Publications

August 2013
Case

Harold Mills at ZeroChaos (A)

By: Lena G. Goldberg and Maurice L. Kuykendoll II

After leading a management buy-out, Harold Mills transformed ZeroChaos into a global staffing enterprise. Poised to raise additional capital to fund the company's next phase of growth, he was also confronting the liquidity demands of his early-stage investors and... View Details

Keywords: Legal Aspects Of Business; Law; Business Growth and Maturation; Corporate Finance

21 Sep 2017
Cold Call Podcast

State Street’s SHE: Investing in Women Leaders

Keywords: Re: Vikram Gandhi; Financial Services

2022
Working Paper

Why Do Index Funds Have Market Power? Quantifying Frictions in the Index Fund Market

By: Zach Y. Brown, Mark Egan, Jihye Jeon, Chuqing Jin and Alex A. Wu

Index funds are one of the most common ways investors access financial markets and are perceived to be a transparent and low-cost alternative to active investment management. Despite these purported virtues of index fund investing and the introduction of new products... View Details

Keywords: Mutual Funds; Passive Investing; Asset Management; Financial Markets; Investment Funds; Financial Management; Financial Services Industry; United States

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April 2024
Article

Fee Variation in Private Equity

By: Juliane Begenau and Emil N. Siriwardane

We study how investment fees vary within private-capital funds. Net-of-fee return clustering suggests that most funds have two tiers of fees, and we decompose differences across tiers into both management and performance-based fees. Managers of venture capital funds... View Details

Keywords: Pension Funds; Fee Dispersion; Search And Negotiation Frictions; Private Equity; Investment Funds

13 Apr 2017
News

When Shareholders Speak Their Minds

November 2006 (Revised July 2021)
Case

Kerr-McGee

By: Robin Greenwood and André Perold

Activist investors Carl Icahn and Barry Rosenstein acquire a stake in Oklahoma-based company Kerr-McGee. They demand two board seats and ask the company to make several operational and financial changes, including the repurchase of equity and divestiture of their... View Details

Keywords: Investment Activism; Restructuring; Equity; Investment; Management; Governance Controls; Corporate Strategy; Chemical Industry; Energy Industry; United States

2020
Working Paper

How Do Private Equity Fees Vary Across Public Pensions?

By: Juliane Begenau and Emil Siriwardane

We study how investment fees vary within private-capital funds. Net-of-fee return clustering suggests that most funds have two tiers of fees, and we decompose differences across tiers into both management and performance-based fees. Managers of venture capital funds... View Details

Keywords: Pension Funds; Fee Dispersion; Search And Negotiation Frictions; Private Equity; Investment Funds

SSRN

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18 Feb 2015
News

Reinvent Your Sales Process While Still Hitting Your Numbers

05 Jul 2006
Working Paper Summaries

A Cross-Sectional Analysis of the Excess Comovement of Stock Returns

Keywords: by Robin Greenwood; Financial Services

16 Mar 2016
Video

Testing Your Social Venture: Iterating Based on Market Feedback

07 Nov 2007
Op-Ed

How Marketing Hype Hurt Boeing and Apple

had already bought the iPhone. The moral of the story: Do not risk marketing hype unless you are sure of both your supply curve and your demand curve. Hype can hurt stock prices and investor confidence when... View Details

Keywords: by John Quelch; Aerospace; Consumer Products

2023
Working Paper

The Market for Sharing Interest Rate Risk: Quantities and Asset Prices

By: Ishita Sen, Umang Khetan, Jane Li and Ioana Neamtu

We study the extent of interest rate risk sharing across the financial system using granular positions and transactions data in interest rate swaps. We show that pension and insurance (PF&I) sector emerges as a natural counterparty to banks and corporations: overall,... View Details

Keywords: Interest Rates; Investment Funds; Banks and Banking; Insurance; Investment Banking; Risk and Uncertainty

SSRN

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February 2025 (Revised February 2025)
Case

Align Partners and SM Entertainment: Korean Shareholder Activism Meets K-Pop (A)

By: Charles CY Wang and Billy Chan

For years, institutional investors had experienced very limited success in influencing the management of listed companies through shareholder activist campaigns in Korea. The common practice of circular ownership and public resentment toward foreign shareholder... View Details

Keywords: Financial Reporting; Public Equity; Stocks; Investment Activism; Music Entertainment; Corporate Governance; Entertainment and Recreation Industry; South Korea

Teaching Interest

Audit Committees in a New Era of Governance

By: Paul M. Healy

The last ten years has heightened demands on audit committees. Not only are they responsible for overseeing internal and external audits to ensure that investors receive accurate and transparent information, but they must ensure compliance with new accounting and... View Details

TeachingInterests

Audit Committees in a New Era of Governance

By: Suraj Srinivasan

The last ten years has heightened demands on audit committees. Not only are they responsible for overseeing internal and external audits to ensure that investors receive accurate and transparent information, but they must ensure compliance with new accounting and... View Details

August 2021
Case

Apax Digital

By: Jo Tango and Alys Ferragamo

The Apax Digital team faced important decisions as they contemplated raising a second fund. Apax Digital Fund I was a $1.1 billion vehicle focused on mid-market growth equity and growth buyouts in the technology sector. The fund had performed well, and the Managing... View Details

Keywords: Growth and Development Strategy; Acquisition; Investment Portfolio; Decision Choices and Conditions; Venture Capital; Technology Industry; Financial Services Industry; United States

February 2025
Supplement

Align Partners and SM Entertainment: Korean Shareholder Activism Meets K-Pop (B)

By: Charles CY Wang and Billy Chan

For years, institutional investors had experienced very limited success in influencing the management of listed companies through shareholder activist campaigns in Korea. The common practice of circular ownership and public resentment toward foreign shareholder... View Details

Keywords: Financial Reporting; Public Equity; Stocks; Investment Activism; Music Entertainment; Corporate Governance; Entertainment and Recreation Industry; South Korea