Steven N. Kaplan

Steven N. Kaplan is the Neubauer Family Professor of Entrepreneurship and Finance at the University of Chicago Booth School of Business, where he has been a faculty member since 1988. He serves as faculty director of the Polsky Entrepreneurship Center and co-founded Booth's entrepreneurship program. Kaplan is a Research Associate at the National Bureau of Economic Research and Fellow of the European Corporate Governance Institute.

His educational background includes:

• Ph.D. in Business Economics from Harvard University
• A.B., summa cum laude, in Applied Mathematics and Economics from Harvard College

Kaplan's research spans private equity, entrepreneurial finance, and corporate governance, with influential work on venture capital decision-making and governance structures. His scholarship bridges academic theory and industry practice, particularly through the Kaplan-Schoar PME benchmark widely adopted in private equity.

Recent publications analyze venture capital investment processes and corporate governance frameworks, reflecting his focus on empirical analysis of financial markets and firm behavior.

Scientific awards and honors include:

• Smith Breeden Prize for the First Prize Paper in the Journal of Finance (1998)
• McKinsey Prize for Teaching Excellence (1998)
• Fellow of the European Corporate Governance Institute (ECGI)
• Top-twelve ranked business school teacher in U.S. (Business Week, 1994)
• Top-four entrepreneurship teacher in U.S. (Business Week, 1996)

Kaplan pioneered student entrepreneurship through the New Venture Challenge (NVC), which has generated over 800 companies raising $1 billion and creating $8 billion in value. He serves on Morningstar's board and multiple advisory boards, translating academic insights into real-world business applications.

As Polsky Center director, he leads Booth's entrepreneurship ecosystem. His co-creation of the Kaplan-Schoar PME established a critical industry benchmark for private equity performance evaluation.