Heinrich
Liechtenstein

Professor of Financial Management

  Doctor of Business and Economic Sciences, University of Vienna
  Master in Business Administration, IESE, University of Navarra
  Degree in Business and Economic Sciences, Universidad Autónoma de Graz
  Certified European Financial Analyst

Professor Liechtenstein holds a Ph.D. in Managerial Science and Applied Economics from The Economics School of Vienna, Austria, a Master’s degree in Business Administration from IESE Business School, and a BSc in Business Economics from the University of Graz.

Professor Liechtenstein specializes in entrepreneurial finance, management of wealth and governance of entrepreneurial families. He is co-author on several publications on private equity. His ongoing research in this field focuses on operational value creation in private equity, impact investing and governance of entrepreneurial families.

Professor Liechtenstein lectures in the MBA and Executive Programs.

As a consultant he collaborated with leading families and financial institutions and serves on the board of family controlled foundations.

Prior to his academic career, Professor Liechtenstein was engaged in the family owned Liechtenstein Global Trust (LGT) dealing with ultra high net worth individuals. He also advised families within the Boston Consulting Group and established and sold two successful businesses.

Areas of interest

* Entrepreneurial finance, private equity and Impact Investing
* Owners/Investors strategy and family governance

Publications

Journal Articles (refereed)

GROH, A. P., LIECHTENSTEIN, H. (2011). Determinants for Allocations to Central Eastern Europe Venture Capital and Private Equity Limited Partnerships. Venture Capital, 13 (2), 175 - 194. doi:10.1080/13691066.2011.558359.
GROH, A. P., LIECHTENSTEIN, H. (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. doi:10.1111/j.1468-036X.2010.00583.x.
GROH, A. P., LIECHTENSTEIN, H. (2011). International Allocation Determinants for Institutional Investments in Venture Capital and Private Equity Limited Partnerships limited partnerships. International Journal of Banking, Accounting and Finance, 3 (2/3), 176 - 206. doi:10.1504/IJBAAF.2011.041454.
GROH, A. P., LIECHTENSTEIN, H., LIESER, K. (2010). The European Venture Capital and Private Equity Country Attractiveness Indices. Journal of Corporate Finance, 16 (2), 205 - 224. doi:10.1016/j.jcorpfin.2009.09.003.
GROH, A. P., LIECHTENSTEIN, H., CANELA, M. Á. (2010). Limited Partners' Perceptions of the Central Eastern European Venture Capital and Private Equity Market. Journal of Alternative Investments, 12 (3), 96 - 112. doi:10.3905/JAI.2010.12.3.096.
GROH, A. P., LIECHTENSTEIN, H. (2009). How Attractive is Central Eastern Europe for Risk Capital Investors? Journal of International Money and Finance, 28 (4), 625 - 647. doi:10.1016/j.jimonfin.2009.01.006.
HEUKAMP, F., LIECHTENSTEIN, H., WAKELING, N. (2007). Do Business Angels Alter the Risk-Return Equation in Early Stage Investments?. Business Angels as Seen by Venture Capitalists in the German-Speaking Countries. Journal of Private Equity, 10 (3), 67 - 86. doi:10.3905/jpe.2007.686431.

Working Papers

FERNÁNDEZ, P., AGUIRREAMALLOA ARIZAGA, J., LIECHTENSTEIN, H. (2009). The equity premium puzzle: High required equity premium, undervaluation and self fulfilling prophecy (DI-821-E).
GROH, A. P., LIECHTENSTEIN, H. (2009). The first step of the capital flow from institutions to entrepreneurs: The criteria for sorting venture capital funds (DI-795-E).
GROH, A. P., LIECHTENSTEIN, H., LIESER, K. (2008). The European venture capital and private equity country attractiveness index(es) (DI-773-E).
GROH, A. P., LIECHTENSTEIN, H., CANELA, M. Á. (2008). International allocation determinants of institutional investments in venture capital and private equity limited partnerships (DI-726-E).
GROH, A. P., LIECHTENSTEIN, H., CANELA, M. Á. (2008). Limited partners' perceptions of the Central Eastern European venture capital and private equity market (DI-727-E).

Articles in other publications

PUEMPIN, C., LIECHTENSTEIN, H., HASHEMI, F., HASHEMI, B. (2013). The Strategic Investor Takes the Driver's Seat. On the Road to Wealth Creation. IESE Insight (19), pp. 54 - 61.
PUEMPIN, C., LIECHTENSTEIN, H., HASHEMI, F., HASHEMI, B. (2013). Siete principios para crear valor. Las reglas de oro del inversor estratégico. IESE Insight (19), pp. 54 - 61.
GROH, A., LIECHTENSTEIN, H. (2012). An Undeniable Attraction. Africa investor, pp. 26 - 29.
GRABENWARTER, U., LIECHTENSTEIN, H. (2012). Having your cake and eating it too? - An unconventional perspective on Impact Investing. The European Financial Review.
GROH, A. P., LIESER, K., LIECHTENSTEIN, H. (2010). The Attractiveness of DACH for Limited Partners. BAI (Bundesverband Alternative Investments) Newsletter, 9 (1), pp. 30 - 33.

Books

PUEMPIN, C., LIECHTENSTEIN, H., HASHEMI, F., HASHEMI, B. (2014). The Empowered Investor. 7 Principles for Strategic Wealth Creation in a New Financial World. Basingstoke [England]: Palgrave Macmillan.
FRODSHAM, D., LIECHTENSTEIN, H. (2010). Getting between the Balance Sheets. The Four Things Every Entrepreneur Should Know about Finance. Basingstoke [England]: Palgrave Macmillan.
DAVID, A., LIECHTENSTEIN, H., STEVENSON, H. (2003). Winning angels. Mentoren im netzwerk des erfolges. Sieben bausteine für ein erfolgreiches risiko-investment. Wien: Signum Wirtschaftsverlag.

Book Chapters

GROH, A., LIECHTENSTEIN, H. (2012). Assessing Country Attractiveness in the Venture Capital and Private Equity Landscape in Emerging Markets. In Darek Klonowski (Ed.), Private Equity in Emerging Markets: The New Frontiers of International Finance (pp. 31 - 43). Basingstoke [England]: Palgrave Macmillan.
GROH, A. P., LIECHTENSTEIN, H., LIECHTENSTEIN, K. (2009). How European countries attract institutional investors. Venture capital and private equity allocations. SECA Yearbook 2009 (pp. 34 - 40). Switzerland: Swiss Private Equity & Corporate Finance Association (SECA).
LIECHTENSTEIN, H., AMIT, R., PRATS, M. J., MILLAY, T. (2008). Single family offices: The art of effective wealth management. In Josep Tàpies, John L. Ward (Eds.), Family values and value creation. The fostering of enduring values within family-owned businesses (pp. 166 - 193). Basingstoke [England]: Palgrave Macmillan.

Studies

GROH, A., LIECHTENSTEIN, H., LIESER, K., BIESINGER, M. (2018). Venture Capital and Private Equity Country Attractiveness Index. 2018 Annual.
GROH, A., LIECHTENSTEIN, H., LIESER, K., BIESINGER, M. (2016). Venture Capital and Private Equity Country Attractiveness Index. 2016 Annual.
BRIGL, M., LIECHTENSTEIN, H. (2015). The State of European Venture Capital: A Rise in Good Deals, but an Investor Drought.
GROH, A., LIECHTENSTEIN, H., LIESER, K., BIESINGER, M. (2015). The Venture Capital and Private Equity Country Attractiveness Index. 2015 Annual.
LIECHTENSTEIN, H., GROH, A., LIESER, K., BIESINGER, M. (2014). The Venture Capital and Private Equity Country Attractiveness Index. 2014 Annual.

Cases

LIECHTENSTEIN, H., KOLAROVA, L. (2020). Genmedi: How to Value a New Company for an Upcoming Round of Financing. IESE, E-207-E.
BECCARINI, I., HERRERA, Á., FERRARO, F., LIECHTENSTEIN, H. (2018). Oltre Venture: The Impact Revolution (A). IESE, SM-1669-E.
BECCARINI, I., HERRERA, Á., FERRARO, F., LIECHTENSTEIN, H. (2018). Oltre Venture: The Impact Revolution (B). IESE, SM-1670-E.
BECCARINI, I., HERRERA, Á., FERRARO, F., LIECHTENSTEIN, H. (2018). Oltre Venture: la revolución del impacto (A). IESE, SM-1669.
BECCARINI, I., HERRERA, Á., FERRARO, F., LIECHTENSTEIN, H. (2018). Oltre Venture: la revolución del impacto (B). IESE, SM-1670.

Technical Notes

KRYLOVA, E., LIECHTENSTEIN, H. (2017). Ask the Right Questions and Build Rapport during Due Diligence. IESE, FN-632-E.
FRODSHAM, D., LINZ, F., LIECHTENSTEIN, H. (2017). Choosing the Right Company in the Venture Capital Investment Competition. IESE, FN-631-E.
JUNY, J., SOLEY, J., LIECHTENSTEIN, H. (2011). Análisis del Sector Bancario. IESE, FN-569.
JUNY, J., SOLEY, J., LIECHTENSTEIN, H. (2010). Banking Industry Analysis. IESE, FN-569-E.
AMIS, D., FÜLÖP, I., LIECHTENSTEIN, H. (2009). Financing Early-Stage Ventures: Understanding the Angel Market. IESE, FN-566-E.