Year in Review

Introduction

After four years of operation, the Emerging Markets Institute is continuing to expand its reach, with more students, visiting scholars, publications and consulting projects. We fielded the winning team in a global case competition. We are working more with partner organizations within Cornell University and other universities. We published two books, and our faculty won international recognitions. We continue to attract more talent to Johnson, and our alumni are working in high profile roles from Ethiopia to Jakarta to New York. We are truly realizing the original vision behind the establishment of the institute: to build a highly regarded academic program for the study of emerging markets and provide a private forum for lively exchange among corporate leaders from emerging and developed markets and leading researchers.

We are also finding new ways to communicate. We launched our first edition of a newsletter, and established pagades on Facebook, LinkedIn, and Twitter. We also created new marketing materials to introduce companies to our program. The website continues to carry the bulk of our information, and we are constantly looking for new ways to improve it.

The Institute would like to thank its partners, sponsors and donors which made this year possible. Specifically, KPMG; BRICLab of the Center on Global Economic Governance, Columbia University; Center for Emerging Markets, Northeastern University; Nell Cady-Kruse, BS ’84, MBA ’85; Roberto Canizares, BS ’71, MBA ’74; Peter Luerrsen, MBA ’87; James Morgan, BS ’60, MBA ’63; Bob Staley BME ’58, MBA ’59; and Al Suter, BME ’58, MBA’59. We would also like to acknowledge many gifts from our Emerging Markets Fellows alumni.

Education

The Institute recruited 23 students from the first year class in the Johnson Ithaca Residential Program into our Emerging Markets Fellows program, and will be adding more from the one year Ithaca MBA program during the summer of 2015. The fellows undertake academic coursework, study trips and consulting projects focused on the Emerging Markets. We also graduated 31 students from the program, our highest number since the establishment of the institute. The fellows and others contributed 33 articles to the EMI website during the academic year, which have proven to be significant drivers for web traffic. Topics have ranged from pyschometrics as a tool to reduce default risk to how the decline in oil prices is affecting emerging markets differently.

EMI graduates — EMI Fellows and Advisory Board Members celebrate their graduation at the home of Executive Director Richard J. Coyle, May 22, 2015.

We have plans to expand the fellows program in the next fiscal year to include students from our two Executive MBA programs (Metro New York and Americas), plus the Cornell Tech MBA students.

The Institute had a very robust array of consulting projects in the International Consulting Practicum, which is taught jointly with the Indian Institute of Management, Bangalore. Students travelled to Chile, Australia, and Colombia to deliver their final presentations, while others were handled via videoconference. Projects this year included:

An Indian market expansion strategy for an international manufacturer of veterinarian products
A Latin American entry plan for an Indian manufacturer of chemicals for the mining industry
A detailed assessment of customers visiting a high end chain of hotel properties in Chile
A social media plan to revitalize a consumer good product line for a Mexican parent corporation of a U.S. snack food manufacturer
A Latin American market entry plan for a manufacturer of safety equipment for the telecommunications industry
A strategic plan for a UK designer of data visualization software
A plan to launch a private equity firm in Latin America
A business model for making data driven investments in innovation for an Australian bank
A plan for benchmarking financial performance for a Mexican distributor of consumer goods.

Study Trips

Johnson organized seven study trips during the 2014-15 academic year, involving 209 students. Destinations were Japan/Korea, Western Europe, South Africa, Israel, UAE, and Columbia

The Institute was directly involved in the study trips to India, South Africa and Colombia. During the Colombia trip, students were assigned projects to work with local companies. One project eventually evolved into a summer internship for an EMI Fellow with a family-owned distributor of motor oils and lubricants.

Research

Our faculty continued with a robust effort of research and publication during the academic year. The Emerging Markets Institute was a lead organizer in the Fourth Symposium on Emerging Financial Markets: China and Beyond, held on May 1 and 2, 2015 in New York City. The event featured a paper by Professor Warren Bailey and a panel discussion on shadow banking, moderated by Professor Andrew Karolyi. Additional emerging market-related publications include:

Outreach

The institute was initially founded as a vehicle to bring together preeminent practitioners and academics from around the world to develop the next generation of global business leaders and create the premier research center on the role of emerging markets in the global economy. As a part of this, we have an active program of outreach with the business community and organized a full agenda of activities:

Global Speakers Series

The Institute hosted another compelling roster of executives who took the time to speak to the Institute and other members of the Johnson community on timely issues affecting the emerging markets. Speakers this year included:

Arindam Bhattacharya, Managing Director, Boston Consulting Group (BCG), Delhi
Roberto Cañizares, BS ’71, MBA ’74, former President, MSA International
Lourdes Casanova, Sr. Lecturer and Academic Director, Emerging Markets Institute
Raj Rajkumar, Partner Symphony Asia Holdings Pte Ltd.
Heather White, Documentary Filmmaker, “Who Pays the Price?”
Yasuyuki Sugiura, President & CEO, Mitsubishi North America
Simon Pryke, Chief Investment Officer, Newton Investment Management (UK)
Rustom Desai, MBA ’95, Chief Executive Officer, Corning India
Anne Miroux, Director, Division on Technology and Logistics, United Nations Conference on Trade and Development
Christine Bader, Author, “The Evolution of a Corporate Idealist”
Mari Amano, Secretary-General, Asian Productivity Organization
Hemen Shah, Partner, 8 Miles LLP (via videoconference)
Humberto Ribeiro, Visiting Scholar, Former Brazilian Secretary of Trade and Services
Andrew Karolyi, Alumni Professor in Asset Management

2^nd Annual Emerging Markets Roundtable

“Managing Government Relations in Emerging Markets” and “Succeeding Against Local Competition in Emerging Markets”, New York City, August 21, 2014

In cooperation with KPMG, the Institute held its second annual roundtable on August 21 with 35 participants. Leading the discussions were Lourdes Casanova, EMI Academic Director; Richard Coyle, EMI Executive Director, and Humberto Ribeiro, EMI Visiting Scholar and former Brazilian Secretary of Trade and Services. Excellent discussions took place about how to approach foreign governments, how to deal with corruption, reforms in the Brazilian government, finding local business partners, risk assessment and Chinese investment in Africa. Details can be found at: https://www.johnson.cornell.edu/Emerging-Markets-Institute/News-Events/Emerging-Markets-Roundtables/Emerging-Markets-Roundtable-2014.

III and IV Brazilian Conferences

The Emerging Markets Institute partnered with the Brazilian Students Association to organize two conferences on campus this academic year about Brazil: November 4 “Uncovering Challenges and Opportunities” and April 22 “Critical Reflections and New Perspectives”. Academic Director Lourdes Casanova was actively engaged in both events, and arranged participation for Visiting Scholar Humberto Ribeiro (former Brazilian Secretary of Commerce and Trade) and Marcus Troyjo (Director, BRICLab at Columbia University) as speakers.

4^th Annual International Conference: “China, Reaching Out to the World”, New York City

On October 14, the Institute held its fourth international conference, which was focused on the increasing influence of the Chinese economy. The day-long event, “China—Reaching Out to the World: Global Investments and Partnerships,” drew a sellout crowd of more than 100 Cornell alumni and business professionals to the Cornell Club in New York City, and featured keynote addresses by Qingtong Zhou, VP Chief Strategy Officer of Lenovo, and Yuqiang Xiao, General Manager of Industrial and Commercial Bank of China Limited, New York Branch. Executive panels focused on the following:

Chinese Investment in the United States, moderated by Erin Ennis, Vice President of US/China Business Council. Panelists included experts from Pricewaterhouse Coopers, Starr Strategic Partners, Rhodium Group
Ensuring Sources of Natural Resources, moderated by Andrew Karolyi, Alumni Professor of Management, Professor of Finance, Johnson Graduate School of Management, Cornell University. Panelists included experts from The Eurasia Center and New York University, along with EMI Vising Scholar Humberto Luiz Ribeiro.
Technological and Innovation Hubs, moderated by Victoria Lai, Economist and Editor of Economist Intelligence Unit China Service. Panelists included experts from the Organisation for Economic Co-operation and Development (OECD), Global Cloud Xchange, GE China.
Competition and Cooperation: the new emerging MNCs, moderated by Lourdes Casanova, Academic Director of Emerging Markets Institutes. Panelists included experts from M&A Advisor, Agricultural Bank of China, Newman & Morrison, LLC.

The event received media coverage in Bloomberg and China Daily USA, and was additionally circulated via Twitter. At the conclusion, we announced that next year’s conference will focus on India.

Northeastern University, Center for Emerging Markets Sixth Annual Symposium, “Beyond the BRICs”

On June 2, Academic Director Lourdes Casanova, and Visiting Scholars Humberto Ribeiro and Chen Chen travelled to Northeastern University to speak at the Center for Emerging Markets annual conference under the theme, “Beyond the BRICs”. The conference focused on what was necessary for companies to enter the second tier of emerging markets. This represented the first of many planned collaborations between the Emerging Markets Institute at Johnson and Northeastern’s Center for Emerging Markets.

Fourth Symposium on Emerging Financial Markets: “China and Beyond”

Chazen Institute of International Business at Columbia University, New York City

On May 1 and 2, The Institute sponsored the Fourth Symposium on Emerging Financial Markets.

“China and Beyond”, held by the Chazen Institute of International Business at Columbia University. Academic Director Andrew Karolyi was a key organizer and participant, and Johnson Professor Warren Bailey presented a paper.

mai Bangkok Business Challenge @ Sasin

Award Ceremony in Bangkok with The King of Thailand’s official representative, H.E. Privy Councilor Air Chief Marshal Chalit Pukbhasuk (in white). Emerging Markets Institute team is seated in the front row (l to r): Brennan Duty, Margaret Wu, Abhijeet Bais, Chris Kim and Stephane Corgie.

Over the past four years, the Emerging Markets Institute has sent three teams to participate in the mai Bangkok Business Challenge at Sasin Graduate Institute of Business Administration of Chulalongkorn University. Sasin was founded in 1982 as a joint venture of Chulalongkorn University, Kellogg School of Management at Northwestern University and the Wharton School of the University of Pennsylvania. This year, 48 teams from 18 countries submitted business plans for entrepreneurial ventures. 16 were selected to compete in Bangkok. The Emerging Markets Institute team proposed a company called UMA Bioseeds, which utilized supercharged enzymes to eliminate disease and pathogens from crop seeds, thus improving agricultural yields. After three days of pitching in several rounds before a panel of judges, UMA Bioseeds was declared the winner! More information about the win can be found at https://www.johnson.cornell.edu/Emerging-Markets-Institute/News-Events/Institute-at-Work-Detail/ArticleId/38817/The-Journey-to-Bangkok and https://www.johnson.cornell.edu/Emerging-Markets-Institute/News-Events/Institute-at-Work-Detail/ArticleId/39075/The-Emerging-Markets-Institute-interviews-the-2015-winning-team-from-the-mai-Bangkok-Business-Challenge-Sasin-1. The team’s participation was made possible by a generous donation from Roberto Canizares, BS ’71, MBA ’74, who also serves on the Emerging Markets Institute Advisory Board.

Advisory Board

The Institute is guided by our Advisory Board, which meets twice per year. This year we said “Goodbye” to Mark Hutchinson from GE China and added Scott Strazik, BS ‘00 from GE Power Generation Products, as well as Paul Kavuma, MBA ’93 from Catalyst Principal Partners in Kenya. They joined Mark Bissell, MBA’82 (Bissell Homecare, Inc.), Nell Cady-Kruse, BS ’84, MBA ’85 (Cady-Kruse Family Office), Roberto Canizares, BS ’71, MBA ’74, Rustom Desai, MBA ’95 (Corning India), Paul Galant, BS ’90 (Verifone), Mario Garnero (Brasilinvest Group), Felipe Garza Medina, MBA ’80 (Alpek), and Georges Ugeux (Galileo Global Advisors).

Staffing

Andrew Karolyi, one of the founders of the Emerging Markets Institute, stepped down as co-Academic Director in order to devote his energies to his responsibilities as Editor of the Review of Financial Studies, a prestigious academic journal. Richard Coyle, Executive Director, will also be leaving the Institute. Lourdes Casanova will continue as Academic Director.

We were fortunate to be joined this year by several visiting scholars: Sidney Costa from the University of Sao Paulo; Humberto Ribeiro, former Brazilian Secretary of Trade & Services, and Chen Chen from Tsinghua University. We also benefitted from research by Sukriti Jain, Samantha Rullan and Rebecca Derven.

Our administrative support is headed up by Andrea Sherwood, and was bolstered by the volunteer efforts of Lourdes Silvera and Subrina Shorna.

Funding

The Institute welcomes contributions from corporations, foundations, NGO’s and individuals to help fund the institute. Our corporate partners program can be found here:

https://www.johnson.cornell.edu/emerging-markets-institute/

We would like to acknowledge the generosity of Roberto Canizares, BS ’71, MBA ‘74 who recently provided an additional gift to the Institute.

For more information or to be added to our email distribution list (https://www.johnson.cornell.edu/emerging-markets-institute/), please contact:

Lourdes Casanova
Academic Director, Emerging Markets Institute, Samuel Curtis Johnson Graduate School of Management at Cornell University
248 Sage Hall, Ithaca, NY 14853 U.S.A.
Telephone: 607.254.1656
E-mail: lc683@cornell.edu,

Andrea Sherwood
Institute Coordinator, Emerging Markets Institute, Samuel Curtis Johnson Graduate School of Management at Cornell University
248 Sage Hall, Ithaca, NY 14853 U.S. A.
Telephone: 607.255.0106
Email: als22@cornell.edu

Introduction

Established in 2010, the Emerging Markets Institute was founded at Cornell University’s Samuel Curtis Johnson Graduate School of Management to promote the research and study of emerging economies. The Institute provides a private forum for lively exchange among corporate leaders from emerging and developed markets and leading researchers. We are building a highly regarded academic program for the study of emerging markets—with the breadth, depth, and quality of education needed to effectively prepare business leaders for success.

The Institute would like to thank its partners, sponsors and donors which made this year possible. Specifically, the Inter American Development Bank, CEMEX, Citi, GE, Forum Das Americas, Better Brazil, Americas Society/Council of the Americas, BISSELL Homecare, Alternative Emerging Investor, Mark Bissell, MBA ’82, Nell Cady-Kruse, BS ’84, MBA ’85, Roberto Canizares, BS ’71, MBA ’74, James Morgan, BS ’60, MBA ’63, Bob Staley BME ’58, MBA ’59, and Al Suter, BME ’58, MBA’59.

We are pleased to present the results for the 2014 academic year according to our three founding pillars: Education, Research and Outreach.

Education

The Institute recruited 26 students from the first year MBA class to become fellows. At the same time, 18 second year students graduated from the program. Emerging Market fellows take international coursework in finance, marketing, strategy and operations, plus a consulting practicum, and complete two study trips into emerging markets. At the completion of the program, they are ready to be deployed into the emerging markets, or take on a headquarters role with emerging market responsibilities. The fellows contributed 22 articles to the Johnson EMI website during the academic year on topics ranging from political upheaval in the Ukraine to reputation management for Chinese firms entering the United States marketplace.
The Institute enjoyed a record number of students in the International Consulting Practicum, which is taught jointly by Johnson and the Indian Institute of Management at Bangalore. Consulting projects were undertaken for multi-nationals as well as start-ups, and included:
- A human resource strategy to retain female talent for a global investment bank in Africa.
- A review of the distribution network for a multi-national manufacturer of power generation equipment in China.
- A market entry strategy for a component manufacturer in the Baltic States, Middle East and Africa.
- A market expansion strategy for a U.S.-based financial services firm in Singapore and Malaysia.
- A plan to turn around a troubled division of a German headquartered firm with a global financial service.
- A Latin American acquisition strategy for a global manufacturer of veterinarian products.
- An Indian market expansion strategy for a global manufacturer of analytics software.
- An assessment of new markets for an Australian-based web service in the hospitality industry.
- A survey of international retirement products and regulations for an Australian-based bank.

Johnson @ Cornell organized nine study trips to eleven foreign locations during the 2013-14 academic year. Over 200 students took advantage of study trips to Japan, Korea, Russia, Turkey, Bulgaria, Morocco, Brazil, Israel, Colombia, India, and the United Arab Emirates.

Research

The Institute was able to announce three separate funds established for faculty research: The Emerging Markets Institute Fund, The Canizares Fund (made possible by Roberto Canizares, BS ’71, MBA ’74) and the Morgan Fund (made possible by James Morgan, BS ’60, MBA’63). Grants were awarded to:
- Srinagesh Gavirneni (Johnson @ Cornell), “Effectiveness of Human Newsvendors – Role of Cognitive Load, Cultural Attributes, and Contribution Margin”
- Roni Michaely (Johnson @ Cornell), Meijun Qian (NUS Business School) and Jian Zhang (NUS Business School), “Stock Liquidity and Dividend Policy, Evidence from a Natural Experiment”
- Ya-Ru Chen (Johnson @ Cornell), Hye Jung Yoon (?), “Toward a Distinction Between Assertive vs. Suppressive Dominance: A Cross-National Study of Status Attainment in the U.S., China, and South Korea
- Vithala Rao (Johnson @ Cornell), Jialie Chen (Johnson @ Cornell), and Hwang Kim (Johnson @ Cornell), “Spatial Network Effects on Salesforce Turnover and Customer Retention in the Chinese Insurance Industry”
- William Schmidt (Johnson @ Cornell), “Operational Volatility and Suppliers in Emerging Markets”
- David Ng (Dyson @ Cornell), “Impact Investing in Emerging Markets”

One of our previous grants has led to awards. In the Spring of 2011, the Institute awarded a grant to Jim Detert and Sean Martin, both from Johnson@Cornell, to study “ Business and Behavioral Ethics in Developing Markets”. The results of the study evolved into Sean Martin’s Ph.D. dissertation, which won Notre Dame’s Mendoza College of Business Excellence in Ethics Best Dissertation Proposal Award, and the Duke COLE Center of Leadership and Ethics Best Dissertation Proposal Award. The dissertation was additionally nominated for the Organization Science Best Dissertation Proposal Award, and further evolved into a manuscript which is being evaluated for publication by the Academy of Management Journal.
The Emerging Markets Institute is one of the lead organizers of The Third Symposium on Emerging Financial Markets, entitled “China and Beyond”. This symposium is intended to provide a platform for researchers to discuss fundamental research and policy issues related to emerging financial markets, and will be held in Beijing on July 5 & 6, 2014.
The Institute Academic Director, Andrew Karolyi, spent part of his sabbatical as a Visiting Scholar with the International Monetary Fund in Washington, DC from September through December, 2013. While there, he conducted research on cross-border banking activity and macro-prudential regulation, a major new initiative of the IMF’s Research Department.

Faculty affiliated with the Emerging Markets Institute have presented their work in conferences, books, and papers throughout the year:

Conferences:
- Casanova, L. 2014. Emerging Markets and Investment. The China Conference. Statler. Cornell University. 20 April 2014.
- Casanova, L. 2014. Global Latinas. World Economic Forum. Latin American Summit. 2 April 2014. Panama.
- Casanova, L. 2014. NAFTA, 20 years after. CLASS. Cornell University. 21 March 2014.
- Casanova, L. 2014. Emerging Multinationals from Latin America: Some findings and Research Challenges. Research Seminar. Research Seminar. Baruch College. CUNY. NYC.
- Casanova, L. 2014. Mexico in the International Arena. Mexico Rising: Convergencias. Yale University. New Haven. 22 February.
- Casanova, L. 2014. Emerging Multinationals from Latin America: Some findings and Research Challenges. Research Seminar. Emerging Markets Institute. School of Business D’Amore-McKim. Northeastern University. Boston. 31 January 2014.
- Casanova, L. 2013. Education in Mexico. The Economist Mexico Summit. The Next Chapter. 7 November 2013. Mexico city.
- Casanova, L. 2013. Innovation in Latin America. Latin America Conference. Johnson School of Business at Cornell University. Council of the Americas. Inter American Development Bank. 16 October 2013 at Council of the Americas. New York.
- Casanova, L. 2013. Changing Paradigm: Emerging multinationals and the new competitive landscape. Global Shapers meeting in San José Costa Rica via videoconference. 20 September 2013.
- Casanova, L. 2013. The Role of Business Schools in Driving Innovation in Emerging Economies. Innovation Ecosystems in Latin America. AACSB Latin America. 26 August 2013. Mexico DF.
- Karolyi, Andrew, 2014. American Economics Association (Philadelphia, PA), Erasmus University, Tilburg University (Netherlands), Bocconi University (Italy), University of Toronto, Fordham University, New York University, University of Illinois, SUNY Buffalo.
- Karolyi, Andrew, 2014. Keynote Address, Midwest Finance Association Conference (Orlando, Florida, March) on “Cracking the Emerging Markets Enigma”
- Karolyi, Andrew, 2014. Keynote Address, Australasian Banking and Finance Conference (Sydney, Australia, December) on Cracking the Emerging Markets Enigma”
- Karolyi, Andrew, 2014. Keynote Address, Financial Management Association Asia Conference (Tokyo, Japan, May) on “Cracking the Emerging Markets Enigma”
- Karolyi, Andrew, 2014. Keynote Address, 3rd ITAM Finance Conference (Mexico City, June) on “Cracking the Emerging Markets Enigma”
- Karolyi, Andrew, 2014. Keynote Address, 3rd Luxembourg Asset Management Summit (Luxembourg, November)
- Karolyi, Andrew, 2013. Cambridge Finance Group, Cambridge Judge Business School, London Business School, London School of Economics, Cass Business School at City University London, University of College Dublin FMC2 Conference, Université Géneve, EPFL/HEC Lausanne, Stockholm School of Economics, Copenhagen Business School, Warwick University, Imperial College London, Baruch College, International Monetary Fund, American University, George Washington, University, University of Texas at Austin.
- Karolyi, Andrew, 2013. Keynote Address, Cross-Border Capital Flows Working Group, Cass Business School, City University London (London, UK) on “State Capitalism’s Global Reach”
- Karolyi, Andrew, 2013. Summit on Responsible Investing, Cambridge Judge Business School (Cambridge, UK) on “Responsible exercise of ownership rights by investors: Reflections from corporations”
- Karolyi, Andrew, 2013. Dimensional Fund Advisors Investment Forum (London) “Forecasting Liquidity Black Holes”
- Karolyi, Andrew, 2013. Dimensional Fund Advisors Investment Forum (New York) “Forecasting Liquidity Black Holes”

Books:
- Casanova, Lourdes S.; Kassum, Julian, 2014, The Political Economy of an Emerging Global Power: In Search of the Brazil Dream, Palgrave Macmillan.
- Karolyi, Andrew, (accepted), Cracking the Emerging Markets Enigma, Oxford University Press.

Book Chapters:
- Dutta, Soumitra; Blosover, G.; Dutton, W. H.; Law, G., (accepted), China and the US in the New Internet World, in Society and the Internet, eds H. Grahm and W. H. Dutton, Oxford University Press.

Published Papers:
- Bailey, Warren B.; Mao, Connie X; Sirodom, Kulpatra. “Locals, Foreigners, and Multi-market Trading of Equities: Evidence from Thailand” Pacific Basin Finance Journal 20.1 (2012): 101-121.
- Casanova, Lourdes S.; Pérez , Paloma Fernández . “Algunas claves de la longevidad de las grandes empresas familiares brasileñas” Apuntes: Revista de Ciencias Sociales (Notes, Social Science Journal) 39.70 (2012): 273-300.
- Dawande, Milind; Gavirneni, Nagesh; Mehrotra, Mili; Mookerjee, Vijay. “Efficient Distribution of Water Between Head-Reach and Tail-End Farms in Developing Countries” Manufacturing & Service Operations Management 15.2 (2013): 221 – 238.
- Yin, Cui; Chen, Lucy; Chen, Jian; Gavirneni, Nagesh; Wang, Qi. “Chinese Perspective on Newsvendor Bias: An Exploratory Note” Journal of Operations Management 31.1 – 2 (2013): 93 – 97.
- Doidge, Craig; Karolyi, Andrew; Stulz, Rene. “The U.S. left behind? Financial globalization and the rise of IPOs outside the U.S.” Journal of Financial Economics 110.3 (2013): 546-573.
- Sharma, Ashita Aggarwal; Rao, Vithala R.; Popli, Sapna. “Measurement of Consumer-Based Brand Equity for Indian Business Schools” Journal of Marketing for Higher Education 23.2 (2013): 175-203.
- Hiatt, Shon; Sine, Wesley David. “Clear and present danger: Political turmoil and the contingent nature of planning on entrepreneurial firm survival in Colombia” Strategic Management Journal (2013)
- Karolyi, Andrew; Ng, David; Prasad, Eswar;“The Coming Wave,” Finance & Development(International Monetary Fund), June 2013, 30-33.

Accepted Papers:
- Karolyi, Andrew; Taboada, Alvaro; “Regulatory Arbitrage and Cross-border Bank Acquisitions Cornell University working paper, 2014. Formerly entitled: “The Influence of Governments in Cross-border Banking Mergers: Is it Really a ‘Race to the Bottom’?” Available at SSRN: http://ssrn.com/abstract=1573168, forthcoming Journal of Finance.
- Losada, M.; Casanova, Lourdes S.. “Internationalization of Emerging Multinationals: The Latin American case” European Business Review (Accepted)
- Shunko, Masha; Debo, Laurens; Gavirneni, Nagesh. “Transfer Pricing and Sourcing Strategies for Multinational Firms” Production and Operations Management (Accepted)

Working Papers:
- Bailey, Warren B.; Zhao, Bin. “Familiarity, Convenience, and Commodity Money: Spanish and Mexican Silver Dollars in Qing and Republican China“
- Bailey, Warren B.; Liu, Edith. “Incorporation in Offshore Financial Centers: Naughty or Nice?”
- Casanova, Lourdes S.. “Bi-Regional Private Sector Networks. Harnessing the Potential of the Private Sector in European Union and Latin America”
- Casanova, Lourdes S.; Kassum, Julian. “Brazil in search of a model in social innovation”
- Casanova, Lourdes S.; Kassum, Julian. “Brazil in search of a role in the global stage”
- Casanova, Lourdes S.; Kassum, Julian. “Brazilian Emerging Multinationals, in search of a second wind”
- Casanova, Lourdes S.; Dumas, A.. “Corporate Social Responsibility and Latin American Multinationals“
- Casanova, Lourdes S.; Kassum, Julian. “From soft to hard power: in search of Brazil’s winning blend”
- Gomes, Dayse Azevedo; Campos Filho , Luiz Alberto N; Casanova, Lourdes S.. “Institutional influences on the Global CSR actions of Brazilian Mining Company Vale“
- Casanova, Lourdes S.; Aitziber, Elola. “International Strategy and its Redefinition in the Context of the Economic Crisis: Insights from a Study of Basque Firms“
- Casanova, Lourdes S.; Rodríguez-Montemayor, Eduardo. “The Bridge Model: The case of Spanish Multinationals building bridges between Asia and Latin America”
- Iankova, Elena A.. “Accession to the European Union and Institutional Design: The Europeanization of Post-Communist Tripartism”
- Iankova, Elena A.. “Capitalism by Design? Central and Eastern Europe’s Accession to the European Union”
- Iankova, Elena A.. “Converging with Europe? Central and Eastern Europe’s Return to Capitalism”
- Iankova, Elena A.. “Governed by Accession? Hard and Soft Pillars of Europeanization in Central and Eastern Europe”
- Iankova, Elena A.. “Multi-Level Bargaining Cartels in Periods of Transitions: On the Example of Bulgaria.” “Home Bias, An Academic Puzzle” Cornell University working paper, 2014. Available at SSRN: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2153206.
- Karolyi, Andrew; “Size, Value, and Momentum in International Stock Returns: A Partial Segmentation Approach,” (with Ying Wu), Cornell University working paper, 2014. Available at SSRN: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2043156.
- Karolyi, Andrew; “State Capitalism’s Global Reach: Evidence from Foreign Acquisitions by Sovereign Acquirers” (with Rose Liao), Cornell University working paper, 2014. Formerly entitled: “What is Different About Government-Controlled Acquirers in Cross-border Acquisitions?” Available at SSRN: http://ssrn.com/abstract=1571560.
- Karolyi, Andrew; “The Economic Consequences of the U.S. Supreme Court’s Morrison v. National Australia Bank Decision for Foreign Stocks Cross-listed in U.S. Markets,” (with Louis Gagnon), Cornell University working paper, 2014. Available at SSRN: http://ssrn.com/abstract=1961178.
- Khessina, Olga M.. “Entry Mode and Technological Change in the Worldwide Optical Disk Drive Industry“
- Khessina, Olga M.; Carlos, W. C.. “Firm Name Selection and Resource Acquisition in Late Imperial Russia, 1861-1913”
- Hiatt, Shon; Sine, Wesley David. “Manu Militari: New Venture Ties To Coercive Institutions In Emerging Economies”

Major Grants Received:
- Karolyi, Andrew; Wu, Ying; INQUIRE-Europe Grant, 2013-2014, 10,000 for “Currency Risk and Size, Value, and Momentum Returns around the World”

New Case Studies:
- Karolyi, Andrew; Cuiu, A.; Goyal, A.; Jin, V.; and Weng, T.; State Capitalism’s Global Reach: CNOOC Pursues Nexen”, Unpublished Cornell University case study December, 2012)

Outreach

Third Annual Conference – The Institute held a successful conference in New York City in partnership with the Americas Society/Council of the Americas in their Manhattan headquarters. Titled, “Innovation in Latin America”, the conference featured a keynote address by Virun Rampersad, Managing Director and Head of Global Innovation, BNY Mellon who gave a talk on “Getting The Elephant to Dance – Creating an Innovative Culture in an Established Organization”. Opening address was given by Ambassador Sandra Fuentes-Berain, Mexican Consul General to New York, who highlighted investment opportunities in Mexico. Goldman Sachs, KPMG, EY, IBM, Inter-American Development Bank, Connect Bogota and the Americas Apparel Producers Network also contributed speakers. Other partners and sponsors included Better Brazil, Forum das Americas, Inter-American Development Bank, Financial Times and CEMEX.
The Institute hosted a broad set of speakers during the year, including:
- Mark Hutchinson, President and CEO, GE China
- Beth Keck, Sr. Director, Corporate Affairs, Wal-Mart Stores, Inc.
- Roberto Perli, Partner, Policy Research, Cornerstone Macro
- Steve Maddox, Manager, Strategy & Operations, Mergers & Acquisitions and Alessandra Zielinski, Manager, Strategy & Operations, Service Operations, Deloitte
- Dr. Eswar Prasad – EMI Academic Fellow, Tolani Senior Professor of Trade Policy at Cornell University, and Senior Fellow at the Brookings Institution. Author of “The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance”.
- Leora Klapper, Lead Economist in the Finance and Private Sector Research Team of the Development Research Group at the World Bank
- Fran Piscitelli, Former CEO Asia Pacific Region, Osram
- Surong Bulakul, MBA’80, CEO of PTT Group, Thailand
- H.E. Elena Poptodorova, Ambassador of Bulgaria to the United States
- H.E. Sandra Fuentes-Berain, Consul General of Mexico to New York
- Logan Cheek, AB ’60, Sr. Managing Director, Trailblazers Management and PV Partners
- Daniel Levites, Principal, EY Financial Services Advisory
- H.E. Karoly Dan, Consul General of Hungary to New York
- Tejendra Khanna, former Lt. Governor of Delhi
- Marshall Stocker, BS ’97, MBA ’99, VP, Portfolio Manager, Global Macro Equity Strategist Eaton Vance Investment Managers (via videoconference)
- Danil Kerimi, Director, Head of ICT Government Community, World Economic Forum USA

In conjunction with the International Executive Resources Group, the Institute made a webinar on “Exploring Africa Trade” available to students.
International Case Competition – Through the generosity of a gift from Roberto Canizares, BS ’71, MBA ’74, the Emerging Markets Institute sent a team of students to The mai Bangkok Business Challenge @ Sasin 2014. Juan Diego Alonso MBA ’14, Evan Moore MBA ’14, Stephanie Hsi MBA ’14, and Stephane Corgie, Cornell Post-Doc, presented a business plan for their company called Zymtronix, which used highly energized enzymes to destroy anti-biotics and germs in wastewater. Out of 44 competition submissions, Johnson placed in the final round among the six best teams.
Practitioner Conferences – In addition to research conferences, the Emerging Markets Institute spoke at several practitioner conferences throughout the year, including the Council on Foreign Relations “Brazil Investment Day”, M&A Advisor 2014 International Financial Forum, and the Eurasia Center’s “Doing Business With the BRICS” conference.
Student Grants – The Institute awarded 7 Cunningham grants to students travelling abroad. The fund was established in 1979 to “defray the expenses of travel abroad which will broaden the recipient’s knowledge of the world and increase the recipient’s understanding of other people and the way they live and think.” The fund is named for Foster S. Cunningham, College of Arts and Sciences ’54 and Johnson ’55, who died unexpectedly in 1978. The Institute also awarded grants from the Canizares Fund to three students who had summer internships in emerging markets, to help defray their expenses. The Canizares Fund was established in 2013 to encourage students to pursue internships in emerging markets.

Board of Advisors

We added two new members to our Board of Advisors this year. Roberto Canizares, BS ’71, MBA ’74, former President of MSA International, and Nell Cady Kruse, BS ’84, MBA ’85, former Chief Risk Officer, Standard Chartered Bank, Singapore have agreed to join. They will work with our other board members in advising the Institute:

Mark Bissell, MBA ’82, Chairman & CEO, Bissell Homecare, Inc.
Rustom Desai, MBA ’95, CEO, Corning India
Paul Galant, BS ’90, CEO, Verifone
Mario Garnero, Chairman, Brasilinvest Group
Mark Hutchinson, President & CEO, GE China
Felipe Garza Medina, MBA ’80, President PTA Business, Alpek (Alfa Group)
Georges Ugeux, Chairman & CEO, Galileo Global Advisors

Staffing

Lourdes Casanova will be joining the Institute as an Academic Co-Director along with Andrew Karolyi as of July 1, 2014. Lourdes has been actively involved in the institute since arriving at Cornell in 2012, and has a strong interest in Latin American business. Andrew will be taking on additional duties as Editor of the Review of Financial Studies, a prestigious academic journal.

Funding

The Institute welcomes contributions from corporations, foundations, NGO’s and individuals to help fund the institute. Our corporate partners program can be found here: https://www.johnson.cornell.edu/emerging-markets-institute/. We would like to acknowledge the generosity of Peter Luerssen, MBA ’87 who has recently provided a gift to facilitate conferences on China and Brazil.

For more information or to be added to our email distribution list (https://www.johnson.cornell.edu/EMI), please contact:

Richard J. Coyle
Executive Director, Emerging Markets Institute
Suter/Staley Director of Global Business
Samuel Curtis Johnson Graduate School of Management at Cornell University
248 Sage Hall. Ithaca, NY 14853
Telephone: 607.255.9428
E-mail: rjc89@cornell.edu

The Emerging Markets Institute at Johnson continues to grow. We have enrolled more students, increased our research and expanded our outreach. We have graduated our first class of Emerging Market Fellows, and launched a first of its kind research portal. We have become sought out thought leaders on the role of emerging markets—and emerging market multinationals—in the global economy.

Below is an overview of our major accomplishments during the 2013 academic year:

Education

Research

Outreach

Board of Advisors

The Institute formed a Board of Advisors this year and seven global executives generously accepted roles to help guide our activities:

– Mark Bissell, MBA ’82, Chairman & CEO, Bissell Homecare, Inc.
– Rustom Desai, MBA ’95, CEO, Corning India
– Paul Galant, BS ’90, CEO, Citi Enterprise Payments
– Mario Garnero, Chairman, Brasilinvest Group
– Mark Hutchinson, President & CEO, GE China
– Felipe Garza Medina, MBA ’80, President PTA Business, Alpek (Alfa Group)
– Georges Ugeux, Chairman & CEO, Galileo Global Advisors

Financial Support

The Institute would like to recognize the generous gift from Rob Canizares, BS ’71, MBA ’74, who is sponsoring faculty research and student programming. This gift joins previous donations from Nell Cady-Kruse, BS ’84, MBA ’85 and Mark Bissell, MBA ’82 which have supported EMI operations, as well as an endowment from Bob Staley, BME ’58, MBA ‘59 and Al Suter, BME ’58, MBA’59, which helps to fund the Executive Director’s position. We thank all alumni who have generously given to help further our work.

For more information or to be added to our email distribution list, please contact:

The Emerging Markets Institute at Johnson is based on three pillars – education, research and outreach with the goal of becoming the premier business school for the study of emerging markets. We provide education and thought leadership on the role of emerging markets—and emerging market multinationals—in the global economy. During the last academic year, the institute has had a large impact with a small organization:

Education

Research

Outreach

Our momentum continues into the 2012-2013 academic year as we look forward to a new Dean and further development of our programs. Some scheduled activities include:

Brazil: A Pathway into the Future, September 20, 2012 – Full day conference at the Cornell Club in NYC.
Upcoming speakers in the Global Speaker Series include Mark Hutchinson, CEO of GE China and Ron Shah, Founder and Managing Partner of Jina Ventures, a private equity firm focused on India.
Breakfast meetings between students and key emerging markets institute faculty to discuss research.

Year in Review

2022 Year in Review

2021 Year in Review

2020 Year in Review

2019 Year in Review

2018 Year in Review

2017 Year in Review

2016 Year in Review

2015 Year in Review

Introduction

Education

Research

Outreach

2014 Year in Review

Introduction

Education

Research

Outreach

2013 Year in Review

Education

Research

Outreach

2012 Year in Review

Education

Research

Outreach