Perverse Incentives of Special Purpose Acquisition Companies, the "Poor Man's Private Equity Funds", Journal of Accounting and Economics, 63 (1), 2017, 99-120.

  • Press Coverage: Private Equity Findings, U.K..

  • Press Coverage: FD magazine, the Netherlands.


Family Control and Dilution in Mergers (with N. Basu and I. Paeglis), Journal of Banking and Finance, 33 (5), 2009, 829-841.




Does Financial Innovation Lead to Real Innovation? Evidence from Financial Derivatives (with J. Brogaard and S. Eswar).


Abstract: We investigate whether financial innovation, specifically the use of derivative products, spurs firms' real innovation, measured with patent-based metrics. Consistent with financial innovation being an important contribution to real innovation, we find that the increased use of financial derivatives leads to higher patent production. The main mechanism behind the relationship is improved risk management. Derivatives usage decreases cash flow volatility, decreasing the need for external financing, and allowing firms to expand their innovative projects.


Capital Gains Tax, Venture Capital and Innovation in Start-ups (with S. Eswar).


Abstract: We examine the effect of staggered changes in state-level capital gains tax rates on Venture Capital (VC)-backed start-ups and show that an increase in tax rates reduces patent quantity and quality. The results are consistent with a reduction in VC incentives to provide effort: VC-level tax increases lead to incrementally lower patent production by start-ups not linked by a direct flight to the VC investor. VCs also influence and decrease the level of risk-taking in start-ups, and decrease the likelihood of the start-ups going public. We also find evidence of a change in entrepreneurs' incentives: after a tax decrease, entrepreneurs increase innovation risk.


Lobbying and FDA Drug Approval (with S. Eswar and J. Gonzalez-Uribe).


Strategic Acquisitions by Corporate Venture Capital  Investors.

  • Coller Institute of Private Equity Runner-up PhD Prize, 2013.


Monitoring Effects in Acquisitions of Private Companies.




FinTech under COVID-19: A step forward or survival of the fittest? (with M.Cara and H. Jiang).


Corporate Venture Capital and Productivity in Pharmaceutical-Biotechnology Companies (with J. Gonzalez-Uribe).