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Yael V. Hochberg


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Recent Commentary

Analysis and Commentary

Pension Fund Board Composition And Investment Performance: Evidence From Private Equity

by Aleksandar Andonov, Yael V. Hochberg, Joshua D. Rauhvia Social Science Research Network
Friday, March 25, 2016

We examine the governance of public pension funds and its relationship to investment performance. Pension fund board composition is strongly related to the performance of private equity investments made by the fund. Funds whose boards have high fractions of members who either sit on the board by virtue of their position in state government (ex officio) or were appointed by a state official underperform the most, followed by funds whose boards have a high fraction of members elected by participants.

Patent Collateral, Investor Commitment, and the Market for Venture Lending

by Yael V. Hochberg, Carlos J. Serrano, Rosemarie H. Ziedonisvia IP2 Working Paper Series
Thursday, January 15, 2015

IP² Working Paper No. 15003 - The use of debt to finance risky entrepreneurial-firm projects is rife with informational and contracting problems.