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Private Equity and Venture Capital

Board dynamics over the startup life cycle

By Nadya Malenko....

Private Equity and Venture Capital

Top-tier law firms: Do they create additional value to venture...

By Douglas Cumming....

Private Equity and Venture Capital

Risk-Seeking Governance

By Brian Broughman. After supplying capital, VCs need to motivate founders to implement the high-risk, high-reward strategies that can increase the company’s potential for rapid, exponential growth....

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Latest Working papers

20 November 2023

Political Connections Cause Resource Misallocation: Evidence from the Fall of Fascism in Italy

The fall of fascism in Italy in 1943-1944 was followed by the issuance of laws and decrees that made former fascist politicians ineligible for political office. We use this setting as a quasi-natural experiment that exogenously...

Mara Faccio | John J. McConnell
20 November 2023

Does the Carbon Premium Reflect Risk or Mispricing?

Prior research has documented a carbon premium in realized returns, which has been assumed to proxy for expected returns and thus the cost of capital. We find that the carbon premium partially represents unexpected returns and thus...

Yigit Atilgan | K. Ozgur Demirtas | Alex Edmans | A. Doruk Gunaydin
03 November 2023

Does Political Risk Influence Wage Theft?

We study the effect of firm-level political risk on wage theft. On one hand firms exposed to political risk might engage in wage theft to lower their expenses and to improve their financial flexibility. On the other hand, political risk...

Justin Chircop | Douglas Cumming | Monika Tarsalewska | Agnieszka Trzeciakiewicz
27 October 2023

Climate Risk, Bank Lending and Monetary Policy

Combining euro-area credit register and carbon emission data, we provide evidence of a climate risk-taking channel in banks’ lending policies. Banks charge higher interest rates to firms featuring greater carbon emissions, and...

Carlo Altavilla | Miguel Boucinha | Marco Pagano | Andrea Polo