Steven N. Kaplan
Booth School of Business
The University of Chicago
5807 South Woodlawn Avenue
Chicago, IL 60637
NBER Program Affiliations:
NBER Affiliation: Research Associate
Institutional Affiliation: University of Chicago
NBER Working Papers and Publications
|September 2017||Are CEOs Different? Characteristics of Top Managers|
with Morten Sorensen: w23832
|June 2017||Are U.S. Companies Too Short-Term Oriented? Some Thoughts|
|May 2017||Are U.S. Companies Too Short-Term Oriented? Some Thoughts|
in Innovation Policy and the Economy, Volume 18, Josh Lerner and Scott Stern, editors
|Financial Intermediation in Private Equity: How Well Do Funds of Funds Perform?|
with Robert S. Harris, Tim Jenkinson, Ruediger Stucke: w23428
Published: Robert S. Harris & Tim Jenkinson & Steven N. Kaplan & Ruediger Stucke, 2018. "Financial Intermediation in Private Equity: How Well Do Funds of Funds Perform?," Journal of Financial Economics, .
|September 2016||How Do Venture Capitalists Make Decisions?|
with Paul Gompers, William Gornall, Ilya A. Strebulaev: w22587
|August 2016||Venture Capital Data: Opportunities and Challenges|
with Josh Lerner: w22500
|Do Private Equity Funds Manipulate Reported Returns?|
with Gregory W. Brown, Oleg R. Gredil: w22493
Published: Gregory W. Brown & Oleg R. Gredil & Steven N. Kaplan, 2018. "Do private equity funds manipulate reported returns?," Journal of Financial Economics, .
|Venture Capital Data: Opportunities and Challenges|
with Josh Lerner
in Measuring Entrepreneurial Businesses: Current Knowledge and Challenges, John Haltiwanger, Erik Hurst, Javier Miranda, and Antoinette Schoar, editors
|July 2016||CEO Personality and Firm Policies|
with Ian D. Gow, David F. Larcker, Anastasia A. Zakolyukina: w22435
|April 2015||What Do Private Equity Firms Say They Do?|
with Paul Gompers, Vladimir Mukharlyamov: w21133
Published: Paul Gompers & Steven N. Kaplan & Vladimir Mukharlyamov, 2016. "What do private equity firms say they do?," Journal of Financial Economics, vol 121(3), pages 449-476.
|October 2012||Executive Compensation and Corporate Governance in the U.S.: Perceptions, Facts, and Challenges |
NBER Reporter 2012 number 3
|September 2012||Executive Compensation and Corporate Governance in the U.S.: Perceptions, Facts and Challenges|
Published: CEO Pay and Corporate Governance in the U.S.: Perceptions, Facts, and Challenges Steven N. Kaplan Article first published online: 11 SEP 2013 DOI: 10.1111/jacf.12013Journal of Applied Corporate Finance Volume 25, Issue 2, pages 8–25, Spring 2013
|February 2012||Private Equity Performance: What Do We Know?|
with Robert S. Harris, Tim Jenkinson: w17874
“Private Equity Performance: What Do We Know?” with Robert Harris and Tim Jenkinson, Journal of Finance, forthcoming. citation courtesy of
|September 2010||The Effects of Stock Lending on Security Prices: An Experiment|
with Tobias J. Moskowitz, Berk A. Sensoy: w16335
Published: “The Effects of Stock Lending on Security Prices: An Experiment” with Tobias Moskowitz and Berk Sensoy, Journal of Finance, September 2013
|March 2010||Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes? |
with Joshua Rauh
in Corporate Governance, Michael Weisbach, editor
|July 2008||Leveraged Buyouts and Private Equity |
with Per Strömberg: w14207
Published: Steven N. Kaplan & Per Stromberg, 2009.
"Leveraged Buyouts and Private Equity,"
Journal of Economic Perspectives,
American Economic Association, vol. 23(1), pages 121-46, Winter.
citation courtesy of
|Which CEO Characteristics and Abilities Matter?|
with Mark M. Klebanov, Morten Sorensen: w14195
Published: STEVEN N. KAPLAN & MARK M. KLEBANOV & MORTEN SORENSEN, 2012. "Which CEO Characteristics and Abilities Matter?," The Journal of Finance, vol 67(3), pages 973-1007.
|July 2007||Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes?|
with Joshua Rauh: w13270
Published: Steven N. Kaplan & Joshua Rauh, 2010. "Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes?," Review of Financial Studies, Society for Financial Studies, vol. 23(3), pages 1004-1050, March. citation courtesy of
|August 2006||How has CEO Turnover Changed? Increasingly Performance Sensitive Boards and Increasingly Uneasy CEOs|
with Bernadette Minton: w12465
|August 2005||What Are Firms? Evolution from Birth to Public Companies|
with Berk A. Sensoy, Per Strömberg: w11581
|November 2003||How Do Legal Differences and Learning Affect Financial Contracts?|
with Frederic Martel, Per Stromberg: w10097
Published: Kaplan, Steve N., Fredric Martel, and Per Strömberg. “How Do Legal Differences and Learning Affect Financial Contracts?” Journal of Financial Intermediation, 2007.
|June 2003||Private Equity Performance: Returns, Persistence and Capital|
with Antoinette Schoar: w9807
Published: Kaplan, Steven and Antoinette Schoar. “Private Equity Performance: Returns, Persistence and Capital Flows." Journal of Finance 60 (August 2005).
|Venture Capitalists as Economic Principals|
with Per Stromberg NBER Reporter Summer 03
|April 2003||The State of U.S. Corporate Governance: What's Right and What's Wrong?|
with Bengt Holmstrom: w9613
Published: Holmstrom, Bengt and Steven N. Kaplan. “The State of U.S. Corporate Governance: What’s Right and What’s Wrong?” Journal of Applied Corporate Finance (Spring 2003): 8-20. citation courtesy of
|October 2002||What is the Price of Hubris? Using Takeover Battles to Infer Overpayments and Synergies|
with Pekka Hietala, David T. Robinson: w9264
Published: Pekka Hietala & Steven N. Kaplan & David T. Robinson, 2003. "What is the Price of Hubris? Using Takeover Battles to Infer Overpayments and Synergies," Financial Management, Financial Management Association, vol. 32(3), Fall. citation courtesy of
|February 2002||Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analyses|
with Per Stromberg: w8764
Published: Kaplan, Steven N. and Per Stromberg. "Characteristics, Contracts, And Actions: Evidence From Venture Capitalist Analyses," Journal of Finance, 2004, v59(5,Oct), 2177-2210. citation courtesy of
|December 2001||The Effects of Business-to-Business E-Commerce on Transaction Costs|
with Luis Garicano
in E-commerce, Severin Borenstein and Garth Saloner, editors
|April 2001||Venture Capitalists As Principals: Contracting, Screening, and Monitoring|
with Per Stromberg: w8202
Published: Kaplan, Steven and Per Strömberg. “Venture Capitalists As Principals: Contracting, Screening, and Monitoring." American Economic Review 91 (2001): 426-430.
|Corporate Governance and Merger Activity in the U.S.: Making Sense of the 1980s and 1990s|
with Bengt Holmstrom: w8220
Published: Holmstrom, Bengt and Steven N. Kaplan. "Corporate Governance And Merger Activity In The United States: Making Sense Of The 1980s And 1990s," Journal of Economic Perspectives, 2001, v15(2,Spring), 121-144.
|November 2000||The Effects of Business-to-Business E-Commerce on Transaction Costs|
with Luis Garicano: w8017
Published: Garicano, Luis & Kaplan, Steven N, 2001. "The Effects of Business-to-Business E-Commerce on Transaction Costs," Journal of Industrial Economics, Blackwell Publishing, vol. 49(4), pages 463-85, December. citation courtesy of
|April 2000||Investment-Cash Flow Sensitivities are not Valid Measures of Financing Constraints|
with Luigi Zingales: w7659
Published: Published as "Do Investment-Cash Flow Sensitivities Provide Useful Measuresof Financing Constraints?", Quarterly Journal of Economics, Vol. 107, no. 1(February 1997): 16-215. citation courtesy of
|Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts|
with Per Stromberg: w7660
Published: Kaplan, Steven N and Per Stromberg. "Financial Contracting Theory Meets The Real World: An Empirical Analysis Of Venture Capital Contracts," Review of Economic Studies, 2003, v70(2,Apr), 281-315. citation courtesy of
|January 2000||Front matter, Mergers and Productivity|
in Mergers and Productivity, Steven N. Kaplan, editor
|Introduction to "Mergers and Productivity"|
in Mergers and Productivity, Steven N. Kaplan, editor
|A Clinical Exploration of Value Creation and Destruction in Acquisitions, Organizational Design, Incentives, and Internal Capital Markets|
with Mark Mitchell, Karen Wruck
in Mergers and Productivity, Steven N. Kaplan, editor
|August 1997||How Costly is Financial (not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed|
with Gregor Andrade: w6145
Published: Journal of Finance (1998). citation courtesy of
|April 1997||A Clinical Exploration of Value Creation and Destruction in Acquisitions: Organizational Design, Incentives, and Internal Capital Markets|
with Mark L. Mitchell, Karen H. Wruck: w5999
Published: Steven N. Kaplan & Mark Mitchell & Karen Wruck, 2000. "A Clinical Exploration of Value Creation and Destruction in Acquisitions, Organizational Design, Incentives, and Internal Capital Markets," NBER Chapters, in: Mergers and Productivity, pages 179-238 National Bureau of Economic Research, Inc.
|September 1995||Do Financing Constraints Explain Why Investment is Correlated with Cash Flow?|
with Luigi Zingales: w5267
Published: Quarterly Journal of Economics, feb.1997, 169-215.
|April 1994||The Valuation of Cash Flow Forecasts: An Empirical Analysis|
with Richard S. Ruback: w4724
Published: Journal of Finance, volume 50, Sept 1995, pp1059-1094. citation courtesy of
|August 1993||Top Executives, Turnover and Firm Performance in Germany|
Published: Journal of Law, Economics & Organization, Vol. 10, No. 1 (April 1994), pp. 142-159. citation courtesy of
|February 1993||'Outside' Intervention in Japanese Companies: Its Determinants and Implications for Mangers|
with Bernadette Minton: w4276
Published: "Appointments of Outsiders to Japanese Boards: Determinants and Implications for Managers" in Journal of Financial Economics, Vol. 36, No. 2 (October 1994), pp. 225-258.
|May 1992||Top Executive Rewards and Firm Performance: A Comparison of Japan and the U.S.|
Published: Journal of Political Economy, vol. 102, no. 3, pp. 510-546, (June 1994).
|May 1991||The Evolution of Buyout Pricing and Financial Structure|
with Jeremy C. Stein: w3695
Published: Quarterly Journal of Economics, Vol. CVIII, Issue 2, pp. 313-357, (May 1993).
|March 1991||The Staying Power of Leveraged Buyouts|
|October 1990||The Success of Acquisitions: Evidence From Disvestitures|
with Michael S. Weisbach: w3484
Published: The Journal of Finance, Vol. XLVII, No. 1, pp. 107-138, (March 1992). citation courtesy of
|June 1990||How Risky is the Debt in Highly Leveraged Transactions? Evidence from Public Recapitalizations|
with Jeremy C. Stein: w3390
Published: "How Risky is the Debt in Highly Leveraged Transactions?" From Journal of Financial Economics, Vol. 27, No. 1, pp. 215-245, (October 1990).
|September 1981||The Holding Period Distinction of the Capital Gains Tax|