Alexander Groh

Economics, Finance, Control

Dr. Groh specializes on Venture Capital, Private Equity and Entrepreneurial Finance research. He is coauthor of the Global Venture Capital and Private Equity Country Attractiveness. Index : http://blog.iese.edu/vcpeindex/.

EDUCATION

• Since March 2012 : Professor of Finance at EMLYON Business School - Ecully, France
• September 2010 – Feb. 2012 : Associate Professor of Finance at EMLYON Business School - Ecully, France
• January 2010 – July 2010 : Visiting Fellow at the School of Banking and Finance of the University of New South Wale (UNSW) - Sydney, Australia
• Teaching tasks included one course on Venture Capital and Private Equity, and one course on Portfolio Management
• Since November 2008 : Research Fellow of the International Center for Financial Research (CIIF) at IESE Business School, University of Navarra - Barcelona, Spain
• Research project on a world-wide Venture Capital and Private Equity country attractiveness index
• Since 2007 : Adjunct Professor of Free University of Bolzano - Bolzano, Italy
• Teaching an elective course on Entrepreneurial Finance
• April 2007 – August 2010 : Associate Professor of Finance at GSCM – Montpellier Business School - Montpellier, France
  
• May 2006 – March 2007 : Visiting Research Fellow at IESE Business School, University of Navarra - Barcelona, Spain
• Research project on Venture Capital and Private Equity inCentral Eastern Europe
• September 2004 – April 2005: Visiting Research Fellow at INSEAD - Fontainebleau, France
• Research project on measuring risk-adjusted buyout performance
• February 11th, 2004 : Received Doctorate Degree (summa cum laude) from Darmstadt University of Technology- Darmstadt,Germany
• Ph.D. thesis is titled “Risk-Adjusted Performance of Private Equity Investments”
• January 1999 – Dec. 2006 : PhD Student and then Assistant Professor Darmstadt University of Technology -Darmstadt, German
• Responsible for particular lectures, seminars, master theses, marketing activities, sponsoring and external affairs
• October 1990 – April 1998 : Darmstadt University of Technology - Darmstadt,Germany
• Joint Master´s degree (Dipl.-Wirtsch.-Ing.) in Business Administration and Mechanical Engineering, specialized in finance and aerospace engineering
• August 1988 - July 1990 : B. Metzler seel. Sohn & Co. KGaA - Frankfurt, Germany
• Apprenticeship in investment banking. Completed training at top 1%-level in Frankfurt
• June 1988 : Woehlerschule - Frankfurt, Germany
• Graduation with secondary school diploma

EXPERIENCE

• November 1996 – present : Quadriga Capital Services GmbH - Frankfurt, Germany
  
• Consultant for an independent Private Equity Fund, performing research, valuation, marketing and investor relations tasks
• September – Dezember 1998 : M.C. Wilhelm Associates - Chicago,USA
  
• Employed with a consulting firm specialised on energy risk, developing pricing tools for electricity derivatives
• March 1996 – April 1998 : Finance and Banking Chair - Darmstadt University of Technology - Darmstadt,Germany. Research Assistant
• June - September 1994 : Banco de Castilla - Salamanca, Spain
• Internship in the controlling department and in a branch
• January - April 1994 : P. A. Becker & Co- Johannesburg, South Africa
• Internship as a trainee auditor in a chartered accountants/consultants company
• October 1992 - April 1993 : B. Metzler seel. Sohn & Co. KGaA -Frankfurt,Germany
• Part-time employee (one to two days a week) in the controlling department of Metzler Bank
• August - September 1990 and September - October 1991 : P.I.V. GmbH & Co. KG - Bad Homburg, Germany. Internship position in a factory (mandatory for the engineering bachelor degree) : gained workfloor experience and insight into production processes
• March and April 1991 : B. Metzler seel. Sohn & Co. KGaA - Frankfurt,Germany
• Temporary employment in the credit department of Metzler Bank, controlling and managing particular credit exposures

Languages : German (native), English (+++), French (++), Spanish (+)

EXPERTISE

Venture Capital and Private Equity, Entrepreneurial Finance

COURSES TAUGHT

Graduate courses such as “Entrepreneurial Finance, Venture Capital and Private Equity”, “LBOs”, “Shareholder Value Analysis and Company Valuation”, “Financial Strategy”, “Financial Markets”, and “Investments” at EMLYON Business School

Specialization course “Alternative Assets: Venture Capital and Private Equity”, and undergraduate course “Portfolio Management”, both 30 hours in the winter term at UNSW, 2010

“Corporate Finance I”, “Corporate Finance II”, “Financial Strategy”, “Finance and Investments”, and “Financial Engineering” (all of them 20 to 30 hours courses on the graduate level) at GSCM –MontpellierBusinessSchool

Invited lecture “Entrepreneurial Finance” at ESC Toulouse, France in the 2009 Summer Term

Since 2007 “Entrepreneurial Finance,Business Plans and Venture Capital” 60 hours full lecture series at Free University of Bozen Bolzano, mandatory lecture for the Graduate program “Global Management and Markets – Majoring in Entrepreneurship”

“Corporate Finance”, 30 hours full lecture series, held annually from 1998 to 2006 at Darmstadt University of Technology – mandatory lecture for the Master´s candidates in Finance

Occassionally “Foundations of Finance”, mandatory lecture for all Master Candidates at my time at Darmstadt University of Technology

Occasionally “Fundamentals of Business Administration”, mandatory lecture for Bachelor´s Candidates at my time at Darmstadt University of Technology

Invited lecture series for “General Corporate Finance and Banking” at the University Polytehnica of Bucharest, Romania, two weeks in June 1999

Invited lecture seriesin “European Foundations of Finance and Banking” for South-East-Asian Executives on behalf of the German Foundation for International Development,Berlin,Germany, one week in April 1998

RESEARCH INTEREST

Venture Capital, Private Equity, Entrepreneurial Finance

• Referee Activities :

Referee activities for the Journal of Banking and Finance, the Journal of International Money and Finance, the Journal of Business Venturing, the Strategic Entrepreneurship Journal, Entrepreneurship Theory and Praxis, the Journal of Economic Surveys, Frontiers in Finance and Economics, for the German Journals “DBW - Die Betriebswirtschaft” and “Kredit und Kapital”, for the Swiss Journal “Die Unternehmung”, and for numerous conferences.

PUBLICATIONS

ACADEMIC ARTICLES (19)

‑ Andrieu, Guillaume, Groh, Alexander. 2018. Specialist versus Generalist Investors: Trading off Support Quality, Investment Horizon and Control Rights.European Economic Review, 101: 459-478 p.

‑ Wallmeroth, Johannes, Wirtz, Peter, , Groh, Alexander. 2018. Venture Capital, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review.Foundations and Trends® in Entrepreneurship, 14 (1): 1-129 p.

‑ Cumming, Douglas J., Groh, Alexander, , Johan, Sofia A.. 2018. Same Rules, Different Enforcement: Market Abuse in Europe.Journal of International Financial Markets, Institutions and Money, FORTH

‑ Groh, Alexander, Wallmeroth, Johannes. 2016. Determinants of venture capital investments in emerging markets.Emerging Markets Review, 29: 104–132 p.

‑ Groh, Alexander, Lieser, Karsten. 2014. The Determinants of International Commercial Real Estate Investment.Journal of Real Estate Finance and Economics, 48 (4): 611-659 P.

‑ Bertoni, Fabio, Groh, Alexander. 2014. Cross-Border Investments and Venture Capital Exits in Europe.Corporate Governance, 22 (2): 84-99 P.

‑ Groh, Alexander, WICH, Matthias. 2012. Emerging economies' attraction of foreign direct investment .Emerging Markets Review, 13 (2): 210-229 P.

‑ Groh, Alexander, ANDRIEU, Guillaume. 2012. Entrepreneurs' Financing Choice between Independent and Bank-Affiliated Venture Capital Firms.Journal of Corporate Finance: Contracting, Governance and Organization , 18 (5): 1143-1167 P.

‑ Groh, Alexander, LIECHTENSTEIN, Heinrich von. 2011. The first step of the capital flow from institutions to entrepreneurs: the criteria for sorting venture capital funds.European Financial Management, 17 (3): 532–559 P.

‑ Groh, Alexander, LIECHTENSTEIN, Heinrich von. 2011. Determinants for allocations to Central Eastern Europe venture capital and private equity limited partnerships.Venture Capital, 13 (2): 175-194 P.

‑ Groh, Alexander, GOTTSCHALG, Oliver. 2011. The effect of leverage on the cost of capital of US buyouts.Journal of Banking and Finance , 35 (8): 2099-2110

‑ Lieser, Karsten, Groh, Alexander. 2011. The Attractiveness of 66 Countries for Institutional Real Estate Investments.Journal of Real Estate Portfolio Management, 17 (3): 191-211 P.

‑ Groh, Alexander, LIECHTENSTEIN, Heinrich von. 2011. International Allocation Determinants of Institutional Investments in Venture Capital and Private Equity Limited Partnerships.International Journal of Banking, Accounting and Finance, 3 (2/3): 176-206 P.

‑ Groh, Alexander, LIECHTENSTEIN, Heinrich von, , Lieser, Karsten. 2010. The European Venture Capital and Private Equity country attractiveness indices.Journal of Corporate Finance: Contracting, Governance and Organization , 16 (2): 205-224 P.

‑ Groh, Alexander, LIECHTENSTEIN, Heinrich von, , MIGUEL, Canela. 2010. Limited Partners' Perceptions of the Central Eastern European Venture Capital and Private Equity Market.Journal of Alternative Investments, 12 (3): 96-112 P.

‑ Groh, Alexander, LIECHTENSTEIN, Heinrich von. 2009. How attractive is central Eastern Europe for risk capital investors?.Journal of International Money and Finance, 28 (4): 625-647 P.

‑ Groh, Alexander, GUREAU, Calin. 2009. The Impact of Regional Development Policies on ICT and Biotech Firm Creation: A Comparative Analysis of France, Germany and the UK.International Journal of Entrepreneurship and Small Business, 7 (3): 347-366 P.

‑ Groh, Alexander, HENSELEIT, Christoph. 2009. The Valuation of Tax Shields Induced by Asset Step-ups in Corporate Acquisitions.Review of Business, 30 (1): 17-32 P.

‑ Groh, Alexander, BAULE, Rainer, , GOTTSCHALG, Oliver. 2008. Measuring Idiosyncratic Risks in Leveraged Buyout transactions.Quarterly Journal of Finance and Accounting, 47 (4): 5-23 P.

BOOKS (9)

‑ Groh, Alexander, LIECHTENSTEIN, Heinrich von, , Lieser, Karsten, , BIESINGER, Markus. 2015. The Global Venture Capital and Private Equity Country Attractiveness Index : 2015 Annual .: IESEEM LYON

‑ Groh, Alexander, LIECHTENSTEIN, Heinrich von, , Lieser, Karsten. 2012. The Global Venture Capital and Private Equity Country Attractiveness Index : 2012 Annual . 325 P.

‑ Groh, Alexander, Liechtenstein, Heinrich, , Lieser, Karsten. 2011. The Global Venture Capital and Private Equity Country Attractiveness Index: 2011 annual. Barcelone: IESE 249 p.

‑ LIECHTENSTEIN, Heinrich von, Groh, Alexander, , Lieser, Karsten. 2011. The Global Venture Capital and Private Equity Country Attractiveness Index: 2011 Annual.: IESE Insight 249 P.

‑ Groh, Alexander, Liechtenstein, Heinrich, , Lieser, Karsten. 2010. The Global Venture Capital and Private Equity Country Attractiveness Index: 2009/2010 annual. Barcelone: IESE 217 p.

‑ Groh, Alexander, LIECHTENSTEIN, Heinrich von, , Lieser, Karsten. 2010. The Global Venture Capital and Private Equity Country Attractiveness Index : 2009/2010 annual.: IESE Insight 217 P.

‑ BETSCH, Oskar, Groh, Alexander, , SCHMIDT, Kay. 2000. Gründungs- und Wachstumsfinanzierung innovativer Unternehmen = Financing Innovations, Start-up and Growth.: Oldenbourg 281 P.

‑ BETSCH, Oskar, Groh, Alexander, , LOHMAN, Lutz. 2000. Corporate Finance. 2nd Edition.: Vahlen 423 P.

‑ BETSCH, Oskar, Groh, Alexander, , LOHMAN, Lutz. 1998. Corporate Finance. 1st Edition.: Vahlen 305 P.

BOOK CHAPTERS (15)

‑ Römer, Max, Groh, Alexander. 2017. Commercial and Strategic Due Diligence., Beck'sches Mandatshandbuch Due Diligence. : München : C. H. Beck, 677-700 p.

‑ Groh, Alexander. 2015. Private Equity Growth in International and Emerging Markets., Private Equity: Opportunities and Risk. : Oxford University Press

‑ Groh, Alexander. 2014. Benchmarking leveraged buyouts against comparable public market investments., Private Equity Mathematics. 2nd ed.. : PEI Media, 105-116 P.

‑ Groh, Alexander. 2012. The Capital Flow from Institutional Investors to Entrepreneurs., The Oxford Handbook of Venture Capital. : Oxford University Press, 15-36 P.

‑ Groh, Alexander, LIECHTENSTEIN, Heinrich von. 2012. Assessing Country Attractiveness in the Venture Capital and Private Equity Landscape in Emerging Markets., Private Equity in Emerging Markets: The New Frontiers of International Finance. : Palgrave Macmillan

‑ FENDEL, Andreas, FORTUNATO, Hemlut, , Groh, Alexander, , GEHRT, Inna. 2011. Value Adding Private Equity Transactions., Guide 2012 M&A und Corporate Finance . : Handelsblatt, 42-49 P.

‑ Groh, Alexander. 2010. Private Equity in Emerging Markets., Private Equity: Fund Types, Risks and Returns, and Regulation. : John Wiley & Sons, 419-436 P.

‑ Groh, Alexander, Römer, Max. 2010. Commercial and strategic due diligence., Beck'sches Mandatshandbuch Due Diligence, 2. Auflage. : Beck Juristischer Verlag, 641-668 P.

‑ Groh, Alexander, LIECHTENSTEIN, Heinrich von, , Lieser, Karsten. 2010. What Makes a Country Attractive to VC Investors?., Back to basics: Global venture capital insights and trends report 2010. : Ernst & Young, 21–25 P.

‑ Groh, Alexander. 2009. Benchmarking Leveraged Buyout Transactions., Private Equity Mathematics. : PEI Media, 43–53 P.

‑ Groh, Alexander, LIECHTENSTEIN, Heinrich von, , Lieser, Karsten. 2009. How European Countries Attract Institutional Investors: Venture Capital and Private Equity Allocations., SECA Yearbook 2009. : SECA, Swiss Private Equity and Corporate Finance Association, 34-40 P.

‑ ROMER, Max, Groh, Alexander. 2007. Commercial and Strategic Due Diligence., Beck'sches Mandatshandbuch Due Diligence. : C.H. Beck, 593–621 P.

‑ Groh, Alexander. 2003. "Valuer++" als methodisches Konzept zur finanzwirtschaftlichen Unternehmensanalyse im Rahmen strategischer Beteiligungsprojekte., Industrielles Beteiligungscontrolling. : Schäffer-Poeschel, 77-99 P.

‑ Groh, Alexander, ROMER, Max. 2002. Private Equity and Leveraged Buyouts., Handbuch Going Private. : Heidelberg, 143–170 P.

‑ FENDEL, Andreas, Groh, Alexander. 2002. Private Equity zur Sicherung langfristiger Unternehmerstrategien., Strategic Corporate Finance : Unternehmenswertsteigerung durch profitables Wachstum. : Redline Wirtschaft bei Ueberreuter, 90–123 P.