
Jillian Grennan
ASSOCIATE PROFESSOR OF FINANCE
Santa Clara University, Leavey School of Business
VISITING ASSOCIATE PROFESSOR
University of California, Haas School of Business (Berkeley)
PRINCIPAL
Innovator Diversity Pilots Initiative
CO-EDITOR
Elements in Law, Economics, and Politics
FACULTY SCHOLAR
Email:
Phone:
+1(202)265-6111
Academic interests:
Finance, Culture, Law, Sustainability, Corporate Governance, Emerging Technology, FinTech, AI, DAOs, Patents

Jillian Grennan
Professor Grennan’s research focuses on how organizations create value, especially intangible value (e.g., intellectual property). Her research offers novel computational techniques for quantifying corporate culture, governance, sustainability, and DEI objectives, which she uses to empirically examine how value may be enhanced or destroyed by these factors. To quantify such metrics, she draws from recent developments in emerging technologies such as artificial intelligence and blockchain. Additionally, based on her research, she writes practitioner-oriented and policy-oriented pieces about optimal regulation and best use cases for emerging technologies. For more details, please see Jill's CV.
Professor Grennan received her Ph.D. from The Wharton School at the University of Pennsylvania, an M.S. from Georgetown University, and a B.A. from Wellesley College. Grennan was previously on the faculty at Duke University, and prior to academia, she worked at the U.S. Federal Reserve Board of Governors, the World Trade Organization, and KPMG.
RESEARCH PAPERS

CULTURE, GOVERNANCE, AND CORPORATE FINANCE RESEARCH
Graham, J., J. Grennan, C. Harvey, and S. Rajgopal, 2022. "Corporate Culture: Evidence from the Field" Journal of Financial Economics 146, 552 – 593. [JFE], [SSRN], [Data & Code]
Eldar, O., J. Grennan, and K. Waldock, 2023 "Common Venture Capital Investment and Startup Growth" Review of Financial Studies (conditionally accepted) [SSRN]
Eldar, O., and J. Grennan, 2021, "Common Ownership and Entrepreneurship." AEA Papers & Proceedings 111, 582-586. [P&P], [SSRN], [Data & Code]
Grennan, J., and K. Li, 2023. "Corporate Culture: A Review and Directions for Future Research" In G. Hilary and D. McLean (Eds.), Handbook of Financial Decision Making. [SSRN], [Handbook Chapter]
Graham, J., J. Grennan, C. Harvey, and S. Rajgopal, 2023. "What Do Financial Executives Say About Corporate Culture and Strategy?" Management and Business Review, forthcoming. [SSRN], [MBR]
Grennan, J., 2016, "Balancing Governance and Culture to Create Sustainable Value." Governance Studies, The Initiative on 21st Century Capitalism, No. 27, 1-13, Brookings Institution. [Brookings]
FINTECH, AI, BLOCKCHAIN AND INTELLECTUAL PROPERTY RESEARCH
Appel, I. and Grennan, J., 2023 "Control of Decentralized Autonomous Organizations" AEA Papers & Proceedings 113. [P&P], [SSRN], [Data & Code]
Grennan, J., 2022, "Social Change through Financial Innovation: Evidence from Donor-advised Funds" Review of Corporate Finance Studies 11, 694 – 735. [RCFS], [SSRN], [Data & Code]
Abrams, D., U. Akcigit, and J. Grennan, 2023 "Patent Value and Citations: Creative Destruction or Strategic Disruption?" (R&R RAND Journal of Economics) [SSRN]
Grennan, J., and R. Michaely, 2022, "Artificial Intelligence and High-Skilled Work: Evidence from Analysts" [SSRN]
Appel, I. and Grennan, J., 2023 "Decentralized Governance and Digital Asset Prices" [SSRN]
Grennan, J., 2022 "FinTech Regulation in the United States: Past, Present, and Future" [SSRN]
Grennan, J. and D. Rock, 2022, "Regulating Emerging Technology: Evidence from Digital Assets" [in-progress]
Chien, C. and J. Grennan, J. 2022, "Barriers to Patenting: Evidence from Engineers" [in-progress]
Grennan, J., and D. Musto, 2018, "Who Benefits from Bond Market Modernization?" [SSRN]
Grennan, J., 2023, "Embracing Sustainability and Inclusivity: A Strategic Roadmap for Thriving in Web3" [SSRN]
Grennan, J., C. Makridis, and M. Zator, 2022, "AI-augmented Culture and Leadership" [AEA registered RCT]
Grennan, J., and R. Michaely, 2022 "The Deleveraging of U.S. Firms and the Role of Institutional Investors" (R&R Review of Finance) [SSRN]
Cai, W., A. Dey, J. Grennan, J. Pacelli, and L. Qiu, 2022, "Do Diverse Directors Influence DEI Outcomes?" [SSRN]
Grennan, J. 2022, "A Corporate Culture Channel: How Increased Shareholder Governance Reduces Firm Value" [SSRN]
Grennan, J. 2022, "Communicating Culture Consistently: Evidence from Banks" [SSRN]
Grennan, J. and R. Michaely 2022, "ESG Integration Across Funds and Debiasing Data" [in-progress]
Grennan, J. 2022, "Decomposing the Value of Corporate Culture" [in-progress]
MEDIA

MAGAZINES
My research has been featured in numerous news outlets including the Wall Street Journal, Forbes, and Fortune. E.g., see what my research has to say about: "Should you follow an activist into a stock?"
BLOG POSTS
Connecting business leaders to new academic ideas is a passion of mine. Check out these blog forums where I express my views on culture, governance, and more.
Posts on the Harvard Law School Corporate Governance Blog: [1], [2], [3], [4], [5]
Posts on the Columbia Law School BlueSky Blog: [1], [2]
Posts on the Duke University School of Law FinReg Blog: [1]

PODCASTS
Join me for discussions of culture, business, and technology:
Culture Gap podcast produced by THRUUE
The Manage Your Message podcast produced by Jim Karrh
Every Other Wednesday videocast with Mike Kerr, Jeff Tobe, and Sunjay Nath
TEACHING
CORPORATE CULTURE
Corporate culture is an important driver of business value, and policymakers often blame dysfunctional cultures for egregious actions at firms like Wells Fargo, VW, Toshiba, Uber, and Pinterest. Building on a broader literature on corporate institutions, this course examines antecedents and consequences of corporate culture through the lens of an informal institution. We will learn how differences in espoused and lived cultural values are associated with various business outcomes. Then, we will study specific cases to recognize when, how, and why aspirational ideals may not be met. Finally, we will examine how leaders can foster a culture that meets the evolving regulatory and stakeholder expectations surrounding ethics and compliance. [Syllabus], [Full course slides], [PhD lecture]
ESG READING GROUP
In 2020, I helped design an ESG reading group for graduate students at Duke. Link to the reading list: [ESG Topics].
CORPORATE FINANCE
I've been honored to teach Corporate Finance across a number of programs: MS, MBA, EMBA, PhD, and JD. I always say that maximizing firm value is a team sport, so I'm happy to partner with students where they are in their careers and help them to learn about how investment, financing, and payout decisions are made. I was awarded Fuqua's Excellence in Teaching Award in 2017. Links to recent syllabi for the PhD and MBA courses: [PhD], [MBA], [JD].
SUSTAINABLE INVESTMENT FUND
This course trains students on sustainable investment principles and methodologies and to become managers and investors of sustainable/responsible/ESG investment portfolios. The Sustainable Investment Fund was launched with generous gifts from Haas alumni, and this flagship course allows MBA students, as Fund Principals, to manage a $4.5 million fund dedicated to delivering both strong financial returns and positive social impact. [MBA]
BUSINESS LAW
Decisions to trade and produce require trust: trust that consumers, firms, workers, financial institutions, and asset owners will do as they promise and that violations of such promises will be unacceptable in the marketplace. Business law provides these guarantees and the boundaries within which certain promises can be made and enforced. This course provides a broad overview of the legal system and the primary substantive areas of law relevant to business decisions and transactions. [BA]
INSIDE THE BOARDROOM
This course examines the relationships between executives and the boards of directors charged with overseeing them. While boards are legally bound to represent the interests of equity investors, when carrying out this duty they are often called on to respond to the needs of numerous other stakeholders and society at large. With mistakes instantly transmitted via social media, the reputational stakes are high. Via case studies, we examine what determines the best corporate governance practices. [MBA]
EDUCATION
2009-2014
Ph.D.
THE WHARTON SCHOOL, UNIVERSITY OF PENNSYLVANIA
Dissertation title: "Social Forces in Corporate Finance"
Dissertation committee: David Musto, Mark Duggan (co-chairs), Michael Roberts and Todd Sinai
2006-2008
GEORGETOWN UNIVERSITY
Completed a Master's degree in Mathematics and Statistics while working full-time in Washington, D.C.
M.A.
2000-2004
B.A.
WELLESLEY COLLEGE
Double majored in Economics and Classical Civilizations
AWARDS
2023
-
Ripple's University Blockchain Research Initiative Grant for "Scaling Decentralized
Autonomous Organizations" -
Convergence Research (CORE) Institute Fellowship for "Tackling Climate-Induced Challenges with AI"
-
Leavey Center Grant for Sustainability Research
2022
-
Ripple's University Blockchain Initiative Grant for "Control of Decentralized
Autonomous Organizations" -
HKU-SCF FinTech Academy Grant for "The FinTech Workforce"
-
Center for Growth Markets Grant
-
Institute for Humane Studies Grant for "Inclusivity in the Metaverse"
2021
-
INQUIRE Europe Research Grant for "ESG Integration Across Funds and Debiasing Data"
-
Paris-Dauphine FinTech Research Award for "ESG Integration Across Funds and Debiasing Data"
-
IBSI-Haas Lab for Sustainable Financial Services and Innovation for "FinTech Regulation"
2020
-
Best Paper in Corporate Governance awarded by IRRC for "Corporate Culture: Evidence from the Field"
2019
-
Duke Intellectual Community Planning Grant for "Big Data and Social Interactions"
2017
-
Thomas Edison Innovation Award, George Mason University
-
Fuqua's Junior Faculty Recognition Research Grant
2016
-
Best Paper in Corporate Governance awarded by IRRC for "A Corporate Culture Channel: How Increased Shareholder Governance Reduces Firm Value"
2015
-
KPMG's Global Valuation Research Grant for "Decomposing the Value of Corporate Culture"
-
Duke's Center for Financial Excellence Research Grant
-
AEA's CSWEP Cement Fellow
2014
-
WFA's Cubist Systematic Strategies Award for Outstanding Research for "A Corporate Culture Channel: How Increased Shareholder Governance Reduces Firm Value"
-
Best Finance PhD Dissertation Award, Olin Business School for "A Corporate Culture Channel: How Increased Shareholder Governance Reduces Firm Value"
-
Mack Institute for Innovation Management Research Grant for "Patent Value and Citations: Creative Destruction or Strategic Disruption?"
ANNOUNCEMENTS
UPCOMING CONFERENCES
I'm organizing a symposium on Web3 Financing and Inclusivity on June 9, 2023, please submit an extended abstract.
INNOVATOR DIVERSITY PILOTS INITIATIVE
I'm a principal for the Innovator Diversity Pilots Initiative. We help organizations unlock value in their engineering, product, and data science teams.
RESEARCH ASSISTANTS
For students interested in getting involved with academic research, especially in the areas of culture, sustainability, and emerging technology, please email me to show your interest.