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, Ljungqvist joined
New York UniversityStern 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, 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, 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
Asian Bureau of Financial and Economic Research 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, Massachusetts.[10]
Business experience
Ljungqvist currently serves on the board of directors of the Sixth Swedish National Pension Fund (AP6), which as of 2021 manages SEK 68.6 billion of assets invested in private equity and venture capital funds and unlisted companies on behalf of the Swedish public pension system.[11] He has previously served as a securities market regulator via the
Nasdaq Listing Council (2011-2017), on the
World Economic Forum's Council of Experts overseeing the "Alternative Investments 2020" project (2012-2015), on a
World Economic Forum working group tasked with "Rethinking financial innovation" (2011-2012), 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 (2013-2014), on the supervisory board of mAbxience SA, a European biosimilars company (2014-2016), and on the board of the Stockholm School of Economics (2018-2020). 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 and again in 2024, Dr. Ljungqvist was appointed a Wallenberg Scholar by the
Knut and Alice Wallenberg Foundation,[12] only the second economist to be awarded this honor.[13] In 2011, he was honored with the
Ewing Marion Kauffman Prize Medal for his work in entrepreneurship.[14]
Other honors and awards include the following:
2024 - Advanced Grant, European Research Council (ERC)
2023 - MSc Teacher of the Year Award, Stockholm School of Economics
2021 - EMBA Teacher of the Year Award, Stockholm School of Economics
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
Chang, Y.C.; Ljungqvist, A. & Tseng, K. (2023). Do Corporate Disclosures Constrain Strategic Analyst Behavior?. Review of Financial Studies.
Chang, Y.C.; Hsiao, P.J.; Ljungqvist, A. & Tseng, K. (2022). Testing Disagreement Models. Journal of Finance.
Hegde, D.; Ljungqvist, A. & Raj, M. (2022). Quick or Broad Patents? Evidence from U.S. Startups. Review of Financial Studies.
Farre-Mensa, J.; Hegde, D. & Ljungqvist, A. (2020). What is a Patent Worth? Evidence from the U.S. Patent 'Lottery'. Journal of Finance.
Ljungqvist, A.; M. Richardson & D. Wolfenzon (2020). 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.
Kelly, B. & Ljungqvist, A. (2012). Testing Asymmetric-Information Asset Pricing Models. Review of Financial Studies.
Ljungqvist, A. (2012). Disruptive Innovation: Are Stock Exchanges Under Threat?. World Economic Forum.
Asker, J. & Ljungqvist, A. (2010). Competition and the Structure of Vertical Relationships in Capital Markets. Journal of Political Economy.
Hochberg, Y.; Ljungqvist, A. & Lu, Y. (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.
Kelly, B. & Ljungqvist, A. (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.
Chemla, G.; Habib, M.A. & Ljungqvist, A. (2007). An Analysis of Shareholder Agreements. Journal of the European Economic Association.
Hochberg, Y.; Ljungqvist, A. & Lu, Y. (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.
Cornelli, F.; Goldreich, D. & Ljungqvist, A. (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.
Habib, M.A. & Ljungqvist, A. (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.
Benveniste, L.; Ljungqvist, A.; 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.
Habib, M.A. & Ljungqvist, A. (2001). Underpricing and Entrepreneurial Wealth Losses in IPOs: Theory and Evidence. Review of Financial Studies.
Jenkinson, T.J. & Ljungqvist, A. (2001). The Role of Hostile Stakes in German Corporate Governance. Journal of Corporate Finance.
Jenkinson, T.J. & Ljungqvist, A. (2001). Going Public: The Theory and Evidence on How Companies Raise Equity Finance (Second Revised ed.). Oxford University Press.
Habib, M.A. & Ljungqvist, A. (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.
Jenkinson, T.J. & Ljungqvist, A. (1996). Going Public: The Theory and Evidence on How Companies Raise Equity Finance. Oxford University Press.