100,000 50 New HHL Crowdfunding Campaign Targeting Number 1 in Student 50 % € 100,000 Satisfaction* 1 Growth in Student Numbers** HHL NEWS LEIPZIG GRADUATE SCHOOL OF MANAGEMENT SUMMER 2013 WWW.HHL.DE

Crowdfunding very high level of job security, but also the Education: Investment fast career development of our graduates.” for “HHL New Thus, an investment in the best education is definitely worth it. To help with this HHL Campus” with the Highest Return advocates equal opportunities by offering financing options where fee payments are Help HHL Raise Funds for delayed, as well as scholarships for out- our New Building! US politician Benjamin Franklin once “We do not support an elite standing candidates. said, “An investment in knowledge al- group of individuals based One vital requirement for realizing the ways pays the best interest.” With that In 2012, HHL got around €166.000 from innovate 125 Future Concept of HHL is in mind, the tuition fees required at HHL upon their birth or place in the German Academic Exchange Service space for more lecture halls, study rooms, should not be discouraging. In the long society, but a responsibly-acting (DAAD) and thus – across all students – is as well as work stations for research and run, investment in education only has ad- and performance oriented elite considered the most well supported school teaching. vantages. The perspective of HHL gradu- in Germany. Frank Hoffmann, Director of ates shows that a master degree provides group of students. This requires Financial Aid at HHL, issued scholarships Offering an opportunity of a lifetime for graduates with a globally competitive fair conditions at the start.” worth of €353,000 to about 120 HHL stu- HHL, the Free State of Saxony once again qualification and strong networks. There- dents in 2012. demonstrated its support by offering us fore, rewarding career opportunities are Prof. Dr. Andreas Pinkwart, 5,000 m2 – rent-free and on the Jahn­allee open to them. In fact, three years after Dean of HHL Last but not least: Something that many Campus. On one campus, we build the completing their degree, M.Sc. graduates people do not realize, but which should not foundations for our pathway to the top of have an average salary of €65,500, which Director of Career Services at HHL, Mela- be underestimated is the possibility to de- European business schools. puts HHL graduates in the top tier (Finan- nie Petersen says, “Due to the high qual- duct all costs in connection with a Master’s cial Times 2012). ity education at HHL we observe not only a degree from one’s income tax. The central condition is that we raise the funding for refurbishing the new space on our own. While €60,000 to €100,000 would allow us to kick it off and install 16 new study rooms, anything on top of that will help us to bring the entire building into operation.

HHL Dean Prof. Dr. Pinkwart says, “With “Thanks to the financial support of the “To acquire management know-how in four “Thanks to a scholarship of the ERP FUNDSTERS, founded by alumnus KARL KOLLE scholarship I can focus on very different countries - I can handle that Program from the DAAD my dream Markus Brütsch (K17), we developed a fun- what is personally important for me: The well thanks to the Women in Leadership of studying at Germany’s top private draising campaign, asking the HHL com- pursuit of a management education at one Scholarship of HHL.” business school became true.” of the best European business schools.” munity, alumni and friends to support us Caroline Grosch Natalia Churikova through donations, large and small.” With Alexandru Canariov Business Development Manager at Allen & Overy Full-time M.Sc. Program this innovative approach, you will be part Full-time MBA Program LLP, Global Executive MBA Program * 2013 trendence Graduate Barometer of something worthwhile. For your sup- port we will offer you individualized gifts such as merchandise or your personal, On Course for Growth: Positive Interim Result of company or class names on a wall or study ** room. innovate 125 HHL Future Concept

Help us in making this lifetime mile- By 2023, when HHL will celebrate its 125th tional programs, more students, the de- Students stone for HHL happen fundsters.de/ anniversary, it wants to have reached velopment of a strong global network and 2010 HHL-Campus two goals. It is aiming to enter the league a wider financial basis. HHL Dean Prof. of the Top 10 graduate schools in Europe Dr. Andreas Pinkwart is upbeat about the 2013 150 with its full and part-time M.Sc. and MBA soaring growth in student numbers (plus programs, its executive as well as its doc- 50%), endowment chairs (plus 150%) and Endowment Chairs toral programs. HHL also wants to posi- contractually secured income (plus 132%). 2010

tion itself amongst the Top 10 worldwide In addition, the research infrastructure 2013 250 with its M.Sc. program, which is already has developed, amongst other things with listed in the Top 10 in Europe. the Center for Advanced Studies in Man- To reach these strategic goals, HHL with agement (CASIM) and the percentage of in- Secured Income its innovate125 Future Concept has been ternational professorships has increased: 2010

following a quality concept for growth every third professor who was appointed 2013 232 since 2011. The focus of the concept is to in the last two years was an international

bring about: a larger and more interna- candidate. Basis: 2010 = 100 tional school, excellent research, addi- hhl.de/futureconcept-innovate125 02 HHL NEWS summer 2013 HHL NEWS summer 2013 03

CAMPUS CAMPUS

Porsche AG Chair of Strategic Management and Family Business HHL Awards Honorary Doctorate to We Support HHL’s innovate125 Future Concept Porsche Supports Chair of Strategic Hans-Werner Sinn Management and Family Business On Wednesday July 3, 2013, HHL awarded Kramer Foundation Supports HHL’s Career Service: A Success that an honorary doctorate to Prof. Dr. Dr. h.c. at HHL mult. Hans-Werner Sinn (center). Before Development of HHL Pays off in More than just one Way 200 guests, HHL honored an international- Sports car manufacturer Porsche is sup- ly renowned individual who has rendered Alongside the Leipzig Chamber of Com- The Kramer Foundation would like to at- When people study at a private business In the context of the realization of the HHL porting the establishment of a Chair of Stra- outstanding services to the Leipzig busi- merce and Industry, as well as the Associ­ tract additional active supporters over the school they expect to get an interesting Future Concept Melanie Petersen says, “Our tegic Management and Family Business at ness school with the degree. The lecture ation of Friends of HHL e.V., the Kramer next few years to support the realization and lucrative job later. This puts business service for students, alumni and compa- HHL. The chair aims to develop research given by Prof. Sinn, full professor at the Foundation is one of the shareholders of the of HHL’s innovate125 Future Concept and schools, such as HHL, in a position where nies contributes to the success of the HHL in the key areas of the professorship with Chair of Economics and Public Finance as holding company of HHL. While the history you can contribute to HHL’s future by do- they are responsible to support their stu- Future Concept in more ways than one. By practical relevance. Pursuing an approach well as President of the ifo Institute – Leib- of the Kramer Foundation dates way back to nating today. With Paymill’s kind support dents in finding such jobs. Thus, HHL’s Ca- placing HHL students in attractive jobs the with a focus on top management, the chair niz Institute for Economic Research at the the year 1278, its efforts for HHL today are you can use the online payment tool on the reer Services offers a broad range of services rankings, which weigh the parameter ‘re- will offer scientifically-founded solutions to University of Munich, was entitled “Europa From left to right: Prof. Dr. A. Pinkwart, Prof. in full force. new website www.kramerstiftung.de to do- that include: on-campus company presen- ceived income’ are heavily affected. There- the issues faced by entrepreneurs. The chair in der Krise” (“Europe in Crisis”). Dr. Hans-Werner Sinn, Prof. Dr. G. Milbradt nate by credit card or feel free to contact the tations, recruitment fairs, workshops, in- fore, our work not only contributes to the will therefore complement HHL’s profile Today, the Kramerstiftung’s sole purpose foundation directly. terview training and individual coaching. professional success of HHL graduates, but as an innovation-oriented entrepreneurial bility in our locations,” says Lutz Meschke HHL Dean Prof. Dr. Andreas Pinkwart (left) sincerely for your great support of HHL is to promote the stability and develop- We very much appreciate endowments to Moreover, the department has established also to HHL as an institution on its path to business school and contribute significant- (center), CFO of Dr. Ing. h.c. F. Porsche AG, said: “In the year of its 115th anniversary, since its re-establishment in 1992. You have ment of HHL. The Chairman of its Board is the Kramer Foundation of HHL a personal development module for its the top 10 graduate schools in Europe. And ly to the implementation of the innovate125 on supporting the Leipzig business school. HHL not only honors a man who is without always been at our side as a reliable part- Prof. Dr. Georg Milbradt (center), the former MBA students, preparing them during their let’s not forget that students and alumni are HHL Future Concept. “The new chair is an ideal symbiosis of sci- a doubt Germany’s best known economist, ner. For this I would like to thank you cor- Prime Minister of Saxony, who says, “I have Account name: Kramerstiftung der HHL studies for their future career in manage- satisfied with the HHL Career Service. In The Dr. Ing. h.c. F. Porsche AG Chair of Stra- ence and economy and offers young people it also honors someone who played a great dially on behalf of everyone here at HHL.” watched and accompanied HHL since its re- Bank: Deutsche Bank AG ment. The offer includes a personality test, 2013, trendence, a personnel service enter- tegic Management and Family Business will and managers a facility to link theory with role in determining what course one of the establishment in 1992 and I am extremely Bank code: 860 700 00 application training, as well as mentoring prise, ranked HHL as the leading German in- be held by Prof. Dr. Stephan Stubner (right). practical experience – because that is what most respected private universities in Ger- Prof. Dr. Hans-Werner Sinn said: “I am happy about its successful development in Account number: 171 991 300 from alumni within various industries. Last stitution in the category of career services.” Following his doctoral degree from the it is about.” many would take. Mr. Sinn you were a dis- thrilled about this honor because HHL has this short period of time. Moreover, I am in- IBAN: DE90 8607 0000 1719913 00 year, HHL also started cooperating with in- Friedrich-Alexander-Universität Erlangen- “We are very pleased about Porsche AG sup- tinguished member of HHL’s first appoint- played a very important role as a graduate volved on the Board of the Kramer Founda- BIC (SWIFT CODE): DEUTDE8LXXX ternational counseling experts for the indi- hhl.de/career-service Nürnberg and several years of professional porting the new chair and with Prof. Dr. ments commission, the so-called founding school for business administration. More- tion because I am convinced that a society Purpose of payment: Endowment vidual career plans of its MBA students. experience in strategic consulting, Prof. Dr. Stubner taking over this challenging task,” appointments commission, between 1993 over, it has already made a name for itself can only be as strong as the next generation Stubner has served as the Academic Direc- says HHL Dean Prof. Dr. Andreas Pinkwart and 1995. Through your commitment, you internationally.” it creates. It is therefore our responsibility Melanie Petersen, head of Employer rela- tor of HHL’s Program for International En- (left). “The chair will play a crucial role with- contributed more than simply to the in- to support young talents – the future’s top tions at HHL says, “My team, which consists trepreneurship since 2007. After his post- in the ‘Strategic and International Man- ternationalization of HHL, which is still of The ceremony for the honorary doctorate performers need us.” Milbradt’s deputies of three other employees, is the link between doctoral degree, which focused on the fields agement’ academic group at HHL. In col- special importance to us today.” and the lecture by Prof. Dr. Hans-Werner are Prof. Winfried Pinninghoff (right), Ex- the inside and the outside world. We con- of family business, strategy and governance, laboration with the corporate governance Sinn kicked off the scientific interdisci- ecutive Director of WIP Consulting, and Dr. nect companies with students and vice ver- HHL successfully recruited him to assume research and teaching department, the new In addressing Prof. Dr. Georg Milbradt plinary CASiM conference on the topic of Gerd Robertz (left), HHL-Alumnus and Ex- sa. Our students benefit from our knowledge the leadership of the new chair against com- professorship will confirm our capability in (right), former Prime Minister of Saxony “Change Management”. ecutive Director of buecher.de. of the market. On the other hand, we can of- peting offers. and penetration of a field which will play a who presented the award, Prof. Dr. Pink- The conference was kindly supported by fer companies suitable candidates. The pre- “Porsche stands for a successful product strategic part nationally and internationally wart said: “I would like to thank you most the Association of Friends of HHL. miere entry for new corporate contacts is of strategy and decades of tradition. We con- in the future.” course our alumni. Our graduates contact us tinue to stand by our roots as a family busi- when internships or open positions in their ness and are aware of our social responsi- hhl.de/strategy Center for Advanced Studies in Management “The Doctoral Program Strengthens companies are available. Everybody within Friede Springer: “The Investment in our Research Activities” this network benefits from each other.” Scientific Excellence at HHL Pays of” German National Scholarship through Interview with Prof. Dr. Wilhelm Althammer, Innovation and Entrepreneurship Alumni Asscociation and Daniela and As part of its investment in scientific excel- as trust in business or change management. Academic Director of the HHL Doctoral Program lence, the Friede Springer Foundation sup- The investment in scientific excellence at Portrait of the New Academic Group Structure Jürgen Westphal Foundation ports two female doctoral candidates at HHL pays off.” hhl.de/casim “We offer our students philosoph- the Graduate School of the Center for Ad- Part of HHL’s innovate125 Future Con- gies have the potential for the innovation During a festive ceremony in June, two HHL cation is what can give people a better and vanced Studies in Management (CASiM) at ic, economic and methodic courses, cept is the organization of the business of products and services, processes of val- students were awarded the German Nation- more fulfilling life. The basis of our decision HHL. On June 25, during her visit to HHL amongst others, which help them ad- school’s research and teaching activities ue creation and collaboration in organiza- al Scholarship by the HHL Alumni Associa- as to who to sponsor is, in addition to a stu- Friede Springer (center) met the two re- around five thematic groups: Strategic tions and markets. IT-technologies enable tion and the Daniela and Jürgen Westphal dent’s academic and non-academic perfor- search associates, Fundiswa Ndaba (left) a vance faster on their academic paths and International Management; Finance, us to create platforms for change in the in- Foundation. mance, their financial situation.” 29-year-old native of South Africa and Linh through cooperative learning.” Accounting and Corporate Governance; novation process, e.g. to involve suppliers Thirty-five year old MBA student Franziska Lars Wulfken, Chairman of the HHL Alumni Nguyen (right) a 26-year-old from Vietnam. Economics and Regulation; Sustainability and customers or even communities in Scharfe (second from right) was elated to re- Association, in regards to the award of the Upon meeting with the two scholars, Friede and Competitiveness, as well as Innova- the sense of value co-creation. Advanced ceive the German National Scholarship. She German National Scholarship to M.Sc. stu- Springer said: “I am amazed by the activi- What is special about HHL’s Doctoral port community building among our stu- tion and Entrepreneurship. internet-based technologies have the po­ said: “I am very grateful for the scholarship, dent Anton Sodia (27), said: “With the schol- ties at the CASiM research center at HHL, Program? dents, which is especially important for the tential for Entrepreneurship as well. because I see it as praise for my academic arship we actively promote a student, who dealing with the fundamental issues such external doctoral candidates. As the group “Sustainability and Compet- Through the research program of the ‘In- performance. I am also pleased to have the besides excellent academic achievements, Our structured doctoral program stands out itiveness” was featured in the HHL news novation and Entrepreneurship’ depart- opportunity to get to know the sponsors per- demonstrates social engagement and rep- because it can be completed on a part-time What impact does the Doctoral in Spring 2013, we now turn to the group ment we support HHL’s innovate 125 Fu- sonally and to learn about their motivation resents the interest of his fellow students. New Cooperation between HHL and basis. Although our doctoral candidates Program have on HHL’s innovate 125 “Innovation and Entrepreneurship” with ture Concept.” to support eligible students. Today’s meet- The scholarship offers us excellent oppor- are expected to carry out their scientific re- Future Concept? its speaker Professor Dr. Ralf Reichwald ing with the Westphals makes the German tunities to foster the main idea of the​​ HHL Roland Berger Strategy Consultants search independently and at a high level, we (CLIC Center for Leading Innovation and The department’s teachings provide a National Scholarship for me even more valu- Alumni Association within the student body, do not consider them to be solo warriors. The doctoral program plays a central role in Cooperation), as well as its members Prof. broad basis of education in entrepreneur- able and I hope to stay in contact with them.” to form a strong network, as well as to sup- Roland Berger Strategy Consultants and have been working together intensely on We actually offer them philosophic, eco- supporting and strengthening research ac- Dr. Andreas Pinkwart (Stiftungsfonds ship and business plan development in Dr. Jürgen Westphal (left) said: “My wife and port each other.” HHL have recently agreed to work together scenario planning since 2009, especially nomic and methodic courses, amongst oth- tivities at HHL. Our doctoral students are Deutsche Bank Chair of Innovation Mana­ all its programs. The foundations for les- I are of the opinion that supporting the elite in offering master’s programs. Among other within the HHL Center for Strategy and Sce- ers, which help them advance faster in their invited to participate in the scientific dis- gement and Entrepreneurship), Prof. Dr. sons are real world case studies pro­vided among young adults is necessary, as edu- hhl.de/deutschlandstipendium initiatives, Roland Berger consultants can nario Planning – Roland Berger Research academic paths through cooperative learn- course by submitting their research to na- Kathrin M. Möslein (CLIC) and Junior Pro- by the large network of HHL founders apply for scholarships for one of HHL’s inter- Unit, which Roland Berger also supports ing. The curriculum of the doctoral program tional and international conferences and fessor Dr. Vivek K. Velamuri (Schumpeter and partners. HHL’s networking with the national master’s programs (MBA or M.Sc.). financially. therefore also supports HHL’s mission to thus contributing to the visibility of re- Junior Professorship for Entrepreneur- innovation sectors of Leipzig, through This enables consultants to obtain quality “HHL is a much appreciated and very reli- educate effective, responsible and entrepre- search at HHL. We also integrated the an- ship and Technology Transfer). SMILE and the Leipzig Foundation for knowledge in an efficient manner. Further- able partner for education and research,” neurially thinking executives. nual CASiM conference into the summer Innovation and Technology Transfer, more, the consultancy and school are plan- says Schwenker. “I look forward to expand- school of the doctoral program to bring our The group “Innovation and Entrepreneur- also plays an important role. The group ning to expand their work in the area of ing our work together and thereby providing Which focus do you put on the students into contact with leading research- ship” researches the internationalization further supports interdisciplinary for- practical business research. For example, our consultants with an additional option research colloquia? ers in fields that are deemed to be important and financing options of innovative start- mation projects in technical and medi- HHL and the consultancy intend to work to- for advancing their skills and know-how.” for the Future Concept. Furthermore, HHL ups (venture capital financing and crowd cal fields, assists HHL founders through gether in organizing master theses where HHL Dean Prof. Dr. Andreas Pinkwart says: The research colloquia is important indi- considers the notion of management cen- investing). Another focal point of the re- coaching and EXiST scholarships, as there is a mutual interest in practical issues. “Strengthening our collaboration with Ro- vidually, as the student has to present and tered on sustainable business leadership, search and teaching in the department well as in identifying field projects and The new collaboration marks the continu- land Berger Strategy Consultants directly defend his first ideas, as well as collective- as a central requirement for the success of is Internet-based innovation strategies. formation-related master theses. The ation of longstanding successful work be- supports the implementation of HHL’s fu- ly as students get informed about research future businesses in making complex trade This is because open innovation concepts group closely cooperates with the stu- tween HHL and the international consul- ture concept innovate125. To achieve its at HHL and create possible links between and business decisions. Therefore, we chose in companies and markets offer possibili- dent initiative Accelerate@HHL, which tancy. Prof. Dr. Burkhard Schwenker, CEO strategic goals, HHL is currently following ideas and methodologies. Pertaining to the topics such as leadership, corporate gov- ties to involve employees (intrapreneur- specializes in startups and is linked both of Roland Berger, is also a Professor at HHL, a quality growth concept. The focus here is summer school there are three aims: We ernance and sustainability for the summer ship) as well as market partners (value nationally and internationally with lead- where he focuses on seminars and research, on excellent research, additional programs, want to deepen the understanding of cur- school over the last few years. Doing this co-creation). Prof. Dr. Reichwald summa- ing research networks in the field of as well as serves as a member of the school’s more professors and students and improv- rent trends in research, widen the horizon supports both research, as well as broadens rizes: “Advanced internet-based technolo- entrepreneurship. board of trustees. HHL and Roland Berger ing global networks.” of our students, and last but not least sup- the perspectives of our students. 04 HHL NEWS summer 2013 HHL NEWS summer 2013 05

CAMPUS Center for Advanced Studies in Management Figuratively speaking, the companies must Change Management: From Big Leader open their doors so as to not only better in- Hungary: the Focus of the HHL Designated Telekom Boss Timotheus clude their employees, but so as to bring in to Open Change Moderator? their customers and other stakeholders.” International Guest Lecture, Höttges Opens Leadership Series at HHL as well as a Historic Study On July 4, 2013, the Center for Advanced Renowned representatives from science and Videos from the CASiM Confe- On April 3, Timotheus Höttges, the designat- an academic discourse, which started with Studies in Management (CASiM) hosted a research (e.g. Prof. Dr. Alfred Kieser, Zeppe- rence “Change Management” ed CEO of Deutsche Telekom AG, started off the annual HHL forum “Rethink Leader­ scientific conference on the topic “Change lin University Friedrichshafen; Prof. Tho­ are available at hhl.de/casim- On March 25, 2013, under the auspices of the the new series of lectures “Leipzig Leader- ship” and is continuously being developed. Management”. While change management mas Gehrig, Ph.D., University of Vienna), as series of lectures “HHL International Guest ship Lecture” at HHL. Höttges, who holds a The creation of a new “Leipzig Leadership is not a new topic in business research, the well as experienced professionals from the conference-2013 Lectures” József Czukor (middle), Hungar- business degree, discussed the topic of lead- Model” is the goal of the discourse, as HHL developments of the last decade have posed field (e.g. Dr. Jürgen Behrend, Chairman of Prof. Dr. Andreas Pinkwart, who as a mem- ian Ambassador to Germany, described the ership in times of change at the university. aims to develop a new understanding of many new challenges for the change man- the Shareholders’ Committee, HELLA KGaA ber of the Executive Board of CASiM led the On the conference website, Prof. Dr. Al- alarming economic and social situation of He pointed out the challenges within his leadership, moving away from that of mere- agement of firms and organizations, and HUECK & CO.; Dr. Margarete Haase (see pic- conference, summarized: “We must sharp- fred Kieser (Zeppelin University Fried­ his home country to the 40 attending stu- own industry, which mainly concern cor- ly seeking quick profit maximization.The have thus raised many new questions for ture), President, Deutz AG; Prof. Dr. Torsten en our awareness of the effects executives, richshafen) addresses the question of dents. However, he defended the domestic porate leadership, according to Höttges. He next already confirmed Leipzig Leadership academic research in business administra- Oltmanns, Partner & Global Marketing Di- employees, regulation, competition, tech- which skills an executive should have dur- policies of the current conservative govern- characterized different personalities and Lecture will take place on April 2 next year tion. The conference held scientific talks rector, Roland Berger Strategy Consultants; nology and the environment have on the ing change management processes and ing majority in Hungary under the leader- styles of leadership, as well as addressed with the CEO of Bilfinger Berger and former focusing on “Organizational Change and Christian Strenger, member of ‘Corporate development of companies and markets. At which deficits he sees in today’s executive ship of Prime Minister Viktor Orbán, which how ‘good’ versus ‘very good’ managers Prime Minister of Hesse Roland Koch speak- Leadership” and “Change Management Governance Government Commission’ and the conference, we discussed future trends training in this regard. Dr. Margarete Haase has recently been subject to criticism from and an enthusiastic historian, presented will differ in their attitudes towards work ing at HHL. in Firms and Markets” with parallel pan- numerous supervisory boards) conversed and strategies for how managers and com- (Deutz AG) reflects on the “do’s and don’ts” some students at HHL. for the first time his study “Hungary and and the company. Lastly, Höttges (right) els on the topics “Adaptive Leadership and with the participants of the conference. panies can proactively influence the driving for executives in the change process, while “We need economic growth and we need HHL Leipzig Graduate School of Manage- discussed the need to consistently create Motivation”, “Organizational Change and forces of change. It has become apparent Prof. Dr. Ralf Reichwald (HHL and Tech­ to find a way to fight poverty in Hungary,” ment (1898 - 1933)”. This research was done a motivating atmosphere with staff mem- Corporate Governance” and “Co-Evolu- Executives required to rethink that executives are required to rethink their nische Universität München) speaks about the 55-year-old lawyer said about the coun- after Ambassador Czukor’s visit in Spring bers and that managers should trust their tion: Change Management and Interactive their strategies strategies in order to actively involve em- interactive communication as being a driv- try’s surging problems in his lecture. Ac- 2012, where he asked Dean Prof. Dr. An- instincts. Communication”. ployees in a process of continuing change. ing force of change processes. cording to Czokor, it is also a core objective dreas Pinkwart (right) about the number of HHL offers a platform for executives from Hungarian students at HHL. Prof. Dr. Hans both the public and the private sector to of the current government to integrate eth- Chair of Financial Management Chair of Accounting and Auditing nic minorities, especially the approximately Göschel, not only provided information on tackle leadership challenges within its se- 750,000 Hungarian Roma, into the society, Hungarian students at HHL, but also on ries of lectures for its students, professors as well as make sure the budgetary deficit Hungarian teachers and guest speakers. He and employees. The lectures are imbedded in Professor of the Week The Ubiquity of Accountability stays below three percent. also addressed Hungarian student unions in After the lecture Prof. Dr. Hans Göschel Leipzig, as well as other facts and events re- Prof. Dr. Bernhard Schwetzler, holder of the The Cardiff Business School, one of the lead- schule Leipzig in the Claws of Nazism”. The (left), former Commercial Manager of HHL lated to this topic. Market-Based Solutions for the Chair of Financial Management, was select- ing business and management schools in paper looks at the concept of accountabili- ed “Professor of the Week” by the Financial the UK, invited Dr. Sebastian Hoffmann ty, which represents the basis of accounting Energy Turnaround Times (FT). Every Tuesday, they ask a pro- and Dr. Dominic Detzen, both from HHL’s and financial reporting and examines it in Bratislava Wins XVII European fessor of business studies to define a central Chair of Accounting and Auditing, to give the context of extreme societal conditions. Kicking off the 3rd HHL Energy Conference Companies such as Siemens Management term for the FT lexicon. Schwetzler decided a seminar presentation on May 1, 2013. Dr. The research contributes to the literature by Ivy League on April 18, Hans-Joachim Otto, Member Consulting, Deutsche Bahn, CTG Corporate to explain the term tax shield. “Almost every Hoffmann and Dr. Detzen presented their analyzing closely the limits of the “golden of the Federal Parliament and Parliamen- Transformation Group, enviaM, MITGAS, corporate decision is affected by tax. Tax ad- latest research paper, titled “On the Ubiq- concepts” of accountability. The 17th round of the European Ivy League tary State Secretary for the Federal Min- MIBRAG (Mitteldeutsche Braunkohlenge- vantages for corporate debt are commonly uity of Accountability – The Handelshoch­ soccer tournament came to an end on May ister of Economics and Technology, said, sellschaft), VNG (Verbundnetz Gas Aktien­ known as a tax shield and it is an important 12. A total of 19 teams from top-level busi- “The transformation of the energy system gesellschaft), Alstom, Vattenfall and E.ON factor influencing the company’s capital ness schools such as SDA Bocconi School is a project for generations. To achieve this were among the partners and participants structure choices.” managers and being a member of the sci- The Business of Leasing of Management, EM Strasbourg Business goal, we need market-based solutions. The of the event organized by the HHL Energy The Bavarian-born Professor, who also entific advisory board of a German private School, ESM, European University Viadrina, more politics, the economy and society act Club student initiative. heads HHL’s Center for Corporate Transac- equity association, Professor Schwetzler´s Financing an investment volume of approx- leases, thus enhancing financial figures Mannheim Business School, Rijksuniver­ in concert, the more successful the energy hhl-energiekonferenz.de tions and acts as Academic Director of the research also has a strong link to practical imately 49 billion EUR, the leasing industry such as equity ratio. Under the new pro- siteit Groningen and the University of Eco- turnaround will be. The HHL Energy Club school’s MBA Programs, teaches finance application. Problems of corporate valu- continues to play an important role in the posal all leasing arrangements will need to nomics Bratislava participated in this can make an important contribution to the classes as part of the Master of Science, ation and topics of mergers and acquisi- German business landscape. At the same be on the balance sheet. Not only compa- unique sports event. The motto of the XVII cause through its HHL Energy Conference.” part-time and full-time MBA and Global Ex- tions are at the heart of the chair´s research time the International Accounting Stand- nies relying on operating leases will be af- European Ivy League was “Score for More”. Over the course of two days, 80 students ecutive MBA programs. Chairing two com- agenda. ards Board (IASB) proceeds with its reform fected, but also the leasing industry itself The soccer tournament, organized single- from Germany and abroad discussed the mittees of a German association of asset hhl.de/finance on accounting for leases initiated in 2009. will need to review its business model. All handedly by HHL students, dates back to a Looking back M.Sc. student Christina Rück- topic “Let’s face the Energiewende – Busi- Pertaining to this topic, Andreas Muzzu, existing and future leasing arrangements long tradition within the HHL network and ert, who was responsible for the tourna- ness solutions to manage upcoming chal- partner at Ernst & Young’s Ruhrgebiet of- will need to be reviewed and, if necessary, offers an excellent opportunity to get into ment, says, “The European Ivy League was lenges” at HHL. The Federal Minister of MBA Graduate Receives fice, introduced the latest IASB leasing amended in order to avoid adverse effects contact with companies and students alike. a great success in its 17th year. I would like Economics and Technology Dr. Philipp proposal during a meeting held by the Ge- on companies’ financial ratios. While it is to thank the team of organizers who made Rösler (Free Democratic Party) served as Leonardo & Co. Award 2012 sellschaft für kapitalmarktorientierte Rech- not expected that the new regulation will During an exciting final game, the Univer- this year’s soccer competition a unique and patron of the event. nungslegung e.V. on June 12. come into effect before 2014, Mr. Muzzu rec- sity of Economics Bratislava with a score of unforgettable event for all the participants.” More than 290 business, engineering and Volker Hiddemann, Master student at Vienna Susanne Knoll, 28, has received the Leon- the Department of The new IASB proposal suggests abolish- ommends that “those companies with nu- 1:2 narrowly defeated the HHL team. Bratis­ science students had applied for one of the University of Economics and Business: “By ardo & Co. Award 2012 for her Master’s the- Strategy at Daimler ing the current distinction of leases being merous leasing contracts should begin an- lava’s second team beat another Leipzig The XVII European Ivy League was spon- 80 spots in order to compete in a case study participating in the conference, I expanded sis. The award for a Master’s or Bachelor’s says, “I was excited either finance or operating leases. The cur- alyzing their contracts now under the new team during the third place match as well. sored by Stern Stewart & Co., HHL Alumni competition during the conference, which my knowledge in the field of energy and gai- thesis in the field of Mergers & Acquisitions about the Leonardo rent distinction allows off-balance sheet leasing regulation and adopt new account- Alongside this, the HHL cheerleading team e.V., Procter & Gamble, Grand City Hotels included monetary prizes amounting to ned valuable input for my professional future, comes with a monetary prize of EUR 4,000 Award because it financing by companies using operating ing processes.” rallied the audiences and motivated the and MLP AG. €3,500 in total. which may have a relation to this topic.” and is given by Leonardo & Co., one of Eu- showed me that my teams to give peak performances before the rope’s leading independent investment questions and find- final game. hhl-students.de/ivy-league banks, since 2006. ings are relevant to people in the practice.” The Quality of Decision-Making Alumni Relations New Chapters Drive Regional Ms. Knoll, who took part in the part-time Prof. Dr. Bernhard Schwetzler, holder of Human rationality is thought of as being sys- of the story which was the topic of a presen- MBA program at HHL between 2010-2012, the Chair of Financial Management at HHL, tematically bound leading people, among tation given by Dr. Mareike Kühne at a meet- Career Service Alumni Activities wrote a thesis titled, “Influence of MAC with Dr. Alexander Lahmann, mentor for other things, to overestimate the likelihood ing of the Gesellschaft für kapitalmarktorien- Internationalization of HHL’s Clauses on Offer Premia and Cumulative the Master’s thesis stated, “We were thrilled of an event when it can be imagined vivid- tierte Rechnungslegung e. V. on April 25, 2013. In 2013, the HHL alumni expanded their mer, both MSc5), Hamburg (Oliver Klante Abnormal Return”. In it she examined the in- to learn that Ms. Knoll’s Master’s thesis had ly. Classic examples not only include plane Dr. Kühne spoke about current research in Career Service regional activities with recently founded (K3), Roland Drapatz (MSc4) and Berlin fluence of ‘material adverse change’ clauses, received the award and regard this as an ex- crashes and shark attacks but also cases in neuroscience and experimental psychology, chapters and new chapter heads in numer- (Prof. Dr. Andreas Wilms, K 13) are initiating which are often included in company pur- ternal recognition of the quality of HHL’s which the prospects of an enterprise have to which suggests that emotions and the use of HHL is continuing to develop its career ser- or AMBA or EQUIS are located in England, ous cities. the exchange among local alumni members. chase contracts or acquisition offers, on the education in finance. We are particularly be evaluated. It appears that emotions and heuristics or intuition in fact prove to be ex- vice on an international level. Germany’s France, Ireland, Israel, Italy, Scotland and Among them are the first two international “We highly appreciate the commitment of amount of the takeover premium, as well happy because for the first time a candidate mental shortcuts seem to threaten our abil- tremely valuable and indispensable aspects oldest business school recently became a Spain. chapters of HHL: In April, Hans-Christian our chapter heads, as it is the local activities as the cumulative abnormal return of the of a German MBA program received this ity to reason rationally. That this is only part of human rationality. new member of CARNET Alliance, an as- Ehret (K22) and Benedikt Billmann (MSc 4) and events that bring the HHL community target company. Knoll, who now works in award.” sociation of offices of career services from Melanie Petersen, Head of Employer Rela- organized a meeting of the HHL alumni in to life”, says Lars Wulfken (P6), Chairman of leading European business schools. Its aim tions at HHL, says: “Our CARNET Alliance Zurich (Switzerland). Also in April, during a the Alumni Association. “Together with the KPMG Workshop is to develop links between employers, stu- membership allows us to extensively expand meeting of the London alumni, attended by great achievements of existing chapters like Rethinking Equity Valuation dents and member schools, which lead to our services both for our German and our for- the Executive Management of HHL, Malte Frankfurt, NRW and Franconia, the new in- On June 20, 2013, the Chair of Accounting M.Sc.-Program addressed current topics jobs, events, consultancy projects and in- eign students. With the support of the CAR- Paul (K10) and Tobias Habbig (K9) were in- itiatives will help us to continue building a Equity valuation is one of the most impor- nance Association’s 62nd Annual Meeting, and Auditing worked with the auditing and in international financial reporting. Using ternational cooperation. HHL offers its NET Alliance consortium we are able to offer spired to take over responsibility for future strong alumni network.” tant fields of research in financial manage- March 14-16, 2013 in Chicago, USA, in order consulting firm KPMG in the organization the case of Borussia Dortmund, a German MBA students exclusive access to the on- high-grade web-seminars, such as with Dan- alumni meetings in Britain’s capital. HHL alumni in Berlin renew former con- ment and is typically conducted during a to present their findings on the impact of of a workshop on the enforcement of ac- listed football club, the participants had line platform. Core to it is a LinkedIn group, iel Porot, the ‘career pope’, over the last few This July in Germany, Christian Neitzer tacts and meet interesting new people at a M&A transaction. Since the recent financial credit rating on the value of a firm. During counting standards in Germany. Under the the chance to experience how the German which provides up-to-date career tips and months. These were extremely well received (M11) and Kai Ehlers (K20) initiated a new chapter meeting. hhl-alumni.de crisis it is important to rethink the typical the 36th Annual Meeting of the European Ac- supervision of Dr. Oliver Beyhs, partner Financial Reporting Enforcement Panel job offers. HHL is the only business school by our MBA students. Additionally, the ca- chapter in Stuttgart. In addition, new chap- valuation procedure for quantifying addi- counting Association, May 2-5, 2013 in Paris, at KPMG, and his team as well as Prof. Dr. (FREP), the company whose financial state- in Germany that is a member of this ca- reer services of the CARNET schools offer in- ter heads in Munich (Jörg Sutara, K20), Leip- tional risks, such as the risk of bankruptcy. France, Dr. Lahmann additionally present- Henning Zülch, Chairholder for Accounting ments are under examination and the audi- reer network. Additional business schools, dividual consultations for our students, too.” zig (Alexander Kolano and Benjamin Ham- Therefore, Dr. Sven Arnold and Dr. Alexan- ed his findings on important issues in aca- and Auditing at HHL, the students of HHL’s tors involved act in an enforcement case. all of which are accredited by AACSB and/ hhl.de/career-service der Lahmann attended the Midwestern Fi- demic equity valuation research. 06 HHL NEWS summer 2013 HHL NEWS summer 2013 07

Entrepreneurship ICCR Chair of Corporate Responsibility & Governance

Startup Conference Entrepreneurial From Organic Retailer to Online Advertising Service Pledge for research that is meaningful and impacts society by Accelerate@HHL Greetings from Asia Awards for Business Ideas of HHL Students Recently, Professor Vasanthi Srinivasan, spectives on HRM philosophy, systems, the questions she focuses on are: who holds the new ICCR Chair of Corpo- policies and processes that enable people- What do organizations do to en- Titled “How to build up a high scalable A business plan competition concluded An all-Indian team came in second place in rate Responsibility & Governance at HHL related-decisions within organizations. In gage women more effectively? startup”, this year’s conference by the the seminar “Business Plan Development” the annual competition at HHL. They pre- was portrayed in the ‘Women at Business the course ‘Corporate Responsibility in a How can women pursue careers student’s initiative Accelerate@HHL held in June at HHL. For two months, 33 in- sented the idea of a software application School’ series by the Financial Times. Pro- Globalized World’, Professor Srinivasan at- in a manner where human capital held on May 31, 2013 attracted nearly ternational students of the MBA program that displays advertisements within graph- fessor Srinivasan’s chair is kindly supported tempts to equip students with the relevant is effectively utilized? And how do 150 students, entrepreneurs, and ven- had been trained in creativity techniques ics on websites matching their motif. Thus, by the Indian Council of Cultural Relations understanding of concepts of business eth- the societal and the structural ele- ture capitalists from across Europe. so as to develop ideas. Additionally, struc- allowing online advertisers to place their (ICCR), an institution affiliated with the In- ics and teaches how corporate responsibili- ments support or hinder women to Guest lectures were given by renowned tural methods such as the so-called “Busi- advertisements in a more target-oriented dian Ministry of External Affairs. In the in- ty can be realized under different – and often continue in the workplace? Professor Srinivasan speaks about chal- entrepreneurs and venture capitalists, ness Model Canvas” were implemented to way. terview with the Financial Times, Professor adverse – empirical conditions. According Currently, together with colleagues from In- lenges for today’s business school land- such as SevenVentures and Wimdu. develop a complete business plan. During Srinivasan, who acted as Associate Profes- to her, “Teaching at HHL has been exciting. dia, Professor Srinivasan is researching the scape and calls for a fundamental examina- A wide variety of topics ranging from Currently, two of HHL’s MSc7 students, Mi- the seminar, the participants also learned The ideas were judged by a jury consisting sor at the Indian Institute of Management The diverse nationalities in the classroom role of women on corporate boards in India. tion of the curriculum in business schools. “How to build a true rockstar team” to chael Steibl (center) and André Prenzlow about financing options and the legal forms of Prof. Dr. Andreas Pinkwart (Chairholder Bangalore (IIMB) and is the Chair of the contribute significantly to the learning ex- In her role as chair of the Center for Corpo- She says: “We have crossed the threshold “Leveraging the power of television for (right), are doing their exchange term at Sa- of start-ups. The series of lectures was or- of the Stiftungsfonds Deutsche Bank Chair IIMB Center for Corporate Governance and perience both for the faculty and the stu- rate Governance and Citizenship at the IIM of sustainability and the ongoing economic your startup’s success” were discussed sin Graduate Institute of Business Admin- ganized by the Stiftungsfonds Deutsche of Innovation Management and Entrepre- Citizenship, gives insights into her academ- dents. The quality of the students and their in India, Professor Srinivasan focuses on nu- crisis has shown us: All of us are at the same during the event. The Accelerate@ istration of Chulalongkorn University in Bank Chair of Innovation Management neurship), Daniel Gollmann (HHL-alum- ic work as well as into her role as a woman assignments has been very high. Moreover, merous topics including how young MBAs time perpetuators and victims of the eco- HHL student initiative was founded in Bangkok, Thailand.“ Studying at Sasin gives and Entrepreneurship under the leader- nus and Founder of Gollmann Kommissio- in the international business school world. their perspectives in the two courses were can be trained to be more sensitive to the nomic system. How can we fundamental- 2000 and aims to foster entrepreneur- us very helpful insights in understanding ship of Prof. Dr. Andreas Pinkwart and in- niersysteme GmbH), Sören Schuster (CFH At HHL Professor Srinivasan teaches in the varied and highly stimulating”. creation of responsible businesses, as well ly alter the manner in which we frame the ial thinking at HHL. The initiative holds the Asian culture, which is crucial when cluded contributions by Martin Schlichte Beteiligungsgesellschaft mbH), Daniel Zim- full-time M.Sc. as well as the MBA program. as what role the business school faculty has thinking for the future? How do we do col- workshops and an annual conference conducting business in this region. Also, the (HHL graduate and founder of Lecturio), Dr. mermann (Partner at WilmerHale), and Dr. The primary focus of her course ‘Interna- Key areas of interest: Diversity & in this area. The Bangalore-born Professor laborative cross-functional teaching? How every year, as well as coordinates visits wide range of electives taught at Sasin ide- Philipp Semmer (attorney-at-law), and Julia Jens Schmidt-Ehmcke (former Manager of tional Management Competencies’ is to Human Resource Management also runs a website for anyone interested in do we ensure that we do research that is to startups. ally complements our course selection at Derndinger (HHL graduate and founder of several VC-Funds, now a freelance start-up build ‘culturally intelligent’ managers for a ethics, responsibility and governance called meaningful, relevant and rigorous that will HHL,” says André Prenzlow. The two MSc several start-ups). Consultant/Entrepreneur). highly interconnected world. In her course Professor Srinivasan’s field of research, as www.teachcsr.com. The site has about 600 impact society?” students combine studying with entrepre- Eight teams worked on ideas during the ‘Human Resource Management’ she adopts well as teaching, is on Diversity as well as members, many of whom are academics. ft.com/intl/business-education/ neurial practice. Influenced by their previ- seminar some of which are planned to now a General Manager’s take and provides per- Human Resource Management. Some of In the interview with the Financial Times, women-at-business-school ous work experience and entrepreneurial be developed. The winning team was com- activities, the two joined Johannes von Rohr posed of three students from Germany, In- (K20, left) at Alpha Founders, a global ven- dia and Italy (see photo on the right). To- ture builder, accelerator and investor. With gether they drafted a business plan with the HHL Center for Strategy and Scenario Planning Chair of Economics and Information Systems Alpha Founders the HHL team is incubat- idea of a regional organic retailer based on New Publication “Scenario- ing several projects, amongst them a com- a cooperative society, which wants to give Creating Strategic Alliances for New Wall parison portal for insurance and financial socially disadvantaged personnel a chance based Strategic Planning” products. Alpha Founders continues to hire, too. Victoria Dressel spoke for the group: “It Element – Field Project for HTWK Leipzig inviting fellow HHL students and alumni was a positive surprise for us that our social “Scenario-based Strategic Planning – Devel- descriptions of tools to apply at www.alphafounders.com for a business idea won. Now, we just need back- oping Strategies in an Uncertain World” is and hands-on cas- The consulting project for HTWK provided toring systems and heating systems. The lat- Bangkok-based position. ers and then we can get started.” the title of the latest book edited by Prof. Dr. es, managers obtain HHL’s full-time MBA students Alexandru ter leading to current state-of-the-art heat- Burkhard Schwenker, CEO of Roland Berger insights as to how Canariov (Team Leader), Miguel Amable, ing devices eventually becoming obsolete. Strategy Consultants and Prof. Dr. Torsten strategy processes Ankur Garg, Huizhen Xu and MingYue Chen After reaching the initial goal of the field Chair of Marketing Management Wulf, Academic Director of the HHL Cent- can be made more the chance to test their skills and knowledge project, which was to conduct a classic er for Strategy and Scenario Planning, pub- flexible in a world increasingly character- learned in the classroom during a 6 month consulting format analysis by using the Why Companies lished by Springer Gabler. The book intro- ized by volatility and complexity. long field project. frameworks, tools and topics such as: mar- What CEOs Think About Big Data duces “scenario-based strategic planning” The client, Professor Frank Hülsmeier, head ket selection, market analysis, market size, Should Watch out as a framework for strategic management in The website scenarioplanning.eu/pub- of the Energy Design group at HTWK Leip- market growth and market entry strategies, an ever changing world. Through a series of lications allows a first glance at the book. zig and Matthias Tietze, Project Manager, ap- the students continued their role as advi- Members of the Wissenschaftliche Gesell– tions. Afterwards, Prof. Burmann presented for Hot Spots proached HHL to perform a detailed analysis sors. The team analyzed what kind of strate- schaft für Marketing und Unternehmensfüh- the results of a survey, which revealed that of their latest research results, a new facade gic alliance could move HTWK forward and rung (Academic Society for Marketing and special opportunities for Big Data arise from Imagine you are shopping for groceries and Research Project: The Economic Sustain- element called VakuTex. Although only 11 lead to a win-win situation for HTWK and a Business Leadership) met on April 18 and 19 a higher market orientation of companies. one product claims to be “100% naturally cm thin, VakuTex is a high-tech wall that can financial partner. They contacted a number in Leipzig for the 64th leadership talk on the produced”, the other one “100% climate neu- ability of German Family Firms insulate against cold and heat. The HTWK of potential companies, eventually identify- topic “Big Data, Big Impact – Implications Hartmut Scheffler, CEO of TNS Infratest tral” and a third one “no pesticides” – which experts also developed other impressive ing a first strategic investor. The students for Market-Oriented Leadership”. Holding, and Matthias Hartmann, CEO of ly small, young and innovative companies one would you buy? In May, the HHL Center for Strategy and Sce- level of professionalization in later genera- wall specifications, e.g. where the textile re- even organized the first meeting and sup- GfK Group, discussed challenges and oppor- have the chance to revolutionize traditional This example shows that for consumers as nario Planning published the results of a re- tions increases. The results also underline inforcement is replaced with carbon grid re- ported the HTWK in its presentation, dur- In addition to an initial definition of the tunities of Big Data for the future of market business models. Secondly, Dr. Thomas Voll- well as for companies it is difficult to de- search project that assessed the economic that family firms are most successful and inforcement. This carbon grid offers numer- ing which the product was tested in a real concept of Big Data, which is based on the research. The ability of data integration was moeller, CEO of XING AG, stated that large cide when a product is most sustainable. sustainability of German Family Firms. The economically sustainable only if they man- ous other futuristic uses from inside a wall, life setting and received overall positive three Vs (volume, variety and velocity), op- stated as a significant unique selling point companies should test Big Data applica- Hence, it is critical to identify so called Hot research project analyzed the levels of en- age to increase both their level of entrepre- such as led lightning systems, sensor moni- feedback from the investor. portunities and challenges that arise from of specialized market research institutions tions in small projects that should later be Spots which have the greatest impact on a trepreneurial orientation and professionali- neurial orientation, as well as their level of the use of Big Data were discussed. In par- that will gain significant importance in the implemented on a larger scale and in an it- product’s (un)sustainability. In this context, zation in family firms dependent upon the professionalization. ticular, the need for an adequate qualifica- future. erative process. HHL’s Chair of Marketing Management an- generation managing the firm. The results Are Smart Meters Really Useful? tion of data scientists, the sensitivity of the alyzed the effects of Hot Spot communica- show that a decreasing level of entrepre- The complete report on the research project German consumers towards data protec- During a second round of discussion on Dr. Rainer Hillebrand, vice chairman of tion on consumers with an online experi- neurial orientation challenges later genera- can be found at User Training on “Smart Metering” and EmPower Innovation Award tion and the necessity of change agents were the influence of Big Data on marketing and the Otto GmbH & Co. KG, stressed the fact ment and eye tracking study. On June 5, 2013, tion family firms, while at the same time the scenarioplanning.eu/publications reflected in multiple discussions. corporate management, Jozsef Bugovics, that the successful use of Big Data analy­ Prof. Manfred Kirchgeorg and Anja Buerke On June 27 the aim of the user event. First prize went to Dr. Prof. Kirchgeorg kicked off the agenda on CEO of API – Automotive Process Institute tics requires completely different employee presented the results and led the discussion training on “Smart Metering” Sven Schmidt (represented by Friday morning and formulated key ques- GmbH, formulated the thesis that especial- structures. during an interactive workshop at the annu- Dr. Ing. h.c. F. Porsche AG Chair of Strategic at HHL was to review develop- Steve Linge) of BITSZz engi- al conference of the Akademische Partner- ments since the previous user neering GmbH for his “highly schaft ECR Deutschland which supported Management and Family Business training on the same topic in efficient electrical drive con- How to Build Cus- MOOC and E-Blended Learning – this research. 1st Ph.D. Colloquium on Family June 2012. The user training cept LEANTEC” that com- Another factor contributing to consumer was held within the frame- bines lightweight construc- tomer Satisfaction Next Generation Teaching Methods? confusion arises as the same claim of sus- Firm Research work of the EU project “EmPower”. Both tion and new electronic control concepts. tainability can be used with quite different the further development of the smart meter The second prize, accepted by Rolf Förster, At Deutsche Bahn On May 22, an exclusive round of HHL pro- chair holders from HHL, which are respon- meanings. Therefore, HHL’s marketing chair The Porsche AG Chair of Strategic Manage- and the visualization of the measured data was awarded to ed energie.depot GmbH for fessors and experts of higher education sible for the teaching programs, participated partnered with the GfK Verein, namely Prof. ment and Family Business at HHL together Career paths of were discussed. In addition, information on its “Heat Hamster”. The third prize was re- On June 3, the MSc 9 class and exchange stu- discussed new trends in the field of digital in this workshop. Dr. Ralf Birkelbach, Execu- Dr. Raimund Wildner and Claudia Gaspar, with the Chair of Strategic and Internation- if and how many smart meters are already ceived by “VIBROFLAMM” and Dr. Matthias dents met Dr. Bastian Grunberg, Head of teaching media and e-blended learning. One tive Vice President of Springer Business Me- to tackle the issue how to make corporate al Management at the Philipps-Universität HHL graduates being used was provided. Andreas Nehring, Werschy of the DBI-Gastechnologisches In- Brand Management and Marketing Analyses of the latest innovations is MOOCs (Massive dia, represented the publishing side by pre- sustainability communication more trans- Marburg invite early Ph.D. researchers to a Meter1 GmbH & Co. KG and Lars Quring, stitut gGmbH Freiberg. of DB Mobility Logistics AG, at HHL during Open Online Courses) – tuition-free courses, senting the latest trends in digital teaching parent, comparable and comprehensible focused research colloquium in Leipzig on The educational concept at HHL is GET AG were speakers at the event, which The organizers, HHL in cooperation with a guest lecture as part of the Marketing and which are taught over the internet to a large media and how Springer takes advantages for consumers. After measuring consumers’ September 3-4, 2013. The goal of the colloqui- geared toward modern management was again presented by Bastian Schötler, the Aufbauwerk Leipzig GmbH and the Customer Relationship Management course. number of students. In view of the exponen- of new possibilities to convey specialist in- perceived relevance and acceptance for a set um is to provide a platform for Ph.D. students education that reflects the needs an open critic of smart metering. Schötler ZTS-Zentrum für Technologiestrukturent- Dr. Grunberg gave exclusive insights to the tial rise of MOOCs in the last years, higher ed- formation to students, academia and prac- of sustainability claims, the most suitable to present the current status of their projects of the corporate world. We would moderated the discussions and his chal- wicklung Region Riesa-Großenhain GmbH Brand Management at Deutsche Bahn and ucation might change dramatically. Hence, tice through digital channels. Prof. Dr. Jür- terms will be compiled in a sustainability and to discuss their approaches and findings like to invite you to get to know our lenging questions offered audience mem- would like to compliment all award winners explained the corporate marketing strategy, the Chair of Marketing Management initiat- gen Bolten (Friedrich-Schiller-University of glossary. The Akademische Partnerschaft with each other. These sessions are comple- graduates and let them convince you bers the possibility to participate as the and thank the speakers for their excellent as well as their brand architecture. The stu- ed a workshop to reflect the current develop- Jena) introduced an academic approach to will again support this project in order mented by content-related workshops. This themselves of their willingness and speakers talked. presentations. dents were provided with in-depth knowl- ment and to explore opportunities to intro- e-learning and gave insights into his expe- to create communication guidelines and highly interactive format enables doctoral ability to succeed. The winners of the EmPower Innovation edge about customer portfolio analysis and duce new teaching methods at HHL. Along rience with new e-learning methods, which set standards especially for the consumer students to improve their research skills and hhl.de/people Award were also announced during the empower-eu.net models of customer satisfaction drivers. with Dean Prof. Andreas Pinkwart, several allow students worldwide to study together. goods industry. to network with other researchers. 08 HHL NEWS summer 2013 HHL NEWS summer 2013 9

Dr. Werner Jackstädt Chair of Economic and Stiftungsfonds Deutsche Bank Chair of Innovation Schumpeter Junior Professorship in Entrepreneurship and Technology Transfer Heinz Nixdorf Chair of Business Ethics Management and Entrepreneurship. HHL Students Develop Business Plans IT-Based Logistics Global Governance and Corporate Internationalization of Newly Founded Intensifying Re- In the course of the HHL Business Plan to the market. Delta-Vir GmbH, a biotech- ziger Stiftung für Innovation und Technolo- Social Responsibility High-Tech Companies Development Seminar, under the guidance nology startup based in Leipzig, also par- gietransfer, provided the students the chal- search in Logistics of the Schumpeter Junior Professorship in ticipated in the seminar. The collaborative lenge of merging academic theory, business HHL is proud to announce its upcoming colleagues from different fields, such as Eco- We were able to create new findings in the gardless if the team has more work experi- Entrepreneurship and Technology Transfer, project provided Delta-Vir the opportuni- know-how, and medical science into a real- In June 2013, Prof. Dr. Iris Hausladen, Alex- course ‘Global Governance and Corporate nomics, Logistics and Accounting, which stu- internationalization of newly established ence, even international experience. HHL students supported scientists from the ty to work with HHL students to develop world, workable business plan - which they ander Haas, and Andrej Lichtenberg suc- Social Responsibility’. The course will be- dents also become acquainted with through- high-tech ventures as part of a joint research These findings are contrary to current liter- Translational Center for Regenerative Medi- a “Real-­World” ready to use business plan successfully managed to do. cessfully submitted a paper to the 10th In- gin in the fall of 2013 and will be part of the out their studies. By laying the focus for each project of early-stage financing together ature. An explanation could be that venture cine (TRM) Leipzig, to further develop their and presentation. The students proved to ternational Conference on Logistics & Master of Science program. Responsibility co-teaching session on the application of the with the Technical University of Dresden. capital firms put so much emphasis on the business idea into a solid business case. The be successful; producing documents that hhl.de/entrepreneurship Sustainable Transport organized by the for the course resides by the Dr. Werner Jack- relevant theories to real world business prac- We found that technology and financing are selection of a good team, that all teams have purpose of the business plan was to obtain Delta-Vir can now use as part of its Series A Faculty of Logistics of the University of Mar- städt Chair of Economic and Business Ethics, tice, students will be led to consider the ethi- important determinants of internationali- enough skill and expertise to bring their initial funding from an external investor, so investment pursuits to help fund its devel- ibor, Slovenia. and as such students will build on the knowl- cal underpinnings of economic and business zation in Germany, as well as that new inter- company to a global market. Our results as to introduce a revolutionary medical de- opment of a novel brain cancer vaccine. The edge they gained in the Business Ethics unit. theory. The integration of this course into national ventures are more likely to protect will be published in the special issue of the vice for the treatment of progressive myopia projects, which were supported by the Leip- In the paper, a framework consisting of a The aim of the course is to demonstrate the the Master of Science-Program represents a their technology with patents and attract Thunderbird International Business Review procedure model was proposed to elaborate inherent importance of ethics in all areas of significant step forward for HHL in its com- more venture capital. On the other hand, we at the end of 2013. In addition, we presented the potential for the sustainability of emerg- business. Hence, Prof. Dr. Andreas Suchanek mitment to the UN Principles of Responsible found that the team itself has no impact on our primary results in front of six venture Vivek Velamuri who holds the Schumpeter Junior Professorship in Entrepreneurship and Techno- ing IT solutions, such as cloud computing (Business Ethics) will teach in tandem with Management Education. the chances of a firm going international re- capital firms at a major bank in Germany. logy Transfer at HHL was appointed the program chair for the “Innovation” Special Interest for logistics and supply chain processes. Group (SIG) at the European Academy of Management (EURAM). EURAM provides a common The acceptance of the paper acknowledges academic platform, on which European researchers can engage in active networking, as well as the research efforts of the Heinz Nixdorf The Code of Responsible Conduct ISPIM 2013 Best Paper Award for Paper build on European research traditions. As the Innovation SIG program chair, JProf. Velamuri Chair of IT-based Logistics in the field of lo- will be responsible for creating the conference program and reviewing track proposals for the gistics and sustainability. Mr. Haas was in- in Practice - Field Project for VW “Accelerating High Involvement” annual EURAM conferences. The Innovation SIG aims to create an open community of academics, vited to present the paper at the conference, practitioners, entrepreneurs, and policy makers who care about the creation, development, and which took place June 13-14 in Celje, Slove- In November 2010, Volkswagen AG was one Business be internationalized and thereby This past June the research paper titled “Ac- berg) show the extent to which known en- implementation of innovations within organizations and markets. nia, where he received many insights from of the first companies to sign the Code of Re- applied within other countries?” Together celerating High Involvement: The Role of ablers for high involvement innovation are the participants pertaining to further re- sponsible Conduct for Business, where sign- with the Dr. Werner Jackstädt Chair of Eco- New Technologies in Enabling Employee nowadays applied, as well as how classi- search in this field. ees commit themselves to counteracting the nomic and Business Ethics, five MSc8 stu- Participation in Innovation” received the cal barriers are overcome, especially with Center for Leading Innovation & Cooperation public mistrust in the social market economy dents developed a framework, which enables ISPIM 2013 Conference Best Paper Award the adoption of new interactive web-based and in its decision makers. The Code of Re- multinational companies to identify contro- on Practical Implications for Technology technologies. sponsible Conduct explicitly states princi- versial topics that significantly influence -ex from the Nokia Siemens Networks. The pa- Tunesian Exchange Students at CLIC PROGRAMS ples for doing business and takes a position pectations of trust in a decentralized context per explores, through a multiple-case study Nagwan Abu El-Ella, from HHL’s Stiftungs- on six controversial topics such as “Profits and to challenge those against existing cor- approach, the current context of involving fonds Deutsche Bank Chair of Innovation CLIC would like to extend a warm wel- seen six European and five Tunisian univer- Management Upgrade for Experienced and Morality” or “Management Remunera- porate guidelines and values. employees in innovation. Whilst long-term Management and Entrepreneurship com- come to Khalil Akakzia, Zina Selmani and sities work on developing a cross-university Executives tion” that are core to public criticism, result- The objective was to identify whether in- strategic benefits could flow from organ- ments, “Interestingly the findings of our Mahmoud Benjeddou. The three Tunisian innovation management Master’s program ing in a loss of trust in business. consistencies between internally defined izing participation across the workforce, paper show that although the introduction students are enrolled in the DICAMP pro- in Tunisia. The project receives EU funding From September 2013 to January 2014, HHL Weiße (see photo), Chairman of the Leip- Between April and June 2013 a field project controversial topics and topics that are per- creating structures that sustain such a cul- of technologies seems to create new mo- gram (Development and Implementation within the framework of the TEMPUS pro- is offering a General Management Pro- zig-Halle Logistics Network, decided to up- was conducted between HHL and Volkswa- ceived as being highly relevant to the public ture is highly complex. The HHL authors mentum for creating high involvement, it of an Accredited Cross-Universities Inno- gram. The Master’s program seeks to pro- gram (GMP). The program, which will take date his international management skills. gen AG that focused on answering two cen- exist. Taking the example of Volkswagen in Nagwan Abu El-Ella and Professor Andre- simultaneously evokes a multitude of new vation Management Master Programme in mote an entrepreneurial mindset, there- place at HHL from Thursdays to Saturdays He says, “Since the timeline of the program tral questions: “Does an added value of the Mexico and Brazil, the project showed that as Pinkwart, together with Professor John challenges. Reacting to these new challeng- Tunisia) and are now completing their term by teaching students abilities and skills on till noon, is designed for participants who coincided with the foundation of my own underwriting for Volkswagen exist?” and a divergence does exist between internally Bessant (University of Exeter), and Martin es requires a conscious adjustment of es- abroad in Leipzig as part of this program. how to create innovations and successfully would like to expand their knowledge and business, I continued to obtain new impres- “Can the Code of Responsible Conduct for and externally defined controversial topics. Stoetzel (University of Erlangen-Nurem- tablished routines and cultural habits. The Since October 2011, the DICAMP project has apply them in the future. skills in economics, as well as sions in the fields of market- Therefore, Volkswagen can use the code to paper discusses these implications, as well their management competen- ing or management methods identify inconsistencies on the one hand and as ongoing and future research areas.” cies in order to keep their com- which I was then able to apply on the other hand opportunities to build up KUMAC at Hannover Messe panies on a successful course. within my company. The GMP trust. The project further underlined that the The paper “Accelerating High Involvement: The GMP consists of six mod- is characterized by a high lev- code can, if extended to an international con- The Role of New Technologies in Enabling Whether it is a sock-shaped 3D foot scanner ules of two and a half days on el of practical orientation. You text, create added value for Volkswagen and Employee Participation in Innovation” is (lightbeam®) or a tablet version of a shoe con- the topics of strategy, prob- can tell that HHL is a special other signees by challenging internally de- an ongoing joint research project between figurator by the company Selve (selve.net) – lem solving, brand manage- university without being too fined controversial topics and existing com- the above-mentioned research team from thanks to technological progress, the oppor- ment, leadership, communica- extravagant. You can see it pliance frameworks, as well as by disclosing HHL, University of Erlangen-Nuremberg, tunities for mass customization continues tion, finance and controlling, in the content, the program possibilities to gain or lose trust. and the University of Exeter. to grow. But how can the co-design process topped off with a business structure, the moderation, the with the customer be improved? One option game so that the participants professors and the all-inclu- is so-called live help systems such as vee24 can apply the knowledge and sive package – it is certainly which enable client counseling in a video­ skills they were taught. something quite unique.” rd Crowd Investing for conference. Stefan Thallmeier from CLIC After almost 30 years of pro- 3 Leipzig Entrepre- is currently examining the effectiveness of fessional experience, Toralf hhl.de/gmp Start-Ups these live help systems as part of the KUMAC neurship Lecture project which focuses on customers as val- Crowd investing is a method to finance ue-adding partners for mass customization. Campus “Venture Capital for young companies by means of mezzanine The first results were recently presented at types of investment and the use of the In- the Hannover Messe 2013. Among many oth- HHL Summer Program on EU Enlargement ternet. The market is still unregulated and ers, Johanna Wanka, Federal Minister of Ed- High-Tech Founders” produces diverse forms, which can be seen ucation and Research, showed great interest The Summer Program at HHL has taken Molly Caulfield (28), MBA student at the in a variety of financial instruments such as in the KUMAC results. place every year since 1997, imparting prac- University of Chicago Booth School of Busi- shares, silent partnerships, subordinated www.kumac.de tice-oriented knowledge and relevant skills ness (USA), says: “After participating in the loans, as well as in the diversity of business to enable students to build up business re- HHL Summer Program, I felt I had gained Appropriate and sustainable financing is models of crowd investing providers. Thus, lations in the enlarged European Union, es- more perspective than I could have antici- still one of the biggest challenges for the for- it is a worthy topic for the professors and Leadership for Innovation: 2013 Confer- pecially in Central and Eastern Europe. The pated about cultures that I was fairly un- mation of high-tech companies. This was students at HHL. participants learn about cultural differenc- exposed to in my previous education. The reason enough to make “Venture Capital From left to right: Prof. Dr. Andreas Pinkwart (HHL), Prof. Dr. Michael Schefczyk (TU Dresden), The first of two working papers about the ence of the Peter Pribilla Foundation es in the individual EU member states, as varied viewpoints that were presented re- for High-Tech Founders” the motto for this Dr. Martin Pfister (High-Tech Gründerfonds Management GmbH), Prof. Dr. Silvia Roth (Founder, topic analyzes crowd investing, an advance- well as study economics and business ad- garding the rebuilding of Central and East- year’s Leipzig Entrepreneurship lecture on Business Angel), Christian Vogel (CFH Beteiligungsgesellschaft), Jozsef Bugovics (Blue Corporate ment of crowd funding, in a critical and On April 25 and 26 the conference of the In addition, the conference for the first time ministration-related topics taught by HHL ern Europe as well as the transition of these May 31st, where Prof. Dr. Michael Schefczyk, Finance AG), and Roland Oetker (ROI Verwaltungsgesellschaft mbH) multi-perspective way. It explains the ba- Peter Pribilla Foundation took place at coherently presented the creative and fasci- and Prague University of Economics. countries into the European Union will now holder of the Chair of Entrepreneurship and sics of its mode of operation and methods, the TUM Institute for Advanced Studies in nating results of 20 research projects that The course, taught in English, took place in continue to be relevant to me when discuss- Innovation at the Technical University of After the lecture Prof. Schefczyk discussed tor of the event. based on empirical data. Prof. Dr. Andreas Garching. Leaders and Innovators from ac- have received funding from the Peter Pri- Leipzig and Prague July 1-13 and proved to be ing business from an international - and Dresden, gave a lecture on the latest find- the topic with Jozsef Bugovics (Partner of The 3rd Leipzig Entrepreneurship Lecture Pinkwart and Anja Hagedorn, the authors ademia, business and consulting, as well billa Foundation within its research frame- very popular with students from Australia, specifically European - perspective.” ings in the field of venture capital financing. Blue Corporate Finance AG), Roland Oetker was organized in cooperation with the stu- of the paper, analyze currently running as policy makers and public managers dis- work “Leadership for Innovation: Visualiz- North America, and Singapore. Most of the hhl.de/summer Per Schefczyk, “Venture capital is of high (Managing Partner of ROI Verwaltungsge- dent start-up initiative Accelerate@HHL as crowd investing websites using appropri- cussed the current research on leadership ing the Invisible”. Since 2009, this research participants come from HHL partner uni- importance for especially dynamic forma- sellschaft mbH), Dr. Martin Pfister (Sen- well as with the Self-Management Initiative ate theoretical foundations from new insti- for innovation. The conference was jointly initiative built a network of 50 research fel- versities such as the University of Chicago tions because often the founding teams do ior Investment Manager of the High-Tech Leipzig - SMILE. The entrepreneurship lec- tutional economics, motivation research, organized by the Peter Pribilla Foundation, lows as emerging leaders in the field and Booth School of Business (USA), the Univer- not have enough equity capital and it cannot Gründerfonds Management GmbH), Prof. ture took place in the context of the Accel- and behavioral economics. Besides looking Technische Universität München (TUM) empowered them to perform multidisci- sity of Adelaide (Australia) or The Nanyang be replaced by borrowed capital. However, Dr. Silvia Roth (Founder of Roth&Rau AG, erate Conference on the “Operative Imple- at advantages and disadvantages, they also and HHL. It highlighted the research of plinary research projects within the re- Technological University (Singapore). This the market for venture capital in Germany Business Angel) as well as Christian Vogel mentation of Business Models”. discuss the questions of what makes a plat- the winners of the foundation’s most out- search clusters: Leadership Tools for Inno- year, the studies included visits to Porsche is much too small, when compared inter- (Executive Director of CFH Beteiligungsge- form successful, under what circumstances standing biannual award – the TUM Re- vation, Open and User Innovation Domains, Leipzig and a comparison with Škoda Mladá nationally, to be able to fulfill the necessary sellschaft) during a panel discussion. Prof. hhl.de/leipzig-entrepreneurship- crowd investing helps a start-up company search Excellence Award in Innovation and and Solutions and Tools for Open and User Boleslav, as well as lectures on the effects of function convincingly.” Dr. Andreas Pinkwart served as the modera- lecture and what the founder and the investor need Leadership. Innovation. the financial crisis on the European Union to consider. including a visit to the Czech National Bank. 10 HHL NEWS summer 2013

Upcoming Events Save the date Campus Campus September 6 November 20 and 21, 2013 Staff Exchange to Successful: HHL 5th HHL Manager Golf Cup HHL Forum 2013: Leadership Grenoble “Business Starters” September 11 and Communication Enrolment Ceremony with keynote speaker Inspiring ideas and talent - this in a nutshell 18 students and employees from HHL took Frank Strauß, Chairman of the Board of Following the HHL Forum 2012 entitled is not only the tagline of the Grenoble Ecole de part in the 6th Annual Leipziger Firmen- Management of Deutsche Postbank AG “Rethinking Management – Dynamic Com- Management (GEM), this is also what HHL’s lauf on July 10 under the name “The Busi- September 12 petition and Sustainability”, on November Director of Media Relations, Volker Stößel, ness Starters”. The HHL runners challenged Alumni Chapter Meeting with the Execu- 20 and 21, 2013, we will focus on the role of experienced during an ERASMUS staff train- themselves along with 10,000 other partic- tive Management in Frankfurt communication in leadership – especially ing at HHL’s French partner school in June. ipants in a 5-kilometer run. Additional to September 13 in today’s times of constant change. In the “Silicon Valley of France,” as Grenoble team rankings, rankings in several other Thank God it’s Friday Alongside fundamental discussions on the is often referred to, Stößel learned the latest categories, such as the “fastest boss” and October 10 topic of communication and leadership, in marketing and media relations, as well as the “fittest trainee”, were determined dur- Alumni Chapter Meeting with the Execu- moderated panels and keynotes will about internal communications and social ing the course around the Sportforum in tive Management in Berlin lay a special focus on thematic areas such media in higher education. In quoting a line Jahnallee. October 11 as “Key Success Factor: Financial Markets from GEM’s new marketing campaign, one The Business Starters can be proud of their Master Information Day Communication” or “Storytelling and should “keep calm and innovate”. performance. October 12 Leadership”. HHL GMAT Seminar for Beginners The speaker line up of this year’s HHL Fo- October 18 rum again includes renowned representa- Thank God it’s Friday tives of business, science and politics, November 20 such as Achim Berg, Prof. Dr. Kurt Bieden- Day of the Board of Trustees kopf, Dr. Jürgen Hambrecht and Dr. Hein- November 20/21 rich Weiss. 2013 HHL Forum hhl.de/hhl-forum

Campus HHL Is the Most Popular Private Diversity Management at U.S. Universities Business School in Germany

By invitation of the German American Ful- showed that more than ever both the U.S. and Just as in previous years, the students of The 2013 Graduate Barometer attests to bright Commission Dr. Tim Metje (Executive European university systems are called upon HHL are among the most satisfied students HHL’s leading role in Germany regarding: Assistant to the Dean and the Chancellor at to respond appropriately to the political and in Germany. In addition to the results of HHL) represented HHL as part of a delega- economic developments and the associated the recently published student survey of _ Career opportunities provided tion of educational experts from German challenges. However whilst diversity man- the Universum Communications consult- by the university universities in the United States. The pur- agement at U.S. universities has long been an ing firm, this fact has now been confirmed _ Cooperation of the university pose of the five-day visit was to allow for an integral component of their strategic goals, by the 2013 trendence Graduate Barometer. with the economy exchange between the German delegates and where plurality on campus is seen rather as HHL was ranked in the top positions in five _ Quality and up-to-date status American deans and provosts as to how man- an opportunity, German universities are still of nine categories as part of a comparison of the library agement can address diversity on campuses. in their early stages. Therefore it was once among 109 universities in Germany. The em- _ Quality and availability of the The trip took place May 5 - 10 where visits again significant, that where American uni- pirical basis of this year’s trendence Gradu- IT infrastructure were made to a variety of U.S. universities in versities are today is where we will be ten ate Barometer Business Edition is a survey _ Quality and service of the the Ohio area such as: Ohio State University, years from now. With HHL’s internationality that was carried out amongst 14,600 busi- counseling institutions Ohio University, Ohio Wesleyan University and the goals of its innovate 125 Future Con- ness students during the 2012/13 winter and and Otterbein University. cept, HHL is on the right track to face these summer terms. On the occasion of this year’s 115th As Dr. Metje summarizes, “The discussions challenges.” anniversary of HHL Leipzig Graduate School of Management, the school publishes the “11+5 HHLers” series Competition introducing personalities connected October 2013: with HHL. hhl.de/people/115years Tripple Anniversary in Leipzig

For Leipzig and the surrounding re- spirit of international understanding will Application Dead- gion, October 2013 is all about remem- go beyond the borders of Leipzig. In which year was the Seaside lines for HHL’s brance and celebration. In the fall of 1813 Seaside Park Hotel Leipzig joins in the Park Hotel first opened? the Battle of the Nations in front of the line of anniversaries in 2013, as having Study Programs city gates marked the turning point in been opened on October 18, 1913 just in Please send your answer including the wars of liberation against Napole- time for the opening of the Monument of your complete address to Full-time M.Sc. Program: on’s troops. One hundred years later the the Battle of the Nations, amongst oth- [email protected] January 15 (intake March) Monument of the Battle of the Nations er things, to accommodate guests of the at the Seaside Park Hotel by Sep- June 20 (intake September) was opened. The occasion of the dou- festivities. Later it would become known tember 30, 2013. The first two par- Full-time MBA Program: June 30, ble anniversary brings citizens, scientists as the four star The Seaside Park Hotel. ticipants will receive a voucher for Non-EU applications: May 30 and dignitaries from the church and poli- In celebration of these anniversaries, The 2 people and 2 nights each (book- Part-time M.Sc. Program/ tics from all over Europe to Leipzig to ex- Seaside Park Hotel’s team is organizing ings subject to availability) in an Art Part-time MBA Program: January 15 amine the past and future together. The several highlights for its guests and Leip- Deco double room, including Seaside Global Executive MBA: August 31, 2013 highlight of the festivities is a one week zig’s citizens, such as an open house on breakfast buffet. Legal recourse is celebration in October 2013, where the October 13, 2013. excluded. parkhotelleipzig.de Impressum Publisher: HHL Leipzig Graduate School of Management Jahnallee 59 · 04109 Leipzig · Germany Tel.: +49 341 9851-60 · Fax: +49 341 9851-679 e-mail: [email protected] · Internet: www.hhl.de Publication Date: August 31, 2013. V.I.S.D.P.: Prof. Dr. Andreas Pinkwart, Dean of HHL Editors: Executive Management of HHL: Prof. Dr. Andreas Pinkwart, Dr. Axel Baisch Editorial Board: Volker Stößel (MBA) Concept: CLAUS KOCHTM www.clauskoch.com Photos: HHL Frequency: three times a year. ISSN 1433 934X | ISSN 1867-8017 Thank you to all contributors and proofreaders of this edition.