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Faculty Directory

Morten Sorensen

Associate Professor

Email

morten.sorensen@tuck.dartmouth.edu

Phone

Degree

PhD, Stanford University, 2005; MSc., Aarhus University, 1999; BSc., Aarhus University, 1997

Areas of Expertise

Entrepreneurial Finance, Venture Capital, Private Equity

Courses

Entrepreneurial Finance

Bio

Professor Sørensen conducts research in the areas of entrepreneurial finance, venture capital, and private equity and focuses on understanding the behavior, performance, and economic effects of venture capital and private equity in individual transactions and in the broader economy. His studies have investigated the risks, returns, and illiquidity inherent in venture capital, private equity, and other alternative investments; the effects of private equity and venture capital investments on individual companies and for industries; and the role of management in venture capital and buyout deals. His research has been presented at numerous universities and conferences, has been featured in the Wall Street Journal, New York Times, Financial Times, Bloomberg, CNBC, and BusinessWeek, and has been published in leading academic journals.

Current Research Topics

  • Risk and return of private equity investments
  • Optimal portfolio allocations to alternative investments
  • Management of private equity-owned companies


Professional Activities

Academic positions
Associate Professor, Tuck School of Business, 2020–present
Professor of Finance, Copenhagen Business School, 2014–20
Adjunct Associate Professor of Finance and Economics, 2014; Daniel W. Stanton Associate Professor of Finance and Economics, 2009–14; Associate Professor of Finance and Economics, 2008–14; Academic director of Private Equity Program, 2009–14; Columbia Business School
William S. Fishman Scholar, 2007–08; Assistant Professor of Finance, 2005–08, University of Chicago

Non-academic positions
Research Fellow, Centre for Economic Policy Research (CEPR), 2015–present
 Lab Co-Director, FiRL Research, 2015–19
Research Affiliate, Swedish House of Finance (SHoF, fka SIFR), 2007–18
Faculty Research Fellow, National Bureau of Economic Research (NBER), 2007–15

Referee 
Referee: American Economic Review; Asian Development Review; Economic Journal; Econometrica; Economica; European Economic Review; Finance Research Letters; Financial Analysts Journal; Games and Economic Behavior; Journal of Banking and Finance; Journal of Business & Economic Statistics; Journal of Business Venturing; Journal of CorporateFinance; Journal of Economics & Management Strategy; Journal of Empirical Finance; Journal of Finance; Journal of Financial and Quantitative Analysis; Journal of Financial Economics; Journal of Financial Intermediation; Journal of Financial Services Research; Journal of Money, Credit, and Banking; Journal of Political Economy; Kauffman Junior Faculty Fellowship; Management Science; National Science Foundation (and various other research grants); Quarterly Journal of Economics; Quarterly Review of Economics and Finance; RAND Journal of Economics; Research Policy; Review of Corporate Finance Studies; Review of Economic Studies; Review of Finance; Review of Financial Studies

Board memberships
Danish Finance Institute, 2019–20


Awards

  • Sapere Aude Forskningsleder Grant, 2014–19
  • Netspar Grant, 2011–14
  • Dean’s Office Columbia Business School, Summer Research Assistance Program, 2012
  • Fama-Miller Center Grant, 2012
  • Institutional Limited Partner Association (ILPA) Global Research Initiative Grant, 2012
  • Eugene M. Lang Support Fund Supplemental Research Grant, 2011
  • Kauffman Foundation Grant, 2005–06
  • Kapnick Fellow at SIEPR, 2003–04
  • Outstanding Teaching Assistant Award, Stanford University, 2003
  • Candidacy Paper Prize, Stanford University, 2001
  • Forman Fellowship, Stanford University, 2000–01
  • Danish Research Academy Fellowship, 1999–02

Selected Publications

  • With A. Korteweg, “Skill and Luck in Private Equity Performance,” Journal of Financial Economics, 124(3), 2017
  • With S. Bernstein, J. Lerner, and P. Strömberg, “Private Equity and Industry Performance,” Management Science, 63(4), 2017
  • With A. Korteweg, “Estimating Loan-to-Value Distributions,” Real Estate Economics, 1, 2016
  • With R. Jagannathan, “The Public Market Equivalent and Private Equity Performance,” Financial Analysts Journal, 71(4), 2015
  • With N. Wang and J. Yang, “Valuing Private Equity,” Review of Financial Studies, 27(7), 2014
  • With A. Ang, “Investing in Private Equity,” Alternative Investment Analyst Review, 2(1), 2013
  • With J. Lerner and P. Strömberg, “Private Equity and Investment in Innovation: Evidence from Patents,” Journal of Applied Corporate Finance, 25(2), 2013
  • With S. Kaplan and M. Klebanov, “Which CEO Characteristics and Abilities Matter?” Journal of Finance, 67(3), 2012
  • With A. Ang, “Risk, Returns, and Optimal Holdings of Private Equity: A Survey of Existing Approaches,” Quarterly Journal of Finance, 2(3), 2012
  • With J. Lerner and P. Strömberg, “Private Equity and Long-Run Investment: The Case of Innovation,” Journal of Finance, 66(2), 2011
  • With N. Polson, “A Simulation-based Approach to Stochastic Dynamic Programming,” Applied Stochastic Models in Business and Industry, 27, 2011
  • With A. Korteweg, “Risk and Return Characteristics of Venture Capital-Backed Entrepreneurial Companies,” Review of Financial Studies, 23(10), 2010
  • With J. Lerner and P. Strömberg, “What Drives Private Equity Activity and Success Globally?”, The Global Economic Impact of Private Equity Report, 2, 2009
  • "How Smart is Smart Money: A Two-Sided Matching Model of Venture Capital,” Journal of Finance, 62, 2007