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:


  • In November the emerging markets student fellows program was launched. The Fellow Candidates need to complete a rigorous program of academic coursework, an emerging markets management practicum and international study trips and/or emerging market exchange program. The program is designed to prepare students for careers in organizations in or with emerging markets. Sixteen fellows from the class of 2013 were accepted into the program. An additional six AMBA students were added to the program in July, bringing the class total to 22. A slightly larger group is planned for the class of 2014
  • All Fellow Candidates accepted summer internships working on international projects, some in international locations.
  • One international management consulting practicum course was added to the curriculum, a joint course with the Indian Institute of Management Bangalore joining our existing course with ESCP, a pan European business school. The students work in teams with members from each institution on global projects for client companies and have study trips to each school to learn about culture and business in the respective countries and region.
  • Student-Company projects included:
    • Developing a market entry strategy for a firm engaged in Wind Energy into India. Competitors were benchmarked, funding mechanisms were identified and sales channels were analyzed.
    • Developing a differentiated market entry strategy for Photovoltaic manufacturing unit into India.
    • Recommending strategies for growth in India, Sri Lanka and Bangladesh for a firm that manufactures product lifecycle management and automated production solutions for the sewn and flexible goods industries.
    • Developing a market entry strategy for a French medical device company into Brazil.
    • Recommending options to streamline a contracted network of call centers in Eastern Europe for a software vendor.
    • Devising a way to increase market penetration in Mexico for a global chip manufacturer.
    • Recommending methods of payment for expansion into emerging markets for a global software developer.
    • Developing an African market entry strategy for mobile banking for a major French bank.
  • Study trips have been expanded to include Brazil, in addition to Colombia, India, China, Eastern Europe, Turkey, Israel, Japan and Korea. A Ghana trip is being organized by an EMI Fellow Candidate for next year.
    • Brazil – Dr. Maria Tereza Alexandre
    • Colombia – Dr. Wesley Sine
    • India – Melvin Goldman
    • China – Dr. Glen Dowell
    • Eastern Europe – Dr. Elena Iankova
    • Turkey – Dr. Elena Iankova
    • Israel – Dr. Ori Heffetz
    • Japan and Korea – Dr. Mark Milstein
    • Ghana – Dr. Erik Simanis
  • Developed teaching cases in emerging markets finance for use in the curriculum covering:
    • Public Financial Policy
    • Capital Markets and Market Creation
    • International Finance
    • Corporate Policy
    • Investment Management
    • Investment Risk Assessment
    • Emerging Markets Corporate Strategy
    • Emerging Markets Corporate Governance
    • Emerging Markets Marketing
    • International M&A
  • Students of the Emerging Markets Institute competed effectively in international case competitions. A team of AMBAs were selected as quarter-finalists in the National University of Singapore’s “Celebration 2011” competition, and another Johnson team made it into the final round in the mai Bangkok Business Challenge @ Sasin in Thailand.


  • The first grant program to encourage faculty research on emerging markets has initiated the following research efforts:
    • James Detert and Sean Martin (both Johnson) – “ Business and Behavioral Ethics in Developing Markets”
    • Vishal Narayan (Johnson), Vithala Rao (Johnson), and K Sudhir (Yale) – “ Competition between Organized and Traditional Retailers in Emerging Markets: A Household Level Analysis of Store Format Choices in India”
  • Three more grants were awarded at the end of this academic year. These grants were awarded to the following faculty members:
    • Warren Bailey (Johnson), Wei Huang (University of Hawaii), Ghon Rhett (University of Hawaii), Zhishu Yang (Tsinghua University) – “What’s Different About Islamic Finance”
    • Srinagesh Gavirneni (Johnson) – “Equitable Allocation of Surface Water in Indian Agriculture: Identification and Implementation of Effective and Practical Strategies”
    • George P. Gao (Johnson), with Pengjie Gao (University of Notre Dame) and Yongxiang Wang (University of Southern California) – “Security Transaction Tax, Trading Behavior and Market Quality in China”
  • The Institute began the work to create a web-based research portal to give faculty, students and eventually our corporate partners, access to academic research on emerging markets topics.
  • Faculty co-director, Andrew Karolyi, conducted research on barriers to U.S. investment in emerging markets which was cited extensively in an SEC report to Congress.
  • The EMI initiated creation of an internet information hub for the emerging markets, with links to other web resources, a daily news feed from the Financial Times, and links to faculty research.Other faculty research this year includes:
    • 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.
    • Bailey, Warren B.; Huang , Wei ; Yang, Zhishu . “Bank Loans with Chinese Characteristics: Inside Debt, Firm Quality, and Market Response” Journal of Financial and Quantitative Analysis 46 (2011): 1795-1830.
    • Hou, Kewei; Karolyi, Andrew; Kho, Bong-Chan. “What Factors Drive Global Stock Returns?” Review of Financial Studies 24.8 (2011): 2527-2574
    • Casanova, Lourdes. “Innovation in Latin American emerging multinationals” The Economist Intelligence Unit Regional Overviews (2011)
    • Casanova, Lourdes. “El ascenso de las multilatinas en la economía mundial” Información Comercial Española Revista de Economia 859 (2011): 21-31.
    • Casanova, Lourdes. “La década dorada latinoamericana: las ‘global latinas’ llegan a occidente” Economía Exterior 59 (2011)
    • Karolyi, Andrew; Lee, Kuan-Hui; Van Dijk, Mathijs. “Understanding Commonality in Liquidity around the World” Journal of Financial Economics 105.1: 82-112.
  • Accepted papers include:
    • 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
  • New working papers include:
    • Liao, Rose; Karolyi, Andrew. “What is Different About Government-Controlled Acquirers in Cross-border Acquisitions?”
    • Hiatt, Shon; Sine, Wesley David. “Have gun – will travel: the impact of military ties on new venture performance and political risk in Latin America”
    • Karolyi, Andrew; Taboada, Alvaro. “The Influence of Governments in Cross-border Banking Mergers”
    • Doidge, Craig; Karolyi, Andrew; Stulz, Rene. “The U.S. Left Behind: The Rise of IPO Activity Around the World”


  • The Institute launched a global speaker series with several high level speakers:
    • George Ugeux, CEO of Galileo Global Advisors, who spoke on the rise of multinational firms from emerging markets and the related challenges for global capital markets.
    • John Quelch, DBA, Vice President and Dean of the China Europe International Business School, who discussed possible academic cooperation.
    • Dr. Aleksey Shishayev, Senior Counselor, Head of Economic Office, The Embassy of the Russian Federation in the U.S.A., who discussed implications of Russian accession to the World Trade Organization.
    • Cynthia Steer, Head of Manager Research and Investment Solutions for BNY Mellon Investment Management, who spoke on how events in developed nations impact emerging and frontier markets.
    • David Steel, Executive Vice President of Strategy and Corporate Communications for Samsung North America, who spoke on “Lessons from Asia: Becoming a Global Technology Leader”.
    • Ido Aharoni, Israeli Consul General in New York, who spoke to students who are planning a study trip to Israel about the government’s efforts to transform the country’s image.
    • Benedict McTernan, Managing Editor of the Political Risk Services Group, who spoke to students on the Coplin – O’Leary Model of Risk Forecasting.
    • Eduardo Padilla-Silva, CEO of OXXO Convenience stores, hosted jointly by the Latin Business Students Association, who spoke to students about how responsible business practices led to the quick growth of the OXXO chain.
    • Armando Garza Sada, Chairman of Alfa, who discussed lessons learned from managing a multi-billion dollar conglomerate in Mexico.
    • Dedric Yokley, former Manager of Global Risk Management at Mattel, who discussed unique risks in emerging markets.
    • Jeff Peterson, Vice President of Strategic Management at Monsanto, who gave an in-depth case study to a class of students on the divestiture of its global sunflower seed business.
  • The institute hosted a panel of Cornell scholars to discuss the potential global impacts of the European Financial Crisis.
  • The institute joined the U.S./Russia Business Council, bringing a wealth of connections to the school.
  • BISSELL Homecare, Inc. joined Citi as a corporate partner of the EMI.

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.

Lynette Dueñas, MBA '13

“On a study trip to India, I learned how entrepreneurship is being encouraged in a traditionally risk-averse country.”

Lynette Dueñas, MBA '13, EMI Fellow