiative underscores TUM's foremost standing.
More details ....
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| 8.2.2004 |
Paul Julius Reuter Innovation Award
We would like to draw your attention to the Paul Julius Reuter Innovation Award.
It is conferred annually to honour outstanding diploma and doctorate theses. We are proud to announce that Dr. Luisa Pietzsch, a former doctoral student of Prof. Dr. Dr. Ann-Kristin Achleitner, is among this years laureates. The KfW Chair in Entrepreneurial Finance is honored with the Paul Julius Reuter Innovation Award as the supporting chair. For more information please follow the link below.
More details ....
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2003 |
| 17.12.2003 |
New homepage
We revised our web presence to simplify the navigation and provide
more detailed information about the Center for Entrepreneurial and
Financial Studies (CEFS). If you've any suggestions please feel free
to contact us at contact@cefs.de.
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| 5-7.11.2003 |
G-Forum Jahreskonferenz 2003 in Munich
7th Interdisciplinary Annual Entrepreneurship Conference.
This year's conference focuses on the fields of Entrepreneurial Finance and Venture-/ Technology Management.
G-Forum 2003
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| 27.8.2003 |
Liquidity at Risk: Questionnaire for Risk Managers and Traders
In cooperation Sensalis and the
Global Association of Risk Professionals (GARP)
we would like to draw your attention to the
Liquidity at Risk Questionnaire.
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