October 9th, 2023 Presenter: Wei Yang Tham (Harvard) Title: “Money, Time, and Grant Design” The design of research grants might be a useful tool for incentivizing more socially valuable science. To better understand the value of grant design as a policy instrument, we conduct two sets of thought experiments in a nationally representative survey of …
Tag Archives: fall2023
Ayako Yasuda (UC Davis)
September 25, 2023 (Register) Paper: Do Investors Overvalue Startups? Evidence from the Junior Stakes of Mutual Funds (pdf) We show that mutual funds report their junior stakes in startups at 43% higher valuation than model fair values that consider multi-tier capital structures of startups. The latest-issued and most senior security is worth 48% per share …