CV
Dog
Peer-Reviewed Publications
The Value of Privacy and the Choice of Limited Partners by Venture Capitalists
with
R Abuzov,
IA Strebulaev,
Journal of Financial Economics 2025, 169(7), 104063
Cite.
Topics:
Contracts,
PE,
VC.
Cite.
Topics:
Contracts,
PE,
VC.
Customer Data Access and Fintech Entry: Early Evidence from Open Banking
with
T Babina,
SA Bahaj,
G Buchak,
F De Marco,
AK Foulis,
F Mazzola,
T Yu,
Journal of Financial Economics 2025, 169(7), 103950
Cite.
A previous version of this manuscript was distributed as "Customer Data Access and Fintech Entry: Early Evidence from Open Banking" T Babina, G Buchak, W Gornall.
Topics:
Banking,
Fintech/Crypto.
Cite.
A previous version of this manuscript was distributed as "Customer Data Access and Fintech Entry: Early Evidence from Open Banking" T Babina, G Buchak, W Gornall.
Topics:
Banking,
Fintech/Crypto.
Do Employees Cheer for Private Equity? The Heterogeneous Effects of Buyouts on Job Quality
with
O Gredil,
ST Howell,
X Liu,
J Sockin,
Management Science 2025, 71(5), 4287-4317
Cite.
Topics:
PE,
Surveys.
Cite.
Topics:
PE,
Surveys.
Gender, Race, and Entrepreneurship: A Randomized Field Experiment on Venture Capitalists and Angels
with
IA Strebulaev,
Management Science forthcoming
Cite.
Topics:
Surveys,
VC.
Cite.
Topics:
Surveys,
VC.
Venture Capitalists and COVID-19
with
PA Gompers,
SN Kaplan,
IA Strebulaev,
Journal of Financial and Quantitative Analysis 2021, 56(7), 2474-2499
Cite.
Topics:
Surveys,
VC.
Cite.
Topics:
Surveys,
VC.
Squaring Venture Capital Valuations with Reality
with
IA Strebulaev,
Journal of Financial Economics 2020, 135(1), 120–143
Cite.
Doriot Award winner.
Teaching slides.
Code.
Tool to value employee stock options.
Topics:
Contracts,
Valuation,
VC.
Cite.
Doriot Award winner.
Teaching slides.
Code.
Tool to value employee stock options.
Topics:
Contracts,
Valuation,
VC.
How Do Venture Capitalists Make Decisions?
with
PA Gompers,
SN Kaplan,
IA Strebulaev,
Journal of Financial Economics 2020, 135(1), 169–190
Cite.
Awarded Jensen Prize.
Summarized by the Harvard Business Review.
Teaching slides.
Topics:
Surveys,
VC.
Cite.
Awarded Jensen Prize.
Summarized by the Harvard Business Review.
Teaching slides.
Topics:
Surveys,
VC.
Financing as a Supply Chain: The Capital Structure of Banks and Borrowers
with
IA Strebulaev,
Journal of Financial Economics 2018, 129(3), 510-530
Cite.
Code.
Topics:
Banking,
Contracts.
Cite.
Code.
Topics:
Banking,
Contracts.
Locally-Capped Investment Products and the Retail Investor
with
C Bernard,
P Boyle,
Journal of Derivatives 2011, 18(4), 72-88
Cite.
Topics:
Contracts,
Valuation.
Cite.
Topics:
Contracts,
Valuation.
Working Papers
Perpetual Futures and Basis Risk: Evidence from Cryptocurrency
with
M Rinaldi,
Y Xiao,
Cite.
A previous version of this manuscript was distributed as "Funding Payments Crisis-Proofed Bitcoin’s
Perpetual Futures".
Topics:
Contracts,
Fintech/Crypto.
Cite.
A previous version of this manuscript was distributed as "Funding Payments Crisis-Proofed Bitcoin’s
Perpetual Futures".
Topics:
Contracts,
Fintech/Crypto.
A Valuation Model of Venture Capital-Backed Companies with Multiple Financing Rounds
with
IA Strebulaev,
Cite.
Topics:
Contracts,
Valuation,
VC.
Cite.
Topics:
Contracts,
Valuation,
VC.
Non-Peer-Reviewed Publications
The Contracting and Valuation of Venture Capital-Backed Companies
with
IA Strebulaev,
In: BE Eckbo, GM Phillips, M Sorensen (eds) Handbook of the Economics of Corporate Finance 2023, Amsterdam: North-Holland, an imprint of Elsevier, 1, 3-76
Cite.
A useful reference for faculty, students, and practitioners.
Topics:
Contracts,
Valuation,
VC.
Cite.
A useful reference for faculty, students, and practitioners.
Topics:
Contracts,
Valuation,
VC.
Venture Capital Valuation
with
IA Strebulaev,
In: D Cumming, B Hammer (eds) The Palgrave Encyclopedia of Private Equity 2023, Cham: Springer International Publishing, 1-5
Cite.
Topics:
Contracts,
Valuation,
VC.
Cite.
Topics:
Contracts,
Valuation,
VC.
How Venture Capitalists Make Decisions
with PA Gompers, SN Kaplan, IA Strebulaev,
Harvard Business Review 2021, 99.2 70-+
Topics:
Surveys,
VC.
Teaching Material
Policy
Comment on CFTC Trading and Clearing of "Perpetual" Style Derivatives
Topics:
Contracts,
Fintech/Crypto.
Comment on SEC Proposed Rule on Good Faith Determinations of Fair Value
Topics:
Contracts,
Valuation,
VC.
@article{babina2025openbanking,
title = {Customer data access and fintech entry: Early evidence from open banking},
journal = {Journal of Financial Economics},
volume = {169},
pages = {103950},
year = {2025},
issn = {0304-405X},
doi = {https://doi.org/10.1016/j.jfineco.2024.103950},
url = {https://www.sciencedirect.com/science/article/pii/S0304405X24001739},
author = {Tania Babina and Saleem Bahaj and Greg Buchak and Filippo {De Marco} and Angus Foulis and Will Gornall and Francesco Mazzola and Tong Yu},
keywords = {Financial regulation, Open banking, Financial innovation, Data access, Data rights, Big data, Artificial intelligence},
abstract = {Open banking (OB) empowers bank customers to share their financial transaction data with fintechs and other banks. New cross-country data shows 49 countries adopted OB policies, privacy preferences predict policy adoption, and adoption spurs fintech entry. UK microdata shows that OB enables: (i) consumers to access both financial advice and credit; (ii) SMEs to establish new lending relationships. In a calibrated model, OB universally improves welfare through entry and product improvements when used for advice. When used for credit, OB promotes entry and competition by reducing adverse selection, but higher prices for costlier or privacy-conscious consumers partially offset these benefits.}
} @article{gornall2025employees,
title={Do employees cheer for private equity? {The} heterogeneous effects of buyouts on job quality},
author={Gornall, Will and Gredil, Oleg R and Howell, Sabrina T and Liu, Xing and Sockin, Jason},
journal={Management Science},
volume={71},
number={5},
pages={4287--4317},
year={2025},
publisher={INFORMS}
} @article{gornall2023gender,
title={Gender, race, and entrepreneurship: A randomized field experiment on venture capitalists and angels},
author={Gornall, Will and Strebulaev, Ilya A},
journal={Management Science},
year={Forthcoming}
} @article{gompers2021venture,
title={Venture capitalists and COVID-19},
author={Gompers, Paul and Gornall, Will and Kaplan, Steven N and Strebulaev, Ilya A},
journal={Journal of Financial and Quantitative Analysis},
volume={56},
number={7},
pages={2474--2499},
year={2021},
publisher={Cambridge University Press}
} @article{cite-gornall2020squaring,
title={Squaring venture capital valuations with reality},
author={Gornall, Will and Strebulaev, Ilya A},
journal={Journal of Financial Economics},
volume={135},
number={1},
pages={120--143},
year={2020},
publisher={Elsevier}
} @article{abuzov2025value,
title = {The value of privacy and the choice of limited partners by venture capitalists},
journal = {Journal of Financial Economics},
volume = {169},
pages = {104063},
year = {2025},
issn = {0304-405X},
doi = {https://doi.org/10.1016/j.jfineco.2025.104063},
url = {https://www.sciencedirect.com/science/article/pii/S0304405X25000716},
author = {Rustam Abuzov and Will Gornall and IA Strebulaev},
keywords = {Limited partners, FOIA, Venture capital, Public pensions},
abstract = {We study how information disclosure concerns shape the choice of limited partners (LPs) by venture capitalists (VCs). Late-2002 court rulings prevented public LPs from providing confidentiality to investment managers. The best-performing VCs, but not other managers, responded by excluding public LPs from their new funds. Lost access reduced public LP returns by $1.6 billion relative to $14 billion of their VC commitments. Legislation reducing disclosure, contracts limiting information access, and added fund-of-funds intermediaries helped restore access. These changes focused on protecting portfolio company information, highlighting the importance of proprietary information for VC investing and the potential costs of transparency.}
} @article{cite-gompers2020venture,
title={How do venture capitalists make decisions?},
author={Gompers, Paul A and Gornall, Will and Kaplan, Steven N and Strebulaev, Ilya A},
journal={Journal of Financial Economics},
volume={135},
number={1},
pages={169--190},
year={2020},
publisher={Elsevier}
} @article{cite-gornall2018financing,
title={Financing as a supply chain: The capital structure of banks and borrowers},
author={Gornall, Will and Strebulaev, Ilya A},
journal={Journal of Financial Economics},
volume={129},
number={3},
pages={510--530},
year={2018},
publisher={Elsevier}
} @article{bernard2011locally,
title={Locally Capped Investment Products and the RetailInvestor},
author={Bernard, Carole and Boyle, Phelim P and Gornall, William},
journal={The Journal of Derivatives},
volume={18},
number={4},
pages={72--88},
year={2011},
publisher={Institutional Investor Journals Umbrella}
} @article{cite-gornall2025perps,
title={Perpetual Futures and Basis Risk: Evidence from Cryptocurrency },
author={Gornall, Will and Rinaldi, Martin and Xia, Yizhou},
journal={Available at SSRN 5036933},
year={2025}
} @article{cite-gornall2021valuation,
title={A valuation model of venture capital-backed companies with multiple financing rounds},
author={Gornall, Will and Strebulaev, Ilya A},
journal={Available at SSRN 3725240},
year={2021}
} @article{cite-gornall2018safe,
title={Safe assets and dangerous liabilities: How bank-level frictions explain bank seniority},
author={Gornall, Will},
journal={Available at SSRN 2526574},
year={2018}
} @article{cite-gornall2021economic,
title={The economic impact of venture capital: Evidence from public companies},
author={Gornall, Will and Strebulaev, Ilya A},
journal={Available at SSRN 2681841},
year={2021}
} @incollection{cite-gornall2023vcvaluationcontracts,
title = {Chapter 1 - The contracting and valuation of venture capital-backed companies},
editor = {B. Espen Eckbo and Gordon M. Phillips and Morten Sorensen},
series = {Handbook of the Economics of Corporate Finance},
publisher = {North-Holland},
volume = {1},
number = {1},
pages = {3-76},
year = {2023},
booktitle = {Private Equity and Entrepreneurial Finance},
issn = {2949-964X},
doi = {https://doi.org/10.1016/bs.hecf.2023.02.001},
url = {https://www.sciencedirect.com/science/article/pii/S2949964X23000012},
author = {Will Gornall and IA Strebulaev},
} @Inbook{cite-gornall2023palgrave,
author="Gornall, Will and Strebulaev, Ilya A.",
editor="Cumming, Douglas and Hammer, Benjamin",
title="Venture Capital Valuation",
bookTitle="The Palgrave Encyclopedia of Private Equity",
year="2020",
publisher="Springer International Publishing",
address="Cham",
pages="1--5",
isbn="978-3-030-38738-9",
doi="10.1007/978-3-030-38738-9_10-1",
url="https://doi.org/10.1007/978-3-030-38738-9_10-1"
}
title = {Customer data access and fintech entry: Early evidence from open banking},
journal = {Journal of Financial Economics},
volume = {169},
pages = {103950},
year = {2025},
issn = {0304-405X},
doi = {https://doi.org/10.1016/j.jfineco.2024.103950},
url = {https://www.sciencedirect.com/science/article/pii/S0304405X24001739},
author = {Tania Babina and Saleem Bahaj and Greg Buchak and Filippo {De Marco} and Angus Foulis and Will Gornall and Francesco Mazzola and Tong Yu},
keywords = {Financial regulation, Open banking, Financial innovation, Data access, Data rights, Big data, Artificial intelligence},
abstract = {Open banking (OB) empowers bank customers to share their financial transaction data with fintechs and other banks. New cross-country data shows 49 countries adopted OB policies, privacy preferences predict policy adoption, and adoption spurs fintech entry. UK microdata shows that OB enables: (i) consumers to access both financial advice and credit; (ii) SMEs to establish new lending relationships. In a calibrated model, OB universally improves welfare through entry and product improvements when used for advice. When used for credit, OB promotes entry and competition by reducing adverse selection, but higher prices for costlier or privacy-conscious consumers partially offset these benefits.}
} @article{gornall2025employees,
title={Do employees cheer for private equity? {The} heterogeneous effects of buyouts on job quality},
author={Gornall, Will and Gredil, Oleg R and Howell, Sabrina T and Liu, Xing and Sockin, Jason},
journal={Management Science},
volume={71},
number={5},
pages={4287--4317},
year={2025},
publisher={INFORMS}
} @article{gornall2023gender,
title={Gender, race, and entrepreneurship: A randomized field experiment on venture capitalists and angels},
author={Gornall, Will and Strebulaev, Ilya A},
journal={Management Science},
year={Forthcoming}
} @article{gompers2021venture,
title={Venture capitalists and COVID-19},
author={Gompers, Paul and Gornall, Will and Kaplan, Steven N and Strebulaev, Ilya A},
journal={Journal of Financial and Quantitative Analysis},
volume={56},
number={7},
pages={2474--2499},
year={2021},
publisher={Cambridge University Press}
} @article{cite-gornall2020squaring,
title={Squaring venture capital valuations with reality},
author={Gornall, Will and Strebulaev, Ilya A},
journal={Journal of Financial Economics},
volume={135},
number={1},
pages={120--143},
year={2020},
publisher={Elsevier}
} @article{abuzov2025value,
title = {The value of privacy and the choice of limited partners by venture capitalists},
journal = {Journal of Financial Economics},
volume = {169},
pages = {104063},
year = {2025},
issn = {0304-405X},
doi = {https://doi.org/10.1016/j.jfineco.2025.104063},
url = {https://www.sciencedirect.com/science/article/pii/S0304405X25000716},
author = {Rustam Abuzov and Will Gornall and IA Strebulaev},
keywords = {Limited partners, FOIA, Venture capital, Public pensions},
abstract = {We study how information disclosure concerns shape the choice of limited partners (LPs) by venture capitalists (VCs). Late-2002 court rulings prevented public LPs from providing confidentiality to investment managers. The best-performing VCs, but not other managers, responded by excluding public LPs from their new funds. Lost access reduced public LP returns by $1.6 billion relative to $14 billion of their VC commitments. Legislation reducing disclosure, contracts limiting information access, and added fund-of-funds intermediaries helped restore access. These changes focused on protecting portfolio company information, highlighting the importance of proprietary information for VC investing and the potential costs of transparency.}
} @article{cite-gompers2020venture,
title={How do venture capitalists make decisions?},
author={Gompers, Paul A and Gornall, Will and Kaplan, Steven N and Strebulaev, Ilya A},
journal={Journal of Financial Economics},
volume={135},
number={1},
pages={169--190},
year={2020},
publisher={Elsevier}
} @article{cite-gornall2018financing,
title={Financing as a supply chain: The capital structure of banks and borrowers},
author={Gornall, Will and Strebulaev, Ilya A},
journal={Journal of Financial Economics},
volume={129},
number={3},
pages={510--530},
year={2018},
publisher={Elsevier}
} @article{bernard2011locally,
title={Locally Capped Investment Products and the RetailInvestor},
author={Bernard, Carole and Boyle, Phelim P and Gornall, William},
journal={The Journal of Derivatives},
volume={18},
number={4},
pages={72--88},
year={2011},
publisher={Institutional Investor Journals Umbrella}
} @article{cite-gornall2025perps,
title={Perpetual Futures and Basis Risk: Evidence from Cryptocurrency },
author={Gornall, Will and Rinaldi, Martin and Xia, Yizhou},
journal={Available at SSRN 5036933},
year={2025}
} @article{cite-gornall2021valuation,
title={A valuation model of venture capital-backed companies with multiple financing rounds},
author={Gornall, Will and Strebulaev, Ilya A},
journal={Available at SSRN 3725240},
year={2021}
} @article{cite-gornall2018safe,
title={Safe assets and dangerous liabilities: How bank-level frictions explain bank seniority},
author={Gornall, Will},
journal={Available at SSRN 2526574},
year={2018}
} @article{cite-gornall2021economic,
title={The economic impact of venture capital: Evidence from public companies},
author={Gornall, Will and Strebulaev, Ilya A},
journal={Available at SSRN 2681841},
year={2021}
} @incollection{cite-gornall2023vcvaluationcontracts,
title = {Chapter 1 - The contracting and valuation of venture capital-backed companies},
editor = {B. Espen Eckbo and Gordon M. Phillips and Morten Sorensen},
series = {Handbook of the Economics of Corporate Finance},
publisher = {North-Holland},
volume = {1},
number = {1},
pages = {3-76},
year = {2023},
booktitle = {Private Equity and Entrepreneurial Finance},
issn = {2949-964X},
doi = {https://doi.org/10.1016/bs.hecf.2023.02.001},
url = {https://www.sciencedirect.com/science/article/pii/S2949964X23000012},
author = {Will Gornall and IA Strebulaev},
} @Inbook{cite-gornall2023palgrave,
author="Gornall, Will and Strebulaev, Ilya A.",
editor="Cumming, Douglas and Hammer, Benjamin",
title="Venture Capital Valuation",
bookTitle="The Palgrave Encyclopedia of Private Equity",
year="2020",
publisher="Springer International Publishing",
address="Cham",
pages="1--5",
isbn="978-3-030-38738-9",
doi="10.1007/978-3-030-38738-9_10-1",
url="https://doi.org/10.1007/978-3-030-38738-9_10-1"
}