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Dr Henry Lahr

Profile summary

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Professional biography

Before joining the Open University Business School, Henry was a research fellow at the University of Cambridge’s Centre for Business Research (CBR). He received his PhD on the pricing of listed private equity from Technical University Munich and has previously worked on several projects concerned with financing activities of innovative firms and the consequences of venture capital and private equity financing in small and large enterprises. His research at the CBR and TU Munich was funded by the European Commission’s FP7 programme, the UK Innovation Research Centre as well as the German Federal Ministry of Finance and the German State Media Authorities.

Research interests

  • Financial constraints to investment and innovation
  • Innovation dynamics in entrepreneurial firms, financing of research and development
  • Listed private equity, venture capital and fund pricing
  • Efficient capital markets, perception of risk by financial market participants
  • Earnings management, financial reporting
  • Quantitative methods in economics and finance

Ad-hoc reviews

Papers reviewed for: Research Policy; Journal of Corporate Finance; Journal of Business Finance and Accounting; Journal of Business Venturing; Financial Management; European Journal of Finance; Journal of Business Research; Financial Review; Journal of Accounting, Auditing and Finance; Journal of Small Business Management; Borsa Istanbul Review; Industrial and Corporate Change; Economics of Innovation and New Technology; Industry and Innovation; Journal of Small Business and Enterprise Development; Emerging Markets Finance and Trade.

Teaching interests

Teaching (past and present)

  • Qualification Lead for the MSc in Finance
  • External examiner for banking and finance qualifications


  • B126 - Business data analytics and decision making (BSc Accounting & Finance)
  • BB831 - Corporate finance (MBA)
  • B874 - Finance for strategic decision-making (MBA)
  • B859 - Financial strategy: valuation, governance and ethics (MSc in Finance)
  • B860 - Research methods for finance (MSc in Finance)
  • B861/B818 - Investment and portfolio management (MSc in Finance)
  • B862/B819 - Derivatives and risk management (MSc in Finance)

PhD supervision

Prospective doctoral students with an interest in private equity (e.g., angel investing, VC, buyout, crowdfunding), innovation finance or behavioural finance and strong quantitative skills who want to pursue an academic career are encouraged to get in touch with Henry. Please send your CV and research proposal, which should outline your main research question and proposed methods or datasets, to



Fat tails in private equity fund returns: The smooth double Pareto distribution (2023-03)
Lahr, Henry
International Review of Financial Analysis, 86, Article 102471

Endogenous financial constraints and innovation (2021-06-01)
Lahr, Henry and Mina, Andrea
Industrial and Corporate Change, 30(3) (pp. 587-621)

Early indicators of fundraising success by venture capital firms (2020-12)
Lahr, Henry and Trombley, Timothy E.
Journal of Corporate Finance, 65, Article 101672

Takeover law to protect shareholders: Increasing efficiency or merely redistributing gains? (2017-04-30)
Wang, Ying and Lahr, Henry
Journal of Corporate Finance, 43 (pp. 288-315)

Venture capital investments and the technological performance of portfolio firms (2016-02-28)
Lahr, Henry and Mina, Andrea
Research Policy, 45(1) (pp. 303-318)

Liquidity, technological opportunities, and the stage distribution of venture capital investments (2014-06-05)
Lahr, Henry and Mina, Andrea
Financial Management, 43(2) (pp. 291-325)

An improved test for earnings management using kernel density estimation (2014)
Lahr, Henry
European Accounting Review, 23(4) (pp. 559-591)

The demand and supply of external finance for innovative firms (2013-07-13)
Mina, Andrea; Lahr, Henry and Hughes, Alan
Industrial and Corporate Change, 22(4) (pp. 869-901)

The time-varying risk of listed private equity (2010)
Kaserer, Christoph; Lahr, Henry; Liebhart, Valentin and Mettler, Alfred
Journal of Financial Transformation, 28 (pp. 87-93)

Organizational forms and risk of listed private equity (2009-01)
Lahr, Henry and Herschke, Florian T.
The Journal of Private Equity, 13(1) (pp. 89-99)

Return Distribution in Private Equity (2023-07-22)
Lahr, Henry
In: Cumming, Douglas and Hammer, Benjamin eds. The Palgrave Encyclopedia of Private Equity
ISBN : 978-3-030-38738-9 | Publisher : Palgrave Macmillan | Published : Cham

Publicly Traded Private Equity (2015-08-20)
Lahr, Henry
In: Baker, H. Kent; Filbeck, Greg and Kiymaz, Halil eds. Private Equity: Opportunities and Risks. Financial Markets and Investments (pp. 483-502)
ISBN : 9780199375875 | Publisher : Oxford University Press | Published : Oxford

The impact of business accelerators and incubators in the UK (2019-10-17)
Bone, Jonathan; Gonzalez-Uribe, Juanita; Haley, Christopher and Lahr, Henry
Department for Business, Energy & Industrial Strategy