Michael Ewens


California Institute of Technology
1200 East California Ave MC 228-77
Pasadena, CA 91125 USA



Academic Positions Held

Prof. of Finance and Entrepreneurship                                           2019 – present

Assoc. Prof. of Finance and Entrepreneurship                               
2014 – 2019
California Institute of Technology

Assistant Professor of Finance and Entrepreneurship                 2010 – 2014
Tepper School of Business, Carnegie Mellon University 


National Bureau of Economic Research                           2019 - present
Research Associate

Journal of Corporate Finance                                              2019 - present
Associate Editor

Journal of Economics & Management Strategy              2020 - present

Visiting positions

Visiting Associate Professor                                           Fall 2018
Dartmouth College, Tuck School of Business

Visiting Associate Professor                                           Spring 2015
USCD Rady School of Management

Visiting Scholar                                                                 Spring 2014
Stanford University GSB

Non-Academic Positions Held

Quantitative Advisor                                                        2006 - present
Correlation Ventures, San Diego, CA


Ph.D., Economics, 2010

University of California, San Diego

B.A., Economics and Mathematics, 2004

Washington University in St. Louis


“Venture Capital Contracts” (with Alexander Gorbenko and Arthur Korteweg) [Forthcoming, Journal of Financial Economics] 

“The Deregulation of the Private Equity Markets and the Decline in IPOs” (with Joan Farre-Mensa), Review of Financial Studies 33(12): 5463–5509. [Editor’s Choice]

“Are Early Stage Investors Biased Against Women?” (with Richard Townsend) Journal of Financial Economics 135.3 (2020):653–677. 

“Cost of Experimentation and the Evolution of Venture Capital” (with Ramana Nanda and Matthew Rhodes-Kropf) Journal of Financial Economics 128.3 (2018): 422-442. 

“Founder Replacement and Startup Performance” (with Matt Marx) Review of Financial Studies 31.4 (2018): 1532–1565.

“Managing Performance Signals Through Delay: Evidence From Venture Capital Fundraising” (with Indraneel Chakraborty) Management Science 64.6 (2017): 2875- 2900.

“Is the VC Partnership More than the Sum of its Partners?” (with M. Rhodes-Kropf) Journal of Finance 70.3 (2015): 1081-1114. 

“Statistical Discrimination or Racial Prejudice? A Large Sample Field Study” (with Bryan Tomlin and Liang Wang) Review of Economics and Statistics 96.1 (2014): 119-134.

“The Price of Diversifiable Risk in Venture Capital and Private Equity” (with Charles Jones and Matthew Rhodes-Kropf) Review of Financial Studies 26.8 (2013): 1854- 1889.

Other publications
“Comment on ‘Venture Capital and the Transformation of Private R&D for Agriculture: A First Look.”’ Economics of Research and Innovation in Agriculture. University of Chicago Press, 2020.

Working Papers

“Regulatory Costs of Being Public: Evidence from Bunching Estimation” (with Kairong Xiao and Ting Xu)

“Measuring Intangible Capital with Market Prices” (with Ryan Peters and Sean Wang)

“Board Dynamics over the Startup Lifecycle” (with Nadya Molenko)

“The Evolution of CEO Compensation in Venture Capital Backed Startups” (with Ramana Nanda and Christopher Stanton)

“Insider Financing and Venture Capital Returns” (with Matthew Rhodes-Kropf and Ilya Strebulaev) 

Grants and Awards

  • Editor’s Choice (Review of Financial Studies)
    “The Deregulation of the Private Equity Markets and the Decline in IPOs” (with Joan Farre-Mensa)

  • National Science Foundation Grant SES-1949582
    “The Impact of Securities Regulation on Financial Development and Entrepreneurship”, 2020-2022

  • “Venture Capital Contracts”:
    Winner of Tuck School Outstanding Paper in Venture Capital and Private Equity (Spons, Midwest Finance Association 2019.

  • Best Discussant Prize,
    ASU Sonoran Winter Finance Conference, 2018

  • Kauffman Junior Faculty Fellowship in Entrepreneurship Research, 2013–14 

  • Berkman Junior Faculty Development Grant, CMU, 2013 

Conferences and Invited Talks (last 5 years)

Conferences and Invited Seminars (inc. scheduled)    

Rice University, Georgia State University, Private Equity Research Symposium, Michigan State University, Northwestern University (Kellogg), FIRS, Midwestern Finance Association, American Economic Association

Discussions (inc. scheduled)   
FMA, EPFL Virtual Innovation Seminar 

Conferences and Invited Seminars (inc. scheduled)    
European Finance Association, NBER CRIW Summer Institute, Western Finance Association, FIRS, Private Equity Research Symposium, Darden/ICI Symposium, Columbia University, American University, Harvard Business School, Georgia Tech, Washington University Corporate Finance Conference, Cornell, Yale Law School, HKUST, CUHK, CityU Hong Kong, AFA, Singapore Management University, NTU, NUS, University of Oklahoma, Paris Financial Management Conference∗ , 8th HEC Enterpreneurship Workshop∗ 

Discussions (inc. scheduled)  
Minnesota Corporate Finance Conference , Western Finance Association, NFA, Miami Behaviorial Finance Conference

Conferences and Invited Seminars   
NBER Summer Institute, FIRS, FRA, AFA,12th Annual Conference on Innovation Economics (Northwestern Law), University of Utah, Midwest Finance Association, American Economics Association Meeting, Finance, Organizations and Markets (FOM), University of Michigan, Indiana University, Arizona State University, Northeastern University, Washington University Corp. Finance conference, Dartmouth College, Boston College, Rotterdam Business School, Maastricht University, Tilburg University, University of Arizona, Securities and Exchange Commission,Entrepreneurial Financial Management Conference, Berlin, Western Finance Association, Fixed Income and Financial Institutions Conference 2018, UNC IPC Spring Research Symposium

WFA, LBS Private Equity Conference, CEAR-Finance Conference (Georgia State), University of Kentucky Finance conference, MFA

Conferences and Invited Seminars (inc. scheduled)     
Penn State Finance, Jackson Hole Finance Conference, Finance, Organizations and Markets (FOM, USC), UBC Finance,FIRS, Napa Finance Conference, Kenan Institute Frontiers of Entrepreneurship Conference, American Finance Association, NBER Entrepreneurship Working Group, UC Irvine (Economics), Annual LBS Private Equity Conference, ASU Finance

Discussions WFA (2), USC Marshall PhD Conference in Finance, EMST Berlin, FIRS, LBS Private Equity Workshop, ASU Sonoran Finance conference, HEC Entrepreneurship Conference 

Conferences and Invited Seminars  
7th Annual LBS Private Equity Conference, CEAR Conference (GaTech), Vanderbilt, Owen School of Business, AFA, 7th European Banking Center conference (Tilburg), Western Finance Association, LA Finance Day

NYU Conference on Financial Intermediation, SFS Calvacade, WFA, LA Finance Day, Corporate Finance and Asset Management, AFA

Conferences and Invited Seminars    
NBER Entrepreneurship Working Group, University of Amsterdam, Finance, Organizations and Markets Conference, Dartmouth, European Finance Association, Western Finance Association, EFIC Conference, Economics of Strategy Workshop (NYU), HEC Workshop on Entrepreneurship 

SFS Calvacade, Haas Crowdfunding Conference, EFA, Economics of Entrepreneurship and Innovation

Teaching Experience

  • Venture Capital (Undergraduate)
  • Applied Methods for the Social Sciences (PhD)
  • Introduction to Accounting (Undergraduate)
  • Corporate Finance (Undergraduate)
UCSD Rady School of Management
  • New Venture Finance (MBA)

Tepper School of Business, Carnegie Mellon University

  • Private Equity Finance (MBA)
  • Venture Capital Finance (MBA)
  • Entrepreneurial Finance (Undergraduate)
Tepper School PhD course 
  • Empirical Methods for Corporate Finance and Accounting  

Service and activities

Associate Editor, Journal of Corporate Finance

Co-Editor, Journal of Economics & Management Strategy

Co-organizer (with Yael Hochberg, Song Ma and David Robinson): Workshop on Entrepreneurial Finance and Innovation (virtual),

Co-organizer (with Arthur Korteweg, Rick Townsend and Xinxin Wang): Southern California Private Equity Finance Conference,

Board member, Linde Institute of Economic and Management Sciences,
2014– present. 

Private Equity Research Consortium Fellow,

Associate Program Chair, Western Finance Association

Program Committee member, Midwest Finance Association,

European Finance Association,

Washington University Corporate Finance and Financial Intermediation

Ad-hoc referee:

Journal of Finance, Journal of Financial Economics, Review of Financial Studies, American Economic Review, Journal of Political Economy, Review of Economic Studies, Review of Economics and Statistics, Management Science, Review of Finance, Journal of Banking and Finance, Journal of Corporate Finance, Journal of Urban Economics, Economic Journal, European Economic Review, Journal of Labor Economics, Journal of Economics & Management Strategy, Journal of Finance and Quantitative Analysis, Journal of Human Resources, Science Advances.