WorldCat Identities

Strömberg, Per

Overview
Works: 41 works in 190 publications in 2 languages and 1,583 library holdings
Roles: Author, Editor
Classifications: HB1, 333.9539091724
Publication Timeline
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Most widely held works by Per Strömberg
Socioeconomic and environmental impacts of biofuels : evidence from developing nations by Alexandros Gasparatos( )

14 editions published between 2012 and 2018 in English and held by 664 WorldCat member libraries worldwide

Biofuels are currently in the middle of a heated academic and public policy debate. Biofuels production has increased fivefold in the past decade and is expected to double by 2020. Most of this expansion will happen in developing nations. This book is the first of its kind, providing a comprehensive overview of the biofuel debate in developing countries. The chapters are written by a multidisciplinary team of experts who expose the key drivers and impacts of biofuel production and use. The book covers impacts as diverse as air pollution, biodiversity loss, deforestation, energy security, food security, greenhouse gas emissions, land use change, rural development, water consumption, and other socioeconomic issues. It has a wide geographical focus accommodating examples from countries in Africa, America, and Asia. As such, this book will become an indispensable companion for academics, practitioners, and policy makers who wish to know more about biofuel issues in the developing world
Financial contracting theory meets the real world : an empirical analysis of venture capital contracts by Steven N Kaplan( Book )

23 editions published in 2000 in English and held by 128 WorldCat member libraries worldwide

In this paper, we compare the characteristics of real world financial contracts to their counterparts in financial contracting theory. We do so by conducting a detailed study of actual contracts between venture capitalists (VCs) and entrepreneurs. We consider VCs to be the real world entities who most closely approximate the investors of theory. (1) The distinguishing characteristic of VC financings is that they allow VCs to separately allocate cash flow rights, voting rights, board rights, liquidation rights, and other control rights. We explicitly measure and report the allocation of these rights. (2) While convertible securities are used most frequently, VCs also implement a similar allocation of rights using combinations of multiple classes of common stock and straight preferred stock. (3) Cash flow rights, voting rights, control rights, and future financings are frequently contingent on observable measures of financial and non-financial performance. (4) If the company performs poorly, the VCs obtain full control. As company performance improves, the entrepreneur retains / obtains more control rights. If the company performs very well, the VCs retain their cash flow rights, but relinquish most of their control and liquidation rights. The entrepreneur's cash flow rights also increase with firm performance. (5) It is common for VCs to include non-compete and vesting provisions aimed at mitigating the potential hold-up problem between the entrepreneur and the investor. We interpret our results in relation to existing financial contracting theories. The contracts we observe are most consistent with the theoretical work of Aghion and Bolton (1992) and Dewatripont and Tirole (1994). They also are consistent with screening theories
Characteristics, contracts, and actions : evidence from venture capitalist analyses by Steven N Kaplan( Book )

22 editions published in 2002 in English and held by 114 WorldCat member libraries worldwide

We study the investment analyses of 67 portfolio investments by 11 venture capital (VC) firms. VCs consider the attractiveness and risks of the business, management, and deal terms as well as expected post-investment monitoring. We then consider the relation of the analyses to the contractual terms. Greater internal and external risks are associated with more VC cash flow rights, VC control rights; greater internal risk, also with more contingencies for the entrepreneur; and greater complexity, with less contingent compensation. Finally, expected VC monitoring and support are related to the contracts. We interpret these results in relation to financial contracting theories
How do legal differences and learning affect financial contracts? by Steven Kaplan( Book )

19 editions published between 2003 and 2004 in English and held by 102 WorldCat member libraries worldwide

We analyze venture capital (VC) investments in twenty-three non-U.S. countries and compare them to VC investments in the U.S. We describe how the contracts allocate cash flow, board, liquidation, and other control rights. In univariate analyses, contracts differ across legal regimes. At the same time, however, more experienced VCs implement U.S.-style contracts regardless of legal regime. In most specifications, legal regime becomes insignificant controlling for VC sophistication. VCs who use U.S.-style contracts fail significantly less often. Financial contracting theories in the presence of fixed costs of learning, therefore, appear to explain contracts along a wide range of legal regimes
What are firms? : evolution from birth to public companies by Steven Kaplan( Book )

15 editions published in 2005 in English and held by 99 WorldCat member libraries worldwide

"We study how firm characteristics evolve from early business plan to initial public offering to public company for 49 venture capital financed companies. The average time elapsed is almost 6 years. We describe the financial performance, business idea, point(s) of differentiation, non-human capital assets, growth strategy, customers, competitors, alliances, top management, ownership structure, and the board of directors. Our analysis focuses on the nature and stability of those firm attributes. Firm business lines remain remarkably stable from business plan through public company. Within those business lines, non-human capital aspects of the businesses appear more stable than human capital aspects. In the cross-section, firms with more alienable assets have substantially more human capital turnover"--National Bureau of Economic Research web site
Venture capitalists as principals : contracting, screening, and monitoring by Steven N Kaplan( Book )

13 editions published in 2001 in English and held by 97 WorldCat member libraries worldwide

Theoretical work on the principal-agent problem in financial contracting focuses on the conflicts of interest between an agent / entrepreneur with a venture that needs financing, and a principal / investor providing funds for the venture. Theory has identified three primary ways that the investor / principal can mitigate these conflicts - structuring financial contracts, pre-investment screening, and post-investment monitoring and advising. In this paper, we describe recent empirical work and its relation to theory for one prominent class of principals venture capitalists (VCs). The empirical studies indicate that VCs attempt to mitigate principal-agent conflicts in the three ways suggested by theory. The evidence also shows that contracting, screening, and monitoring are closely interrelated. In screening, the VCs identify areas where they can add value through monitoring and support. In contracting, the VCs allocate rights in order to facilitate monitoring and minimize the impact of identified risks. Also, the equity allocated to VCs provides incentives to engage in costly support activities that increase upside values, rather than just minimizing potential losses. There is room for future empirical research to study these activities in greater detail for VCs, for other intermediaries such as banks, and within firms
Why are buyouts levered : the financial structure of private equity funds by Ulf Axelson( )

13 editions published in 2007 in English and held by 81 WorldCat member libraries worldwide

This paper presents a model of the financial structure of private equity firms. In the model, the general partner of the firm encounters a sequence of deals over time where the exact quality of each deal cannot be credibly communicated to investors. We show that the optimal financing arrangement is consistent with a number of characteristics of the private equity industry. First, the firm should be financed by a combination of fund capital raised before deals are encountered, and capital that is raised to finance a specific deal. Second, the fund investors' claim on fund cash flow is a combination of debt and levered equity, while the general partner receives a claim similar to the carry contracts received by real-world practitioners. Third, the fund will be set up in a manner similar to that observed in practice, with investments pooled within a fund, decision rights over investments held by the general partner, and limits set in partnership agreements on the size of particular investments. Fourth, the model suggests that incentives will lead to overinvestment in good states of the world and underinvestment in bad states, so that the natural industry cycles will be multiplied. Fifth, investments made in recessions will on average outperform investments made in booms
Leveraged buyouts and private equity by Steven N Kaplan( )

9 editions published in 2008 in English and held by 65 WorldCat member libraries worldwide

We describe and present time series evidence on the leveraged buyout / private equity industry, both firms and transactions. We discuss the existing empirical evidence on the economics of the firms and transactions. We consider similarities and differences between the recent private equity wave and the wave of the 1980s. Finally, we speculate on what the evidence implies for the future of private equity
Fiduciary duties and equity-debtholder conflicts by Bo Becker( )

8 editions published in 2011 in English and held by 60 WorldCat member libraries worldwide

We use an important legal event as a natural experiment to examine the effect of management fiduciary duties on equity-debt conflicts. A 1991 Delaware bankruptcy ruling changed the nature of corporate directors' fiduciary duties in firms incorporated in that state. This change limited managers' incentives to take actions favoring equity over debt for firms in the vicinity of financial distress. We show that this ruling increased the likelihood of equity issues, increased investment, and reduced firm risk, consistent with a decrease in debt-equity conflicts of interest. The changes are isolated to firms relatively closer to default. The ruling was also followed by an increase in average leverage and a reduction in covenant use. Finally, we estimate the welfare implications of this change and find that firm values increased when the rules were introduced. We conclude that managerial fiduciary duties affect equity-bond holder conflicts in a way that is economically important, has impact on ex ante capital structure choices, and affects welfare
Private equity and long-run investment : the case of innovation by Joshua Lerner( )

9 editions published in 2008 in English and held by 58 WorldCat member libraries worldwide

A long-standing controversy is whether LBOs relieve managers from short-term pressures from public shareholders, or whether LBO funds themselves are driven by short-term profit motives and sacrifice long-term growth to boost short-term performance. We investigate 495 transactions with a focus on one form of long-term activities, namely investments in innovation as measured by patenting activity. We find no evidence that LBOs are associated with a decrease in these activities. Relying on standard measures of patent quality, we find that patents granted to firms involved in private equity transactions are more cited (a proxy for economic importance), show no significant shifts in the fundamental nature of the research, and are more concentrated in the most important and prominent areas of companies' innovative portfolios
The Mexican maquila industry and the environment : an overview of the issues by Per Strömberg( Book )

7 editions published in 2002 in English and Spanish and held by 51 WorldCat member libraries worldwide

Private equity and industry performance by Shai Bernstein( Book )

4 editions published between 2009 and 2014 in English and held by 12 WorldCat member libraries worldwide

The growth of the private equity industry has spurred concerns about its potential impact on the economy more generally. This analysis looks across nations and industries to assess the impact of private equity on industry performance. Industries where PE funds have invested in the past five years have grown more quickly in terms of productivity and employment. There are few significant differences between industries with limited and high private equity activity. It is hard to find support for claims that economic activity in industries with private equity backing is more exposed to aggregate shocks. The results using lagged private equity investments suggest that the results are not driven by reverse causality. These patterns are not driven solely by common law nations such as the United Kingdom and United States, but also hold in Continental Europe
An analysis of Mexico-US intra-firm and intra-industry trade in automobiles by Per Strömberg( Book )

3 editions published in 1999 in English and held by 8 WorldCat member libraries worldwide

Borrow cheap, buy high? : the determinants of leverage and pricing in buyouts by Ulf Axelson( )

2 editions published between 2010 and 2012 in English and held by 7 WorldCat member libraries worldwide

This paper provides an empirical analysis of the financial structure of large buyouts. We collect detailed information on the financing of 1157 worldwide private equity deals from 1980 to 2008. Buyout leverage is cross-sectionally unrelated to the leverage of matched public firms, and is largely driven by factors other than what explains leverage in public firms. In particular, the economy-wide cost of borrowing is the main driver of both the quantity and the composition of debt in these buyouts. Credit conditions also have a strong effect on prices paid in buyouts, even after controlling for prices of equivalent public market companies. Finally, the use of high leverage in transactions negatively affects fund performance, controlling for fund vintage and other relevant characteristics. The results are consistent with the view that the availability of financing impacts booms and busts in the private equity market, and that agency problems between private equity funds and their investors can affect buyout capital structures
The Mexican maquila industry and the environment : an overview of the issues( Book )

1 edition published in 2002 in English and held by 6 WorldCat member libraries worldwide

"Since you're so rich, you must be really smart" : talent and the finance wage premium by Michael Boehm( )

2 editions published in 2018 in English and held by 6 WorldCat member libraries worldwide

Wages in the financial sector have experienced an extraordinary increase over the last few decades. A proposed explanation for this trend has been that the demand for skill has risen more in finance compared to other sectors. We use Swedish administrative data, which include detailed cognitive and non-cognitive test scores as well as educational performance, to examine the implications of this hypothesis for talent allocation and relative wages in the financial sector. We find no evidence that the selection of talent into finance has improved, neither on average nor at the top of the talent and wage distributions. A changing composition of talent or their returns cannot account for the surge in the finance wage premium. While these findings alleviate concerns about a "brain drain" into finance at the expense of other sectors, they also suggest that finance workers are capturing substantial rents that have increased over time
The Mexican maquila industry and the environment : an overview of the issues by Per Strömberg( Book )

1 edition published in 2002 in English and held by 5 WorldCat member libraries worldwide

Characteristics, contracts, and failure : evidence from venture capitalist analyses by Steven N Kaplan( Book )

1 edition published in 2002 in English and held by 2 WorldCat member libraries worldwide

Conflicts of interest and market illiquidity in bankruptcy auctions : theory and tests by Per Strömberg( Book )

2 editions published between 1997 and 2000 in English and held by 2 WorldCat member libraries worldwide

Why are buyouts levered? : the financial structure of private equity funds( )

1 edition published in 2008 in English and held by 1 WorldCat member library worldwide

 
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Alternative Names
Per Strömberg économiste suédois

Per Strömberg Swedish economist

Stromberg, Per

Stromberg, Per, 1968-

Strömberg, Per Johan

Strömberg, Per Johan, 1968-

بير سترومبرغ اقتصادي سويدي

Languages
English (168)

Spanish (1)