Reiner Braun

Technische Universität München (TUM) - TUM School of Management

Professor of Entrepreneurial Finance

Arcisstr. 21

Munich, Deutschland 80333

Germany

http://www.ef.wi.tum.de/

Center for Entrepreneurial and Financial Studies

Arcisstrasse 21

Munich, DE 80333

Germany

  • Technische Universität München (TUM) - TUM School of Management

    • Email
    • Tel: +498928925181
    • Fax: +498928925188

  • Center for Entrepreneurial and Financial Studies

SCHOLARLY PAPERS

38

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29,044

TOTAL CITATIONS
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Top 12,096

in Total Papers Citations

109

Scholarly Papers (38)

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1.

Benchmarking Venture Capital Databases

Number of pages: 47 Posted: 24 Nov 2020
Andre Retterath and Reiner Braun
Technische Universität München (TUM) and Technische Universität München (TUM) - TUM School of Management
Downloads 7,235 (2,075)

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venture capital, startups, database, benchmarking

2.

Limited Partners versus Unlimited Machines; Artificial Intelligence and the Performance of Private Equity Funds

Number of pages: 62 Posted: 26 Jun 2023 Last Revised: 08 Jan 2024
Borja Fernández Tamayo, Reiner Braun, Florencio Lopez-de-Silanes, Ludovic Phalippou and Natalia Sigrist
Université Côte d'Azur - SKEMA Business School, Technische Universität München (TUM) - TUM School of Management, SKEMA Business School, University of Oxford - Said Business School and Unigestion SA
Downloads 3,589 (6,862)
Citation 1

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Private equity, performance predictability, natural language processing, machine learning

3.

Adverse Selection and the Performance of Private Equity Co-Investments

Number of pages: 52 Posted: 19 Nov 2016 Last Revised: 15 Dec 2018
Reiner Braun, Tim Jenkinson and Christoph Schemmerl
Technische Universität München (TUM) - TUM School of Management, University of Oxford - Said Business School and Technische Universität München (TUM) - TUM School of Management
Downloads 2,458 (12,517)
Citation 32

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Private equity, financial intermediation, co-investment, adverse selection

4.

Size, returns, and value: Do private equity firms allocate capital according to manager skill?

Number of pages: 63 Posted: 29 Oct 2019 Last Revised: 22 Jan 2025
Reiner Braun, Nils Dorau, Tim Jenkinson and Daniel Urban
Technische Universität München (TUM) - TUM School of Management, Technische Universität München (TUM), University of Oxford - Said Business School and Erasmus University Rotterdam (EUR) - Department of Business Economics
Downloads 2,050 (16,773)
Citation 1

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private equity, performance persistence, value added, skill, scale

5.

How Persistent is Private Equity Performance? Evidence from Deal-Level Data

Number of pages: 42 Posted: 23 Aug 2013 Last Revised: 23 Jan 2018
Reiner Braun, Tim Jenkinson and Ingo Stoff
Technische Universität München (TUM) - TUM School of Management, University of Oxford - Said Business School and Technische Universität München (TUM) - Center for Entrepreneurial and Financial Studies
Downloads 1,951 (18,212)
Citation 28

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private equity, returns, persistence, portfolio companies

6.

Distortion or Cash Flow Management? Understanding Credit Facilities in Private Equity Funds

Number of pages: 38 Posted: 12 Aug 2019 Last Revised: 25 Feb 2020
Pierre Schillinger, Reiner Braun and Jeroen Cornel
Technische Universität München (TUM) - TUM School of Management, Technische Universität München (TUM) - TUM School of Management and BlackRock, Inc
Downloads 1,122 (41,750)
Citation 1

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Private Equity, Leveraged Buyout, Institutional Investors, Subscription Lines of Credit, Fund Debt, Fund Simulation, Returns

7.

Value Creation in Private Equity

Number of pages: 7 Posted: 04 Mar 2017
Kairat Perembetov, Ivan Herger, Reiner Braun and Benjamin Puche
Capital Dynamics AG, Capital Dynamics AG, Technische Universität München (TUM) - TUM School of Management and Technische Universität München (TUM) - Center for Entrepreneurial and Financial Studies
Downloads 1,086 (43,705)
Citation 2

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private equity, buyout, value creation, private equity alpha

8.

Risk of Private Equity Fund-of-Fund Investments - A Detailed Cash Flow-Based Approach

Number of pages: 32 Posted: 26 Mar 2009
Ann‐Kristin Achleitner, Reiner Braun, Matthias Schaller and Florian Tappeiner
Technische Universität München - Center for Entrepreneurial and Financial Studies, Technische Universität München (TUM) - TUM School of Management, Risk Solution Network AG and Technische Universität München - Center for Entrepreneurial and Financial Studies
Downloads 831 (63,303)
Citation 1

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9.

Structure and Determinants of Financial Covenants in Leveraged Buyouts

Review of Finance, 2011 (First Published Online March 1, 2011)
Number of pages: 53 Posted: 14 Dec 2009 Last Revised: 22 Jul 2011
Ann‐Kristin Achleitner, Reiner Braun, Bastian Hinterramskogler and Florian Tappeiner
Technische Universität München - Center for Entrepreneurial and Financial Studies, Technische Universität München (TUM) - TUM School of Management, Technische Universität München - Center for Entrepreneurial and Financial Studies (CEFS) and Technische Universität München - Center for Entrepreneurial and Financial Studies
Downloads 789 (67,936)
Citation 4

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Financial covenants, leveraged buyouts, financing structure, control rights

10.

Follow the Money: How Venture Capital Facilitates Emigration of Firms and Entrepreneurs in Europe

Number of pages: 58 Posted: 09 Jul 2019 Last Revised: 16 Jun 2021
Reiner Braun, Stefan Weik and Ann‐Kristin Achleitner
Technische Universität München (TUM) - TUM School of Management, University of St. Gallen - School of Finance and Technische Universität München - Center for Entrepreneurial and Financial Studies
Downloads 683 (81,757)
Citation 4

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foreign venture capital, exit, international migration

11.

The Limited Partnership Model in Private Equity: Deal Returns over a Fund's Life

Center for Entrepreneurial and Financial Studies Working Paper No. 2014-01
Number of pages: 43 Posted: 19 Mar 2014
Reiner Braun and Maximilian Schmidt
Technische Universität München (TUM) - TUM School of Management and Technische Universität München (TUM) - Center for Entrepreneurial and Financial Studies (CEFS)
Downloads 629 (90,919)
Citation 3

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Financial intermediation, private equity, limited partnership, returns

12.

The GP-LP Conflict in Private Equity Funds Revisited: The Impact of Fund-Level Considerations on the Divestment Decision

Number of pages: 43 Posted: 06 May 2012
Christian Figge, Oliver Bauer, Reiner Braun and Ann‐Kristin Achleitner
Technische Universität München - Center for Entrepreneurial and Financial Studies, Technische Universität München (TUM), Technische Universität München (TUM) - TUM School of Management and Technische Universität München - Center for Entrepreneurial and Financial Studies
Downloads 616 (93,364)
Citation 1

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principal agent conflict, private equity, divestment decision, buyouts

13.

Resilience and Cyclicality in Private Equity: Value Creation and Investment Flows in Economic Cycles

Number of pages: 54 Posted: 31 Oct 2022 Last Revised: 13 Dec 2022
Alexander Juergens and Reiner Braun
Technische Universität München (TUM) - TUM School of Management and Technische Universität München (TUM) - TUM School of Management
Downloads 597 (97,133)

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Private Equity, Leveraged Buyouts, Institutional Investors, Value Creation, Economic Cycles

14.

Does Charter Competition Foster Entrepreneurship? A Difference-in-Difference Approach to European Company Law Reforms

ECGI - Finance Working Paper No. 308/2011
Number of pages: 40 Posted: 27 Jan 2012
Lars Hornuf, Horst Eidenmueller, Andreas Engert and Reiner Braun
Dresden University of Technology, University of Oxford - Faculty of Law, Freie Universität Berlin, Department of Law and Technische Universität München (TUM) - TUM School of Management
Downloads 509 (118,833)
Citation 5

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entrepreneurship, regulatory competition, charter competition, corporate mobility

15.

Do You Get What You See in Private Equity? A Bayesian Decomposition of Investment Skills

Number of pages: 60 Posted: 21 Nov 2022
Alexander Juergens, Reiner Braun and Yichun Dong
Technische Universität München (TUM) - TUM School of Management, Technische Universität München (TUM) - TUM School of Management and Technical University of Munich
Downloads 494 (122,861)

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Private Equity, Leveraged Buyouts, Persistence, Skills, Institutional Investors

16.

The Cost of Private Equity

Number of pages: 39 Posted: 16 Nov 2013
Ingo Stoff and Reiner Braun
Technische Universität München (TUM) - Center for Entrepreneurial and Financial Studies and Technische Universität München (TUM) - TUM School of Management
Downloads 464 (132,505)

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Private equity, fund return, dry powder, investment behavior

17.

Venture Capital Firm Returns from Acquisition Exits

Center for Entrepreneurial and Financial Studies Working Paper No. 2012-01
Number of pages: 44 Posted: 21 Jan 2012
Ann‐Kristin Achleitner, Reiner Braun, Eva Lutz and Uwe Reiner
Technische Universität München - Center for Entrepreneurial and Financial Studies, Technische Universität München (TUM) - TUM School of Management, Heinrich-Heine-Universität Düsseldorf, Endowed Chair in Entrepreneurship/Entrepreneurial Finance and Technische Universität München (TUM) - Center for Entrepreneurial and Financial Studies (CEFS)
Downloads 455 (135,682)
Citation 6

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Acquisition, exit strategy, initial public offering, venture capital, investment performance, IRR, Cash Multiple

18.

In the Eye of the Beholder: How Regulatory Focus and Self-Efficacy Interact in Influencing Opportunity Recognition

Journal of Business Venturing, Forthcoming
Number of pages: 48 Posted: 15 Sep 2011 Last Revised: 21 Mar 2012
Andranik Tumasjan, Andranik Tumasjan and Reiner Braun
Johannes Gutenberg-Universität MainzJohannes Gutenberg University Mainz and Technische Universität München (TUM) - TUM School of Management
Downloads 454 (136,441)
Citation 12

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opportunity recognition, regulatory focus theory, creative self-efficacy, entrepreneurial self-efficacy, entrepreneurial cognition

19.

Community Development Venture Capital: Concept and Status Quo in Germany

International Journal of Entrepreneurship and Innovation Management (IJEIM), Vol. 9, No. 4/2009, pp. 437-452
Number of pages: 30 Posted: 21 Feb 2008 Last Revised: 01 Nov 2009
Ann‐Kristin Achleitner, Reiner Braun, Marko Bender and Annabell Geidner
Technische Universität München - Center for Entrepreneurial and Financial Studies, Technische Universität München (TUM) - TUM School of Management, Technische Universität München - Center for Entrepreneurial and Financial Studies and Technische Universität München (TUM) - Center for Entrepreneurial and Financial Studies (CEFS)
Downloads 443 (140,145)

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regional development, community development venture capital, regional equity gap

20.

Goal Structures in Family Firms: Empirical Evidence on the Relationship between Firm and Family Goals

Number of pages: 28 Posted: 29 May 2009 Last Revised: 06 Dec 2010
Ann‐Kristin Achleitner, Carolin Bock, Reiner Braun, Stephanie Schraml and Juliane Welter
Technische Universität München - Center for Entrepreneurial and Financial Studies, Technische Universität Darmstadt, Technische Universität München (TUM) - TUM School of Management, Technische Universität München - Center for Entrepreneurial and Financial Studies and Technische Universität München (TUM)
Downloads 390 (162,074)

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family firms, goal preferences, agency theory, stewardship theory

21.

University Venture Capital – The Promise and Pitfalls of University Direct Investments

Number of pages: 37 Posted: 17 Mar 2022
Maximilian Kremer, Ann‐Kristin Achleitner and Reiner Braun
Technische Universität München (TUM) - Center for Entrepreneurial and Financial Studies (CEFS), Technische Universität München - Center for Entrepreneurial and Financial Studies and Technische Universität München (TUM) - TUM School of Management
Downloads 319 (202,574)
Citation 3

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Venture Capital, University Investors, University Spin-offs, University Technology Transfer

22.

The Levered Returns of Leveraged Buyouts: The Impact of Competition

Number of pages: 42 Posted: 01 Oct 2015 Last Revised: 16 Nov 2017
Reiner Braun, Nicholas Crain and Anna Gerl
Technische Universität München (TUM) - TUM School of Management, BlackRock and Technische Universität München (TUM)
Downloads 253 (257,041)
Citation 2

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Leverage, pricing, returns, competition, agency conflicts, leveraged buyouts

23.

Generating New Business Ideas: The Ability of Category Combination and Reorganization

Number of pages: 41 Posted: 28 Jun 2009
Reiner Braun
Technische Universität München (TUM) - TUM School of Management
Downloads 234 (277,532)

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category combination and reorganization, opportunity recognition, entrepreneurial cognition

24.

The Hunter Becomes the Hunted: Non-Financial Aspects of Venture Capitalists’ Attractiveness

Number of pages: 57 Posted: 28 Jun 2017
Sarah Theinert, Reiner Braun and Anna Gerl
Technische Universität München (TUM) - TUM School of Management, Technische Universität München (TUM) - TUM School of Management and Technische Universität München (TUM)
Downloads 214 (302,388)
Citation 1

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Venture capital, resource-based view, agency theory, value add, smart capital

25.

Innovationskraft in Deutschland verbessern: Ökosystem für Wachstumsfinanzierung stärken (Enhancing Innovation in Germany by Strengthening the Growth Finance Ecosystem)

Achleitner et al.: Innovationskraft in Deutschland verbessern: Ökosystem für Wachstumsfinanzierung stärken (acatech STUDIE), München 2019 http://www.acatech.de/
Number of pages: 42 Posted: 02 Dec 2019
Ann‐Kristin Achleitner, Reiner Braun, Jan Henning Behrens and Thomas Lange
Technische Universität München - Center for Entrepreneurial and Financial Studies, Technische Universität München (TUM) - TUM School of Management, acatech - DEUTSCHE AKADEMIE DER TECHNIKWISSENSCHAFTEN and acatech - DEUTSCHE AKADEMIE DER TECHNIKWISSENSCHAFTEN
Downloads 198 (325,153)

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Wagniskapital, Wachstumsfinanzierung, Innovation, Künstliche Intelligenz, Wachstumsunternehmen

26.

Consequences of Unfunded Capital Commitments: Evidence from University Endowments

Presented at the 2023 Mitsui Finance Symposium
Number of pages: 41 Posted: 19 Sep 2024
Mark Jansen, Ludovic Phalippou and Reiner Braun
University of Utah - Department of Finance, University of Oxford - Said Business School and Technische Universität München (TUM) - TUM School of Management
Downloads 183 (349,761)

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Capital commitment, private equity, commitment risk, liquidity premium

27.

Software is Eating the World: Using Machine Learning to Analyze Private Equity Style Drift Toward Software

Number of pages: 74 Posted: 29 Dec 2022
Isabella Stojkovski and Reiner Braun
Technische Universität München (TUM) - Center for Entrepreneurial and Financial Studies and Technische Universität München (TUM) - TUM School of Management
Downloads 158 (399,649)

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Private equity, style drift, style investing, software investing, machine learning, natural language processing, text classification

28.

Fishing Among Sharks – GP-LP Investment Syndication in Later-stage Venture Capital

Number of pages: 41 Posted: 02 Mar 2021
Ann‐Kristin Achleitner, Reiner Braun and Henry Keppler
Technische Universität München - Center for Entrepreneurial and Financial Studies, Technische Universität München (TUM) - TUM School of Management and Technische Universität München - Center for Entrepreneurial and Financial Studies
Downloads 150 (415,221)

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Venture capital, Syndication, Agency theory

29.

Enhancing Innovation in Germany by Strengthening the Growth Finance Ecosystem

acatech publication (acatech STUDY), 2019
Number of pages: 40 Posted: 11 Oct 2019 Last Revised: 05 Nov 2019
Ann‐Kristin Achleitner, Reiner Braun, Jan Henning Behrens and Thomas Lange
Technische Universität München - Center for Entrepreneurial and Financial Studies, Technische Universität München (TUM) - TUM School of Management, acatech - DEUTSCHE AKADEMIE DER TECHNIKWISSENSCHAFTEN and acatech - DEUTSCHE AKADEMIE DER TECHNIKWISSENSCHAFTEN
Downloads 148 (419,701)

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venture capital, growth financing, enhancing innovation, artificial antelligence, growth companies

30.

The Risk Appetite of Private Equity Sponsors

Journal of Empirical Finance, Vol. 18, No. 5, pp. 815-832
Number of pages: 35 Posted: 19 Jan 2011 Last Revised: 25 Aug 2019
Reiner Braun, Nico Engel, Peter Hieber and Rudi Zagst
Technische Universität München (TUM) - TUM School of Management, Technische Universität München - Center for Entrepreneurial and Financial Studies, Université de Lausanne and Technische Universität München (TUM) - Chair of Mathematical Finance
Downloads 144 (428,995)
Citation 2

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Risk Appetite, Equity Volatility, Private Equity

31.

Doing Well by Doing Good? – Venture Capital Mission Investments by Charitable Nonprofit Foundations and University Endowments

Number of pages: 38 Posted: 17 Mar 2022
Maximilian Kremer, Ann‐Kristin Achleitner and Reiner Braun
Technische Universität München (TUM) - Center for Entrepreneurial and Financial Studies (CEFS), Technische Universität München - Center for Entrepreneurial and Financial Studies and Technische Universität München (TUM) - TUM School of Management
Downloads 136 (451,706)

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Venture capital performance, Institutional investors, Impact investing, Mission-related investments

32.

Buyout Transactions in the German‐Speaking Region: Determinants of Abnormal Performance and Unlevered Returns

Journal of Applied Corporate Finance, Vol. 30, Issue 2, pp. 50-64, 2018
Number of pages: 17 Posted: 01 Mar 2023
Fabian Söffge and Reiner Braun
Technische Universität München (TUM) - Entrepreneurial Finance and Technische Universität München (TUM) - TUM School of Management
Downloads 62 (747,505)

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33.

Deal Pricing and Returns in Private Equity

Posted: 09 Jan 2016
Benjamin Puche and Reiner Braun
Technische Universität München (TUM) - Center for Entrepreneurial and Financial Studies and Technische Universität München (TUM) - TUM School of Management

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34.

International Evidence on Value Creation in Private Equity Transactions

Journal of Applied Corporate Finance, 2015, Forthcoming
Posted: 17 Sep 2014 Last Revised: 19 Dec 2015
Benjamin Puche, Reiner Braun and Ann‐Kristin Achleitner
Technische Universität München (TUM) - Center for Entrepreneurial and Financial Studies, Technische Universität München (TUM) - TUM School of Management and Technische Universität München - Center for Entrepreneurial and Financial Studies

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private equity, value creation drivers, leveraged buyouts

35.

Leverage and the Performance of Buyouts: (How) Does the Use of Debt Impact Equity Returns?

Zeitschrift für Betriebswirtschaft (ZfB), Forthcoming
Posted: 10 Jan 2012
Nico Engel, Reiner Braun and Ann‐Kristin Achleitner
Technische Universität München - Center for Entrepreneurial and Financial Studies, Technische Universität München (TUM) - TUM School of Management and Technische Universität München - Center for Entrepreneurial and Financial Studies

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private equity, buyout, performance, leverage, debt-equity-arbitrage

36.

Value Creation and Pricing in Buyouts: Empirical Evidence from Europe and North America

Review of Financial Economics, Vol. 20, No. 4, pp. 146-161
Posted: 18 Jan 2011 Last Revised: 20 Dec 2011
Ann‐Kristin Achleitner, Reiner Braun and Nico Engel
Technische Universität München - Center for Entrepreneurial and Financial Studies, Technische Universität München (TUM) - TUM School of Management and Technische Universität München - Center for Entrepreneurial and Financial Studies

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Private Equity, Buyouts, Value Creation, Leverage, Pricing, Multiple Expansion

37.

Value Creation Drivers in Private Equity Buyouts: Empirical Evidence from Europe

The Journal of Private Equity, Spring 2010
Posted: 01 Nov 2009 Last Revised: 02 Mar 2010
Ann‐Kristin Achleitner, Reiner Braun, Nico Engel, Christian Figge and Florian Tappeiner
Technische Universität München - Center for Entrepreneurial and Financial Studies, Technische Universität München (TUM) - TUM School of Management, Technische Universität München - Center for Entrepreneurial and Financial Studies, Technische Universität München - Center for Entrepreneurial and Financial Studies and Technische Universität München - Center for Entrepreneurial and Financial Studies

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private equity, leveraged buyouts (LBOs), value creation

38.

In the Eye of the Beholder: How Construing Situations Affects Opportunity Recognition

Posted: 31 Mar 2008 Last Revised: 18 Mar 2011
Reiner Braun
Technische Universität München (TUM) - TUM School of Management

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opportunity recognition, entrepreneurship, entrepreneurial cognition, problem solving, problem finding, problem construction