Photo of Daniel Raff

Daniel Raff

Associate Professor

Research Interests: business history and strategy

Links: Personal Website

Contact Information

Address: 3113 SH-DH, 3620 Locust Walk, Philadelphia, PA 19104
Email: raff@wharton.upenn.edu
Office: (215) 898-3804
Office Fax: (215) 898-0401

Overview

Education

PhD, Massachusetts Institute of Technology, 1987; BPhil, Oxford University, 1978; MPA, Princeton University, 1976; BA, New College, 1973

Recent Consulting

Competitive strategy in manufacturing and services (including financial services); deal design

Academic Positions Held

Wharton: 1994-present. Previous appointments: Harvard University; Oxford University. Visiting appointments: Columbia University Schools of Business and Law

Other Positions

Faculty Research Fellow and Research Associate, National Bureau of Economic Research, 1988-present; Sloan Senior Research Fellow, Wharton Financial Institutions Center, 2000-present

Professional Leadership

Trustee, Business History Conference, 1998-2001; Chair, Investment Committee, 2001-present; Chair, Audit and Budget Committee and Trustee ex officio, Economic History Association, 2001-present

Research


  • Daniel Raff (2013), How to Do Things with Time, Oxford Journals    Related Materials
  • Daniel Raff (2013), The Business of the Press, Oxford University Press, Chapter 5, 190 - 216.  
  • Daniel Raff (2013), Worldwide Expansion and Influence, Oxford University Press, Chapter 19, 583 - 617.  
  • Susan M Wachter, Daniel Raff, Se Yan (2013), Real Estate Prices in Beijing, 1644 to 1840, Explorations in Economic History, Volume 50, 335 - 462.  Abstract
  • Daniel Raff, Susan Wachter, Se Yan (2013), Real estate prices in Beijing, 1644 to 1840, Explorations in Economic History, 50, 368 - 386.    Abstract
  • Daniel Raff, Naomi R Lamoreaux, Peter Temin (Working), Beyond Markets and Hierarchies: Towards a New Synthesis of American Business History.  Abstract  Description
  • Daniel Raff (2001), Risk Management in an Age of Change, Deloitte Touche Tohmatsu Global Financial Services Practice  Abstract
  • Daniel Raff, C. H. Fine, Internet-Driven Innovation and Economic Performance in the American Automobile Industry (2001).
  • Daniel Raff (2000), Superstores and the Evolution of Firm Capabilities in American Bookselling, Strategic Management Journal  Abstract
  • Daniel Raff, Sears Roebuck in the Twentieth Century:Competition, Complementarities, and the Problem of Wasting Assets (1999).

In The News

Courses

Current

  • MGMT714 - Value Creation and Value Capture in American Business History

    This course concerns the history of capitalism in America viewed from the perspective of the people who operated (and in some cases owned) the firms. Its focus is on the activities of value creation and value capture and on how evolving opportunities and selection pressures have conditioned the historic development of competition, strategic analysis and initiatives, organizational structures, merger-and-acquisition activity, entrepreneurship, and the like. Accounting and control are also part of the story: the course in fact considers issues arising in a variety of different management disciplines and shows off their interrelationships. The maintenance (or otherwise) of value capture over the cycle and over time is a running theme.

    The course has a narrative element (running from Franklin's days through the early twenty-first century) but its deeper purpose is to give students some idea of how to think about the future evolution of firms and industries. It proceeds through a consideration of actual business decisions and performance in a series of challenging and otherwise interesting moments in the evolution of the American business environment. The materials are unusual for the Wharton School--they are often case-like and when possible draw on documents contemporary to the decisions such as correspondence, memoranda, minutes of meetings, old newspaper and magazine stories, and eyewitness accounts. They require thoughtful preparation. This course is much more focused on the students than many and a successful experience of its demands that the students both engage with the materials and take an active role in the class discussion. The largest single element in the grading is a substantial term paper on a topic agreeable to both the student and the instructor. For more information, please contact the instructor: raff@wharton.upenn.edu.

    MGMT225401  ( Syllabus

    MGMT714401  ( Syllabus

Previous

  • MGMT714 - Value Creation and Value Capture in American Business History

    This course concerns the history of capitalism in America viewed from the perspective of the people who operated (and in some cases owned) the firms. Its focus is on the activities of value creation and value capture and on how evolving opportunities and selection pressures have conditioned the historic development of competition, strategic analysis and initiatives, organizational structures, merger-and-acquisition activity, entrepreneurship, and the like. Accounting and control are also part of the story: the course in fact considers issues arising in a variety of different management disciplines and shows off their interrelationships. The maintenance (or otherwise) of value capture over the cycle and over time is a running theme.

  • MGMT717 - Deals: The Economic Structure of Transacting and Contracting

    This course focuses on the role of professionals in creating value through transaction engineering. The overall goal of the course is to explain how private parties actually order their commercial interactions and to develop a relatively systematic theory of how they ought to do this. The first half of the course will be devoted to impediments to transacting including asymmetric information problems, difficulties intrinsic to contracting over time, enforceability, and various forms of strategic behavior and to a variety of possible responses rooted in decision theory, option theory, techniques for minimizing information problems, risk management, and incentive alignment. In the second half of the course, student teams will apply the tools developed in the first half to a series of real transactions. That part of the course will be described in a separate memo to be circulated once the roster of deals is fixed. Enrollment will be restricted this year to 48, of whom 24 will be second-year MBA students and 24 will be upper class Law students.