2017

2017/05/30Foundation ownership and shareholder value: An event study
[SSRN]
Ann-Kristin Achleitner (CEFS), Dmitry Bazhutov (University of Wuppertal), André Betzer (University of Wuppertal), Jörn Block (University of Trier), Florian Hosseini (University of Trier)
2017/12/03Adverse selection and the performance of private equity co-investments
[SSRN]
Reiner Braun (CEFS), Tim Jenkinson (University of Oxford), Christoph Schemmerl (CEFS)
2017Heuristic decision making and decision biases in the private equity industry
Oliver Bauer (CEFS), Reiner Braun (CEFS), Sara Utmishi (CEFS) 
2017Risk-taking and effort-giving in private equity industry – a behavioral explanation on the influence of the hurdle rate
Oliver Bauer (CEFS), Reiner Braun (CEFS), Sara Utmishi (CEFS)

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2016

2016/03/30Women on Corporate Boards: Good or Bad?
[SSRN]
Thomas Schmid (University of Hong Kong), Daniel Urban (CEFS)
2016/06/23Employee Representation and Financial Leverage
[SSRN]
Chen Lin, Thomas Schmid and Yuhai Xuan
2016Persistence in private equity firms’ value creation strategies and competitive advantage.
R. Braun (CEFS), A. Gerl (CEFS), N. Craig
2016The leverage, pricing and return puzzle in lever-aged buyouts: The impact of competition
R. Braun (CEFS), A. Gerl (CEFS), N. Craig

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2015

2015/12/21How Persistent is Private Equity Performance? Evidence from Deal-Level Data
[SSRN]
Prof. Dr. Reiner Braun, Tim Jenkinson (University of Oxford), Ingo Stoff
2015/06/23Alternative Indexierung Am Deutschen Aktienmarkt (Alternative Indexation on the German Stock Market)
[SSRN]
Joachim Lauterbach, Maximilian Overkott
2015Buyout Transaction in the German-speaking Region: Determinants of Abnormal Performance and Unlevered Returns
Braun, R., Söffge, F. 

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2014

2014/08/29International Evidence on Value Creation in Private Equity Transactions
Paper can be found here
Benjamin Puche, Reiner Braun, Ann-Kristin Achleitner
2014/03The limited partnership model in private equity: Deal returns over a fund's life 
SSRN
Braun, R., Schmidt, M. 

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2012

2012 No. 1Do Investors Value Cash Flow Stability of Listed Infrastructure Funds?
[SSRN]
Florian Bitsch

2011

2011 No. 4The Capital Gains Tax: A Curse but also a Blessing for Venture Capital Investment
[SSRN]
Ann-Kristin Achleitner, Carolin Bock, Martin Watzinger
2011 No. 3Disentangling Gut Feeling - Assessing the Integrity of Social Entrepreneurs
[SSRN]
Ann-Kristin Achleitner, Eva Lutz, Judith Mayer, Wolfgang Spiess-Knafl
2011 No. 2Modeling Electricity Spot Prices - Combining Mean-Reversion, Spikes and Stochastic Volatility
[SSRN]
Klaus Mayer, Thomas Schmid, Florian Weber
2011 No. 1Risikofaktoren und Multifaktormodelle für den deutschen Aktienmarkt
[SSRN]
Matthias Hanauer, Christoph Kaserer, Marc Steffen Rapp

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2010

2010 No. 9                 Considering the Shareholder Perspective: Value-based Management Systems and Stock Market Performance
[SSRN]
Marc Steffen Rapp, Daniel A. Schellong, Maximilian Schmidt, Michael Wolff
2010 No. 8Information Asymmetries and the Value-Relevance of Cash Flow and Accounting Figures - Empirical Analysis and Implications for Managerial Accounting
[SSRN]
Marc Steffen Rapp
2010 No. 7 Determinanten der Vorstandsvergütung - Eine empirische Untersuchung der deutschen Prime-Standard-Unternehmen
[SSRN]
Marc Steffen Rapp, Michael Wolff (University of Karlsruhe (TH))
2010 No. 6Determinants of Director Compensation in Two-Tier Systems: Evidence from German Panel Data
[SSRN]
Jörn Michael Andreas (Karlsruhe institute of technology), Marc Steffen Rapp, Michael Wolff (Karlsruhe institute of technology)
2010 No. 5DAXplus Family - Primer on a Family Firm Stock Index in Germany (DAXplus Family - Ein Aktienindex zur Darstellung der Performance von Familienunternehmen)
[SSRN]
Ann-Kristin Achleitner (CEFS/TU München), Christoph Kaserer (CEFS/TU München), Tobias Kauf (CEFS/TU München), Sarah Volk (CEFS/TU München)
2010 No. 4Loss of Control vs. Risk Reduction - Decision Factors for Hiring Non-Family CFOs in Family Firms
[SSRN]
Ann-Kristin Achleitner (CEFS/TU München), Eva Lutz (CEFS/TU München), Stephanie Schraml (CEFS/TU München)
2010 No. 3Simulation-Based Valuation of Project Finance - Does Model Complexity Really Matter?
[SSRN]
Florian Weber (CEFS/TU München), Thomas Schmid (CEFS/TU München), Matthäus Pietz (CEFS/TU München), Christoph Kaserer (CEFS/TU München)
2010 No. 2Importance of Spatial Proximity between Venture Capital Investors and Investees in Germany
[SSRN]
Ann-Kristin Achleitner (CEFS/TU München), Marko Bender (CEFS/TU München), Christoph Kaserer (CEFS/TU München), Eva Lutz (CEFS/TU München)
2010 No. 1Corporate Governance and Payout Policy: Do Founding Families Have a Special 'Taste for Dividends'?
[SSRN]
Thomas Schmid (CEFS/TU München), Markus Ampenberger (CEFS/TU München), Christoph Kaserer (CEFS/TU München), Ann-Kristin Achleitner (CEFS/TU München)

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2009

2009 No. 15               Structure and Determinants of Financial Covenants in Leveraged Buyouts - Evidence from an Economy with Strong Creditor Rights
[SSRN]
Ann-Kristin Achleitner (CEFS/TU München), Reiner Braun (CEFS/TU München), Florian Tappeiner (CEFS/TU München)
2009 No. 14Influence of Internal Factors on the Use of Equity- and Mezzanine-Based Financing in Family Firms
[SSRN]
Ann-Kristin Achleitner (CEFS/TU München), Eva Lutz (CEFS/TU München), Stephanie Schraml (CEFS/TU München)
2009 No. 13The German Entrepreneurial Index (GEX®) - A Primer on an Ownership-Based Style Index in Germany
[SSRN]
Ann-Kristin Achleitner (CEFS/TU München), Christoph Kaserer (CEFS/TU München), Markus Ampenberger (CEFS/TU München), Florian Bitsch (CEFS/TU München)
2009 No. 12Net Asset Value Discounts in Listed Private Equity Funds
[SSRN]
Henry Lahr (CEFS/TU München), Christoph Kaserer (CEFS/TU München)
2009 No. 11Risk Premia in Electricity Wholesale Spot Markets - Empirical Evidence from Germany
[SSRN]
Matthäus Pietz (CEFS/TU München)
2009 No. 10Angels or Demons? Evidence on the Impact of Private Equity Firms on Employment
[SSRN]
Eva Nathusius (CEFS/TU München), Ann-Kristin Achleitner (CEFS/TU München)
2009 No. 9International Financial Reporting Standards and Earnings Quality: The Myth of Voluntary vs. Mandatory Adoption
[SSRN]
Nina Günther (CEFS/TU München), Bernhard Gegenfurtner (CEFS/TU München), Christoph Kaserer (CEFS/TU München), Ann-Kristin Achleitner (CEFS/TU München)
2009 No. 8Goal Structures in Family Firms: Empirical Evidence on the Relationship between Firm and Family Goals
[SSRN]
Ann-Kristin Achleitner (CEFS/TU München), Reiner Braun (CEFS/TU München), Stephanie Schraml (CEFS/TU München), Juliane Welter
2009 No. 7Risk Premia in the German Electricity Futures Market
[SSRN]
Matthäus Pietz (CEFS/TU München)
2009 No. 6Patterns in Spatial Proximity between Venture Capital Investors and Investees in Germany - An Empirical Analysis
[SSRN]
Marko Bender (CEFS/TU München), Eva Nathusius (CEFS/TU München)
2009 No. 5Capital structure decisions in family firms - empirical evidence from a bank-based economy
[SSRN]
Markus Ampenberger (CEFS/TU München), Thomas Schmid (CEFS/TU München), Ann-Kristin Achleitner (CEFS/TU München), Christoph Kaserer (CEFS/TU München)
2009 No. 4Market Liquidity Risk - An Overview
[SSRN]
Sebastian Stange (CEFS/TU München), Christoph Kaserer (CEFS/TU München)
2009 No. 3Stock-based Incentives in Executive Compensation Packages - Evidence from German Prime Standard Firms
[SSRN]
Marc Steffen Rapp (CEFS/TU München), Philipp Schaller (CEFS/TU München), Michael Wolff (University of Karlsruhe (TH))
2009 No. 2The Impact of Managerial Ownership, Monitoring and Accounting Standard Choice on Accrual Mispricing
[SSRN]
Bernhard Gegenfurtner (CEFS/TU München), Markus Ampenberger (CEFS/TU München), Christoph Kaserer (CEFS/TU München)
2009 No. 1Measuring Market Liquidity Risk - Which Model Works Best?
[SSRN]
Cornelia Ernst (CEFS/TU München), Sebastian Stange (CEFS/TU München), Christoph Kaserer (CEFS/TU München)

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2008

2008 No. 15                    Private Equity Investors as Corporate Governance Mechanism in Continental Europe
[SSRN]
Ann-Kristin Achleitner (CEFS/TU München), André Betzer (University of Bonn), Bastian Hinterramskogler (CEFS/TU München)
Best Paper Prize, 7th International Conference on Corporate Governance, Birmingham Business School
2008 No. 14Accounting for Non-Normality in Liquidity Risk
[SSRN]
Cornelia Ernst (CEFS/TU München), Sebastian Stange (CEFS/TU München), Christoph Kaserer (CEFS/TU München)
2008 No. 13Family Firms, Agency Costs and Risk Aversion - Empirical Evidence from Diversification and Hedging Decisions
[SSRN]
Thomas Schmid (CEFS/TU München), Markus Ampenberger (CEFS/TU München), Christoph Kaserer (CEFS/TU München), Ann-Kristin Achleitner (CEFS/TU München)
2008 No. 12Private Equity Minority Investments in Large Family Firms: What Influences the Attitude of Family Firm Owners?
[SSRN]
Ann-Kristin Achleitner (CEFS/TU München), Stephanie Schraml (CEFS/TU München), Florian Tappeiner (CEFS/TU München)
2008 No. 11Do Corporate Governance Motives Drive Hedge Funds and Private Equity Activities?
[SSRN]
Ann-Kristin Achleitner (CEFS/TU München), André Betzer (University of Bonn), Jasmin Gider (University of Bonn)
2008 No. 10Why and How to Integrate Liquidity Risk into a Var-Framework
[SSRN]
Sebastian Stange (CEFS/TU München), Christoph Kaserer (CEFS/TU München)
2008 No. 9The Impact of Order Size on Stock Liquidity - A Representative Study
[SSRN]
Sebastian Stange (CEFS/TU München), Christoph Kaserer (CEFS/TU München)
2008 No. 8Equilibrium Security Prices with Capital Income Taxes and an Exogenous Interest Rate
[pdf]
Marc Steffen Rapp (CEFS/TU München), Bernhard Schwetzler (Center for Corporate Transactions (CCT), Department of Finance, Leipzig Graduate School of Management (HHL))
2008 No. 7Has the Sarbanes-Oxley Act reduced the Adverse Selection Cost of Going Public?
[pdf]
Christoph Kaserer (CEFS/TU München), Alfred Mettler (Georgia State University), Stefan Obernberger (CEFS/TU München)
2008 No. 6Private Equity Entities and Conglomerates: What are the Differences?
[SSRN]
Ann-Kristin Achleitner (CEFS/TU München), Kay Müller (CEFS/TU München)
2008 No. 5Economic Consequences of Private Equity Investments on the German Stock Market
[SSRN]
Ann-Kristin Achleitner (CEFS/TU München), Christian Andres (University of Bonn), André Betzer (University of Bonn), Charlie Weir (Robert Gordon University - Aberdeen Business School)
2008 No. 4Market Efficiency Reloaded: Why Insider Trades do not Reveal Exploitable Information
[pdf]
Sebastian Dickgiesser (CEFS/TU München), Christoph Kaserer (CEFS/TU München)
2008 No. 3Community Development Venture Capital: Concept and Status Quo in Germany
[SSRN]
Ann-Kristin Achleitner (CEFS/TU München), Rainer Braun (CEFS/TU München), Marko Bender (CEFS/TU München), Annabell Geidner (CEFS/TU München)
2008 No. 2Uncertain Private Benefits and the Decision to Go Public
[pdf]
Olaf Ehrhardt (FH Stralsund), Henry Lahr (CEFS/TU München)
2008 No. 1Linking Credit Risk Premia to the Equity Premium
[pdf]
Tobias Berg (CEFS/TU München), Christoph Kaserer (CEFS/TU München)

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2007

2007 No. 2         Quantitative Valuation of Platform Technology Based Intangibles Companies
[SSRN]
Ann-Kristin Achleitner (CEFS/TU München), Eva Nathusius (CEFS/TU München), Stephanie Schraml (CEFS/TU München)
2007 No. 1Entrepreneurship Education in German Speaking Europe - A Mapping
[pdf]
Ann-Kristin Achleitner (CEFS/TU München), Christoph Kaserer (CEFS/TU München), Svenja Jarchow (CEFS/TU München), Karen Wilson (EFER)

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2006

2006 No. 2          Stochastic Modeling of Private Equity - An Equilibrium Based Approach to Fund Valuation
[pdf]
Axel Buchner (CEFS/TU München), Christoph Kaserer (CEFS/TU München), Niklas Wagner (CEFS/TU München)
2006 No. 1Lifting the Veil of Accounting Information under Different Accounting Standards - Lessons Learned from the German Experiment
[pdf]
Carmen Adamek (CEFS/TU München), Christoph Kaserer (CEFS/TU München)

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2005

2005 No. 5     Employment Contribution of Private Equity and Venture Capital in Europe
[SSRN]
Ann-Kristin Achleitner (CEFS/TU München), Oliver Klöckner (CEFS/TU München)
2005 No. 4Beteiligungskapital und selektive Informationssuche in mittelständischen Unternehmen
[pdf]
Ann-Kristin Achleitner (CEFS/TU München), Angela Poech (CEFS/TU München), Thorsten Groth (CEFS/TU München)
2005 No. 3Private Equity Funds and Hedge Funds - A Primer
[SSRN]
Ann-Kristin Achleitner (CEFS/TU München), Christoph Kaserer (CEFS/TU München)
2005 No. 2Real Estate Private Equity - Funktion und Bedeutung einer Anlageklasse
[pdf]
Ann-Kristin Achleitner (CEFS/TU München), Niklas Wagner (CEFS/TU München)
2005 No. 1Insider Ownership and Corporate Performance: Evidence from Germany
[pdf]
Christoph Kaserer (CEFS/TU München), Benjamin Moldenhauer (CEFS/TU München)

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2004

2004 No. 7         Charakteristika und Erfolgsmerkmale junger, deutscher Unternehmen – Schwerpunkt Finanzierung
[pdf]
Ann-Kristin Achleitner, Christoph Kaserer, Niklas Wagner, Angela Poech, Martin Brixner, Axel Buchner, Benjamin Moldenhauer
2004 No. 6Determinanten der Vorstandsvergütung in Deutschland: Paradigmenwechsel oder Versagen in der Unternehmenskontrolle
[pdf]
Christoph Kaserer, Niklas Wagner
2004 No. 5What you Get is What You Need? The Role of Venture Capitalists in Managing Growth of New Ventures
[pdf]
Ann-Kristin Achleitner, Christian Fingerle
2004 No. 4The Index Effect - Comparison of Different Measurement Approaches
[pdf]
Christoph Kaserer, Jakob Munzinger (Freie Universität Bozen), Niklas Wagner
2004 No. 3Surprise Volume and Heteroskedasticity in Equity Market Returns
[pdf]
Niklas Wagner (CEFS/TU München), Terry A. Marsh (Haas School of Business/ U.C. Berkeley)
2004 No. 2What Drives Cash Flow Based European Private Equity Returns? – Fund Inflows, Skilled GPs and/or Risk?
[pdf]
Christoph Kaserer, Christian Diller
2004 No. 1European Private Equity Funds – A Cash Flow Based Performance Analysis
[pdf]
Christoph Kaserer, Christian Diller

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2003

2003 No. 1   Managing Investment Risks of Institutional Private Equity Investors – The Challenge of Illiquidity
[pdf]
Christoph Kaserer, Niklas Wagner, Ann-Kristin Achleitner

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