I am an Associate Professor of Finance and Entrepreneurship at Caltech in the Humanities and Social Sciences group. Previously, I was at Tepper School of Business at Carnegie Mellon University, where I was faculty from 2010 to 2014. I received my PhD in economics from the University of California, San Diego in 2010. Since 2006 I have worked as a quantitative advisor for Correlation Ventures, a quantitative-focused venture capital firm based in San Diego, CA.
My research studies the financial intermediation, innovation and management of high-growth entrepreneurial firms. In this environment which is characterized by extreme agency and information frictions, one can revisit fundamental issues in finance and economics. All projects attempt to create new large sample data where earlier research had only a few industries or short time periods. In one area of research, I study the impacts of the structure of financial intermediation — entrepreneur, venture capitalist and limited partner — in the financing of these firms by venture capitalists. Empirical and theoretical work shows that security choices and prices depend on an investor’s fund structure. Another area of research aims to document the unique features of the entrepreneurial firm’s innovative advantage. Two projects use mobility of employees to entrepreneurial firm founders to study how innovation changes in the transition and the choice to leave in relation to the business cycle. Finally, failure is the typical entrepreneurial firm outcome, yet rarely studied. Two early projects address questions concerning management turnover and innovation with new data on firm failures. For example, empirical research of the former focuses on good states, while most theory and real-world contracting problems in venture capital are concerned with bad states.