Headergrafik - Business School

Chair of Corporate Finance & Higher Education Finance

Our Research

Our finance-related research focuses on non-financial companies and is based on two main pillars. First, we study how companies are dealing with risk in a valuation context, from a strategic investment perspective and in the context of risk management. Second, we focus particularly on the financing and financial management of privately held companies such as small- and medium-sized enterprises (SMEs), family-owned enterprises as well as start-ups.

Current areas of interest

  • Corporate Risk Management
  • Linkage between Corporate Finance and Corporate Strategy
  • Venture Capital & Private Equity
  • Alternative Financing of SMEs and Family-Owned Enterprises/Real Options


  • 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).


The Chair welcomes applications from prospective doctoral students interested in conducting research in the following areas:

  • Corporate Risk Management (i.e., Risk Management of Non-Financial Firms)
  • Corporate Finance (especially Financing of Privately Held Companies)
  • Financial Management of Higher Education Institutions (especially Risk Management in Higher Education)
  • Higher Education Management (especially Governance, Strategic Alliances, Quality Assurance)

We normally expect that doctoral students write their dissertations in English and follow the 3-paper format (monographic dissertations are nowadays only accepted under exceptional circumstances). It is further assumed that the doctoral student will make serious attempts to publish all or parts of the dissertation in peer-reviewed journals.

If interested in joining our research team as an internal doctoral assistant or as an external doctoral student, please send us your application package electronically containing the following information:

Curriculum Vitae

List of Publications (if any)

Grade Transcripts

Copies of Reference Letters (if applying for an internal doctoral assistantship)

References (names of three individuals with contact information)

Dissertation Prospectus (2-4 pages)

For further information on doctoral studies at EBS Business School, click here.

Ongoing Doctoral Research Projects

  • Piper, M.: Effects of CEO Personality on Financial Performance in German Firms

Publications Related to Doctoral Research at the Chair

Ali, S. 2009. Contract Design in the Venture Capital lndustry - An Empirical Analysis of International Investments. Doctoral Thesis, Wiesbaden: European Business School.

Altenkirch, G. F. 2007. Corporate Governance in Germany: The Case of CEO Turnover. Doctoral Thesis, Oestrich-Winkel: European Business School.

Baecker, P. N. 2007. Real Options and Intellectual Property: Capital Budgeting Under Imperfect Patent Protection. Heidelberg et al.: Springer.

Baumann, R. 2011. Strategic Finance: Leveraged Buyouts. Eine empirische Untersuchung der finanziellen Charakteristika, Vermögenseffekte und brancheninternen Effekte. Wiesbaden: Gabler-Verlag.

Bontschev, G. 2009. Distressed-Securities-Hedgefonds - Eine Analyse der Performance, des Persistenz- und Survivalverhaltens. Doctoral Thesis, European Business School. Wiesbaden: European Business School.

Bontschev, G., & Eling, M. 2010. Wo investieren Distressed-Securities-Hedgefonds? Ein Asset-based Style-Faktorenmodell. Kredit und Kapital, 43(3): 375-406.

Bontschev, G., & Eling, M. 2013. Factors that affect the performance of distressed securities hedge funds. Journal of Derivatives & Hedge Funds, 19: 159-180.

Brockmann, M. 2007. Risks of International Activities and Corporate Financing - A Review and Suggestions. Available at SSRN: http://ssrn.com/abstract=968147 or http://dx.doi.org/10.2139/ssrn.968147.

Brockmann, M. 2009. Political Hazards, Corporate Financing, and International Investment Decisions - Empirical Evidence for German Firms. Available at SSRN: http://ssrn.com/abstract=1395290 or http://dx.doi.org/10.2139/ssrn.1395290.

Brockmann, M., Hommel, U., & Richter, A. 2009. International Activities, Agency Problems, and Corporate Financing-Empirical Evidence for German Firms. Available at SSRN: http://ssrn.com/abstract=1000745 or http://dx.doi.org/10.2139/ssrn.1000745.

Burchardt, J. 2009. Explaining Diversity in Venture Capital Contract Design. Doctoral Thesis, Wiesbaden: European Business School.

Chakkalakal, L. (2018). Risk and return characteristics of listed transport infrastructure companies and the behavior in a mixed asset portfolio.

Dahlheim, C. 2004. Wertorientierte Ausgestaltung der Kompensationsstruktur von Forschungskooperationen: Eine Untersuchung am Beispiel der biopharmazeutischen Industrie. Lohmar: Josef Eul Verlag.

Dickopf, C. 2009. Spezialkreditmanagement - Eine empirische Analyse des Einsatzes und der Auswirkungen bankseitiger Sanierungsinstrumente. Doctoral Thesis, Wiesbaden: European Business School.

Engelskirchen, C. 2007. The Role of Family Influence in M&A Transactions. Lohmar: Josef Eul Verlag.

Farag, H. 2009. Collaborative Value Creation: An Empirical Analysis of the European Biotechnology Industry. Heidelberg et al.: Physica-Verlag.

Firnkorn, L. 2011. Influence of Industry Environment on Firms’ Characteristics: An Empirical Review of the Determinants of Cash Holding, Leverage, Investment, and Return. Hamburg: Verlag Dr. Kovac.

Gerner, M., & Adams, Z. 2012. Cross Hedging Jet-Fuel Price Exposure. Energy Economics, 34(5): 1301-1309.

Gerner, M., & Ronn, E. I. 2013. Fine-Tuning a Corporate Hedging Portfolio: The Case of an Airline. Journal of Applied Corporate Finance, 25(4), 74-86.

Grass, G. 2009. Using Structural Models for Default Prediction. Available at SSRN: ssrn.com/abstract=1343091 or dx.doi.org/10.2139/ssrn.1343091.

Grass, G. 2010. The Impact of Conglomeration on the Option Value of Equity. Journal of Banking & Finance, 34(12): 3010-3024.

Grass, G. 2011. Model Implied Credit Spreads. Available at SSRN: http://ssrn.com/abstract=1943573 or http://dx.doi.org/10.2139/ssrn.1943573.

Gross, K. 2010. Equity Ownership and Performance: An Empirical Study of German Traded Companies. Heidelberg et al.: Physica-Verlag.

Grüber, P.: 2015. Asset Pricing Anomalies in High Frequency Markets.

Güttler, A., Hommel, U., & Reichert, J. 2011. The Influence of Sponsor, Servicer and Underwriter Characteristics on RMBS Performance. Financial Markets and Portfolio Management, 25(3): 281-311.

Hauser, S. E. 2003. Informationsverarbeitung am Neuen Markt. Wiesbaden: Deutscher Universitätsverlag.

Hommel, U., Füss, R., & Plagge, J. C. 2014. Valuation effects of termination of cross-listings. Journal of Financial Perspectives, 2(1), 177-193.

Hommel, U., & Pojezny, N. 2007. Value creation in European equity carve-outs (Vol. 62). Springer.

Jung-Senssfelder, K. 2006. Equity Financing and Covenants in Venture Capital: An Augmented Contracting Approach to Optimal German Contract Design. Wiesbaden: Deutscher Universitätsverlag.

Kemper, A. 2009. Valuation of Network Effects in Software Markets: A Complex Networks Approach. Heidelberg et al.: Physica-Verlag.

Knecht, T. N. 2003. Bewertung innovativer Spin-off-Unternehmen. Berlin: Duncker & Humblot.

Kopp, V. 2010. Kontrollierte Auktionen: Eine Analyse privater Unternehmensverkäufe aus Perspektive des Veräußerers. Lohmar: Josef Eul Verlag.

Kross, W. K. 2006. Organized Opportunities: Risk Management in Financial Services Operations. Weinheim: Wiley-VCH Verlag.

Lehmann, H. 2005. Continuation versus Liquiditation Decisions of Financially Distressed Firms. Berlin: Logos Verlag.

Leutwiler, T. 2006. Firm Valuation and Asymmetric Foreign Exchange Exposure. Marburg: Tectum Verlag.

Li, W. 2016. Systemic Risk & Loan Guarantee Network: An Empirical Analysis of Chinese Private Sector.

Manchot, P. 2010. Secondary Buyouts: Eine empirische Untersuchung von Werttreibern. Wiesbaden: Gabler-Verlag.

Merschen, J. 2006. An Economic Analysis of the University. Stuttgart: Ibidem.

Nohtse, K. 2012. Programm-Mezzanine-Finanzierungen deutscher Unternehmen: Eine Analyse kapitalstrukturtheoretischer Fragestellungen. Wiesbaden: Gabler-Verlag.

Petersen, M. 2007a. Adverse Selection Costs, Sequential Learning, and the Within-Wave Timing of Initial Public Offerings - Evidence from Germany. Available at SSRN: http://ssrn.com/abstract=1017471 or http://dx.doi.org/10.2139/ssrn.1017471.

Petersen, M. 2007b. Is Underpricing a Deliberate Choice? Evidence from Germany. Available at SSRN: http://ssrn.com/abstract=1017352 or http://dx.doi.org/10.2139/ssrn.1017352.

Petersen, M. 2007c. Retained Inside Ownership, Signaling, and the Valuation of Initial Public Offerings - Evidence from Germany. Available at SSRN: http://ssrn.com/abstract=1017473 or http://dx.doi.org/10.2139/ssrn.1017473.

R. Füss, U. Hommel, J.-C. Plagge: Determinants of Liquidity (Re-)Allocation and the Decision to Cross-List or Cross-Delist, in: International Journal of Finance & Economics, forthcoming.

Pojezny, N. 2007. Value Creation in European Equity Carve-Outs. Wiesbaden: Deutscher Universitätsverlag.

H. A. v. d. Gracht, U. Hommel, T. Prokesch, H. Wohlenberg: Testing Weighting Approaches for Forecasting in a Group Wisdom Support System Environment in: Journal of Business Research, forthcoming.

Prokesch, T., von der Gracht, H.A. & Wohlenberg, H. 2014. Integrating prediction market and Delphi methodology into a foresight support system - Insights from an online game. Technological Forecasting & Social Change.

Prokesch, T. 2015. Essays on Electronic Markets.

Ritter, M. 2006. Absicherung von Katastrophen-Risiko über Kapitalmärkte: Eine kritische Bestandsaufnahme. Wiesbaden: Deutscher Universitätsverlag.

Rödiger, T. 2010. Werte schaffen durch M&A-Transaktionen: Erfolgsfaktoren im Post-Akquisitionsmanagement. Wiesbaden: Gabler-Verlag.

Röper, B. 2004. Corporate Venture Capital: Eine empirische Untersuchung des Beteiligungsmanagements deutscher und US-amerikanischer Corporate Venture Capital-Investoren. Bad Homburg/Ts.: Uhlenbruch.

Schmittat, J. E. 2007. Asset Backed Securities - Die Verbriefung von Handelsforderungen als Finanzierungsalternative für den großen Mittelstand. Wiesbaden: Deutscher Universitätsverlag.

Schneider, H. 2010. Determinanten der Kapitalstruktur: Eine meta-analytische Studie der empirischen Literatur. Wiesbaden: Gabler-Verlag.

Schuhmacher, M. 2006. Rating für den deutschen Mittelstand. Wiesbaden: Deutscher Univsitätsverlag.

Schulmerich, M. 2005. Real Options Valuation: The Importance of Interest Rate Modelling in Theory and Practice. Heidelberg et al.: Springer.

Schulmerich, M. 2010. Real Options Valuation: The Importance of Interest Rate Modelling in Theory and Practice (2nd ed.). Heidelberg et al.: Springer.

Vollrath, R. 2002. Indikatoren der Kursentwicklung von Wachstumsunternehmen: Eine theoretische und empirische Analyse auf der Basis von Emissionsprospekten. Bad Homburg/Ts.: Uhlenbruch.

Wölfer, K. 2015. Wertsteigerungsstrategien von Familienunternehmen.

Completed Doctorates


Sarah Ali, Georg F. Altenkirch, Philipp N. Baecker, Rico Baumann, Georgi Bontschev, Malte Brockmann, Jens Burchardt, Louis Chakkalakal, Christian Dahlheim, Christian Dickopf, Christof Engelskirchen, Hady Farag, Lutz Firnkorn, Mathias Gerner, Gunnar Grass, Kerstin Gross, Philipp Grüber, Stephanie E. Hauser, Vera Kopp, Wilhelm K. Kross, Hanna Lehmann, Andreas Kemper, Thomas N. Knecht, Thierry Leutwiler, Philipp Manchot, Jutta Merschen, Karsten Nohtse, Markus Petersen, Jan-Carl Plagge, Nikolas Pojezny, Julia Reichert, Mischa Ritter, Tobias Rödiger, Björn Röper, Tobias Prokesch, Johannes E. Schmittat, Hilmar Schneider, Marcus Schulmerich, Karoline Jung-Senssfelder, Robert Vollrath, Katinka Wölfer, Wenwei Li.

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