Shareholder Liability and Bank Failure (with Felipe Aldunate, Dirk Jenter, and Peter Koudijs)

An Empirical Target Zone Model of Dynamic Capital Structure (with Ilya Strebulaev). 

Recovering Heterogeneous Beliefs and Preferences from Asset Prices (with Anisha Ghosh and Qing Xu), Journal of Finance, forthcoming.

Private Equity for Pension Plans? Evaluating Private Equity Performance from an Investor's Perspective (with Stavros Panageas and Anand Systla), Journal of Financial Economics, forthcoming.

Risk-adjusted Returns of Private Equity Funds: A New Approach (with Stefan Nagel), Review of Financial Studies, 38(9), 2025: 2557-2601. [appendix][code]

How unique is VC's American History? (with Berk Sensoy), Journal of Economic Literature, 61(1), 2023: 274-294.

Proactive Capital Structure Adjustments: Evidence from Corporate Filings (with Michael Schwert and Ilya Strebulaev), Journal of Financial and Quantitative Analysis, 57(1), 2022: 31-66. [code]

Venture Capital Contracts (with Michael Ewens and Alexander Gorbenko), Journal of Financial Economics, 143(1), 2022: 131-158.

• Outstanding Paper Award, Midwest Finance Association 2019. 

Asset Allocation with Private Equity (with Mark Westerfield), Foundations and Trends in Finance, 13(2), 2022: 95-204.

Risk Adjustment in Private Equity Returns, Annual Review of Financial Economics, 11, 2019: 131-152. 

Skill and Luck in Private Equity Performance (with Morten Sorensen), Journal of Financial Economics, 124(3), 2017: 535-562. [code] 

• Fama/DFA Prize (second place) for Best Paper in Capital Markets and Asset Pricing published in the JFE. 

Attracting Early Stage Investors: Evidence from a Randomized Field Experiment (with Shai Bernstein and Kevin Laws), Journal of Finance, 72(2), 2017: 509-538. [appendix]

Risk-Adjusting the Returns to Venture Capital (with Stefan Nagel), Journal of Finance, 71(3), 2016: 1437-1470. [appendix] [code]

Does it Pay to Invest in Art? A Selection-corrected Returns Perspective (with Roman Kraussl and Patrick Verwijmeren), Review of Financial Studies 29(4), 2016: 1007-1038. [appendix] [data]

Estimating Loan-to-Value Distributions (with Morten Sorensen), Real Estate Economics 44 (1), 2016: 41-86.

Sequential Learning, Predictability, and Optimal Portfolio Returns (with Michael Johannes and Nicholas Polson), Journal of Finance 69 (2), 2014: 611-644. [appendix]

The Net Benefits to Leverage, Journal of Finance 65 (6), 2010: 2137-2170. [appendix] [data]

• Brattle Group Prize for Distinguished Paper published in the Journal of Finance. 

Risk and Return Characteristics of Venture Capital-Backed Entrepreneurial Companies (with Morten Sorensen), Review of Financial Studies 23 (10), 2010: 3738-3772. [appendix] [code]

Risk and Return in Private Equity (In: B. Espen Eckbo, G. Phillips, and M. Sorensen (Eds.), Handbook of the Economics of Corporate Finance, Vol 1: Private Equity and Entrepreneurial Finance. Elsevier, North Holland).

Markov Chain Monte Carlo Methods in Corporate Finance (In: P. Damien, P. Dellaportas, N.Polson, and D. Stephens (Eds.), Bayesian Theory and Applications. Oxford University Press). [code]

Structural Models of Capital Structure: A Framework for Model Evaluation and Testing (with Michael Lemmon). 

Corporate Credit Spreads under Parameter Uncertainty (with Nick Polson).