4. "Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales." 2019.

With Marina Niessner and David Yermack. .
Forthcoming at The Review of Financial Studies.

5.  “Joint Ventures and Technology Adoption: A Chinese Industrial Policy that Backfired.” Research Policy  47(8), 2018.

6. “Plugging Cars into the Grid: Why the Government Should Make a Choice.” With ​Minsk, Ronald E., Sam P. Ori. Energy Law Journal 30(2), 2009.

1. “Financing Innovation: Evidence from R&D Grants.” The American Economic Review  107 (4) 2017, 1136-64. [Journal website.]

Assistant Professor of Finance

​NYU Stern School of Business


​Sabrina T. Howell



​I am an Assistant Professor of Finance at NYU's Stern School of Business, and a Faculty Research Fellow at the National Bureau of Economic Research (NBER). My research and teaching focus on entrepreneurial finance, innovation, fintech, energy, and China.

Please click on the underlined titles below to view the papers. 

2. “Reducing Information Frictions in Venture Capital: The Role of New Venture Competitions.”​
The Journal of Financial Economics ​136 (3) 2020, 676-694.

3. "When Investor Incentives and Consumer Interests Diverge: Private Equity in Higher Education." 2019. With Charlie Eaton and Constantine Yannelis.

Forthcoming at The Review of Financial Studies.

              Best Paper Prize at the 2018 UNC Private Equity Research Council Annual Symposium 

Testimonials of policy impact:

Letter from the U.S. Air Force SBIR program

Letter from the National Science Foundation SBIR program      

Featured in: 
U.S. Department of Energy. 2019. "
Benefits of EERE Small Business Innovation Grants Confirmed in New Study." May 3.

Council on Foreign Relations. 2015. "Keeping the Edge: U.S. Innovation." Report.

Smith, Noah. 2015. "Angel Investing, Government Style." Bloomberg. July 9. 

​Pethokoukis, James. 2015. "Uncle Sam, angel investor?" AEIdeas, July 15. 
Davis, Lucas. 2015. "How Should We Design Government Policies to Stimulate Innovation?" Haas Energy Institute. March 23.

Gill, Dee. 2015. "Small, Early Stage R&D Grants to Energy Startups have Large Impact." Chicago Booth Daily Data. February 2.
Howell, Sabrina. 2014.  "
The Impact of Government Grants in the Clean Energy Sector." Cleantech Group. January 9.  


1. Howell, Sabrina. 2019. "Analysis of the U.S. Department of Energy’s Energy Efficiency & Renewable Energy and Fossil Energy SBIR Programs." U.S. Department of Energy Report. Press release here.

2. Howell, Sabrina, Lee, Henry, and Heal, Adam. 2014. Leapfrogging or Stalling Out? Electric Vehicles in China. Discussion Paper, Belfer Center for Science and International Affairs, Harvard Kennedy School.

​3. Howell, Sabrina. 2013. Pathways for Reducing Oil Consumption in the U.S. Carbon War Room & Fuel Freedom Foundation Research Report.

4. Howell, Sabrina. 2009. “Jia You! (Add Oil!): Chinese Energy Security Strategy.” In Luft, Gal and Anne Korin, eds. Energy Security Challenges for the 21 Century. California: Praeger Publishing.

5. Smith, Anne E. and Sabrina Howell. 2009. “An Assessment of the Robustness of Visual Air Quality Preference Study Results.” Environmental Protection Agency Clean Air Scientific Advisory Committee (EPA CASAC) Particulate Matter Review, Public Comments, March 30.

1. "Financial Distancing: How Venture Capital Follows the Economy Down and Curtails Innovation." With Josh Lerner, Ramana Nanda, and Richard Townsend. 2020.

          Featured in Whyte, Amy. "Early-Stage VC Is ‘Highly’ Sensitive to Downturns — Including This                    One." Institutional Investor, May 2020.

2. "Do Cash Windfalls Affect Wages? Evidence from R&D Grants to Small Firms." With J. David Brown. 2019.

          Featured in lead article of NBER Digest, March 2020

3. "Does Private Equity Investment in Healthcare Benefit Patients? Evidence from Nursing Homes." With Atul Gupta, Constantine Yannelis, and Abhinav Gupta. 2020.

          Featured in:

          Goldstein, Matthew. 2020. "Push for Profits Left Nursing Homes Struggling to Provide Care." The            New York Times. May 7.

          Chaffin, Joshua. 2020. "For-profit US care homes ‘decimated’ by coronavirus." The Financial                    Times. May 6.

          Laise, Eleanor. 2020. "Private-equity takeover of nursing homes has reduced quality of care at                critical moment, research suggests." MarketWatch. March 14.

​4. "Does Funding Source Matter for University R&D? The Effect of Government vs. Industry Grants." With Tania Babina, Alex He, Elisabeth Perlman, and Joseph Staudt. 2020.
presentation video from virtual Finance in the Cloud conference, Apr 10 2020 

5. "Investor Tax Credits and Entrepreneurship: Evidence from U.S. States." With Matthew Denes, Filippo Mezzanotti, Xinxin Wang, and Ting Xu. 2020.

6. "IPO Intervention and Innovation: Evidence from China.” With Lin William Cong. 2020.
R&R at Management Science.
          Featured in: 
          Verkhivker, Alex. 2018. "
How delaying IPOs has a big and lasting effect." Chicago Booth Review. 

          VoxChina, May 2020.

7. "Entrepreneurial Spillovers from Corporate R&D." With Tania Babina. 2020.

         Honorable Mention, Yuki Arai Faculty Research Prize for Finance, 2018

         Featured in: 
         Brookings Hutchins Roundup Dec 20, 2018.
         Brin, Dina. 2018. "
Corporate R&D Investment Appears To Spur Employees To Startup Venture                 Path." Forbes, Dec 30.
         Arends, Brett. 2019. "
The No. 1 reason why big, innovative companies suffer a ‘brain drain’".                   MarketWatch, Jan 14.

8. "Networking Frictions in Venture Capital, and the Gender Gap in Entrepreneurship."  With Ramana Nanda. 2019.

​         Winner of the Private Equity and Venture Capital Tuck School of Business award at the MFA 2020            conference

​         Featured in VoxEU CEPR, February 29, 2020

9. "Learning from Feedback: Evidence from New Ventures.” 2019.

10. "Firm Type Variation in the Cost of Risk Management.”​​ 2020.

R&R at the Journal of Corporate Finance.