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Short Biography
Per Strömberg is the
Director of the Institute for Financial Research (SIFR). Strömberg joined
SIFR in 2004 as a Senior Research Fellow. He is also a Professor of Finance
at the Stockholm School of Economics, and Adjunct Professor of Finance at the
University of Chicago Graduate School of Business. He received his Ph.D. in
Financial Economics from Carnegie
Mellon University
and holds an MBA (civilekonom) from the Stockholm School of Economics.
Dr Strömberg's research has primarily focused on the two areas of bankruptcy
and private equity finance. His research has been awarded with two Brattle
Group Prizes for best corporate finance paper published in the Journal of
Finance in 2001 and 2009, and the 2007 Stuart Greenbaum Award for the best
paper published in the Journal of Financial Intermediation. In 2006 he
received the “Researcher of the Year” award (“Partnerprogrammets
Forskarpris”) at the Stockholm School of Economics.
At the Stockholm School of Economics, Dr. Strömberg teaches the elective
classes “Venture Capital and Private Equity” and “Mergers and Acquisitions.”
Between 1997 and 2004, Dr Strömberg was a faculty member at the University of
Chicago, where he taught the MBA case course in financial management as well
as co-taught the PhD course in corporate finance. He still teaches corporate
finance in the University of Chicago Booth School of Business’ international
executive MBA programs, where he won best teacher awards in the European
executive MBA program in 2004 and 2005, and was chosen as “Professor of the
Year” by the Asia executive MBA class in 2006.
He is a faculty research fellow of the National Bureau of Economic Research
(NBER), a research affiliate of the Center for Economic Policy Research
(CEPR), and a research associate of the European Corporate Governance
Institute (ECGI). He is also a scientific advisor to the Swedish Financial Supervision
Authority (Finansinspektionen) and an independent board member of Conversus
Capital, L.P.
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Academic
Publications
·
Leveraged
buyouts and private equity (with Steven Kaplan), Journal of Economic Perspectives 23(1), 121-146.
·
The Financial Structure of Private Equity Funds (with Ulf Axelson and Michael
Weisbach), Journal of Finance 64(4),
1549-1582. Winner of the Brattle Group Prize for Best Paper in Corporate
Finance published in the Journal of Finance in 2009.
·
Should Investors Bet on the Jockey or the Horse? Evidence from the
Evolution of Firms from Early Business Plans to Public Companies (with Steven Kaplan and Berk Sensoy),
Journal of Finance 64(1), 75-115.
·
How Do Legal Institutions and Experience Affect
Financial Contracts?
(with Frederic Martel and Steven Kaplan), Journal of Financial
Intermediation (2007). (Winner of the NASDAQ Award for best paper on
capital formation, Western Finance Association 2004 and the Stuart Greenbaum
award for the best paper published in the JFI
in 2007.)
·
Characteristics,
Contracts, and Actions: Evidence from Venture Capital Analyses, (with Steven Kaplan), Journal of Finance 59
(2004), 2177-2210.
·
Maximizing the
Value of Distressed Assets: Bankruptcy Law and the Efficient Reorganization
of Firms,
(with David Smith). In: Honahan, P. and L. Laeven (eds.), Systemic Financial
Distress: Containment and Resolution (New York:
Cambridge University Press, 2005).
·
Financial
Contracting Theory Meets the Real World: Evidence from Venture Capital
Contracts
(with Steven Kaplan), Review of Economic Studies 70 (2003), 281–315.
·
Venture
Capitalists as Principals: Contracting, Screening, and Monitoring (with Steven Kaplan), American Economic Review
91 (2001), 426–430.
·
Conflicts of
Interest and Market Illiquidity in Bankruptcy Auctions: Theory and Tests , Journal of Finance 55 (2000), 2641–2691.
[Winner of the Brattle Prize for Best Paper in Corporate Finance published in
the Journal of Finance in 2001.]
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Selected
Working Papers
- Equity-debtholder
conflicts and capital structure (with Bo Becker), Working paper (2010)
- Private
equity and industry performance (with Shai Bernstein, Josh Lerner, and Morten Sørensen) Working
paper (2009)
- Private equity and
long-run investment: The case of innovation (with Josh Lerner and
Morten Sørensen), Working Paper (2008)
- The
new demography of private equity, Working Paper (2007)
- Leverage and pricing in buyouts: An empirical analysis (with Ulf Axelson, Tim Jenkinson, and Michael
Weisbach), Working Paper (2007). New version coming soon.
- Investment Screening and Market Conditions:
Evidence from Venture Capital? (with Ola Bengtsson, Steven Kaplan and
Frederic Martel), Working Paper (2003).
- How Well Do Venture Capital Data Bases
Reflect Actual Investments? (with Steven
Kaplan and Berk Sensoy), Working Paper (2002).
- An Empirical Investigation of Swedish
Corporations in Liquidation Bankruptcy (with Karin Thorburn), EFI Research Report
(1996).
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Other
Articles
- Giriga Fordringsägare, Lättsinniga Entreprenörer, och Svårfunna
Budgivare: Incitamentskonflikter i Konkurs (Greedy Creditors, Imprudent Entrepreneurs, and
Scarce Bidders: Incentive Problems in Bankruptcy; in Swedish). In:
Karlsson, Nils, and Dan Johansson (eds.), Den svenska tillväxtskolan. Om den ekonomiska utvecklingens kreativa förstörelse (The Swedish
Growth School: On the Creative Destruction of Economic Development),
2002.
- Evidence on the Venture Capitalist Investment Process:
Contracting, Screening, and Monitoring, (with Steven Kaplan).
Forthcoming in: Renneboog, L. and J. McCahery (eds.), Venture Capital
Contracting and the Valuation of High Tech and Internet-Related
Projects, Oxford
University Press.
- Hur står det till med den svenska venture capital marknaden?, (”What is the current state of the Swedish
venture capital market?”). Editorial, Ekonomisk Debatt
3/2005.
- Gräshoppor, ansiktslöst kapital, och långsiktiga ägare, (”Locusts, faceless capital, and long-term
owners”). Editorial, Ekonomisk Debatt 3/2006.
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