Luisa Alemany
Associate Professor, Department of Economics, Finance and Accounting in ESADE
URL Associate Professor


Education

  • Doctora en Ciencias Económicas y Empresariales. Universidad Complutense de Madrid
  • Master of Business Administration. Stanford Graduate School of Business
  • Licenciada en Ciencias Económicas y Empresariales. Universidad Complutense de Madrid

Areas of interest

  • Philanthropic Venture Capital & Impact Investing
  • Entrepreneurship Education
  • Valuation
  • Venture capital and private equity
  • Entrepreneurial Finance

Biography

Luisa Alemany is Associate Professor of Entrepreneurial Finance. She holds an MBA from the Graduate School of Business of Stanford University and a Ph.D. from Universidad Complutense de Madrid. She was awarded the best doctoral dissertation award and has received a two-year scholarship from Ramon Areces Foundation.

Her research is on the field of entrepreneurial finance, including business angels, venture capital, philanthropic venture capital and impact investing. Additionally, Luisa has been researching in the topic of entrepreneurship education for kids, as part of a project with Princess of Girona Foundation, aimed to reinforce the entrepreneurial spirit in kids and youngsters. She has several academic publications, books and case studies, one of which has been awarded in 2017 the best European Case Study in Entrepreneurship.

During nine academic years Luisa has been the director of the ESADE Entrepreneurship Institute, an international reference center in the field of entrepreneurship. She is the academic sponsor of the ESADE's private investors' network, the awarded ESADE BAN (Business Angels Network), and is very active at the European level, where she has been a director of the board of EBAN. She is often speaker in the main conferences in the sector. Currently, she seats in different investment committees, both venture capital and impact investing. She is also part of the first European women-only business angels network, Rising Tide.

Luisa started her professional career in Procter & Gamble in Madrid. Then she worked for McKinsey & Co in Madrid, Barcelona and Lisbon, and for Goldman Sachs in their investment banking division in London. She also has experience in venture capital and private equity, having worked for the funds Europ@Web and The Carlyle Group.

In her free time she enjoys water sports, mainly scuba diving and swimming, and travelling around the world.


Selected publications

Alemany, L. & Hehenberger, L. (2017, June). Assessing the value added of venture philanthropy. In Babson Entrepreneurship Research Conference 2017 (2017 BCERC). Symposium conducted at the meeting of University of Oklahoma , Norman.

Hehenberger, L. & Alemany, L. (2017, June). Value-added in venture philanthropy vs. venture capital: Uncovering the subtle differences between two apparently similar fields of practice. In Emerging Trends in Entrepreneurial Finance (2017). Symposium conducted at the meeting of Stevens Venture Center, Hoboken.

Alemany, L., Bieto Caubet, E. & Urriolagoitia Doria Medina, L. (2016, April). SCYTL [Case study]. Bedford: The European Case Clearing House (ECCH).

Alemany, L. & Villanueva, J. (2015, June). Early-stage investors' criteria and new venture financial performance: Are they related?. In EFMA 2015 Annual Conference. Symposium conducted at the meeting of European Financial Management Association (EFMA), Amsterdam.

Scarlata, M., Zackarakis , A. & Alemany, L. (2015, June). Entrepreneurial orientation in social investing: The influence of founders and board members human capital diversity. In 2015 Babson College Entrepreneurship Research Conference (2015 BCERC). Symposium conducted at the meeting of Babson College, Natick.

Alemany, L. & Vernis Domènech, A. (2015). Momentum project: buscando el equilibrio entre la creación de valor económico y valor social. ICADE : Revista de las Facultades de Derecho y Ciencias Económicas y Empresariales, (94), pp. 89-117.

Alemany, L. & Urriolagoitia Doria Medina, L. (2014). Iniciativa emprendedora y jóvenes en España. Información Comercial Española: Revista de Economía, (881), pp. 101-120.

Alemany, L. & Bultó, I. (2014). 'Crowdfunding': nueva forma de financiación para los emprendedores. Harvard Deusto Business Review, (237), pp. 6-18.

Alemany, L., Marina , J. A. & Pérez Díaz "Pericles" , J. M. (2013). Aprender a Emprender: como educar el talento emprendedor. Barcelona: Aula Planeta.

Alemany, L., Scarlata, M. & Zackarakis , A. (2012). Philanthropic venture capital: Venture capital for social entrepreneurs?. [s.n.].

Alemany, L. & Scarlata, M. (2012). Philanthropic venture capital from a global perspective: Definition and investment strategy. In Cumming, D. (Ed.), The Oxford handbook of venture capital (pp. 274-300). Oxford: Oxford University Press.

Alemany, L. & Planellas Arán, M. (2012). Emprender es posible. Barcelona: Planeta.

Scarlata, M. & Alemany, L. (2012). Deal structuring in philanthropic venture capital investments: Financing instrument, valuation and covenants. In Cressy, R., Cumming, D. & Mallin, C. (Eds.), Entrepreneurship, Governance and Ethics (pp. 5-29). Amsterdam; Berlin; Doetinchem; Dordrecht; Heidelberg; New York; Santiago de Compostela; Wiesbaden: Springer.

Scarlata, M. & Alemany, L. (2010). Capital riesgo filantrópico: generación de deal-flow y selección de proyectos. Revista Española de Capital Riesgo, (4/2010), pp. 55-61.

Scarlata, M. & Alemany, L. (2010, September). Deal structuring in philanthropic venture capital investments: Financing instrument, valuation and covenants. In Joint Special Issue Conference on Law, Ethics, and Finance. European Journal of Finance & Journal of Business Ethics, Toronto.

Scarlata, M. & Alemany, L. (2010). Deal structuring in philanthropic venture capital investments: Financing instrument, valuation and covenants. Journal of Business Ethics, 95 (Supplement 2), pp. 121-145.

Scarlata, M. & Alemany, L. (2010). Deal structuring in philanthropic venture capital investments: Financing instrument, valuation and covenants. Working papers series (1635307). Rochester: Social Science Research Network (SSRN). http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1635307

Scarlata, M. & Alemany, L. (2010). La strategia di investimento dei fondi di venture philanthropy. In Perrini , F. & Vurro , C., Social venture capital & venture philanthropy (pp. 1-15). Milan: Edizioni Egea.

Alemany, L. & Scarlata, M. (2010). Philanthropic venture capital: A new model of financing for social entrepreneurs. In Cumming, D. (Ed.), Venture capital: Investment strategies, structures, and policies (pp. 131-150). Copenhagen; New York: John Wiley & Sons.

Scarlata, M. & Alemany, L. (2010). How do philanthropic venture capitalists choose their portfolio companies?. SSRN working paper series (1343563). Rochester: Social Science Research Network (SSRN). http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1343563

Parada Balderrama, P., Alemany, L. & Planellas Arán, M. (2009). The internationalisation of retail banking: Banco Santander's journey towards globalisation. Long Range Planning, 42 (5-6), pp. 654-677.

Alemany, L. & Scarlata, M. (2009). Capital riesgo filantrópico: apoyo financiero a los emprendedores sociales. Harvard Deusto Business Review, (183), pp. 71-79.

Parada Balderrama, M., Alemany, L. & Gimeno Sandig, A. (2009). Capital riesgo y empresa familiar: ¿es posible la sinergia?. Revista Española de Capital Riesgo, 2009 (2 ), pp. 17-28.

Scarlata, M. & Alemany, L. (2009, June). How do philantropic venture capitalists choose their portfolio companies?. In European Financial Management Association (EFMA). Symposium conducted at the meeting of European Financial Management Association (EFMA), Università Commerciale Luigi Bocconi, Milan.

Scarlata, M. & Alemany, L. (2009, June). How do philanthropic venture capitalists choose their portfolio companies?. In 2009 Babson College Entrepreneurship Research Conference (2009 BCERC). Symposium conducted at the meeting of Babson College, Boston.

Parada Balderrama, M., Gimeno Sandig, A. & Alemany, L. (2008, October). How can private equity contribute to global development and increased competitiveness of family firms?. In Thriving in a competitive world: Leveraging financial, social and human capital in family enterprises, London.

Scarlata, M. & Alemany, L. (2008, June). Financing social entrepreneurs: Philanthopic venture capital vs. foundations. In 2008 Babson College Entrepreneurship Research Conference (2008 BCERC). Symposium conducted at the meeting of Babson College, Chapel Hill.

Alemany, L. (2008). Análisis de las mayores compras apalancadas (LBOs) en España, 2005-2007. Revista Española de Capital Riesgo, 2 (2008), pp. 71-83.

Scarlata, M. & Alemany, L. (2008). Philanthropic venture capital: Can the key elements of venture capital be applied successfully to social enterprises?. SSRN working paper series (1099277). Rochester: Social Science Research Network (SSRN). http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1099277

Martí Pellón , J., Alemany, L., Zieling , N. & Salas de la Hera , M. (2007). Impacto económico y social del capital riesgo en España 2007 = Economic and social impact of venture capital and private equity in Spain 2007. Madrid: Asociación Española de Entidades de Capital Riesgo (ASCRI).

Alemany, L. & Martí Pellón , J. (2007). Productivity growth in Spanish venture-backed firms. In Kraeussl, R., Kooli, M. & Gregoriou , G. N. (Eds.), Venture capital in Europe (pp. 101-114). Oxford: Butterworth-Heinemann.

Alemany, L. & Martí Pellón , J. (2006, November). Do venture capitalists' characteristics affect the performance of the firms they back?. In XIV Foro de Finanzas 2006. Symposium conducted at the meeting of Asociación Española de Finanzas (AEFIN), Universitat Jaume I (UJI), Castelló de la Plana.

Alemany, L. & Martí Pellón , J. (2006, June). Do venture capitalists' characteristics affect the performance of the firms they back?. In European Financial Management Association (EFMA). Symposium conducted at the meeting of European Financial Management Association (EFMA), Universidad Complutense de Madrid (UCM), Madrid.

Alemany, L. (2006). Venture capital in Spain: Evolution, characterization and economic impact analysis. International Journal of Entrepreneurship and Innovation Management, 6 (4/5), pp. 412-428.

Martí Pellón , J. & Alemany, L. (2006). Do venture capitalists' characteristics affect the performance of the firms they back?. SSRN working paper series (886546). Rochester: Social Science Research Network (SSRN). http://ssrn.com/abstract=886546

Alemany, L. (2005). Impacto de las inversiones de capital riesgo en España: un análisis empírico regional. Madrid: Universidad Complutense de Madrid (UCM).

Alemany, L. & Martí Pellón , J. (2005, August). Unbiased estimation of economic impact of venture capital backed firms. In 32nd EFA Annual Meeting 2005. Symposium conducted at the meeting of European Finance Association (EFA), Moscow.

Alemany, L. & Martí Pellón , J. (2005, June). Unbiased estimation of economic impact of venture capital and private equity: The case of Spain. In Babson College. Symposium conducted at the meeting of Babson College, Ewing Marion Kauffman Foundation, Boston.

Martí Pellón , J. & Alemany, L. (2005). Impacto económico y social del capital riesgo en España: período 1991-2002 = Impact of VC & private equity in Spain: period 1991-2002. Madrid: Asociación Española de Entidades de Capital Riesgo (ASCRI).

Alemany, L. & Martí Pellón , J. (2005). Unbiased estimation of economic impact of venture capital backed firms. SSRN working paper series (-). Norfolk: European Financial Management Association (EFMA). http://www.efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2005-milan/2005.shtml#a

Alemany, L. (2004). Impacto de las inversiones de capital riesgo en España: un análisis empírico regional (Unpublished doctoral dissertation). Madrid: Universidad Complutense de Madrid (UCM).