Raffi Amit

Raffi Amit
  • Marie and Joseph Melone Professor
  • Professor of Management

Contact Information

  • office Address:

    2012 SHDH
    3620 Locust Walk
    Philadelphia, PA 19104

Research Interests: entrepreneurship, family business, strategic management, venture capital financing

Links: CV, Google Scholar, Wharton Global Family Alliance, Wharton Entrepreneurship

Overview

Raphael (“Raffi”) Amit is the Marie and Joseph Melone Professor and a Professor of Management at the Wharton School. Dr. Amit founded and leads the Wharton Global Family Alliance (WGFA), a unique academic-family business partnership established to enhance the marketplace advantage and the social wealth creation contributions of global families through thought leadership, knowledge transfer and the sharing of ideas and best practices among influential global families.

Dr. Amit holds B.A. and M.A. degrees in Economics, and received his Ph.D. in Managerial Economics and Decision Sciences from Northwestern University’s Kellogg Graduate School of Management. Dr. Amit’s current research and teaching interests center on family business management, governance, and finance, on venture capital and private equity investments, on entrepreneurship, on the design of business models and on business strategy.  He has published extensively in leading academic journals and is frequently quoted in a broad range of practitioner outlets.

He has published widely cited, award winning research on a broad range of issues that relate to ownership, management and control of family businesses. He has been working with substantial families around the world on such issues as creating governance systems for families and their businesses, succession, valuation, wealth management and the formation of a family office, and more. Overall, the work of Dr. Amit with families integrates the behavioral and emotional issues that characterize the life of each family, with the economic and financial issues that must be addressed to sustain family harmony and happiness alongside with the long-term prosperity of the family business.

Professor Amit has held a range of management and Board of Directors positions in various companies. He served as Chair of the Board of Directors of Creo Products Inc. for 6 years. (NASDAQ: CREO until May 2005 when it was acquired by Kodak.)  Professor Amit has helped form the Korean Global IT Fund, a $100 million VC fund and has served as the first Chairman of the KGIF Advisory Board. He has served on the Board of Directors of Alvarion Ltd. a wireless communication equipment company, and has been a member of the Audit and Compensation Committees of Alvarion. He has also served as the only external director of a private family owned and controlled firm in Hong Kong.  Dr. Amit advises numerous private and publicly held family businesses, on a broad range of strategic, governance and financial issues.

 

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Research

  • Emilie Feldman, Raffi Amit, Belén Villalonga (2019), Family Firms and the Stock Market Performance of Acquisitions and Divestitures, Strategic Management Journal, 40 (5), pp. 757-780.

    Abstract: This paper explores the stock market performance of acquisitions and divestitures where both, one, or neither of the companies in the transaction are family firms. We find that acquirer shareholder returns are highest when family firms buy businesses from non-family firm divesters, especially when family CEO acquirers buy businesses from non-family CEO divesters. Additionally, divester shareholder returns are highest when family firms sell businesses to non-family firm acquirers, especially when family CEO divesters sell businesses to non-family CEO acquirers. These findings reveal that it is important to consider the characteristics of both the acquiring and divesting firms when analyzing acquisition and divestiture performance, and that the expected gains to family firm acquisitions and divestitures are driven by transactions in which the counterparties are non-family firms.

  • Raffi Amit and Xu Han (2017), Value creation through novel resource configuration in a digitally enabled world, Strategic Entrepreneurship Journal, 11 (3), pp. 228-242.

    Abstract: Research summary We propose a conceptual framework for examining the value‐creation potential embedded into novel, digitally powered resource configurations. We suggest that business digitization calls for firms to adopt a system‐based, value‐creation‐centric perspective for designing and organizing their resource configurations. Our conceptualization of a firm's resource configuration decisions centers on organizing access to resources controlled by value cocreators. We discuss resource configuration prototypes, value‐creation sources, and the underlying resource configuration processes enabled by digitization. Our study contributes to the literature on strategic entrepreneurship by incorporating the ramifications of digitization into the theory on firms’ resource configuration and its underlying processes to enable strategic entrepreneurship. Managerial summary Digitization has profoundly reshaped the way business opportunities are discovered and exploited. In this article, we suggest that digitization expands the scope of resources firm could utilize while requiring firms to take a holistic approach in considering the resources and addressing the needs of all customers and partners (e.g., resource providers). We highlight the importance of such a holistic approach to enhancing the value creation potential in the digital age for entrepreneurs and managers. In addition, we propose novel ways to connect resources with needs of customers and partners (e.g., enabling transactions and providing bridges) as well as the actionable microprocesses that undergird and enable these novel connections in a digitally enabled world. Copyright © 2017 Strategic Management Society.

  • Emilie Feldman, Raffi Amit, Belén Villalonga (2016), Corporate Divestitures and Family Control, Strategic Management Journal, 37 (3), pp. 429-446.

    Abstract: This paper investigates the relationship between divestitures and firm value in family firms. Using hand-collected data on a sample of over 30,000 firm-year observations, we find that family firms are less likely than non-family firms to undertake divestitures, especially when these companies are managed by family- rather than non-family CEOs. However, we then establish that the divestitures undertaken by family firms, predominantly those run by family-CEOs, are associated with higher post-divestiture performance than their non-family counterparts. These findings indicate that family firms may fail to fully exploit available economic opportunities, potentially because they pursue multiple objectives beyond the maximization of shareholder value. These results also elucidate how the characteristics of corporate owners and managers can influence the value that firms derive from their corporate strategies.

  • Raffi Amit and C. Zott, Business Model Design: A Dynamic Capability Perspective. In Oxford Handbook on Dynamic Capabilities, edited by D. Teece and S. Heaton, (Oxford University Press, 2016)

  • B. Villalonga, Raffi Amit, M. A. Trujillo, A. Guzman (2015), Governance of Family Firms, Annual Review of Financial Economics, 7, pp. 635-654.

    Abstract: We review what the financial economics literature has to say about the unique ways in which the following three classic agency problems manifest themselves in family firms: (i) shareholders v. managers; (ii) controlling (family) shareholders v. non-controlling shareholders; and (iii) shareholders v. creditors. We also call attention to a fourth agency problem, unique to family firms: the conflict of interest between family shareholders and the family at large, which can be thought of as the “super-principal” in a multi-tier agency structure akin to those found in other concentrated ownership structures where the controlling owner is the state, a bank, a corporations, or other institutions. We then discuss the solutions or corporate governance mechanisms that have been devised to address these problems and what research has taught us about these mechanisms’ effectiveness at solving these four conflicts in family firms.

  • Raffi Amit and P. J. H. Schoemaker, “Firm Resources”. In Palgrave Encyclopedia of Strategic Management, edited by M. Augier and David Teece, (2015)

  • Raffi Amit and C. Zott, “Business Models”. In International Encyclopedia of the Social & Behavioral Sciences, 2nd Edition, Volume 3, edited by J. D. Wright, (Oxford: Elsevier, 2015), pp. 33-36

  • Raffi Amit, Y. Ding, B. Villalonga, H. Zhang (2015), The role of institutional development in the prevalence and performance of entrepreneur and family-controlled firms, Journal of Corporate Finance, 31, pp. 284-305.

    Abstract: We investigate the role played by institutional development in the prevalence and performance of firms that are owned and/or managed by entrepreneurs or their families, while controlling for the potential effect of cultural norms. China provides a good research lab since it combines great heterogeneity in institutional development across its provinces with homogeneity in cultural norms, law, and regulation. Using hand-collected data from publicly listed Chinese firms, we find that, when institutional efficiency is high, entrepreneur- and family-controlled firms are more prevalent and exhibit superior performance than non-family firms. We find that the positive effects of family ownership and the negative effects of family control in excess of ownership that have been documented in earlier studies around the world are only significant in high-efficiency regions, and only for family-controlled firms proper, but not for entrepreneur-controlled firms. Institutional development also helps reconcile the divergence of results across prior studies regarding the performance impact of founders and their families as managers and not just owners. When institutional efficiency is high, the sign of the management effect is entirely contingent of whether the Chairman or CEO is the entrepreneur himself/herself (positive) or a family member (negative); when institutional efficiency is low, the effect is positive in both cases, and more strongly so in the case of a family member serving as CEO.

  • Raffi Amit and C. Zott, “Business Model Innovation: Toward A Process Perspective”. In The Oxford Handbook of Creativity, Innovation, and Entrepreneurship: Multilevel Linkages, edited by C. Shalley, M. Hitt, J. Zhou, (2014)

  • Raffi Amit and B. Villalonga, “Financial Performance of Family Firms”. In The Sage handbook on family Business, chapter 9, edited by L. Melin, M. Nordqvist, P. Sharma, (Sage, 2013)

Teaching

Current Courses

  • MGMT264 - Ven Capital & Ent Mgmt

    This course focuses on venture capital management issues in the context of a high-growth potential start-up company. The course is motivated by rapid increases in both the supply of and demand for private equity over the past two decades. The topic is addressed from two distinct perspectives: issues that relate to the demand for private equity and venture capital (the entrepreneur's perspective) on the one hand, and issues that relate to the supply of capital (the investor's perspective) on the other. As well, we will address management issues that relate to how the VC and the entrepreneur work together once an investment has been made, compensation issues, and governance issues in the privately held venture capital backed company. Format: Case/discussion format, supplemented by lectures and guest speakers. Requirements: Classroom participation, written case assignments, late midterm. Materials: Required Coursepack and supplemental recommended reading.

    MGMT264001 ( Syllabus )

  • MGMT765 - Venture Capital & Ent Mg

    This elective half-semester course will highlight venture capital and entrepreneurship in general and will explore selected aspects of this industry, including: industry trends and dynamics in Silicon Valley and the South of Market area (SOMA) of San Francisco; the recent emergence of alternative sources of startup financing, including incubators/accelerators and crowdfunding platforms, angel groups and stage-agnostic institutional investors; business and operational aspects of early stage companies in transition to mezzanine-level stages of growth; and company "exits," including both initial public offerings and merger/sale transactions. MGMT765 and MGMT804 cover separate issues within the same general industry and are not redundant. This course addresses issues faced by later stage VC backed firms, while MGMT804 centers on early stage, pre-revenue startups. The format of this course relies heavily on site visits and recognized leaders within the Bay Area to bring forth on-the-ground perspectives of a changing and important industry. While MGMT804 is not a prerequisite, the two courses are complementary.

    MGMT765751

  • MGMT804 - Venture Cap & Ent Mgmt

    This elective half-semester course focuses on venture capital management issues in the context of the typical high-growth potential early stage start-up company. The course is fundamentally pragmatic in its outlook. It will cover seven principal areas relevant to the privately held high-growth start-up which include: commentary on the venture capital industry generally, as well as a discussion of the typical venture fund structure and related venture capital objectives and investment strategies; common organizational issues encountered in the formation of a venture backed start-up, including issues relating to initial capitalization, intellectual property and early stage equity arrangements; valuation methodologies that form the basis of the negotiation between the entrepreneur and the venture capitalist in anticipation of a venture investment; the challenges of fundraising, financing strategies and the importance of the business plan and the typical dynamics that play out between VC and entrepreneur. typical investment terms found in the term sheet and the dynamics of negotiation between the entrepreneur and the venture capitalist; compensation practices in a venture capital backed company; and corporate governance in the context of a privately-held, venture capital-backed start-up company and the typical dynamics that play out between VC and entrepreneur in an insider-led, "down round" financing. Requirements: Classroom participation, weekly case assignments, and final exam Format: Lecture, case studies, class participation, weekly case assignments, and final exam.

    MGMT804001 ( Syllabus )

    MGMT804003 ( Syllabus )

  • MGMT937 - Entrep Research Seminar

    The seminar seeks to expose students to theoretical and empirical perspectives on entrepreneurship research. We will focus on the main questions that define the field and attempt to critically examine how, using a range of methodologies, researchers have approached these questions. As we review the literature, we will seek to identify promising research areas, which may be of interest to you in the context of your dissertation research. In addition to addressing the content of the received literature, we will examine the process of crafting research papers and getting them published in top tier journals. Towards that end we will characterize the key elements of high impact papers and review the development process of such studies. Students are expected to come fully prepared to discuss and critique the readings that are assigned to each class meeting (see details below). Each student will serve as the discussion leader for one or more of the class sessions. Discussion leaders are expected to critically review several articles, identify new insights in the research that is being reviewed and evaluate its contribution to the literature, position the articles within the literature on the subject matter, raise discussion question, and act as the discussion moderator for the class session. Each discussion leader is asked to prepare a one or two page summary of the assigned papers which includes a statement of the main research question(s), the methodology, data set if any, summary of findings, a commentary with your thoughts on the reading, and proposed discussion questions. Prior to each class, the discussion leader will meet the instructor to help plan the class meeting. Towards the end of each class meeting, each student will be asked to articulate a research question that emerged from the session and describe the research design used to investigate the issue.

    MGMT937001 ( Syllabus )

  • MGMT938 - Fam Bus Res Seminar

    Family firms differ in a number of ways from non-family firms. These differences may result in differential behavior by and performance of family firms versus non-family firms. Although family-controlled firms make up the vast majority of businesses around the world, academic research in this space is sparse. This seminar seeks to expose students to theoretical and empirical perspectives on family businesses. Throughout the course, we will focus on the ownership, control, and management issues that set family firms apart. We will focus on the main issues faced by family firms, and attempt to critically examine how, using a range of methodologies, researchers have approached these issues. As we review the literature, we will seek to identify promising research areas, which may be of interest to you in the context of your dissertation research. In addition to addressing the content of the received literature, we will examine the process of crafting research papers and getting them published in top tier journals. Towards that end, we will characterize the key elements of high-impact papers and review the development process of such studies. Students are expected to come fully prepared to discuss and critique the readings that are assigned to each class (see details below). Each class will center on discussing in depth 4-5 papers from the reading list assigned to that class. Before each class, I will let you know which papers to prepare. Each student will serve as the discussion leader for one of more of the class sessions. Discussion leaders are expected to critically review several articles, identify new insights in the research that is being reviewed and evaluate its contribution to the literature, position the articles within the literature on the subject matter, raise discussion questions, and act as the discussion moderator for the class session. Each discussion leader is asked to prepare a one or two page summary of the assigned papers which includes a statement of the main research question(s), the methodology, data set if any, summary of findings, a commentary with your thoughts on the reading, and proposed discussion questions. Prior to each class, the discussion leader will meet the instructor to help plan the class meeting. Towards the end of each class, each student will be asked to articulate a research question that emerged from the session and describe the research design used to investigate the issue.

    MGMT938002 ( Syllabus )

Past Courses

  • EAS 499 - SENIOR CAPSTONE

    The Senior Capstone Project is required for all BAS degree students, in lieu of the senior design course. The Capstone Project provides an opportunity for the student to apply the theoretical ideas and tools learned from other courses. The project is usually applied, rather than theoretical, exercise, and should focus on a real world problem related to the career goals of the student. The one-semester project may be completed in either the fall or sprong term of the senior year, and must be done under the supervision of a sponsoring faculty member. To register for this course, the student must submit a detailed proposal, signed by the supervising professor, and the student's faculty advisor, to the Office of Academic Programs two weeks prior to the start of the term.

  • MGMT264 - VEN CAPITAL & ENT MGMT

    This course focuses on venture capital management issues in the context of a high-growth potential start-up company. The course is motivated by rapid increases in both the supply of and demand for private equity over the past two decades. The topic is addressed from two distinct perspectives: issues that relate to the demand for private equity and venture capital (the entrepreneur's perspective) on the one hand, and issues that relate to the supply of capital (the investor's perspective) on the other. As well, we will address management issues that relate to how the VC and the entrepreneur work together once an investment has been made, compensation issues, and governance issues in the privately held venture capital backed company. Format: Case/discussion format, supplemented by lectures and guest speakers. Requirements: Classroom participation, written case assignments, late midterm. Materials: Required Coursepack and supplemental recommended reading.

  • MGMT653 - FIELD APPLICATION PROJ

    FAP is an experiential-based course where learning is done outside of the classroom. It is unique in its lack of a classroom setting all meetings take place in a professor's office in small teams of 4 to 6 students. Teams are faced withreal-time issues of outside organizations and work with faculty and host managers to construct innovative solutions. Solutions are integrative and cross-functional in nature. We encourage creative thinking giving students wide access towhat we call "area of expertise" faculty. Depending on the project scope we help students arrange meetings with professors who are experts in their field. Host organizations range from large multinational firms to start-ups. A significant percentage of the projects are with non-profits and organizations focused on social causes. Format: Teams (4-6 members) meet with faculty on a weekly basis (30-45 minutes). There are also 3-5 meetings with host managers. In addition to meeting with aFaculty Head, students are given access to "area of expertise" faculty. These faculty members are chosen based on their specific expertise. The final deliverable consists of an oral presentation and a written document. Requirements: Weekly team meetings with faculty project head and a final PowerPoint report and presentation.

  • MGMT765 - VENTURE CAPITAL & ENT MG

    This elective half-semester course will highlight venture capital and entrepreneurship in general and will explore selected aspects of this industry, including: industry trends and dynamics in Silicon Valley and the South of Market area (SOMA) of San Francisco; the recent emergence of alternative sources of startup financing, including incubators/accelerators and crowdfunding platforms, angel groups and stage-agnostic institutional investors; business and operational aspects of early stage companies in transition to mezzanine-level stages of growth; and company "exits," including both initial public offerings and merger/sale transactions. MGMT765 and MGMT804 cover separate issues within the same general industry and are not redundant. This course addresses issues faced by later stage VC backed firms, while MGMT804 centers on early stage, pre-revenue startups. The format of this course relies heavily on site visits and recognized leaders within the Bay Area to bring forth on-the-ground perspectives of a changing and important industry. While MGMT804 is not a prerequisite, the two courses are complementary.

  • MGMT801 - ENTREPRENEURSHIP

    MGMT 801 is the foundation coures in the Entrepeurial Management program. The purpose of this course is to explore the many dimensions of new venture creation and growth. While most of the examples in class will be drawn from new venture formation, the principles also apply to entrepreneurship in corporate settings and to non-profit entrepreneurship. We will be concerned with content and process questions as well as with formulation and implementation issues that relate to conceptualizing, developing, and managing successful new ventures. The emphasis in this course is on applying and synthesizing concepts and techniques from functional areas of strategic management, finance, accounting, managerial economics, marketing, operations management, and organizational behavior in the context of new venture development. The class serves as both a stand alone class and as a preparatory course to those interested in writing and venture implementation (the subject of the semester-long course, MGMT 806). Format: Lectures and case discussions Requirements: Class participation, interim assignments, final project

  • MGMT804 - VENTURE CAP & ENT MGMT

    This elective half-semester course focuses on venture capital management issues in the context of the typical high-growth potential early stage start-up company. The course is fundamentally pragmatic in its outlook. It will cover seven principal areas relevant to the privately held high-growth start-up which include: commentary on the venture capital industry generally, as well as a discussion of the typical venture fund structure and related venture capital objectives and investment strategies; common organizational issues encountered in the formation of a venture backed start-up, including issues relating to initial capitalization, intellectual property and early stage equity arrangements; valuation methodologies that form the basis of the negotiation between the entrepreneur and the venture capitalist in anticipation of a venture investment; the challenges of fundraising, financing strategies and the importance of the business plan and the typical dynamics that play out between VC and entrepreneur. typical investment terms found in the term sheet and the dynamics of negotiation between the entrepreneur and the venture capitalist; compensation practices in a venture capital backed company; and corporate governance in the context of a privately-held, venture capital-backed start-up company and the typical dynamics that play out between VC and entrepreneur in an insider-led, "down round" financing. Requirements: Classroom participation, weekly case assignments, and final exam Format: Lecture, case studies, class participation, weekly case assignments, and final exam.

  • MGMT811 - ENTREP THROUGH ACQUIS.

    MGMT 811 focuses on the theoretical, strategic, analytics, and practical issues of acquiring a business. Topics include: locating a business, due diligence, reviewing and analyzing data, valuation, raising capital/financing the deal, structuring the acquisition, letters of intent, contracts/asset purchase agreements, and integrating the target. Format: The class consists of lectures, in-class discussions of caseletts, assigned readings, homework problems, and a group or individual project.

  • MGMT932 - PROSEM IN MGMT

    This course is designed to provide students with an understanding of the methodological approaches we commonly think of as qualitative, with special emphasis on ethnography, semi- structured interviews, case studies, content analysis, and mixed-methods research. The course will cover the basic techniques for collecting, interpreting, and analyzing qualitative (i.e. non-numerical) data. In the spring quarter, the course will operate on two interrelated dimensions, one focused on the theoretical approaches to various types of qualitative research, the other focused on the practical techniques of data collection, such as identifying key informants, selecting respondents, collecting field notes and conducting interviews. In the fall semester, the course will operate on two interrelated dimensions, one focused on the theoretical approaches on building arguments and theory from qualitative data, the other focused on the practical techniques of data collection, such as analyzing data, writing, and presenting findings. Note: This class is part of a two-part sequence which focuses on qualitative data collection and analysis. The first of this course, offered in the Spring, focuses on data collection and the second half of the course, offered the following Fall, will focus on qualitative data analysis. Each course is seven weeks long. Students may take either class independently or consecutively.

  • MGMT937 - ENTREP RESEARCH SEMINAR

    The seminar seeks to expose students to theoretical and empirical perspectives on entrepreneurship research. We will focus on the main questions that define the field and attempt to critically examine how, using a range of methodologies, researchers have approached these questions. As we review the literature, we will seek to identify promising research areas, which may be of interest to you in the context of your dissertation research. In addition to addressing the content of the received literature, we will examine the process of crafting research papers and getting them published in top tier journals. Towards that end we will characterize the key elements of high impact papers and review the development process of such studies. Students are expected to come fully prepared to discuss and critique the readings that are assigned to each class meeting (see details below). Each student will serve as the discussion leader for one or more of the class sessions. Discussion leaders are expected to critically review several articles, identify new insights in the research that is being reviewed and evaluate its contribution to the literature, position the articles within the literature on the subject matter, raise discussion question, and act as the discussion moderator for the class session. Each discussion leader is asked to prepare a one or two page summary of the assigned papers which includes a statement of the main research question(s), the methodology, data set if any, summary of findings, a commentary with your thoughts on the reading, and proposed discussion questions. Prior to each class, the discussion leader will meet the instructor to help plan the class meeting. Towards the end of each class meeting, each student will be asked to articulate a research question that emerged from the session and describe the research design used to investigate the issue.

  • MGMT938 - FAM BUS RES SEMINAR

    Family firms differ in a number of ways from non-family firms. These differences may result in differential behavior by and performance of family firms versus non-family firms. Although family-controlled firms make up the vast majority of businesses around the world, academic research in this space is sparse. This seminar seeks to expose students to theoretical and empirical perspectives on family businesses. Throughout the course, we will focus on the ownership, control, and management issues that set family firms apart. We will focus on the main issues faced by family firms, and attempt to critically examine how, using a range of methodologies, researchers have approached these issues. As we review the literature, we will seek to identify promising research areas, which may be of interest to you in the context of your dissertation research. In addition to addressing the content of the received literature, we will examine the process of crafting research papers and getting them published in top tier journals. Towards that end, we will characterize the key elements of high-impact papers and review the development process of such studies. Students are expected to come fully prepared to discuss and critique the readings that are assigned to each class (see details below). Each class will center on discussing in depth 4-5 papers from the reading list assigned to that class. Before each class, I will let you know which papers to prepare. Each student will serve as the discussion leader for one of more of the class sessions. Discussion leaders are expected to critically review several articles, identify new insights in the research that is being reviewed and evaluate its contribution to the literature, position the articles within the literature on the subject matter, raise discussion questions, and act as the discussion moderator for the class session. Each discussion leader is asked to prepare a one or two page summary of the assigned papers which includes a statement of the main research question(s), the methodology, data set if any, summary of findings, a commentary with your thoughts on the reading, and proposed discussion questions. Prior to each class, the discussion leader will meet the instructor to help plan the class meeting. Towards the end of each class, each student will be asked to articulate a research question that emerged from the session and describe the research design used to investigate the issue.

Awards and Honors

  • Elected Fellow of the Strategic Management Society, 2009
  • The Idea Award for thought leadership. Entrepreneurship Division, the Academy of Management, 2008
  • The Greif Entrepreneurship Research Impact Award, 2007
  • European Corporate Governance Institute for best paper in Finance prize “Benefits and costs of control: Enhancing Mechanisms in U.S. Family Firms”, 2007
  • Family Firm Institute best unpublished research paper (“Benefits and Costs of Control enhancing mechanisms in U.S Family Firms”), 2006
  • Strategic Management Journal Best Paper Prize “Strategic Assets and Organization Rents” (with Paul Schoemaker, Volume 14 Number 1, January 1993), 2000
  • McKinsey & Company/Strategic Management Society Best Conference Paper Prize Honorable Mention. 20th Annual International Conference October 2000 Vancouver Canada for “Value Drivers of e-Commerce Business Models” (with C. Zott), 2000
  • Discovery Foundation Research Fellow, 1994
  • Ascendant Scholar Award, Western Academy of Management, 1993
  • Richard M. Paget Research Professor, 1989-1990
  • J.L. Kellogg Research Professor, 1984-1989
  • Northwestern University Doctoral Fellowship, 1974-1977

In the News

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Activity

Latest Research

Emilie Feldman, Raffi Amit, Belén Villalonga (2019), Family Firms and the Stock Market Performance of Acquisitions and Divestitures, Strategic Management Journal, 40 (5), pp. 757-780.
All Research

In the News

Is Apple Losing Its Innovation Edge?

Compared to other tech giants such as Amazon, Google, Tesla and Microsoft, Apple seems to be falling behind on innovation. But that impression is based on a limited understanding of what innovation means, Wharton experts say.

Knowledge @ Wharton - 2018/10/30
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Awards and Honors

Elected Fellow of the Strategic Management Society 2009
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