Oliver GOTTSCHALG

Professor

Strategy and Business Policy

Biography

Oliver Gottschalg holds a Wirtschaftsingenieur Diploma from the University of Karlsruhe, an MBA from Georgia State University and a M.Sc. and Ph.D. degree from INSEAD.

His current research focuses on the strategic logic and the performance determinants of private equity investments. His work has been published in leading academic journals in strategy and finance and in various publications for practitioners and was featured over 500 times in the business press. He regularly presents his research at academic conferences and private equity symposia and serves as an advisor to leading investors in the private equity industry. He has been involved as expert advisor in the ongoing debate about a possible need for regulation of the Private Equity industry in Europe at the national and European level.

At HEC, he teaches electives on Management Buyouts and Private Equity Strategies and directs the HEC Private Equity Certificate.

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Scientific articles

Experience as Dr. Jekyll and Mr. Hyde: performance outcome delays in the private equity context

Journal of Management Studies, September 2022, vol. 59, n° 3, pp 1359-1385, (in coll. with F. Castellaneta, A. Kacperczyk, M. Wright)

Does Ownership Matter in Private Equity? The sources of Variance in Buyouts' Performance

Strategic Management Journal, February 2016, vol. 37, n° 2, pp 330-348, (in coll. with F. CASTELLANETA)

Giants at the Gate: Investment Returns and Diseconomies of Scale in Private Equity

Journal of Financial and Quantitative Analysis, June 2015, vol. 50, n° 3, pp 377-411, (in coll. with F. LOPEZ DE SILANES, L. PHALIPPOU)

Corporate Governance and Value Creation: Evidence from Private Equity

Review of Financial Studies, February 2013, vol. 26, n° 2, pp 368-402, (in coll. with M. Hahn, V. Acharya, C. Kehoe)

Replicating the Investment Strategy of Buyout Funds Based in the United Kingdom with Public-Market Investments

Journal of Alternative Investments, Fall 2013, vol. 16, n° 2, pp 71-79, (in coll. with L. HADASS, E. TALMOR, F. VASVARI)

Red and Blue: The Relationship between the Institutional Context and the Performance of Leveraged Buyout Investments

Strategic Management Journal, December 2011, vol. 32, n° 12, pp 1356-1367, (in coll. with A. Pe'er)

The effect of leverage on the cost of capital of US buyouts

Journal of Banking and Finance, August 2011, vol. 35, n° 8, pp 2099-2110, (in coll. with A. Groh)

The Performance of Private Equity Funds

Review of Financial Studies, April 2009, vol. 22, n° 4, pp 1747-1776, (in coll. with L. Phalippou)

La vérité sur les performances dans le capital-investissement

Revue d'Économie Financière, November 21 2008, n° 93, pp 201-211, (in coll. with L. Phalippou)

Measuring Idiosyncratic Risks in Leveraged Buyout Transactions

Quarterly Journal of Finance and Accounting, Fall 2008, vol. 47, n° 4, pp 5-24, (in coll. with R. Baule, A. Groh)

Books

Private Equity Mathematics (O. Gottschalg Ed.)

PEI Media 2009

Chapters in edited books

Private Equity Fund Selection: How to Find True Top-Quartile Performers

Private Equity: Fund Types, Risks And Returns, And Regulation, D. Cumming (Ed.), John Wiley & Sons UK

Les fonds de private equity : mythes et réalités

L'Art Du Management - Leadership, Performance, Développement Durable, B. Ramanantsoa (Ed.), Pearson Education France, Partie 2 - chap. 6

Les vrais-faux rendements du capital-investissement

L'Art Du Management - Leadership, Performance, Développement Durable, B. Ramanantsoa (Ed.), Pearson Education France, Partie 2 - chap. 7

Performance Messung un Benchmarking von Private Equity Investments

Handbuch Alternative Investments, D. Kaiser (Ed.), Gabler Edition Wissenschaft

Working papers

Corporate-effect vs. industry effect: New evidence from Private Equity owned businesses

Mimeo , 2010

Business and Politics: How Political Beliefs Influence Volume and Performance of Leveraged Buyouts

Cahier de Recherche du Groupe HEC , 2008

Measuring Idiosyncratic Risks in Leveraged Buyout Transactions

Cahier de Recherche du Groupe HEC , 2008

Drivers of Venture Capital lnvestment Performance: The Role of Risk, Market Conditions, Strategy and Experience

Mimeo , 2007

Education Mix And Magnitude: Lessons From The Analysis Of Venture Capital Team Characteristics

Mimeo , 2007

How Acquireres Contribute to Post-Investment Value Addition in Buyouts: A Resource Dependence Perspective

Cahier de Recherche du Groupe HEC , 2007

The Party should be over: Why Private Equity is much less attractive than it looks

Mimeo , 2007

Growth and Learning

Mimeo , 2006

Money Chasing Deals and Deals Chasing Money - The Impact of Supply and Demand on Buyout Performance

Cahier de Recherche du Groupe HEC , 2006

Motivation and the Theory of the Firm