WORKING PAPERS
Current versions of some of the following papers are available as a PDF or hard copy. If interested, please contact me.
"Entrepreneurs, Investors, and Equity Financing" (with Thomas W. Hall)
Abstract: We develop a theoretical model of the interaction between investors and entrepreneurs in a stylized private equity market. Analysis of the entrepreneur’s and the investor’s problems leads to the derivation of the equilibrium ownership share; comparative-static analysis of variation in this share then motivates four central hypotheses. We test these hypotheses using unique data from a professionally-conducted survey of high-technology managers of start-up firms. Empirical analysis confirms the model’s prediction of an inverse relationship between the ownership share yielded to the investor and the level of entrepreneurial profitability, productivity, and resources. Results also confirm a predicted positive association between ownership share and investor costs.
untitled accounting labor market project (with Amelia A. Baldwin)
Abstract forthcoming.
untitled managerial dismissal project (with Clint Chadwick)
Abstract forthcoming.