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  • February 2022 (Revised April 2022)
  • Case

Pushing Past the Boundaries of ESG Investing: AQR Capital Management
By: Lauren H. Cohen, Richard B. Evans, Umit G. Gurun and Quoc H. Nguyen
Cliff Asness was facing a dilemma into how he would plunge his hedge fund into the hottest investment area worldwide—ESG Investing. Founder and managing principal of AQR—one the most storied quantitative hedge funds in the world—Asness knew anything less than a big...  View Details
Keywords: ESG; Hedge Fund; Investment; Equity; Green Technology
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  • October 2021
  • Supplement

Engine No. 1: An Activist Hedge Fund Pursues Stakeholder Capitalism (B)
By: Mark Kramer
Engine Number 1's proxy fight succeeded in part because Exxon shareholders had lost money in the preceding years and because climate change was a high-profile issue. The B case raises the question of whether Engine No. 1's next target should be Facebook, where social...  View Details
Keywords: Proxy Fight; Hedge Fund Activism; Social Impact; Business and Shareholder Relations; Climate Change; Corporate Social Responsibility and Impact; Goals and Objectives
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  • October 2021 (Revised July 2022)
  • Case

Engine No. 1: An Impact Investing Firm Engages with ExxonMobil
By: Mark Kramer, Shawn Cole, Vikram S. Gandhi and T. Robert Zochowski
ExxonMobil, the world's fifth largest source of carbon emissions, remained committed to aggressively expanding its oil & gas business despite global warming. During the COVID pandemic this strategy resulted in massive losses as the price and demand for oil declined. ...  View Details
Keywords: Carbon Emissions; Global Warming; Impact Investment Funds; Hedge Fund Activism; Leadership Development; Business Model; Renewable Energy; Resource Allocation; Decision Choices and Conditions; Governing and Advisory Boards
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  • July 2021
  • Case

Bessemer Venture Partners: Century Fund
By: Jo Tango and Alys Ferragamo
In July of 2021, Bessemer Venture Partners (BVP) contemplated the future of its growth investing practice, known as “Century.” While still relatively new as a focused initiative, BVP’s growth investing already had significant momentum. The fund’s investment pace had...  View Details
Keywords: Leveraged Buyouts; Financial Institutions; Growth and Development Strategy; Investment Banking; Competitive Strategy; Public Sector; Venture Capital; Private Equity; Acquisition
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  • July 2021 (Revised December 2021)
  • Case

Pershing Square's Pandemic Trade (A)
By: Emil N. Siriwardane, Luis M. Viceira, Dean Xu and Lucas Baker
This case explores the decision that Bill Ackman, CEO and founder of the hedge fund Pershing Square Capital, was considering in late February 2020 about hedging the exposure of the fund’s portfolio from the potential financial fallout ensuing from an extreme event like...  View Details
Keywords: Health Pandemics; Financial Liquidity; Cost Management; Decision Choices and Conditions; Risk Management
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  • February 2021 (Revised September 2022)
  • Case

Shareholder Activists and Corporate Strategy
By: David J. Collis and Caeden Brynie
This library case examines the rise of shareholder activism in recent years, particularly in the public eye, and analyzes its effects on corporate strategy, growth, and shareholder value. It looks at three contemporary targets of shareholder activism in particular—Bed...  View Details
Keywords: Shareholder; Shareholder Activism; Board; Board Of Directors; Hedge Fund; Hedge Fund Activism; Strategy; Corporate Strategy; Investment Activism; Governing and Advisory Boards; Business and Shareholder Relations
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  • 2021
  • Article

The Sustainable Corporate Governance Initiative in Europe
By: Mark Roe, Holger Spamann, Jesse M. Fried and Charles C.Y. Wang
In July 2020, the European Commission published the “Study on directors’ duties and sustainable corporate governance” by EY. The Report purports to find evidence of debilitating short-termism in EU corporate governance and recommends many changes to support sustainable...  View Details
Keywords: Short-termism; Hedge Funds; Shareholder Activism; Securities Regulation; Agency Costs; Political Economy; Payouts; Repurchases; Corporate Governance; Investment Funds; Investment Activism; Research and Development; Investment; European Union
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  • December 2020
  • Teaching Plan

George Soros: The Stateless Statesman
By: Geoffrey Jones and Grace Ballor
Keywords: Philanthropy; Democracy; Hedge Fund; Populism; Philanthropy and Charitable Giving; Finance; Financial Services Industry; Europe; Hungary; North and Central America; United Kingdom
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  • October 2020 (Revised November 2020)
  • Case

Digging for Gold: Paulson & Co.'s Activism in the Gold Sector
By: Suraj Srinivasan and Jonah S. Goldberg
The case describes the efforts of hedge fund Paulson & Co to influence corporate governance and improve performance in the gold industry. In an innovative move, the hedge fund led the creation of the Shareholder Gold Council, a consortium of large investors in gold...  View Details
Keywords: Board Of Directors; Hedge Funds; Shareholder Activism; Gold; Corporate Governance; Governing and Advisory Boards; Investment Funds; Investment Activism; Performance Improvement; Corporate Accountability; Mining Industry; Canada; United States
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  • August 2020 (Revised November 2020)
  • Case

George Soros: The Stateless Statesman
By: Geoffrey Jones and Wendy Ying
 This case traces the business career and philanthropic activities of George Soros. The Hungarian-born Soros made a fortune as a hedge fund investor after establishing Quantum Fund on the tax haven island of Curaçao in the Netherlands Antilles in 1973 where he was...  View Details
Keywords: Hedge Fund; Philanthropy; Populism; Finance; Philanthropy and Charitable Giving; Political Elections; Financial Services Industry; Europe; Hungary; United Kingdom; North and Central America; United States
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  • 2020
  • Working Paper

Best Ideas
By: Miguel Antón, Randolph B. Cohen and Christopher Polk
We find that the stocks in which active mutual fund or hedge fund managers display the most conviction towards ex-ante, their “Best ideas,” outperform the market, as well as the other stocks in those managers’ portfolios, by approximately 2.8 to 4.5 percent per year,...  View Details
Keywords: Mutual Funds; Managerial Skill; Market Efficiency; Investment Funds; Management; Investment Portfolio; Decision Making
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  • January 2020
  • Case

Governing PG&E
By: Lynn S. Paine and Will Hurwitz
The five commissioners of the California Public Utilities Commission (CPUC) listened intently at a public forum in April 2019 as PG&E Corporation’s out-going chairman Richard Kelly described the company’s proposed new board. PG&E, which provided electricity and natural...  View Details
Keywords: Bankruptcy; Board Of Directors; Board Dynamics; Business Ethics; Business Model Innovation; Corporate Boards; Energy Efficiency; Environmental And Social Sustainability; Government And Business; Hedge Funds; Institutional Investors; Legal Aspects Of Business; Regulated Monopolies; Regulation; Shareholders; Stakeholder Management; Strategy And Execution; Utilities; Insolvency and Bankruptcy; Governing and Advisory Boards; Ethics; Capital Structure; Climate Change; Corporate Accountability; Corporate Governance; Environmental Sustainability; Executive Compensation; Leadership; Management; Safety; Business and Government Relations; Energy Industry; Utilities Industry; California; United States
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  • November 2019
  • Case

Apple, Einhorn, and iPrefs (Abridged)
By: Carliss Y. Baldwin and W. Carl Kester
In March 2013, Apple Computer has a very large cash balance, and is under pressure to return cash to shareholders. Hedge fund manager David Einhorn thinks Apple can "unlock value" by issuing perpetual preferred stock, dubbed iPrefs. Henry Blodget, CEO of Business...  View Details
Keywords: Markets; Stock Shares; Value Creation; Business and Shareholder Relations
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  • 2021
  • Working Paper

The Value of Intermediation in the Stock Market
By: Marco Di Maggio, Mark Egan and Francesco Franzoni
We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit...  View Details
Keywords: Financial Intermediation; Institutional Investors; Research Analysts; Broker Networks; Equity Trading; Institutional Investing; Financial Services Industry
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  • April 2019 (Revised July 2019)
  • Case

Aperture Investors
By: Krishna G. Palepu, George Serafeim and David Lane
Aperture Investors is a startup investment firm that seeks to disrupt the asset management industry through competitive differentiation by charging investors primarily when its portfolio managers outperform the marketplace. Headed by Wall Street veteran Peter Kraus and...  View Details
Keywords: Business Model; Talent and Talent Management; Investment; Investment Funds; Asset Management; Recruitment; Selection and Staffing; Marketing Channels; Emerging Markets; Partners and Partnerships; Motivation and Incentives; Financial Services Industry
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  • March 2019 (Revised May 2019)
  • Case

Growth Investing at Totem Point
By: Suraj Srinivasan, Charles C.Y. Wang and Jonah Goldberg
The case describes the investment of hedge fund, Totem Point Management in Analog Semiconductors (ADI) as a way to discuss forecasting and valuation in growth companies. In June 2016, hedge fund Totem Point invested in ADI at around $55 a share. In general, Totem Point...  View Details
Keywords: Growth Investing; Investment; Strategy; Forecasting and Prediction; Valuation
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  • January 2019 (Revised March 2020)
  • Case

Blackstone Alternative Asset Management in 2018
By: Emil Siriwardane, Luis M. Viceira and Shawn O'Brien
In early 2018, Blackstone announced that John McCormick would succeed Tom Hill as President and Chief Executive Officer of Blackstone Alternative Asset Management (BAAM), the largest fund-of-hedge funds in the world by a sizeable margin. As new CEO, McCormick must...  View Details
Keywords: Asset Management; Expansion; Strategy; Decision Choices and Conditions; Financial Services Industry
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  • November 2018 (Revised June 2019)
  • Case

JANA Partners: Impact through Activism?
By: Vikram S. Gandhi and Caitlin Reimers Brumme
Jana Partners, a well-known “activist” hedge fund has announced the launch of a new fund Jana Impact. The basic premise is that the fund will be able to generate superior returns by using Jana’s activist approach with companies that are underperforming on ESG metrics....  View Details
Keywords: Hedge Fund; Hedge Funds; ETF; Activist Investing; Activism; Investment Activism; Investment Funds; Asset Management
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  • October 2018 (Revised April 2019)
  • Case

Stock-Based Compensation at Twitter
By: Jonas Heese, Zeya Yang and Mike Young
Olivia Nash, an analyst at leading hedge fund BlueShark Capital Management, had just finished listening to the hour-long earnings call for Twitter’s Q4 2017 results. Was Twitter doing well? That depended on which numbers she chose to believe. According to Generally...  View Details
Keywords: Twitter; Non-GAAP Disclosure; Stock-based Compensation; Earnings Management; Corporate Disclosure; Compensation and Benefits; Stocks
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  • 2018
  • Working Paper

The Impact of Pensions and Insurance on Global Yield Curves
By: Robin Greenwood and Annette Vissing-Jorgensen
We document a strong effect of pension and insurance company (P&I) assets on the long end of the yield curve. Using data from 26 countries, the yield spread between 30-year and 10-year government bond yields is negatively related to the ratio of pension assets (in...  View Details
Keywords: Pension Funds; Investment Funds; Insurance; Assets; Interest Rates; Bonds
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