Per Strömberg
Per Strömberg is the SSE Centennial Professor of Finance and Private Equity at the Stockholm School of Economics. 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.
Education: Civilekonom HHS (1990); MSc Industrial Administration Carnegie Mellon University (1994); PhD Finance Carnegie Mellon University (1997)
Working Papers
Note: most working papers can be downloaded from SSRN.
Gustav Martinsson, Laszlo Sajtos, Per Strömberg, and Christian Thomann (2022), "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,"
Steven Kaplan, Berk Sensoy, and Per Strömberg (2002), “How well do venture capital data bases reflect actual investments?”
Journal articles
Per Strömberg, Michael J. Böhm and Daniel Metzger (2022). Since You're So Rich, You Must Be Really Smart: Talent, Rent Sharing, and the Finance Wage Premium, Review of Economic Studies, Forthcoming
Per Strömberg, Edith Hotchkiss and David Smith (2021). Private equity and the resolution of financial distress. Review of Corporate Finance Studies, vol. 10, pp. 694-747
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.
Book chapters, reports, and other writings
Gustav Martinsson and Per Strömberg (2020) "Hur påverkas företags utsläpp av ett pris på koldioxid? En longitudinell studie över ett kvarts sekel." SNS Analys 68, December 2020.
Trond Döskeland and Per Strömberg (2018) "Evaluating investments in unlisted equity." Report commissioned from the Norwegian Ministry of Finance.
John Hassler, Per Krusell, Torsten Persson, and Per Strömberg (2018), ”2018 års Ekonomipris till William Nordhaus och Paul Romer,” Ekonomisk Debatt 46(8), 6-18.
Peter Gärdenfors, Magnus Johannesson, Per Molander, Tomas Sjöström, and Per Strömberg (2017), “2017 års Ekonomipris till Richard Thaler,” Ekonomisk Debatt 45(8), 6-16.
Mats Persson, Torsten Persson, Tomas Sjöström, och Per Strömberg (2016), “2016 års Ekonomipris till Oliver Hart och Bengt Holmström,” Ekonomisk Debatt 44(8), 5-17.
Martin Andersson and Per Strömberg (2015) Regulating private (and public) welfare services: Lessons from financial supervision. In: : Johan Eklund (ed): Vinster, välfärd, och entreprenörskap. Swedish Economic Forum Report 2015. Entreprenörskapsforum, pp. 37-52.
Per Strömberg, Peter Englund, Per Krusell, Mats Persson and Torsten Persson (2013). 2013 års ekonomipris till Eugene Fama, Lars Peter Hansen och Robert Shiller. Ekonomisk Debatt
Per Strömberg (2012). Riskkapital, Skuldsättning, och Incitament. Ekonomisk Debatt
Runar Brännlund, Lars Ljungqvist, Per Strömberg, Arvid Wallgren, and Anders Vredin (2011), "Miljö, Arbete, och Kapital: Dags för Nya Samhällskontrakt," ("Environment, Labor, and Capital: Time for New Social Contracts"), SNS Konjunkturrådsrapport 2011, SNS Förlag, Stockholm.
Josh Lerner, Morten Sørensen, and Per Strömberg (2009), “What drives private equity activity and success globally?” In: Globalization of Alternative Investment Working Papers Volume 2, The Global Economic Impact of Private Equity Report 2009,World Economic Forum, Geneva.
Per Strömberg (2008), “The new demography of private equity.” In: Globalization of Alternative Investment Working Papers Volume 1, The Global Economic Impact of Private Equity Report 2008, World Economic Forum, Geneva.
Per Strömberg (2006), “Gräshoppor, ansiktslöst kapital, och långsiktiga ägare” (”Locusts, faceless capital, and long-term owners”), Ekonomisk Debatt 3/2006.
Per Strömberg (2005), “Hur står det till med den svenska venture capital marknaden?” (”What is the state of the Swedish venture capital market?”), Ekonomisk Debatt 3/2005.
David Smith and Per Strömberg (2005), “Maximizing the value of distressed assets: Bankruptcy law and the efficient reorganization of firms.” In: Honahan, P. and L. Laeven (eds.), Systemic Financial Distress: Containment and Resolution (New York: Cambridge University Press).
Steven Kaplan and Per Strömberg (2004), “Evidence on the Venture Capitalist Investment Process: Contracting, Screening, and Monitoring.” In: Renneboog, L. and J. McCahery (eds.), Venture Capital Contracting and the Valuation of High Technology Firms. Oxford University Press.
Cases for teaching
Exhibits and other related teaching materials are available upon request.
"FSN, Troax, and the Satech acquisition opportunity"
"Thule" (with Bo Becker)