Paul Nary

Paul Nary is an Assistant Professor of Management at the Wharton School, University of Pennsylvania, specializing in corporate strategy with emphasis on M&A, private equity, and business-technology history. His research investigates how firms' resources and capabilities shape external transaction strategies, particularly divestitures and acquisitions involving private capital. He teaches Corporate Development and Mergers & Acquisitions in Wharton's MBA program.

His educational background includes a Ph.D. in Strategic Management and Entrepreneurship from the University of Minnesota's Carlson School of Management, a Master's degree from the University of Michigan's Ross School of Business, and an M.B.A. and B.S. in Finance from DePaul University.

Dr. Nary's research centers on the strategic dynamics between public corporations and private equity firms, examining value creation mechanisms in divestitures, corporate asset markets, and governance structures. His work combines historical analysis with empirical methods to uncover how private equity intermediaries identify undervalued assets, enhance business value through governance reforms, and optimize transaction timing.

His publications in Strategic Management Journal and Academy of Management Review reveal critical patterns: private equity acquirers generate lower shareholder returns for divesting firms primarily through ownership and timing strategies rather than target selection. His research demonstrates that private equity systematically targets businesses suffering from underinvestment, particularly those outside corporate parents' core domains with weak divisional incentives.

Dr. Nary's scientific recognition includes:

• Mack Institute Research Fellowships (2018, 2019)
• Wharton Dean’s Research Fund awards
• Rodney L. White Center for Financial Research grants
• Strategic Management Society Dissertation Scholar
• Interdisciplinary Doctoral Fellowship at Charles Babbage Institute

He serves on editorial boards of Strategic Management Journal, Strategy Science, and Strategic Management Review. Prior to academia, Dr. Nary gained extensive industry experience at Intel Corporation in corporate venturing and M&A, and at a boutique private equity firm, providing practical grounding for his scholarly work. His media contributions include analyses of major mergers for Forbes and Knowledge@Wharton.