Publications

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July 2024
Case

Roja Garimella: Developing a Founder's Judgment

By: Reza Satchu and Patrick Sanguineti

Roja Garimella’s path to becoming a founder was anything but straight. Setting her sights on a career in medicine since childhood, she committed to medical school with her acceptance to college. And yet, throughout her studies, she continually explored alternative... View Details

Keywords: Entrepreneurship; Personal Development and Career; Entrepreneurial Finance; Business Startups; Judgments; Financial Services Industry; Health 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

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13 Dec 2022
Research & Ideas

The Color of Private Equity: Quantifying the Bias Black Investors Face

Black venture capital and growth investors have a much harder time getting funding than white investors, because—despite efforts to bring more racial diversity to financial services—private equity’s gatekeepers remain mostly white, according to new research. Very few... View Details

Keywords: by Pamela Reynolds; Financial Services

16 Feb 2023
HBS Case

ESG Activists Met the Moment at ExxonMobil, But Did They Succeed?

The impact-investment hedge fund Engine No. 1 made a big splash in May 2021 when it managed to get three nominees elected to the ExxonMobil board of directors. It was an open effort to prod the oil giant toward renewable energy and test whether activist investing could... View Details

Keywords: by Lane Lambert; Financial Services

Courses - Entrepreneurship

Lou Shipley Spring 2024 Q4 1.5 Field Course: Investing for Impact (also listed under Finance and General Management) Archie L. Jones Emily R. McComb Brian Trelstad Fall 2023 Q1Q2 3.0 Field Course: Scaling Minority Businesses (also listed... View Details

March 2020 (Revised March 2024)
Case

CIAM: Home-Grown Shareholder Activism in France

By: Charles C.Y. Wang, Tonia Labruyere and Vincent Dessain

The case discusses the strategy of CIAM, a French activist investment firm, involved in a case of a buy-out of minority shareholders in the telecommunications sector. Altice NV, an international telecommunications company based in the Netherlands that owned more than... View Details

Keywords: Corporate Governance; Private Equity; Strategy; Valuation; Investment Activism; Financial Services Industry; France

2007
Other Unpublished Work

Hedge Fund Investor Activism and Takeovers

By: Robin Greenwood and Michael Schor

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

SSRN

South Asia - Global

Center Mumbai, India News & Highlights APRIL 2025 EVENT Talk on Private Equity Through the Macro Lens with Professor Victoria Ivashina Professor Victoria Ivashina led an engaging in-person session in Mumbai on ‘Private View Details

September 2006 (Revised February 2011)
Case

Empemex

By: Lynda M. Applegate and Regina Garcia-Cuellar

Studies an entrepreneurial venture in Mexico City. The protagonists, two MBAs from HBS, started a pawn shop chain funded from their private equity office after finishing business school. This is timed at a point where the protagonists have to decide how to grow the... View Details

Keywords: Developing Countries and Economies; Entrepreneurship; Venture Capital; Investment; Growth and Development Strategy; Mexico City; United States

04 Jun 2024
Blog Post

Finding Alignment to Make Impact: Layla Ramirez (MBA 2017)

Before becoming a Director of Diversity, Equity, Inclusion, and Belonging, Layla Ramirez (MBA 2017) was a prospective lawyer, an investment manager, a nonprofit leader, and a tech program manager. Beyond her professional roles, Ramirez is... View Details

Keywords: All Industries

Finding Job Opportunities - Alumni

career opportunities. Idealist Idealist is a job board with a focus on social enterprise. Job postings are frequently mission-driven with an emphasis on collaboration. AngelList Interested in working for a startup? AngelList is a website for startups to find financial... View Details

Podcast - Business & Environment

series on adaptation, and features Jay Koh who co-founded the Lightsmith Group, the first growth private equity firm focused on climate adaptation. Jay discusses the firm’s investment strategy, the sectors... View Details

Blavatnik Fellowship in Life Science Entrepreneurship - Health Care

She is dedicated to transforming how women access and engage with healthcare, alleviating OB/GYN burden and improving patient outcomes. As a fellow, Christina will be scaling Coord Health’s technology in clinical settings. She previously worked in private View Details

Behavioral Finance & Financial Stability

Greenwood & Samuel G. Hanson Robin Greenwood and Samuel G. Hanson describe a methodology to measure sentiment in the market for US Corporate Credit More Info Equity Market Sentiment By: Malcolm P. Baker & Jeffrey Wurgler Malcolm P. Baker... View Details

Asia Pacific - Global

dinner discussion, Mr. Kalliarekos traced the origins and evolution of private equity in the US, explored the unique opportunities for PE firms across Asia, and discussed the critical importance of global managerial and operational... View Details

2020
Working Paper

Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time

By: Laura Alfaro, Anusha Chari, Andrew Greenland and Peter K. Schott

We show that unexpected changes in the trajectory of COVID-19 infections predict U.S. stock returns, in real time. Parameter estimates indicate that an unanticipated doubling (halving) of projected infections forecasts next-day decreases (increases) in aggregate U.S.... View Details

Keywords: COVID-19; Stock Returns; Health Pandemics; Stocks; Investment Return; Forecasting and Prediction

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January 2008 (Revised May 2009)
Case

Restructuring at Delphi Corporation (A)

By: Stuart C. Gilson and Sarah L. Abbott

Delphi Corporation, operating under Chapter 11 bankruptcy protection, has filed a plan of reorganization with the court, under which a consortium of hedge funds led by Appaloosa Management will invest up to $2.6 billion in new equity. Also participating in the plan is... View Details

Keywords: Restructuring; Capital Structure; Private Equity; Insolvency and Bankruptcy; Investment Funds; Labor and Management Relations; Auto Industry; Service Industry