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Event 27 November 2026, 11:00-12:15

Fin­ance Sem­in­ar with Clara Martínez-Toledano, Im­per­i­al Col­lege Busi­ness School

The De­part­ment of Fi­nan­ce is proud to an­no­un­ce the upco­m­ing se­mi­nar with Clara Martínez-Toledano, Imperial College Business School.

Seminar Details

Time
27 November 2026, 11:00-12:15
Location
Copenhagen Business School
Solbjerg Plads 3
2000 Frederiksberg
Room SPs08
Subjects
Finance

Please join us for a Finance Seminar with Clara Martínez-Toledano, Imperial College Business School.

Clara Martínez-Toledano will present: Private Capital Markets and Inequality

Abstract: This paper examines how expanding private capital markets contribute to rising economic inequalities in the U.S. We show that the share of early-stage financing raised from U.S. high-net-worth individuals tripled from 2004 to 2022. Exploiting the expansion of the QSBS tax exclusion, we find that HNWIs’ investments made startups 5.6% more likely to stay private. Counterfactual simulations reveal that HNWIs’ excess returns on early-stage investments explain 26% of the growth in the top 0.5% wealth share over 2010-2022. Finally, investor entry increased incumbents’ returns and encouraged further investments, generating a self-reinforcing feedback loop between private capital market growth and inequality.