My research focuses on the impact of private capital as a financial intermediary in the economy. Using innovative micro-level data and technology tools, I explore its role in a firm's lifecycle, its sources of superior returns, and how it can complement institutional investors' portfolios, like pension funds. My job market paper investigates the evolving equity ownership choices of UK firms from 2003 to 2018. My findings highlight an aging demographic in the UK's firm population, contributing to the decline in IPOs. Moreover, the rise of private capital leads to both substitution and filtering effects in the public market, further influencing the decreasing trend in public companies.
I am nearing the completion of my Ph.D. in Economics at the University of North Carolina at Chapel Hill. I am enthusiastic about addressing crucial questions in private capital by utilizing novel datasets and advanced statistical methods. I am on the job market this year and will be available for interviews.
Chairs of the Comittee: Gregory Brown and Anusha Chari
Comittee Members: Christian Lundblad, Jacob Sagi, Abhinav Gupta
Dissertation: The Evolution of Equity Ownership: Declining IPOs, the Rise of Private Markets, and Economic Dynamism.
Bachelor's degree in science, major in actuarial science.
Abstract: Since the early 2000s, many advanced economies have seen a decline in initial public offerings (IPOs) of stock and, consequently, the count of publicly-traded companies. The drop in IPOs has raised pressing questions: Is there a decline in transformative new firms and has our financial system become less supportive of them? A primary barrier to understanding these patterns is the scarcity of data on private firms. To bridge this gap, I compile a comprehensive dataset tracking the financial characteristics and ownership structure for both public and private firms in the United Kingdom (UK) throughout their lifespan. I find that a decreasing population of young firms, a trend underscored in economic dynamism literature, accounts for around 25% of the IPO reduction in the UK since its 2007 peak. Yet, this is just one facet of a broader trend. I confirm anecdotal evidence that an increasing proportion of high-growth young firms are turning to private external funding sources, such as venture capital and other private equity (PE) funds. This implies that the outlook for transformational startups is not as pessimistic as the declining trend in IPOs suggests. Furthermore, I highlight the pronounced role of mergers and acquisitions (M&A), particularly an uptick in cross-border M&A as an ownership transition for private firms. Finally, I show that this more complex view of how equity ownership evolves is integral to understanding trends in economic dynamism.
Employment Dynamics at VC-Backed Companies in the United States: Analyzed employment data and performed imputation analysis for a project conducted in collaboration with the National Venture Capital Association to estimate the total employment generated by VC-backed companies in the US from 1990 to 2020.
Deal-level Attribution Analysis for Private Equity: Developed a methodology to estimate the contributions to financial performance by private equity-owned companies. The findings were featured in a white paper by the Institute for Private Capital, which addressed performance analysis and attribution within alternative investments.
Senior Housing vs. Aging-In-Place: Analyzed the residential choice behavior of the senior population across various US regions. Overlaying maps of senior care supply data identified areas with inadequate senior care facilities, aiding investment decisions and policymaking.
COVID-19 Decision Dashboard: Collected and analyzed data for the COVID-19 Decision Dashboard, a 'real-time' research project commissioned by the Governor to advise on North Carolina's response to the pandemic, focusing on economic activity and business operations.
Estimating Undetected COVID-19 Infections: Constructed and estimated a time-varying Markov model to forecast COVID-19 cases in North Carolina.
Visualization Tool for Hidden Risk Transactions under Different Pension Plan Designs: Investigated intergenerational equity in the Canadian implementation of risk-sharing pension plans using a Value-Based Asset Liability Management framework.
Developed and Implemented an approximation method for projecting a joint life variable annuity with a spousal continuation option. Programmed new features in the annuity module using C++ to meet client requirements.
Programming: Python, Stata, C++, Matlab, R, Numpy, Pandas, PyTorch, VBA
Databases: BvD Orbis, Zephyr, S&P Compustat, SDC Platinum, CapIQ, CRSP, Stepstone, Burgiss, Preqin
Applications: Bloomberg, WRDS, Github, LaTeX, Visual Studio, Dynare
Vijay Bhagavan Award for Outstanding Economics 101 Teaching Assistant, 2020
Netspar MS Thesis Award, Network for Studies on Pensions, Aging & Retirement, 2019
Undergraduate Open Scholarship, Simon Fraser University, 4 times, 2013-2015
Statistics and Actuarial Science Endowment Award, Simon Fraser University, 2014
President’s/Dean's Honor Roll, Simon Fraser University, 4 times, 2013-2014
Postgraduate Scholarships (PGS-D3) from NSERC, 2019–2022
Doctoral Merit Assistantship from University of North Carolina at Chapel Hill, 2018
GSS Professional Development Grant from Simon Fraser University, 2018
Graduate Fellowship from Simon Fraser University, 2017-2018
Chair’s Travel Grant from Simon Fraser University, 2017–2018
Entrance scholarship from Simon Fraser University, 2012
MBA 792 - Investments (EMBA)
Econ 101 - Principles of Economics (Vijay Bhagavan Award)
Econ 400 - Introduction to Statistics and Econometrics
Econ 486 - Gender and Economics
Econ 490 - Exploring the Economics of Global Pandemics
ACMA 301 - Long-Term Actuarial Mathematics I
ACMA 401 - Long-Term Actuarial Mathematics II
Analyzed employment data and performed imputation analysis for a project conducted in collaboration with the National Venture Capital Association to estimate the total employment generated by VC-backed companies in the US from 1990 to 2020.
Developed a methodology to estimate the contributions to financial performance by private equity-owned companies. The findings were featured in a white paper by the Institute for Private Capital, which addressed performance analysis and attribution within alternative investments.
This thesis won the 2019 Netspar M.Sc. Thesis Award. Netspar (Network for Studies on Pensions, Aging and Retirement) is a European think tank and research network dedicated to promoting a wider understanding of the economic and social implications of pensions, aging, and retirement.