Publications

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... View Details

Keywords: Impact Investment Funds; Anchor Investors; Investment; Surveys; Analysis

19 Jul 2019
News

How To Innovate Inside Large Organizations

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... View Details

Keywords: Long-term Investing; Large Investors; Capital; Investment; Strategic Planning; Problems and Challenges; Opportunities; Society

Purchase

2008
Working Paper

Inexperienced Investors and Bubbles

By: Robin Greenwood and Stefan Nagel

We use mutual fund manager data from the technology bubble to examine the hypothesis that inexperienced investors play a role in the formation of asset price bubbles. Using age as a proxy for managers' investment experience, we find that around the peak of the... View Details

Keywords: Investment; Stocks; Information Technology; Price Bubble; Asset Management; Experience and Expertise

2022
Working Paper

How Do Investors Value ESG?

By: Malcolm Baker, Mark Egan and Suproteem K. Sarkar

Environmental, social, and governance (ESG) objectives have risen to near the top of the agenda for corporate executives and boards, driven in large part by their perceptions of shareholder interest. We quantify the value that shareholders place on ESG using a revealed... View Details

Keywords: Investment; Investment Portfolio; Corporate Social Responsibility and Impact; Business and Shareholder Relations; Environmental Sustainability; Governance; Financial Services Industry; United States

Article

Investor Activism and Takeovers

By: Robin Greenwood and Michael Schor

Recent work documents large positive abnormal returns around the time that a hedge fund announces its activist intentions with a publicly listed firm. We show that these returns are largely explained by the ability of activists to force target firms into a takeover: In... View Details

Keywords: Mergers and Acquisitions; Private Equity; Investment Return; Investment Activism; Investment Portfolio; Public Ownership

Article

Integrated Reporting and Investor Clientele

By: George Serafeim

In this paper, I examine the relation between Integrated Reporting (IR) and the composition of a firm's investor base. I hypothesize and find that firms that practice IR have a more long-term oriented investor base with more dedicated and fewer transient investors.... View Details

Keywords: Integrated Reporting; Sustainability Reporting; Long-term Investing; Short-termism; Accounting; Integrated Corporate Reporting; Environmental Sustainability; Investment; Corporate Governance

24 Feb 2014
Working Paper Summaries

Integrated Reporting and Investor Clientele

Keywords: by George Serafeim; Accounting

Research Summary

Foreign investment in large projects in the Third World

By: Louis T. Wells

Professor Wells is examining the reasons for instability in foreign investment in infrastructure and other large projects in the Third World, why outcomes differ in different projects, and the tension between the need on the part of investors for credible commitments... View Details

November 2005 (Revised August 2006)
Case

Investor Relations at TOTAL

By: Gregory S. Miller, Vincent Marie Dessain and Anders Sjoman

Examines investor relations and financial communications in a large company with a diverse group of financial stakeholders. Total is an "energy major" based in Paris, France. The importance of its product and its impact on economies and environments combine with the... View Details

Keywords: Financial Reporting; Business and Shareholder Relations; Communication Strategy; Paris

Educators

Purchase

17 Nov 2015
Lessons from the Classroom

How Activist Investors Became Respectable

influence that activist investors such as Icahn are gaining on Wall Street.) Carl Icahn made news last month when he announced he had accumulated a large ownership stake in American International Group (AIG)... View Details

Keywords: by Joseph Fuller; Financial Services; Banking

18 Nov 2003
Other Presentation

The U.S. Homebuilding Industry and The Competitive Position of Large Builders

By: Michael E. Porter

Strategy presentation at the Centex Investor Conference, New York. Topics include: The structure of the homebuilding industry, the competitive advantages of large homebuilders, market assessment of homebuilding versus other industries and the role of investors in... View Details

Keywords: Industry Analysis; Five Forces; Strategy; Five Forces Framework; United States

Read Now

23 Aug 2004
Research & Ideas

New Challenges for Long-Term Investors

Is there a single best investment allocation strategy for the long-term investor? Some theories favor a one-portfolio-for-all investors approach, emphasizing a best-mix-of-assets program. The more traditional approach, which developed out... View Details

Keywords: by Ann Cullen

December 2008
Article

Style Investing and Institutional Investors

By: Kenneth A. Froot and Melvyn Teo

This paper explores institutional investors' trades in stocks grouped by style and the relationship of these trades with equity market returns. It aggregates transactions drawn from a large universe of approximately $6 trillion of institutional funds. To analyze style... View Details

Keywords: Forecasting and Prediction; Behavioral Finance; Stocks; Investment Return; Market Transactions; Performance Expectations; Personal Characteristics; Financial Services Industry

2007
Working Paper

Hedge Fund Investor Activism and Takeovers

By: Robin Greenwood and Michael Schor

We examine long-horizon stock returns around hedge fund activism in a comprehensive sample of 13D filings by portfolio investors between 1993 and 2006. Abnormal returns surrounding investor activism are high for the subset of targets that are... View Details

Keywords: Mergers and Acquisitions; Private Equity; Investment Return; Investment Activism; Investment Portfolio; Corporate Governance

Read Now

2007
Other Unpublished Work

Hedge Fund Investor Activism and Takeovers

By: Robin Greenwood and Michael Schor

We examine long-horizon stock returns around hedge fund activism in a comprehensive sample of 13D filings by portfolio investors between 1993 and 2006. Abnormal returns surrounding investor activism are high for the subset of targets that are acquired ex-post, but not... View Details

Keywords: Mergers and Acquisitions; Private Equity; Investment Return; Investment Activism; Investment Portfolio; Corporate Governance