Down Rounds – Implications for the (Mis-)Valuation of Venture-Financed Firms
- The standard: “Post Money Value"
- Special Cash flow Rights and their impact on share class values
- Liquidation preferences and potential Overvalution
- The impact of a down round on Post Money values and on share class values
- Empirical evidence
This session will be held in English language.
Session D-3: Thursday, 30 November 2023 I 4:00 – 5:00 p.m.
Prof. Dr. Bernhard Schwetzler, CVA
HHL Leipzig Graduate School of Management I Chairholder and Professor of Finance and Banking in Leipzig, Germany
- 1995 Habilitation in Business Administration, University of Regensburg, Germany
- 1992 Visiting Scholar, Krannert School of Management, Purdue University, West Lafayette, Indiana, USA
- 1989-1995 Senior Lecturer, Department of Investment, Finance & Banking, University of Regensburg, Germany
- 1989 Dr. rer. pol., University of Regensburg, Germany
- 1985-1989 Research Assistant, Department of Investment, Finance & Banking, University of Regensburg, Germany
- 1979-1985 Studies in Business Administration (Diplom-Kaufmann), University of Regensburg, Germany
- International corporate transactions
- Corporate Valuation : DCF Valuation (Growth, Inflation, Taxes); Multiple-Based Valuation (Accuracy, Consistency)
- Private Equity: Performance Measurement, Bankruptcy Risk, Fund Raising, Add on Acquisitions
- Firm risk, capital structure and valuation of tax benefits
Memberships and Affiliations:
- Chairman of the expert groups "Fairness Opinion" and "Corporate Transaction and Valuation" of the Society of Investment Professionals in Germany (DVFA)
- Co-Founder and member of the board of the European Association of Certified Valuators and Analysts (EACVA e.V.)
- Member of the editorial board of CORPORATE FINANCE
- Member of the scientific advisory board of the German Private Equity and Venture Capital Association (BVK)
- Member of the investment committee of the Technologiegründerfonds Sachsen (TGFS)
- Member of the supervisory board of Onvista AG (2000-2006)
- Member of the German Finance Association, European Finance Association (EFA), German Academic Association for Business Research, Verein für Socialpolitik e.V.