Alumni

Evening with Steve Kaplan: Cutting through the Noise: Deploying Smart Venture Capital

Chicago Booth Alumni Club of the United Kingdom

February 10, 2020: 6:00 PM - 10:00 PM

Join the Polsky Center for a discussion with Steven Neil Kaplan, Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance and Kessenich E.P. Faculty Director at the Polsky Center for Entrepreneurship and Innovation.

Where

Chicago Booth London Campus
Woolgate Exchange, 1st floor
25 Basinghall Street
London, United Kingdom

Event Details

On 10 February at Chicago Booth in London, the Polsky Center will host Professor Steve Kaplan for a moderated discussion with Randy Kroszner, Deputy Dean for Executive Programs and Norman R. Bobins Professor of Economics. Professor Kaplan will discuss the performance of private equity investments compared to public equities, and share insights into why venture investments are outperforming public markets. Taking the discussion a step further, Professor Kaplan will explore how venture capitalists make decisions and answer the question of whether investors should bet on the jockey or the horse. Join the Polsky Center for this unique opportunity to hear from Professor Kaplan and receive guidance on how to evaluate opportunities and deploy smart capital in today's private markets.

Steve Kaplan is the Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance at Chicago Booth. He is also the Kessenich E.P. Faculty Director of the Polsky Center. Steve is one of the world's foremost researchers on private equity, venture capital, corporate governance, executive talent, and income inequality. His papers on private equity and venture capital are the standard references in the field. A Fortune Magazine article referred to him as "probably the foremost private equity scholar in the galaxy." Steve co-founded the entrepreneurship program at Chicago Booth and, with his students, started Booth's business launch program, the New Venture Challenge, which has spawned over 200 companies. The companies have raised almost $1 Billion from investors (including Accel, Andreessen Horowitz, Benchmark, Index, and Sequoia) and created over $10B in market value.

Program
18:00 Registration
18:30 Program and Q&A
19:45 Networking Reception

Cost

Complimentary curtesy of The Polsky Center for Entrepreneurship and Innovation

Registration

Register Online

Deadline: 2/9/2020

Speaker Profiles

Steven Neil Kaplan (Speaker)

Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance, Chicago Booth
Kessenich E.P. Faculty Director, Polsky Center for Entrepreneurship and Innovation

Steven Neil Kaplan conducts research on issues in private equity, venture capital, entrepreneurial finance, corporate governance and corporate finance. He has published papers in a number of academic and business journals. Kaplan is a research associate at the National Bureau of Economic Research and an associate editor of the Journal of Financial Economics.

He ranks among the top 60 in paper downloads and in paper citations (out of over 280,000 authors) on SSRN (Social Science Research Network). He is the co-creator of the Kaplan-Schoar PME (Public Market Equivalent) private equity benchmarking approach. A Fortune Magazine article referred to him as "probably the foremost private equity scholar in the galaxy."

Kaplan teaches advanced MBA and executive courses in entrepreneurial finance and private equity, corporate finance, corporate governance, and wealth management. BusinessWeek named him one of the top 12 business school teachers in the country.

Professor Kaplan co-founded the entrepreneurship program at Booth. With his students, he helped start Booth's business plan competition, the New Venture Challenge (NVC), which has spawned over two hundred companies that have raised almost $1 billion and created over $10 billion in value including GrubHub, Braintree/Venmo and Simple Mills.

Kaplan serves on the boards of Morningstar, Zayo Group and the Illinois Venture Capital Association. He has been a member of the faculty since 1988.

He received his AB, summa cum laude, in Applied Mathematics and Economics from Harvard College and earned a PhD in Business Economics from Harvard University.

Randall S. Kroszner (Speaker)
Deputy Dean for Executive Programs and Norman R. Bobins Professor of Economics, Chicago Booth

Randall S. Kroszner is Deputy Dean for Executive Programs and Norman R. Bobins Professor of Economics. Dr. Kroszner served as a Governor of the Federal Reserve System from 2006 until 2009. He chaired the committee on Supervision and Regulation of Banking Institutions and the committee on Consumer and Community Affairs. In these capacities, he took a leading role in developing responses to the financial crisis and in undertaking new initiatives to improve consumer protection and disclosure, including rules related to home mortgages and credit cards. He represented the Federal Reserve Board on the Financial Stability Forum (now called the Financial Stability Board), the Basel Committee on Banking Supervision, and the Central Bank Governors of the American Continent and was a director of NeighborWorks America. Dr. Kroszner chaired the working party of the Organization for Economic Cooperation and Development (OECD), composed of deputy central bank governors and finance ministers, on Policies for the Promotion of Better International Payments Equilibrium. As a member of the Fed Board, he was also a voting member of the Federal Open Market Committee.

From 2001 to 2003, Dr. Kroszner was a member of the President's Council of Economic Advisers (CEA). He was involved in formulating policy on a wide range of issues, including responses to corporate governance scandals, government-sponsored enterprise reform, pension reform, terrorism risk insurance, tax reform, currency crisis management, sovereign debt restructuring, the role of the International Monetary Fund (IMF), and international trade and development.

Since 1990, Dr. Kroszner has taught at the University of Chicago Booth School of Business. Dr. Kroszner was Director of the George J. Stigler Center for the Study of the Economy and the State. He served as editor of the Journal of Law & Economics and has been associate editor of a number of other academic and policy journals. He was a member of the board of directors at the National Association for Business Economics and the Financial Management Association. Dr. Kroszner also was a member of the Federal Economic Statistics Advisory Committee at the Bureau of Labor Statistics in the Department of Labor. He is currently a Research Associate of the National Bureau of Economic Research. Dr. Kroszner serves as the Chair of the Financial Research Advisory Committee of the Office of Financial Research of the U.S. Treasury. He is a member of the Federal Reserve Bank of Chicago's Academic Advisory Council and of the board of advisors of the Paulson Institute. He is member of the board of trustees of the Chicago Symphony Orchestra and a member of the board of directors of the Renaissance Society.

Dr. Kroszner has been a visiting scholar at the Securities and Exchange Commission, the IMF, the Stockholm School of Economics, the Stockholm University, the Free University of Berlin, Germany, the London School of Economics, and the American Enterprise Institute. He was the John M. Olin Visiting Fellow in Law and Economics at the University of Chicago Law School the Bertil Danielson Visiting Professor of Banking and Finance at the Stockholm School of Economics, and the SK Chaired Visiting Professor at Yonsei University, Seoul, Korea.

His research interests include regulation of financial institutions, international financial crises, the Great Depression, monetary economics, corporate governance, debt restructuring and bankruptcy, and political economy. His paper on managerial stock ownership (with Clifford Holderness and Dennis Sheehan) won the Brattle Prize for best corporate finance paper in the Journal of Finance. His book co-authored with Nobel laureate Robert J. Shiller, Reforming U.S. Financial Markets: Reflections Before and Beyond Dodd-Frank (MIT Press) appeared on the Washington Post's Book World political best sellers list.

Dr. Kroszner is a frequent commentator in the international media. He provides advice to financial institutions, government organizations, and central banks throughout the world.

Dr. Kroszner received a Sc.B. (magna cum laude) in applied mathematics-economics (honors) from Brown University in 1984 and an M.A. (1987) and Ph.D. (1990), both in economics, from Harvard University.

Questions

Jenny Eriksson