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.


  • 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.


  • 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. Notheastern 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.
  • 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)
  • 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)


  • 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


Lourdes Casanova (https://www.johnson.cornell.edu/faculty-research/faculty/lc683/) will be joining the Institute as an Academic Co-Director along with Andrew Karolyi (https://www.johnson.cornell.edu/faculty-research/faculty/gak56/) 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.


The Institute welcomes contributions from corporations, foundations, NGO’s and individuals to help fund the 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/emerging-markets-institute/), 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

Jivesh Govil, MBA '15

“Interacting with business leaders in the EMI Global Speaker Series is deepening my economic and social understanding of an increasingly flatter world.”

Jivesh Govil, MBA '15, EMI Fellow