My research studies the financial intermediation, innovation and management of high-growth entrepreneurial firms. In this environment which is characterized by extreme agency and information frictions, one can revisit fundamental issues in finance and economics. I am particularly interested in the source of value-add of financial intermediaries such as venture capitalists and private equity investors, the role of gender in entrepreneurship (see my lecture here) and the differences between public and private ownership forms.  All projects attempt to create new large sample data where earlier research had only a few industries or short time periods. 


Private or public equity? The evolving entrepreneurial finance landscape

Michael Ewens and Joan Farre-Mensa (Univ. IL Chicago), Annual Review of Financial Economics


Venture Capital Contracts

Michael Ewens, Alexander Gorbenko (UCL) and Arthur Korteweg (USC Marshall), Journal of Financial Economics Volume 143, Issue 1, January 2022, Pages 131-158

The Deregulation of the Private Equity Markets and the Decline in IPOs

Michael Ewens and Joan Farre-Mensa (Univ. of IL), Volume 33, Issue 12, December 2020, Pages 5463–5509, Review of Financial Studies

Are Early Stage Investors Biased Against Women?

Michael Ewens and Richard R. Townsend (UCSD Rady), Volume 135, Issue 3, March 2020, Pages 653-677, Journal of Financial Economics

Founder Replacement and Startup Performance

Michael Ewens and Matt Marx (Cornell), The Review of Financial Studies, Volume 31, Issue 4, April 2018, Pages 1532–1565.

Cost of Experimentation and the Evolution of Venture Capital

Michael Ewens, Ramana Nanda (Imperial) and Matthew Rhodes-Kropf (MIT), Journal of Financial Economics Volume 128, Issue 3, June 2018, Pages 422-442

Managing Performance Signals Through Delay: Evidence from Venture Capital

Indraneel Chakraborty (Univ. of Miami) and Michael Ewens, Management ScienceVol. 64, No. 6, 2018

Is the VC Partnership Greater than the Sum of its Partners?

Michael Ewens and Matthew Rhodes-Kropf (MIT) Journal of Finance, Volume 70, Issue 3, June 2015, 1081-1113

Statistical Discrimination or Prejudice? A Large Sample Field Experiment

Michael Ewens, Bryan Tomlin (NERA) and Liang Choon Wang (Monash), The Review of Economics and Statistics (2014) 96 (1): 119–134.

The Price of Diversifiable Risk in Venture Capital and Private Equity

Michael Ewens, Charles Jones (Columbia) and Matthew Rhodes-Kropf (MIT), The Review of Financial Studies, Volume 26, Issue 8, August 2013, Pages 1854–1889.