Headergrafik - Business School

Chair of Corporate Finance & Higher Education Finance

Max Mustermann

The Chair is part of the Department of Finance, Accounting and Real Estate. Our research and teaching activities focus on two general areas, corporate finance and higher education financing & management. Within finance, we are particularly interested in the funding of privately held companies using venture capital & private equity as well as SME/family business financing. Within higher education, we focus especially on restructuring, reputation management and entrepreneurialism.

The overarching theme for all our activities is the management of risk. We have done considerable work in the past on corporate risk management and are currently particularly interested in novel themes such as anti-fragility, resilience and organizational flexibility.


  • Risk Management

  • Venture Capital & Private Equity

  • Financing of Privately Held Companies (SMEs, Family Businesses)

  • Higher Education Financing and Restructuring


  • Transport Infrastructure Equities in a Mixed Asset Portfolio: Estimating Risk with a Garch-Copula CVaR Mode«, in: Journal of Property Research, Vol. 35, No. 2, 2018, pp. 117-138 (with L. Chakkalakal, W. Li).

  • Network Topology and Systemic Risk: Empirical Evidence from the Euro Stoxx Marke«, in: Finance Research Letters, DOI: 10.1016/j.frl.2018.02.016 (with W. Li, S. Paterlini).

  • Mitigation of Moral Hazard and Adverse Selection in Venture Capital Financing: The Influence of the Country’s Institutional Setting, in: Journal of Small Business Management, DOI:10.1111/jsbm.12391 (with C. Bellavitis, D. S. Kamuriwo).

  • Mitigating Agency Risk Between Investors and Ventures’ Managers, in: Journal of General Management, Vol. 43, No. 1, 2017, pp. 33-43 (with C. Bellavitis, D. S. Kamuriwo).

  • Testing Weighting Approaches for Forecasting in a Group Wisdom Support System Environment in: Journal of Business Research, Vol. 69, No. 10, 2016, pp. 4081-4094 (with H. A. v. d. Gracht, T. Prokesch, H. Wohlenberg).

  • Determinants of Liquidity (Re-)Allocation and the Decision to Cross-List or Cross-Delist, in: International Journal of Finance & Economics, Vol. 21, No. 4, 2016, pp. 447-471 (with R. Füss, J.-C. Plagge).

  • The State of Risk Management in Business Schools, in: Journal of Management Development, Vol. 35, No. 5, 2016, pp. 606-622 (with W. Li, A. Pastwa).

  • Venture Capital Contracting in Theory and Practice: Implications for Entrepreneurship Research, in: Entrepreneurship Theory & Practice, Vol. 40, No. 1, 2016, pp. 25-48 (with C. Billitteri, J. Burchardt, D. S. Kamuriwo).

  • Moving Beyond the Rhetoric of Responsible Management Education, in: Journal of Management Development, Vol. 34, No. 1, 2015, pp. 2-15 (with E. Cornuel).

  • Mitigating Moral Hazard and Adverse Selection in the Venture Capital Industry, in: Academy of Management Annual Meeting Proceedings, 2015, p. 10526 (with D. S. Kamuriwo, C. Bellavitis).

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