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  1. Directory
  2. Faculty
  3. Michael Ewens

Michael Ewens

David L. and Elsie M. Dodd Professor of Finance
Finance Division
Co-director
Private Equity Program
Michael Ewens
Areas of Expertise
Corporate Finance, Entrepreneurship & Innovation, Financial Institutions, Inclusion & Belonging
Contact
Office: 732 Kravis
E-mail: [email protected]
Links
Personal Website
Curriculum Vitae
LinkedIn

Michael Ewens is the David L. and Elsie M. Dodd Professor of Finance and co-director of the Private Equity Program.  He is also a Research Associate at the National Bureau of Economic Research (NBER), Associate Editor of the Journal of Financial Economics, Associate Editor at the Review of Financial Studies, Associate Editor at Management Science, Associate Editor at the Journal of Corporate Finance, and co-editor of the Journal of Economics & Management Strategy. He received a Ph.D. in economics from the University of California, San Diego. Since 2006 he has been a quantitative advisor for Correlation Ventures, a quantitative-focused venture capital firm.  His research has appeared in the Economist, Bloomberg, and the New York Times. Prof. Ewens has taught private equity and venture capital finance at Columbia Business School, California Institute of Technology, Wharton School of Business, Carnegie Mellon University, and the University of California San Diego. From 2010 to 2014, he was on the faculty at the Tepper School of Business at Carnegie Mellon University, and from 2014 to 2022, he was on the faculty at the California Institute of Technology. He co-organizes the Columbia Private Equity Conference and the virtual Workshop on Entrepreneurial Finance and Innovation.

Education
Ph.D. in Economics, 2010, UCSD; BA in Mathematics and in Economics, 2004, Washington University in St. Louis
Joined CBS
2022

All Activities

  • Research
  • Teaching
  • Achievements
  • Press
  • Authored Works
  • CaseWorks
  • Journal articles
  • Working papers
  • Articles
  • Books
  • Chapters
Journal Article
Ewens, Michael and Nadya Malenko. “Board Dynamics over the Startup Lifecycle.”
Journal of Finance
(Forthcoming).
Explore Further about Board Dynamics over the Startup Lifecycle
Journal Article
Ewens, Michael and Jun Chen. “Venture Capital and Startup Agglomeration.”
Journal of Finance
vol. 80, no.
4
(August 02, 2025): 2153-2198.
Explore Further about Venture Capital and Startup Agglomeration
Journal Article
Ewens, Michael, Sean Wang, and Ryan Peters. “Measuring Intangible Capital with Market Prices.”
Management Science
vol. 71, no.
1
(January 01, 2025): 407-427.
Explore Further about Measuring Intangible Capital with Market Prices
Journal Article
Ewens, Michael, Ramana Nanda, and Christopher Stanton. “Founder-CEO Compensation and Selection into Venture Capital-Backed Entrepreneurship.”
Journal of Finance
vol. 79, no.
5
(October 01, 2024).
Explore Further about Founder-CEO Compensation and Selection into Venture Capital-Backed Entrepreneurship
Download PDF on Founder-CEO Compensation and Selection into Venture Capital-Backed Entrepreneurship
Journal Article
Ewens, Michael, Kairong Xiao, and Ting Xu. “Regulatory Costs of Being Public: Evidence from Bunching Estimation.”
Journal of Financial Economics
vol. 153, (March 01, 2024).
Explore Further about Regulatory Costs of Being Public: Evidence from Bunching Estimation
Journal Article
Ewens, Michael. “Race and Gender in Entrepreneurial Finance.”
Handbook of the Economics of Corporate Finance
vol. 1, no.
1
(January 01, 2023): 239-296.
Explore Further about Race and Gender in Entrepreneurial Finance
Journal Article
Ewens, Michael. “Private or public equity? The evolving entrepreneurial finance landscape.”
Annual Review of Financial Economics
vol. 14, (November 01, 2022): 271-293.
Explore Further about Private or public equity? The evolving entrepreneurial finance landscape
Journal Article
Ewens, Michael, Arthur Korteweg, and Alexander Gorbenko. “Venture Capital Contracts.”
Journal of Financial Economics
vol. 143, no.
1
(January 01, 2022): 131-158.
Explore Further about Venture Capital Contracts
Journal Article
Ewens, Michael and Joan Farre-Mensa. “The Deregulation of the Private Equity Markets and the Decline in IPOs.”
Review of Financial Studies
vol. 33, (January 01, 2020): 5463-5509.
Explore Further about The Deregulation of the Private Equity Markets and the Decline in IPOs
Journal Article
Ewens, Michael and Richard Townsend. “Are Early Stage Investors Biased Against Women?”
Journal of Financial Economics
vol. 135, no.
3
(January 01, 2020): 653-677.
Explore Further about Are Early Stage Investors Biased Against Women?
Journal Article
Ewens, Michael and Matt Marx. “Founder Replacement and Startup Performance.”
Review of Financial Studies
vol. 31, no.
4
(April 01, 2018): 1532-1565.
Explore Further about Founder Replacement and Startup Performance
Journal Article
Ewens, Michael, Ramana Nanda, and Matthew Rhodes-Kropf. “Cost of Experimentation and the Evolution of Venture Capital.”
Journal of Financial Economics
vol. 128, no.
3
(January 01, 2018): 422-438.
Explore Further about Cost of Experimentation and the Evolution of Venture Capital
Journal Article
Ewens, Michael and Matthew Rhodes-Kropf. “Is the VC Partnership More than the Sum of its Partners?”
Journal of Finance
vol. 70, no.
3
(June 01, 2015): 1081-1103.
Explore Further about Is the VC Partnership More than the Sum of its Partners?
Journal Article
Jones, Charles, Michael Ewens, and Matthew Rhodes-Kropf. “The Price of Diversifiable Risk in Venture Capital and Private Equity.”
Review of Financial Studies
vol. 26, no.
8
(January 01, 2013): 1854-1889.
Explore Further about The Price of Diversifiable Risk in Venture Capital and Private Equity
Download PDF on The Price of Diversifiable Risk in Venture Capital and Private Equity
Journal Article
Ewens, Michael and Indraneel Chakraborty. “Managing Performance Signals Through Delay: Evidence From Venture Capital Fundraising.”
Management Science
vol. 64, no.
6
(June 04, 2026): 2875-2900.
Explore Further about Managing Performance Signals Through Delay: Evidence From Venture Capital Fundraising
Working Paper
Ewens, Michael and Xavier Giroud. Corporate Hierarchy. December 01, 2025.
Explore Further about Corporate Hierarchy
Download PDF on Corporate Hierarchy
  • Courses
  • Case Studies
Course
B8345: Entrepreneurial Finance
View Course on Entrepreneurial Finance
Course
B9341: Research in Entrepreneurial Finance
View Course on Research in Entrepreneurial Finance
Course
B8317: Current Topics in Private Equity
View Course on Current Topics in Private Equity
Course
B9334: Big Data In Finance
View Course on Big Data In Finance
Course
B8343: Private Equity Finance
View Course on Private Equity Finance
Course
B8335: Private Equity Allocation
View Course on Private Equity Allocation
Course
B8322: Private Equity Field Study
View Course on Private Equity Field Study
Course
B9305: (PhD) Finance Pre-Thesis Seminar
View Course on (PhD) Finance Pre-Thesis Seminar
Course
B8329: Private Equity: Value Creation
View Course on Private Equity: Value Creation
Course
B8417: Private Equity Deals
View Course on Private Equity Deals
Course
B8415: Advanced Private Equity
View Course on Advanced Private Equity
Course
B8419: Private Equity Capstone
View Course on Private Equity Capstone
  • Awards
  • Grants

The CICF 2021

  • In the Media
  • Articles
In the Media

IPO Activity Is Roaring Back—But Only in Certain Sectors

PitchBook
In the Media

Google’s Stakes in SpaceX and Anthropic Highlight Its Venture Capital Role

MarketWatch
In the Media

The Ultra Mega-Fund Is Back in Style. Can It Be Deployed Effectively?

PitchBook
In the Media

Investors Question Whether Quick Peace in Iran Is Possible

New York Times
In the Media

AIF Global Enters Third Decade of Investor Programming, Launches New Private Wealth Center, APAC Expansion, Rapid Global Growth of Future Leaders Program

Business Wire
In the Media

Columbia B-School Rolls Out New PE Program Targeting Senior-Level Pros

PE Hub (PEI)
In the Media

Loyalty oaths to prevent junior bankers from fleeing to private-equity firms could backfire, experts say

Fortune
In the Media

Private Equity Courts Law Firm Investments

Axios
In the Media

Women in Private Equity: "Not Enough to Be Competent, You Have to Be Beautiful"

E - Financial Careers
In the Media

Here Are the Startups Jeff Bezos Invested in Last Year

Forbes
In the Media

Trump Media Stock Slumps 4% After Donald Trump Moved All His DJT Shares to a Trust

Quartz
In the Media

Trump Media Stock Didn't Rally after the Election. Here's Why

Quartz
In the Media

Financing Themselves: Funding Landscape Lacks in Diversity

Los Angeles Business Journal
In the Media

Trump Media lockup deadline leaves Trump with a choice: trigger a fire sale or hold a meme stock

Fortune
In the Media

Closing the Deal in the Classroom - and Beyond

Columbia Business Magazine
In the Media

A Goldman Sachs-Backed Electricity Firm Is Making a Play to Reach More Americans’ Homes

CNBC
In the Media

Symposium: Local Journalism, Business, and Society

Business Scholarship Podcast
In the Media

Private or Public Equity? The Evolving Entrepreneurial Finance Landscape

Harvard Law School Forum on Corporate Governance
In the Media

I Dug Into Whether Sanctions Will Work Against Russia

The New York Times
In the Media

Regulatory Costs of Being Public: Evidence from Bunching Estimation

The CLS Blue Sky Blog
In the Media

There’s Unicorn Blood in the Streets

Bloomberg
In the Media

American startups have less need to list on the stockmarket

The Economist
In the Media

The Rise of Private Financing for Entrepreneurs

National Bureau of Economic Research
In the Media

Board dynamics over the startup life cycle

Vox EU
Article

Meet the New Private Equity Fellows (Class of 2027)

Read More about Meet the New Private Equity Fellows (Class of 2027)
Article

Private Equity New Curriculum and Faculty

Read More about Private Equity New Curriculum and Faculty
Article

Meet the New Private Equity Fellows

Read More about Meet the New Private Equity Fellows
Article

Private Equity Alumni News and Updates - Winter 2025

Read More about Private Equity Alumni News and Updates - Winter 2025
Article

Fewer Companies Are Going Public. Are Regulations Driving the Drop?

Read More about Fewer Companies Are Going Public. Are Regulations Driving the Drop?
Article

Closing the Gender Gap: Why Private Equity Needs More Women in Leadership

Read More about Closing the Gender Gap: Why Private Equity Needs More Women in Leadership
Article

Closing the Gender Gap: Why Private Equity Needs More Women in Leadership

Read More about Closing the Gender Gap: Why Private Equity Needs More Women in Leadership
Article

Private Equity Curriculum Pathway

Read More about Private Equity Curriculum Pathway
Article

Private Equity Program in Columbia Business Magazine Summer/Fall 2024

Read More about Private Equity Program in Columbia Business Magazine Summer/Fall 2024
Article

Investigating Gender Inequities in Private Equity

Read More about Investigating Gender Inequities in Private Equity
Article

Closing the Deal in the Classroom– and Beyond

Read More about Closing the Deal in the Classroom– and Beyond
Article

Women’s History Month: Research Insights from Columbia Business School on Advancing Gender Equity in Business

Read More about Women’s History Month: Research Insights from Columbia Business School on Advancing Gender Equity in Business
Article

After Silicon Valley Bank's Collapse, CBS Experts Weigh In on Causes, Solutions, and the Outlook for the Banking Sector

Read More about After Silicon Valley Bank's Collapse, CBS Experts Weigh In on Causes, Solutions, and the Outlook for the Banking Sector
  • Articles
Article

2025 Holiday Greetings from the Private Equity Program

Read More about 2025 Holiday Greetings from the Private Equity Program
  • CaseWorks
Case ID
250315

SkinnyPop: Just Hot Air or a Great Investment?

Should TA Advisors, a private equity firm, take a risk and invest in SkinnyPop Popcorn, a single-SKU snack company with high growth potential, but also infrastructure and operational issues that may be too significant to overcome?

View Case on SkinnyPop: Just Hot Air or a Great Investment?
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