Arthur G. Korteweg

University of Southern California - Marshall School of Business

Associate Professor of Finance and Business Economics

3670 Trousdale Parkway

Los Angeles, CA 90089

United States

http://www.marshall.usc.edu/personnel/arthur-korteweg

SCHOLARLY PAPERS

21

DOWNLOADS
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Top 1,226

in Total Papers Downloads

26,994

SSRN CITATIONS
Rank 2,875

SSRN RANKINGS

Top 2,875

in Total Papers Citations

275

CROSSREF CITATIONS

182

Scholarly Papers (21)

1.

The Costs of Financial Distress Across Industries

Number of pages: 59 Posted: 17 Nov 2006
Arthur G. Korteweg
University of Southern California - Marshall School of Business
Downloads 3,705 (3,262)
Citation 19

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financial distress, bankruptcy, capital structure, trade-off theory, agency costs, MCMC

2.

Attracting Early Stage Investors: Evidence from a Randomized Field Experiment

Journal of Finance, Forthcoming, Rock Center for Corporate Governance at Stanford University Working Paper No. 185, Stanford University Graduate School of Business Research Paper No. 14-17
Number of pages: 47 Posted: 02 May 2014 Last Revised: 28 Aug 2015
Shai Bernstein, Arthur G. Korteweg and Kevin Laws
Harvard Business School, University of Southern California - Marshall School of Business and AngelList
Downloads 2,801 (5,314)
Citation 43

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Angel investors, early stage firms, entrepreneurship, crowdfunding, theory of the firm, portfolio selection, correspondence testing

3.

Financial Leverage and Expected Stock Returns: Evidence from Pure Exchange Offers

Number of pages: 46 Posted: 04 Oct 2004
Arthur G. Korteweg
University of Southern California - Marshall School of Business
Downloads 2,406 (6,835)
Citation 16

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Financial leverage, expected returns, exchange offers, levered beta, asset beta, capital structure, modigliani-miller, market efficiency, convertible arbitrage, capital structure arbitrage

4.
Downloads 2,263 ( 7,553)
Citation 11

Skill and Luck in Private Equity Performance

Rock Center for Corporate Governance at Stanford University Working Paper No. 179
Number of pages: 69 Posted: 03 Apr 2014 Last Revised: 16 Dec 2015
Arthur G. Korteweg and Morten Sorensen
University of Southern California - Marshall School of Business and Dartmouth College - Tuck School of Business
Downloads 1,921 (9,677)
Citation 6

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Persistence, private equity, venture capital, skill, learning

Skill and Luck in Private Equity Performance

Netspar Discussion Paper No. 04/2014-026
Number of pages: 59 Posted: 08 Jul 2014
Arthur G. Korteweg and Morten Sorensen
University of Southern California - Marshall School of Business and Dartmouth College - Tuck School of Business
Downloads 342 (105,089)
Citation 10

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5.

Does It Pay to Invest in Art? A Selection-Corrected Returns Perspective

Review of Financial Studies, Vol. 29, No. 4, 2016
Number of pages: 72 Posted: 17 Jun 2013 Last Revised: 12 Jan 2017
Arthur G. Korteweg, Roman Kräussl and Patrick Verwijmeren
University of Southern California - Marshall School of Business, Universite du Luxembourg - Department of Finance and Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE)
Downloads 2,253 (7,615)
Citation 14

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Art investing, Alternative Assets, Selection bias, Illiquidity, Portfolio Choice, Asset Allocation, MCMC

6.

The Net Benefits to Leverage

Journal of Finance, Forthcoming
Number of pages: 56 Posted: 30 Mar 2009
Arthur G. Korteweg
University of Southern California - Marshall School of Business
Downloads 2,051 (8,868)
Citation 15

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capital structure, leverage, financial distress, trade-off theory, agency costs, MCMC

7.

Corporate Credit Spreads under Parameter Uncertainty

AFA 2009 San Francisco Meetings Paper
Number of pages: 45 Posted: 26 Mar 2008 Last Revised: 30 Nov 2009
Arthur G. Korteweg and Nick Polson
University of Southern California - Marshall School of Business and University of Chicago - Booth School of Business
Downloads 1,613 (13,003)
Citation 11

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Credit risk, credit spread, bankruptcy, default, corporate bonds, MCMC

8.

Markov Chain Monte Carlo Methods in Corporate Finance

Number of pages: 44 Posted: 26 Nov 2011
Arthur G. Korteweg
University of Southern California - Marshall School of Business
Downloads 1,587 (13,356)
Citation 2

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Markov Chain Monte Carlo, Corporate Finance

9.

Sequential Learning, Predictability, and Optimal Portfolio Returns

Journal of Finance, Forthcoming, AFA 2009 San Francisco Meetings Paper
Number of pages: 58 Posted: 25 Mar 2008 Last Revised: 04 Apr 2013
Michael S. Johannes, Arthur G. Korteweg and Nick Polson
Columbia Business School - Finance and Economics, University of Southern California - Marshall School of Business and University of Chicago - Booth School of Business
Downloads 1,564 (13,645)
Citation 42

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Learning, predictability, optimal portfolio formation

Risk and Return Characteristics of Venture Capital-Backed Entrepreneurial Companies

Review of Financial Studies, Forthcoming, AFA 2009 San Francisco Meetings Paper
Number of pages: 58 Posted: 25 Mar 2008 Last Revised: 13 Jan 2015
Arthur G. Korteweg and Morten Sorensen
University of Southern California - Marshall School of Business and Dartmouth College - Tuck School of Business
Downloads 1,239 (19,229)
Citation 4

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Entrepreneurship, Venture Capital, Sample Selection, Liquidity, Endogenous Trading, MCMC, Gibbs Sampling

Risk and Return Characteristics of Venture Capital-Backed Entrepreneurial Companies

The Review of Financial Studies, Vol. 23, No. 10, pp. 3738-3772, 2011
Number of pages: 63 Posted: 27 Oct 2011
Arthur G. Korteweg and Morten Sorensen
University of Southern California - Marshall School of Business and Dartmouth College - Tuck School of Business
Downloads 108 (300,744)

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Risk and Return Characteristics of Venture Capital-Backed Entrepreneurial Companies

Netspar Discussion Paper No. 01/2011-033
Number of pages: 64 Posted: 25 Apr 2011
Arthur G. Korteweg and Morten Sorensen
University of Southern California - Marshall School of Business and Dartmouth College - Tuck School of Business
Downloads 82 (359,769)
Citation 43

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11.
Downloads 948 ( 29,002)
Citation 23

Risk-Adjusting the Returns to Venture Capital

Journal of Finance, Forthcoming, Rock Center for Corporate Governance at Stanford University Working Paper No. 180, Stanford University Graduate School of Business Research Paper No. 14-10
Number of pages: 49 Posted: 14 Aug 2013 Last Revised: 17 Jun 2015
Arthur G. Korteweg and Stefan Nagel
University of Southern California - Marshall School of Business and University of Chicago - Booth School of Business
Downloads 891 (31,241)

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venture capital, private equity, risk-adjusted returns, performance measurement, stochastic discount factor, CAPM, PME, GMM

Risk-Adjusting the Returns to Venture Capital

NBER Working Paper No. w19347
Number of pages: 46 Posted: 17 Aug 2013 Last Revised: 08 Oct 2014
Arthur G. Korteweg and Stefan Nagel
University of Southern California - Marshall School of Business and University of Chicago - Booth School of Business
Downloads 56 (442,927)
Citation 5

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Risk-Adjusting the Returns to Venture Capital

CEPR Discussion Paper No. DP9610
Number of pages: 47 Posted: 03 Sep 2013
Arthur G. Korteweg and Stefan Nagel
University of Southern California - Marshall School of Business and University of Chicago - Booth School of Business
Downloads 1 (798,118)
Citation 8
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Stochastic Discount Factor, Systematic Risk, Venture Capital

12.

The Choice between Rights-Preserving Issue Methods. Regulatory and Financial Aspects of Issuing Seasoned Equity in the UK

Number of pages: 45 Posted: 24 Mar 2003
Arthur G. Korteweg and Luc Renneboog
University of Southern California - Marshall School of Business and Tilburg University - Department of Finance
Downloads 879 (32,288)
Citation 13

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seasoned equity, rights issue, open offer, capital structure, financial distress

13.

An Empirical Target Zone Model of Dynamic Capital Structure

AFA 2012 Chicago Meetings Paper
Number of pages: 53 Posted: 19 Mar 2011 Last Revised: 19 Nov 2015
Arthur G. Korteweg and Ilya A. Strebulaev
University of Southern California - Marshall School of Business and Stanford University - Graduate School of Business
Downloads 874 (32,531)

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Capital structure, refinancing, adjustment costs, structural models, dynamic models

14.

Structural Models of Capital Structure: A Framework for Model Evaluation and Testing

AFA 2013 San Diego Meetings Paper
Number of pages: 46 Posted: 19 Mar 2012 Last Revised: 14 Jan 2013
Arthur G. Korteweg and Michael Lemmon
University of Southern California - Marshall School of Business and University of Utah - Department of Finance
Downloads 669 (46,904)
Citation 2

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capital structure, structural model, model testing

Risk Adjustment in Private Equity Returns

Number of pages: 34 Posted: 19 Dec 2018 Last Revised: 18 Sep 2019
Arthur G. Korteweg
University of Southern California - Marshall School of Business
Downloads 523 (63,396)
Citation 3

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private equity, venture capital, risk, return

Risk Adjustment in Private Equity Returns

Annual Review of Financial Economics, Vol. 11, pp. 131-152, 2019
Posted: 12 Jan 2020
Arthur G. Korteweg
University of Southern California - Marshall School of Business

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16.
Downloads 434 ( 80,484)
Citation 2

Venture Capital Contracts

USC Marshall School of Business Research Paper Sponsored by iORB, No. Forthcoming
Number of pages: 75 Posted: 22 Jul 2019 Last Revised: 19 Feb 2021
Michael Ewens, Alexander S. Gorbenko and Arthur G. Korteweg
California Institute of Technology - Division of the Humanities and Social Sciences, University College London - Department of Economics and School of Management and University of Southern California - Marshall School of Business
Downloads 423 (82,282)

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venture capital, contracts, entrepreneurship, matching, structural

Venture Capital Contracts

NBER Working Paper No. w26115
Number of pages: 52 Posted: 02 Aug 2019 Last Revised: 10 May 2021
Michael Ewens, Alexander S. Gorbenko and Arthur G. Korteweg
California Institute of Technology - Division of the Humanities and Social Sciences, University College London - Department of Economics and School of Management and University of Southern California - Marshall School of Business
Downloads 11 (705,255)
Citation 2

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17.

Proactive Capital Structure Adjustments: Evidence from Corporate Filings

Stanford University Graduate School of Business Research Paper No. 18-31
Number of pages: 59 Posted: 21 Jun 2018 Last Revised: 18 Aug 2020
Arthur G. Korteweg, Michael Schwert and Ilya A. Strebulaev
University of Southern California - Marshall School of Business, University of Pennsylvania - The Wharton School and Stanford University - Graduate School of Business
Downloads 426 (82,313)
Citation 2

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capital structure, leverage, adjustment costs

18.
Downloads 316 (115,488)
Citation 1

Estimating Loan-to-Value Distributions

Columbia Business School Research Paper No. 12-15
Number of pages: 57 Posted: 14 Sep 2011 Last Revised: 18 Jun 2014
Arthur G. Korteweg and Morten Sorensen
University of Southern California - Marshall School of Business and Dartmouth College - Tuck School of Business
Downloads 305 (119,218)

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Real Estate Prices, Loan-To-Value, Repeat-Sales Price Index, Sample Selection, Bayesian Estimation, Gibbs Sampling, MCMC

Estimating Loan-to-Value and Foreclosure Behavior

NBER Working Paper No. w17882
Number of pages: 59 Posted: 02 Mar 2012
Arthur G. Korteweg and Morten Sorensen
University of Southern California - Marshall School of Business and Dartmouth College - Tuck School of Business
Downloads 11 (705,255)

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19.

Shareholder Liability and Bank Failure

Number of pages: 59 Posted: 05 Dec 2019
Felipe Aldunate, Dirk Jenter, Arthur G. Korteweg and Peter Koudijs
Pontifical Catholic University of Chile, London School of Economics & Political Science (LSE) - Department of Finance, University of Southern California - Marshall School of Business and Stanford GSB
Downloads 154 (228,474)
Citation 4

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Bank Risk Taking, Limited Liability, Double Liability, Financial Crises, Great Depression

20.

Recovering Heterogeneous Beliefs and Preferences from Asset Prices

Number of pages: 48 Posted: 20 Jul 2020
Anisha Ghosh, Arthur G. Korteweg and Qing Xu
McGill University, University of Southern California - Marshall School of Business and McGill University, Desautels Faculty of Management, Students
Downloads 99 (316,959)
Citation 1

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asset pricing, beliefs, preferences, heterogeneity, business cycle, rational expectations, behavioral finance, smoothed empirical likelihood

21.
Downloads 0 (780,211)
Citation 3

Estimating Loan‐To‐Value Distributions

Real Estate Economics, Vol. 44, Issue 1, pp. 41-86, 2016
Number of pages: 46 Posted: 20 Jan 2016
Arthur G. Korteweg and Morten Sorensen
University of Southern California - Marshall School of Business and Dartmouth College - Tuck School of Business
Downloads 0
Citation 3
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Estimating Loan-to-Value Distributions

Real Estate Economics, Forthcoming
Posted: 22 Jul 2014
Arthur G. Korteweg and Morten Sorensen
University of Southern California - Marshall School of Business and Dartmouth College - Tuck School of Business

Abstract:

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Loan-to-Value, Price Dispersion, Real Estate Indices, Sample Selection, Bayesian Estimation