Exequiel (Zeke) Hernandez

• Exequiel Hernandez, jens friedmann, Emilie Feldman, Putting Strategy Back into Corporate Strategy: Sequences of Alliances, Acquisitions, and Divestitures.
• Exequiel Hernandez, Francisco Morales, Seth Carnahan, Consistently Mediocre: Modular Collaboration and Organizational Performance.
• Exequiel Hernandez, Jaeho Kim, Elena Kulchina, “Immigrants and the Assignment of Expatriate Managers: Evidence from South Korean Multinational Companies.
• Exequiel Hernandez, Britta Glennon, Francisco Morales, Seth Carnahan, The Unique Blend: Immigrant Talent Combinations and their Impact on Organizational Performance.
• Exequiel Hernandez, Natalie Carlson, Dany Bahar, Global Palette: The Impact of Immigrant Talent on Multinational Product Strategy.
• Exequiel Hernandez (Under Review), Towards a Causal Theory and Test of Network Effects: Structural Holes, Alliance-Network Externalities, and Firm Innovation.
• Exequiel Hernandez, Britta Glennon, Francisco Morales, Seth Carnahan (2024), Does Employing Skilled Immigrants Enhance Competitive Performance? Evidence from European Football Clubs, Management Science. Abstract

  We investigate the effect of employing skilled immigrants on the competitive performance of organizations by studying European football (soccer) clubs in Germany, Italy, France, England, and Spain from 1990-2020. Detailed microdata from this setting offers unusual transparency on the migration and hiring of talent and their contribution to collective performance. Further, country-level rules govern how immigrant players are defined and the number of immigrant players that clubs can deploy. Using changes to these rules as the basis for instrumental variables, we find that the number of immigrant players in the club’s starting lineup has a positive local average treatment effect on the club’s performance. We find evidence that immigrant players enhance club performance because they exhibit higher individual talent than natives and because they enable their clubs to deploy a wider variety of on-field strategies and actions. The latter mechanism is novel to the literature.

• Emilie Feldman and Exequiel Hernandez (2022), Synergy in Mergers and Acquisitions: Typology, Lifecycles, and Value, Academy of Management Review, 47 (4), pp. 549-578. Abstract

  Value in mergers and acquisitions (M&A) derives from the synergistic combination of an acquirer and a target. We advance the existing conceptualization of synergies in three ways. First, we develop a theoretically-motivated, parsimonious typology of five distinct sources of synergy based on two underlying dimensions: the level of analysis at which valuable activities occur and the orientation by which those activities are governed. The typology uncovers three novel synergy sources (relational, network, and non-market) arising from acquisition-induced changes in firms’ external cooperative environments, and classifies two other well-known synergies (internal and market power). Second, we introduce the concept of synergy lifecycles to explore how the timing of initial realization and the duration of gains vary across the five synergies, based on differences in the post-merger integration required and in the control the acquirer has over the assets and activities combined by the merger. Third, we consider how the synergy types interact, yielding co-synergies when they complement each other and dis-synergies when they substitute for one other. This enables us to expand the traditional conceptualization of the total value created by M&A as the sum of each of the synergy types, their co-synergies, and their dis-synergies.

• Kate Odziemkowska, Exequiel Hernandez, Emilie Feldman (Working), Stakeholder Synergies in Mergers and Acquisitions.
• Exequiel Hernandez and Anoop Menon (2019), Corporate Strategy and Network Change, Academy of Management Review. Abstract

  Networks change when either the ties or the nodes are modified. Research on interfirm networks has conceptualized network change as driven almost exclusively by modifications in ties (additions and deletions). Yet firms frequently engage in actions that modify the ownership and existence of nodes: acquisitions ‘collapse’ nodes, divestitures ‘split’ nodes, industry entries ‘create’ nodes, and industry exits ‘remove’ nodes. The literatures on corporate strategy and organizational networks have mostly overlooked the implications of node-modifying actions for network change. We explore those implications in three ways. First, we systematically analyze and compare the network-changing properties of the six node- and tie-changing actions. Second, we link the strategic objectives that boundedly rational firms pursue through each corporate action to changes in their ego network positions (openness, closure, and status). Third, we consider how these ego-network changes set off ripple effects that create externalities for the networks of the focal firm’s immediate partners and that produce unintended structural effects at the global network level. The result is a much more expansive understanding of the mechanisms driving structural change in interfirm networks.

  Description
  Conditionally Accepted at Academy of Management Review.
• All Research from Exequiel (Zeke) Hernandez »

Current Courses

• MGMT6120 - Management Of Emerging Enterprises

  This course is about managing during the early stages of an enterprise, when the firm faces the strategic challenge of being a new entrant in the market and the organizational challenge of needing to scale rapidly. The enterprises of interest in this course have moved past the purely entrepreneurial phase and need to systematically formalize strategies and organizational processes to reach maturity and stability, but they still lack the resources of a mature firm. The class is organized around three distinct but related topics that managers of emerging firms must consider: strategy, human and social capital, and global strategy.

  MGMT6120001 ( Syllabus )

  MGMT6120002 ( Syllabus )

  MGMT6120003 ( Syllabus )

• MGMT8710 - Advanced Global Strategy

  This class is designed to develop world class, globally-minded managers. Many of the most important business issues of today are global in nature. Both "macro" phenomena (e.g. nationalism, protectionism, demographic change) and "micro" trends (e.g. competition within and from emerging markets, distributed talent and innovation, digitization and automation) are inherently international issues. They require firms and managers to think, innovate, and organize globally. This class offers a comprehensive set of tools to evaluate opportunities and challenges in global markets, to leverage cross-country differences to enhance innovation and performance, to manage the complexities of a business spread across multiple countries, and to win against foreign rivals. The course will focus on both the formulation and execution of global strategy, with a heavy emphasis on current events and hands on activities. Sample topics include: quantifying opportunities and risks of foreign investments; formulating and executing strategies that balance local responsiveness, global efficiency, and innovation; exploiting differences across countries to enhance innovation while protecting intellectual property; managing organizational structure, culture, and people in multinational organizations; structuring and managing cross-national and cross-cultural teams; developing a global mindset among managers and employees. This course builds on the global management portion of MGMT 611 or MGMT 612, but taking those classes is not a prerequisite for MGMT 871.

  MGMT8710002 ( Syllabus )

Past Courses

• MGMT4090 - Huntsman Capstone Study

  The objective of the capstone study is to provide participants with the opportunity to integrate the knowledge gained in various courses Huntsman students take in Wharton and the College in a focused application to a specific project. The project would have sufficient breadth and depth to require participants to draw upon multiple analytical perspectives, theoretical lenses, and stocks of empirical data to collaboratively develop distinctive insights in relation to a given problem. The end product is a paper summarizing the research/application journey of the students, as well as a group presentation highlighting key findings as well as their theoretical and practical implications. Prerequisite: This course is only open to students in the Huntsman Program.

• MGMT6110 - Managing Est Enterprise

  This course is about managing large enterprises that face the strategic challenge of being the incumbent in the market and the organizational challenge of needing to balance the forces of inertia and change. The firms of interest in this course tend to operate in a wide range of markets and segments, frequently on a global basis, and need to constantly deploy their resources to fend off challenges from new entrants and technologies that threaten their established positions. The class is organized around three distinct but related topics that managers of established firms must consider: strategy, human and social capital, and global strategy.

• MGMT6120 - Managing Emerg Entrprse

  This course is about managing during the early stages of an enterprise, when the firm faces the strategic challenge of being a new entrant in the market and the organizational challenge of needing to scale rapidly. The enterprises of interest in this course have moved past the purely entrepreneurial phase and need to systematically formalize strategies and organizational processes to reach maturity and stability, but they still lack the resources of a mature firm. The class is organized around three distinct but related topics that managers of emerging firms must consider: strategy, human and social capital, and global strategy.

• MGMT6130 - Manag Estab Enterprise

• MGMT8710 - Adv Global Strategy

  This class is designed to develop world class, globally-minded managers. Many of the most important business issues of today are global in nature. Both "macro" phenomena (e.g. nationalism, protectionism, demographic change) and "micro" trends (e.g. competition within and from emerging markets, distributed talent and innovation, digitization and automation) are inherently international issues. They require firms and managers to think, innovate, and organize globally. This class offers a comprehensive set of tools to evaluate opportunities and challenges in global markets, to leverage cross-country differences to enhance innovation and performance, to manage the complexities of a business spread across multiple countries, and to win against foreign rivals. The course will focus on both the formulation and execution of global strategy, with a heavy emphasis on current events and hands on activities. Sample topics include: quantifying opportunities and risks of foreign investments; formulating and executing strategies that balance local responsiveness, global efficiency, and innovation; exploiting differences across countries to enhance innovation while protecting intellectual property; managing organizational structure, culture, and people in multinational organizations; structuring and managing cross-national and cross-cultural teams; developing a global mindset among managers and employees. This course builds on the global management portion of MGMT 611 or MGMT 612, but taking those classes is not a prerequisite for MGMT 871.

• MGMT9350 - Netwrk Theory & Applicat

  This course explores network models and their applications to organizational phenomena. By examining the structure of relations among actors, network approaches seek to explain variations in beliefs, behaviors, and outcomes. The beauty of network analysis is its underlying mathematical nature - network ideas and measures, in some cases, apply equally well at micro and macro levels of analysis. Therefore, we read and discuss articles both at the micro level (where the network actors are individuals within organizations) and at the macro level (where the network actors are organizations within larger communities) that utilize antecedents or consequences of network constructs such as small worlds, cohesion, structural equivalence, centrality, and autonomy. We begin by examining the classic problem of contagion of information and behaviors across networks, and follow by considering the various underlying models of network structure that might underlie contagion and other processes The next two sessions address a variety of mechanisms by which an actor's position in a network affects its behavior or performance. Then, the following two sessions address antecedents of network ties via the topics of network evolution and network activation. We close with a "grab bag" session of articles chosen to match class interests.

• MGMT9550 - Foundations Mult Mgmt.

  The goal of the course is to provide you with a foundation in some of the major research areas that underpin the study of Multinational Management. International Business (and the study of MNCs) is an interdisciplinary field. As such, our survey of the seminal articles in the field will span a number of different theoretical and empirical approaches (i.e., economic, managerial, organizational and institutional). Much of our seminar discussions will focus on identifying and developing interesting research questions raised by this interdisciplinary literature, which offers many opportunities for systematic empirical study.

• WH2970 - Wh Industry Exploration

  WIEP features short-term courses that focus on various industries and feature visits to businesses, lectures, extracurricular activities, and networking opportunities with alumni. Students must apply online: https://undergrad-inside.wharton.upenn.edu/wiep/

• Wharton Teaching Excellence Award, 2020
• Best 40 Under 40 Professor, Poets & Quants, 2019
• Emerging Scholar Award, Strategic Management Society, 2018
• Core Teaching Award, "Goes Above and Beyond the Call of Duty," 2018 MBA Program, Wharton, 2018
• Glueck Best Paper Award (overall best paper), BPS Division, 2017 Academy of Management Conference, 2017
• Emerging Scholar Award, Business Policy and Strategy Division, Academy of Management, 2017
• Teaching Commitment and Curricular Innovation Award, 2017 MBA Program, Wharton, 2017
• Emerging Scholar Award, International Management Division, Academy of Management, 2016 Description

  The IM Division Florida International University College of Business Emerging Scholar Award is given to a junior scholar, who has shown exemplary scholarship in international management research. The criteria for thisaward is demonstrated academic excellence in international management. Successful candidates for this award are within 5-8 years from the completion of doctoral degree, who have shown a strong record of publication and professional activity.

• Temple/AIB Best Paper Award, Academy of International Business, 2016 Description

  Awarded during the 2016 Academy of International Business meeting to the best conference paper, for "Immigrants and Firm Performance: Effects on Foreign Subsidiaries vs. Foreign Entrepreneurial Firms" (with Elena Kulchina).

• Runner Up, Best Paper Award, Strategic Management Society, 2015
• Finalist, Outstanding Faculty Member, Freshman Class of 2016, Washington University in St. Louis (University wide recognition), 2013
• Finalist, Outstanding Dissertation Research Award, BPS Division, Academy of Management, 2012 Description

  2012 Academy of Management Meetings

• Finalist, Outstanding Faculty Member, Freshman Class of 2015, Washington University in St. Louis (University wide recognition), 2012
• Best PhD Student Paper, Strategic Management Society, 2009
• Best Paper with Practical Implications, Strategic Management Society, 2009
• Finalist, Best Conference Paper, Strategic Management Society, 2009
• Excellence in Teaching Award, Carlson School of Management, 2009

• Effects of immigrants on cross-border investment, Scientific Sense Podcast - 07/18/2020
• When immigrants come to the U.S., investments often follow, Marketplace - 06/30/2020
• Why Uber is competing against companies it owns minority stakes in, Yahoo! Finance - 04/15/2019
• Lessons about the power of being a 'headquarters economy', Star Tribune - 03/10/2019
• With Uber in the pits, Lyft gains ground in ride-hailing fight, Travel Weekly - 10/29/2017
• How a Country the Size of North Carolina Became a Global Startup Hub, Inc - 03/13/2017 Description

  Second only to Silicon Valley, the Swedish capital has produced the most billion-dollar companies, per capita. It’s also the No. 2 city for fast-growing companies, according to the 2017 Inc. 5000 Europe.

• The "culture advantage" and how to build a rock star team with no budget - 01/30/2017
• How Stockholm Became a Unicorn Factory, Knowledge@Wharton - 11/09/2015
• Can Cloning Businesses Work? Ask Rocket Internet, Knowledge@Wharton - 10/12/2015
• Can Cloning Businesses Work? Ask Rocket Internet, Knowledge@Wharton - 10/12/2015
• The First Step to Successful Innovation? Choosing the Right Partners, Knowledge@Wharton - 07/23/2015
• Common Bonds: How Immigrants Can Influence a Firm’s Foreign Expansion, Knowledge@Wharton - 05/27/2014
• Where will China’s firms establish subsidiaries? Where there are Chinese, Organizational Musings - 04/01/2014
• How Government Incentives Are Boosting Latin American Films, Knowledge@Wharton - 10/01/2013
• The stock market generally hates acquisitions, but there is an exception to the rule, Forbes - 12/17/2010
• Yes, You Can Succeed in Academia and Still Have a Personal Life, Harvard Business Publishing Education - 01/01/1970

Knowledge @ Wharton

• Building Stronger Family Offices by Sharing Knowledge and Securing the Future, Knowledge @ Wharton - 11/21/2024
• State of the NBA with Seth Partnow, Knowledge @ Wharton - 11/20/2024
• How Are Companies Really Using AI? A New Report Has Answers, Knowledge @ Wharton - 11/19/2024
• Impact vs. Time: A Leader’s Guide to Slow Productivity, Knowledge @ Wharton - 11/19/2024
• Kevin O’Leary Illustrates the Benefits of Tariffs for U.S. Businesses, Knowledge @ Wharton - 11/19/2024
• Boosting Donations Through Self-expressive Choices | Jonah Berger, Knowledge @ Wharton - 11/19/2024
• Why Are Hospitals So Expensive?, Knowledge @ Wharton - 11/18/2024
• New Phenomena in Behavioral and Social Investing, Knowledge @ Wharton - 11/18/2024
• Bigger Hospitals, Better Care? Wharton Research Finds Benefits Are Only at the Operational Level, Knowledge @ Wharton - 11/14/2024
• Linda Dow Cash, CEO, Two Chicks Cocktails, Knowledge @ Wharton - 11/14/2024