Per Strömberg is the SSE Centennial Professor of Finance and Private Equity at the Stockholm School of Economics. Starting December 2011, he is the director of the Swedish House of Finance (SHOF), a new Swedish national center for financial research, which is a cooperation between SIFR, the Stockholm School of Economics, and Vinnova. Strömberg joined SIFR in 2004 as a Senior Research Fellow and was director of SIFR between 2008 and 2011. He is also Adjunct Associate Professor of Finance at the University of Chicago Booth 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 work has been published in Journal of Finance, American Economic Review, Review of Economic Studies, Review of Financial Studies, and Journal of Financial Intermediation and has been presented at numerous conferences and universities. His research was been twice awarded with the Brattle Group Prize 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 was received the “Researcher of the Year” award at the Stockholm School of Economics, and in 2012 he received the Assar Lindbeck Medal, given every other year to a Swedish economist below the age of 45.
At the Stockholm School of Economics, Dr. Strömberg teaches the elective class in “Venture Capital and Private Equity.” 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 the course in “Cases in Financial Strategy” for the University of Chicago Booth 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 research affiliate of the Center for Economic Policy Research (CEPR), and a research associate of the European Corporate Governance Institute (ECGI). He is also an independent board member of Conversus Capital, L.P. and Vice Chairman of the board of the Sixth Swedish AP Fund.
- 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.]
- Venture Capitalists as Principals: Contracting, Screening, and Monitoring(with Steven Kaplan), American Economic Review 91 (2001), 426–430.
- Financial Contracting Theory Meets the Real World: Evidence from Venture Capital Contracts (with Steven Kaplan), Review of Economic Studies 70 (2003), 281–315.
- 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).
- Characteristics, Contracts, and Actions: Evidence from Venture Capital Analyses, (with Steven Kaplan), Journal of Finance 59 (2004), 2177-2210.
- 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.)
- 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) (2009), 75-115.
- Why Are Buyouts Leveraged? The Financial Structure of Private Equity Funds (with Ulf Axelson and Mike Weisbach), Journal of Finance 64(4) (2009), 1549-1582. Winner of the Brattle Group prize for best paper in Corporate Finance published in 2009.
- Leveraged Buyouts and Private Equity (with Steven Kaplan), Journal of Economic Perspectives 23(1) (2009), 121-146.
- Private Equity and Long-Run Investment: The Case of Innovation (with Josh Lerner and Morten Sorensen), Journal Finance 66(2) (2011), 445-477.
- Fiduciary Duties and Equity-Debtholder Conflicts (with Bo Becker), Review of Financial Studies forthcoming.
Selected Working Papers
- 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.