Print Overview
Professor Hochberg's research and teaching interests are focused on entrepreneurship, innovation, and the financing of entrepreneurial activity. Her research focuses on the venture capital industry, financial networks and corporate governance and compensation policies. In addition to her doctorate in finance from Stanford, she holds an undergraduate degree in Industrial Engineering and Management from the Technion-Israel Institute of Technology and a masters degree in Economics from Stanford University.

Professor Hochberg’s research has been published in top tier journals, including the Journal of Finance, the Review of Financial Studies, the Journal of Accounting Research, and the Journal of Financial and Quantitative Analysis, and has been presented at numerous universities and governmental bodies around the world. She is an Associate Editor at the Review of Finance. Prof. Hochberg also co-administers the National Seed Accelerator Rankings.

Prior to arriving at Kellogg, Professor Hochberg was an Assistant Professor of Entrepreneurship and Finance at the Johnson School of Management at Cornell University, and was employed in the technology industry in both larger and startup companies. She holds an affiliation with the Kellogg School’s Heizer Center for Private Equity and Venture Capital.

Area of Expertise

Venture (Biotechnology)
Print Vita
PhD, 2003, Business Administration, Stanford University
MA, 2000, Economics, Stanford University
BS, 1997, Industrial Engineering, Management, Technion-Israel Institute of Technology, Summa Cum Laude

Academic Positions
Faculty Research Fellow, National Bureau of Economic Research (NBER), 2010-present
Assistant Professor of Finance, Kellogg School of Management, Northwestern University, 2005-present
Assistant Professor of Finance and Entrepreneurship, Johnson School, Cornell University, 2003-2005

Grants and Awards
Citation of Excellence, Emerald, 2011
Best symposium paper, "Informal Hold-up and Performance Persistence in Venture Capital", written with Alexander Ljungqvist and Annette Vissing-Jorgensen, on private equity and private equity fund of funds, European Finance Assocation
Top-cited paper, written with Alexander Ljungqvist and Yang Lu, published in the 2007 Journal of Finance (as reported by Wiley-Blackwell), for "Whom You KNow Matters: Venture Capital Networks and Investment Performance."

Editorial Positions
Associate Editor, Review of Finance, June 2010-present

Print Research
Research Interests
Empirical corporate finance, venture capital, entrepreneurial finance, corporate governance

Hochberg, Yael V. and Joshua Rauh. Forthcoming. Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments.
Hochberg, Yael V.. 2012. Venture Capital and Corporate Governance in the Newly Public Firm. Review of Finance. 16(2): 429-480.
Hochberg, Yael V., Alexander Ljungqvist and Yang Lu. 2010. Networking as a Barrier to Entry and the Competitive Supply of Venture Capital. Journal of Finance. 65(3)
Hochberg, Yael V. and Laura Lindsey. 2010. Incentives, Targeting and Firm Performance: An Analysis of Non-Executive Stock Options. Review of Financial Studies. 23(11): 4148-4186.
Hochberg, Yael V.Paola Sapienza and Annette Vissing-Jorgensen. 2009. A Lobbying Approach to Evaluating the Sarbanes-Oxley. Journal of Accounting Research. 47(2): 519-583.
Hochberg, Yael V., Alexander Ljungqvist and Yang Lu. 2007. Whom You Know Matters: Venture Capital Networks and Investment Performance. Journal of Finance. 62(1): 251-301.
Ang, Andrew, Li Gu and Yael V. Hochberg. 2007. Is IPO Underperformance a Peso Problem?. Journal of Financial and Quantitative Analysis. 42(3)
Working Papers
Hochberg, Yael V., Alexander Ljungqvist and Annette Vissing-Jorgensen. 2011. Informational Hold-up and Performance Persistence in Venture Capital.
Arie, Guy, Vineet Bhagwat and Yael V. Hochberg. 2011. Specialization and Strategic (Re)Investment Decisions in Venture Capital.
Hochberg, Yael V.Michael Mazzeo and Ryan McDevitt. 2011. Specialization and Competition in the Venture Capital Industry.
Hochberg, Yael V., Laura Lindsey and Mark Westerfield. 2011. Partner Choice in Co-Investment Networks: Evidence from Venture Capital.
Hochberg, Yael V. and Tobias Muhlhofer. 2011. Market Timing and Investment Selection: Evidence from Real Estate Investors.
Hochberg, Yael V. and Mark Westerfield. 2011. The Size and Specialization of Direct Investment Portfolios.

Print Teaching
Teaching Interests
Venture capital, entrepreneurial finance