Research faculty

Pehr-Johan Norbäck

Associate Professor/Senior Research Fellow

Research interests: Entrepreneurship, industrial economics, international trade and investment and venture capital

Among the questions that Pehr-Johan Norbäck tries to answer with his research:

  • How do entrepreneurs, venture capitalists and established companies interact in the innovation process?
  • How do takeovers by private equity firms affect the restructuring of businesses? What are the effects on target firms, rivals and consumers?
  • How do cross-border mergers influence the restructuring of an industry? Do the effects vary with the investor’s home country?


New research

Private Equity Buyouts: Anti- or Pro-Competitive? Pehr-Johan Norbäck, Lars Persson and Joacim Tåg

Pehr-Johan Norbäck does research in three main areas: (i) Mergers and acquisitions on international concentrated markets, (ii) Testing the theory of international trade and investments and (iii) Entrepreneurship and the product market.


Threatening to Buy: Private Equity Buyouts and Antitrust Policy.” (with Lars Persson and Joacim Tåg), Economics Letters 164: 31–34, 2018.

Cross-Border Acquisitions and Restructuring: Multinational Enterprises versus Private Equity-Firms” (with Baziki, Selva B., Lars Persson and Joacim Tåg), European Economic Review 94:166–184, 2017.

Does the Debt Tax Shield Distort Ownership Efficiency?” (with Lars Persson and Joacim Tåg), International Review of Economics and Finance, forthcoming.

 Foreign Direct Investment, Source Country Heterogeneity and Management Practices” (with Rickard Hammarberg and Fredrik Heyman), forthcoming, Economica.

  “Who Creates Jobs and Who Creates Productivity? Small versus Large versus Young versus Old” (with Fredrik Heyman and Lars Persson), Economics Letters, forthcoming.

Cross-Border Mergers & Acquisitions with Financially Constrained Owners” (with Aron Berg, and Lars Persson), Review of World Economics, forthcoming.

"Why Entrepreneurs Choose Risky R&D Projects ‒ But Still Not Risky Enough” (with Erika Färnstrand Damsgaard, Per Hjertstrand, Lars Persson and Helder Vasconcelos), forthcoming Economic Journal.

”Creative Destruction and Productive Preemptive Acquisitions” (with Lars Persson and Roger Svensson), Journal of Business Venturing, Vol. 31, Issue 3, May, 2016: 326-343‒12.

"Aggregation Issues of FDI Estimation in an Interdependent World" (with  Helen Naughton and  Ayca Tekun-Koru), World Economy, forthcoming..

"Heterogeneous Firms, Globalisation and the Distance Puzzle" (with Mario Larch, Steffen Sirries and and Dieter Urban), World Economy, forthcoming.

"Multinational Firms and Plant Divestiture" (with Ayca tekun-Koru and Andreas Waldkirch), Review of International Economics, 23(5), pages 811-845, 2015.

"Acquisitions, Innovation and Entry in Oligopolistic Network Industries" (with Lars Persson and Joacim Tåg), International Journal of Industrial Organization Volume 37,, November 2014, Pages 1–12.

"Entrepreneurship Policy and Globalization (with Lars Persson) Journal of Development Economics, Volume 110 September 2014, Pages 22–38.

"Entrepreneurial Innovations and Taxation" (with Andreas Haufler and Lars Persson), Journal of Public Economics,Volume 113,  May 2014, Pages 13–31.

"Born to be global and the globalization process" (with Lars Persson), World Economy, Volume 37, Issue 5, pages 672-689, May 2014.

"Venture Capitalists and the Patenting of Innovations" (with Simona Fabrizi, Steffen Lippert and Lars Persson), Journal of Industrial Economics, Vol. 61(3): 623-659, 2013.   An earlier Working Paper version can be found here.

"Ex Post Merger Evaluations and Strategic Pre-Merger Investments" (with Richard Friberg and Lars Persson),Journal of Competition Law and Economics, Vol. 8(4): 831-848, 2012.   An erlier Working Paper version can be found here.

"Privatization, Investment and Ownership Efficiency” (with Lars Persson), Oxford Economic Papers, Vol. 64(4): 765-786, 2012.   An earlier Working Paper version can be found here.

"Entrepreneurial Innovations, Competition and Competition Policy" (with Lars Persson). European Economic Review, Vol. 56(3): 488-506, 2012.   An earlier Working Paper version can be found here.

"Should Countries Block Foreign Takeovers of R&D Champions and Promote Greenfield Entry" (with Oliver Bertrand, Katariina Nilsson Hakkala and Lars Persson), Canadian Journal of Economics, 45(3): 1083-1124, 2012.   An earlier Working Paper version can be found here.

"Subsidizing away Exports? A Note on R&D-policy towards Multinational Firms". Journal of Industry, Competition and Trade, 11(1): 25-42, 2011.   An earlier Working Paper version can be found here.

"The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists and Oligopolists" (with Lars Persson). Journal of the European Economics Association, 7(6): 1261-1290, 2009.   An earlier Working Paper version can be found here.

"Cross-Border Acquisitions and Taxes: Efficiency and Tax Revenues" (with Lars Persson and Jonas Vlachos). Canadian Journal of Economics, 42(4): 1473-1500, Nov 2009.   An earlier WP version can be found here.

"The Effect of Tax Treaties on Multinational Firms: New Evidence from Microdata" (with Ronald B. Davies and Ayça Tekin-Koru), The World Economy, 32(1): 77-110, 2009.   An earlier WP version can be found here.

"Cross-Border Mergers & Acquisitions Policy in Service Markets" (with Lars Persson). Journal of Industry, Competition and Trade, 8(3): 269-293, 2008.   An earlier WP version can be found here.

"Asymmetric Effects of Corruption on FDI: Evidence from Swedish Multinational Firms" (with Katariina Hakkala and Helena Svaleryd). Review of Economics and Statistics, 90(4): 627-642, Nov 2008.   An earlier WP version can be found here.

"Efficiency and Ownership Structure – The Case of Poland" (with Karl-Markus Modén and Lars Persson). World Economy, 31(3): 437-460, 2008.   An earlier WP version can be found here.

"Globalization and Profitability of Cross-border Mergers & Acquisitions" (with Lars Persson). Economic Theory, 35(2): 241-266, 2008.  

"Investment Liberalization - Why a Restrictive Cross-Border Merger Policy Can Be Counterproductive" (with Lars Persson).  Journal of International Economics, 72(2): 366-380, 2007.   An earlier WP version can be found here.

"Endogenous Asset Ownership Structures in Deregulated Markets" (with Lars Persson). European Economic Review, 50(7): 1729-1752, 2006.   An earlier WP version can be found here.

"Multinational Enterprises and Wage Costs: Vertical FDI Revisited" (with Henrik Braconier and Dieter Urban). Journal of International Economics, 67(2): 446-470, 2005.   An earlier WP version can be found here.

"Privatization Policy in an International Oligopoly" (with Lars Persson). Economica, 72(288): 635-653, 2005.   An earlier WP version can be found here.  

”Privatization and Foreign Competition” (with Lars Persson). Journal of International Economics, 62(2): 409-416, 2004.   An earlier WP version can be found here.

"Reconciling the Evidence of the Knowledge Capital Model" (with Henrik Braconier and Dieter Urban), Review of International Economics, 13(4): 770-786, 2005.   An earlier WP version can be found here.

"Multinational Firms, Technology and Location", Journal of International Economics, 54(2): 449-469, 2001. An earlier WP can be found here.

"Cumulative Effects of Labor Market Distortions in a Developing Country", Journal of Development Economics, 65(1): 135-152, 2001. An earlier WP can be found here.

"Multinational Firms, Technology and Location", Doctoral Thesis, Department of Economics, Stockholm University, 1998.


Pehr-Johan Norbäck


Ph: +46 8 665 4522
Mob: +46 73 574 3379


Pehr-Johan Norbäck is a IFN Senior Research Fellow. He received his doctorate at the University of Stockholm in 1998. His thesis was about multinational companies and how companies that are research intensive choose between placing production at home or abroad. Today, in addition to research at IFN, Pehr-Johan Norbäck is a guest lecturer at Stockholm University. He also teaches at the Swedish Program at Stockholm School of Economics.

Leading Research Environment

IFN at the top


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The Research Institute of Industrial Economics, IFN, is a private and independent foundation devoted to pursuing highly relevant research for trade and industry.

The researchers at IFN are united in their belief that economic methods offer a powerful tool for understanding society.

The main research programs are:

  1. economics of entrepreneurship
  2. globalization and corporate restructuring
  3. economics of the service sector
  4. economics of the electricity markets
  5. economics of institutions and culture.

Global Award

Research on entrepreneurship




The Global Award for Entrepreneurship Research is the foremost global award for research on entrepreneurship.This Prize is awarded annually with a prize sum of EUR 100,000.

IFN in cooperation with Entreprenörskapsforum and Vinnova are the principals of the award, in cooperation with the donor, Stockholms Köpmansklubb.

Hernando de Soto, President of the Institute for Liberty and Democracy (ILD), in Lima, Peru, is the winner of the Global Award for Entrepreneurship Research 2017. He will receive the award at a ceremony on May 15, 2016, in Stockholm.

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