Hi there. I am glad you stopped by my personal web page. I am a Professor of Finance at EBS Business School and hold the Chair of Corporate Finance and Higher Education Finance there. Furthermore, I am the Managing Director of XOLAS ADVISORS, a consultancy company that targets higher education institutions as clients.
My current areas of interest are anything related to risk management, restructuring, and organizational resilience. This also defines my perspective when studying corporate finance topics such as venture capital and private equity or when analyzing higher education and business school issues. My current work also focuses on network analysis and ecosystems.
I have mixed academic work with managerial and administrative posts throughout my career. For the past 16 years, I have held various executive roles at EFMD and EFMD Global. In the past, I have also been Dean and Rector of EBS and Managing Director of EBS gGmbH. I hold a Ph.D. in Economics from the University of Michigan, Ann Arbor (GO BLUE!), and have been awarded a Dr. habil in Business Administration by the WHU, Germany.
(2 July 2025) Many attempts to restructure failing higher education institutions are ill-fated from the start. Many attempts to restructure failing higher education institutions fail to consider their unique organizational structure and address financial shortfalls with ineffective cost-cutting measures, which ultimately lead to the destruction of valuable assets. Together with Wolfram Berger, I am proposing an alternative viewpoint on how to make institutional turn-around and renewal a success.
The article has been published in University World News and can be accessed here.
(31 October 2023) Business schools can secure their future by adopting legal frameworks that balance strategic flexibility with a commitment to sustainability. In this article, co-authored with Julie Perrin-Halot, we argue that new legal frameworks help business schools to maintain their financial freedom while at the same time enable them to respond to stakeholder demands and to address sustainability in education and operations.
The article has been published in AACSB Insights and can be accessed here.
(28 September 2023) XOLAS has developed a quantitative assessment grid for business schools to evaluate, manage and track their internationalization. We presented the framework during a special session at this year's EAIE conference in Rotterdam, NL. Reach out to me if interested in learning more about the tool.
The conference session was titled "Living in Unprecedented Times: (Re)defining Internationalization Strategies to Meet Institutional Goals". My co-presenters were Jamie Snow, TUM School of Management, and Carolyn Magnani, HEC Lausanne.
(23 June 2023) I had the pleasure of contributing to this workshop from two perspectives: (1) How can internationalization achievements, progress and ambition be tracked analytically and then be used in stakeholder communication, (2) how can one link this perspective with a view of risk at a time when we are transitioning to a new world order without having a clear understanding or vision of the future of internationalization.
It was a great pleasure to work with the workshop leaders Julie Perrin-Halot and Simon Mercado on this project.
(16 January 2023) Martin Meyer and I continue our journey of exploring how ecosystems in combination with neuroplasticity suggest a new approach how business schools are to be set up, led and managed, and organized. This new article has appeared in Global Focus - The EFMD Magazine in the issue 1/2023. You can access the full article here. Thanks so much to Matthew Wood, the editor, for all his support and encouragement.
This article builds on earlier work by Martin and myself titled "The Continuously Rewired Business School" which has been published in AACSB Insights in June 2022 (see also reference below). You can access that article here.
Business schools need to transform themselves. They should adopt a more flexible, possibly a multi-modal business model; should become more agile, more interdisciplinary; better aligned with the principles of a liberal education; more technology-embracing; more conscious of their impact and so forth. All true, but too limiting to chart the trajectory ahead. In this article, we focus on two capabilities that in our view will have game-changing importance for the future of business schools, they need to engage in continuous rewiring and become more boundary-spanning.
(15 November 2022) In a joint publication with Sarah Hardcastle of Hardcastle & Associates and Joanne Powell of QED - The Accreditation Experts, we are proposing an alternative approach to managing MBA programs that emphasizes the portfolio perspective and enhances the connectivity between individual MBA degrees. The article has been published in MBA International Review (Nr. 82/2022, pp. 14-16).
Please access the article here. Interested in selecting any of the other issues of MBA International Review, then please click here. Many thanks to Rolando Vargas Serrano, the editor, for his support and advice.
(12 October 2022) Together with H. van der Heijden and W. Mijnhardt, I take a closer look at how innovation in data management will impact the way accreditation and rankings will be administered in the future. We use 2030 as the reference year which coincides with the target year for achieving the UN SDGs.
This article, published in MBA International Review (Nr. 81/2022), tries to envision an alternative reality of 2030 for accreditation and rankings where the emerging technological landscape realizes its full impact on the way reputation and quality is being appraised. We ask, can we move from accreditation as a periodic event to assessment as a more systematic and continuous process, using the power of technology?
You can access the article here. Many thanks to Rolando Vargas Serrano, the editor, for his support and advice.
(12 September 2022) The 4th edition of the EFMD Quality Assurance Academy (QAA) is starting today. As Director of the program, I am proud how the QAA has developed over the years. What an empowerment of colleagues from all over the world, with diverse career pathways and quality assurance responsibilities in their current jobs. It all melts into an exciting learning experience for everybody with the active support of a fantastic group of facilitators and mentors. As they say, let the show begin.
(August 2022) Very proud to see this joint publication with Koen Vandenbempt in print. It is a provocative piece that challenges conventional views on the role of business school accreditation. It has been published in M. R. Fellenz, S. Hoidn, M. Brady (editors): The Future of Management Education, Abingdon: Routledge, 2022.
We use the changing object of accreditation as a starting point of our analysis. Accreditation agencies delineate the “school” as the institutional object for quality assurance and assessment (either in its own right or as a quality assurance umbrella for degree and non-degree programs). We posit that the provision of management education is undergoing a process of de-institutionalization and will be- come predominantly network-based or possibly even ecosystem-based, modular, learner-centered and produced through “unbundled faculty systems” of different types of education professionals. As a consequence, accreditation needs to change as well - in terms of role, content and process. This chapter explains how to move forward.
(8 June 2022) As constant change becomes the new normal for business education, business schools must prioritize innovation, interconnectivity, and experimentation. This article, co-authored with Martin Meyer, makes the argument that business schools need to break from their traditional approaches and make innovation the center of their development. Only then can they build more radical momentum and achieve their broader societal impact objectives.
Read the full article on AACSB Insights.
For older news postings, click here.
»Corporate Venture Capital Unit Governance and Firm Values«, in: Venture Capital, pp. 1-30, DOI 10.1080/13691066.2025.2478841 (with N. Bani-Harouni).
»Venture Professionalization«, in: D. J. Cumming, B. Hammer (editors): The Palgrave Encyclopedia of Private Equity, London et al.: Palgrave Macmillan, 2025 (with J. Königseder).
»Beyond the "School" as the Object of Assessment: Sector Disruption and the Changing Nature of Business School Accreditation«, in: M. R. Fellenz, S. Hoidn, M. Brady (editors): The Future of Management Education, Abingdon: Routledge, 2022, pp. 207-224, DOI: 10.4324/9781003095903-16 (with K. Vandenbempt).
»Shared Learning in Higher Education: Toward a Digitally-Induced Model«, in: A. Kaplan (editor): Digital Transformation and Disruption in Higher Education, Cambridge: Cambridge University Press, 2022, pp. 239-254 (with K. Peters).
»Squeezing the Middle: The Consequences of Quality Oversight in Management Education«, in: Journal of the Knowledge Economy, Vol. 12, No. 1, 2021, pp. 96-114, DOI: 10.1007/s13132-018-0559-4 (with B. Woods).
»De-Institutionalization of Management Education in the Post-Pandemic World: East-West Perspectives«, in: H. Chaturvedi, A. K. Dey (editors), The New Normal: Challenges of Managing Business, Social & Ecological Systems in the Post-COVID-19 Era, New Delhi: Bloomsbury, 2021, pp. 51-67 (with A. Chattopadhyay).
»COVID-19: Accelerator or Demolisher of the RME Agenda?«, in: Journal of Global Responsibility, Vol. 13, No. 1, 2021, pp. 87-100, DOI: 10.1108/JGR-12-2020-0109 (with M. Falkenstein, A. Snelson-Powell). Get the pdf here.
»Payment Service Provision in Times of Accelerated Market Growth and Regulatory Change: The Case of India«, in: Journal of Payment Strategy & Systems, Vol. 17, No. 3, 2023, pp. 271-290 (with N. Bartelt, R. Patel, S. Ali).
»Regulatorische und betriebswirtschaftliche Anforderungen an das ökonomische Risikomanagement für Payment Service Provider« in: Zeitschrift für das gesamte Kreditwesen (ZfgK), No. 22 (November), 2022, pp. 21-27 (with N. Bartelt, W. Gleissner).
»The Evolving Role of the Collecting Model in the Payment Service Provider Market«, in: Journal of Payment Strategy & Systems, Vol. 15, No. 3, 2021, pp. 250-259 (with N. Bartelt).
»Payment Service Provider in Deutschland - Hidden Champions?«, in: Zeitschrift für das gesamte Kreditwesen (ZfgK), No. 9 (May), 2021, pp. 32-37 (with N. Bartelt).
»Did Wirecard Ever Matter? Reflections on the Structure of the German eCommerce Payment Service Provider Market«, in: Journal of Payment Strategy & Systems, Vol. 15, No. 1, Spring, 2021, pp. 67-78 (with N. Bartelt).
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