Alexander Ljungqvist

Alexander Ljungqvist is a Swedish economist, educator, scholar, writer, and speaker. He is a professor of finance at the Stockholm School of Economics, where he holds the Stefan Persson Family Chair in Entrepreneurial Finance. His areas of expertise include corporate finance, investment banking, initial public offerings, entrepreneurial finance, private equity, venture capital, corporate governance, and asset pricing. Professor Ljungqvist teaches MBA and executive courses in private equity and venture capital and a PhD course in corporate finance.^[1][2]

Biography[]

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. After teaching for five years at Oxford University's Said Business School and Merton College, where he held the Bankers Trust Fellowship, Dr. Ljungqvist joined New York University Stern School of Business in 2000, received tenure in 2005, became a full professor in 2007, and was appointed to the Ira Rennert Chair in Finance and Entrepreneurship in 2009. Between 2014 and 2018, Dr Ljungqvist served as the Sidney Homer Director of NYU's Salomon Center. He was previously Director of Research of NYU's Berkley Center for Entrepreneurial Studies.^[2] He left NYU in 2018 to join SSE.^[3] He has held visiting appointments at Harvard Business School, Northwestern University's Kellogg School of Management, London Business School, the University of Sydney, Tokyo University, National University of Singapore, and Cambridge University, where he held the Sir Evelyn de Rothschild Fellowship.^[2]

From 2008 to 2014, Professor Ljungqvist served as Editor of the Review of Financial Studies, one of the leading scholarly journal in financial economics.^[4] He is also a Research Fellow of the Centre for Economic Policy Research in London,^[5] a Founder and Senior Academic Fellow of the in Singapore,^[6] a Fellow of the Research Institute of Industrial Economics in Stockholm (IFN),^[7] a Member of the European Corporate Governance Institute in Brussels (ECGI),^[8] and a Co-Founder of the Nordic Initiative for Corporate Economics (NICE).^[9] Prior to his return to Europe in 2018, he was a Research Associate of the National Bureau of Economic Research in Cambridge, MA.^[10]

Business experience[]

Dr. Ljungqvist currently serves on the board of directors of the Sixth Swedish National Pension Fund (AP6), which as of 2018 manages SEK 34.7 billion of assets invested in private equity funds and unlisted companies on behalf of the Swedish public pension system.^[11] He also serves on the board of the Stockholm School of Economics.^[12] Previously, he has served on the World Economic Forum's Council of Experts overseeing the "Alternative Investments 2020" project, on the board of mAbxience, a European biotech company, and two terms (from 2011 to 2017) on the Nasdaq Listing Council. Previously, he served on a World Economic Forum working group tasked with "Rethinking financial innovation" and on the UK Department for Business Panel of Experts overseeing the 2014 review of the UK equity markets on behalf of the then Secretary of State for Business, the Rt. Hon. Sir Vince Cable. In the 2000s, he designed alternative investment strategies for Deutsche Bank Securities on Wall Street. Between 1995 and 2000, he was a senior consultant with OXERA Ltd where he advised corporate clients on questions of regulatory economics and corporate strategy. He has consulted for the European Central Bank, the World Bank, Catalano Gallardo & Petropoulos LLP, British Gas, Transco, British Telecom, United Utilities, Stagecoach, Severn Trent, Tradepoint plc, Australian Gas, Telstra, among others.^[2]

Honors and awards[]

In 2019, Dr. Ljungqvist was appointed a Wallenberg Scholar by the Knut and Alice Wallenberg Foundation,^[13] only the second economist to be awarded this honor.^[14] In 2011, he was honored with the Ewing Marion Kauffman Prize Medal for his work in entrepreneurship.^[15]

Other honors and awards include the following:

• 2019 - UNSW Business School Distinguished Scholar Award
• 2018 - Stefan Persson Family Chair in Entrepreneurial Finance
• 2016 - Nominated for “Professor of the Year” Award, NYU
• 2016 - Award for the Best Paper in Accounting, MIT Asia Conference
• 2015 - Mitsui Distinguished Visiting Scholar, University of Michigan
• 2015 - Johan & Jakob Söderberg Visiting Professor, Swedish House of Finance at the Stockholm School of Economics
• 2014 - Emerald Citations of Excellence Award
• 2014 - 27th AFBC BlackRock Prize
• 2014 - Award for the Best Paper in Asset Pricing, SFS Cavalcade
• 2014 - Charles River Associates Award for the Best Paper on Corporate Finance, WFA
• 2014 - Fung Visiting Professor, Hong Kong University of Science and Technology
• 2014 - IAS Visiting Professor, Jockey Club Institute for Advanced Study, Hong Kong
• 2013 - Founding Senior Academic Fellow, Asian Bureau of Finance and Economic Research
• 2013 - Rising Star of Finance Award
• 2013 - Glucksman Award, NYU
• 2012 - Honorary Conference Chair, Asian Finance Association meetings, Taipei
• 2011 - Ewing Marion Kauffman Prize Medal for Distinguished Research in Entrepreneurship
• 2011 - Research Associate, NBER
• 2011 - Emerald Citations of Excellence Award
• 2011 - Sir Evelyn de Rothschild Fellow, Cambridge University
• 2010 - Sir Evelyn de Rothschild Fellow, Cambridge University
• 2009 - Ira Rennert Endowed Chair in Finance and Entrepreneurship, NYU
• 2009 - Argentum Best Paper Prize, European Finance Association meetings, Bergen
• 2009 - Teaching Excellence Award, NYU
• 2009 - Sir Evelyn de Rothschild Fellow, Cambridge University
• 2008 - Glucksman Award, NYU
• 2008 - Best Paper Award in Financial Markets, FMA meetings, Dallas
• 2007 - Research Professor of Finance, NYU
• 2007 - Barclays Global Investors Prize for Best Paper, Sydney
• 2007 - Glucksman Award, NYU
• 2007 - FIRN Visitor, Australia
• 2005 - Nominated for “Professor of the Year” Award, NYU
• 2005 - Research Fellow, CEPR
• 2004 - Charles Schaefer Faculty Fellow, NYU
• 2003 - Charles Schaefer Faculty Fellow, NYU
• 2003 - Glucksman Award, NYU
• 2002 - CDC Award for Best Paper, NYU
• 2002 - Glucksman Award, NYU
• 1998 - Oxford University “Best MBA Elective Teacher” Award
• 1996 - Bankers Trust Fellow, Merton College, Oxford
• 1995 - Research Affiliate, CEPR^[16]

Keynotes and invited lectures[]

• 2018 - Keynote speaker, Nippon Finance Association/Unison Capital Private Equity Forum, Tokyo
• 2018 - Keynote speaker, Asian Finance Association meetings, Tokyo
• 2018 - Keynote speaker, German Finance Association meetings, Trier
• 2018 - Keynote speaker, European Capital Markets Institute annual conference, Brussels
• 2018 - Invited lecture, Econometric Society meetings, Shanghai
• 2017 - Invited speaker, Asian FMA Conference, Taipei
• 2017 - Invited speaker, 6th Annual Corporate Finance Conference, Exeter
• 2016 - Inaugural Henry Grunfeld Lecture, Chartered Institute of Bankers/Institute of Financial Services, London
• 2016 - Keynote speaker, 29th Australasian Finance and Banking conference, Sydney
• 2016 - Keynote speaker, Knut Wicksell Centre for Financial Studies, Lund
• 2015 - Dean’s Lecture, City University London
• 2014 - Distinguished Public Lecture, Jockey Club Institute for Advanced Study, Hong Kong
• 2014 - Keynote speaker, Frontiers in Finance Conference, Warwick
• 2014 - Invited speaker, Asian FMA Conference, Tokyo
• 2014 - Invited speaker, Finance Symposium, Hong Kong University of Science and Technology
• 2014 - Invited speaker, Corporate Finance Conference, University of Minnesota
• 2012 - Keynote speaker, Coller Institute’s Private Equity Findings Symposium, London
• 2012 - Keynote speaker, Singapore International Finance Conference
• 2012 - Opening keynote, Asian Finance Association meetings, Taipei
• 2012 - Dean’s Distinguished Lecture, The Hong Kong Polytechnic University
• 2011 - Keynote speaker, Asian Finance Association meetings, Macau
• 2011 - Keynote speaker, Kauffman Foundation Symposium, Denver
• 2011 - Keynote speaker, Finance & Accounting Forum, Brisbane
• 2011 - Keynote speaker, New Year’s Conference, WHU Otto Beisheim School of Management
• 2011 - Distinguished Lecture, NYUAD Institute, Abu Dhabi
• 2010 - Inaugural Sir Evelyn de Rothschild Lecture, Cambridge University
• 2010 - Keynote speaker, EFM Symposium on Entrepreneurial Finance & Venture Capital Markets, Montreal
• 2009 - Keynote speaker, Asian Finance Association meetings, Brisbane
• 2009 - Keynote speaker, XVII Foro de Finanzas, Spanish Finance Association (AEFIN) annual meetings, Madrid
• 2005 - Keynote speaker, Canadian Investment Review (CIR) Conference on Alternative Investments, Monticello

Significant scholarships[]

• 1994 - Nuffield College Third Year Scholarship, Oxford
• 1994 - ESRC Research Award (for studies at Oxford)
• 1993 - Dr. Marcus Wallenberg Scholarship (for studies at Oxford)
• 1993 - Citibank Scholarship (for studies at Oxford)
• 1993 - Royal Bank of Canada Award
• 1992 - ESRC Studentship (declined)
• 1992 - Dr. Marcus Wallenberg Scholarship (for studies at Oxford)
• 1992 - Citibank Scholarship (for studies at Oxford)
• 1991 - Jubilee Prize of the Lund Academic Society*1990 - Dr. Marcus Wallenberg Scholarship (for studies at Oxford)
• 1990 - Erik Nylander Scholarship (for studies at Lund University)
• 1989 - Michael Hansen College Scholarship (for studies at Lund University)
• 1989 - Erik Nylander Scholarship (for studies at Lund University)^[16]

Publications[]

Professor Ljungqvist has written more than thirty articles, monographs, and working papers. He has published articles in leading scholarly journals, including the Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics.^[17]

• Ljungqvist, A.; M. Richardson & D. Wolfenzon (2019). The Investment Behavior of Buyout Fund Managers. Financial Management.
• Back, K.; P. Collin-Dufresne; V. Fos; T. Li & A. Ljungqvist (2018). Activism, Strategic Trading, and Liquidity. Econometrica.
• Ljungqvist, A.; L. Zhang & L. Zuo (2017). Sharing Risk with the Government: How Taxes Affect Corporate Risk-taking. Journal of Accounting Research.
• Ljungqvist, A. & W. Qian (2016). How Constraining Are Limits to Arbitrage?. Review of Financial Studies.
• Farre-Mensa, J. & A. Ljungqvist (2016). Do Measures of Financial Constraints Measure Financial Constraints?. Review of Financial Studies.
• Asker, J.; J. Farre-Mensa & A. Ljungqvist (2015). Corporate Investment and Stock Market Listing: A Puzzle?. Review of Financial Studies.
• Heider, F. & A. Ljungqvist (2015). As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from State Tax Changes. Journal of Financial Economics.
• Balakrishnan, K.; M. Billings; B. Kelly & A. Ljungqvist (2014). Shaping Liquidity: On the Causal Effects of Voluntary Disclosure. Journal of Finance.
• Hochberg, Y.; A. Ljungqvist & A. Vissing-Jørgensen (2014). Informational Hold-up and Performance Persistence in Venture Capital. Review of Financial Studies.
• Cornelli, F.; Z. Kominek & A. Ljungqvist (2013). Monitoring managers: Does it matter?. Journal of Finance.
• Ljungqvist, A. & B. Kelly (2012). Testing Asymmetric-Information Asset Pricing Models. Review of Financial Studies.
• Ljungqvist, A. (2012). Disruptive Innovation: Are Stock Exchanges Under Threat?. World Economic Forum.
• Ljungqvist, A. & J. Asker (2010). Competition and the Structure of Vertical Relationships in Capital Markets. Journal of Political Economy.
• Ljungqvist, A.; Y. Hochberg & Y. Lu (2010). Networking as a Barrier to Entry and the Competitive Supply of Venture Capital. Journal of Finance.
• Ljungqvist, A.; F. Marston & W. J. Wilhelm (2009). Scaling the Hierarchy: How and Why Investment Banks Compete for Syndicate Co-Management Appointments. Review of Financial Studies.
• Brown, S.J.; M. Kacperczyk; A. Ljungqvist; A. Lynch; L. Pedersen & M. Richardson (2009). Hedge Funds in the Aftermath of the Financial Crisis. Restoring Financial Stability: How to Repair a Failed System (Wiley).
• Ljungqvist, A.; F. Marston & C. Malloy (2009). Rewriting History. Journal of Finance.
• Ljungqvist, A. & B. Kelly (2008). The Value of Research. CEPR Working Paper.
• Ljungqvist, A.; F. Marston; L. Starks; K. Wei & H. Yan (2007). Conflicts of Interest in Sell-side Research and the Moderating Role of Institutional Investors. Journal of Financial Economics.
• Ljungqvist, A.; G. Chemla & M. A. Habib (2007). An Analysis of Shareholder Agreements. Journal of the European Economic Association.
• Ljungqvist, A.; Y. Hochberg & Y. Lu (2007). Whom You Know Matters: Venture Capital Networks and Investment Performance. Journal of Finance.
• Ljungqvist, A. (2007). IPO underpricing. North-Holland Handbook of Corporate Finance.
• Ljungqvist, A.; V. Nanda & R. Singh (2006). Hot Markets, Investor Sentiment, and IPO Pricing. Journal of Business.
• Ljungqvist, A.; F. Cornelli & D. Goldreich (2006). Investor Sentiment and Pre-Issue Markets. Journal of Finance.
• Ljungqvist, A.; F. Marston & W.J. Wilhelm (2006). Competing for Securities Underwriting Mandates: Banking Relationships and Analyst Recommendations. Journal of Finance.
• Ljungqvist, A. & M. A. Habib (2005). Firm Value and Managerial Incentives. Journal of Business.
• Ljungqvist, A. & W. J. Wilhelm (2005). Does Prospect Theory Explain IPO Market Behavior?. Journal of Finance.
• Ljungqvist, A.; L. Benveniste; W. J. Wilhelm & X. Yu (2003). Evidence of Information Spillovers in the Production of Investment Banking Services. Journal of Finance.
• Ljungqvist, A. & W. J. Wilhelm (2003). IPO Pricing in the Dot-com Bubble. Journal of Finance.
• Ljungqvist, A.; T. J. Jenkinson & W. J. Wilhelm (2003). Global Integration of Primary Equity Markets: The Role of U.S. Banks and U.S. Investors. Review of Financial Studies.
• Ljungqvist, A. & M. Richardson (2003). The Cash Flow, Return and Risk Characteristics of Private Equity IPOs. NBER Working Paper.
• Ljungqvist, A. & W. J. Wilhelm (2002). IPO Allocations: Discriminatory or Discretionary?. Journal of Financial Economics.
• Ljungqvist, A. (2002). Conflicts of Interest and Efficient Contracting in IPOs. NYU Working Paper.
• Ljungqvist, A. & M. A. Habib (2001). Underpricing and Entrepreneurial Wealth Losses in IPOs: Theory and Evidence. Review of Financial Studies.
• Ljungqvist, A. & T. J. Jenkinson (2001). The Role of Hostile Stakes in German Corporate Governance. Journal of Corporate Finance.
• Ljungqvist, A. & T. J. Jenkinson (2001). Going Public: The Theory and Evidence on How Companies Raise Equity Finance (Second Revised ed.). Oxford University Press.
• Ljungqvist, A. & M. A. Habib (1998). Underpricing and IPO Proceeds: A Note. Economics Letters.
• Ljungqvist, A. (1997). The Pricing of Initial Public Offerings-Further Evidence from Germany. European Economic Review.
• Ljungqvist, A. & T. J. Jenkinson (1996). Going Public: The Theory and Evidence on How Companies Raise Equity Finance. Oxford University Press.

References[]

External links[]

• NYU Stern Profile
• Alexander Ljungqvist’s Biography
• Oxford University Press^{[permanent dead link]}
• Entry in Who's Who