SSE Today, #1-2012 - Handelshögskolan i Stockholm

SSE
Today
The Alumni Magazine
from THE Stockholm
School of Economics
1– 2012
INDUSTRY
ROCKS!
They’ll tell you why
RESEARCH:
SWEDES MORE
RISK ADVERSE
Cause and effect
FINANCIAL CRISES
Homecoming
CONTACTS FOR LIFE
1-2007 sse today 1

contents 1-2012
We could not have
done it without you
Dear alumni and friends of SSE,
p.8 p.14
In just a few years, SSE has undertaken what is probably the
biggest transformation in its proud 103-year history. Never
before has the school been home to such a large body of students of
so many different ages and nationalities. As a result, our master programs
are conducted solely in English and the school offers courses
in Swedish as a foreign language. Surveys show that our international
students express an interest in learning Swedish, not just
to feel more at home during their studies, but because they plan to
work and settle in the country after graduation. When queried upon
applying to SSE, 54 percent stated they were prepared to work in
Sweden after graduation. Later in their studies, 78 percent viewed
this as favorable.
p.20
p.22
Judging from the number of highly qualified applicants to our programs
and the additions of prominent international scholars to our
faculty, SSE’s strategy to secure the school’s position in an internationalized
market for higher education has succeeded. By making
SSE an option for not only the best students in Sweden, but the best
students from around the world, we are actively contributing to the
sort of “brain gain” that a small country in the far corner of Europe
needs.
Update
4 Karl Wennberg analyzes entrepreneurial success and failure.
5 Reconnecting at Homecoming.
6 Inspirational activities enhance Executive MBA.
7 PwC bridges research and business worlds.
18 Staff and students scoop up awards.
20 SSE Supporters
8 TIME FOR DEBATE Students and top executives discuss the shift
away from industrial manufacturing jobs.
14 LIVING THE DREAM Sweden’s Honorary Consul General in New
York reflects on life since SSE.
16 ECONOMIC HISTORY Bankruptcies, economic crime and family
companies are on Hans Sjögren’s research agenda.
23 On the move What are your old classmates up to nowadays
SSE Today is published twice a year by the Stockholm
School of Economics, P.O. Box 6501, SE-113 83
Stockholm. Production: Spoon Publishing AB.
Publisher and responsible under Swedish law: Lars
Bergman, President SSE Editor: Erik Wannelid, Cari Simmons
Executive Editorial Committee at SSE: Mårten Granberg,
Love Centerwall, Joana Padoan. Editorial material and opinions
expressed in SSE Today do not necessarily reflect the views of SSE.
Printed by Elanders tryckeri, Sweden, 2012.
Opinions, comments, advertising, feedback...
Write to us at: ssetoday@hhs.se
In addition, we have created an attractive environment for students
and researchers through the new wing and the Atrium. We have
strengthened SSE’s research and education in core areas, including
four new professorships. SSE was the first business school in
Sweden to implement the Bologna system for higher education
by launching two master programs and two bachelor programs, a
change resulting in the student body rising by 50 percent and the
teaching volume by 25 percent. Other Swedish
business schools and universities are following
in our footsteps, replacing the “civilekonom”
degree and curriculum with the
Bologna system. As always, SSE pioneered
the changes.
Looking back, I think it is safe to say that we
could not have done it without you, dear
alumni and friends of SSE, and the
more than 500 million kronor you
contributed to the Capital Campaign
launched in 2007. The campaign
is now closed and as a symbol of
gratitude, all donors have been
acknowledged and listed on
the artwork located in the
Atrium.
Together with all of our
supporters, we will continue
to accomplish great
things. Thank you for
your support.
Lars Bergman (Class
of ’66)
Professor, President SSE
Samir Soudah
2 sse today 1-2012

update
Max Friberg (left) and Mikael Nyström
Risky Business
Two recent SSE graduates collected a
first-place prize in a risk management
competition arranged by ACE, a global
leader in insurance and reinsurance.
“On 3 September 2010, it was announced
that Carnegie Investment
Bank acquired HQ AB after some turbulent
weeks, during which the bank
was at the verge of bankruptcy.”
That’s the opening sentence in
Max Friberg and Mikael Nyström’s
“Risky Business – a case study on
operational risk in securities trading
M beats U
Students in SSE’s Center for Retailing
bachelor’s program get hands-on
experience through a growing number
of “retail clubs.” There are currently 10
companies participating in the cooperation,
including ICA, Swedish Match,
Procter & Gamble, H&M and Ikea.
Priyana Patel and Johanna Beckman
Persson are the Key Account Managers
(KAMs) for the Ikea club, consisting of
10 students. They’re both in their final
based on the events in Carnegie
2007–2011.” It tells the story of an
investment bank that redeemed itself
after a trading scandal.
The SSE graduates won a 1000
euro prize in a competition sponsored
by ACE and awarded at the Federation
of European Risk Management
Association’s (FERMA) conference in
Not many students get to work with management
before they’ve even graduated
from school, but SSE’s retail clubs are
providing such an opportunity.
year of the three-year retail management
program and have been working
with Ikea since they started in 2009.
“It’s fantastic to be able to work with
real issues and put the theories we’re
learning into practice,” says Beckman
Persson, who shares the KAM responsibility
for the Ikea club with Patel. “Many
of us students have worked on the shop
floor, but this is really top down.”
Ikea Food Services will be
Stockholm in October 2011.
“There have been several interesting
cases in this field in recent years,
which always highlights the need for
risk management,” Friberg says.
For their thesis, Friberg and Nyström
interviewed a dozen Swedish experts,
and corresponded with even more.
“Risky Business presents some
extensive research work on a highly
relevant, recent case,” said the jury,
adding: “The thesis is well written, and
provides a valuable analysis of the
Financial Institutions market in Sweden
… a good read not only for risk
managers, but also other business
implementing the findings of a study
conducted by the students, which
looks into the most lucrative design for
Ikea restaurants. “In Sweden, the Ikea
restaurants are U-shaped, whereas in
the Netherlands, the restaurants are M-
shaped,” says Beckman Persson. “We
identified a more optimum flow in the
Netherlands and have recommended
that this be adopted globally.” Their
findings will be applied in Sweden, the
US, China and Russia, in addition to the
Netherlands.
The students have gained a lot of
insight into how a global company works,
adds Beckman Persson. “Ikea has been
very open with us, sharing information so
operators, well beyond the financial
services arena.”
Both Friberg and Nyström graduated
from SSE in 2011 and are ready
to take on the world. “I just came back
from Africa where I did some volunteer
work,” says Nyström who will continue
his studies at HEC Paris in the fall.
In the long term, both are looking
forward to applying their education in
the real world. “We’ve learned a lot,
also about how to work. But I guess
we’ll just see what the future brings,”
says Friberg.
Sounds almost … risky
Risto Pakarinen
we could really do a thorough analysis.”
Patel believes that Ikea is also pleased
with the cooperation. “They are very
receptive to us and our input,” she says. “I
think they like getting a fresh perspective
on a situation, and being outside the company
allows us to see things differently.”
Both students are extremely
satisfied with the Center for Retailing
and want to pursue a master’s degree
before moving on to retail careers. “You
get leading-edge competence within retail,”
says Patel about the program. “We
recognize the situations we’ve studied
when we are out in the retail world and
can really solve problems.”
CARI simmons
1-2012 sse today 3

update
Samir Soudah
Welcome home!
Informative lectures, a dinner party in the Atrium, and of course an after-party, were
on the agenda when alumni got together at the annual SSE Homecoming on November 16.
SSE Today caught up with a few of the attendees.
Dare to fail
Those who are self-employed rate their
success according to how their peers fare,
reveals award-winning SSE researcher
Karl Wennberg.
Why do some entrepreneurs choose to close down a successful
business while others continue running a less thriving venture
Are Swedes more risk averse than other nationalities These
are some of the issues studied by Karl Wennberg, assistant professor
at SSE’s Department of Management and Organization.
“The reason why some entrepreneurs choose to exit is complex,” says
Wennberg, who believes the decision is based on social rather than
economic factors. “Achieving a certain percentage-point return matters
less than how you are doing financially compared with your peers.”
How entrepreneurs fare financially, compared to friends from
school or neighbors, is a determining factor behind the decision to
continue running one’s own company or closing it down, he adds.
Nonetheless, many entrepreneurs are willing to pay a premium
for the freedom of being their own boss, even if the size of the premium
varies. “In times of economic uncertainty, when people who
are employed risk losing their jobs, more people choose to go on with
their own businesses,” says Wennberg. “When the labor market is
booming; more entrepreneurs close down.”
Wennberg entered the PhD program at SSE in 2004 following
studies in Gothenburg and Copenhagen. In 2009, he defended his
thesis entitled “Entrepreneurial Exit” and his internationally acclaimed
research earned him the SSE Corporate Partners Research
Award 2011, presented at the Corporate Partners Annual Meeting.
Wennberg has started – and closed – his own companies in journalism
and catering. He believes there is nothing wrong with closing
down a company: “Many companies that don’t do well are kept alive
for far too long,” he says. “Entrepreneurs must dare to fail more often.”
The fear of failure among entrepreneurs is detrimental to society,
he argues, since new companies are needed to create tomorrow’s
jobs. An active voice in the public debate, he claims there are too few
ambitious entrepreneurs in Sweden. “The Global Entrepreneurship
Monitor shows that Sweden has favorable conditions for startups,
yet very few high-growth companies are started.”
The reason lies partly in social norms, he says: “Surveys show a
markedly higher aversion toward risk in Sweden compared to other
European countries. We learn not to stand out too much, whereas
being a good team player is highly encouraged.”
There are also legal reasons why Swedes are more risk averse.
“Swedish insolvency legislation is tougher than in other OECD countries,”
says Wennberg. “Those who are indebted are never free, which
means fewer dare to take risks. The labor legislation also makes it
risky to employ people.”
Wennberg finds that, “the payoff from starting your own business
is too low in relation to the perceived risks involved.”
There are, of course, exceptions. Between 20 and 30 percent of all
SSE alumni start their own businesses and Wennberg, who is also
a coach at the SSE Business Lab, says he meets a lot of alumni who
run successful startups and are eager to return to the school to share
their experiences.
This is exemplified by Klarna, the largest single recruiter of new
talent at SSE right now. Klarna, which was founded by three alumni
in 2005, offers online payment solutions. It currently employs over
600 people and is growing rapidly.
An entrepreneur in many ways, Wennberg was trained as a cook
and loves to visit friends and whip up a storm using whatever is
available in the fridge. “An exotic stir fry is always possible,” he says.
“That’s what entrepreneurship is all about – to take what you have
and produce something new and hopefully attractive from it.”
JONAS rehnberg
Networking is key
Kumar Santosh, from Bangalore, India, graduated
with an SSE MBA in 2003. He attended the 2011 Homecoming
event to find out what his classmates are doing,
and meet some of the business gurus in attendance.
“I am interested in finding out where people are
on their individual road maps. We can all be useful to
each other,” says Santosh, who would like to participate
in more alumni events.
Prior to SSE, Santosh studied engineering in Moscow.
Since his MBA studies, he has worked at Cadbury
Schweppes, Philip Morris, Telecom UK, and has for the
past five years worked at IBM in Sweden on assignment
for Ericsson.
Inspired meetings
Viveka Wikström is an organizational consultant in
change processes for Anderssen Bydler, a Stockholm
change consultancy. She graduated in 1984.
“These alumni events always surprise me. There
are always interesting people and inspiring conversations.
I attend three to four events at the school per
year and I am never disappointed,” she says.
“Being a graduate of SSE has given me selfconfidence,
continuity and loads of connections and
friends.”
An instant connection
Rebecca Lucander, a 2010 MSc graduate, is now
heading the AllBright foundation, funded by Swedish
businessman Sven Hagströmer to promote women in
Swedish business.
“SSE has had a great impact on my life and careerwise,
a degree from SSE is a great stepping-stone. It is
fun to be back and meet staff and alumni. Whenever
we meet there is an instant connection between us
all,” says Lucander.
Contacts for life
Lars Gustafson, a
founder of Provestia Asset
Management, graduated
in 1979.
“One of the great things
about SSE is that no one
questions the intellectual
capacity of its graduates,”
he says. “The school has
always had such a great
reputation and it is still like
that. Plus the network the
school engenders is invaluable.
You have contacts for
life. And it is always nice to
be back.”
Ideology brought
him here
“I couldn’t afford not
to come,” says Pontus
Jansson. “The capitalism
that co-caused the recent
Swedish eldercare scandals,
needs to get challenged
by a different type
of capitalism. So does the
current global mismanagement
of the climate.
The kind of business
model for sustainable
profit presented today by
Malin Lindfors Speace
from Ethos International
is therefore indispensable,”
adds the former SSE
BSc student who is currently
studying medicine
at Karolinska Institutet
and sustainability at the
Stockholm Resilience
Centre.
“For me, SSE is about
setting a standard of
excellence in my professional
as well as personal
life.” He quotes SSE president
Lars Bergman’s
dinner speech: “Hotel
California. You can check
out any time you like, but
you can never leave!”
Text & photoS:
Alexander Farnsworth
4 sse today 1-2012 1-2012 sse today 5

update
Astrid Odeberg Glasenapp experienced a pedagogical
experience out of the ordinary. She is seen here with
Program Director Anders Richtnér.
An innovative approach to learning
A circus troupe, a “dragon’s den” and lectures
by successful entrepreneurs – it’s all in a day’s
work for students participating in the MBA
program at the Stockholm School of Economics.
A hands-on approach to learning
about innovation is one reason
for the success of the popular
Business Renewal and Innovation
Management course in the
MBA program at SSE.
The course mainly focuses on
how NGOs, municipalities and
companies successfully innovate
to stay ahead. Students are challenged
to apply what they’ve
learned, either in their own job,
as a consultant to an outside
company, or in a start-up.
Students make a business
opportunity assessment for a
company and conduct innovation
audits for real clients. The
concentration also involves
developing and presenting a
business idea in a ‘Dragon’s
Den,’ where students pitch for
money to real investors.
“Our ambition is to develop
tomorrow’s leaders,” says Anders
Richtnér, assistant professor
and program director for the
course. “The principles of innovation
and entrepreneurship
can be taught best by doing it,”
he adds.
Business Renewal and Innovation
Management has been a
part of the SSE Executive MBA
program since 2006. Since then,
the schedule has become tighter
with more topics covered, says
Richtnér. “The changes are a
result of input from our students
and partner companies,” he adds.
Central to the course is the
mix of academic lectures and
lectures by successful Swedish
and international entrepreneurs
and business leaders who share
some of their struggles and solutions
for staying on top.
Some of the guests in 2011
included industrialist Carl Bennet,
Anne O’Leary, founder of
the restaurant chain O’Leary’s,
Fredrik Strömholm, joint
managing partner of Altor, and
Bodil Eriksson, CEO of Apotek
Hjärtat, a Swedish pharmacy.
Circus Director Kajsa Balkfors
Lind and her innovative circus
company Cirkus Cirkör are
also frequent guests, participating
in lectures and workshops
as part of a new course in art,
design and business and how
these fields can work together to
create innovations.
Astrid Odeberg Glasenapp,
a senior research assistant at
Innventia, completed the MBA
program last year. “At SSE, we
have the time to reflect on and
test ideas – something you can’t
always do in a big company,” she
says. “My employer has made
the transformation from being
a research institute to becoming
an innovation partner for its
customers so it is important to
have a good understanding of
innovation.”
As part of her studies, Odeberg
Glasenapp was involved in
bringing to fruition a Swedish
healthcare start-up. “It was not
the typical pedagogical experience
of sitting in a classroom,”
she says. “We were forced to
think creatively and brainstorm
about how to create a business
opportunity.”
Alexander Farnsworth & Cari Simmons
Alexander Farnsworth
PwC deepens research
commitment
Since 2007, Dagens Industri, SSE and
utbildning.se have awarded an Executive
MBA scholarship worth 395,000
kronor. The winner of the 2011 scholarship
was Anna Bäck, managing director
of Oceans Observations, a Stockholmbased
agency that “helps brands
all over the world create meaningful
interactions on multiple platforms.”
“Anna Bäck is experienced and has
an entrepreneurial personality, which
she puts to use in an industry with an
exciting future. Her business drive and
ambition to understand the world are
in line with SSE’s MBA program,” said
the jury.
Studying for an MBA was something
Last fall, the board of the SSE Institute
for Research (SIR) elected Henrik Steinbrecher,
senior partner at PricewaterhouseCoopers
(PwC) in Stockholm as
the Institute’s new lay auditor, to bridge
the research and business worlds.
“It’s a great honor and also a fantastic
opportunity for us to continue our
excellent partnership and dialogue,”
says Steinbrecher.
“We have a long and important
relationship with SSE through the
great students that it produces. The
relationship has also taken us closer
to relevant research in finance and accounting,
as well as providing a broader
perspective,” he adds.
PwC Sweden and the SSE Institute
for Research also publish a series of
booklets in Swedish together. “Forskning
i fickformat” (Research in brief)
presents the Institute’s current research
in an accessible format to reach a
wider audience. The booklets are
distributed to decision makers in the
Swedish business world.
“Every other year we organize a
researcher’s workshop where we get
together and engage in deeper conversation
on a variety of topics,” says
Steinbrecher, who adds that further
cooperation is desirable.
“Having this presence on the board
is productive. The world isn’t getting
any less complicated and the academic
relationships and insights which SSE
brings are important for managing a
complex world.”
ERIK wannelid
Making a difference
that Bäck had been thinking about for
a while and SSE was at the top of her
very short list.
“I considered a few top schools
in the world, like INSEAD, and SSE is
the top one in our region,” says Bäck
who has an MSc degree in industrial
economics from the University of
Linköping.
She hopes to get the most out of
the MBA program which started in January.
“I have very high expectations for
the education itself, the teachers, the
material, and the school’s resources,
but just as much for the other participants
in the program,” she says.
“I hope the program offers inspiration,
Private investment
rises in Russia
The future growth of private equity lies
outside the US and Western Europe, according
to SSE Professor Per Strömberg.
Moscow was the stage for a seminar
on private equity investing held in
November 2011 by Per Strömberg.
The SSE Centennial Chair in Finance,
Private Equity, presented the results of
his research into the Russian market.
“Significant growth in the quantity of
private investment funds has been registered
lately in Russia, India and China,”
said Strömberg, highlighting data from
the Emerging Markets Private Equity
Association showing that emerging markets
accounted for about 26 percent of
global private investments in 2009, up
from 7 percent five years earlier.
Having local partners and networks
will be a key ingredient for success,
and the “old Western kings of private
equity will gradually be replaced,”
Strömberg said, although a strong institutional
environment will remain crucial
for private equity success.
Cari Simmons
knowledge, and a good network.”
The scholarship is worth a lot of
money, and Bäck admits that she probably
wouldn’t have paid that out of her
own pocket. “A bigger company might
have been able to do that for me, but
I work for a small company which
simply can’t afford it,” she says.
At the same time, money isn’t the
only investment that a person has to
make to earn an MBA. “I have to put
in a lot of time and effort,” Bäck says.
“It was really important to me that the
school was SSE. I know that I will get a
high-quality education.”
Risto Pakarinen
6 sse today 1-2012 1-2012 sse today 7

J
Every year, SSE compiles the SSE
Employer Image Barometer to gauge
student sentiment toward future employers
and sectors. The survey, produced for SSE’s
Corporate Partners, indicates a clear trend:
Companies in the industrial manufacturing
sector have a harder time attracting SSE
graduates.
When last year’s graduates were asked
to rank their interest in 11 different sectors,
manufacturing came in seventh place, after
the consulting, finance, banking, insurance
and marketing sectors.
Weighing
the industrial
advantage
Why do SSE graduates tend to favor financial and
consulting firms over industrial manufacturing
companies when embarking on a career SSE Today
brought together three top executives and three
students for a discussion about future job prospects
and opportunities in industry.
J
CAROLINA JOHANSSON: I have to ask
the students – what makes consulting so
attractive
FREJ ANDREASSEN: I look at a first job
as part of the learning process, so it’s important
that I learn as much as possible. We get
a lot of exposure to consultancies and banks,
and they offer very structured programs for
new graduates. I believe that experience
gained from working within banking or
consulting for a few years can benefit a future
management career at an industrial company.
PHILIPPA AINSLEY: It’s hard to know
exactly what industry or company to work
for when you graduate, and it may take the
first and second job to figure that out. Consultancy
is attractive because it’s flexible
and it offers a way to learn more and to gain
exposure to different industries.
CECILIA SONNE: I have always been interested
in working in industry and applied
to industrial companies for my internship
in second year, but the process disappointed
me. Coming from SSE, I’m used to getting
a lot of feedback and encouragement, but I
didn’t get much of that in the internship
application process and it was frustrating.
We have of course also seen huge growth
in the finance and consulting markets
over the past fifteen years so there has
been a large recruitment need. At the
same time, what is industry doing to
increase its attractiveness
OLOF PERSSON: When I was a student,
in the mid 1980s, ABB was the place where
everyone wanted to work. Now we have had
a period of extreme focus on the financial
markets. Volvo needs to convey that we offer
flexibility, foreign assignments and exposure
to different projects. We need to be better at
communicating the opportunities that are
available.
MICHAEL G:SON LÖW: There are many
misconceptions and misunderstandings
about what industry can offer today’s
students and that must change. Students
today believe that it takes a very long time
to advance in an industrial company and
that it’s very hierarchal. But industry today
has a big portion of its workforce close to
retirement age, and that means there will be
a lot of fast-track career opportunities and
management positions available for ambitious
young people.
Sandvik’s President and CEO Olof Faxander
debates the pros and cons between consultancy
work and jobs in industry.
OLOF FAXANDER: Yes, a large group
of people in the executive teams of public
companies are retiring over the next five to
10 years, so there are opportunities. But we
are also seeing that students today graduate
later and enter the workforce older than was
the case 30 years ago. It also takes time to
learn management skills. The downside of
consultancy work is that you don’t gain the
skills needed for management positions in a
big company. You get to use your analytical
and academic skills, but in order to become
a successful manager you need to work close
to production and learn how to manage people.
You have to acquire the skills to create energy
and enthusiasm in a broader group of people
and it takes time. It’s a big challenge for
Sandvik to find these kinds of leaders.
It seems that graduates today feel that
an industrial company will narrow
their options, yet you speak about offering
flexibility within industrial companies.
Can you provide examples of this
“It’s hard to know exactly
what industry
or company to work
for when you graduate,
and it may take the
first and second job to
figure that out.”
PHILIPPA AINSLEY
OLOF PERSSON: Many business and
economic students seem to believe that their
options in a major industrial company are
fairly limited to being a controller or working
in internal finance, and if that is the
case, we need to address it because it is not
true. I have worked in corporate research,
sales, strategy and general management.
Our companies offer all the experience that
the consulting firms can give you, but in a
different context.
8 sse today 1-2012 1-2012 sse today 9

Being a part of the whole process,
from idea to finished product, is
a rewarding experience which
Volvo’s Olof Persson encourages
others to try.
“We have to become
better at telling our
story about what
we do.”
MICHAEL G:SON LÖW
Preem’s President and CEO, Michael
G:son Löw wants to clear up some of
the misconceptions about industry jobs.
MICHAEL G:SON LÖW: And if you want
to be a part of shaping society you can do
that in industry. Industrial companies offer
a chance to participate in developing new
products and services, reducing environmental
impact and building a better world.
Exports generate more than 50 percent of
our GDP, so it’s an incredibly important part
of the economy. We need to talk more about
that.
SSE students Frej Andreassen
and Cecilia Sonne welcome more
structured internship programs
from industrial manufacturers.
There seems to be an image problem between
student’s perceptions and reality.
Is that the real problem here
OLOF FAXANDER: Well, I believe that
Sandvik conjures up an image of being old
fashioned in a way that perhaps puts off
students. We have to improve our communication
and be better at explaining the
opportunities we offer.
MICHAEL G:SON LÖW: I agree, but it’s
also true that we probably can’t compete
in the short-term when it comes to certain
benefits. Therefore, we need to talk about
the other advantages we offer. I have worked
abroad, in the US, Asia and Europe for 15
years, and that gave me great exposure and
opportunities. We have to become better at
telling our story about what we do. Leading
and building companies, bringing products to
market – this is exciting and inspiring work.
CECILIA SONNE: One thing that the
banks and consultancies are very good at
is offering very structured internships or
part-time assignments, which is a big bonus
given that students are so career-driven.
OLOF PERSSON: But if you go to any
large multinational company, of course we
have trainee programs and internships and
all that stuff you are looking for. What I hear
is that we have to get better at communicating
that.
Philippa, you come from the US, is the
trend similar there
PHILIPPA AINSLEY: I can only speak
for myself, but I still think that consultancy
is attractive because it comes down to flexibility.
As a new graduate, you don’t want to
narrow your options early on. When a traditional
industrial multinational company
says ‘we are flexible’ it takes faith to believe
it. When a younger consultancy say the
same thing, everyone believes them.
Is that true
OLOF PERSSON: I don’t think that is a
fair comparison – but again – we have to
become better at telling the outside world
what it means to be working in a company
like Volvo. In terms of the number of people
you have to interact with there is obviously
a difference between working in a 115,000
plus multinational and a 50 employee
consultancy firm. Multinationals are more
complex systems. To me, the truly rewarding
thing with a company as big as Volvo is that
you have a chance to see the full picture, and
be a part of the whole process, from idea to
finished product.
FREJ ANDREASSEN: When you talk
about big companies being like systems it
sounds pretty frightening. It’s much easier
to relate to a well-defined six week, or sixmonth
project, than to a system. But, once
you figure out why you have these systems
and start facing the issue of how to structure
the work of thousands of employees, or how
to develop a new product, it begins to sound
really cool.
OLOF PERSSON: And the systems are
becoming more democratized. For us at
Volvo, diversity is very important, and being
truly global we can continuously bring in
people with different backgrounds to get
more dynamic.
OLOF FAXANDER: It is obvious that the
perception of industrial companies doesn’t
tell the whole truth. Some of these traditional
structures may be perceived as rigid,
but the world is changing faster and faster
and we wouldn’t have survived if we had not
changed with it.
In the wake of the financial crisis, the
financial sector has come under media
scrutiny, and the news isn’t always good.
We have the Occupy Wall Street movement
and talk of a new kind of capitalism
emerging. Social responsibility is
What comes to mind when you think about an industrial company
Would you consider a career in manufacturing
Three students provide thoughtful answers to these questions.
Nick Larsson
Age: 21
BSc
I think of industrial
companies as large,
hierarchical
organizations with
a deeply rooted
culture of tradition. Historically, these
companies have played a central
role in Sweden’s economy and not
least our exports, but considering the
competition from low-cost countries
they must continuously streamline their
operations in order to consolidate their
position in the market.
I would not exclude manufacturing as
an option but it is not my first choice
as a profession mainly because I want
to start my own business. Also, I do
not possess any core competence in
the area and would therefore prefer
other industries where I feel that I can
contribute more.
Valentina
Pozzobon
Age: 23
MSc
Although nowadays
our attention has
shifted almost
exclusively to the
service industry, I think that we should
reconsider the position of manufacturing
and its contribution to society
through the products they provide.
Manufacturing companies are complex
entities to run, and are only successful
if they are able to coordinate the
whole supply chain, manual labor and
intellectual personnel. No other service
company can compare in terms of
complexity.
I would consider a career in
manufacturing, although I admit that
for business students, careers in manufacturing
industries might not be the
most attractive, since the salary is not
comparable to the heavily promoted
jobs in consulting and financial service
companies. I would advise industrial
companies to recruit based on their
employment branding not only on their
corporate culture, but also making their
industry attractive and unique in the
eyes of graduates.
Richard Perbeck
Age: 24
MSc
When I think of
an industrial
company I think
of a company that
to a large extent
uses raw material
or components as input. I would say
that their operations are generally quite
production focused.
I would probably not consider a career
in manufacturing and I will expand
upon why: If I were to join a tier-one
consulting firm or a bank in London, I
would have a clear view of my working
tasks and what type of skills I would acquire;
the type of projects I would have
the opportunity to work on; and my
salary, both now, but more importantly,
in the future. No industrial company has
successfully communicated that information
to me. When I think of industrial
companies as potential employers I
believe that I would not know what to
expect going forward, and I do not like
that uncertainty.
10 sse today 1-2012 1-2012 sse today 11

Prenumerera på
Forskning i Fickformat
– forskning om ekonomi för alla !
I Forskning i Fickformat presenteras
aktuella doktorsavhandlingar på ett
lätt illgängligt och intresseväckande sätt.
...
Work flexibility is an attractive option
for many young people, including SSE
student Philippa Ainsley.
» Den akademiska forskningen är viktig för företag,
men ofta svårtillgänglig. Forskning i Fickformat
är en utmärkt väg till nya insikter.«
Louise Hedberg, Head of Corporate
Governance, East Capital AB
...
gaining in importance. Do you believe
this will lessen the desire to work in the
financial sector
FREJ ANDREASSEN: No, I don’t think so.
The recruitment need will shrink, but that
will only increase competition for the spots
available, and SSE students like competition.
And, you can still make a lot of money
in that sector so there is a big incentive.
However, I don’t think that SSE students
have a bad perception of working at an
industrial company – it’s just not their first
choice.
OLOF PERSSON: Volvo and Sandvik offer
competitive environments too. There are big
projects, decisions, deadlines and competition.
We are not talking about static systems
here.
How is the recruitment potential in the
industrial sector
MICHAEL G:SON LÖW: There is a huge
need. The large retirement wave means
there will be great opportunities for students
from SSE, not only in accounting and
finance but in areas such as sales, marketing,
business development and production.
The added emphasis on social responsibility
and environmental impact also provides
openings for innovative new thinkers. We
should be proud of our industry and talk
more about how important it is. I mean, how
interesting is it to just buy and sell companies
The challenge lies in founding, expanding
and developing industrial companies.
What could be done to get graduates
more interested in industry What
would get you more interested Frej
FREJ ANDREASSEN: I guess all kinds
of structured trainee programs are appreciated,
but they need to be presented in a good
way. Ericsson advertises quite a lot to recruit
to their internal management consulting
teams and that is fairly popular.
PHILIPPA AINSLEY: There are small,
concrete things too. For instance, consultancies
have deadlines in December for their
summer internships while it is much later
for the industry jobs. It creates the sense
that you go to industry only if you didn’t get
anything else. A person may be considering
a trainee position in industry but once an
offer is made elsewhere, it’s hard to say no.
OLOF FAXANDER: It feels like Sandvik
should offer a summer internship for someone
to look over our recruitment process and
then tell us how to become a more attractive
employer!
Text: Carolina Johansson
Photos: Samir Soudah
Around the table
The participants in this discussion were: Olof
Faxander, President and CEO of Sandvik, Michael
G:son Löw, President and CEO of Preem, and
Olof Persson, President and CEO of Volvo. The
student participants were Philippa Ainsley, MSc
program in General Management, Frej Andreassen,
MSc program in Business and Economics,
and Cecilia Sonne, BSc program in Business and
Economics. Business writer Carolina Johansson
was the moderator.
» För mig har Forskning i Fickformat inneburit
en efterlängtad inblick i den ekono miska
forskningen, på en lagom sammanfattad
nivå och i en inspirerande förpackning.«
Anders Billing, editionschef, Fokus
...
För mer information, maila till publications@hhs.se. Teckna
prenumeration och beställ skrifter på www.fickformat.se
Forskning i Fickformat är en vetenskaplig skriftserie som ges ut av Stiftelsen Stockholm School of Economics
Institute for Research i samarbete med PwC. Den utkommer sedan 2008 med fyra skrifter om året.
Prenumer ationserbjudande
Teckna en 3-årsprenu meration
nu (12 skrifter) för 1200 kr och
få 4 valfria av de redan utgivna på
köpet* (ord. pris 210 kr/bok).
*Så långt lagret räcker
12 sse today 1-2012 1-2012 sse today 13

world beaters
Martin Adolfsson
Putting Sweden on
the American map
In 2009, after a long and successful career in
international business, David Dangoor was asked
to do something for nothing…
Convincing David Dangoor (Class of ’73) to
accept the unpaid position of Honorary
Consul General in New York was like
stealing candy from a baby. In 2009, as part
of a broader cost-savings effort, the Swedish
government had decided to close most of its
consulates in the US, and when Dangoor got
the call, there was no heir apparent.
“I was downright honored,” he says with a
broad smile. “And I have enough of an ego to
have been flattered by the offer!”
But vanity was not the sole motivator.
Dangoor, 61, who arrived in Sweden, as a
baby, when his parents fled Iran, felt that
the position presented him with an opportunity
to give something back to the country
that had given him and his family so much.
“I always felt lucky,” he says. “I grew up in
the golden era, when Sweden, as a socialistic
liberal country, was a model for the world. I
felt like I was living in Utopia.”
And attending the Stockholm School of
Economics, where he double majored in
finance and marketing, only deepened his
sense of privilege and awe. “Getting into
SSE was the best thing that ever happened
to me,” he says. “I had very high expectations
and I was amazed at how SSE exceeded
all of them. It gave me tremendous insight
into business, and into the development
of societies, something that increased my
appetite to see the world. I always felt that
what I was taught at SSE could be applied
anywhere in the world, and whatever goal I
set would be within my reach.”
Making a fortune down the road may not
have been a top priority back then, but it
doesn’t take a degree in finance to appreciate
how tremendously successful Dangoor
has been in the world of international
business. His career started at AGA, the
multinational industrial gas company, and it
would take him to Lausanne, London, Berlin
and Canada before landing him in the US,
where he has lived since 1987 with his wife,
Ide, an attorney, and their four children.
“He is one of the most successful Swedish
businessmen in the USA today,” said Olle
Westberg, the former Consul General, upon
learning of Dangoor’s appointment.
The Consulate today is a rather small operation
with only five employees. Two of them
work full time on consular issues, passports
mostly, and the other three share with
Dangoor, the task of promoting Swedish art,
culture and business as well as they can on
a meager budget. Gone are the days when
every Swedish artist or entrepreneur visiting
the city could count on the Consul General
to throw a cocktail party at the famous
residence on Park Avenue. But Dangoor is
not one to complain. He loves the job.
“Looking back, I have lived my dream,” he
says, having spent most of his career at Philip
Morris, where he landed a trainee position
at the age of 26. “I was quite happy working
at AGA, and when I got an interview with
Philip Morris in Lausanne, Switzerland, I
never thought I would get the job.”
But he did, and it turned out to be a
match made in heaven. “They just blew me
away,” he says of the company and its vision.
Before long, Dangoor was heading up the
company’s newly acquired soda brand, 7 UP,
and moving to London.
Dangoor remained at Philip Morris for 27
years, holding several senior executive positions.
His last job involved breaking up the
corporate structure, selling off one of their
biggest brands, Kraft, and splitting the rest
of the business into two separate entities:
Philip Morris International, now based in
Switzerland, and the US operations, under
the trade name Altria.
Philip Morris enjoyed tremendous growth
under Dangoor’s tenure. But what pleased
him just as much was the way the company
fostered a sense of community and responsibility
within the corporation and encouraged
its leadership to be engaged citizens and to
give back to the public.
It was in that very spirit that Dangoor,
with fellow SSE alumnus and classmate,
Jan Mårdh, founded the New York alumni
association, American Friends of SSE, an
organization which now enjoys full not-forprofit
status in the US, a necessary designation
for fundraising.
The thought of retiring at an age when most
successful Americans do, is not even on
the horizon. On the contrary, Dangoor is
busier then ever, running his own consulting
company, Innoventive Partners LLC, that
provides strategic planning, marketing and
PR, located just two floors beneath the new
consulate. He is also chairman of BioGaia
AB, a publicly listed Swedish biotech
company, a member of the board of Lifetime
Brands, a large American company that
develops and markets household goods, and
on the board of ICP Solar Technologies, a
public company that makes solar cell-based
products.
And in what would otherwise make up
his spare time, he serves on the boards of
his daughters’ private school, the Swedish
American Chamber of Commerce, and the
New York City Ballet, where he finds funding
for new works, like the recently staged
Ocean’s Kingdom, a ballet with music by Sir
Paul McCartney.
David Dangoor
Eva Nyqvist
Age: 61
Home: New York
Nationality: Swedish citizen born to an
Austrian mother and an Iraqi father
living in Iran
Education: SSE graduate, 1973
Career: AGA, Philip Morris/Altria
Group, Innoventive Partners LLC,
BioGaia AB, Honorary Consul General
On the night stand: Anders Wall –
entreprenör och mecenat by Carl Otto
Werkelid
Interests: History and politics
Role model: My father, a man of endless
curiosity
1-2012 sse today 15

Anna Tribbler
“Large multinational family-owned firms
provide long-term and active ownership
and have a high staying power.”
Future
consequences
“History does not repeat itself, but it often rhymes,” as the saying goes. Therefore,
history can provide valuable clues to what lies ahead. Hans Sjögren, director of the
SSE Institute of Economic and Business History Research, reflects upon economic
history and societal change.
The financial crisis of 2008 started in
the banking sector, transformed into a
country debt crisis and bloomed into a political
crisis. Looking back, many have asked:
“Could we have known this was coming,
could we have prevented it”
Economic historian Hans Sjögren, whose
body of research includes a study over all of
the banking crises in the Nordic region since
the 1800s, gives a cautious “yes” in response
to those questions.
“We noticed the imbalances early on,”
he says. “Economic historians possess a
memory bank and while we can’t use history
to foresee the future, we can use it to present
possible scenarios and consequences.”
His own research shows, for example, that
not every recession has caused a financial
crisis. But all financial crises have been
preceded by an institutional clash, due to
a re-regulation during a boom. An institutional
clash between new and old rules is a
requisite for financial crisis, but there also
has to be a substantial shift of the business
cycle.
Banking crises are driven by a less effective
interplay between institutional reforms and
organizational behavior. And every crisis
could be linked to a process of deregulation.
“Deregulation is often carried out during
strong economic cycles, but the regulatory
bodies seldom take into account the worst
case consequences of the deregulation,”
Sjögren says.
For example, the 2008 financial crisis
wouldn’t have happened if the US had not
decided in 1999 to repeal the Glass-Steagall
Act which was established in1933 after the
depression to separate investment banking
activities from commercial banks and household
funding. When it was removed in 1999,
it also tore down the barrier between investment
banks and commercial banks, paving
the way for a situation where investment
banks could start repackaging mortgage
loans.
Today, regulation rather than deregula-
tion has risen on the political agenda, but it
is a balancing act. Tougher regulation may
help reduce market risk, but too much of it
can hinder growth. So, which way should the
EU go What does history teach us
“It is easy today to invest and move capital
and we need more market regulation and
supervision,” says Sjögren. “But, if existing
markets become too regulated, the capital
flows will find their way to markets that are
less regulated.” Too much regulation will
hamper entrepreneurship and lead to a crisis
for traditional financial intermediaries.
Aside from financial crises, Sjögren, who
received his PhD in 1991, has published on a
wide range of topics, including bankruptcies,
economic crime, corporate governance, family
companies and innovation. He has also
written about family dynasties and their
impact on economic development.
He uses institutional analysis, a method
that studies the formal and informal restrictions
a society or individuals impose in order
to provide a playing ground for interaction.
“Institutional analysis aims to explain and
understand structural and organizational
change, but also innovation processes and
the consequences of regulation and competition
policies,” he says.
Take the financial market as an example.
One could view it as a soccer field. The playing
field is governed by control functions, or
game rules, which correspond to financial
market regulation and national and international
legislation. The teams correspond to
the banks, brokers and insurance companies
while the referee is like a supervisory
regulator.
“I look at how new rules or economic
legislation affect and shape markets and institutions
over time,” says Sjögren. “It comes
down to taking a subject, whether it is an
innovation, entrepreneur, company, or sector,
and seeing how it responds to existing
restrictions and how it seeks to challenge
those restrictions.”
Sjögren is soon coming out with a new book
based on studies of international financial
dynasties, and he has studied Swedish
financial dynasties as well as family-owned
companies. As many as 75 percent of all
Swedish companies are family-owned and
combined, they contribute close to 20 percent
of gross national product. Still, this is an
area that has not been investigated much.
“There is a relatively widespread misconception
that families are important only
when it comes to founding new companies,
but this is not true,” says Sjögren. “Large
multinational family-owned firms are playing
an important role in the economy and
are in many regions, such as Asia and Latin
America, pillars of the economic development.
They provide long-term and active
ownership and have a high staying power.”
One reason for this is that the owners, the
family, are willing to make sacrifices for the
company – for example by abstaining from
dividends in difficult times.
Carolina Johansson
Hans Sjögren
Title: Director of the Institute of Economic and
Business History Research at SSE, adjunct professor
at SSE and professor at Linköping University at the
Department of Management and Engineering
Home: Linköping and Stockholm
Education: Received his PhD from the University
of Uppsala on the dissertation: Bank and industry:
Cross-section Analysis and Longitudinal Studies of the
Relation between Swedish firms and Commercial Banks
within the Bank-orientated Financial System. Also holds
a master of arts from Uppsala and a degree in church
music.
Other experience: Has been a guest professor at
Copenhagen Business School and a visiting fellow at,
among other universities, Harvard, Kagoshima Prefectual
College in Japan and European University Institute
in Florence, Italy.
Samir Soudah
16 sse today 1-2012 1-2012 sse today 17

update
Awards and achievements
It’s raining awards over the Stockholm School of Economics! These are just a few of the
achievements in the fall and spring terms (2011-2012).
The welfare society and investors
SSE students Ludvig Lundsten and Martin Löfqvist received
the prize for best thesis in economics 2011, awarded by Jusek in
cooperation with Affärsvärlden and Swedbank. Their thesis focuses
on the controversial role which investment companies are playing
in the Swedish welfare sector, namely schools.
Grants worth 15
million kronor
The Ragnar Söderberg
Foundation has awarded SSE
with grants worth 15 million
kronor, allocated to the following:
Magnus Johannesson for
“Genoeconomics,” Angelika
Lindstrand for “Biotechnology’s
international life,” Svante
Schriber for “Acquisition
Experienced Business,” and
the CEMS Master’s in International
Management.
Wallander funding
Liv Fries and Martin
Carlsson-Wall at SSE were
awarded two out of ten Wallander
scholarships for their
outstanding dissertations.
These scholarships provide the
opportunity for continued fulltime
research for three years.
Best in HR
Philip Runsten, Annika
Schilling and Andreas Werr
from SSE received the award
for the best HR research in
2011. The prize is awarded by
the Swedish Association of Human
Resources Management
and other sponsors.
Project receives
4.5 million
Kristina Tamm Hallström,
associate professor at the
Department of Management
and Organization (DMO) and
research director at Stockholm
Center for Organizational
Research (Score), received a
4.5 million kronor grant for
her research project: “Hidden
consequences of stakeholder
categorization – studies of the
implementation of management
standards.”
The three-year project is
funded by Riksbankens Jubileumsfond.
Honorable Mention
SSE students Andreas
Gjelstrup Björdal and Erik
Scheller received an honorable
mention for their thesis
in the Ohlin Institute essay
competition. The jury commented:
“The essay addresses
an interesting subject with
persuasive analysis.”
Russia’s Dean is
number one
In November, Dean of SSE Russia,
Anders Liljenberg, was
named the “Best Top Manager
of the Year in the Business
Education Area.” The award
was given by the Business
Petersburg newspaper.
Best marketing book
SSE’s Mikael Hernant has, together with Margareta Boström,
written the book Lönsamhet i butik, which was honored as the
Swedish Marketing Federation’s marketing book of 2011.
Wennberg scoops
up prizes
In November, researcher,
assistant professor and business
coach, Karl Wennberg
was presented with the 2011
Corporate Partners Research
Award for his work on
entrepreneurship. In February
2012, he shared a 50,000
kronor “Young Researcher”
prize awarded by the Swedish
Entrepreneurship Forum.
Read about Wennberg’s
research on page 4.
Social Media
PhD Lena Falkman at SSE’s
Institute for Research (SIR)
has received postdoctoral
funding for two years from
FAS, the Swedish Council for
Working Life and Social Research,
for a research project
combining leadership and
rhetoric in social media.
Handelsbanken
PROJECT grant
Handelsbanken’s research
foundation has awarded a
three-year grant worth 2.5
million kronor to the project
“Lean Practices and Information
Technology: Exploring the
Contradiction.” Researchers
at the Department of Management
and the European
Institute for Japanese Studies
will work on the project.
Most read paper
Ingalill Holmberg and Mats
Tyrstrup’s paper on managerial
leadership was number
one in January 2012 on a list
of the most read papers in
Leadership, the peer-reviewed
Sage journal for European
Leadership Research.
Thoughtful financial
economics
Professor Per Strömberg,
active at SSE and the Institute
for Financial Research, SIFR,
has been named the recipient
of the 2011 Assar Lindbeck
Medal. The prize is awarded
every two years to a young
researcher who has made a
significant contribution to economic
thought and knowledge.
Questioning
theories
In January 2012, Claes
Bohman was awarded FEI’s
Oscar Sillén Award for the
Best Dissertation in Business
Administration in Sweden. His
dissertation, titled: “Attraction
– A New Driver of Learning
and Innovation,” describes and
analyzes how external parties
provide companies with
SSE Research Award 2011
innovative possibilities, ideas
and solutions.
Söderberg
Foundation
Mats Jutterström and
Mikael Samuelsson were
awarded a grant of 1.6 million
kronor from the Torsten
Söderberg Foundation for
their project about entrepreneurship.
INTERNATIONAL
AWARD FROM SSE
Lisa Gärber of the Vienna
University of Economics and
Business is the recipient of
the Gunnar Hedlund Award
2010/2011 for best PhD
thesis. The international award
was launched by SSE and
the European International
Business Academy in 1997
to stimulate PhD candidates
around the world in the field of
international business.
Industrivärden’s President Anders Nyrén received the SSE Research Award in
November 2011 for his support and engagement in research at SSE.
CATCH UP ON
YOUR READING
Powerful
Dichotomies
Author: Ester Barinaga
There’s a
commonly
held belief that
technology
and the information
society
will provide
solutions
for society’s
ills. Powerful Dichotomies, by Ester
Barinaga, challenges such assumptions.
In her book she looks at high-tech
clusters around the world, and tests
her theories on the Kista Science City
outside Stockholm.
Morgondagens industri
Skogsindustrin och
energiomställningen
Author: Mikael Ottosson
In addition to being
the world’s second
largest exporter
of paper, pulp and
timber, the Swedish
forest industry is
Sweden’s largest
single user of
electricity. The industry eventually
became a major producer of biofuels
in a country where biofuels and peat
now account for some 20 percent of
Sweden’s energy consumption. Author
Mikael Ottosson, PhD, reveals how
those outside the industry helped bring
about the change.
Den svenska bussoch
tågtrafiken
Author: Gunnar Alexandersson
It was relatively
easy for Sweden
to deregulate
its train and
bus services.
This publication
describes that
process while
providing an objective look at the lessons
learned. Gunnar Alexandersson,
PhD, is a researcher at SSE and an
advisor at the Association of Swedish
Train Operating Companies. In this
publication, he looks at regulatory
changes and opportunities provided
by the deregulation process.
Authors: Ilinca Benson, Johnny Lind, Ebba Sjögren, Filip Wijkström
and other SSE researchers
Researchers from SIR, the Institute for Research, analyze the challenges for
Swedish industry in a new research anthology called Morgondagens industry, att
sätta spelregler och flytta gränser. The book encourages dialogue on present
developments and offers constructive angles on change processes through current
research.
Vad är LEAN
Author: Niklas Modig and Pär
Åhlström
Niklas Modig and
Pär Åhlström
have launched a
book that covers
everything you need
to know about lean
operations. The
book describes
how “being lean” can contribute to operational
growth and includes research
and examples from Sweden’s top lean
researchers.
18 sse today 1-2012 1-2012 sse today 19

SSE Supporters
You make SSE stronger
Today SSE is much more than a place where
you spend a few years when young in order
to build a career platform. Alumni return to
SSE throughout their working life; to update
their know-how and to network and form new
bonds with colleagues from across the world
and all walks of life. Alumni also volunteer as
student mentors and tap into the latest research
relevant to their profession.
We aspire to build a close and lasting relationship
with you as alumni, because we value
your experience and insights. Like any academic
institution, SSE needs reality to confirm the
relevance of theory. Who is better equipped to
testify to the relevance of SSE than you
As you know, SSE operates on an international
market, in strong competition with other
leading universities and business schools. SSE’s
Carolina Lindholm
Class of ’02
Swedish Ministry of Finance
Why do you think it is important to
support SSE
As a student and a graduate of SSE,
Johan Skugge
Class of ’92
Nordea
Why do you contribute to SSE
SSE provided me with a first-rate
education that has proved valuable
every single day in my work. Since
the school is financed mainly through
private contributions, I wanted to be
a part of that tradition.
How do you contribute
For the past two years, I’ve been donating
a sum every month in the form
of automatic transfers from my bank
account. It’s easy and I prefer monthly
contributions over a single payout.
competitiveness and the value of the SSE
brand rely on your professional accomplishments
as well as the quality and achievements
of tomorrow’s graduates.
To continue to be successful on the international
market for higher education, SSE
launched a Capital Campaign in 2007, which
raised close to 500 million kronor and enabled
a strengthening of the school in several key areas.
On behalf of SSE, allow me to express my
sincere gratitude to all of you who contributed
to the Capital Campaign. Your contributions
are instrumental in securing the quality of SSE
and a confirmation of the important role that
SSE plays in people’s lives.
I have enjoyed so many rewarding
experiences and opportunities. I
was, for example, awarded Female
Economist of the Year in 2009 and
I participated in a global leadership
program in the US. I’ve also had
two internships in Geneva, where I
learned how respected SSE is internationally.
I don’t think I would have
experienced all of this if I had studied
elsewhere.
Why do you contribute financially
I think it’s important to be aware of
the fact that SSE relies on private
contributions. I donated an amount
when I graduated. I am very grateful
and happy to support SSE in order
for the school to be able to give other
students the same kind of opportunities
that I had.
Lars Bergman
Professor, President SSE
Study reveals
potential
Marcus Sandberg, Johan Lundgren and Magnus Burling at Bain & Company.
The involvement of SSE’s alumni is
a key component to strengthening
SSE’s position. In 2011, SSE undertook
an alumni survey, with support
from Bain & Company, to generate
new ideas on how to secure steady
involvement from alumni.
The results of the study indicate
a huge underlying potential for even
more alumni to become involved
with SSE. Johan Lundgren,
Partner at Bain & Company (Class
of ’88) says: “Forty percent of the
alumni showed a positive attitude
towards contributing financially
to SSE and almost 10 percent
already do so. The survey also revealed
that three out of ten alumni
are unaware of the fact that the
school is funded mainly by private
contributions, with only about
20 percent of its funding coming
from the government.”
Marcus Sandberg, Manager
at Bain & Company (Class of
’98) adds: “There is definitely a
large and growing interest among
alumni to stay updated on how
the school is doing and also to learn
about new research through lectures,
seminars and other activities.”
SSE Supporters
Building on the positive response to the Capital
Campaign and the results of an alumni survey,
SSE is launching an annual giving program
named SSE Supporters.
The Capital Campaign involved
many alumni and 40 percent of
those who contributed did so for
the first time. This great support is
manifested in an artwork that has
been placed in SSE’s
new atrium. Inspired
by this commitment
and an alumni survey
conducted by Bain
& Company, SSE
is now launching
an annual giving
program called SSE
Supporters. The
goal is to involve all
of SSE’s alumni and
friends as annual
contributors.
The support from
alumni and friends is
an important part of
securing SSE’s position
as a leading business
school in Europe. It ensures
that SSE can continue to attract
the very best students and researchers
nationally and internationally
by continuously developing its
offer to researchers and students,
enabling a modern, academic environment
and continuous development
of educational content and
teaching methods.
SSE Supporters aims to involve
as many alumni as possible. The
goal is for each alumnus/alumna to
donate at least a sum equal to their
enrollment number in the form of
annual contributions over a flexible
period of time. The overall goal,
however, is that supporters will
contribute much more and on an
annual basis.
Over the span of an entire career,
your SSE diploma is hopefully
worth a lot more than an amount
that equals your enrollment number.
And there is certainly power
in numbers – if all
alumni contributed
a sum equaling their
enrollment number,
the total amount
would be close to 200
million kronor. Every
year’s new group of
graduates alone would
contribute more than
8 million kronor.
As an SSE Supporter
you enjoy
benefits that focus on
building a closer relationship
to the school.
Through exclusive
seminars and events
you will get insights
into the leading research from our
faculty. All SSE Supporters will
also be listed on SSE’s website.
The new program is part of
SSE’s century-old history of private
contributions to research and
education. By becoming an SSE
Supporter you ensure that future
students receive the same kind of
high quality education that you
have benefited from. Together with
all of our supporters, we will continue
to accomplish great things!
Joana Padoan
Executive Director
Corporate and Donor Relations,
SSE
Get your Supporter Lion!
Make a donation!
• Donate online with debit/credit card on
www.hhsonline.se
• Make a bank transfer to the
SSE Supporters bankgiro 5823-1366
• Donate your stock dividend (tax exempt)
If you have any questions regarding SSE Supporters or how
to make a donation you are welcome to contact
Corporate and Donor Relations at +46 8 736 90 70
or email ssesupporters@hhs.se
Carl-Johan Westring
Class of ’99
EF Education First, Russia
Why did you become involved with
SSE
SSE gave me unprecedented academic
and personal growth opportunities.
Apart from my regular studies
at SSE, I was able to study at LSE in
London, Harvard University in Boston
and UCLA Anderson in Los Angeles.
Furthermore, the Student Association
offered a risk-free entrepreneurial environment
to run large-scale projects
as well as a network and friends for
a lifetime. I also met my wife at SSE.
SSE gave me so much, so I feel it’s
payback time – “ask not what SSE
can do for you but what you can do
for SSE.”
What do you think about the new
SSE Supporters Program
All leading universities and business
schools across the world have strong
affiliate programs, so I very much
welcome this launch and sincerely
hope it will create stronger ties
between SSE and alumni.
All alumni whose accumulated donations equal their enrollment number will receive
a special SSE Supporter pin. The pin is a replica of the doorknob on the main
entrance of SSE and will symbolize the support shown SSE and its many talented
students through SSE Supporters. Those SSE Supporters who have reached their
enrollment number will also be displayed on a donor wall located in SSE’s premises.
If the enrollment number exceeds 30,000, alumni have the option of changing
the first digit in their enrollment number to a “2”, making that their target. For those
who do not have an enrollment number, the target will be 23,000 kronor.
Donations made to the previous Hermes campaigns will be credited to SSE
Supporters.
On hearing about SSE Supporters,
you immediately decided to give an
amount equaling your enrollment
number. Why
Donating that amount felt like an
acknowledgement of my gratitude
towards all prior students who
have built the SSE brand. It is thanks
to their careers that the Swedish and
international business community
continues to look for top talent at SSE.
I challenge everybody to donate his/
her enrollment number. And for those
of you who graduated a long time
ago, donate both your enrollment
number and the equivalent sum of all
students that have enrolled after you!
SSE Supporter Hermes
Many may recognize the Hermes
statuettes from previous campaigns and
they still remain an important symbol of
the strong support shown SSE from alumni
and friends. Alumni who reach accumulated
donations equaling 300,000
kronor will reach Hermes silver level and
obtain a silver Hermes statuette. Those
who reach 3 million kronor or more will
reach Hermes gold level and obtain a
gold Hermes statuette.
20 sse today 1-2012 1-2012 sse today 21

update
Faculty from Abroad
Professors Mattia Bianchi and Cristina Cella recently joined the SSE faculty, bringing with
them experience from Italian and American universities.
on the move
Keep in touch and find out what your fellow
alumni are up to.
Mattia Bianchi
Assistant professor, Department of
Management and Organization
Why did you decide to come
to SSE and Stockholm
As I got to know SSE’s history
and current standing better,
I saw an optimal fit between
my professional interests, the
school’s ambitions and the
Swedish way of thinking about
business. So when the faculty
offered me a position, I accepted
without hesitation.
What do you like most about
SSE
The commitment of the students,
the research-rich learning environment
and the ease of interaction
with leading companies in
Sweden. But above all I like this
feeling, shared by all students,
staff and faculty, of pride in being
part of a unique and special
institution in Swedish society.
What are the advantages and
disadvantages of working
here
The limited size of the school
facilitates interaction and communication
with students and
colleagues, making it more direct
and personal. As it’s small,
Maria Ekman and Lisa Blom
there is an emphasis on quality
over quantity. On the other
hand, being almost exclusively
focused on economic subjects, it
is harder to cross-fertilize with
other disciplines, for example,
engineering or psychology. However,
initiatives like Stockholm
School of Entrepreneurship,
a collaboration among Stockholm’s
top five schools, is a big
step forward to “mash-up” ideas
from seemingly unrelated fields.
What do you like about living
in Stockholm
It’s a small city, but still a capital
with a lot going on, and it attracts
professionals from all over the
world. Geographically, Stockholm
may be far from other metropolises,
but culturally and socially
it is not. Also, I love the fact that
authentic nature, not some fake
municipal parks, reaches the inner
city. It cheers me up!
Cristina Cella
Assistant professor
Department of Finance
Why did you decide to come
to SSE and Stockholm
SSE is very well known for
its strong research and good
teaching in finance. The Finance
Department has strong connections
to schools in the US, and
we regularly attend conferences
and give seminars there, which
is very important. Moreover,
Stockholm looked like a nice
place to live. I had never been
there before, but I fell in love
with the city during my recruiting
visit and decided that I could
definitely be happy here.
What do you like most about
SSE
The collegial and supportive atmosphere
that surrounds me at
the Finance Department is what
I like the most, but also how the
school and the Finance Department
emphasize the importance
of research.
What advice would you give
to other foreign professors
or students thinking of coming
here
The school is very supportive
and the environment is great.
However, as with any other
country, Sweden has its own
social rules, and it can be hard
at times to connect to Swedes.
The darkness and the cold do
not really help, but when spring
starts it is worth the wait.
What do you like about living
in Stockholm
I like the fact that I feel safe, the
city provides great sightseeing
and it is close enough to Italy
that my family and friends can
visit me whenever they want.
Spreading the wealth with
peanut butter
Cari Simmons
Lisa Blom and Maria Ekman won the 2011 SSE CSR Award, an essay competition
that focuses on strategic CSR (Corporate Social Responsibility). Blom and Ekman
received the prize for their essay on peanut butter production and distribution in
India. Their model is designed to benefit both small farmers and Indian children
suffering from malnutrition.
“This was an excellent opportunity to combine our previous experience in
politics, foreign aid and communication with economic theory in order to give a proposal
on how multinationals can meet today’s demanding challenges,” says Blom.
The annual competition is open to MSc and CEMS students at SSE. The winners,
along with representatives of the sponsoring company Unilever, traveled to
Bangladesh. The purpose of the trip was to learn more about CSR and participate in
Unilever’s and the World Food Program’s work with children.
Risto Pakarinen
Rocky Vega (MSc ’09)
Rocky is now
publisher of
a newlyformed
group
called Agora
Financial
International.
He will report directly to the
founder and owner of the worldwide
Agora business. He will also
work closely with the presiding
CEO of Agora International
and the Executive Publisher of
Agora Financial. He has shared
responsibility for overseeing all
of Agora’s international affiliate
companies.
Linnéa Sweijer (MSc ’08)
In 2011, Linnéa became CFO
of Webtraffic, an advertising
network within the Schibsted
Media Group. Prior to that, she
founded the company Reforma
Sthlm, a webshop selling furniture
and home design
(www.reformasthlm.se).
Daniel Somos (MSc ’04)
Daniel Somos has, after some
years in investment banking
in London and New York,
moved back to Stockholm to
start as portfolio manager at
advisory firm Exceed. Daniel
has also recently started the
company Aktietankar.se, after
a course at the Stockholm
School of Entrepreneurship.
Stefan Holmér (EMBA ’02)
After working 28 years in
Stockholm, 9 years at EQT
Partners and 4 years in the
EQT IR team, it was time for
a change. Stefan applied for a
position in Luxembourg within
the EQT group and got it,
starting from January 2012.
“At this point in life, my family
and I needed an adventure –
new country, new language,
new house, new schools,” says
Stefan. As CFO at EQT Management
Sarl, he is responsible
for the Luxembourg team and
structuring EQT investments
and funds related to Luxembourg.
Pino Roscigno (EMBA ’10)
Pino has
several years
of sales
management
experience
in different
positions
within the financial industry
for various companies. After
graduating from the EMBA
program at SSE in 2010, Pino
was given the opportunity by
his employer, SPP, to manage
its brand on the Swedish
market.
“This is a great responsibility
and opportunity that
wouldn’t have been possible
without the EMBA. It’s a
privilege to enter a new field
as a senior manager and I’m
enjoying every day of my job.”
Mats Liedholm (MSc ’87)
As of April,
Mats will
be the new
CEO for
Valora Trade
Sweden and
Nordic Food
Director Valora Trade Nordic.
Gunnar Wester (MSc ’00)
Gunnar will
move back
to Sweden
after almost
three years
as the CEO/
Operations
Manager for Wallmans Norway.
His new position will be as Operations
Manager at Wallmans
Stockholm. He invites all fellow
SSE alumni to come visit him
at the completely refurbished
restaurant for a full Wallmans
dinner show experience, or
just for a drink at the brand
new after-work lounge TG3.
Special SSE prices in the bar!
Daniel (formerly Larsson)
Thiel (MSc ’93)
Daniel recently
left Lindahl
to form law
firm Carthiel
together with
two partners.
A matter of class...
Graduates from SSE’s three and four-year BSc and MSc programs, and IGP
students, commonly identify with the year of admission. This is why Class of ’95
or simply ’95 refers to the starting year and not the year of graduation.
For MBA, EMBA and PhD program participants, however, the magazine refers
to the year of graduation.
“I heard that he works for a big
multinational and is living in Sao
Paulo. Is it true”
FOR MORE INFORMATION ABOUT FORMER
CLASSMATES, http://alumninet.hhs.se
Carthiel focuses on corporate
finance, banking, venture capital
and M&A. Its clients range from
start-ups and small enterprises
to international banks and listed
companies.
Lisa Lönner Pulkkinen
(BSc ’87)
Lisa left her position as Strategic
Director and partner at PS
Communication to start her
own business, Husmor Lisa.
It is a food brand for old style,
ecological and home-grown
food, based in Vaxholm, outside
Stockholm. She has been
running a food & wine blog
for three years and has been
appointed official food blogger
for the chef competition Årets
Kock 2012.
Whoops!
Anna Laurin (EMBA ’05)
Anna finished the Beta version
of Jetty, a production
tool for festivals, venues and
touring programs. She is now
launching Jetty2012 with nine
Scandinavian festivals on the
client list. www.jetty.se
Mark Johnson (MBA ’07)
Mark has
joined Corum
Group as a
Director and
is leading the
company’s
M&A advisory
practice in the Nordic
region, focused on the technology
industry. He remains on the
board of Exensor AB. He was
previously the CEO of Activio
AB in Stockholm.
We sincerely apologize for any errors
encountered in the last issue’s On the Move.
Isa Wåhlin did indeed get engaged to
Philip Marthinsen, but she is not working at
Praktikertjänst AB. She is with the Boston
Consulting Group.
22 sse today 1-2012
1-2012 sse today 23

Avsändare:
Stockholm School of Economics
Box 6501
SE-113 83 Stockholm
SSE kartlägger
morgondagens industri
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Morgondagens industri är skriven av forskare vid, eller med anknytning till,
SSE, och deras olika bidrag ger en nyanserad bild av bredden och tyngden
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