Alexander Ljungqvist Ira Rennert Professor of Finance, NYU Sidney Homer Director, Salomon Center Research Associate, NBER Research Fellow, CEPR Phone: (212) 998-0304 Fax :  (212) 995-4220 Email:  aljungqv "at" stern.nyu.edu Office: Salomon Center 9-60 44 West Fourth Street, Suite 9-160  New York, NY 10012-1126

Research Interests:

• Corporate Finance
• Entrepreneurial Finance, Venture Capital, and Private Equity
  
• Investment Banking
• Initial Public Offerings
• Corporate Governance
• Corporate Taxation
  
• Asset Pricing
• Microstructure
  
• Innovation and Patents
  
• Forensic Finance
  

Publications:

• "Activism, Strategic Trading, and Liquidity" (with K. Back, P. Collin-Dufresne, V. Fos, and T. Li), Econometrica (forthcoming).
  
• "Sharing Risk with the Government: How Taxes Affect Corporate Risk-Taking" (with L. Zhang, and L. Zuo), Journal of Accounting Research (2017).
• "How Constraining Are Limits To Arbitrage?" (with W. Qian), Review of Financial Studies (2016).
• "Do Measures of Financial Constraints Measure Financial Constraints?" (with J. Farre-Mensa), Review of Financial Studies (2016).
• "As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from Exogenous State Tax Changes" (with F. Heider), Journal of Financial Economics (2015).
• "Corporate Investment and Stock Market Listing: A Puzzle?" (with J. Asker and J. Farre-Mensa), Review of Financial Studies (2015).
  
• "Shaping Liquidity: On the Causal Effects of Voluntary Disclosure" (with K. Balakrishnan, M. Billings, and B. Kelly), Journal of Finance (2014).
  
• "Informational Holdup and Performance Persistence in Venture Capital" (with Y. Hochberg and A. Vissing-Jorgensen), Review of Financial Studies (2014).
• "Monitoring Managers: Does It Matter?" (with F. Cornelli and Z. Kominek), Journal of Finance (2013).
  
• "Testing Asymmetric-Information Asset Pricing Models" (with B. Kelly), Review of Financial Studies (2012).
  
• "Competition and the Structure of Vertical Relationships in Capital Markets" (with J. Asker), Journal of Political Economy (2010).
  
• "Networking as a Barrier to Entry and the Competitive Supply of Venture Capital" (with Y. Hochberg and Y. Lu), Journal of Finance (2010).
• "Scaling the Hierarchy: How and Why Investment Banks Compete for Syndicate Co-Management Appointments" (with F. Marston and W.J. Wilhelm), Review of Financial Studies (2009).
• "Rewriting History" (with F. Marston and C. Malloy), Journal of Finance (2009).
• "Conflicts of Interest in Sell-side Research and the Moderating Role of Institutional Investors" (with F. Marston, L. Starks, K. Wei, and H. Yan), Journal of Financial Economics (2007).
• "An Analysis of Shareholder Agreements" (with G. Chemla and M.A. Habib), Journal of the European Economic Association (2007).
• "Whom You Know Matters: Venture Capital Networks and Investment Performance" (with Y. Hochberg and Y. Lu), Journal of Finance (2007).
• "Investor Sentiment and Pre-Issue Markets" (with F. Cornelli and D. Goldreich), Journal of Finance (2006).
• "Competing for Securities Underwriting Mandates: Banking Relationships and Analyst Recommendations" (with F. Marston and W.J. Wilhelm), Journal of Finance (2006).
• "Hot Markets, Investor Sentiment, and IPO Pricing" (with V. Nanda and R Singh), Journal of Business (2006).
• "Firm Value and Managerial Incentives" (with M.A. Habib), Journal of Business (2005).
• "Does Prospect Theory Explain IPO Market Behavior?" (with W.J. Wilhelm), Journal of Finance (2005).
• "Evidence of Information Spillovers in the Production of Investment Banking Services" (with L. Benveniste, W.J. Wilhelm, and X. Yu), Journal of Finance (2003).
• "IPO Pricing in the Dot-com Bubble" (with W.J. Wilhelm), Journal of Finance (2003).
• "Global Integration of Primary Equity Markets: The Role of U.S. Banks and U.S. Investors" (with T.J. Jenkinson and W.J. Wilhelm), Review of Financial Studies (2003).
• "IPO Allocations: Discriminatory or Discretionary?" (with W.J. Wilhelm), Journal of Financial Economics (2002).
• "Underpricing and Entrepreneurial Wealth Losses in IPOs: Theory and Evidence" (with M.A. Habib), Review of Financial Studies (2001).
• "The Role of Hostile Stakes in German Corporate Governance" (with T.J. Jenkinson), Journal of Corporate Finance (2001).
• "Underpricing and IPO Proceeds: A Note" (with M.A. Habib), Economics Letters (1998).
• "The Pricing of Initial Public Offerings-Further Evidence From Germany," European Economic Review (1997).

Monographs and surveys:

• "IPO Underpricing", in: B.E.Eckbo (ed.), Handbook of Corporate Finance, North-Holland (2007).
• Going Public: The Theory and Evidence on How Companies Raise Equity Finance - Second Revised Edition (with T.J. Jenkinson), Oxford University Press (2001).
• Going Public: The Theory and Evidence on How Companies Raise Equity Finance (with T.J. Jenkinson), Oxford University Press (1996).

Active working papers:

• "Busy Directors: Strategic Interaction,and Monitoring Synergies" (with K. Raff).
  

• "What is a Patent Worth? Evidence from the U.S. Patent "Lottery"" (with J. Farre-Mensa and D. Hegde).
  
• "The Incredible Shrinking Stock Market: On the Political Economy Consequences of Excessive Delistings" (with L. Persson and J. Tag), NBER Working Paper No. 21909.
• "State Capitalism vs. Private Enterprise" (with D. Chen, D. Jiang, H. Lu, and M. Zhou), NBER Working Paper No. 20930.
• "To Cut or Not to Cut? On the Impact of Corporate Taxes on Employment and Income" (with M. Smolyansky), NBER Working Paper No. 20753.
  

Backup material:

• "What Do Private Firms Look Like?" (with J. Asker and J. Farre-Mensa). Internet Appendix to our RFS (2015) article.
• "Rewriting History" Feb 20, 2007 version (with F. Marston and C. Malloy). Contains material omitted from our JF (2007) article.
• "The Value of Research" (with B. Kelly). Predecessor of our RFS (2012) article.

Earlier working papers:

• "The Bright Side of Patents" (with J. Farre-Mensa and D. Hegde), NBER Working Paper No. 21959.
  

• "Liquidity and Governance" (with K. Back and T. Li), NBER Working Paper No. 19669.
• "Managerial Labor Market Frictions and Corporate Investment" (with A. Agrawal).
• "The Cash Flow, Return and Risk Characteristics of Private Equity" (with M. Richardson), NBER Working Paper No. 9454.

• "The Investment Behavior of Buyout Fund Managers" (with M. Richardson and D. Wolfenzon).
• "The Investment Behavior of Private Equity Fund Managers" (with M. Richardson).
  
• "Conflicts of Interest and Efficient Contracting in IPOs"
• "On The Decision to Go Public: Evidence from Privately-held Firms" (with E. Boehmer).

 

Citations:

• Web of Science
  
• Google Scholar