Sophie Shive

I am an Associate Professor of Finance at the Mendoza College of Business, University of Notre Dame, where I teach Private Equity. I received my PhD in Finance from the University of Michigan. My research is in private equity and infrastructure finance and has been published in the Journal of Financial Economics, the Review of Financial Studies, the Review of Finance, the Journal of Financial and Quantitative Analysis, and Management Science.

You can find my CV here, my Google Scholar profile here, and my LinkedIn here. ORCID: 0000-0003-2267-9774.

Email: sshive1@nd.edu
Office: 574-631-1477

Working Papers

Power banks: Do tax equity investors add value to renewable power projects? (with Daniel Garrett)

Democratizing illiquid assets: Liquidity transformation and performance in interval funds (with Stefano Pegoraro and Rafael Zambrana)

Selling to yourself: Continuation funds in private equity (with Rus Abuzov, Will Gornall, Ilya Strebulaev, and Mike Weisbach). NBER Working Paper No. w34471

Work in Progress

Financing frictions and the transition to green aviation (with Catherine Casamatta and Boris Vallée)

Publications

12. Sponsor reputation and capital structure dynamics in leveraged buyouts (with Margaret Forster)
Management Science (2025), 71(7): 5849-5874

11. Private equity performance and the effects of cash-flow timing (with Stephannie Larocque and Jennifer Sustersic Stevens)
Journal of Portfolio Management (2022), 48(9): 86-102

10. Corporate governance and pollution externalities of public and private firms (with Margaret Forster)
Review of Financial Studies (2020), 33(3): 1296-1330

9. Pricing kernel monotonicity and conditional information (with Matthew Linn and Tyler Shumway)
Review of Financial Studies (2018), 31(2): 493-531

8. Exchange-traded funds and asset return correlations (with Zhi Da)
European Financial Management (2018), 24(1): 136-168

7. The revolving door for financial regulators (with Margaret Forster)
Review of Finance (2017), 21(4): 1445-1484. Finalist, Pagano-Zechner Award for Best Paper in the Review of Finance

6. Are mutual funds sitting ducks? (with Hayong Yun)
Journal of Financial Economics (2013), 107(1): 220-237

5. Local investors, price discovery, and market efficiency
Journal of Financial Economics (2012), 104(1): 145-161. Best Paper Award, Financial Research Association 2010

4. The impact of venture capital investments on public firm stock performance (with Tim Loughran)
Journal of Behavioral Finance (2011), 12(4): 233-246

3. Patriotism in your portfolio (with Adair Morse)
Journal of Financial Markets (2011), 14(2): 411-440

2. Mispricing of dual-class shares: Profit opportunities, arbitrage, and trading (with Paul Schultz)
Journal of Financial Economics (2010), 98(3): 524-549

1. An epidemic model of investor behavior
Journal of Financial and Quantitative Analysis (2010), 45(1): 169-198

Teaching

FIN 40680 Private Equity, University of Notre Dame

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