NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Risk-Adjusting the Returns to Venture Capital

Arthur Korteweg, Stefan Nagel

NBER Working Paper No. 19347
Issued in August 2013

---- Acknowledgements -----

We thank Susan Woodward at Sand Hill Econometrics for providing access to data, and John Cochrane, Bob Hodrick, Steve Kaplan, Morten Sørensen, and Stanford finance brown bag participants for valuable comments and suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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