Publications
Below you find a chronological list of journal publications of the Chairs of Entrepreneurial Finance. Please also see a full list of publications and working paper on mediaTUM and a list of CEFS working paper.
2021
Tumasjan, A., Braun, R. & Stolz, B. (2021). Twitter sentiment as a weak signal in venture capital financing. Journal of Business Venturing, 36(2), 106062.
2020
R. Braun, T. Jenkinson & C. Schemmerl: Adverse selection and the performance of private equity co-investments. Journal of Financial Economics, 136 (1), 44-62.
2019
R. Braun & B. Puche: Deal Pricing and Returns in Private Equity. Journal of Alternative Investments, 21 (3), 70-85.
2018
A.-K. Achleitner, R. Braun, E. Lutz & F. Tappeiner: Private Equity Group Reputation and Financing Structures in German Leveraged Buy-outs. Journal of Business Economics, 88 (3-4), 363-392.
2017
R. Braun & F. Söffge: Corporate Raiders at the Gates of Germany? Value Drivers in Buyout Transactions. Journal of Private Equity, 20 (2), 28-45.
R. Braun, T. Jenkinson & I. Stoff: How persistent is private equity performance? Evidence from deal-level data. Journal of Financial Economics, 123 (2), 273-291.
2016
R. Braun & I. Stoff: The cost of Private Equity Investing and the Impact of Dry Powder. Journal of Private Equity, 19 (2), 22-33.
A.-K. Achleitner, R. Braun, G. Metzger & M. Schmidt: The impact of the financial crisis on financing technology ventures. International Journal of Entrepreneurship and Small Business, 29 (1), 4-24.
2015
A.-K. Achleitner, M. Ampenberger, C. Kaserer & T. Schmid: Family firm heterogeneity and corporate policy – Evidence from diversification decisions. Corporate Governance: An International Review, 23 (3), 285-302.
A.-K. Achleitner, B. Puche & R. Braun: International Evidence on Value Creation in Private Equity Transactions. Journal of Applied Corporate Finance, 27 (4), 105-122.
2014
A.-K. Achleitner, T. Schmid, M. Ampenberger & C. Kaserer: Family firms and R&D behavior – New evidence from a large-scale survey. Research Policy, 43 (1), 233-244.
A.-K. Achleitner, R. Braun, E. Lutz & U. Reiner: Industry Relatedness in Trade Sales and Venture Capital Investment Returns. Small Business Economics, 43 (3), 621-637.
A.-K. Achleitner, & C. Figge: Private Equity Lemons? Evidence on Value Creation in Secondary Buyouts. European Financial Management, 20 (2), 406-433.
A.-K. Achleitner, N. Günther, C. Kaserer & G. Siciliano: Real Earnings Management and Accrual-based Earnings Management in Family Firms. European Accounting Review, Special Issue: Accounting and Reporting in Family Firms, 23 (3), 431-461.
R. Braun, & I. Stoff : The Evolution of Private Equity Fund Terms Beyond 2 and 20. Journal of Applied Corporate Finance, 26 (1), 65-75.
A.-K. Achleitner, W. Spiess-Knafl & S. Volk: The financing structure of social enterprises: conflicts and implications. International Journal of Entrepreneurial Venturing, Special Issue: The Future of Social Entrepreneurship, 6 (1), 85-99.
A.-K. Achleitner, C. Figge & E. Lutz: Value creation drivers in a secondary buyout – the acquisition of Brenntag by BC Partners. Qualitative Research in Financial Markets, 6 (3), 278-301.
2013
A.-K. Achleitner, M. Ampenberger, T. Schmid & C. Kaserer: Capital structure decisions in family firms: empirical evidence from a bank-based economy. Review of Managerial Science, 7 (3), 247-275.
A.-K. Achleitner, E. Lutz, J. Mayer & W. Spiess-Knafl: Disentangling Gut Feeling – Assessing the Integrity of Social Entrepreneurs. VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations, 24 (1), 93-124.
R. Braun, H. Eidenmüller, A. Engert & L. Hornuf: Does Charter Competition Foster Entrepreneurship? A Difference-in-Difference Approach to European Company Law Reforms. Journal of Common Market Studies, 51 (3), 399-415.
A.-K. Achleitner, E. Lutz, M. Bender & C. Kaserer: Importance of Spatial Proximity between Venture Capital Investors and Investees in Germany. Journal of Business Research, 66 (11), 2346-2354.
A.-K. Achleitner, A. Betzer, M. Goergen & B. Hinterramskogler: Private Equity Acquisitions of Continental European Firms – The Impact of Ownership and Control on the Likelihood of Being Taken Private. European Financial Management, 19 (1), 72-107.
A.-K. Achleitner, N. Engel & U. Reiner: The performance of venture capital investments: Do investors overreact? Review of Financial Economics, 22 (1), 20-35.
2012
A.-K. Achleitner, C. Howorth, S. Schraml & F. Tappeiner: Demand for private equity minority investments: A study of large family firms. Journal of Family Business Strategy, 3 (1), 38-51.
A.-K. Achleitner, C. Bock & F. Tappeiner: Financial Covenants and their Restrictiveness in European LBOs – An Assessment in the Aftermath of the Financial Crisis. International Journal of Entrepreneurial Venturing, 4 (3), 214-238.
R. Braun, & A. Tumasjan: In the Eye of the Beholder: How Regulatory Focus and Self-Efficacy Interact in Influencing Opportunity Recognition. Journal of Business Venturing, 27 (6), 622-636.
A.-K. Achleitner, N. Engel & R. Braun: Leverage and The Performance of Buyouts: (How) Does The Use of Debt Impact Equity Returns? Journal of Business Economics (formerly Zeitschrift für Betriebswirtschaft (ZfB)), 82 (5), 451-490.
A.-K. Achleitner, R. Braun, B. Hinterramskogler & F. Tappeiner: Structure and Determinants of Financial Covenants in Leveraged Buyouts. Review of Finance, 16 (3), 647-684.
A.-K. Achleitner, O. Bauer, C. Figge & E. Lutz: The Case for Secondary Buyouts as Exit Channel. Journal of Applied Corporate Finance, 24 (4), 102-111.
A.-K. Achleitner, C. Kaserer & T. Kauf: The dynamics of voting ownership in lone-founder, family-founder, and heir firms. Journal of Family Business Strategy, Special Issue: Family Businesses from a World Perspective, 3 (2), 79-96.
E. Lutz, & S. Schraml (2012): Family Firms: Should They Hire an Outside CFO?, Journal of Busines Strategy, 33 (1), 39-44.
E. Lutz, & G. George (2012): Venture capitalists' role in new venture internationalization. The Journal of Private Equity, 16 (1), 26-41.
2011
A.-K. Achleitner, R. Braun and K. Kohn: New venture financing in Germany: Effects of firm and owner characteristics. Journal of Business Economics (formerly Zeitschrift für Betriebswirtschaft (ZfB)), 81 (3, 263-294.
A.-K. Achleitner, R. Braun, & N. Engel: Value Creation and Pricing in Buyouts: Empirical Evidence from Europe and North America. Review of Financial Economics, 20 (4), 146-161.
R. Braun, N. Engel, Hieber & R. Zagst: The Risk Appetite of Private Equity Sponsors. Journal of Empirical Finance, 18 (5), 815-832.
A.-K. Achleitner, R. Braun, & K. Kohn: The Structure of Start-up Financing in Germany: Empirical Evidence on the Impact of Firm and Owner Characteristics. Zeitschrift für Betriebswirtschaft, 2011, 81(3), 263-294.
A.-K. Achleitner, A. Heinecke, A. Noble, M. Schöning & W. Spiess-Knafl: Unlocking the Mystery: An Introduction to Social Investment. Innovations. Special Issue: SOCAP11: Impact Investing, 6 (3), 145-154.
A.-K. Achleitner, C. Andres, A. Betzer & C. Weir: Wealth Effects of Private Equity Investments on the German Stock Market. European Journal of Finance, 17 (3), 217-239.
2010
A.-K. Achleitner, M. Rapp, Schaller & M. Wolff: Ausgewählte Aspekte der Vorstandsvergütung in börsennotierten Unternehmen. Zeitschrift für Corporate Governance (ZCG), 5 (3), 113-118.
A.-K. Achleitner, A. Betzer & J. Gider: Do Corporate Governance Motives Drive Hedge Fund and Private Equity Fund Activities?. European Financial Management, 16 (5), 805-828.
A.-K. Achleitner, K. Herman, J. Lerner & E. Lutz: Family Business and Private Equity: Conflict or Collaboration? The Case of Messer Griesheim. The Journal of Private Equity, 13 (3), 7-20.
A.-K. Achleitner, C. Bock, R. Braun, S. Schraml & J. Welter: Goal Structures in Family Firms: Empirical Evidence on the Relationship between Firm and Family Goals. Zeitschrift für KMU & Entrepreneurship (ZfKE), 58 (3), 1-28.
A.-K. Achleitner, E. Lutz, K. Herman & J. Lerner: New Look: Going Private with Private Equity Support. Journal of Business Strategy, 31 (3), 38-49.
A.-K. Achleitner, S. Schraml & E. Lutz: Quantitative Valuation of Platform Technology Based Entrepreneurial Ventures. International Journal of Entrepreneurial Venturing (IJEV), 1 (4), 352-366.
A.-K. Achleitner, R. Braun, N. Engel, C. Figge & F. Tappeiner: Value Creation Drivers in Private Equity Buyouts: Empirical Evidence from Europe. The Journal of Private Equity, 13 (2), 17-27.
2009
A.-K. Achleitner, & E. Lutz: Angels or Demons? Evidence on the Impact of Private Equity Firms on Employment. Journal of Business Economics (formerly Zeitschrift für Betriebswirtschaft (ZfB)), Sonderheft Entrepreneurial Finance, 53-81.
A.-K. Achleitner, R. Braun, M. Bender, & A. Geidner: Community Development Venture Capital: Concept and Status Quo in Germany. International Journal of Entrepreneurship and Innovation Management (IJEIM), 9 (4), 437-452.
2008
A.-K. Achleitner, S. Jarchow, S. Schraml & E. Nathusius: Projekt „Management und Bewertung von IP-basierten Unternehmen“. GRUR International, 57 (7), 585-589.
2007
A.-K. Achleitner, C. Kaserer, K. Wilson & S. Jarchow: Entrepreneurship-Ausbildung im deutschsprachigen Europa. Finanz Betrieb (FB), 9 (4), 265-272.
A.-K. Achleitner: Social Entrepreneurship und Finanzierung (Gastkommentar). Finanz Betrieb (FB), 9 (4), 1 (requested contribution).
A.-K. Achleitner, & C. Kaserer: Stellungnahme zum Regierungsentwurf eines Gesetzes zur Modernisierung der Rahmenbedingungen für Kapitalbeteiligungen (MoRaKG). Zeitschrift für Bankrecht und Bankwirtschaft (ZBB), 6, 513-516.
2006
A.-K. Achleitner, A. Geidner & O. Klöckner: Der Beitrag von Private Equity und Venture Capital zur Beschäftigung in Europa. Finanz Betrieb (FB), 8 (3), 140-146.
A.-K. Achleitner, M. Tchouvakhina, V. Zimmermann & N. Ehrhart: Der deutsche Beteiligungsmarkt: Entwicklung der Anbieterstruktur. Finanz Betrieb (FB), 8 (7-8), 440-449.
A.-K. Achleitner, M. Tchouvakhina, V. Zimmermann & N. Ehrhart: Der deutsche Beteiligungsmarkt: Entwicklung des Anbieterverhaltens. Finanz Betrieb (FB), 8 (9), 538-548.
A.-K. Achleitner, C. Kaserer, B. Moldenhauer & M. Ampenberger: Ein Jahr „German Entrepreneurial Index (GEX®)“ – Bestandsaufnahme und Analyse. Finanz Betrieb (FB), 8 (1), 10-17.
2005
A.-K. Achleitner, T. Groth & L. Pietzsch: Bestimmungsfaktoren der Analystenabdeckung. Finanz Betrieb (FB), 7 (4), 261-272.
A.-K. Achleitner, & E. Nathusius: First-Chicago-Methode – Alternativer Ansatz zur Bewertung von innovativen Unternehmensgründungen bei Venture-Capital-Finanzierungen. Betriebswirtschaftliche Forschung und Praxis (BFuP), 57 (4), 333-347.
A.-K. Achleitner, C. Kaserer & B. Moldenhauer: German Entrepreneurial Index (GEX®) – Ein Style-Index zur Performance eigentümergeführter Unternehmen. Finanz Betrieb (FB), 7 (2), 118-126.
A.-K. Achleitner, A. Poech & M. Burger-Calderon: Private Equity in Familienunternehmen: Eine empirische Untersuchung zu psychologischen Aspekten der Transaktionsentscheidung. Finanz Betrieb (FB), 7 (5), 289-295.
A.-K. Achleitner: Vom Guten der Heuschrecken-Debatte. Editorial. Die Betriebswirtschaft (DBW), 65 (4), 327-329 (requested contribution).
2004
A.-K. Achleitner, A. Bassen, D. Jais & Nietzer: Controlling von Buyout-Transaktionen durch Private-Equity-Gesellschaften. Zeitschrift für Controlling und Management (ZfCM) Controlling & Management, Special Edition, 1, 32-45.
A.-K. Achleitner, H. Zelger, S. Beyer & K. Müller: Venture Capital/Private Equity-Studie 2004: Company (E)valuation und EVCA Valuation Guidelines: Eine Bestandsaufnahme der Unternehmensbewertungspraxis von Beteiligungskapitalgesellschaften. Finanz Betrieb (FB), 6 (10), 701-709.
2003
A.-K. Achleitner: Brauchen wir eigentlich Entrepreneurship-Lehrstühle? Editorial. Die Betriebswirtschaft (DBW), 63 (4, 357-360 (requested contribution).
A.-K. Achleitner, A. Bassen & S. Wahl: Corporate Restructuring: Instrumente und deren Anwendung in Deutschland. Finanz Betrieb (FB), 5 (7-8), 432-447.
A.-K. Achleitner, D. Schiereck & M. Wahrenburg: Going Private – Meinungen zum Thema. Betriebswirtschaftliche Forschung und Praxis (BFuP), 55 (2), 199-207 (requested contribution).
2002
A.-K. Achleitner: Brauchen wir eigentlich Entrepreneurship-Lehrstühle? Editorial. Die Betriebswirtschaft (DBW), 63 (4), 357-360 (requested contribution).
A.-K. Achleitner, A. Bassen & S. Wahl: Corporate Restructuring: Instrumente und deren Anwendung in Deutschland. Finanz Betrieb (FB), 5 (7-8), 432-447.
A.-K. Achleitner, D. Schiereck & M. Wahrenburg: Going Private – Meinungen zum Thema. Betriebswirtschaftliche Forschung und Praxis (BFuP), 55 (2), 199-207 (requested contribution).
2001
A.-K. Achleitner: Meinungsspiegel zu "Ergänzende Rechnungslegungsinstrumente zum Jahresabschluß". Betriebswirtschaftliche Forschung und Praxis (BFuP), 53 (1), 54-66 (requested contribution).
A.-K. Achleitner, & R. Engel: Situation und Entwicklungstendenzen auf dem Markt für Inkubatoren. Finanz Betrieb (FB), 3 (1), 76-82.