Latest Research
Are Some Angels Better Than Others?
July 10, 2024This paper explores the tremendous variation in investment performance of angel investors. The returns are highly skewed: Despite the massive losses incurred in most investments, the mean return is twice the invested capital.
MoreCreative Destruction, Stock Return Volatility, and the Number of Listed Firms
June 27, 2024We explain the relation between idiosyncratic volatility and the number of listed firms through Schumpeterian creative destruction.
MoreThe Performance of Small Business Investment Companies
June 19, 2024We utilize results of a survey of Small Business Investment Companies (SBICs), along with data from MSCI-Burgiss, to perform a novel analysis of SBIC performance. Overall, we find via the survey that SBIC funds outperform comparable non-SBIC peers by an average of around 4%...
MoreRecent News & Media
New Research Indicates Public Firms Unique Role in a Dynamic Economy
June 27, 2024
In this new paper, authors examine the relationship between idiosyncratic volatility and the number of listed firms, and explain this relationship through Schumpeterian creative destruction. Comparatively, available data does not show a strong connection between changes in Census firms and creative destruction.
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