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

  • University of Southern California - Marshall School of Business

SCHOLARLY PAPERS

28

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42,101

TOTAL CITATIONS
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Top 1,533

in Total Papers Citations

370

Scholarly Papers (28)

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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 4,066 (5,634)
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 University - Business School (HBS), University of Southern California - Marshall School of Business and AngelList
Downloads 3,607 (6,883)
Citation 43

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

3.

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, Bayes Business School (formerly Cass) and Erasmus University Rotterdam (EUR)
Downloads 2,976 (9,332)
Citation 14

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

4.

Skill and Luck in Private Equity Performance

Downloads 2,783 (10,357)
Citation 44

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 2,288 (13,947)
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 495 (122,481)
Citation 38

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5.

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 2,669 (11,082)
Citation 20

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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

6.

Risk-Adjusted Returns of Private Equity Funds: A New Approach

Number of pages: 76 Posted: 20 Jul 2022
Arthur G. Korteweg and Stefan Nagel
University of Southern California - Marshall School of Business and University of Chicago - Booth School of Business
Downloads 2,397 (13,211)
Citation 6

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private equity, venture capital, buyout, performance, return, risk-adjusted return, risk-adjustment, beta, predictability, alpha

7.

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 2,392 (13,245)
Citation 15

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capital structure, leverage, financial distress, trade-off theory, agency costs, 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 2,177 (15,429)
Citation 2

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Markov Chain Monte Carlo, Corporate Finance

9.

Risk and Return Characteristics of Venture Capital-Backed Entrepreneurial Companies

Downloads 1,986 (17,878)
Citation 96

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 1,434 (28,886)
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

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 321 (201,261)
Citation 91

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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 231 (285,443)
Citation 1

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10.

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 1,720 (22,328)
Citation 16

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

11.

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
Graduate School of Business, Columbia University, University of Southern California - Marshall School of Business and University of Chicago - Booth School of Business
Downloads 1,676 (23,243)
Citation 42

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Learning, predictability, optimal portfolio formation

12.

Risk and Return in Private Equity

Handbook of the Economics of Corporate Finance, Vol 1: Private Equity and Entrepreneurial Finance, Forthcoming
Number of pages: 130 Posted: 02 Aug 2022 Last Revised: 24 May 2023
Arthur G. Korteweg
University of Southern California - Marshall School of Business
Downloads 1,607 (24,792)
Citation 6

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private equity, buyout, venture capital, risk, return, performance, risk-adjustment, beta, alpha

13.

Asset Allocation with Private Equity

Downloads 1,463 (28,601)
Citation 1

Asset Allocation with Private Equity

Number of pages: 95 Posted: 30 Jan 2022 Last Revised: 19 Aug 2022
Arthur G. Korteweg and Mark M. Westerfield
University of Southern California - Marshall School of Business and University of Washington - Department of Finance and Business Economics
Downloads 1,221 (36,592)

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Asset Allocation, Private Equity, Buyout, Venture Capital, Review Article

Asset Allocation with Private Equity

Arthur Korteweg and Mark M. Westerfield (2022), "Asset Allocation with Private Equity", Foundations and Trends® in Finance: Vol. 13: No. 2, pp 95-204. http://dx.doi.org/10.1561/0500000062
Number of pages: 95 Posted: 26 Aug 2022
Arthur G. Korteweg and Mark M. Westerfield
University of Southern California - Marshall School of Business and University of Washington - Department of Finance and Business Economics
Downloads 242 (270,181)
Citation 1

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Asset Allocation, Private Equity, Buyout, Venture Capital, Review Article

14.

Risk-Adjusting the Returns to Venture Capital

Downloads 1,454 (28,828)
Citation 8

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 1,314 (32,849)

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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: 14 May 2023
Arthur G. Korteweg and Stefan Nagel
University of Southern California - Marshall School of Business and University of Chicago - Booth School of Business
Downloads 137 (453,598)
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 3 (1,374,881)
Citation 3
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Stochastic Discount Factor, Systematic Risk, Venture Capital

15.

Risk Adjustment in Private Equity Returns

Downloads 1,408 (30,224)
Citation 3

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 1,408 (29,692)
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.

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 1,025 (47,874)

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

17.

Venture Capital Contracts

Downloads 1,000 (49,617)
Citation 7

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
Columbia Business School, University College London - Department of Economics and School of Management and University of Southern California - Marshall School of Business
Downloads 956 (51,935)
Citation 5

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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: 11 May 2023
Michael Ewens, Alexander S. Gorbenko and Arthur G. Korteweg
Columbia Business School, University College London - Department of Economics and School of Management and University of Southern California - Marshall School of Business
Downloads 44 (914,625)
Citation 2

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18.

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 964 (52,192)
Citation 13

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

19.

Shareholder Liability and Bank Failure

Downloads 773 (70,457)
Citation 6

Shareholder Liability and Bank Failure

Number of pages: 73 Posted: 05 Dec 2019 Last Revised: 29 Jun 2021
Felipe Aldunate, Dirk Jenter, Arthur G. Korteweg and Peter Koudijs
Universidad de los Andes, Chile - ESE Business School, London School of Economics & Political Science (LSE) - Department of Finance, University of Southern California - Marshall School of Business and Erasmus University Rotterdam
Downloads 623 (91,787)
Citation 4

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

Shareholder Liability and Bank Failure

CESifo Working Paper No. 9168
Number of pages: 75 Posted: 09 Jul 2021
Felipe Aldunate, Dirk Jenter, Arthur G. Korteweg and Peter Koudijs
Universidad de los Andes, Chile - ESE Business School, London School of Economics & Political Science (LSE) - Department of Finance, University of Southern California - Marshall School of Business and Erasmus University Rotterdam
Downloads 150 (421,046)
Citation 2

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20.

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 740 (74,673)
Citation 2

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capital structure, structural model, model testing

21.

Private Equity for Pension Plans? Evaluating Private Equity Performance from an Investor's Perspective

Downloads 705 (79,464)

Private Equity for Pension Plans? Evaluating Private Equity Performance from an Investor's Perspective

Number of pages: 55 Posted: 23 Dec 2022 Last Revised: 17 Jan 2023
Arthur G. Korteweg, Stavros Panageas and Anand Systla
University of Southern California - Marshall School of Business, University of California, Los Angeles (UCLA) - Finance Area and University of California, Los Angeles (UCLA) - Anderson School of Management
Downloads 693 (80,024)

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Private Equity, Performance Evaluation, Public Pension Plans

Private Equity for Pension Plans? Evaluating Private Equity Performance from an Investor's Perspective

NBER Working Paper No. w33194
Number of pages: 62 Posted: 26 Nov 2024
Arthur G. Korteweg, Stavros Panageas and Anand Systla
University of Southern California - Marshall School of Business, University of California, Los Angeles (UCLA) - Finance Area and UCLA Anderson
Downloads 12 (1,295,052)
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22.

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, AQR Arbitrage, LLC and Stanford University - Graduate School of Business
Downloads 635 (90,845)
Citation 2

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capital structure, leverage, adjustment costs

23.

Performance Measures in Private Equity

Number of pages: 9 Posted: 03 Nov 2023
Arthur G. Korteweg and Morten Sorensen
University of Southern California - Marshall School of Business and Dartmouth College - Tuck School of Business
Downloads 584 (101,082)
Citation 1

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Private Equity, Performance, Total Value to Paid-in Capital (TVPI), Multiple on Invested Capital (MOIC), Internal Rate of Return (IRR), Index Comparison Methods (ICM), Public Market Equivalent (PME), Stochastic Discount Factor (SDF)

24.

Estimating Loan-to-Value Distributions

Downloads 460 (135,537)

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 393 (160,967)

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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 Last Revised: 13 May 2023
Arthur G. Korteweg and Morten Sorensen
University of Southern California - Marshall School of Business and Dartmouth College - Tuck School of Business
Downloads 67 (741,300)

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25.

How Unique is VC’s American History?

Number of pages: 26 Posted: 03 Jun 2021
Arthur G. Korteweg and Berk A. Sensoy
University of Southern California - Marshall School of Business and Vanderbilt University - Finance
Downloads 423 (149,505)
Citation 3

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Venture capital, history, development, innovation

26.

Recovering Heterogeneous Beliefs and Preferences from Asset Prices

Number of pages: 47 Posted: 20 Jul 2020 Last Revised: 14 Dec 2022
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 409 (155,424)
Citation 1

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

27.

Shareholder Liability and Bank Failure

CEPR Discussion Paper No. DP16309
Number of pages: 76 Posted: 14 Jul 2021
Dirk Jenter, Felipe Aldunate, Arthur G. Korteweg and Peter Koudijs
London School of Economics & Political Science (LSE) - Department of Finance, Pontificia Universidad Católica de Chile, University of Southern California - Marshall School of Business and Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE)
Downloads 2 (1,322,679)
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28.

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