Showing results 1 - 10 of 19
| Aldo Musacchio | Eric Werker
Mapping Frontier Economies. Aldo Musacchio, Eric Werker, December 2016, Paper, "Global players in search of double-digit growth are running out of opportunities. Emerging-market giants such as Brazil, Russia, and China are experiencing an economic slowdown. They are increasingly expensive as a base for operations, and it’s harder to export to and import from these countries than it used to be."…
| Aldo Musacchio
A Reassessment of Industrialization in South America: Argentina, Brazil, Chile and Colombia, 1890-2010. Aldo Musacchio, March 2015, Paper. "The largest economies in South America had one of the most impressive rates of industrial catch up between the late nineteenth century and the late 1970s (Bénétrix, et al., 2012, Williamson, 2006). The largest economies in the region had rapid catch up before 1920, in the 1930s, and then Brazil and Colombia…
| Aldo Musacchio
What Do State-Owned Development Banks Do? Evidence from BNDES, 2002-09. Aldo Musacchio, February 2015, Paper. "Defendants of state-owned development banks emphasize their role in reducing capital constraints and fostering productive investment; detractors point out that they may benefit politically connected capitalists or bail out inefficient firms. We study the effect of loans and equity investments of the Brazilian National Development Bank (…
| Aldo Musacchio
New Varieties of State Capitalism: Strategic and Governance Implications. Aldo Musacchio, December 4, 2014, Paper. "We analyze the new varieties of state capitalism in the twenty first century and explore their implications in terms of both strategic and governance outcomes. We begin by discussing how the current theoretical perspectives conceptualize state owned enterprises (SOE) strategic behavior. Then, we present a stylized distinction…
| Aldo Musacchio
State Ownership and Firm-level Performance, Aldo Musacchio, November 14, 2014, Paper. "State-owned enterprises (SOEs) remain widespread in various countries even after decades of privatization and liberalization reforms. In this paper we analyze a large dataset of listed SOEs, both majority- and minority-owned, covering several countries and industries between 1997 and 2012. We compare these SOEs to a sample of private firms using matching…
| Aldo Musacchio
Governments as owners: State-owned multinational companies, Aldo Musacchio, August 24, 2014, Paper, The globalization of state-owned multinational companies (SOMNC) has become an important phenomenon in international business (IB), yet it has received scant attention in the literature. We explain how the analysis of SOMNCs can help advance the literature by extending our understanding of state-owned firms (SOE) and multinational companies (MNC)…
| Aldo Musacchio
Governments as Owners: State Owned Multinational Companies. Aldo Musacchio, 21 August 2014, Paper. "The globalization of state-owned multinational companies (SOMNCs) has become an important phenomenon in international business (IB), yet it has received scant attention in the literature. We explain how the analysis of SOMNCs can help advance the literature by extending our understanding of state-owned firms (SOEs) and multinational companies (…
| Aldo Musacchio
What Development Banks Do? Evidence from BNDES, 2002-2009. Aldo Musacchio, May, 2014, Article. "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 elsewhere. We test these contrasting views using data on loans and equity allocations in…
| Aldo Musacchio
State-owned enterprises in Brazil. Aldo Musacchio, April 7, 2014, Paper. "This presentation on state-owned enterprises in Brazil was made by Aldo Musacchio and Sergio G. Lazzarini at the OECD Workshop on SOEs in the Development Process held at the OECD Conference Centre in Paris, France, on 4 April 2014....."…
| Aldo Musacchio
Leviathan as a Minority Shareholder: Firm-level Implications of State Equity Purchases. Aldo Musacchio, September 2013, Paper. "In many countries, firms face institutional voids that raise the costs of doing business and thwart entrepreneurial activity. We examine a particular mechanism to address those voids: minority state ownership. Due to their minority nature, such stakes are less affected by the agency distortions commonly found in full-…