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-bcf.usc.edu/~korteweg/

  • University of Southern California - Marshall School of Business

SCHOLARLY PAPERS

20

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25,321

SSRN CITATIONS
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Top 3,482

in Total Papers Citations

162

CROSSREF CITATIONS

175

Scholarly Papers (20)

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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 3,604 (2,927)
Citation 18

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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
Stanford Graduate School of Business, University of Southern California - Marshall School of Business and AngelList
Downloads 2,694 (4,829)
Citation 20

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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 2,350 (6,059)
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.

Skill and Luck in Private Equity Performance

Downloads 2,144 ( 7,072)
Citation 10

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 Copenhagen Business School
Downloads 1,812 (9,211)
Citation 7

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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 Copenhagen Business School
Downloads 332 (96,671)
Citation 4

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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, Luxembourg School of Finance and Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE)
Downloads 2,129 (7,160)
Citation 10

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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 1,957 (8,277)
Citation 6

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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 1,591 (11,582)
Citation 11

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

8.

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 1,548 (12,061)
Citation 29

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Learning, predictability, optimal portfolio formation

9.

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 1,488 (12,871)
Citation 1

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Markov Chain Monte Carlo, Corporate Finance

10.

Risk and Return Characteristics of Venture Capital-Backed Entrepreneurial Companies

Downloads 1,384 ( 14,449)
Citation 30

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 Copenhagen Business School
Downloads 1,205 (17,503)
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 Copenhagen Business School
Downloads 100 (286,088)

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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 Copenhagen Business School
Downloads 79 (332,381)
Citation 31

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11.

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

ECGI - Finance Working Paper No. 15/2003
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 869 (28,772)
Citation 13

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

12.

Risk-Adjusting the Returns to Venture Capital

Downloads 858 ( 29,304)
Citation 16

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 821 (30,726)

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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 36 (481,926)

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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 (728,342)
Citation 5
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Stochastic Discount Factor, Systematic Risk, Venture Capital

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 848 (29,813)

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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 655 (42,423)
Citation 2

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capital structure, structural model, model testing

15.

Risk Adjustment in Private Equity Returns

Downloads 348 ( 92,617)

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 348 (91,969)

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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.

Estimating Loan-to-Value Distributions

Downloads 306 (106,473)
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 Copenhagen Business School
Downloads 297 (109,378)

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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 Copenhagen Business School
Downloads 9 (656,580)

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17.

Venture Capital Contracts

Downloads 240 (137,773)
Citation 1

Venture Capital Contracts

Number of pages: 70 Posted: 22 Jul 2019 Last Revised: 20 May 2020
Michael Ewens, Alexander S. Gorbenko and Arthur G. Korteweg
California Institute of Technology - Division of the Humanities and Social Sciences, University of Southern California - Marshall School of Business and University of Southern California - Marshall School of Business
Downloads 231 (142,563)

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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
Michael Ewens, Alexander S. Gorbenko and Arthur G. Korteweg
California Institute of Technology - Division of the Humanities and Social Sciences, University of Southern California - Marshall School of Business and University of Southern California - Marshall School of Business
Downloads 9 (656,580)
Citation 1
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18.

Proactive Capital Structure Adjustments: Evidence from Corporate Filings

Stanford University Graduate School of Business Research Paper No. 18-31
Number of pages: 42 Posted: 21 Jun 2018 Last Revised: 03 Feb 2019
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 237 (139,476)
Citation 1

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capital structure, leverage, adjustment costs

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 71 (349,720)
Citation 2

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

20.

Estimating Loan‐To‐Value Distributions

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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 Copenhagen Business School
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 Copenhagen Business School

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