http://arpitgupta.info/publications-1 daily 0.75 2015-11-18 http://arpitgupta.info/papers daily 0.75 2019-11-10 https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/1573346141954-JAA818NF7NLLATXXYHIA/Screen+Shot+2019-11-09+at+7.32.44+PM.jpg Papers - Skin or Skim? Inside Investment and Hedge Fund Performance Hedge fund managers contribute substantial personal capital, or "skin in the game," into their funds. While these allocations may better align incentives, managers may also strategically allocate their private capital in ways that negatively affect investors. We find that funds with more inside investment outperform other funds within the same family. However, this relationship is driven by managerial decisions to invest capital in their least-scalable strategies and restrict the entry of new outsider capital into these funds. Our results suggest that skin in the game may work as a rent-extraction mechanism at the expense of fund participation of outside investors. https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/1573346141954-JAA818NF7NLLATXXYHIA/Screen+Shot+2019-11-09+at+7.32.44+PM.jpg Papers - Skin or Skim? Inside Investment and Hedge Fund Performance Hedge fund managers contribute substantial personal capital, or "skin in the game," into their funds. While these allocations may better align incentives, managers may also strategically allocate their private capital in ways that negatively affect investors. We find that funds with more inside investment outperform other funds within the same family. However, this relationship is driven by managerial decisions to invest capital in their least-scalable strategies and restrict the entry of new outsider capital into these funds. Our results suggest that skin in the game may work as a rent-extraction mechanism at the expense of fund participation of outside investors. http://arpitgupta.info/home daily 1.0 2025-10-02 https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/1443396125708-ELMM1YG5FAOLR4TYAX4Q/AG-logo+%281%29.png Home http://arpitgupta.info/contact daily 0.75 2015-09-27 http://arpitgupta.info/about daily 0.75 2022-07-28 http://arpitgupta.info/discussions daily 0.75 2021-01-17 http://arpitgupta.info/teaching daily 0.75 2021-05-02 http://arpitgupta.info/papers2 daily 0.75 2025-10-02 https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/1619979215051-AE9DLQV76EP71C9GMNRP/Screen+Shot+2021-05-02+at+2.13.04+PM.png Papers The premium for urban rent, relative to suburban rent, has virtually disappeared https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/32eefd12-95f9-41ee-a271-84ddc7998f34/Screen+Shot+2023-10-26+at+9.39.10+PM.png Papers - Make it stand out Minimum Lot Size Requirements in the Chicago area https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/a6dc7df4-ed5d-44de-b5af-0b53c07713f6/Screen+Shot+2022-07-28+at+3.43.47+PM.png Papers - Make it stand out Raw relationship between incarceration exposure in households in schools and their educational performance https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/1574382306756-A3Q7CL2HFRFFDFC97Y6C/Screen+Shot+2019-11-21+at+7.24.14+PM.jpg Papers Effects of cancer on financial distress variables (default, foreclosure) and access to new credit in five years after diagnosis; broken out by leverage https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/1583771615131-LWES2SV7BGWETU0NNYEN/CoefPlot1.png Papers Price effect of being near to 2nd Ave Subway Stops v. Control areas by year https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/1619980343898-OZQV3ENEC8K0BJJSBNN8/Screen+Shot+2021-05-02+at+2.32.04+PM.png Papers Change in exposure density in New York City https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/1574381013791-AARRREPCZ6UU0HFGF616/image-asset.jpeg Papers Relationship between Instrument for Mortgage Leverage and Default https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/0ad3874c-d0ae-4218-b8d8-29dc8867c1f7/Screen+Shot+2022-01-27+at+2.10.04+PM.png Papers - Make it stand out Ownership status in the US Newspaper industry https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/1574384874632-7J0FS6MHSZWV7P6F501G/Screen+Shot+2019-11-09+at+7.43.48+PM.jpg Papers Average rollover rate (60 day delinquency rate among borrowers current two months before) for Countrywide (blue) and control (red) across modification announcement https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/1574385772682-5FIG1N8WVBQ9OH4Z51ZH/Screen+Shot+2019-11-09+at+7.41.35+PM.jpg Papers Instrument for bail magistrate leniency against bail amounts https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/1574383963554-U5RRGO0EGQCUDW66EFQH/Screen+Shot+2019-11-09+at+8.06.13+PM.jpg Papers LIBOR-Treasury divergence https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/1619980617881-CQBVLON6IZS1JSBXSJM8/Screen+Shot+2021-05-02+at+2.36.04+PM.png Papers Clusters of neighborhood activity response to Hurricane Harvey https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/499417af-0a70-4ccd-a8a2-2485f72d8040/Screen+Shot+2022-07-28+at+3.47.46+PM.png Papers - Make it stand out The graph shows the evolution of the office value for a transition from expansion in 2019 to WFH-R in 2020 and WFH-E in 2021. From 2022 onward, the state evolves stochastically. The shaded areas show percentiles of the distribution of simulated paths, with the darkest color indicating the 40-60 percentile range, and the lightest color the 10-90 percentile range https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/1602704504809-RTYVP81C796HINU03X4V/Screen+Shot+2020-10-14+at+3.41.09+PM.png Papers Urban exodus across NYC in Spring 2020 (red = more flight) https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/534bc0cf-13cd-40a0-82e8-24913660defe/Screen+Shot+2022-01-27+at+12.33.00+PM.png Papers - Make it stand out Minority borrowers have higher leverage https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/1574365907812-7KGOG16PEVN3T4ZME47E/Screen+Shot+2019-11-21+at+2.47.03+PM.jpg Papers Average capital distributed by VC funds across year and Vintage https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/1574385226681-PL3N8X6CI9YW700ZC6XP/Screen+Shot+2019-11-09+at+7.32.44+PM.jpg Papers Distribution of Insider Investment Across Funds as Asset Percentage https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/1600661246313-H69RGZLYXP0VOW6SHJ2E/Screen+Shot+2020-09-21+at+12.07.14+AM.png Papers Impact of out-of-home tract mobility on individual hospitalization hazard https://images.squarespace-cdn.com/content/v1/56086d00e4b0fb7874bc2d42/c586d25d-6d0a-4f19-9df5-9009ce24edc9/Screen+Shot+2024-07-10+at+10.40.28+PM.png Papers - Make it stand out Model Implied estimates of ownership and renting by age in California and Texas