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- 2022
- Working Paper
Do Startups Benefit from Their Investors' Reputation? Evidence from a Randomized Field Experiment
By: Shai Benjamin Bernstein, Kunal Mehta, Richard Townsend and Ting Xu
We analyze a field experiment conducted on AngelList Talent, a large online search platform for startup jobs. In the experiment, AngelList randomly informed job seekers of whether a startup was funded by a top-tier investor and/or was funded recently. We find that the...
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- March 2022
- Article
Gender Gaps in Venture Capital Performance
By: Paul A. Gompers, Vladimir Muhkarlyamov, Emily Weisburst and Yuhai Xuan
We explore gender differences in performance in a comprehensive sample of venture capital investments in the United States. Investments by female venture capital investors have significantly lower success rates than investments by their male colleagues when controlling...
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- December 2021
- Article
Trade Policy Uncertainty and Stock Returns
By: Marcelo Bianconi, Federico Esposito and Marco Sammon
A recent literature has documented large real effects of trade policy uncertainty (TPU) on trade, employment, and investment, but there is little evidence that investors are compensated for bearing such risk. To quantify the risk premium associated with TPU, we exploit...
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- September 2021 (Revised October 2021)
- Case
Dream: Impact Through Real Estate
By: Michael Chu and John Masko
The Canadian city of Toronto had one of the largest housing affordability problems of any city in the developed world. One company trying to address this problem was Dream, one of the largest real estate groups in Canada. In 2021, Dream had just launched a new system...
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Keywords:
Impact Investing;
Real Estate Development;
Renewable Energy;
Energy Conservation;
Income;
Values and Beliefs;
Borrowing and Debt;
Equity;
Private Equity;
Public Equity;
Financing and Loans;
City;
Government Legislation;
Immigration;
Housing;
Corporate Social Responsibility and Impact;
Mission and Purpose;
Property;
Business and Government Relations;
Civil Society or Community;
Human Needs;
Sustainable Cities;
Environmental Sustainability;
Social Enterprise;
Real Estate Industry;
Canada;
Toronto
- August 2021
- Article
Don't Take Their Word for It: The Misclassification of Bond Mutual Funds
By: Huaizhi Chen, Lauren Cohen and Umit Gurun
We provide evidence that bond fund managers misclassify their holdings, and that these misclassifications have a real and significant impact on investor capital flows. In particular, many funds report more investment grade assets than are actually held in their...
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- June 2021
- Article
Short-Termism, Shareholder Payouts, and Investment in the EU
By: Jesse M. Fried and Charles C.Y. Wang
Investor-driven "short-termism" is said to harm EU public firms' ability to invest for the long term, prompting calls for the EU to better insulate managers from shareholder pressure. But the evidence offered—rising levels of repurchases and dividends—is incomplete and...
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- April 2021
- Case
Transforming BlackBerry: From Smartphones to Software
By: Ranjay Gulati and Nicole Tempest Keller
On the verge of failure, BlackBerry brought in John Chen as CEO in 2013 to orchestrate a bold turnaround of the company. Once an iconic leader in the smartphone market, BlackBerry was best known for its tactile QWERTY keyboard, strong security, and a focus on business...
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Keywords:
Pivot;
Managing Change;
Turnaround;
Smartphone;
Change Management;
Leading Change;
Transformation;
Organizational Change and Adaptation;
Digital Platforms;
Change;
Information Infrastructure;
Applications and Software;
Competitive Strategy;
Cybersecurity;
Technology Industry;
Transportation Industry;
Canada
- March 2021 (Revised April 2021)
- Case
Wirecard: The Downfall of a German Fintech Star
By: Jonas Heese, Charles C.Y. Wang and Tonia Labruyere
Wirecard was a German fintech company, member of the DAX30, that provided payment processing and related services. Wirecard had enjoyed large growth rates over the years and most investors and analysts were enthusiastic about the company's prospects. Wirecard's...
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- 2020
- Working Paper
Retail Investors' Contrarian Behavior Around Earnings, Attention, and the Momentum Effect
By: Marco Sammon, Cheng (Patrick) Luo, Enrichetta Ravina and Luis M. Viceira
We study the role of retail investors in the gradual diffusion of information in financial markets. We show that retail investors tend to trade as contrarians after large earnings surprises, and such contrarian trading contributes to sluggish price adjustment and to...
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Keywords:
Retail Investors;
Momentum;
Earnings Surprises;
Investment;
Behavior;
Information;
Financial Markets
- 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...
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- 2020
- Working Paper
Short-Termism, Shareholder Payouts, and Investment in the EU
By: Jesse M. Fried and Charles C.Y. Wang
Investor-driven “short-termism” is said to harm EU public firms' ability to invest for the long term, prompting calls for the EU to better insulate managers from shareholder pressure. But the evidence offered—in the form of rising levels of repurchases and dividends—is...
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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...
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- July 2020
- Case
Mortgage Backed Securities and the Covid-19 Pandemic
By: Emil N. Siriwardane, Luis M. Viceira and Dean Xu
In April 2020, global financial markets were still reeling as the COVID-19 pandemic spread rapidly across the world. Global equity markets had initially fallen by 30% in response to the pandemic, and high-yield credit markets had dropped by nearly 20%. In contrast,...
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- 2020
- Working Paper
Anchors Aweigh: Analysis of Anchor Limited Partner Investors in Impact Investment Funds
By: Shawn A. Cole, T. Robert Zochowski, Fanele Mashwama and Heather McPherson
This note describes results from a survey of “anchor investors” in impact funds. Anchor investors
are described as “generally the first investor to make a substantial capital commitment to a fund,”
(according to the Global Impact Investing Network, “GIIN”) and their...
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- January 2020 (Revised July 2020)
- Case
BlackRock: Linking Purpose to Profit
The case revolves around the actions that Barbara Novick, co-founder and Vice-Chair of Blackrock, and Michelle Edkins, Global Head of Investment Stewardship, would need to take in response to the controversial CEO letters from Laurence (Larry) Fink, Chairman and CEO of...
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Keywords:
Boards Of Directors;
Institutional Investors;
Disclosure;
Transparency;
Corporate Purpose;
Corporate Profits;
ESG;
ESG Disclosure Metrics;
Corporate Sustainability;
Engagement Strategy Of Institutions;
Stewardship Role Of Institutions;
BlackRock;
Corporate Governance;
Governing and Advisory Boards;
Institutional Investing;
Accounting;
Corporate Disclosure;
Mission and Purpose;
Profit;
Environmental Sustainability;
Climate Change;
Diversity;
Corporate Accountability;
Financial Services Industry;
United States
- November 2019
- Article
The Relevance of Broker Networks for Information Diffusion in the Stock Market
By: Marco Di Maggio, Francesco Franzoni, Amir Kermani and Carlo Sommavilla
This paper shows that the network of relationships between brokers and institutional investors shapes information diffusion in the stock market. We exploit trade-level data to show that central brokers gather information by executing informed trades, which is then...
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- October 2019
- Case
A Conversation with Ellen J. Kullman, Chairman & CEO of DuPont, 2009-2015
By: Lynn S. Paine and Will Hurwitz
Ellen J. Kullman, the retired Chairman and CEO of DuPont, describes how she guided the storied science and technology company through a contentious proxy battle with activist investor Trian Partners, which acquired DuPont shares in 2013 and sought to break up the...
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- 2019
- Chapter
Coordination Frictions in Venture Capital Syndicates
By: Ramana Nanda and Matthew Rhodes-Kropf
An extensive literature on venture capital has studied asymmetric information and agency problems between investors and entrepreneurs, examining how separating entrepreneurs from the investor can create frictions that might inhibit the funding of good projects. It has...
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- 2019
- Book
Patient Capital: The Challenges and Promises of Long-Term Investing
By: Victoria Ivashina and Josh Lerner
There has never been a greater need for long-term investments. And it is increasingly unlikely that the public sector will be willing or able to fill the gap. Those best positioned to address the long-run needs are likely to be the pools of capital in the hands of...
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- May 2019
- Article
Who Consumes Firm Disclosures? Evidence from Earnings Conference Calls
By: Anne Heinrichs, Jihwon Park and Eugene F. Soltes
Using a set of proprietary records, we examine who consumes quarterly earnings conference calls and under which circumstances the calls are consumed. While there is significant interest in calls by institutional investors and sell-side analysts, we find that investors...
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