Morteza Aghajanzadeh

Morteza Aghajanzadeh

PhD Candidate in Finance

Swedish House of Finance, Stockholm School of Economics

Morteza Aghajanzadeh

I am a Ph.D. candidate in the Department of Finance at the Swedish House of Finance, Stockholm School of Economics. My research studies how venture capital networks shape innovation, market entry, and competition, combining theoretical modeling with structural and empirical analysis. In particular, my work examines how the structure of venture capital syndication networks and investment decisions influences entry, competition, and the allocation of innovative activity across markets.

Download my CV (PDF).

Interests
  • Venture Capital, Entrepreneurship, and Innovation
  • Industrial Organization and Market Competition
  • Corporate Finance

Research

Working Papers and ongoing projects

Last updated on Jun 12, 2026 Research
The Two Faces of VC Networks: Performance Premiums and Entry Deterrence
The Two Faces of VC Networks: Performance Premiums and Entry Deterrence

This paper develops a dynamic model of venture capital networks to study how financial intermediation shapes startup performance and market entry. It highlights three key mechanisms: assortative matching, value-added support, and entry deterrence through coordinated behavior—showing how networks can both improve efficiency and restrict competition. The model provides testable predictions on matching, funding, and market concentration, and serves as a foundation for future structural estimation.

Slides
Last updated on Apr 9, 2026 Research
Reallocation Cost of Carbon Policies
Reallocation Cost of Carbon Policies

This paper examines the effects of carbon policies on capital reallocation and emission reductions in the economy, using a model that captures the interactions between green and brown capital, productivity, and emissions. The model is estimated using data from the Swedish manufacturing sector between 1990 and 2015.

Last updated on Jun 12, 2026 Research
Connected Stocks via Business Groups

Using daily ownership data from Iran, we show that both direct and indirect common ownership increase stock-return comovement, with business-group affiliation playing the dominant role. The results point to coordinated trading patterns within groups as a key mechanism.

Last updated on Jun 12, 2026 Research
VC Network Efficiency and Startup Entry Dynamics

Work in progress. Investigating the efficiency of venture capital networks in startup funding and performance — the empirical companion to the job market paper.

References

Available on request; letters through the SSE placement office.

Alexander Ljungqvist
Professor, Stefan Persson Family Chair in Entrepreneurial Finance and Private Equity · Stockholm School of Economics
Alexander.Ljungqvist@hhs.se
Per Strömberg
Centennial Professor of Finance and Private Equity · Stockholm School of Economics
Per.Stromberg@hhs.se