Publications

March 2011 (Revised May 2011)
Case

Inequality in Brazil

By: Aldo Musacchio

This case examines the evolution of inequality in Brazil in the last few years and generates two debates. First, the case discusses inequality and whether it is a problem or not for capitalist societies, in this case Brazil. Second, the case discusses some of the... View Details

Keywords: Economic Growth; Economic Systems; Policy; Government and Politics; Business and Government Relations; Poverty; Equality and Inequality; Brazil

June 2010 (Revised July 2012)
Case

Dubai: Debt, Development, and Crisis (A)

By: Aldo Musacchio, Andrew Christopher Goodman and Claire K. Qureshi

On November 25, 2009, the city state of Dubai stunned markets by announcing that Dubai World, its flagship state holding company, would seek a six-month "standstill" on at least $4 billion U.S. dollars of its $26 billion in debt obligations. This case describes Dubai's... View Details

Keywords: Accounting; Decision Choices and Conditions; Development Economics; Financial Crisis; Borrowing and Debt; Financial Strategy; State Ownership; Business and Government Relations; Dubai

21 Jun 2011
First Look

First Look: June 21

characterizes the financial world. They also overlook the role of natural selection. To be sure, natural selection in the financial world is not exactly analogous to the processes first described by Darwin and elaborated on View Details

Keywords: Sean Silverthorne

15 May 2012
First Look

First Look: May 15

the market by setting the welfare-maximizing level of trade when the difference in the degree of asymmetric information between buyers and sellers is significant. However, if this difference is below a certain threshold, then even the... View Details

Keywords: Carmen Nobel

August 2014 (Revised March 2016)
Case

Thomas Cook Group on the Brink (A)

By: Benjamin C. Esty, Stuart C. Gilson and Aldo Sesia

Harriett Green, the newly appointed CEO of Thomas Cook Group, faces a daunting set of business and financial challenges at the 171-year old UK travel services company. The company has lost almost £600 million in the last three quarters; has seen its stock price fall... View Details

Keywords: Turnaround; Corporate Restructuring; Change Leadership; Female Ceo; Change Management; Communication Strategy; Borrowing and Debt; Cash Flow; Cost Management; Financial Liquidity; Financial Management; Executive Compensation; Leading Change; Crisis Management; Value Creation; Travel Industry; United Kingdom

14 Feb 2012
First Look

First Look: February 14

today's companies face. I show that organizations thrive, or fail to thrive, based on how well the small groups within those organizations work. In most organizations, the work that produces value for customers is carried out by teams,... View Details

Keywords: Carmen Nobel

February 2011 (Revised June 2011)
Case

Stock Reform of Shenzhen Development Bank

By: Li Jin, Li Liao, Aldo Sesia and Jianyi Wu

Shenzhen Development Bank, China's first publicly traded company, was undergoing the non-tradable share reform. Its current controlling shareholder, private equity firm Newbridge Capital LLC, needs to negotiate with its diverse minority shareholders to find a... View Details

Keywords: Capital; Private Equity; Investment; Corporate Governance; Managerial Roles; Emerging Markets; Negotiation; Business and Shareholder Relations; Conflict of Interests; Banking Industry; China

June 2010 (Revised July 2012)
Supplement

Dubai: Debt, Development, and Crisis (C)

By: Aldo Musacchio, Andrew Christopher Goodman and Claire K. Qureshi

On November 25, 2009, the city state of Dubai stunned markets by announcing that Dubai World, its flagship state holding company, would seek a six month "standstill" on at least $4 billion U.S. dollars of its $26 billion in debt obligations. This case describes Dubai's... View Details

Keywords: Finance; Investment; Emerging Markets; Trade; Insolvency and Bankruptcy; Development Economics; Financial Crisis; State Ownership; Sovereign Finance; Business Strategy; Dubai

March 2009 (Revised October 2009)
Case

CalPERS' Emerging Equity Markets Principles

By: Robert G. Eccles and Aldo Sesia

The California Public Employees' Retirement System (CaIPERS)—the largest public pension fund in the U.S.—had adopted a new principles-based approach to investing in emerging market equities in November 2007. Previously, CalPERS internal and external money managers were... View Details

Keywords: Values and Beliefs; Investment Return; Investment Funds; Investment Portfolio; Emerging Markets; Corporate Social Responsibility and Impact; Value; Financial Services Industry; Public Administration Industry; China; California

2011
Working Paper

What Do Development Banks Do? Evidence from Brazil, 2002-2009

By: Sergio G. Lazzarini, Aldo Musacchio, Rodrigo Bandeira-de-Mello and Rosilene Marcon

While some authors view development banks as an important tool to alleviate capital constraints in scarce credit markets and unlock productive investments, others see those banks as conduits of cheap loans to politically connected firms that could obtain capital... View Details

Keywords: Cost of Capital; Credit; Equity; Banks and Banking; Financing and Loans; Investment; Government and Politics; Data and Data Sets; Resource Allocation; Markets; Performance; Banking Industry; Brazil

Read Now

March 2013
Teaching Note

Vale: Global Expansion in the Challenging World of Mining (TN) (A) and (B)

By: Tarun Khanna and Aldo Musacchio

Keywords: Globalization; Brazil; Emerging Markets; Mining; Mining Industry; Brazil; South America

2013
Working Paper

These Are the Good Old Days: Foreign Entry and the Mexican Banking System

By: Stephen Haber and Aldo Musacchio

In 1997, the Mexican government reversed long-standing policies and allowed foreign banks to purchase Mexico's largest commercial banks and relaxed restrictions on the founding of new, foreign-owned banks. The result has been a dramatic shift in the ownership structure... View Details

Keywords: Market Entry and Exit; Balance and Stability; Foreign Direct Investment; Banks and Banking; Society; Economics; Banking Industry; Mexico