Prof. Dr. Bernhard Schwetzler

HHL Leipzig Graduate School of Management

Prof. Dr. Bernhard Schwetzler

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

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, Germany

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

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.
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