Media Coverage

Guest on the Improving Alpha podcast on the public-private markets debate and its impact on allocators

Discussed his research on why companies like SpaceX, Anthropic, and OpenAI stay private longer, the expansion of private capital markets and its link to US economic inequality, early-stage investor biases, and the impact of private equity ownership.

Quoted in HR Brew on employee retention after the SpaceX IPO

Said that going public typically makes companies more bureaucratic and slower-moving, and that SpaceX should commit to continued innovation and risk-taking to retain the early employees drawn to its culture and speed.

Quoted on CNBC on the SpaceX IPO and the California tax windfall

Said that wildly lucrative tender offers and secondary sales are largely limited to the best startups, and that a heavy tax burden on newly wealthy tech employees could drive entrepreneurial talent out of California over the long term.

Quoted in the Financial Times on the private equity curriculum at Columbia Business School

Said that student demand for private equity and private credit classes has pushed Columbia Business School to build a structured private equity curriculum and expand classroom capacity, and that private markets matter for the broader economy even for students who do not enter the industry.

Quoted on NPR on the SpaceX IPO and investing in Elon Musk

Said that anyone buying into SpaceX is effectively investing in Elon Musk: his decision-making and where he chooses to direct resources, given his control of the board and voting power after the IPO.

Quoted in PitchBook on what Wall Street will be watching at the SpaceX IPO

Said the markets signal that returns to investing in the "picks and shovels" of AI are a promising opportunity, and that firms with existing AI-infrastructure expertise like SpaceX make sense as investments.

Quoted in Pensions & Investments on SEC Chair Atkins's IPO reform proposals

Argued that regulation explains only a small share of the IPO decline and that the SEC is effectively trying to compensate for years of private-market deregulation that encouraged companies to stay private longer.

Paper mentioned: Regulatory Costs of Being Public: Evidence from Bunching Estimation

Quoted in Yahoo Finance on a potential SpaceX-Tesla merger

Explained why a stock-for-stock SpaceX-Tesla merger would expose Tesla shareholders to greater Musk control, related-party risk, weaker minority protections, and post-IPO lockup risk.

Quoted in Axios Pro on rising yields and PE dealmaking

Commented on how higher rates and slower exits constrain fund size, deal volume, and the recycling of capital that PE fundraising depends on.

Cited in SEC proposed rule on Semiannual Reporting (Release No. 33-11414)

Proposed rule on semiannual reporting (File No. S7-2026-15; RIN 3235-AN58) cites our paper's estimates of the regulatory costs of being public.

Paper mentioned: Regulatory Costs of Being Public: Evidence from Bunching Estimation

Quoted in MarketWatch on Google's SpaceX and Anthropic stakes

Discussed Google's early-stage stakes in SpaceX and Anthropic, the strategic value of the Anthropic-TPU relationship, and the relative financial risks for Google.

Quoted in PitchBook's Market Insights newsletter

What is the impact of mega funds in VC and how do they deploy capital quickly?

Quoted in NYT Dealbook

Discussed a complicated private equity transaction in a VC industry.

Panel discussion about economic uncertainty and private equity

Discussed tariffs, geopolitics, and monetary policy.

What the Data Reveals About Startup Boards and Private Equity (Boardroom Governance with Evan Epstein)

Paper mentioned: Board Dynamics over the Startup Life Cycle

Michael Ewens joined AIF Global's Board of Academic Advisors

Regulations, Costs of Public Companies, IPO Decline

Paper mentioned: The Deregulation of the Private Equity Markets and the Decline in IPOs

Office of the Advocate for Small Business Capital Formation

Paper mentioned: Regulatory Costs of Being Public: Evidence from Bunching Estimation

After Latest IPO Setbacks, There's Unicorn Blood in the Streets

Paper mentioned: The Deregulation of the Private Equity Markets and the Decline in IPOs

General Requirements for Disclosure of Sustainability-related Financial Information

Paper mentioned: Regulatory Costs of Being Public: Evidence from Bunching Estimation

FINRA Seeks Comment on Concept Proposal for a Liquidity Risk Management Rule

Paper mentioned: Regulatory Costs of Being Public: Evidence from Bunching Estimation

The Rise of Private Financing for Entrepreneurs

Paper mentioned: Private or Public Equity? The Evolving Entrepreneurial Finance Landscape

Private or Public Equity? The Evolving Entrepreneurial Finance Landscape

Paper mentioned: Private or Public Equity? The Evolving Entrepreneurial Finance Landscape

The Hidden Risks of Passive Investing

Paper mentioned: Local Journalism Under Private Equity Ownership

Regulatory Costs of Being Public: Evidence from Bunching Estimation

Paper mentioned: Regulatory Costs of Being Public: Evidence from Bunching Estimation

The Evolution of CEO Compensation in Venture Capital Backed Startups

Paper mentioned: Founder-CEO Compensation and Selection into Venture Capital-Backed Entrepreneurship

Board dynamics over the startup life cycle

Paper mentioned: Board Dynamics over the Startup Life Cycle

American Startups Have Less Need to List on the Stockmarket

Paper mentioned: The Deregulation of the Private Equity Markets and the Decline in IPOs