Despite the wave of privatization and liberalization of the 1990s in several countries, evidence indicates that governments remain involved in myriad industries and activities not only as majority investors through state-owned enterprises, but also as minority investors through various channels such as development banks, pension funds, sovereign wealth funds, and many others.  In this article with Aldo Musacchio (Harvard Business School), we present evidence on those various forms of "state capitalism" and then discuss implications for the performance of countries and firms.  

Click here to download the manuscript.  Please also see the comment in The Economist (Jan 21, 2012) about our project.  The paper mentioned in the article is forthcoming at the Academy of Management Journal. 

We have witnessed an increased interest of private investors to support projects with proven social impact. The so-called impact investments aim at providing capital to innovative projects where social impact is measured and assured. In an article with Sandro Cabral (UFBA), Sérgio Jurandyr Machado (Ministry of Finance) and Marcelo Barbosa (Vieira, Rezende, Barbosa e Guerreiro Advogados), we offer na actionable proposal to implement impact investments in Brazil. You can access here a ppt presentation in English or a research report in Portuguese.  

The book The Small Worlds of Corporate Governance (MIT Press, 2012), edited by Bruce Kogut, consolidates the result of years of research by an international group, of which I was part, mapping the owners of companies in several countries.  The idea is to examine how corporate networks responded to various shocks affecting local ownership relations (such as the wave of privatization and liberalization of the 1990s).  A more specific analysis for the Brazilian case is presented in my book Capitalism of Ties (in Portuguese, Capitalismo de Laços: Os Donos do Brasil e suas Conexões, Campus/Elsevier, 2011).  

"To protect and serve?"

 

A cross-industry examination of Brazil's protectionist policies and the problems for global competitiveness.  Interview at The Economist's Ideas Economy: Brazil 2012 event in São Paulo on October 4th 2012. (In Portuguese)