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Strategy and Business Policy
Member of CNRS-GREGHEC Research Group
- Email: gottschalgSPAMFILTER@hec.fr
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. A second stream of work looks at the implications of employee motivation for firm performance in different settings. In parallel to his faculty position at HEC, he is affiliated with INSEAD as a visiting researcher and the coordinator of the HEC Buyout Research program.
His work has been published in leading academic journals and in various publications for practitioners. 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. At HEC, he teaches a core course on business strategy and offers an elective on Management Buyouts.
"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 V. Acharya, M. Hahn, 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, March 2009, vol. 4, n° 22, pp. 1747-1776 (in coll. with L. Phalippou).
"The Performance of Private Equity Funds", CFA Digest, November 2009, vol. 39, n° 4, pp. 8-10 (in coll. with L. Phalippou).
"Do Politics Shape Buyout Performance?", Harvard Business Review, November 2008, vol. 86, n° 11, pp. 26-27 (in coll. with A. Pe'er).
"La vérité sur les performances dans le capital-investissement", Revue d'Economie 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 A. Groh, R. Baule).
"Interest Alignment and Competitive Advantage", Academy of Management Review, April 2007, vol. 32, n° 2, pp. 418-437 (in coll. with M. Zollo).
"Truth About Private Equity Performance", Harvard Business Review, December 2007, vol. 85, n° 12, pp. 17-20 (in coll. with L. Phalippou).
"Understanding Value Generation in Buyouts", Journal of Restructuring Finance, 2005, vol. 2, n° 1, pp. 9-37 (in coll. with A. Berg).
Private Equity Mathematics (O. Gottschalg Ed.), PEI Media, 2009.
Chapters in Edited Books
"Private Equity Fund Selection: How to Find True Top-Quartile Performers", in Private Equity: Fund Types, Risks and Returns, and Regulation, D. Cumming (Ed.), Wiley, Chichester, 2010.
"Les fonds de private equity : mythes et réalités", in L'art du management - Leadership, performance, développement durable, B. Ramanantsoa (Ed.), Pearson Education France, 2008, Partie 2 - chap. 6 (in coll. with B. GARRETTE, B. Bourigeaud).
"Les vrais-faux rendements du capital-investissement", in L'art du management - Leadership, performance, développement durable, B. Ramanantsoa (Ed.), Pearson Education France, 2008, Partie 2 - chap. 7 (in coll. with L. Phalippou).
"Performance Messung un Benchmarking von Private Equity Investments", in Handbuch Alternative Investments, D. Kaiser (Ed.), Gabler Edition Wissenschaft, 2006.
"Strategic Objectives as Contingencies for the Performance Impact of Top Management Team Characteristics", Mimeo, (in coll. with N. PLAMBECK).
"Towards a Motivation-Based Theory of the Firm: Integrating Governance and Competence-Based Approaches", Mimeo.
"When Experience Hurts - Experiential learning, perceived task homogeneity and the confidence trap", Working Paper of the INSEAD-Wharton Alliance, (in coll. with M. Zollo).
"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 (in coll. with A. Pe'er).
"Measuring Idiosyncratic Risks in Leveraged Buyout Transactions", Cahier de Recherche du Groupe HEC, 2008 (in coll. with A. Groh, R. Baule).
"Drivers of Venture Capital lnvestment Performance: The Role of Risk, Market Conditions, Strategy and Experience", Mimeo, 2007 (in coll. with D. Meier).
"Education Mix And Magnitude: Lessons From The Analysis Of Venture Capital Team Characteristics", Mimeo, 2007 (in coll. with N. PLAMBECK).
"How Acquireres Contribute to Post-Investment Value Addition in Buyouts: A Resource Dependence Perspective", Cahier de Recherche du Groupe HEC, 2007 (in coll. with D. Meier, M. Brettel).
"The Party should be over: Why Private Equity is much less attractive than it looks", Mimeo, 2007 (in coll. with L. Phalippou).
"Growth and Learning", Mimeo, 2006 (in coll. with H. Singh).
"Money Chasing Deals and Deals Chasing Money - The Impact of Supply and Demand on Buyout Performance", Cahier de Recherche du Groupe HEC, 2006 (in coll. with D. Zipser).
"Motivation and the Theory of the Firm", Cahier de Recherche du Groupe HEC, 2006 (in coll. with M. Zollo).
"Nature and Sources of Sustainable Competitive Advantage", Mimeo, 2006.
"The Performance of Private Equity Funds", Working Paper of the INSEAD-Wharton Alliance, 2006 (in coll. with L. Phalippou).
"The Performance of Private Equity Funds", Cahier de Recherche du Groupe HEC, 2006 (in coll. with L. Phalippou).
"The Risk-Adjusted Performance of US Buyouts", Cahier de Recherche du Groupe HEC, 2006 (in coll. with A. Groh).
Employment Date: 2005
Main courses taught at HEC
Business Plan Design and Funding
2005 Ph.D. in Management, INSEAD, France.
2003 Visiting Doctoral Student, University of Pennsylvania, USA.
2002 Master of Science in Management, INSEAD, France.
1999 Diplom-Wirtschaftsingenieur, Universität Karlsruhe, Germany.
1997 Master of Business Administration, Georgia State University , USA.
Academic responsibilities at HEC
Academic Director of the Executive Campus of the HEC EMBA Program, June 2010.
Academic Director of the TRIUM Global Executive MBA Program.
Academic Director of the ETP Program China, as part of the 10,000 Women Program by Goldman Sachs.
2009- Associate Professor.
2005- Member, GREGHEC (CNRS).
Membership in Academic or Professional Organisation
Member, Academy of Management.
Member of the Editorial Board of the book series "Academic Readings in Private Equity" in cooperation with the European Venture Capital Association.
Reviewer, Academy of International Business.
Reviewer for the Academy of Management Conference (BPS Division).
Ad-Hoc Reviewer for the Journal of Restructuring Finance, the Strategic Management Journal, Research Policy, the Journal of Management Studies, the Journal of Finance.
The INSEAD Private Equity Conference, Fontainebleau, France, mai 2004. Co-initiator, co-organizer, presenter at the event which gathered 130 professionals from the private equity industry, 60 speakers and over 150 alumni and MBAs.
Co-organizer of the Paris Private Equity Forum (joint initiative HEC-Sciences Po).
Academy of management Conference, Seattle: Initiator and Co-Chair of the Symposium New Strategic Challenges for Management Buyouts and their Financiers: International Perspectives.
Awards & Honors
2010 BNP Paribas Pierre Vernimmen Teaching Award.
Mergers and Acquisitions