Michael J. Ewens

Professor of Finance and Entreprenuership

Michael Ewens
Mail Code: MC 228-77
Office: 301C Baxter
Phone: 626-395-2798
Administrative Assistant:
B.A., Washington University in St. Louis, 2004; M.A., University of California, San Diego, 2008; Ph.D., 2010. Associate Professor, Caltech, 2014-19; Professor, 2019-.

Research Interests

Entrepreneurial Finance; Financial Intermediation; New Firm Formation


Applied Microeconomics; Business, Economics, and Management


Michael Ewens studies entrepreneurship, focusing on financial intermediation, innovation, and management of high-growth entrepreneurial firms. While most entrepreneurship research has traditionally relied on limited data sets, his approach is distinctly quantitative, as he collects and analyzes vast amounts of data to better understand the financing of entrepreneurial firms.

Before arriving at Caltech in 2014, Ewens was an assistant professor of finance and entrepreneurship at the Tepper School of Business at Carnegie Mellon University. Since 2006, he has been a quantitative advisor for Correlation Ventures, a quantitative-focused venture capital firmed based in San Diego. He was also a visiting scholar at Stanford University's Graduate School of Business in the spring of 2014. He has received the Kauffman Junior Faculty Fellowship in Entrepreneurship Research (2013-2014) and the Berkman Junior Faculty Development Grant (Carnegie Mellon University, 2013).

Selected Awards

Kauffman Junior Faculty Fellowship in Entrepreneurship Research, 2013-14
Berkman Junior Faculty Development Grant, Carnegie Mellon University, 2013

Selected Publications


Founder Replacement and Startup Performance (with Matt Marx) April 2018] [pdf] (Review of Financial Studies, 2018)

Cost of Experimentation and the Evolution of Venture Capital (with Ramana Nanda and Matthew Rhodes-Kropf) [October 2015] (forthcoming, Journal of Financial Economics) [pdf] [appendix] [NBER WP]

Managing Performance Signals Through Delay: Evidence from Venture Capital (with I. Chakraborty) [July 2016]  [pdf] (forthcoming, Management Science)

Is the VC Partnership Greater than the Sum of its Partners? (with M. Rhodes-Kropf) [Journal of Finance, 2015 [pdf] [online appendix]

The Price of Diversifiable Risk in Venture Capital and Private Equity (with C. Jones and M. Rhodes-Kropf) [Review of Financial Studies, 2013] [pdf]

Statistical Discrimination or Prejudice? A Large Sample Field Experiment (with C. Wang and B. Tomlin) [2014, Review of Economics and Statistics] [pdf] [replication data]

Working Papers

Insider Financing and Venture Capital Returns (with Matthew Rhodes-Kropf and Ilya Strebulaev [October 2016] [pdf](Revise & Resubmit, Review of Financial Studies)

Are Early Stage Investors Biased Against Women? (with Rick Townsend) [Oct. 2017] [pdf]

The Deregulation of the Private Equity Markets and the Decline in IPOs (with Joan Farre-Mensa) [August 2017] [Appendix]

Venture Capital Contracts (with Alex Gorbenko and Arthur Korteweg) [Feb. 2018, draft coming soon]