Per Strömberg

Per Strömberg is the SSE Centennial Professor of Finance and Private Equity at the Stockholm School of Economics and currently the Head of the Department of Finance. He is also Adjunct Professor of Finance at the University of Chicago Booth School of Business.

Dr Strömberg’s research has primarily focused on the two areas of bankruptcy and private equity finance. His work has been published in top academic journals in economics and finance, and has been acknowledged by the Brattle Group Prize for best corporate finance paper published in the Journal of Finance in 2001 and 2009, the Brattle Group Prize for distinguished corporate paper published in the Journal of Finance in 2013, the 2004 NASDAQ award for best paper on capital formation at the Western Finance Association meetings, the 2006 Researcher of the Year award at the Stockholm School of Economics, the JFI Stuart Greenbaum Prize for the most significant paper in the Journal of Financial Intermediation in 2007, and the ECGI Standard Life Annual Finance Prize for best corporate governance paper in 2013. In 2011 he was awarded the Assar Lindbeck Medal, given bi-annually to an economist active in Sweden below the age of 45. He is a member of the Swedish Royal Academy of Sciences, the Swedish Royal Academy of Engineering Sciences, and the prize committee of the Sveriges Riksbank Economics Prize in the Memory of Alfred Nobel, which he chaired 2016-2018.

Fields of research

• Corporate finance, governance
• Financial intermediation and institutions

Education

• PhD Carnegie Mellon University - Tepper School of Business (1992 — 1997)
• MSc Stockholm School of Economics (1986 — 1991)
• Military interpreter Försvarets tolkskola (1988 — 1989)
• High School Diploma Hersby Gymnasium (1983 — 1986)

Working Papers

Note: most working papers can be downloaded from SSRN.

• Gustav Martinsson, Laszlo Sajtos, Per Strömberg, and Christian Thomann (2021), "Carbon Pricing and Firm-Level CO2 Abatement: Evidence from a Quarter of a Century-Long Panel"

• Vincent Maurin, David Robinson, and Per Strömberg (2020), "A theory of liquidity in private equity,"

• Michael Böhm, Daniel Metzger, and Per Strömberg (2018), "'Since you’re so rich, you must be really smart': Talent and the finance wage premium.“

• Steven Kaplan, Berk Sensoy, and Per Strömberg (2002), “How well do venture capital data bases reflect actual investments?”

Journal articles

• Edith Hotchkiss, David Smith, and Per Strömberg (2021), "Private equity and the resolution of financial distress," Review of Corporate Finance Studies, forthcoming.

• Shai Bernstein, Josh Lerner, Morten Sørensen, and Per Strömberg (2017). "Private equity and industry performance," Management Science 63(4), 1198-1213.

• Per Strömberg, Josh Lerner and Morten Sorensen (2013). Private Equity and Investment in Innovation: Evidence from Patents. Journal of Applied Corporate Finance, vol 25, pp. 95-102

• Per Strömberg, Ulf Axelson, Tim Jenkinson and Michael Weisbach (2013). Borrow cheap, buy high? The determinants of leverage and pricing in buyouts. Journal of Finance, vol 68, pp. 2223-2267

• Bo Becker and Per Strömberg (2012). Fiduciary duties and equity-debtholder conflicts. Review of Financial Studies. vol 25, pp. 1931-1969

• Per Strömberg, Josh Lerner and Morten Sorensen (2011). Private Equity and Long-Run Investment: The Case of Innovation. Journal of Finance. vol 66, pp. 445-477

• Steven Kaplan and Per Strömberg (2009), “Leveraged buyouts and private equity,” Journal of Economic Perspectives 23(1), 121-146.

• Ulf Axelson, Per Strömberg, and Michael Weisbach (2009), “Why are buyouts levered? The financial structure of private equity funds,” Journal of Finance 64(4), 1549-1582.

• Steven Kaplan, Berk Sensoy, and Per Strömberg (2009), “Should investors bet on the jockey or the horse? Evidence from the evolution of firms from early business plans to public companies,” Journal of Finance 64(1), 75-115.

• Steven Kaplan, Frédéric Martel, and Per Strömberg (2007), “How do legal differences and experience affect financial contracts?,” Journal of Financial Intermediation 16(3), 273-311.

• Steven Kaplan and Per Strömberg (2004), “Characteristics, contracts, and actions: Evidence from venture capital analyses,” Journal of Finance 59(5), 2177-2210.

• Steven Kaplan and Per Strömberg (2003), “Financial contracting theory meets the real world: An empirical analysis of venture capital contracts,” Review of Economic Studies 70, 281-315.

• Steven Kaplan and Per Strömberg (2001), “Venture Capitalists As Principals: Contracting, Screening, and Monitoring,” American Economic Review P&P 91, 426-430.

• Per Strömberg (2000), “Conflicts of Interest and Market Illiquidity in Bankruptcy Auctions: Theory and Tests”, Journal of Finance 55 (Dec. 2000), 2641-2691.