Prof. Dr. Bernhard Schwetzler

HHL Leipzig

You Set the Value, We Set the Terms – the Role of Cash Flow Rights in Venture Capital Valuations

  • Cash flows rights in venture capital contracts
  • NAV and Cash flow rights - regulations
  • Simple valuation rules
  • Identifying potential overvaluation via option pricing
  • Empirical results
Session C-2, 3:00 – 4:00 pm

Prof. Dr. Bernhard Schwetzler, CVA

HHL Leipzig Graduate School of Management I Chair of Financial Management

Academic Education

  • 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, German

Professional Experience

  • 2011 Visiting Professor, Universidad Del Pacifico, Quito, Ecuador
  • 2007 Visiting Professor, Concordia University, Montreal, Canada
  • 2004 Visiting Professor, University of Waikato, Hamilton, New Zealand
  • 2003 Visiting Professor, EADA Barcelona, Spain
  • 2001 Offer of Chair in Finance at Catholic University of Eichstätt, Faculty of Economic Sciences, Ingolstadt, Germany (Declined)
  • 1999-2000 Research Fellow (Sabbatical), INSEAD, Fontainebleau, France
  • since 1995 Chairholder and Professor of Finance and Banking, Chair of Financial Management, HHL Leipzig Graduate School of Management, Germany
  • 1995 Acting Professor of Business Administration/Finance, University of Siegen, Germany

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.

Research Interests

  • 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

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