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On the Decision to Go Public: Evidence from Privately Held Firms
Education
University of Oxford, Nuffield College, Oxford, Lund University
Residence
United States of America
Busy Directors: Strategic Interaction and Monitoring Synergies
Alexander Ljungqvist is a Swedish economist, educator, researcher, writer, and speaker. He is a professor of finance at New York University Stern School of Business where he holds the Ira Rennert chair of finance and entrepreneurship. 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.
Ias distinguished lecture prof alexander ljungqvist 4 dec 2014
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 NYU in 2000 and received tenure in 2005. 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.
Starting in 2014, Dr Ljungqvist serves as the Sidney Homer Director of NYU’s Salomon Center. He was previously Director of Research of NYU’s Berkley Center for Entrepreneurial Studies.
From 2008 to 2014, Professor Ljungqvist served as Editor of the Review of Financial Studies, currently the leading scholarly journal in financial economics. He is also a Research Associate of the National Bureau of Economic Research in Cambridge, a Research Fellow of the Centre for Economic Policy Research in London, a Founder and Senior Academic Fellow of the Asian Bureau of Financial and Economic Research in Singapore, and a Fellow of the Research Institute of Industrial Economics in Stockholm (IFN).
Business experience
Dr. Ljungqvist 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 Clarke. 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.
Honors and awards
2018 - Keynote speaker, Asian Finance Association meetings, Tokyo
2018 - Keynote speaker, German Finance Association meetings, Trier
2018 - Invited speaker, The Econometric Society, Shanghai
2017 - Invited speaker, Asian FMA Conference, Taipei
2012 - Keynote speaker, Singapore International Finance Conference
2012 - Conference Chair, Asian Finance Association meetings, Taipei
2012 - Opening keynote speaker, Asian Finance Association meetings, Taipei
2012 - Dean’s Distinguished Speaker, The Hong Kong Polytechnic University
2011 - Ewing Marion Kauffman Prize Medal for Distinguished Research in Entrepreneurship
2011 - Research Associate, NBER
2011 - Emerald Citations of Excellence Award
2011 - Keynote speaker, Kauffman Foundation Symposium, Denver
2011 - Keynote speaker, Asian Finance Association meetings, Macau
2011 - Opening keynote speaker, Finance and Accounting Forum, Brisbane
2011 - Keynote speaker, New Year’s Conference, WHU Otto Beisheim School of Management
2011 - Sir Evelyn de Rothschild Fellow, Cambridge University
2010 - Inaugural Sir Evelyn de Rothschild Lecture, Cambridge University
2010 - Keynote speaker, EFM Symposium on Venture Capital, Montreal
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 - Keynote speaker, Asian Finance Association meetings, Brisbane
2009 - Keynote speaker, XVII Foro de Finanzas meetings, Madrid
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 - Keynote speaker, Canadian Investment Review, Conference on Alternative Investments
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
1995 - Research Affiliate, CEPR
1993 - Royal Bank of Canada Award
1991 - Jubilee Prize of the Lund Academic Society
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)
1992 - ESRC Studentship (declined)
1992 - Dr. Marcus Wallenberg Scholarship (for studies at Oxford)
1992 - Citibank Scholarship (for studies at Oxford)
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)
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.
Back, K.; T. Li & A. Ljungqvist (2014). Liquidity and Governance. NBER Working Paper.
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. and J. Farre-Mensa, and A. Ljungqvist (2015). Corporate Investment and Stock Market Listing: A Puzzle?. Review of Financial Studies.CS1 maint: Multiple names: authors list (link)
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, and A. Ljungqvist (2014). Shaping Liquidity: On the Causal Effects of Voluntary Disclosure. Journal of Finance.CS1 maint: Multiple names: authors list (link)
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, and M. Richardson (2009). Hedge Funds in the Aftermath of the Financial Crisis. Restoring Financial Stability: How to Repair a Failed System (Wiley).CS1 maint: Multiple names: authors list (link)
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 and D. Goldreich (2006). Investor Sentiment and Pre-Issue Markets. Journal of Finance.CS1 maint: Multiple names: authors list (link)
Ljungqvist, A., F. Marston and W.J. Wilhelm (2006). Competing for Securities Underwriting Mandates: Banking Relationships and Analyst Recommendations. Journal of Finance.CS1 maint: Multiple names: authors list (link)
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.; M. Richardson & D. Wolfenzon (2005). The Investment Behavior of Buyout Fund Managers. NBER Working Paper.
Ljungqvist, A., L. Benveniste, W. J. Wilhelm, and X. Yu (2003). Evidence of Information Spillovers in the Production of Investment Banking Services. Journal of Finance.CS1 maint: Multiple names: authors list (link)
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 Edition. 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.
