Heinrich
Liechtenstein

Professor of Financial Management

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

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

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

Professor Liechtenstein lectures in the MBA and Executive Programs.

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

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

Areas of interest.

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

Publications

Journal Articles (refereed)

BRONK, K. C., LIECHTENSTEIN, H., EL SEHITY, T., MITCHELL, C., POSTLEWAITE, E., COLBY, A., DAMON, W., ... SWANSON, Z. (2024). Family purpose. An empirical investigation of collective purpose. Journal of Positive Psychology, 19 (4), 662-674. doi:10.1080/17439760.2023.2254738. GROH, A. P., LIECHTENSTEIN, H. (2011). Determinants for Allocations to Central Eastern Europe Venture Capital and Private Equity Limited Partnerships. Venture Capital, 13 (2), 175 - 194. doi:10.1080/13691066.2011.558359. GROH, A. P., LIECHTENSTEIN, H. (2011). The First Step of the Capital Flow from Institutions to Entrepreneurs. The Criteria for Sorting Venture Capital Funds. European Financial Management, 17 (3), 532 - 559. doi:10.1111/j.1468-036X.2010.00583.x.

Working Papers

FERNÁNDEZ, P., AGUIRREAMALLOA ARIZAGA, J., LIECHTENSTEIN, H. (2009). The equity premium puzzle: High required equity premium, undervaluation and self fulfilling prophecy (DI-821-E). GROH, A. P., LIECHTENSTEIN, H. (2009). The first step of the capital flow from institutions to entrepreneurs: The criteria for sorting venture capital funds (DI-795-E). GROH, A. P., LIECHTENSTEIN, H., LIESER, K. (2008). The European venture capital and private equity country attractiveness index(es) (DI-773-E).

Outreach Articles

PUEMPIN, C., LIECHTENSTEIN, H., HASHEMI, F., HASHEMI, B. (2013). The Strategic Investor Takes the Driver's Seat. On the Road to Wealth Creation. IESE Insight (19), pp. 54 - 61. PUEMPIN, C., LIECHTENSTEIN, H., HASHEMI, F., HASHEMI, B. (2013). Siete principios para crear valor. Las reglas de oro del inversor estratégico. IESE Insight (19), pp. 54 - 61. GROH, A., LIECHTENSTEIN, H. (2012). An Undeniable Attraction. Africa investor, pp. 26 - 29.

Books

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

Book Chapters

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

Studies

LIECHTENSTEIN, H., GROH, A., LIESER, K., BIESINGER, M. (2021). The Venture Capital and Private Equity Country Attractiveness Index 2021. GROH, A., LIECHTENSTEIN, H., LIESER, K., BIESINGER, M. (2018). Venture Capital and Private Equity Country Attractiveness Index. 2018 Annual. GROH, A., LIECHTENSTEIN, H., LIESER, K., BIESINGER, M. (2016). Venture Capital and Private Equity Country Attractiveness Index. 2016 Annual.

Cases

LIECHTENSTEIN, H. (2024). Gordon Bell Ltd.. IESE, E-255-E. LECONTE, C., LIECHTENSTEIN, H., GRABENWARTER, U. (2024). What it takes to be in private equity. Do you have what it takes to be a successful private equity professional? IESE, F-1006-E. LIECHTENSTEIN, H., ROMANCE HERNÁNDEZ, R., DEL POTRO, E. (2024). Diana Mensah. IESE, F-1004-E.

Technical Notes

FRODSHAM, D., LIECHTENSTEIN, H. (2023). Winning the VCIC. How to win the VCIC 3 times. IESE, FN-651-E. KRYLOVA, E., LIECHTENSTEIN, H. (2017). Ask the Right Questions and Build Rapport during Due Diligence. IESE, FN-632-E. FRODSHAM, D., LINZ, F., LIECHTENSTEIN, H. (2017). Choosing the Right Company in the Venture Capital Investment Competition. IESE, FN-631-E.

Outputs in other media

LIECHTENSTEIN, H. (2018). Brexit Scenarios for Investors. With the attractiveness of the U.K. expected to slip for investors, a smooth Brexit is in everyone's interest. IESE Insight. LIECHTENSTEIN, H. (2018). Inversión tras el 'brexit'. Dado que Reino Unido perderá atractivo para los inversores, un brexit suave es lo mejor para todos. IESE Insight. LIECHTENSTEIN, H., MEERKATT, H. (2010). New markets, new rules. Financial News. Private Equity News.