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:


  • In May we graduated our first class of emerging market fellows with 14 students having achieved the designation.  We have a larger class following them, as 27 fellow candidates will now move up to second year status.
  • Fellow candidates are required to complete a management practicum, which is a consulting assignment with a company in an emerging market.  We partner with two other schools to help us in this endeavor: the Indian Institute of Management Bangalore and 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.  Representative company projects completed by students in the practicum included:
    • Developing a demand forecasting model for a global fiber optic cable manufacturer.
    • Creating an Indian market entry strategy for a manufacturer of floor care appliances.
    • Conducting a market assessment for new products for a leading manufacturer of kitchen appliances in India.
    • Evaluating the launch of a web based service in Brazil for a global semiconductor chip manufacturer.
    • A predictive model on solar demand was developed for a supplier of equipment to manufacture solar PV cells and modules.  A variant of the model was presented to the Office of Science & Technology Policy at the White House.
  • Study trips now include Brazil, Colombia, India, China, Europe, Turkey, Bulgaria, Israel, Ghana, Russia, Japan and Korea.  We are exploring the addition of new trips to Dubai and Morocco for the spring of 2014.
    • Brazil – Dr. Maria Tereza Alexandre
    • Colombia – Dr. Wesley Sine
    • India – Melvin Goldman
    • China – Dr. Glen Dowell
    • Europe – Dr. Elena Iankova
    • Turkey and Bulgaria – Dr. Elena Iankova
    • Israel – Dr. Ori Heffetz
    • Ghana – Dr. Erik Simanis
    • Russia – Dr. Elena Iankova
    • Japan and Korea – Dr. Mark Milstein
  • On the Johnson study trip to Ghana, students were featured on national television and met with the former President of the country, John Kufuor, as well as Kofi Annan, former Secretary-General of the United Nations.
  • The Cornell/Queens Executive MBA Program opened new boardrooms in Monterrey, Mexico and Bogota, Colombia and plans additional growth in Latin America in the future.
  • Johnson at Cornell was ranked number 10 in International Business by Bloomberg/Business Week in its annual survey of 82 international business schools.


  • Our third round of research grants were extended to faculty.  Faculty scholars are now researching:
    • Srinagesh Gavirneni (Johnson), Charles Vincent (Pontifica Universidad Catolica Peru) – “Evolution of Corporate Social Responsibility in Peru’s Mining Industry – A Longitudinal Analysis using Machine Learning”
    • Sachin Gupta (Johnson), Shailendra P. Jain (University of Washington), Sanjiv Kakkar (EVP, Unilever Russia) – “Assessing the Market Performance of Sustainable Innovations in Developing and Developed Markets”
  • This research will be added to the recipients of the second round of research grants from May of 2012.  These projects are now nearing completion:
    • 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 has launched a web-based research portal to give faculty, students and corporate partners access to academic research on emerging markets topics.  We are unaware of a similar research tool in any other institute. Other Johnson faculty research focusing on emerging markets this year includes the following. 
  • Published papers include:
  • Forthcoming papers include:
    • Karolyi, Andrew. Cracking the Emerging Markets Enigma, Oxford University Press, forthcoming in 2014.
    • Karolyi, Andrew; Doidge, Craig; Stulz René. “The U.S. Left Behind? Financial Globalization and the Rise of IPO Activity Around the World”, Cornell University working paper, 2012. Available at SSRN: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1795423, forthcoming Journal of Financial Economics.
  • Accepted papers include:
    • 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  (Accepted)
    • Karolyi, Andrew.  “Corporate Governance, Agency Problems and International Cross-Listings: A Defense of the Bonding Hypothesis”  Emerging Markets Review  (Accepted)
    • 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  (Accepted)
    • Yin, Cui; Chen, Lucy; Chen, Jian; Gavirneni, Nagesh; Wang, Qi.  “Chinese Perspective on Newsvendor Bias: An Exploratory Note”  Journal of Operations Management  (Accepted)
  • Working papers include:
    • Bailey, Warren B.; Zhao, Bin.  “Familiarity, Convenience, and Commodity Money: Spanish and Mexican Silver Dollars in Qing and Republican China
    • Bailey, Warren B.; Zhou, Lanyue.  “Does Managerial Hubris Affect Foreign Investment Decisions? Some Evidence on U.S. – China Joint Ventures”
    • Casanova, Lourdes S.; Gradillas, M.; Hockerts, K.; Sloan, P.; Crone Jensen, E..  “An overview of CSR Practices: Response Benchmarking Report”
    • Castro de Oliveira Lopes, Alberto; Campos Filho, L. A.N.; Casanova, Lourdes S..  “Dynamics of IORs: A case study of upstream partnerships of Petrobras
    • Casanova, Lourdes S.; Campos Filho, L. A.N.; Gonçalves, M.; Xavier, Jardim; Esteban do Valle, P. M..  “Institutional theory, membership in Business Groups and the Internationalization of Brazilian Multinationals
    • Martins Almeida, L. M.; Campos Filho, L. A.N.; Casanova, Lourdes S.  “The Brazilian Institutional Environment: The Impact on Companies’ Strategies in the Oil and Gas Sector
    • Casanova, Lourdes S..  “Resources and Internationalization Strategies: The case of Latin American”
    • Casanova, Lourdes S.; Dayton-Johnson, Jeff ; Fonstad, Nils Olaya ; Pitikäinen, Anna.  “Innovation from emerging markets: the case of Latin America”
    • Casanova, Lourdes S.  “Multinational Strategies in Latin America: Comparing East Asian, European, and North American Multinationals”
    • Casanova, Lourdes S.; Fraser, M.  “From Multilatinas to Global Latinas
    • Casanova, Lourdes S.; Dumas, A..  “Corporate Social Responsibility and Latin American Multinationals
    • Casanova, Lourdes S.  “Bi-Regional Private Sector Networks: Harnessing the Potential of the Private Sector in European Union and Latin America”
    • Gupta, Sachin; Park, Sungho.  “Combining Aggregate Sales Data with Survey Data to Model Demand: An Application to the South Korean Cigarette Market”
    • 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; Wang, Xinli.  “Outbidding Competitors Worldwide: Imperfect Capital Markets, Exchange Rates, and Asset Sales”
    • Karolyi, Andrew. “Regulatory Arbitrage and Cross-border Bank Acquisitions” (with Alvaro Taboada), Cornell University working paper, 2013.  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 (Under review)
    • Karolyi, Andrew. “Home Bias, An Academic Puzzle” Cornell University working paper, 2012. Available at SSRN: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2153206 . (Under review)
    • Karolyi, Andrew. “The Role of Investability Restrictions on Size, Value, and Momentum in International Stock Returns,” (with Ying Wu), Cornell University working paper, 2012. Available at SSRN: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2043156 . (Under review)
    • Karolyi, Andrew. “State Capitalism’s Global Reach: Evidence from Foreign Acquisitions by Sovereign Acquirers” (with Rose Liao), Cornell University working paper, 2013.  Formerly entitled: “What is Different About Government-Controlled Acquirers in Cross-border Acquisitions?” Available at SSRN: http://ssrn.com/abstract=1571560 .(Under review)
    • 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, 2012. Available at SSRN: http://ssrn.com/abstract=1961178 .
    • Tata, Ratan; Hart, Stuart L.; Sharma, Sanjay ; Sarkar, Christian .  “The Next Great Transformation: How the Tata Group is Reinventing Business for the 21st Century”


  • The Institute opened the year with a high profile conference on Brazil at the Cornell Club in New York City.  Headlining the conference was Humberto Luiz Ribeiro, Brazilian Secretary of Commerce and Services, and David Neeleman, Founder and CEO of Jet Blue Airlines.  Additional speakers from Goldman Sachs, Citi, BNY Mellon, PricewaterhouseCoopers, Bain & Company, J.P. Morgan, Reckitt Benckiser, McLarty Associates, World Fund and Wal-Mart formed outstanding panels to discuss the potential of the Brazilian economy.
  • The Institute continued its global speaker series with several high level speakers:
    • Mark Hutchinson, President and CEO, GE China, who spoke on the growing need for management talent in China
    • N.R. Narayana Murthy, Founder and Chairman Emeritus, Infosys Limited, who discussed the challenges of the global business process outsourcing industry
    • Luis Carlos Sarmiento, Jr. CEO Grupo Aval (Durland Lecture), who outlined the complexities of the financial service industry in Colombia
    • Giorgis Kaminis, Mayor of Athens, Greece, who described the difficulties which the Greek government is facing in the European financial crisis
    • Professor Taotao Chen from the School of Economics & Management at Tsinghua University, P.R.China, who analyzed foreign direct investment flows into China
    • Scott McHugh, former Vice President of International Asset Protection and Security, Wal-Mart Stores, Inc., who gave an overview of how ethics were incorporated into Wal-Mart’s business model
    • Melissa Frakman, Sr. Manager, U.S./India Business Council, who explained how the council represented the needs of companies doing business in India
    • Rodolfo Martell, Director and Portfolio Manager, BlackRock, Inc., who described how risk is assessed in emerging markets
    • Andrew Jones, MBA ’05 Vice President, Equity Markets, Pinebridge Investments, who explained how emerging markets are now managed for growth
    • Hillel Schuster, MBA ’96, Principal, Corporate Finance, KPMG Israel, (via videoconference) who gave us a perspective on doing business in Israel
    • Cynthia Steer, Head of Manager Research & Investment Solutions, BNY Mellon, who identified trends in emerging market investing
    • Armando Martinez, President and CEO, OCAM, who discussed a new model for generating organizational efficiencies
    • Jeremy Prepscius, Vice President, Businesses for Social Responsibility, Hong Kong (via videoconference), who outlined how companies can use corporate social responsibility as an effective strategy
    • Ajay Banga, President and CEO of Mastercard, who discussed the possibilities of a cash-less society
    • Nick Warren, Development Director, First Quantum Minerals, who gave an overview of the mining industry in Africa
    • Ron Shah, CEO of Jin Ventures and a Contributor to CNBC, who gave an overview of the private equity market in India
    • Ambassador Thomas Hubbard, former U.S. Ambassador to Korea and Senior Director, Asia for McLarty Associates (via videoconference), who gave his assessment of current events in Korea and the implications for businesses
    • Michael J. Woolfolk, Ph.D., Managing Director, BNY Mellon Global Markets (via videoconference), who gave his perspective on the European financial crisis and the future of the euro
    • Jeff Peterson, MBA ’88, VP Strategic Development, Monsanto Corporation, who met with EMI fellows to discuss business issues in emerging markets
    • Hon. Ricardo Martinelli, President of Panama, who gave an address with advice for students how to have successful careers and explored further cooperation with the Emerging Markets Institute
  • In conjunction with the International Executive Resources Group, the Institute made the following webinars available to students:
    • “Building Successful Business in China” by Jean-Claude Pierre, Executive VP of Rontec Technology
    • “Growing in High Growth Markets – Middle East” by Ramesh Nuggihalli, General Manager & Managing Director, Tyco Gulf, Dubai, UAE
    • “Investing in Korea: Strategic Issues for 2013 and Beyond” by Mark Barnes, Joon Kim, Daniel Joe and Sung Won Park, from KPMG Korea
  • The Institute participated as a speaker at the 2012 Thomson Reuters Emerging Markets Investment and Compliance Forum, and the Business Insurance Risk Management Summit.
  • We jointly released a survey of global Investor Relations practices in conjunction with BNY/Mellon.  A joint research initiative is in progress to interpret the efficiency of global issuers’ strategies for capital markets.
  • We jointly published a survey of the global food service business in conjunction with GLG Research.  Emerging Markets are expected to experience moderate to significant growth.
  • GE joined Citi and BISSELL Homecare as an EMI corporate partner.
  • The Institute closed the year with a roundtable discussion in New York City on “Managing Risk in Emerging Markets” and “Building Public Private Partnerships”.  The session gathered 30 practitioners with relevant expertise for an exchange of best practices and perspectives.  The Dean attended the closing and offered his views on the future of Johnson and management education in general.

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:

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

Jerry Petit-Frere, MBA ’14

“Through my association with EMI, I was introduced to the Tony Elumelu Foundation, which facilitated my summer internship in organizational transformation and supply chain management for a the largest book retailer in Zambia.”

Jerry Petit-Frere, MBA ’14, EMI Fellow