Alexander Ljungqvist
Alexander Ljungqvist is the inaugural holder of the Stefan Persson Family Chair in Entrepreneurial Finance at the Stockholm School of Economics. Before joining the School in spring 2018, he taught at New York University, Harvard Business School, London Business School, Oxford University (where he held the Bankers Trust Fellowship), and Cambridge University (where he held the Sir Evelyn de Rothschild Fellowship). While at NYU, he held the Ira Rennert Chair in Finance and Entrepreneurship and served as the Sidney Homer Director of the NYU Salomon Center. He is a Fellow of the Centre for Economic Policy Research in London, a Founder and Senior Fellow of the Asian Bureau of Financial and Economic Research in Singapore, a Fellow of the Research Institute of Industrial Economics in Stockholm (IFN), a Co-Founder of the Nordic Initiative for Corporate Economics (NICE), and a former Research Associate of the National Bureau of Economic Research in Cambridge. He has previously served as Editor of the Review of Financial Studies, a leading scholarly journal.
Professor Ljungqvist’s research interests range widely. He has made contributions in the areas of corporate finance, corporate governance, corporate taxation, investment banking, IPOs, entrepreneurial finance, private equity, venture capital, asset pricing, market microstructure, innovation, patents, and labor economics. He has published more than 30 articles in leading peer-reviewed journals, including Econometrica, the Journal of Political Economy, the Journal of Finance, the Review of Financial Studies, the Journal of Financial Economics, and the Journal of Accounting Research. In 2019, he was appointed a Wallenberg Scholar and in 2011, he was honored with the Kauffman Prize Medal.
The recipient of several teaching awards, Dr. Ljungqvist has taught MBA classes in valuation, entrepreneurial finance, and venture capital and private equity, PhD seminars in corporate finance, and executive courses in financial management, venture capital, private equity, and investment banking. He currently teaches a course on Entrepreneurial Finance and Venture Capital that is open to SSE's masters students.
Dr. Ljungqvist currently serves on the Board of Directors of AP6, a Swedish public pension fund focusing on investments in venture capital and private equity. He has previously served as a securities market regulator via the Nasdaq Listing Council, on the World Economic Forum's Council of Experts overseeing the "Alternative Investments 2020" project, on a World Economic Forum working group tasked with "Rethinking financial innovation", on the UK Department for Business Panel of Experts overseeing the 2014 review of the UK equity markets, and on the supervisory board of mAbxience SA, a European biosimilars company. In the 2000s, he designed alternative investment strategies for Deutsche Bank Securities and Deutsche Bank Asset Management. Over the past 25 years, he has consulted widely on private equity, corporate finance, regulatory economics, corporate strategy, and in high-profile litigation.
Dr. Ljungqvist received an MSc in economics and business from Lund University in Sweden and his MA, MPhil, and DPhil degrees in economics from Nuffield College at Oxford University.
Selected publications
Yen-Cheng Chang, Alexander Ljungqvist, and Kvenin Tseng (2022). Do corporate disclosures constrain strategic analyst behavior? Review of Financial Studies, forthcoming
Alexander Ljungqvist, Yen-Cheng Chang, Pei-Jie Hsiao and Kevin Tseng (2022). Testing disagreement models. Journal of Finance, vol. 77, pp. 2239-2285
Deepak Hegde, Alexander Ljungqvist, and Manav Raj (2022). Quick or broad patents? Evidence from U.S. startups. Review of Financial Studies, vol 35, pp. 2705-2742
Alexander Ljungqvist, Joan Farre-Mensa and Deepak Hede (2019). What is a patent worth? Evidence from the U.S. patent ‘lottery’. Journal of Finance, vol. 75, pp. 639-682
Alexander Ljungqvist, Matthew Richardson and Daniel Wolfenzon (2019). The investment behavior of buyout funds: Theory and evidence. Financial Management, vol. 49, pp. 3-32
Kerry Back, Pierre Collin-Dufresne, Vyacheslav Fos, T. Li and Alexander Ljungqvist (2018). Activism, strategic trading, and liquidity. Econometrica, vol. 86, pp. 1431-1463
Alexander Ljungqvist, Liangong Zhang and Luo Zuo (2017). Sharing Risk with the Government: How Taxes Affect Corporate Risk Taking. Journal of Accounting Research, vol. 55, pp. 669-707
Alexander Ljungqvist and Wenlan Qian (2016). How Constraining Are Limits to Arbitrage?. The Review of Financial Studies, vol. 29, pp. 1975-2028
Alexander Ljungqvist and Joan Farre-Mensa (2016). Do Measures of Financial Constraints Measure Financial Constraints?. Review of Financial Studies, vol. 29, pp.271-308
Alexander Ljungqvist and Florian Heidera (2015). As certain as debt and taxes: Estimating the tax sensitivity of leverage from state tax changes. Journal of Financial Economics, vol. 118, pp. 684-712
Alexander Ljungqvist, John Asker and Joan Farre-Mensa (2015). Corporate Investment and Stock Market Listing: A Puzzle? Review of Financial Studies, vol. 28, pp. 342-390
Alexander Ljungqvist, Karthik Balakrishnan and Mary B. Billings and Bryan T. Kelly (2014). Shaping Liquidity: On the Causal Effects of Voluntary Disclosure. Journal of Finance, vol. 69, pp. 2237-2278
Alexander Ljungqvist, Yael V. Hochberg and Annette Vissing-Jørgensen (2014). Informational Holdup and Performance Persistence in Venture Capital. Review of Financial Studies, vol. 27, pp. 102-152
Alexander Ljungqvist, Francesca Cornelli and Zbigniew Kominek (2013). Monitoring Managers: Does It Matter?. Journal of Finance, vol. 68, pp. 431-481
Alexander Ljungqvist and Bryan Kelly (2012). Testing Asymmetric-Information Asset Pricing Models. The Review of Financial Studies, vol. 25, pp. 1366-1413
Alexander Ljungqvist and John Asker (2010). Competition and the Structure of Vertical Relationships in Capital Markets. Journal of Political Economy, vol. 118, pp. 599-647
Alexander Ljungqvist, Yael V. Hochberg and Yang Lu (2010). Networking as a Barrier to Entry and the Competitive Supply of Venture Capital. Journal of Financial Economics, vol. 65, pp. 829-859
Alexander Ljungqvist, Felicia Marston and William J. Wilhelm (2009). Scaling the Hierarchy: How and Why Investment Banks Compete for Syndicate Co-management Appointments. Review of Financial Studies, vol. 22, pp. 3977-4007
Alexander Ljungqvist, Christopher J. Malloy and Felicia Marston (2009). Rewriting History. Journal of Finance, vol 64, pp. 1935-1960
Alexander Ljungqvist, Felicia Marston, Laura T. Starks, Kelsey D. Wei and Hong Yan (2007). Conflicts of Interest in Sell-Side Research and the Moderating Role of Institutional Investors. Journal of Financial Economics, vol. 85, pp. 420-456
Giles Chemla, Michel Habib and Alexander Ljungqvist (2007). An analysis of shareholder agreements. Journal of the European Economic Association, vol. 5, pp. 93-121
Yael Hochberg, Alexander Ljungqvist and Yang Lu (2007). Whom you know matters: Venture capital networks and investment performance. Journal of Finance, vol. 62, pp. 251-301
Alexander Ljungqvist, Vikram Nanda and Raj Singh (2006). Hot markets, investor sentiment, and IPO pricing”. Journal of Business, vol. 79, pp. 1667-1702
Francesca Cornelli, David Goldreich and Alexander Ljungqvist (2006). Investor sentiment and pre-IPO markets”. Journal of Finance, vol. 61, pp. 1187-1216
Alexander Ljungqvist, Felicia Marston and William J. Wilhelm (2006). Competing for securities underwriting mandates: Banking relationships and analyst recommendations. Journal of Finance, vol. 61, pp. 301-340
Michel Habib and Alexander Ljungqvist (2005). Firm value and managerial incentives: A stochastic frontier approach. Journal of Business, vol. 78, pp. 2053-2094
Alexander Ljungqvist and William J. Wilhelm (2005). Does prospect theory explain IPO market behavior? Journal of Finance, vol. 60, pp. 1759-1790
Lawrence Benveniste, Alexander Ljungqvist, William J. Wilhelm and Xiaoyun Yu (2003). Evidence of information spillovers in the production of investment banking services. Journal of Finance, vol. 58, pp 577-608
Alexander Ljungqvist and William J. Wilhelm (2003). IPO pricing in the dot-com bubble. Journal of Finance, vol. 58, pp. 723-752
Alexander Ljungqvist, Tim Jenkinson and William J. Wilhelm (2003). Global integration of primary equity markets: The role of U.S. banks and U.S. investors. Review of Financial Studies, vol. 16, pp. 63-99
Alexander Ljungqvist and William J. Wilhelm (2002). IPO allocations: Discriminatory or discretionary?. Journal of Financial Economics, vol. 65, pp. 167-201
Michel Habib and Alexander Ljungqvist (2001). Underpricing and entrepreneurial wealth losses in IPOs: Theory and evidence. Review of Financial Studies, vol. 14, pp. 433-458
Tim Jenkinson and Alexander Ljungqvist (2001). The role of hostile stakes in German corporate governance. Journal of Corporate Finance, vol. 7, pp. 397-446
Michel Habib and Alexander Ljungqvist (1998). Underpricing and IPO proceeds: A note. Economics Letters, vol. 61, pp. 381-383