HHL LEIPZIG GRADUATE SCHOOL OF MANAGEMENT SPRING 2019 WWW.HHL.DE

Saxony’s Prime Minister Michael Kretschmer visits HHL see page 02

AACSB Leading International 120 accreditation the Rankings Mission Memories HHL reaccredited Facts and Obama’s The Jubilee for the 4th time Congratulations Climate Expert in Pics

page 2 page 3 page 8 page 18

… and many more insights into HHL’s research, transfer and entrepreneurial topics 02 HHL NEWS SPRING 2019

NEWS

AACSB accreditation: HHL successfully reaccredited in 2019

The Board of Directors of AACSB Inter- is indispensable especially for our stu- national (Association to Advance Col- dents. It allows us to show our industry legiate Schools of Business) confi rmed partners that our graduates are being the recommendation to reaccredit HHL prepared at the highest level for their issued by the team of international ex- tasks as future executives. HHL has once perts. This makes us the fi rst private again proven that it meets very high and German business school to obtain the stringent standards in research and in- Prime Minister Michael Kretschmer visits HHL seal of approval for the fourth time. In struction while continuing to advance as 2004, HHL was the fi rst private German a school. business school to undergo this review Driving Digital Transformation by international standards. The three-day visit of AACSB Saxony’s Prime Minister Michael Bridging the gap between manage- Kretschmer together with Minister ment and IT is crucial to enable the The AACSB review process The international team of AACSB scien- of Justice Sebastian Gemkow and economy for future competitiveness. tists led by Kai Peters, Pro-Vice-Chan- several representatives of Saxony’s Also Prime Minister Kretschmer The review, which takes place every fi ve cellor of Business & Law of Coventry parliament visited HHL to learn more pointed out the importance of Dig- years, focuses on the innovative power, University, had the opportunity to learn about HHL’s approach to Digital ital Transformation for businesses the eff ects of the latest research fi nd- about HHL’s strategic reorientation on Transformation and to discuss col- and the government and the need ings on practice as well as the academ- location during their three-day visit in laboration initiatives between the for advice and support in this fi eld. ic and professional commitment of the September 2018. As a part of that vis- Leipzig universities in this area. He discussed with representatives faculty. The AACSB accreditation as- it, the experts were also introduced to from local businesses, Spinlab – The sesses the advancement of the entire SpinLab – The HHL Accelerator. HHL Accelerator and the City of Leip- business school, the continuous devel- In addition to HHL, only ten other busi- zig for example the growing need for opment of all of its study programs and ness schools in Germany meet the in- “ Software Engineers. To drive Digital the students’ learning progress. ternational AACSB standards of highest Leipzig is a thriving education Transformation more education is The international AACSB accreditation quality in management education. and research hub in Germany. needed that combines IT skills with Complementary competencies business acumen. from the diff erent universities The Leipzig based universities and institutions here enable us HTWK, University of Leipzig and to connect management and HHL presented several collaborative entrepreneurship know-how initiatives that address Digital Trans- In Publications with technological skills and formation, the education of new tal- advanced research in artifi cial ent and the fostering of an entrepre- intelligence. highlights HHL’s neurial spirit. The discussion ended Dean Prof. Dr. Stephan Stubner. with several concrete take-aways and follow ups that HHL and its part- On Social Media ners will work on in the future. “ HHL, as a private institution, is not just an important complement to Saxony’s other higher education institutions but also an important stakeholder in Happy Birthday #HHL zu 120 bewegten und erfolgreichen Jahren! Saxony’s innovation system. Frank-Thomas Suppee @FSuppee

Saxony’s Prime Minister Michael Kretschmer ac- knowledges HHL as “one of the best buisness schools in Germany and Europe”. His appreciation is Ohenenana Bonsu Kyeretwie All successful roads lead to HHL. part of his preface for a new book about the advan- All roads from HHL lead to even tages of private universities in Germany, a unique more success. guide to education made in Germany, published by Springer Gabler: “Die Managerschmieden” by Dr. Annette Doll and Dr. Alexander P. Hansen. #saxony #highereducation An der #HHL in #Leipzig. weht die Luft der Freiheit scheinbar am stärksten. RESPECT & GO ON! @GENIUS_VC_GmbH In the Press From left to right: Dr. Marcus Kölling (HHL Chancellor); Prof. Dr. Gesine Grande Prince Pocu A Heavy (HWTK Dean); Michael Kretschmer (Saxony’s Prime Minister); Prof. Dr. Stephan Weight University. Great! Stubner (HHL Dean); Sebastian Gemkow (Saxony’s Minister of Justice); Prof. Dr. Thomas Lenk (University of Leipzig Vice-Rector for Development and Transfer) Dr. Phillip Schüler Proud to be part of the amazing HHL family!

Imprint

Publisher: HHL Leipzig Graduate School of Management, Jahnallee 59, 04109 Leipzig, Germany, Tel.: +49 341 9851-60, [email protected], www.hhl.de Publication Date: April 2019 V.I.S.D.P.: Executive Sven Oliver Sonnenschein Well Management of HHL Prof. Dr. Stephan Stubner, Dean of HHL, and Dr. Marcus Kölling, Chancellor of HHL done – good to see the devopment Editor: Gudula Kienemund M.A. Photos: Bundesregierung/Kugler, BAI, Michael Bader, Iona Dutz, HHL, of such a great initiative at HHL Daniel Reiche, Jens Schlüter, C. Schülke Cover: Jens Schlüter Layout: Stefanie Bader ISSN: 1433 934X Leipzig Graduate School of ISSN: 1867-8017 (online) • Thank you to all contributors and proof readers of this edition @hhlnews #hhl www.hhl.de Management #talents #leipzig, keep on growing! This edition of HHL News has been produced 100% climate-neutrally. www.hhl.de HHL NEWS SPRING 2019 03

ENTREPRENEURSHIP HHL on the path for excellence

Entrepreneurial #1 University Startup Radar 2018 by Stifterverband für die Deutsche Wissenschaft

Master in #2 Management Globally

THE Ranking 2019 of Times Higher Education & Wall Street Journal

German Startup #7 Monitor KPMG and BVDS evaluated founders and the regional startup ecosystem We have done it again! HHL is not only ally for our Master in Management (# 1 in we introduce our new programs which the oldest Business School in Germany Europe) and the German Startup Moni- Vice Dean Henning Zülch will talk more with over 120 years of experience and tor noticed that our Start-up output is about in this HHL News edition. over 30.000 alumni, but we are also one in the top 10 in Germany. A remarkable This year we will continue to work on the of the most innovative management fo- achievement: with only 750 enrolled future of HHL. One integral part of this cused universities. One token of that are students, HHL generates almost 50 % of is our DIGITAL SPACE concept which the recent initiatives we have success- the start-up rate as the German leader will complement our off erings for young fully undertaken. TU Munich with over 40.000 enrolled entrepreneurs and medium-sized to First, and most probably the achieve- students. large corporations. The German govern- ment with the highest international visi- HHL also stands out for its research ca- ment supports the development with a bility, is the successful reaccreditation of pabilities. With over 30 Professors and grant in context with the EXIST V pro- AACSB. In 2004, HHL was the fi rst pri- Post-docs and over 100 Ph.D. students gram and many partners like the City All these achievements would not have vate German Business School to achieve we have a strong and solid research of Leipzig, local and national entrepre- been possible without the great spirit this milestone which only 5 % of Busi- base. This is refl ected in numerous pub- neurs and companies and foremost HHL of every individual member of our HHL ness Schools globally are awarded with. lications in leading international jour- community members currently work community: Administration, Faculty, Now in 2019, AACSB has confi rmed for nals, but also in practitioner journals like on bringing this idea to life. More on Stakeholders, Students, Alumni. To each the 4th time in a row that HHL truly is an Harvard Business Review or even Man- DIGITAL SPACE will follow in our next and every one of them goes my deepest internationally leading institution. Our ager Magazin. Our faculty is active in publications. gratitude: you are HHL. drive for excellence was also acknowl- the leading international research asso- edged by several other institutions. The ciations and regularly is invited to pre- German Stifterverband has named HHL sent their research studies. The recent as leading “Gründerhochschule” for the Handelsblatt/Wirtschaftswoche rank- fourth time in a row since 2012, Wall ing of the leading economists in Germa- Street Journal has put us second glob- ny even placed 2 of our Professors in the list of the top 100 German researchers. Feedback from our students has also New been great over the past years. The reg- HHL ular course feedbacks have shown a steady improvement which highlights Digital Space the intrinsic motivation of our faculty to optimize the learning experience of HHL submitted a concept for each individual student. We work con- strengthening their entrepreneur- stantly on improving our teaching, for ial support with the Digital Space, example also through our annual teach a platform to connect founders the teacher retreat, the acknowledge- Peter Altmaier and companies in the fi eld of digi- ment of the best lecturer at the grad- German Federal Minister for Economic Aff airs and Energy tal transformation. The concept uation ceremony and the integration has convinced the jury of the com- of teaching assessments in the faculty petition “EXIST-Potentiale” by the promotion process. Our administration Federal Ministry for Economic Af- gets highest acclaims for their support “ fairs and Energy. HHL will now re- before, during and after the studies. Stu- Congratulations to HHL Leipzig Graduate School of Management on this ceive fi nancial support from the dents tell us they feel that we care about fantastic achievement! Coming fi rst in Stifterverband’s start-up radar for Federal Ministry for Economic Af- them and that we live up to our promise: the fourth time in a row is no coincidence: it’s clearly the result of your fairs and Energy to create a de- international, innovative and individual. outstanding work to foster young entrepreneurs. So all I can say to you tailed implementation plan. This One latest initiative is the redesign of is: keep it up! I, too, want to play a part in strengthening eff orts to foster includes evaluating the needs of our study programs. We started in 2018 start-ups at German universities. This is why I recently launched a new founders in the Leipzig region and with the understanding that a more vol- start-up campaign, Gründungsoff ensive, and the new EXIST funding pro- acquiring local industry partners atile and uncertain world where tech- gram, EXIST Potentiale. Because we know: it’s the entrepreneurs of today and is the fi rst huge step in bring- nology emanates into every aspect of who will secure the prosperity and growth of tomorrow. ing the Digital Space to reality. life also needs an updated approach to learning and studying. Starting this Fall, 04 HHL NEWS SPRING 2019

TEACHING Inspire and Empower

Welcoming the New Welcome to the Part-time MBA Students Part-time MBA Class of 2019! HHL’s new part-time MBA students started their first residential week in Yitian Chen, Managing Director of He- Leipzig, beginning with the enrollment lium Holdings Online Performance Mar- ceremony on March 18. Being welcomed keting Business and its Berlin-based personally by the Dean Prof. Dr. Stephan daughter company, states: Stubner and signing the official enroll- ment book, the students became part of the HHL community. Prof. Dr. Arshad “ Ahmad, guest professor and Vice Chan- For me it is important to spend time cellor of Lahore University of Manage- with my fellow students, the superstars “ ment Sciences (LUMS) in Pakistan, con- of their own industry, to exchange ide- Dear students, welcome to a fan- tinued with an inspiring speech about For the rest of the week Ian Diamond as and experiences. During the lectures tastic university in a phenome- seizing life opportunities and the fear- from the UK lectured on “Problem Solv- I have had so far, I already have been nal city! An exciting, intense and lessness of failure. ing & Communication” and Prof. Dr. able to learn new things that helped me challenging time lies ahead of The new part-time MBA class P15 com- Harald Hungenberg from the Univer- concerning current challenges and solu- you. prises 53 students from 9 different na- sity of Nuremberg on “Strategic Man- tions of our company.” Through two years in the Part- tionalities, an average age of 32 years agement”. The courses consist of the- Time MBA program, my fellow and work experience of 7.5 years. The ory based lectures combined with case students and I had the unique student’s professional and academic study discussions, group works and as- opportunity to leave our own studied and professional fields, background varies from medicine, natu- signments. Ian Diamond classifies: “The The next part-time MBA program to gain a broad overview of all ral science and engineering to law, hu- students are extremely keen to learn and will start in March 2020. Learn relevant topics and challenges manities and social science as well as actively participate in the discussions in more about the program and per- of other industries and to enter business and economics. class. I appreciate them building on each spectives with an MBA and get in deeply into other exciting sec- Especially during the first week, HHL other’s arguments and challenging each touch with us. promotes social activities, such as the other constructively and with respect.” tors. Beyond the purely adviso- team cooking event, which provides the Professor Hungenberg continues: “As a Contact: ry service as a lawyer, this has given me the opportunity to ac- students with the opportunity to get to teacher, HHL’s part-time MBA program [email protected] tively participate in various group know each other outside the classroom. is a great opportunity to work with ex- T 0341 9851-730 work situations to discuss, under- Furthermore, the 22nd Startup Career ceptional students – qualified, experi- www.hhl.de/pt-mba Fair took place, where HHL alumni pre- enced and motivated, with a unique set stand and finally integrate the sent their startups/companies. of diverse backgrounds.” approaches and experiences of my fellow students from totally different backgrounds into deci- sion-making. The very heteroge- neous composition of the clas- ses and groups has consistently ensured new food for thought, created controversial discussions and, in the end, a common soluti- on has been found. This mindset already helped me to gain new Dr. med. Eli Breidenbach, a specialized Hans von Meerheimb, Branch Manag- Rajiv Talkal, an engineer with a career in professional impressions during Physician in Anesthesia at the University er of the family business Gutshof-Ei, sales and marketing of mineral process- the Part-Time MBA and to ac- Hospital Bonn with two children, seeks declares: ing plants for TAKRAF in Leipzig, start- company decisions more com- to start her career after the parental ed his career 20 years ago in Bengaluru, prehensively – not only from a leave: India. Rajiv states: juristic point of view – and thus “ make my contribution in my now I like the many different professions leading position at an internatio- “ coming together at HHL, providing dif- “ nal sport organization. HHL turned out to be the best German ferent insights in approaching problem From my studies at HHL, I expect to learn university I saw the compatibility of solving. Also, I like the practical ori- advanced management skills relevant to Johann Plenge family, studies and job given. For me, ented teaching, learning and the many the current global business and geopo- Director Law, Human graduating from HHL means a career group assignments.” litical environment, which will help me Resources & Strategy, RB Leipzig accelerator. take the next big leap in my career.” www.hhl.de HHL NEWS SPRING 2019 05

TEACHING Inspire and Empower

Redefining Management Education in Times of Change An interview with HHL’s new Vice Dean Prof. Dr. Henning Zülch

Prof. Dr. Henning Zülch holds the As countless rankings Chair of Accounting and Auditing at the HHL Leipzig Graduate confirm, HHL Leipzig School of Management. In his Graduate School research, he focuses on financial of Management is communication. Since October 2018 he is acting as HHL’s Vice undoubtedly one of Dean. His tasks include ensuring the leading German a high level of program quality business schools. In order and the continuous improvement of existing Master programs to continue to live up as well as the development of to this reputation, we innovative study programs to redesigned our Master in supplement established Master formats. Management and MBA programs and adapted them to the changing market conditions. Prof. Dr. Henning Zülch, the new Vice Dean of HHL, shares his insights into how HHL intends to secure its outstanding position in the German and European market for business schools in the future.

Professor Zülch, why did HHL ­decide power students for change. They should al skills that will qualify them for future to redesign its master’s programs? also be able to lead this transformation management tasks. Finally, the Deep- What was the trigger? process in an international context. Dives give students the opportunity to

deal with current issues intensively i. e. Henning Zülch: First of all, our pro- What does that mean in practical in the areas of “Transformation Manage- grams have been very well received by terms of program design? ment” and “Digital Entrepreneurship”. the market. From an internal perspec- tive, we have also been able to establish Henning Zülch: All programs now follow How do the newly designed programs optimal processes with our many years the above-mentioned philosophy: ac- differ from the programs of other of experience. As a result, there would company and implement the transfor- business schools in Germany and be no need for renewal. But if you look mation. Against this background, three abroad? at current developments, you can see pillars of effective management educa- that General Management Education tion have been explicitly redefined: Gen- Henning Zülch: The unique thing about “Leading yourself” and “Leading others” will have to do much more in the future eral Management Essentials, General HHL’s Master’s programs is the founda- are an integral part of the Essentials of to prepare students for corporate reali- Management Competencies and Gen- tion provided by the Leipzig Leadership all study programs. This is also accom- ty. Digitization is just one key word here. eral Management Deep Dives. The Es- Model. We not only want to educate our panied by our renowned coaching pro- We want to be fit for the future and thus sentials provide holistic and integrated students at the highest level, but also gramme “New Leipzig Talents”. Such an one step ahead of the market. This is the management training. In the Competen- to sharpen their personalities and thus offer is second to none. only way to be effective, i. e. to do the cies’ field, students are taught person- their leadership skills. Courses such as right things. This is what we will achieve What are the next steps in redesig- with our new programs. ning HHL’s program portfolio?

What does your new basic concept Henning Zülch: Our agenda for 2019 for HHL’s master programs look like includes the redesign of our Executive now? MBA. In addition to the orientation of the program towards the philosophy of Henning Zülch: Current developments all other Master programs, permeability are leading to massive social changes, to the Executive Education programs to changes in the corporate landscape, will also be a relevant design objective. but also to changes in each and every In other words, selected courses from one of us. This inevitably forces us to the Executive Education area should be provide answers to the urgent questions generally recognizable for the Master of the future with our study programs. programs, so that the existing continu- The DNA of HHL with its two fundamen- ing education efforts of highly qualified tal pillars, entrepreneurship and leader- employees can be taken into account. ship, helps us here a lot. Only in this way we will be able to prepare the manag- ers of tomorrow for the upcoming (digi- www.hhl.de/programs tal) change. We don’t just want to em- We Empower Leaders HHL prepares you to be successful in a constantly changing world.

Company-specific programs in: _ Management _ Digitization & Innovation _ Leadership

General Management Program Gain key management competencies in a compact fashion

Contact: Sigrid Fischer State-of-the-art education +49 341 9851-831 for managers [email protected] Excellent lecturers with a practical approach

Executive Active networking with @HHL successful leaders

(in German or English)

HHL Leipzig Graduate School of Management Jahnallee 59, 04109 Leipzig, Germany, T +49 341 9851-831, www.hhl.de/executive www.hhl.de HHL NEWS SPRING 2019 07

EXECUTIVE EDUCATION

OPERATION Leadership Program for Experts 2019/ Seminar “Leading Eff ectively New in Medicine and Health Care 2020 with Purpose”

The medical sciences and health care vided me with several tools to engage Many factors are currently driving the el manager will provide you with a look sector are constantly changing. New in these topics and helped me shape my purpose discussion forward; new and behind the scenes. Furthermore, you technologies, evolving patient partici- own agenda of leadership. On top of agile forms of work, increasing com- will also get deep insight into how the pation, cost pressure and the never- this, it served as a fantastic platform to plexity, digitization, lack of talent and purpose is fulfi lled at the innovative and ending search for skilled staff form a network with other professionals in the skilled employees, the question of val- award-winning search engine ecosia. tremendously complex environment. fi eld.” ue that is strongly aff ecting the Genera- Given all these challenges, leaders are The program takes place over a peri- tion Y”, continuing criticism of capital- required to encourage and inspire their od of seven months and covers preva- ism and political uncertainties. In order September 18–20, 2019 teams to work on the continuous im- lent topics such as the basics of strat- to tackle the topic and what it means for provement of quality, patient comfort egy, leadership, innovation as well as you as a leader and your organization, Our lecturers: Prof. Dr. Timo and safety, while simultaneously main- change management, communication a team of professional leadership train- Meynhardt, Dr. Arend Oetker taining an open and positive profession- and digitization. It also includes a fi eld ers along with HHL Executive Education Chair of Business Psychology al culture. trip abroad in order to give participants have developed a seminar in which you and Leadership at HHL, and The Leadership for Experts in Medicine a global perspective on medical science will gain clarity of purpose and sharp- Petra Lange, psychologist and and Health Care program, organized by and health care professions and topics. en it up for yourself and your organiza- organizational consultant HHL Executive Education and the Leip- The next course will start on April 9, tion. You will be introduced to a new, For questions and applications, zig Heart Institute (LHI), provides par- 2019. Please fi nd the dates below: purpose-focused organizational diag- please contact Sigrid Fischer ticipants with the unique opportunity nostics based on the Leipzig Leadership s.fi [email protected] to combine both a state-of-the-art ed- Model. The core question of the seminar T +49 341 9851-831 ucation with the latest insights into the Module Date is: What can you do to master your daily www.hhl.de/purpose medical sciences and health care sector responsibilities as a leader? from a business perspective. With this Strategy Sept 10–13, 2019 program, we aim to help develop the A fi eld trip to RB necessary skill set for a future as a lead- “ er in an international setting through in- Leadership Oct 08–11, 2019 As a special highlight you will get the Today purpose means much teractive teaching sessions. During in- chance to learn about the purpose-ori- more than just defi ning a vision formal get-togethers and discussions, Innovation Nov. 26–29, 2019 ented organization soccer club RB Leip- and mission in an organization. participants will be able to form lasting zig. You will enjoy an exclusive fi eld trip Change Management Jan 14–17, 2020 connections with experts and peers in and Communication to the training facilities, where a top-lev- Prof. Dr. Timo Meynhardt the fi eld. Dr. med. Fabian Mühlberg, alumnus of Digitization March 05–06, 2020 the Leadership program, stated, “Lead- ership in medicine goes beyond ‘sim- Field trip to Madrid Apr 20–24, 2020 ply’ thriving to be the best physician in the team. In times of increasing patient The General Management 10 numbers, cost pressure and new levels For more information visit Years of competition, leaders have to steer www.hhl.de/lcm Program for Executives GMP their teams through changing environ- or contact our Business Development ments and drive change and innovation Manager Sigrid Fischer themselves. This HHL/LHI course pro- s.fi [email protected] “ HHL’s General Management Pro- gram is an ideal component for the personal and professional development. I have been given a comprehensive overview of which repertoire I should master as a manager. The presence of the HHL team, the contact bet- ween the participants and the preparation and follow-up of the seminar modules are fi rst-class. I would choose HHL again at any time.

Silvana Schmidt-Ummelmann Regional Head Comma GmbH & Co KG

January 10, 2019, HHL celebrated the 10th anniversary of the General Manage- are created that provide them with new ment Program (GMP) for executives and insights. leaders who want to deepen their busi- GMP consists of six two-day modules ness knowledge and management skills on strategy, complexity reduction and in order to keep their company success- problem solving, marketing and sales fully on course. After the chancellor Dr. in the digital world, leadership, commu- Marcus Kölling reviewed the innovative nication, fi nance and controlling, and start of GMP, an evening of active net- innovation. working between GMP’s alumni and par- www.hhl.de/gmp ticipants went by with vivid memories and discussions about future business strategies. All guests experienced dif- ferent but decisive impacts of the GMP on their professional life. The compact and well-founded management train- ing imparts basic skills that are deci- sive for success in a management posi- tion today. In addition, the participation of executives from diff erent industries creates an atmosphere in which inspir- Participants visiting Hospital General de Villalba in Madrid, Spain in 2018 ing impulses as well as new networks 08 HHL NEWS SPRING 2019

FACULTY NEWS Mobilizing Private Capital to Tackle Climate Change

swer to address this problem. Efforts nal to fund managers and institutional to blend capital in order to engage and investors that there are profits to be had mobilize large-scale institutional capital in sectors and markets where this capi- took a notable step forward at the One tal has not historically deployed. Planet Summit in New York City, when Efforts like the CFP are nudging main- the Climate Finance Partnership started. stream institutional investors to move The CFP is a unique combination of phi- into climate-related investment sectors lanthropies, governments, institutional in emerging markets. We should cheer investors, and the world’s leading glob- its creation and follow its progress with al asset manager. The parties, including the combination of support and hope BlackRock, the Governments of France that befits the size of the problem and and Germany, and the Hewlett, Gran- opportunity it is seeking to address. tham, and IKEA foundations, have com- mitted to working together to design a Follow John Morton on Twitter flagship blended capital investment ve- hicle. The CFP aims to send a strong sig @johnemorton

BAI Science Prize in Alternative ­Investments for Dr. Benjamin Hammer’s Dissertation HHL Senior Research Fellow John E. has been written about the nature and Morton served as President Obama’s the scale of this economic opportuni- Director of Energy and Climate Change ty. The New Climate Economy recently in the White House. The economist is estimated that bold action on climate Senior Fellow with the Atlantic Council change would result in incremental eco- and Fellow with the European Climate nomic opportunities of USD 26 trillion Foundation – and coordinator of the Cli- and 65 million new jobs between now mate Finance Partnership (CFP) which and 2030. was initiated by French President Em- Whether one chooses to look through manuel Macron and BlackRock’s Larry the lens of unprecedented challenge Fink during the One Planet Summit in or unprecedented opportunity, there New York 2018. John Morton outlines is agreement that the speed of our re- the main intentions of CFP and his very sponse needs to be significantly quick- own research topic: finding business so- ened and that investment flows need lutions to solve problems of energy and to increase many times over if we are climate. to prevent the worst impacts of climate change. And there is a clear consensus that owing to the enormity of the situ- John Morton: ation, the vast majority of new clean The Bundesverband Alternative In- vate equity firms have attracted re- investment must come from private vestments e. V. (BAI), the central cord amounts of capital, which has sources of capital, which account for advocacy association for the alter- led to greater competition for deals “ more than USD 100 trillion in reserves. native investment industry in Germa- and pressure on returns. As a con- Of all the issues currently facing human- Nowhere is the investment gap between ny, awarded the BAI Science Award sequence, many private equity firms ity, climate change is arguably the most what is needed and what is current- for excellent scientific work in the adapted their business model.” One overwhelming and complex. Addressing ly flowing greater and more urgent, or area of Alternative Investments for important feature of the changing climate change involves unprecedented the opportunities more significant, than the 8th time on November 28, 2018. business model is the use of so-called action on the part of governments, cor- in the world’s emerging markets. These The award ceremony was hosted by buy-and-build strategies, where pri- porations, civil society, and individuals. economies are generally characterized FERI AG in its Bad Homburg office. vate equity owners foster the growth And time is not on our side. by growing populations, rapidly increas- With the science award, the BAI aims of their portfolio companies through Fortunately, the transition to a glob- ing energy demand, and extraordinary to provide a platform for scientific add-on acquisitions. Major parts of al low-carbon economy represents the infrastructure investment needs. But exchange between alternative in- Dr. Hammer’s dissertation are dedi- most predictable and most consequen- they also tend to have less developed vestment experts in academia and cated to the mechanics behind these tial economic transformation in hu- capital markets and higher political and practice. The high-level distinction strategies. man history. Renewable energy, widely regulatory risk. Institutional investors is annually awarded to researchers The winners were selected by an in- considered a niche industry less than a may therefore be partially forgiven for from four different categories. dependent panel of experts from decade ago, now consistently outpac- moving cautiously. Dr. Benjamin Hammer, Executive Di- practice and science including Prof. es fossil fuel energy in terms of annual rector of the Center for Corporate Dr. Mark Mietzner, Zeppelin Univer- new generation capacity added glob- CFP as a flagship blendedcapital ­ Transactions (CCTPE) and Assistant sity Friedrichshafen, who made the ally. The internal combustion engine, ­investment vehicle Professor for Financial Management laudatory speech for Dr. Hammer. dominant for over a century, must see at HHL Leipzig Graduate School of Further speeches were given by the writing on the wall now that coun- Blended finance, or the strategic de- Management, received this honor Prof. Dr. Rolf Tilmes, board member tries representing nearly 40 percent of ployment of public or other concession- for his dissertation “Three Essays on of BAI, as well as Frank Dornseifer, the world’s population have established al capital to de-risk institutional capital Buy-and-Build Strategies and De- managing director of BAI. The speak- specific dates by which they will ban its investment, offers one compelling an- fault Probabilities in the Private Eq- ers pointed out that the selection of existence. uity Industry”, which he completed in winners has been highly competitive April 2017 at HHL under the supervi- with almost 150 submissions of high- Investment opportunities­ sion of Prof. Dr. Bernhard Schwetzler. est quality over the last eight years. in renewable energies The award includes a monetary prize of EUR 4,000. Find out more on Dr. Hammer and Due to rapid technological advances In his dissertation, Dr. Hammer inves- the CCTPE on the HHL website. and dramatically falling costs in key in- tigates implications of the maturing dustries, we now see compelling invest- of the private equity industry. As he www.hhl.de/cctpe ment opportunities in lower-carbon al- states, “During the last 30 years, pri- ternatives in sector after sector. Much www.hhl.de09 HHL NEWS SUMMER 2017 HHL NEWS WINTER 2018/19 09

FACULTY NEWS

From Management to Scientific Input in Best Paper Award in New Friede Springer Research ­Poland Montpellier Scholar

Dr. Dominik Kanbach has joined the Dr. In 2016, the academic leadership of the Dr. Erik Hille won the Best Paper Award CASiM has gained a new member. In Ing. h.c. F. Porsche AG Chair of Strate- Center for Advanced Studies in Manage- at the 2nd International Conference on February 2019, Sezgi Tekil Ergün joined gic Management and Digital Entrepre- ment (CASiM), the international research Energy, Finance and the Macroeconomy the research center to pursue her doc- neurship as Assistant Professor. With his center of HHL for logistics and opera- in Montpellier, France, in October 2018. toral studies in the area of operations background in strategy consulting and tions research, has been assumed by He received the award from Prof. Thor- research and logistics. She has been his ongoing research activities in the Prof. Dr. Erwin Pesch, one of the strong- sten Beck, editor of the journal Econom- awarded a Friede Springer Scholarship field of corporate entrepreneurship, he est researchers of business administra- ic Policy and co-editor of the Review of for outstanding young researchers. Be- complements the Chair’s research pro- tion in the German-speaking region; Finance, for the paper “Do energy prices fore coming to HHL, she obtained an file in the interface between strategy highly positioned in the recent WiWo affect employment? Decomposed inter- undergraduate degree (with honors) and entrepreneurship. “In my research ranking – read “High-Achievers” below. national evidence”. The paper is co-au- in Industrial Engineering at Dogus Uni- I focus on how established companies His expertise and advice are valued by thored by his colleague Patrick Möbi- versity, Istanbul, Turkey, and completed work together with young startups, try the global scientific community and us. It shows the relevance of analyzing postgraduate studies at Yildiz Technical to bring in more entrepreneurial spirit business practice. In January 2019, the the impact of increasing energy prices University with highest honors, major- into their organizations and make use Polish Academy of Sciences (Polska Ak- on the whole economy and decompos- ing in Industrial Engineering. During the of disruptive technologies to master ademia Nauk) elected Professor Pesch ing the effect into different channels in postgraduate studies, Sezgi Tekil Ergün the challenges of digital transforma- to join the Board of Curators and to help order to correctly estimate the net em- proposed an algorithm for solving the tion,” says Dr. Kanbach. Parallel to his further advance science in Poland. ployment effect. Container Loading Problem as well as academic appointment he will continue Erik Hille is Assistant Professor at the published a journal article and four con- to support the dean's office in strategy Sparkassen-Finanzgruppe Chair of Mac- ference papers. initiatives. roeconomics. His research is mainly fo- cused on the intersection of environ- mental economics, international trade and innovation.

Award for Shopping Center Scenario High-Achievers in Compliance Managers ­Economics Need Best Practice What will shopping centers in Germany look like in 2025? The number of fac- tors determining the future and their From HHL to The two mathematicians in business As a member of the scientific adviso- complexity lead to a high degree of un- ­Harvard studies at HHL – Prof. Dr. André Casa- ry council of BCM (Berufsverband der certainty. Parttime-MBA student Niklas jus, research professor at the HHL Chair Compliance Manager; professional as- Mittag’s HHL master thesis provides ori- of Economics and Information Systems, sociation of compliance managers), entation; it has developed four differ- Anne Bäro, former Research Associate and Prof. Dr. Erwin Pesch, Academic Di- Prof. Dr. Andreas Suchanek gave a pres- ent scenarios for the future of shopping at the Dr. Arend Oetker Chair of Busi- rector of the Center for Advanced Stud- entation at BCM’s 6th annual confer- centers in Germany in 2025 and de- ness Psychology and Leadership, was ies in Management (CASiM) – are both ence about “Ein ethischer Kompass für rives strategic measures for a shopping appointed a research fellow to the Ash among the Wirtschaftswoche Top 100 Führungskräfte”, An Ethical Compass center operator based on these sce- Center for Democratic Governance economists from Germany, Austria and for Leaders. He pointed out that good narios. With his study, Niklas Mittag has and Innovation at Harvard’s Kennedy Switzerland. In this ranking there are compliance can be seen as an invest- now won one of two Academy Awards School. She is currently finalizing her more HHL-related researchers: HHL ment in trust. This, however, requires 2019 of the German Council of Shop- dissertation on public value creation in alumnus Oliver Schilke; former Substi- compliance management which is firm- ping Centers (GCSC) for outstanding private and public organizations and tute Professor for International Manage- ly rooted in corporate values; only then scientific work in the field of real estate. works with Prof. Mark H. Moore, Haus- ment Malte Brettel; and the guest lectur- can the support of the members of the His work was supervised by Jun.-Prof. er Professor of Nonprofit Organizations ers Jörn Block, Alexander Brem and as company as well as external stakehold- Dr. Erik Maier, Retail and Multi-Channel at Harvard. Mark H. Moore is studying #6 of the Top 100 Sascha Kraus from our ers be expected. Accordingly, he offered Management and is targeted at retail- the processes that enable social inno- partner university ESCE Paris. a concept of an ethical compass which ers, real estate investors and research- vation and change to occur in response On behalf of the renowned Wirtschafts­ should give orientation in a world which ers with a consumer focus. to changing political, economic, and so- woche magazine (WiWo) the KOF Swiss is becoming ever more volatile, uncer- Niklas Mittag is an investment associate cial conditions and is the originator of Economic Institute and the Düsseldorf tain, complex and ambiguous. Andreas and former center manager at ECE Real the ’public value’ theory. Anne’s invita- Institute for Competition (DICE) evalu- Suchanek, chairholder of the Dr. Wer- Estate Partners G.m.b.H. The award for tion to Harvard is an expression of the ated 860 scientific journals to identify ner Jackstädt Chair of Economic and the winner of the Academy Award 2019 extensive collaboration between HHL the leading economists of the German- Business Ethics, has been a member of took place on Jan 17, 2019, in Frank- and HKS, which not only leads to joint speaking research community. Accord- BCM’s council since 2016. With approxi- furt/Main during the GCSC New Year’s activities and research projects, but also ing to WiWo the survey discovered two mately 1,000 members, BCM represents Reception and the European Retail In- culminated in the book “Public Value: main trends in “BWL” Business Studies; Compliance responsible persons from novation Prize ceremony. It was pre- Deepening, Enriching, and Broadening the subject is moving beyond its limits enterprises, federations and organiza- sented by the chairman of the GCSC the Theory and Practice” that is co-ed- to other disciplines, and Big Data in- tions of different industries. Christine Hager (redos real estate) and ited by Professor Timo Meynhardt and creasingly rules the university projects. ­GCSC’s advisory board member Ste- Professor Mark H. Moore and will be In addition to the ranking of the 100 best phan Austrup (Nuveen Real Estate, on published in April 2019. researchers in recent years, WiWo also the right). The CSC represents more published a life’s work evaluation, which than 730 member companies from the includes all publications by scientists in areas of development and analysis, fi- business journals. Prof. Pesch is ranked nancing, centre management, architec- 19th there. ture, retail properties, retailers and mar- keting specialists. 10 HHL NEWS SPRING 2019

RESEARCH & TRANSFER

Dr. Arend Oetker Chair of Business Psychology and Leadership Record Participation in HHL at the the 4th New Leipzig ­Talents Round

Peter Drucker ­Forum With 20 HHL students, the New Leip- months and work intensively with the zig Talents program (NLT) entered its coachees on their personal competen- Last fall, top executives, management fourth round in November 2018. This cies. Parallel to the coaching sessions, speakers, thinkers and scientist from competence coaching selected for HHL various group workshops are offered. A across the globe met at the Global Pe- students, launched in 2016, is growing peer coaching workshop with coach Dr. ter Drucker Forum in Vienna, Austria, both in terms of the content and the Georg Fischer is a completely new of- for its 10th annual get-together Nov 29– number of participants. This year, the fer of NLT: The students slip into the role 30, 2018. With nearly 1,000 participants program set a new application record, of a coach in order to give their fellow the event is the world’s leading man- more students were admitted, and four students impetus for personal develop- agement conference, bringing togeth- new coaches joined up to support the ment. A further highlight in 2019 will be a er high-caliber guests like Henry Mintz­ program on a voluntary basis; including coaching conference on the 11th and 12th berg, Clayton Christensen, Rosabeth Matthias Reichwald, Chief Commercial September, which will be organized joint- Moss Kanter and Lynda Gratton. Director of RB Leipzig. ly with the University of St. Gallen (HSG). Choosing Vienna as the event location At the kick-off event for NLT 2018/19 on The conference will be attended by re- was no random selection. In fact, Vien- November 19, 2018, the students met nowned scientists and practitioners, in- na was the birthplace of Peter Druck- their coach for an initial conversation. cluding Henry Mintzberg, who will speak er, who the British Library refers to as The coach will accompany them for six and discuss current coaching topics. “the father of management thinking”. To celebrate Drucker’s approach to man- agement, there seems to be no better place than the famous Imperial Palace in which to discuss this year’s conference theme, “The Human Dimension of Man- agement”. The presentations, conversa- tions, panels, and speeches were filled Prof. Dr. Timo Meynhardt and with great ideas, inspiration and points Henry Mintzberg with to ponder about the question: What the Leipzig Leadership Model (LLM) does management look like when peo- ple, their potential and their needs are at society and legitimize it being good the core instead of profit maximization? for society,” said Prof. Meynhardt when Prof. Dr. Timo Meynhardt, who holds the opening the session, thus emphasizing a Dr. Arend Oetker Chair of Business Psy- perspective on leadership that has also chology and Leadership, moderated a been captured in the Leipzig Leadership panel session on the theme “Organizing Model (LLM). to Contribute to the Common Good”. That the LLM is able to meet the cur- The session provided opportunity for rent “Zeitgeist” of Leadership discus- dialogue and debate between the ex- sions was also confirmed by the great perts Gregor Jost (Partner, McKinsey & Canadian academic and author Henry NLT Feedback Company), Marie Ringler (Europe Lead- Mintzberg, who called himself a “fer- “ This coaching program strengthens the idea er), Ashoka Paul Kasimu (Director of Re- vent advocate of the Leipzig Leadership The competency coaching New Leip- of continuous self-development and the sources, Safaricom Limited) and Nobo- Model”. The Drucker Forum will take zig Talents is an HHL Leipzig Gradu- connection between one’s own strengths and ru Konno (President of Japan Innovation place again this year in November and ate School of Management program personal passions. Through the close and intensive cooperation with my coach, Xenia Network and Professor at Tama Gradu- focus on the theme “The Power of Eco- in cooperation with XING SE and Meuser, I was able to gain experiences and ate School). “Drucker reemphasized systems – Management in a Networked Dr. Arend Oetker. For last year’s par- insights that would have taken me years if I time and again what he called the so- World”. ticipants, the program was a particu- had wanted to find them out for myself! cial function of an institution. (…) Busi- lar highlight of their studies. Ancilla Chui, Full-time MBA Program ness has to justify existence (…) toward www.druckerforum.org

Center for Corporate Transactions and Private Equity The CCTPE as Co-Organizer of the Private ­Equity & Venture Capital Summit 2019

The Center for Corporate Transactions & 27–28 March 2019 in Munich (Le Méridi- change ideas and to be part of the net- the center and to give more insight into Private Equity (CCTPE) at HHL Leipzig en Munich). working opportunities throughout this the research agenda. Graduate School of Management has The summit serves as high-level discus- two-day conference series. recently been relaunched with the aim sion platform for all relevant PE industry Prof. Schwetzler will moderate a panel Further information and to become the #1 Think Tank for Private topics in the areas of finance, legal and discussion on Buy & Build Strategies, a registration link is available online at Equity research in Germany. To achieve tax. Inspiring panel discussions, vibrant one of the hot research topics of the www.wmseminare.de/PEVC. this goal, Prof. Dr. Bernhard Schwetzler talks by PE experts as well as several CCTPE. Dr. Hammer will be leading a Current HHL students and alumni will and Dr. Benjamin Hammer, the directors hands-on workshops are organized over discussion on the Value of Data for PE be provided with a coupon for the of the CCTPE, join forces with the Börs- the two days and will provide insight on investment decisions. Furthermore, sev- ­attendance fee. Requests concerning en-Zeitung and organize the Private Eq- the latest industry developments. Par- eral sponsors of the CCTPE as well as the Summit can be directed to uity & Venture Capital Summit 2019 on ticipants are given the occasion to ex- HHL alumni specialized in PE are taking [email protected] an active part in the event: Represent- atives of AssetMetrix, Astorius Capital, Boston Consulting Group, Bridgepoint, CatCap, Lincoln International, Nordic “ Capital, Riverside Europe and Skadden, We are looking forward to Arps, Slate, Meagher & Flom will debate fruitful discussions with their ideas and views in various panel excellent speakers on today’s discussions. After the first day of the issues and market trends that summit, the CCTPE is inviting the spon- will shape the PE industry. sors and further guests for a networking event to celebrate the successful start of Prof. Dr. Bernhard Schwetzler www.hhl.de HHL NEWS SPRING 2019 11

RESEARCH & TRANSFER

Dr. Werner Jackstädt Chair of Economic and Business Ethics Sparkassen-Finanzgruppe Chair of Macroeconomics Digital Communication – MSc 18 Students as First Runner-up at the A Pervasive Part of Working Life ­Harvard Student Cluster Project Competition

Digital communication via internet- M.Sc. students Luca Fahrion, Lisa Tietz, based services like email, social media Pierre Ansoborlo and Felipe Van Nievelt channels or instant messaging are an Oelckers have been recognized by the integral element of many working lives, Harvard Business School for their stu- particularly for knowledge workers. dent project paper. Initiated by Michael While email is a popular way of commu- Porter’s Institute for Strategy and Com- nicating digitally, instant messaging ser- petitiveness, students from all over the vices like Slack are becoming more and world compete for a “Best Paper Award” more prominent, especially in agile busi- in the field of cluster analysis. The prize is l2r: Prof. Dr. Manfred Kirchgeorg, ness worlds, improving the efficiency of awarded once a year in Boston. An inter- Prof. Dr. Wilhelm Althammer, communication. national panel of experts confirmed the Prof. Michael Porter Organizations often focus on those in- highest level of excellence in the analy- tended consequences. However, ex- sis of the Swiss watchmaking cluster by Harvard Business School, the course isting research shows that there are the student team. The renowned econo- introduces HHL students to the deter- also unintended consequences of digi- Jackstädt Chair of Economic and Busi- mist and cluster expert Prof. Michael E. minants of regional and national com- tal communication. The dissertation of ness Ethics, dealt with attempts to ex- Porter handed the certificates to their petitiveness and successful economic Elisa Maria Entschew, “Digital Commu- plain this paradoxical development. One professors Prof. Dr. Manfred Kirchgeorg development viewed from a bottom- nication in and beyond Organizations: possible explanation is the acceleration and Prof. Dr. Wilhelm Althammer shortly up perspective. Thereby, industrial clus- Essays on Unintended Consequences” of communication possibly leading to before Christmas during a faculty work- ters, which can be found in many re- which was written at the Dr. Werner an acceleration cycle. shop at the Harvard Business School in gions of the world promoting economic Boston. strength, play a special role for competi- The “Competitiveness Course”, which tiveness considerations. As part of the is taught at HHL, provided the basis for HHL course, students must also carry Technological the success of the M.Sc students. Origi- out and present a comprehensive clus- Acceleration nally developed by Prof. Porter for the ter analysis by themselves.

Acceleration of Acceleration of the Pace of Life Social Change

PUBLICATIONS

Technological acceleration is enabled cation is higher than the rate of accel- through more agile ways of communi- eration, a lack of time develops as an Hille, E. and Möbius, P. (2018). Sharif, A., Shahbaz, M., and Hille, E. cation via Slack. The intended conse- unintended consequence. The disserta- ­Environmental policy, innovation, (2019). The transportation-growth quence of saving time is achieved. How- tion also deals with other explanation and productivity growth: Control- nexus in USA: Fresh insights from ever, communication norms, such as attempts. However, the key message of ling the effects of regulation and pre-post global crisis period. Trans- expected response times, also change the dissertation is that a strong focus on ­endogeneity. Environmental and portation Research Part A: Policy at an increasing pace (Acceleration of intended consequences of digital com- Resource Economics, forthcoming. and Practice, 121(1), 108–121. Social Change) leading to faster com- munication encourages negligence for munication; we communicate more in the drawbacks, like a lack of time or in- This paper analyzes the environ- Governments can effectively stimu- less time (Acceleration of the Pace of creasing expectations. mental regulation-productivity re- late the economy through public in- Life). If the rate of increased communi- lationship. Estimates show that the frastructure expenditures. This paper positive effects of increases in envi- examines the transportation-growth ronmental policy stringency on pro- nexus using monthly data for the ductivity, which have often been re- USA for the period 2000 to 2017. The CDR ported in the more recent studies, results show that transportation ser- The Core of Corporate Digital change to mainly insignificant effects vices have a positive effect on eco- once simultaneity is controlled for. nomic growth, whereas the magni- ­Responsibility Hence, no support for the strong Por- tude of the effect is intensified in the ter Hypothesis can be found. Instead, post financial crisis period. Corporate Digital Responsibility (CDR) ing of rights and responsibilities re- stricter environmental regulation fos- is in the process of becoming the next garding the forging ahead with digital ters innovation and, therefore, has an big catchphrase. Inspired by the cur- transformation. indirect, but not decisive, positive ef- Zech, K. M. and Schneider, U. A. rently familiar concept of corporate so- A key theme in this field is, according to fect on productivity growth. (2019). Carbon leakage and limited cial responsibility (CSR), CDR is an at- Prof. Suchanek, the analysis of socially efficiency of greenhouse gas taxes tempt to define the responsibility of unwanted side effects. Corresponding- on food products. Journal of Clean- corporations regarding their dealings ly, the standard “do no harm” should be Hille, E. and Shahbaz, M. (2019). er Production, 213(1), 99–103. with digitalization. Over the course of the core of CDR, implying that any harm Sources of emission reductions: the last few years, a rapidly growing in- created by digitalized processes needs ­Market and policy-stringency effects. Greenhouse gas emission taxes on terest of companies can be observed. to be justified by its acceptability for so- Energy Economics, 78(1), 29–43. food products have recently been In November 2018, Prof. Dr. Andreas ciety. Automated driving, social scoring, proposed as a means to help re- Suchanek, chairholder of the Dr. Wer- dealing with sensitive data, increasing This study analyzes whether market duce agricultural emissions. It was ner Jackstädt Chair of Business Eth- use of artificial intelligence, for exam- or regulatory effects are more im- found that 43 percent of the green- ics, took part in a workshop that was ple; in human resources, and more fields portant for emission reductions. The house gas reduction through do- conducted by the Wittenberg Center of applied digital devices and process- effects on six types of air emissions mestic consumption reduction is lost for Global Ethics and the Bertelsmann es, have, without doubt, an enormous are estimated utilizing a sector-spe- because of emission leakage. This al- Foundation with participation of repre- potential to do good as well as causing cific, international panel dataset that ready includes the mitigating effects sentatives from Google, Microsoft, IBM harm due to misuse, unintended conse- includes newly industrialized and of a production shift from inefficient and other organizations. The discus- quences, etc. One main problem is the former transition economies. The to efficient producers that is anoth- sions made clear that a clarification of lack of experience with these technolo- results show that the major source er consequence of increased exports this concept and its implications is seen gies, which implies also a lack of regula- of emission reductions is the policy from the European Union. A green- to be highly relevant for companies as tion and routines that usually build the stringency effect through carbon-re- house gas emission tax on food well as society. Digitalization, which foundation of successful and sustain- lated policies. Pollution offshoring to products is, therefore, much less ef- brought many benefits so far, also in- able social cooperation. Moreover, ethi- countries with weaker carbon-relat- ficient than previously proposed. volves various risks which are present- cal reflection of the players in this field ed regulation has a minor role in the ly not clearly understood or controlled. is needed, which can also be seen as reduction of air emissions. www.hhl.de/publications Even more, it is important to invest an investment in the legitimacy of their in a publicly-acceptable understand- existence. 12 HHL NEWS SPRING 2019

RESEARCH & TRANSFER

Dr. Ing. h.c. F. Porsche AG Chair of Strategic Management Chair of Accounting and Auditing and Digital Entrepreneurship CEOs Write. Analysts Estimate. ­ HHL at the European Accelerator AI Decodes? ­Summit 2018 in Munich Does CEOs’ tone of communication in- The European Accelerator Network is a fluence investors’ and analysts, percep- network that aims to strengthen accel- tion? In a collaborative study with Kirch- eration in Europe by bringing togeth- hoff Consult and Precire Technologies, er individuals from the field in an open, HHL’s Chair of Accounting and Auditing collaborative network to exchange best tackled this question to further our un- practices and explore opportunities. derstanding of capital markets commu- This year, the annually European Accel- nication. For the study, an interdiscipli- erator Summit took place on October 30 nary team of researchers analyzed the and 31 October in Munich and was host- psycholinguistic characteristics of CEO ed by Wayra – the corporate accelerator letters with the help of artificial intelli- of Telefónica. At this two-day event ac- gence (AI). The results provide notable How does our counterpart’s tone and celerators discussed status, challenges Ph.D. candidates was invited to give a insights into the language of CEO let- charisma influence our interpretation and the future of acceleration with the keynote address and share some in- ters, its determinants and influence on of seemingly hard facts? The current goal to share best practices and lessons sights from his research at the HHL analyst forecast dispersion. study raises this question in an impres- learned. Chair of Strategic Management and Dig- Overall, the analysis encompassed sive way.” Tobias Gutmann, one of our external ital Entrepreneurship. 29 different factors that cover a wide Eventually, the tonality of CEO letters range of psychological aspects, such of DAX companies is empirically asso- as professionalism, innovativeness, em- ciated with the uncertainty of financial pathy, aggressiveness, motivation, or analysts’ forecasts. Specifically, we ob- unconventionalism. The analysis shows serve a link of the dispersion of analysts’ Joint Doctoral Research Colloquium at that CEO letters of German DAX com- earnings per share (EPS) forecasts to panies tend to be overly aggressive and the communicative characteristics ex- the University of Passau impulsive, and subpar innovative, ac- pressed in the letter to the shareholders. cording to AI interpretations. The data show that dispersion is espe- On January 24 and 25, 2019, the Porsche The study also sheds light on some of cially high for the competitive CEO let- AG Chair of Strategic Management and the determinants of communicative ters, and especially low for the inspiring Digital Entrepreneurship continued a style. Notably, corporate governance ones. long-standing tradition of joint doctor- factors leave their marks on the tonality “The CEO letter often sets the ‘tone’ of al research colloquiums on recent de- of CEO letters. For example, CEO letters CEO communication around the publi- velopments in Strategic Management, are found to be written with a less com- cation of the annual report and it’s pre- Family Business and Entrepreneurship petitive and inspiring tone when a new sumably the most frequently read part research. Prof. Dr. Andreas König (Uni- CEO takes office, when many shares are of the report” says Klaus Rainer Kirch- versity of Passau), Prof. Dr. Hungenberg held by insiders, management, or block- hoff, founder and CEO of Kirchhoff (Friedrich-Alexander University Erlan- holders, and when a firm’s dividend pay- Consult AG. “To me, the empirical as- gen-Nuremberg), Prof. Dr. Torsten Wulf out ratio is high. sociation of the companies’ CEO letter (Philipps-University Marburg) and Prof. as 35 doctoral students met to discuss Prof. Dr. Henning Zülch, Chairholder of tonality and analysts’ uncertainty is re- Dr. Stephan Stubner (HHL Leipzig Grad- their research projects and methods in a Accounting and Auditing, recognizes markable. Once again, the data bring uate School of Management) as well constructive atmosphere. the potential of using AI in capital mar- out the big impact of language in finan- ket research: “Digitization pushes the cial communication.” limits of the feasible and the measurea- “Our language carries more informa- ble. This also holds true for reporting and tion than we think it does. With our AI investor relations. Managers will have to technology we are able to draw conclu- Presentation at the G-Forum get used to the fact that what they say sions about communicative and person- is tracked not only by financial analysts al competencies as well as the impact of On October 11, 2018, research associ- vation Management and Entrepreneur- but also by Artificial Intelligences – with language”, Martin Harasim, Chief Busi- ate Anna Frieda Rosin from the Chair of ship at the 22nd Annual Interdiscipli- as of yet unforeseeable consequences. ness Development Officer at PRECIRE Strategic Management and Digital En- nary Conference on Entrepreneurship, However, the use of AI also helps us to Technologies, explains. trepreneurship presented one of her cur- Innovation and SMEs, known as G-Fo- better analyze and understand our own See the complete study on rent papers with the title “New ventures rum. Anna Frieda Rosin says, “It was a communicative behavior. www.hhl.de/publications as digital pioneers – Myth or reality? An great opportunity to discuss our paper assessment of the digitalization of new with experts from the field of digital en- ventures” together with PD Dr. habil. trepreneurship. The valuable feedback Dorian Proksch from the Chair of Inno- helped to further develop our paper”. Is Success Predictable in Professional Football?

Despite the high volatility of sporting success, investment volumes into Euro- pean football clubs have risen to spec- tacular levels. However, are professional football clubs being managed in such a way that the success is predictable? Prof. Dr. Henning Zülch and Dr. Dominik Kanbach gave their perspective on this question at the Football & Finance ex- pert conference in Frankfurt/Main in November 2018. They presented the 2018 Football Management (FoMa) Q- skills are a prerequisite for predictability. Score results as an overview of the sta- Yet, European clubs face major risks and tus quo of football management quality opportunities. Dr. Kanbach, Assistant in the German Bundesliga. Prof. Zülch, Professor of Strategic Management and Vice Dean of HHL, referred to the need Digital Entrepreneurship, argues, “Digi- for predictability in this context. He stat- tization, internationalization and new ed: “The balanced scorecard model pro- regulations will change the football of vides the logic for the FoMa analysis. tomorrow significantly. In this vein, sta- This multidimensional view allows for bility and quality in leadership as well as measuring management quality in the a long-term strategy are core elements four dimensions.” to achieve the sustainable success of a Anna Frieda Rosin and PD Dr. habil. Dorian Proksch at the G-Forum 2018 As in any other industry, management professional football club.” www.hhl.de HHL NEWS SPRING 2019 13

RESEARCH & TRANSFER

Deutsche Post Chair of Marketing, esp. E-Commerce and Cross-Media Management “(R)Evolution of Market-Oriented New Research Project to Promote Management” – 75th Leadership Round Table Sustainable Consumption

“Change” was also the focus of the 75th At the end of 2018, the chair successful- purchase of sustainable products in on- Leadership Round Table of the Scientifi c ly submitted a research proposal to the line shops or supermarkets through tar- Society for Market-Oriented Leadership Deutsche Bundesstiftung Umwelt con- geted product information. The project on November 15 and 16, 2018 in Berlin. cerning a project to promote sustaina- will run from January 2019 for a period In a historical ambience, trend-setting ble consumption. The initial aim of the of 18 months and will be supervised by discussions evolved around current de- project is to gain a better understand- the Sustainability Marketing research velopments in the fi eld of digitization, ing of (sustainable) consumer behavior department. The aim of the project is to changes in the global competitive arena through psychological theories such as develop a catalogue of recommenda- and the political balance of power. the Construal Level Theory. This knowl- tions for producers and retailers of sus- Against this background, the 75th Lead- edge will then be used to stimulate the tainable products. ership Round Table pursued two objec- tives: First, identifying and discussing relevant future topics (“the CEO Agen- da”) and the associated need for an ad- justment of market-oriented corporate ments to the framework conditions nec- New Publication About History management. The future topics defi ned essary to secure future viability? And if and Future of Marketing during the leadership discussion, such so, to what extent must management as digitization, customer centricity or assume responsibility for socio-political growth, will serve as an agenda for the adjustment processes beyond the com- The German advertising industry is on into a hardcover of the initiator, the inter- scientifi c society in the future and lead pany’s borders? the verge of a fundamental change, as national marketing pioneer Willi Schalk. the upcoming leadership discussions The fi reside chat with Sigmar Gabri- digitalisation is deeply aff ecting the The book’s title is “Origin and Future of thematically. el, former Vice Chancellor and Foreign communication relationships of compa- the German Advertising Industry”. The Second, based on these future topics, Minister, as well as Minister Prof. Dr. An- nies, customers and society as a whole. new publication has been launched on the Leadership Round Table attempted dreas Pinkwart once again highlighted Industry players are therefore repeated- March 12, 2019 in Leipzig’s old trade to address the following questions: How the relevance of these questions. Mr. ly forced to respond to this change and stock exchange, Prof. Dr. Kirchgeorg can the socio-political awareness of the Gabriel urged Germany to react more pressure with new strategies and struc- presenting excerpts from the study to necessary change in the corporate en- quickly to the fundamental change pro- tures. A current study by the market- a high-calibre podium; Willi Schalk, Dr. vironment be sharpened? Are adjust- cesses ahead. ing chair of the HHL Leipzig Graduate Tonio Kröger (antoni Holding), Thomas School of Management, based on the Voigt (Otto Group) and Michael Conrad principle “future needs origin”, is con- (former Chairman of Leo Burnett Worl- cerned with the recording of historical wide) answered questions on the future development paths of the German ad- world of agencies: Who survives how? BMBF Project SURTRADE Opens the Doors vertising industry since 1950 as well as Which kind of services the clients will to the Real Laboratory the expected future developments up to need in the future? 2025. Interviews with infl uential and selected M. Kirchgeorg, W. Schalk, P. Strahlen- As part of the BMBF-funded SURTRADE tomers at six test stations. At the sta- leaders, founders and experts in the ad- dorf (Hg.): „… und so geht es weiter“ project (Smart Urban Retail Services), tions for virtual and augmented reality, vertising industry were included in the Herkunft und Zukunft der deutschen HHL’s Chair of Marketing is developing interested testers could try out dress- analysis, supplemented by a data-based Werbewirtschaft, New Business Verlag, sustainable future retail concepts in ur- ing in a digital environment using VR study of key trends. The results will fl ow Hamburg 2019 ban areas. In the course of the fi rst major glasses. Moreover, they could draw a milestone, a real laboratory was opened comparison between a piece of furni- in the premises of Karstadt in the heart ture actually exhibited and a hologra- of Leipzig from 09.11. to 17.11.2018. To- phy using holo-lens. The use of Beacon gether with the project partners from technology provided visitors with addi- Center for Corporate Governance science and practice, the team present- tional information on the coff ee types ed technologies and applications for the on display via push messages on their Research Conference and Panel on Dieselgate modernization of the retail trade to cus- smartphones. Customers also had the opportunity to The Center for Corporate Governance have purchases made in the city center hosted the 2018 Workshop on Corpo- during the test period delivered directly rate Governance and the Capital Alloca- to their homes by a regional service pro- tion Process Within Society at the HHL vider. The digital city map, which sup- Leipzig Graduate School of Manage- plemented the usual online information, ment. More than 40 participants from provided orientation assistance and six countries spent a day and a half in made shopping easier. Stimulating dis- Leipzig to discuss problems of corpo- cussions with visitors and parallel sur- rate governance and the most current veys provided valuable feedback. The research from internationally renowned results are currently being evaluated researchers in the fi eld. In six sessions, and will be used in the coming real labo- researchers presented research results ratory in Hamburg. on corporate investment and fi nanc- shop’s panel discussion bringing to- ing, shareholder behavior and voting is- gether senior scholars and experienced sues, executive remuneration and cor- practitioners discussed the question porate boards. The paper “Board-level “Do we need more or less corporate employee representation (BLER) and governance regulation?”. Daniela Mat- Seminar Big Data Analytics in Management skilled workers’ separations: Empirical theus (Partner at EY Corporate Gov- analysis using Danish employer-em- ernance Board Services), Prof. Christian On 23.10.2018 Stefan Groschupf led a which he had been involved in since its ployee matched data” from Prof. Alek- Strenger (HHL), Prof. Dr. Alexander Bas- one-day seminar on “Big Data Analyt- inception. sandra Gregoric (Copenhagen Business sen (University of Hamburg), Prof. Dr. ics in Management” organized by the The seminar provided the participants, School) was recognized as the confer- Wolf-Georg Ringe (University of Ham- Deutsche Post Chair of Marketing. Mr. who included current PhD students and ence’s ‘Innovative Paper’. The ‘Best Pa- burg) elaborated on the right balance Groschupf is one of the founders of practitioners, with application-oriented per’ award was given to Johannes Zaia, of corporate governance regulation and Datameer, Inc. and Managing Director knowledge in various areas of big data Axel Kind (both University of Konstanz) improvements to current initiatives on of SalesHero. Together with his team analysis, such as data integration, stor- and Marco Poltera (University of Ba- the national and international level. at SalesHero, he supports companies age, processing, and visualization. In a sel) for their paper “The Value to Say on The Center for Corporate Governance worldwide to tap unknown effi ciency fi nal round of refl ection, all participants Pay”. Both awards came with a mone- would like to thank EY and Daniela Mat- potentials through big data analyses. recognized the format as an excellent tary prize of EUR 500. theus, of EY Corporate Governance He was also instrumental in the success opportunity to gain a fundamental in- Ten years after the fi nancial crisis and Board Services, for their generous sup- of the Hadoop open source program, sight into a hotly debated topic. three years after Dieselgate, the work- port of the workshop. 14 HHL NEWS SPRING 2019

RESEARCH & TRANSFER

Center for Advanced Studies in Management (CASiM) Rolf Schrömgens Professorship in Entrepreneurship and ­Technology Transfer Invitations to International Talks

After 2017, Prof. Dr. Erwin Pesch has In 2016, Erwin Pesch presented an open- once again been invited to give a plenary ing plenary talk at the 45th ORSSA, the talk at the annual International Confer- annual conference of the Operations PUBLICATIONS ence on Operations Research (InteriOR Research Society of South Africa. 2019) that will take place in August 2019 He has been invited to present a tuto- in Medan, Indonesia. He will talk about rial on approximation algorithms at the intermodal container logistics which in- 48th ORSSA conference this summer clude diversified problems on different in Cape Town, South Africa. Approxi- Schneckenberg, D., Velamuri, V. K., plex and uncertain environmental levels of management, such as planning mation algorithms are solution meth- & Comberg, C. (2018). The design contexts. This research paper studies and scheduling, fleet sizing and consoli- ods where the quality of the result can logic in business model innovation: entrepreneurs situated in 15 diverse dation, ownership or leasing, as well as be closely estimated or approximated Cognitive foundations for manage- corporate accelerators and incuba- empty container repositioning. arbitrarily. rial reasoning. European Manage- tors in Germany. Results suggest ment Review. Forthcoming. DOI: that entrepreneurs counter cognitive 10.1111/emre.12293 biases by combining intuitive and deliberate reasoning approaches. International CASiM Workshop on How do managers design new busi- Specifically, the paper identifies five ness models? How does manage- cognitive mechanisms and two high- ­Industry 4.0 and Autonomous Systems rial reasoning work? This research er-level cognitive processes that un- paper answers these fundamental dergird entrepreneurial reasoning in questions by studying the design the design of new business models. logic used by managers in creating new business models in the context of the emerging sharing economy. Downs, J., & Velamuri, V. K. (2018). As customer behaviours shift from Business model innovation in highly owning to sharing possessions, they knowledge intensive industries: An challenge firms’ established business evolutionary theory perspective. model logics. The paper identifies six Managerial and Decision Econom- cognitive processes that guide man- ics 39(5):550–562. agerial thinking in designing differ- ent value creation and value capture Current research on business mod- configurations. Overall, the findings el innovation in highly knowledge- enhance understanding of the foun- intensive industries has limitations. dations of managerial cognition in This is partly due to the underlying innovation contexts. complexities in how knowledge is created and distributed over large Workshop participants l2r: Dr. Kai Wang (CASiM), Dr. Łukasz Świątczak (CASiM), loosely connected networks. To ad- Prof. Dr. Jürgen Jost (Max Planck Institute for Mathematics in the Sciences), Rössler, M., Velamuri, V. K., & Sch- dress this gap, this research draws on Prof. Dr. Heribert Meffert (University Münster), Prof. Dr. Erwin Pesch (University of neckenberg, D. (2018). Corporate the biopharmaceutical industry – ar- ­Siegen/HHL), Prof. Dr. Thomas Gehrig (Univeristy of Vienna), Prof. Pierfrancesco entrepreneurship initiatives: Antag- guably one of the most knowledge- La Mura, Ph.D (HHL), Prof. Dr. Jacek Błażewicz (Poznań University of Technology) onizing cognitive biases in business intensive industries in the world. The model design. R&D Management findings expose impediments to cur- In the context of the annual meeting of ber 29, 2018, and attracted representa- Journal. Forthcoming. DOI: 10.1111/ rent business model theory, and pro- its advisory board, CASiM organized an tives of research institutes and universi- radm.12340 pose economic evolutionary theory interdisciplinary workshop devoted to In- ties from Austria, Germany, and Poland. as a useful alternative lens through dustry 4.0 and autonomous systems. The Among other topics, the participants How do entrepreneurs cope with which to address the identified focus of the meeting was on exploring discussed the implications of Industry cognitive biases inherent in design- limitations. new research questions and correspond- 4.0 on asset pricing, artificial intelligence ing novel business models? Cogni- ing challenges and opportunities for sci- and big data, as well as the rise of New tive biases derive from the limited www.hhl.de/publications entific inquiry and business practice. The Space. This insightful discussion will be human capacity to deal with com- workshop took place in Leipzig on Octo- continued in a follow-up workshop.

Sparkassen-Finanzgruppe Professorship in M&A of Small- and Midsized Entities 2018 has been a fruitful year – In 2019 the IFU strives for continuous success “ The feedback from 3 7 business and politics proofs that we have Successions Successions created an important successfully under active contribution to the accompanied mentoring Saxony Region with the IFU. Building on our previous successes, we want to further expand our commitment in 2019. > 19 27

Prof. Dr. Alexander Talks on Indicative company Lahmann Entrepreneurial valuations succession provided Kristian Kirpal (IHK Leipzig), Andreas Koch (Sparkasse Leipzig), Prof. Dr. Alexander Lahmann (IFU), Frank Tornau (CDU Leipzig), Stefan Leermann (S-Beteiligungen); l2r www.hhl.de HHL NEWS SPRING 2019 15

ENTREPRENEURSHIP

Chair of Innovation Management and Entrepreneurship News From the Women’s Women @HHL SMILE’s Founders Night ­Networking Initiative at HHL On November 19, 2018, the Leipziger Founders Night (Gründernacht) offered Female Founders Initiative on the Right Track a forum for the exchange of experience among founders from Leipzig. Each The HHL Female Founders Initiative has Even though the HHL Female Founders year, the focus of the evening is on the reached the halfway mark of its pro- Initiative can look back on some small prizes for the most promising startup, ject period, but still strives to encourage victories like Laura jansen’s, women only the most innovative business idea, the more women to realize their own busi- represent about one-third of all entre- most successful corporate development ness ideas. So far more than 30 potential preneurs in Germany according to the and the entrepreneurial “life’s work”. female founders have participated in the kfw Startup Monitor 2018. Therefore, The aim of the event is to promote a program that offers workshops, coach- we will continue to promote female en- positive climate for startups in our re- ing and mentoring around specific topics trepreneurship so that we can fulfill the gion and to encourage becoming for women in the founding and startup wish of our mentor Saskia Richter – HHL self-employed. offers the possibility of making a com- phase. The diversity of the business ide- alumna and CEO iBDC Group. “Too of- In the “Idea” category, a jury selected six plete claim settlement after a traffic -ac as being pursued range from an English ten I am only one of very few ladies at finalists, each of whom presented their cident with just one contact person. local web-magazine to an information events or meetings representing the in- business idea to the public in a short Denis Schmidt from Druck und Werte platform for clinical trials or from crea- dustry in an international context. That presentation. In two pitch rounds, Neo- GmbH in Leipzig received the “Ten Years tive writing services to a new concept of has to change!” vordo and SeDiDoc won, competing for After” award. The company was found- psychotherapy, just to name a few. The HHL Female Founders Initiative is the audience prize in a final pitch. In the ed in 2008 and now, with special, self- The participants especially value the funded by the European Social Fund, the final vote Neovordo, which is committed developed software, is a leading ser- trust and open-mindedness of the group. State of Saxony and HHL Chair of Innova- to the end of the plastic age with mush- vice provider for companies with a wide Laura Jansen recalls, “I am so glad I got tion Management and Entrepreneurship. room-based lightweight materials, final- range of printing units. to participate in the Female Founders ly prevailed and secured EUR 2,000 in The “Life’s Work” prize was awarded to Initiative. It gave me the space to spin Get more prize money. the entrepreneur Wolfram Eismann of crazy ideas which I am currently turning information and Clara Fernau and her team of Neovordo anona GmbH. The company is a family- into reality. I can proudly say that I just be a part in continue their winning streak after also run food producer with a 190-year-old finished my first paid customer project.” the next round! claiming first place at the HHL DBFZ history. Today anona GmbH is the lead- Innovation Bootcamp 2017/18 and the ing manufacturer of sports and fitness Best Biobased Business Award 2018 of food in Europe and supplies its products Project GISBERT. to 30 countries worldwide. The faire-Regulierung-System GmbH SMILE is a cooperation project of HHL, Women@HHL celebrates female leadership from Leipzig was awarded the start-up HTWK, UFZ and Leipzig University. on International Women’s Day prize worth EUR 6,000. The company www.smile.uni-leipzig.de

her personal opinion on what is need- ed to increase the number of wom- A Fair for the regional en in leadership positions. To provide equal opportunities at executive levels, Startup Scene Hosted by HHL Dr. Krömer stressed that the determi- nation of quotas is not enough; instead During the annual Global Entrepreneur- their services during several short pitch she highlighted the importance of a fun- ship Week in November, HHL hosted the rounds. The aim of the event was to give damental cultural change. She encour- startup fair “Leipzig.Start!” for the first founders and those interested in found- aged women to “Be visible!” and not to time. It was initiated for founders inter- ing an overview of the diverse startup hesitate to take risks when applying for ested in the growing startup community support in Leipzig and to strengthen higher positions. In general, the mother of Leipzig. The event was organized in networking within the Leipzig startup To celebrate the International Women’s of two kids impressed us with her confi- cooperation with SMILE – The Found- community. Among others, the visitors Day, the initiative Women@HHL organ- dent and down-to-earth mentality. Both ers Initiative Leipzig. After receiving a could get in touch with representatives ised two events at HHL Leipzig Gradu- Women@HHL events offered opportu- warm welcome from HHL Dean Prof. Dr. of the Chamber of Commerce, differ- ate School of Management to promote nities to exchange ideas and opinions Stephan Stubner, almost 120 visitors got ent coworking spaces, futureSAX, TGFS, equal opportunities for females in busi- towards diversity in leadership and pro- the opportunity to exchange ideas and the city of Leipzig, 2 b AHEAD and BIO ness. On Friday, March 8, all female vided ample food for thought. talk to the 17 exhibitors from the local CITY Leipzig. The offer was very well re- members of HHL were invited to join startup scene. In addition to the per- ceived and evaluated and, most impor- a brunch with Manuela Buxo (HHL K2 sonal exchange with the visitors, all the tant, highlighted the outstanding role of alumna), who is Senior Vice President – exhibitors presented themselves and HHL for the local startup scene. Global Strategic Marketing at Sanofi. A working mum and sports enthusiast, Manuela shared anecdotes about her extensive international experience and inspired participants with her authen- SpinLab Remains on Course of Success ticity as well as her human-centred view on leadership. During her talk, she em- With the 2018 won partners Deutsches ups, of which approx. 22.5 million euros phasised that for her leading means em- Rotes Kreuz, Helios Kliniken, Tilia, DELL, in 2018 alone. Furthermore by partici- powering the people around her. She con|energy and Universa, SpinLab – The pating in the EU projects DataMarket- is convinced that when colleagues are HHL Accelerator now has 25 partner Services and as an affiliated partner in successful and satisfied, she eventual- “ companies which participate financially the EIT Urban Mobility, Dr. Eric Weber ly benefits from the enhanced success Women@HHL is a great and contentwise. The largest strategic and his team were able to attract Euro- herself. initiative to promote equal partners remain the VNG Group (Ener- pean funds to Saxony and expand im- Following the International Women’s opportunities in higher gy), the L Group (Smart City) and AOK portant future activities. Day, the Head of Employee and Manag- leadership positions. With PLUS (eHealth). With a recent private er Development at Deutsche Bahn AG, its approach to learn from investment for the startup Flynex and The next application deadline Dr. Katrin Krömer, was invited to hold the experience of successful the SAB Technology Founder Scholar- for the 9th class of an impulse talk on Monday, March 11. women and the coaching by ship, just over 40 million euros have now SpinLab – The HHL Accelerator Co-hosted by Timo Meynhardt, profes- experts, Women@HHL will been invested in our accelerator’s start- is June 25th, 2019. sor at the Chair of Business Psycholo- boost the confidence of the next gy and Leadership, and Michaela Wrede generation of female leaders. from Women@HHL, the event attract- ed about 50 people to join the talk on Dr. Katrin Krömer the HHL campus. Under the title “Tales Head of Employee and from Cliffs, Ceilings and Success” Dr. Manager Development, Katrin Krömer gave deep insights about Deutsche Bahn AG 16 HHL NEWS SPRING 2019

INTERNATIONAL RELATIONS

Every year, around From Leipzig to Canada: 100 students of the HHL spend a semester abroad – in return, the same The Smith School of Business number of international students come to Leipzig for their studies. Luca Fahrion and Matias the overall goal of an exchange semes- between the students and the cohesion Martinez are looking back ter is building up international and inter- within the student body is working ex- “ cultural competencies. tremely well. “Group work plays an im- on their own exchange “The exchange enabled me to immerse portant role in every course. The stu- HHL is proud to have a partnership with the Smith School myself in North American student life in dents are extremely international and with the Smith School of Business. of Business in Kingston, a beautiful country”, Luca says. Queen’s very open-minded in both the student This is one of the most popular Ontario. University is located in Kingston, a city and private contexts.” exchange options among our that counts 120,000 inhabitants, at the Matias Martinez is the internation- students, who stay there for one north-eastern end of Lake Ontario, half- al counterpart to Luca: The Chilean is semester for the Master in Manage- “My semester at Queen’s University was way between Toronto and Montreal. The studying in the International Business ment or the Queens MBA. Due to the perfect combination of an appro- cityscape is strongly infl uenced by the Master’s Programme at Queen’s Uni- the strong international reputation priate academic level, dedicated pro- almost 30,000 students. The hub of stu- versity and is currently spending his se- of Smith School of Business its pro- fessors, and a lot of fun,” reports HHL dent life is the modern campus, which mester abroad in Leipzig. Actually the grams attract students from allover M.Sc. student Luca Fahrion. He spent a includes a multi-storey workout area, exchange agreement with the Smith the world. The city of Kingston/ semester abroad at Queen’s University basketball and tennis courts and off ers School of Business was what drew his Ontario is big enough to provide in Canada and took courses in the MBA accommodation for almost 4,500 stu- attention to HHL. Signifi cant for the de- all the conveniences of modern program at the associated Smith School dents in 17 halls of residence. There are cision to complete his semester abroad life and small enough for students, of Business. several supermarkets, drugstores, cof- at the Leipzig Graduate School of Man- staff and faculty to feel instantly When organising a semester abroad, fee shops, and bookstores. In their lei- agement were its long tradition, the out- comfortable, safe and at home. students benefi t from HHL’s large sure time, students can access the of- standing international rankings and the Our students love it. On the other network: they can choose from over ferings of over 300 university clubs and wide range of courses that are off ered. hand, we are very satisfied with 130 partner universities on all conti- activities – from outdoor clubs to Amer- Even though his semester abroad has the academic results of the Queens nents. The courses attended abroad are ican football to the Queen’s Band. only just begun, his fi rst impression is exchange students, and their credited to the domestic degree pro- The Smith School of Business is one of a very positive one: “So far the courses quick integration into the teams gramme and no additional tuition fees the most renowned business schools in at HHL had exceeded my expectations, here. Queens students are always are charged at the partner universities. Canada. The MBA program focuses on I have learned relevant topics that are welcome at HHL. For the students, the focus lies on get- practical applications from business, state-of-the-art. Certainly, this will be ting to know the working methods with- which is why, according to Luca, the an advantage for my career. The envi- Frank Hoff mann in a diff erent university system as well courses often apply case studies. Due ronment is challenging which motivates Director of International as the culture of a foreign country, since to the small class size, the interaction you to give your best.” Relations at HHL

New Horizons – Statements from HHL Students at HHL’s Partner Universities

“I spent my semester abroad at NYU Leonard N. Stern School of Business “The Universidad del Pacifi co (UP) has, in terms of Economics, (NYU Stern), one of the most renowned schools of New York University. Business and Administration, the best reputation in Peru. Besides the MBA programs of the better-known Ivy League universities The teaching system is comparable to German school: You regularly have such as Harvard, Yale and others, NYU’s MBA program is considered to do some homework, your attendance is checked and group work is, in to be highly competitive in terms of skills taught, employability and many classes, an integral part of the schedule. Thereby, the academy level salaries. As an exchange student at NYU Stern you have the chance to depends heavily on the professor. Especially fi nance and econometrics live for a few months in the greatest city of the world. Even though it is classes seem to be very hard, while some of the classes off ered in English quite expensive, I think it was a lifetime experience for me and I have are characterized by a lower diffi culty level – partly due to language Raphael Asamer no idea if I will ever have the opportunity to live in New York for such a Benjamin Wulf issues of the professors. @ NYU Stern period in the future again. @ Universidad Around the academic schedule, organization in general is okay. My decision to go to New York and NYU was absolutely right and I would del Pacifi co The Buddy team, consisting of fellow students from Peru, is performing decide the same way at any time in the future. The chance to live in the great. They off er help and organize a lot around your semester abroad. Lima/Peru most famous city on the world for about four months and study at a US Lima is a perfect spot for surfi ng and starting journeys through Peru. UP business school that has not only a long tradition but also off ers some sport activities; e. g. I was part of the UP swimming team. also produces Nobel prize laureates on a regular basis is probably a Concluding, I am proud to recommend the UP and Lima for an once-in-a-lifetime chance. unforgettable semester abroad. I would defi nitely go a second time.

Raphael Asamer Benjamin Wulf is in the Full-Time M.Sc. Program of HHL – class MSc18. is in the Part-Time M.Sc. program of HHL – class pMSc7c. www.hhl.de HHL NEWS SPRING 2019 17

ALUMNI RELATIONS Entrepreneurial Spirit at the HHL Alumni Chapter Meetings

Clemens Schülke M8, Now Responsible for Economic Development in Leipzig

Head of the Office for Economic Devel- opment of the city of Leipzig is an im- Berlin Zurich Cologne portant position. Former HHL student Clemens Schülke got it, elected by the A day full of HHL entrepreneurial spirit In 2018, HHL Zurich Chapter Heads At HHL’s study location in Cologne, the city council only on Feb 13, 2019. May- at Mister Spex in Berlin! First, kicking the Hanns-Christian Ehret and Philip Dub- HHL Community had the opportunity to or Burkhard Jung had proposed him as day off with the HHL Entrepreneurs Day nitzki set up a new format taking up a meet up at STARTPLATZ, a well-known the only candidate after a personnel se- and more than 30 HHL entrepreneurs, tradition already established in Berlin incubator and accelerator in Cologne lection committee, made up of repre- discussing about developments and and Munich. The Zurich Startup Talk was and Düsseldorf and also HHL’s base in sentatives of the administration and the challenges in the entrepreneurial scene. born! Together with the Oxford Alum- Cologne. The HHL Community was de- city council, had sifted and discussed In the evening, during the Berlin Alum- ni, three Startup Talks have been initi- lighted to welcome the Minister of Eco- 47 applications. ni Chapter Meeting, HHL Dean Stephan ated and already became a successful nomic Affairs, Innovation, Digitalization Clemens Schülke was born in Magde- Stubner not only gave an update from and well attended event in Zurich. HHL and Energy of the State of North Rhine- burg and studied law at the University HHL Leipzig Graduate School of Man- Alumni Chapter Head Hans-Christian Westphalia and former Dean of HHL, of Leipzig. After his first professional agement but also moderated a panel Ehret says: “Our Zurich Startup Talk se- Prof. Dr. Andreas Pinkwart. Together steps in science, court and public ser- discussion with HHL entrepreneurs Dirk ries truly embodies the entrepreneurial with HHL Alumnus Johannes Deubener vice, he started as a specialist for law Graber and Tim Koschella, questioning spirit and thought leadership of HHL at- (MSc10) and HHL Chancellor Dr. Marcus and strategy in Leipziger Versorgungs- if a successful founder would be also tracting excellent professionals beyond Kölling, he discussed about “Startups as und Verkehrsgesellschaft mbH (LVV), a successful investor. Overall, a fantas- our existing vibrant Alumni commu- innovation drivers”. A highly interesting Leipzig’s city holding for energy, water tic day full of HHL spirit! Special thanks nity”. Recently the Zurich Community panel discussion moderated by PD Dr. and transportation. Since 2011, Schül- go to HHL alumnus Dirk Graber and his discussed at tamedia AG, largest me- habil Dorian Proksch of HHL’s Stiftungs- ke has been responsible for Group De- team for hosting the HHL Community in dia group in Switzerland, about the fact fonds Deutsche Bank Chair of Innova- velopment and Law at LVV. Since 2013 the premises of Mister Spex. that “Startups can be killed by grow- tion Management and Entrepreneurship. he has been Managing Director of VNG At the 16th Startup Talk in Berlin already ing too fast”. In a nutshell: The HHL en- Verwaltungs- und Beteiligungsgesells- last December, Silberpuls GmbH & Co KG trepreneurial spirit in Zurich is a blast. chaft mbH which bundles the shares of invited the HHL Community to discuss Stay tuned for the upcoming event on eight East German municipal utilities in about digitial products and the fact of March 21, 2019! Save the Date! Leipzig-based VNG. how (not) to design a digital product in HHL Homecoming Alumnus of class P5, Clemens Schülke one week. Many thanks to Ben Cyprian studied the Part-Time MBA Program at Sindram Mueller and Andreas Hofmann 2019 HHL and graduated successfully 2011. sharing their expertise and an excellent Sept. 6–8 2019 He is to move from LVV to the New Town evening in their Kreuzberg office! Leipzig Hall on 1 April 2019. The lawyer is suc- ceeding Michael Schimansky – the HHL HHL Alumni Association community knows him as a member of Dirk Schuran (President) the EY Public Value Award Jury – who [email protected] has held the office for many years and is currently acting head of Leipzig’s eco- nomic department. Current Career Steps of HHL Alumni (Selection)

APPLICATION Name New Position PROCESS STRENGTHEN THE COMMUNITY Volkmar Behr (K10) CEO/CFO | Autarq GmbH

BEGIN Dr. Fabian Günther (K10) Director International Business Development | FlixBus STUDIES

STAY CONNECTED & Felix Reichardt (M5) Partner | Bain & Company SHARP SECURE AN Jörg Sutara (K20) Managing Director Charter | FlixBus INTERSHIP The HHL

Dr. Philipp von Stietencron (K18) Managing Director/Head of New York Office | goetzpartners Community GROW YOUR Lifecycle NETWORK Daniel Zinner Head HR| Avancis BUILD LASTING CONNECTIONS

Christian Zuberer (MSc3) Partner | Homburg & Partner FIND YOUR PERFECT JOB RECIEVE VALUABLE DATA & INSIGHTS HHL Founders at Start-up

Anil Balci (PMSc7c) IamAniba www.iamaniba.de Stay in touch! Christina Beyer (MSc5 & PhD) form & fertig www.formundfertig.de Contact: Lukasz Gadowski (K12) Flash www.goflash.com Angela Ditter Manager Alumni Relations Tim Koschella (K21) Kayzen www.kayzen.io T +49 341 9851-752 [email protected] Tobias Rasche (MSc5C) YPTOKEY www.yptokey.com 18 HHL NEWS SPRING 2019

JUBILEE

The Celebration

The jubilee week celebrating the 120th anniversary of HHL Leipzig Graduate School of Management concluded on Friday, November 2, 2018. In the jubilee speeches, presentations and panels the university took stock looking back on its entrepreneurial achievements and presented its ideas for the future.

“For the last 120 years, we have been successfully training future managers here in Leipzig. HHL is not only Germany’s oldest and thus fi rst business school but also one of the most innovative ones,” emphasized Prof. Stephan Stubner, Dean of HHL, in his welcome speech opening the festivities and the congress attended by over 400 guests from politics and science. www.hhl.de HHL NEWS SPRING 2019 19

JUBILEE

Thank you

HHL’s strong development would not have been possible without all our numerous supporters and donors. During the jubilee fundraising dinner we took the opportunity to say thank you for their great commitment and valuable backing. HHL was able to raise funds for various projects in research and “ equipment. This would not have been possible without HHL’s focus on sound management the enormous support of alumni and all the most faithful and its expertise in medium- friends, many of them economists or entrepreneurs sized businesses in the region are themselves. Thank you all for your deep understanding absolutely convincing. of HHL’s mission and impact! Jozsef Bugovics Partner of Quarton International, two times winner of “Jugend Forscht”, cofounder of several technology startups in healthcare, automotive and fi nancial services. Deputy Chairman of the HHL Board of Trustees.

“ Qualifying and training the next generation of entrepreneurs and executives is a challenge I want to take part in. On the side: I love Leipzig!

Dr. Arend Oetker Dr. Arend Oetker, successful entrepreneur, president of the German Council on Foreign Relations and former president of the Stifterverband, is a long- time supporter of HHL. Holder of the Order of Merit of the Federal Republic of Germany, and amongst others member of the board “ of Cognos AG, he is sharing his Research and teaching in “ experiences with HHL students in marketing is my legacy. My engagement with the New Leipzig Talents Program I want HHL to follow its HHL supports the and is a jury member of the EY Public Value Award for Startups. He academic path on a solid furthering of good co-fi nances the chair of Leadership fi nancial foundation for corporate governance and Business Psychology next to which we all share the many other universitarian projects responsibility. and ethical at HHL. management that are Prof. Dr. Heribert Meff ert both vital not only for Germany’s “Marketing Pope” Prof. Dr. Heribert Meff ert has been one large companies. of the founding fathers and the fi rst Dean of the re-established HHL in Prof. Christian Strenger 1995, and served as the Chairholder Prof. Strenger is a co-author of the of the Chair of Marketing German Corporate Governance Management at the same time. Code and active advocate of Beside many other professional shareholder rights in Germany and commitments, he was e.g. Chairman beyond. From Deutsche Bank to of the Bertelsmann Stiftung leading DWS Investment GmbH, Executive Board. Professor Meff ert former board member of e.g. and his wife Helga were special Fraport, Metro and TUI, he is now guests of honor at the jubilee Academic Director of the HHL fundraising dinner and brought a Center for Corporate Governance. very generous gift. 20 HHL NEWS SPRING 2019

UPCOMING EVENTS Get into the HHL Spirit!

Discover our Master & May 10, 2019 May 23, 2019 MBA Open Campus Day at HHL’s programs HHL meets Jochen study location in Cologne November 9, 2019 Become a student for one day Schweizer Mydays – and look behind the doors of one Get into the HHL of the leading business schools in Germany. Visit us at our study spirit in Munich HHL Campus Day location in Cologne, Startplatz and get insights into HHL’s master Dr. Fabian Stich programs. We are looking forward May, 17, 2019 in Leipzig to seeing you! (CEO Jochen Schweizer Leipzig Leadership mydays Holding GmbH) You will get the chance to Lecture: gives a talk about: feel what it’s like to be Register ­Bundeskanzler a. D. How does an emotional brand strategy and a now May 25, 2019 Gerhard Schröder a student of one of the best hard focus on numbers Leibniz-Mathe- business schools in Germany. Bundeskanzler a. D. Gerhard fit together? Olympiade HHL will open the doors Schröder, will talk about political and economic issues in Europe HHL and the Max Planck for the Get the spirit@HHL and the world; followed by a The talk is followed by a Institute for Mathematics in discussion with the audience get together with HHL Campus Day. the Sciences invite young and Prof. Dr. Andreas Pinkwart, mathematicians of the region alumni, students and staff. State Minister for Economic once a year to a competition, Affairs, Digitization, Innovation initiated and organized by Prof. and Energy in NRW as a www.hhl.de/campus-day Dr. André Casajus. moderator.

May 31–June 2, 2019 June 6, 2019 June 6, 2019 June 20–21, 2019 June 25, 2019 Ivy League Evening Info Session in HHL SpinLab Workshop on Game TEDxHHL Stuttgart Investors Day Theory The European Ivy League (EIL) TEDxHHL aims to foster an is the leading Business School Get a taste of HHL and join HHL’s By invitation only; the all-day The HHL Chair of Economics and environment for spreading ideas, Soccer Tournament in Europe. It informal evening info session ­specialist event for the (corporate) Information Systems runs ist 6th with live speakers and TED talks is HHL’s largest student initiative in Stuttgart, meet current HHL VC scene with professional Workshop on Cooperative Game videos, serving as a means to with more than 20 HHL students students, alumni and staff, and exchange, 15 top pitches Theory in Business Practice inspire deep discussions and organizing the event. find out more about HHL’s (SpinLab Demo Day & Best of presenting recent research connections between individuals Master in Management and MBA Mitteldeutschland) and talent­ results and discussing their from various backgrounds. www.ivyleaguehhl.com Programs. recruiting – with current topics­ and applications. competent speakers. www.tedxhhl.com

June 27–28, 2019 Application HHL Energy Conference deadlines: The annual HHL Energy Confer- ence is a forum for the exchange Full-time MSc: of ideas between business lead- June 20 ers, academics, and students, es- (Non-EU candidates pecially from the economic and May 30) engineering sciences, to discuss current energy developments. Part-time MSc: www.energyclubhhl.com June 20

Full-time MBA: June 30 October 29, 2019 (Non-EU candidates Check our event calendar for Digital Careers Night May 30) further events, registration and details: Pitches, panel discussions Part-time MBA: and get together: innovative employers introduce themselves January 15 to HHL students on campus (Early Bird: August 31, 2019 September 30) Contact for interested companies: [email protected] HHL Graduation www.hhl.de/events