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Publications

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  • April 2025
  • Article

The Impact of Minority Representation at Mortgage Lenders

By: W. Scott Frame, Ruidi Huang, Erica Jiang, Yeonjoon Lee, Will Liu, Erik J. Mayer and Adi Sunderam
We study links between the labor market for loan officers and access to mortgage credit. Using novel data matching the (near) universe of mortgage applications to loan officers, we find that minorities are significantly underrepresented among loan officers. Minority... View Details
Keywords: Household Finance; Demographic Economics; Financial Institutions; Diversity; Prejudice and Bias; Mortgages; Personal Finance
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  • Research Summary

Firm Performance, Senior Management, and Managerial Representation

While my work on strategic human capital studies how the characteristics of management shape performance, this work in effect focuses on the reverse: how performance shapes a key characteristic of the firm's management

Working with Professor David Thomas,... View Details

  • 2022
  • Working Paper

Racial Diversity in Private Capital Fundraising

By: Johan Cassel, Josh Lerner and Emmanuel Yimfor
Black- and Hispanic-owned funds control a very modest share of assets in the private capital industry. We find that the sensitivity of follow-on fundraising to fund performance is greater for minority-owned groups, particularly for underperforming groups. We... View Details
Keywords: Buyouts; Capital Formation; Minorities; Venture Capital; Minority-owned Businesses; Race; Diversity; Investment Funds; Financial Services Industry
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  • 2016
  • Working Paper

PathBreakers? Women's Electoral Success and Future Political Participation

By: Sonia Bhalotra, Irma Clots-Figueras and Lakshmi Iyer
We investigate whether the event of a woman being competitively elected as a state legislator encourages the subsequent political participation of women, using a regression discontinuity design on constituency level data from India. We find that female incumbents are... View Details
Keywords: Political Participation; Women; Candidates; Gender Bias; Backlash; Minority Representation; Regression Discontinuity; India; Prejudice and Bias; Political Elections; Gender; Public Administration Industry; India
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  • October 2019
  • Supplement

Harlem Capital: Changing the Face of Entrepreneurship (B)

By: George Serafeim
The (B) case describes Tingle and Pierre-Jacques’ decision to commit fully to Harlem Capital as their post-graduation job. The case explores the results of their fundraising efforts, new strategic partnerships, and how they plan to “build the market” in order to... View Details
Keywords: Impact Investing; Gender Bias; Gender Inequality; Minority Representation; Entrepreneurial Finance; Investment Management; Investing; Inequality; Venture Capital; Entrepreneurship; Diversity; Gender; Equality and Inequality; Equity; Mission and Purpose; Investment Funds; Financial Services Industry
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  • October 2019
  • Case

Harlem Capital: Changing the Face of Entrepreneurship (A)

By: George Serafeim
Jarrid Tingle and Henri Pierre-Jacques had spent the summer between their first and second years of their Harvard Business School MBA program fund raising for their start-up venture capital (VC) firm, Harlem Capital Partners. Harlem Capital was founded upon the... View Details
Keywords: Impact Investing; Gender Bias; Gender Inequality; Minority Representation; Entrepreneurial Finance; Investment Management; Investing; Inequality; Race And Ethnicity; Black Entrepreneurs; Black Inventors; Black Leadership; Venture Investing; Fund Raising; Venture Capital; Entrepreneurship; Diversity; Gender; Race; Equality and Inequality; Equity; Mission and Purpose; Investment Funds; Financial Services Industry; United States
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  • 2017
  • Working Paper

Diversity in Innovation

By: Paul A. Gompers and Sophie Q. Wang
In this paper we document the patterns of labor market participation by women and ethnic minorities in venture capital firms and as founders of venture capital-backed startups. We show that from 1990-2016 women have been less than 10% of the entrepreneurial and venture... View Details
Keywords: Diversity; Gender; Entrepreneurship; Venture Capital
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  • 07 Oct 2022
  • News

A Case for Greater Representation: A Q+A with Eric Calderon (MBA 2013) on Harvard Business School Admissions’ Use of “Latinos and the MBA Option”

  • 27 Jan 2019
  • News

Harvard study questions benefits of fund manager diversity

  • 05 May 2011
  • Research & Ideas

How ‘Political Voice’ Empowers the Powerless

disadvantaged or minority groups in India whose members are elected to local governments have not only more of a "political voice" but also more access to and better results from the justice system. In the working paper The... View Details
Keywords: by Maggie Starvish
  • 2025
  • Working Paper

Impact Investing and Worker Outcomes

By: Josh Lerner, Markus Lithell and Gordon M. Phillips
Impact investors claim to distinguish themselves from traditional venture capital and growth equity investors by also pursuing environmental, social, and governance (ESG) objectives. Whether they successfully do so in practice is unclear. We use confidential Census... View Details
Keywords: ESG; Corporate Social Responsibility and Impact; Private Equity; Venture Capital; Wages
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  • September 2021
  • Article

Shaking Things Up: Disruptive Events and Inequality

By: Letian Zhang
This paper develops a theory of how disruptive events could reduce racial and gender inequality in organizations. Despite pressure from regulators and advocates, racial and gender inequality in the workplace remains high. I theorize that because such inequality is... View Details
Keywords: Inequality; Equality and Inequality; Diversity; Race; Gender; Restructuring; Mergers and Acquisitions; Disruption
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  • 02 Jul 2013
  • Working Paper Summaries

Religion, Politician Identity, and Development Outcomes: Evidence from India

Keywords: by Sonia Bhalotra, Guilhem Cassan, Irma Clots-Figueras & Lakshmi Iyer
  • 31 Jan 2017
  • First Look

First Look at New Research: January 31, 2017

Sophie Q. Wang Abstract—In this paper we document the patterns of labor market participation by women and ethnic minorities in venture capital firms and as founders of venture capital–backed startups. We show that from 1990 to 2016 women... View Details
Keywords: Carmen Nobel
  • 12 Mar 2018
  • Blog Post

Applying to HBS in Round 3?

of Mexican immigrants, now US citizens and entrepreneurs, HBS was my dream so I could contribute to minority representation at the decision-making table. I had nothing to lose and every reason to try. The... View Details
  • 11 Oct 2022
  • Research & Ideas

Shrinking the Racial Wealth Gap, One Mortgage at a Time

and approved, but when minority loan officers shepherd those applications, approval rates increase significantly, says Adi Sunderam, the Willard Prescott Smith Professor of Corporate Finance at Harvard Business School, in the working... View Details
Keywords: by Rachel Layne; Financial Services
  • TeachingInterests

Investing: Risk, Return and Impact (MBA)

By: Shawn A. Cole

This is an investing/finance course, designed to build on skills introduced in the RC finance course, but with an emphasis on how and whether investors should incorporate what have traditionally been considered “non-financial” criteria in their decisions: for... View Details

  • 02 Jul 2013
  • First Look

First Look: July 2

candidates. We find that increasing the political representation of Muslims improves health and education outcomes in the district from which the legislator is elected. We find no evidence of religious favoritism: Muslim children do not... View Details
Keywords: Anna Secino
  • 03 Mar 2011
  • Research & Ideas

HBS Faculty on Revolution in the Middle East and North Africa

Instead, we value democracy of the kind that not only heeds majority opinion but also has a healthy respect for individual and minority rights. This is an important distinction, because liberal democracies tend not to impose a... View Details
Keywords: Re: Deepak Malhotra; Energy; Utilities
  • 19 Jun 2012
  • First Look

First Look: June 19

but also a source of, inter-organizational conflict. Principals, agents, and teams face different sets of constraints and opportunities in negotiations. We develop grounded theory detailing how the micro-interactions comprising a negotiation are shaped by the View Details
Keywords: Sean Silverthorne