Faculty Directory

Michael Ewens

Visiting Associate Professor





PhD, University of California, San Diego, 2010 and MA, 2008; BA, Washington University in St. Louis, 2004

Areas of Expertise

Finance, entrepreneurship, economics


Michael Ewens is an associate professor of finance and entrepreneurship in Caltech’s Humanities and Social Sciences group. He is also a quantitative adviser for Correlation Ventures, a quantitative-focused venture capital firm based in San Diego. He earned his PhD in economics from the University of California, San Diego.

Current Research Topics

  • Venture capital and private equity
  • Financial intermediation, innovation, and new firm formation

Professional Activities

Academic positions

  • Visiting Associate Professor, Tuck School of Business, 2018–present
  • Associate Professor of Finance and Entrepreneurship, California Institute of Technology, 2014–present
  • Visiting Associate Professor, USCD Rady School of Management, 2015
  • Assistant Professor of Finance and Entrepreneurship, Tepper School of Business, Carnegie Mellon University, 2010–14
  • Visiting Scholar, Stanford University Graduate School of Business, 2014

Nonacademic positions

  • Quantitative Adviser, Correlation Ventures, San Diego, CA, 2006–present

Editorial positions

Ad-hoc referee: European Economic Review, Journal of Banking and Finance, Journal of Economics & Management Strategy, Journal of Finance, Journal of Finance and Quantitative Analysis, Journal of Human Resources, Management Science, Review of Economics and Statistics, Review of Economic Studies, Review of Finance, Review of Financial Studies

Board memberships

  • Linde Institute of Economic and Management Science, 2014–present


  • Best Discussant Prize, ASU Sonoran Winter Finance Conference, 2018
  • Kauffman Junior Faculty Fellowship in Entrepreneurship Research, 2013–14

Working Papers

  • With M. Rhodes-Kropf and I. Strebulaev, “Insider Financing and Venture Capital Returns”
  • With R. Townsend, “Are Early Stage Investors Biased Against Women?”
  • With J. Farre-Mensa, “The Evolution of the Private Equity Market and the Decline in IPOs”
  • With A. Gorbenko and A. Korteweg, “Venture Capital Contracts”
  • With R. Peters and S. Wang, “Acquiring Intangible Assets”

Selected Publications

  • With R. Nanda and M. Rhodes-Kropf, “Cost of Experimentation and the Evolution of Venture Capital,” Journal of Financial Economics, October 2018
  • With M. Marx, “Founder Replacement and Startup Performance,” Review of Financial Studies, April 2018
  • With I. Chakraborty, “Managing Performance Signals through Delay: Evidence from Venture Capital Fundraising,” Management Science, 2017
  • With M. Rhodes-Kropf, “Is the VC Partnership More than the Sum of its Partners?”, Journal of Finance, 70(3), 2015
  • With B. Tomlin and C. Wang, “Statistical Discrimination or Racial Prejudice? A. Large Sample Field Study,” Review of Economics and Statistics, 96(1), 2014
  • With C. Jones and M. Rhodes-Kropf, “The Price of Diversifiable Risk in Venture Capital and Private Equity,” Review of Financial Studies, 26(8), 2013