Exequiel (Zeke) Hernandez

Exequiel (Zeke) Hernandez
  • Max and Bernice Garchik Family Presidential Professor

Contact Information

  • office Address:

    2014 SH-DH
    3620 Locust Walk
    Philadelphia, PA 19104

Research Interests: immigration, global strategy, corporate strategy, innovation

Links: CV, Personal Website

Overview

Exequiel (Zeke) Hernandez is the Max and Bernice Garchik Family Presidential Professor. He’s an expert on global and corporate strategy, with a focus on how the movement of talent, ideas, and firms creates economic prosperity.

A renowned voice on the topic of immigration, Zeke is the author of The Truth About Immigration: Why Successful Societies Welcome Newcomers. Providing clarity on one of the most important but misunderstood topics of our time, the book has received glowing coverage in outlets such as The Economist, Freakonomics Radio, CBS, MSNBC, NPR, Kirkus Reviews, Forbes, Barron’s, Bloomberg, and more.

Zeke has won emerging scholar awards from the three major academic associations in his field: the Strategic Management Society, the Strategic Management Division of the Academy of Management and the International Management Division of the Academy of Management. In addition to these career recognitions, he’s received multiple awards for individual research papers.

Zeke is a sought after speaker and one of the highest rated teachers at Wharton. He consistently wins teaching excellence awards and has been recognized by Poets & Quants as a Best 40 Under 40 professor in the world. He trains MBA students and corporate executives on issues related to global strategy, corporate strategy, and global talent management. He also speaks to audiences from all walks of life on immigration, demographic change, and economic growth.

More information about his work, media interactions, and speaking engagements is available at zekehernandez.net.

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Research

  • Exequiel Hernandez, Prithwiraj Choudhury, Elena Kulchina, Dan Wang, J. Myles Shaver, Mary Zellmer-Bruhn, Tarun Khanna (2025), Why Migration Matters in Organizational Research, Organization Science, 36 (3), pp. 1021-1046.

    Abstract: Migration is one of the most significant forces shaping economies and societies, yet it remains largely understudied in organizational research. At the same time, scholars in other fields with long traditions of studying migration tend to overlook the essential role of organizations. This lack of dialogue is striking because organizations are often the central arena in which migrants interact with others and through which they impact society and the economy. We explain how scholars of migration and organizations can benefit each other by exploring two broad issues. First, we consider what an organizational lens can add to the existing migration literature. We argue that organizational heterogeneity plays an essential role in determining the causes and effects of migration. Second, we consider how taking migration seriously can yield theoretical advancements for organizational scholars. We present examples that introduce potentially novel theoretical concepts or that enrich existing theories. Our aim is to broaden the research agenda for scholars interested in migration or organizations and to motivate organizational scholars to engage more deeply with one of the most consequential issues of our time.

  • Exequiel Hernandez, Jason K. Lee, J. Myles Shaver (2025), Toward an improved causal test of network effects: Does alliance network position enhance firm innovation?, Strategic Management Journal, 46 (4), pp. 863-897.

    Abstract: Research Summary Assessing whether network position causes firm outcomes is difficult because networks result from firms' strategic choices. To address this issue, we develop a research design that separates self-driven network change from other-driven change. Because other-driven change suppresses the focal firm's agency, outcomes resulting from it can be interpreted as causal—under verifiable assumptions. We apply this method to reassess whether alliance network position affects firm innovation. Using data from the biotechnology industry, we find that structural holes (but not closure) increase firm innovation when self-driven network change is involved but not when other-driven change is involved. This raises two possibilities: network effects spuriously capture unobservable firm characteristics or network theories must be updated to account for agency. Managerial Summary We examine a crucial question for managers making decisions about alliance networks: Does a firm's position in its alliance network drive innovation, or is it a reflection of the firm's inherent qualities? Our research explores this question by examining network changes outside a firm's control. We find that bridging disconnected partners (structural holes) enhances innovation, but only when firms actively create these positions and not when these positions result from others' actions. Our findings suggest that network position alone does not drive innovation. Acknowledging that network position, per se, is not advantageous provides nuanced insight to better guide managerial decisions.

    Description: ●  Best Proposal Award, Cooperative Strategies Interest Group, Strategic Management Society (2020) ●  Best Paper Nominee, Strategic Management Society (2020)

  • 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.

    Description: ● Best Paper Award, Strategy Science Conference (2022) ● Finalist, Best Paper, Strategic Management Society (2022) ● Finalist, Strategic Human Capital Best Paper, Strategic Management Society (2022)

  • Exequiel Hernandez, The Truth About Immigration: Why Successful Societies Welcome Newcomers (New York: St. Martin’s Press, 2024)

    Abstract: The go-to book on immigration: fact-based, comprehensive, and nonpartisan. Immigration is one of the most controversial topics in the United States—and everywhere else. Pundits, politicians, and the public usually depict immigrants either as villains who pose a threat to our economy, culture, and safety, or as victims—needy outsiders whom we must help, at our own cost if necessary. But the data clearly debunk both narratives. From jobs, investment, and innovation to cultural vitality and national security, more immigration has an overwhelmingly positive impact on everything that makes a society successful. In The Truth About Immigration, Wharton professor Zeke Hernandez draws from nearly twenty years of research to answer all the big questions about immigration. He combines moving personal stories with rigorous research to offer an accessible, apolitical, and evidence-based look at how newcomers affect our local communities and our nation. You’ll learn about the overlooked impact of immigrants on investment and job creation; realize how much we take for granted the novel technologies, products, and businesses newcomers create; get the facts straight about perennial concerns like jobs, crime, and undocumented immigrants; and gain new perspectives on misunderstood issues such as the border, taxes, and assimilation. Hernandez turns fear into hope by proving that immigrants are essential for economically prosperous and socially vibrant nations.

    Description: ● Best Current Events & Public Affairs Book of 2024, Porchlight Business Book Awards ● Kirkus Starred Review ● #1 New Release, Immigration & Emigration Studies, Amazon ● Extensive Media Coverage

  • Exequiel Hernandez, jens friedmann, Emilie Feldman (Working), Putting Strategy Back into Corporate Strategy: Sequences of Alliances, Acquisitions, and Divestitures.

  • Francisco Morales, Seth Carnahan, Exequiel Hernandez (Working), Consistently Mediocre: Modular Collaboration and Organizational Performance.

    Abstract: We explore the relationship between modularity in the collaboration patterns among individual employees and the level and variance of organizational performance. Using remarkably fine-grained data from the European club football (soccer) industry between 2010-2019, we measure modularity in the patterns of collaboration within these organizations based on millions of in-game passes involving over 10,000 players in 139 clubs. First, we find that high modularity in collaboration is associated with lower variance in club performance. We document two related mechanisms that appear to lower performance variance: modular collaboration softens the downside of negative exogenous shocks to employees’ productive capacity, but modularity also limits the upside of positive exogenous shocks to employees’ productive capacity. Second, we find that the modularity of employees’ collaboration patterns is associated with a lower average level of club performance. We document a possible mechanism underlying the relationship: rivals seem better able to predict the actions of modular clubs. We conclude that modular collaboration patterns may lock organizations into "consistently mediocre" performance in competitive settings by limiting the upside of positive shocks and by making the organization easier for rivals to anticipate and counteract.

  • Exequiel Hernandez, Jaeho Kim, Elena Kulchina (Under Review), “Immigrants and the Assignment of Expatriate Managers: Evidence from South Korean Multinational Companies.

  • Dany Bahar, Natalie Carlson, Exequiel Hernandez (Under Review), The Impact of Immigrant Talent on Global Product Strategy.

  • Exequiel Hernandez (Under Review), Towards a Causal Theory and Test of Network Effects: Structural Holes, Alliance-Network Externalities, and Firm Innovation.

  • Francisco Morales, Britta Glennon, Seth Carnahan, Exequiel Hernandez (Working), The Unique Blend: Immigrant Talent Combinations and their Impact on Organizational Performance.

    Description: ● Best Paper Nominee, Strategic Management Society (2024)

Teaching

Current Courses (Fall 2025)

  • 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.

    MGMT6120001 ( Syllabus )

    MGMT6120002 ( Syllabus )

    MGMT6120003 ( Syllabus )

  • 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.

    MGMT8710002 ( Syllabus )

All 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/

Awards and Honors

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Latest Research

Exequiel Hernandez, Prithwiraj Choudhury, Elena Kulchina, Dan Wang, J. Myles Shaver, Mary Zellmer-Bruhn, Tarun Khanna (2025), Why Migration Matters in Organizational Research, Organization Science, 36 (3), pp. 1021-1046.
All Research

In the News

The Truth About Immigration | Zeke Hernandez

Professor Zeke Hernandez challenges misconceptions about immigration in his new book.Read More

Knowledge at Wharton - 6/18/2024
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Wharton Magazine - 04/19/2024

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Colorful building with ornate details, featuring the blue and white national flag of Argentina on top, surrounded by green trees and a blue sky with clouds.My Global Business Week Experience: Argentina

Each year, second-year students in the Wharton MBA Program for Executives embark on Global Business Week, a week-long course taught by Wharton faculty. Students from all three cohorts choose from several destinations, meaning each course enrolls a mix of Philadelphia, San Francisco, and Global cohort students. Glory Durham, WG’24, is…

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