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Heather E. Tookes

  • Why It’s Harder for Women Founders to Get Venture Capital Funding

    A new study co-authored by Yale SOM’s Heather Tookes shows that women are less likely to get funding compared to men with similar entrepreneurial history. One reason is that investors who have experienced a poor outcome from a woman-led startup shy away from other women founders—but benefitting from successes of women founders doesn’t lead them to invest more.

    An illustration showing a male investor being raised up by hands and money, while a women investor is getting less
  • Did Student Loan Forbearance Push Distressed Borrowers Further into Debt?

    In a new study, Yale SOM’s Heather Tookes and her co-authors find that after loan forebearance went into effect in March 2020, distressed borrowers’ credit scores jumped. That allowed them to take on more credit card and auto debt—and, eventually, led to higher rates of delinquencies.

    An illustration of a graduate trying to escape a storm of debt while running on top of credit cards.
  • Can Mergers and Acquisitions Reduce Employee Misconduct?

    New research co-authored by Prof. Heather Tookes looks at whether employee misconduct in the highly regulated investment advisory industry goes down after a merger, potentially making the combined company more valuable.

    A photo of two wings of a modern glass building appearing to converge
  • Did COVID-19 Restrictions on Restaurants and Bars Save Lives?

    COVID-19 restrictions on restaurants, bars, gyms and salons were among the most controversial and the last to be lifted. A new study looks at whether closures, capacity restrictions, and other limits on these businesses actually lowered the death rate.

    Blooms Tavern in New York City in May 2021. Photo: Nina Westervelt/Bloomberg via Getty Images.
  • Study: Margin Trading Causes Stock Prices to Drop in Concert

    During financial crises, stocks tend to fall together more than they should. A new study co-authored by Yale SOM’s Heather Tookes suggests that margin trading plays a substantial role in driving this downward spiral.

    Mumbai's BSE stock exchange on March 9, 2020, as the COVID-19 pandemic sparked a plunge in stock prices. Photo: Dhiraj Singh/Bloomberg via Getty Images.
  • Study Shows Which Restrictions Prevent COVID-19 Fatalities—and Which Appear to Make Things Worse

    New research from Yale SOM’s Heather Tookes and Matthew Spiegel finds that mask mandates, closing restaurants, and stay-at-home orders are all effective at saving lives, but other commonly used measures can actually worsen the spread of the pandemic.

    A sign reading "everyone is required to wear a mask" at Playland’s Castaway Cove, an amusement park in Ocean City, New Jersey, in September 2020. Photo: Alexi Rosenfeld/Getty Images.
  • What’s Next for Alibaba? 

    The giant China-based conglomerate Alibaba raised more than $13 billion in November in a stock offering on the Hong Kong Stock Exchange. We asked Yale SOM’s Heather Tookes and Matthew Spiegel, who have studied the performance of companies after IPOs, what their research suggests about Alibaba’s prospects and its next steps.

    The Alibaba Group’s listing ceremony at the Hong Kong Stock Exchange on November 26, 2019. Photo: AP Photo/Kin Cheung.
  • In Finance Field, Gender Disparities Are Significant—But Shrinking

    More women are being hired for finance positions at top business schools, according to a study co-authored by Yale SOM's Heather Tookes, but progress is slow. The study suggests that this may be due to limited collaborator networks.

    Detail from "Graduates" by Judy Pokras
  • Don’t Be Surprised by Uber’s Low-Priced IPO—It’s a Sign of Challenges to Come

    According to Yale SOM’s Matthew Spiegel and Heather Tookes, an IPO is often followed by disappointing returns, not just for the newly public company but its entire industry.

    Uber CEO Dara Khosrowshahi, center, at the New York Stock Exchange during the company’s IPO on Friday, May 10. Photo: Michael Nagle/Bloomberg via Getty Images.
  • How Does an IPO Affect Rival Firms?

    The initial public offering (IPO) market recently saw its busiest week since 2001. A new study by Yale School of Management professors Matthew Spiegel and Heather Tookes reveals how these and other IPOs affect rival firms over time.