Sachar International Center, S-114
DegreesStanford University, Ph.D.
ExpertiseMy research focuses on the ways in which governments support domestic firms to compete at home and abroad. My focus areas include the strategy of national champions; the role of state-owned enterprises, development banks and sovereign wealth funds; corporate governance in state-owned enterprises; innovation in global firms; innovation in South American firms; and the strategies of multinationals in emerging and frontier markets.
ProfileAldo Musacchio is an associate professor of Strategy and International Business, Program Director of the Masters in International Economics and Finance, and Director of the Brazil and Latin America Initiatives at IBS. He is a specialist on strategy and corporate governance in multinationals; innovation and industrial policy in emerging markets; among other topics. Prof. Musacchio teaches Competition and Strategy and Strategy in Emerging Markets for graduate students and Competitive Strategy for undergraduate students.
His research focuses on the internationalization strategies of state-owned enterprises and the innovation behavior of large multinationals with government financial support. In his book, Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond (Harvard Press, 2014), Prof. Musacchio and his coauthor Sergio G. Lazzarini study the corporate governance reforms of state-owned enterprises around the world and look into the pitfalls of such reforms. In this book Musacchio and Lazzarini also study the advantages and disadvantages firms get when they receive financial support from their home country governments. Additionally, Prof. Musacchio consults for multilateral agencies such as the OECD and the Inter-American Development Bank on corporate governance reform in state-owned firms. Musacchio also consults for multinationals expanding into emerging and frontier markets.
Before joining IBS Prof. Musacchio taught at Harvard Business School, as part of the Business, Government, and International Economy Unit (BGIE). He is also a Faculty Research Fellow at the National Bureau of Economic Research (NBER), in the Development of the American Economy program. Musacchio has a B.A. in economics (with highest honors) from ITAM, in Mexico, and a Ph. D. in Economic History of Latin America from Stanford University. In 2012, he won the Manuel Espinosa Yglesias Prize for his research on foreign banks in Mexico (together with Stephen Haber), was awarded the 2012 Prize for Professional/Academic Meirt by the Alumni Association of ITAM (EX-ITAM) and the European Banking History Association's Feldman Prize for the best paper by a young scholar. In 2007 he was selected as one of the “30 most promising professionals in their thirties (30 promesas en los treintas)” by Mexican business magazine Expansion. Prof. Musacchio is also a member of the board of trustees of LASPAU: Academic and Professional Programs for the Americas, a nonprofit organization dedicated to advancing higher education in the Americas.
Please visit my page at
|BUS||260a||Competition and Strategy|
|BUS||265a||Business Strategy in Emerging Markets|
Awards and Honors
Insper (Brazil) Award for Best Research Project (Book Reinventing State Capitalism) , 2014 (w/ Sergio G. Lazzarini) (2015)
Apgar Award for Innovation in Teaching, Harvard Business School (2013)
Academic Merit Award, Alumni Association of the Instituto Tecnologico Autonomo de Mexico, Mexico CIty (2012)
Gerry Feldman Young Scholar Prize for the best paper of a young scholar, European Association of Banking and Financial History (2012)
Manuel Espinosa Yglesias Prize for the best paper or book on banking, Centro de Estudios Espinosa Yglesias, Mexico City (2012)
Best Paper Presentation, Strategic Managment Society Special Conference, Rio de Janeiro (2011)
Marvin Bower Fellowship, Harvard Business School (2009 - 2011)
Arthur H. Cole Prize for the best paper, Journal of Economic History (2007-2008) (2008)
"30 most promising professionals in their thirties" award, Expansion Magazine, Mexico (2007)
Finalist for the Alexander Gerschenkron Prize for best dissertation in non-North American economic history, Economic History Association (2006)
Fellow at the Center for Democracy, Development and the Rule of Law, Stanford University (2003 - 2004)
Fellow of the Institute for Humane Studies, George Mason University (2003 - 2004)
Mellon Foundation grant for summer research (2001)
Ford-Hewlett-McArthur Foundations Fellowship to support doctoral studies (1998 - 2000)
Musacchio, Aldo and Eric Werker. "Mapping Frontier Economies: Where to Play and How to Win." Harvard Business Review December (2016). (forthcoming)
Musacchio, Aldo; Sergio G. Lazzarini. "The Reinvention of State Capitalism in Brazil, 1970-2012." New Order and Progress: Democracy and Development in Brazil. 1st edition ed. Ed. In Ben R. Schneider. New York and Oxford: Oxford University Press, 2016. 107-133.
Lazzarini, Sergio G, Aldo Musacchio, Rodrigo Bandeira-de-Mello, Rosilene Marcon. "What Do State-Owned Development Banks Do? Evidence from BNDES, 2002–09." World Development 66. February (2015): 237–253.
Musacchio, Aldo and Sergio G. Lazzarini. "Chinese Exceptionalism or New Varieties of State Capitalism." Regulating the Visible Hand? The Institutional Implications of Chinese State Capitalism. Ed. Benjamin L. Liebman and Curtis J. Milhaupt. Oxford and New York: Oxford University Press, 2015
Musacchio, Aldo, Emilio I. Pineda, and Gustavo Garcia. "State-Owned Enterprise Reform in Latin America: Issues and Possible Solutions." (2015): <https://publications.iadb.org/handle/11319/7181>.
Musacchio, Aldo, Sergio G. Lazzarini, and Ruth Aguilera. "New Varieties of State Capitalism: Strategic and Governance Implications." Academy of Management Perspectives 29. 1 (2015): 115-131.
Musacchio, Aldo, Sergio G. Lazzarini. "Chinese Exceptionalism or New Global Varieties of State Capitalism." Regulating the Visible Hand?: The Institutional Implications of Chinese State Capitalism. Ed. Liebman, Benjamin L., and Curtis J. Milhaupt. Oxford and New York: Oxford University Press, 2015. 403–431.
Alvaro Cuervo-Cazurra, Andrew Inkpen, Aldo Musacchio, Kannan Ramaswamy. "Governments as Owners: State Owned Multinational Companies." Journal of International Business Studies 45. 9 (2014): 919–942.
Musacchio, Aldo and Sergio G. Lazzarini. Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond. 1st ed. Cambridge, Mass.: Harvard University Press, 2014.
Musacchio, Aldo, Andre Martinez-Fritscher, Martina Viarengo. "Colonial Institutions, Trade Shocks, and the Diffusion of Elementary Education in Brazil, 1889-1930." Journal of Economic History 74. 3 (2014): 730-766.
Musacchio, Aldo. Los Buenos Tiempos son Estos: Bancos Extranjeros y la Banca Mexicana (These Are the Good Old Days: Foreign Entry and the Mexican Banking System). 1st ed. Mexico City: Centro de Estudios Espinosa Yglesias, 2014.
Inoue, Carlos, Sergio G. Lazzarini, Aldo Musacchio. "Leviathan as a Minority Shareholder: Firm-level Implications of Equity Purchases by the State." Academy of Management Journal 56. 6 (2013): 1775-1801.
Musacchio, Aldo and John D. Turner. "Does the law and finance hypothesis pass the test of history?." Business History 55. 3 (2013): 524-542.
Parglendler, Mariana, Aldo Musacchio and Sergio G. Lazzarini. "In Strange Company: The Puzzle of Private Investment in State-Controlled Firms." Cornell International Law Journal 46. 3 (2013): 569-610.
Haber, Stephen and Aldo Musacchio. "Foreign Entry and the Mexican Banking System, 1997–2007." Economia 13. 1 (2012): 13-37.
Latika Chaudhary, Aldo Musacchio. Steven Nafziger, and Se Yan. "Big BRICs, Weak Foundations: The Beginning of Public Elementary Education in Brazil, Russia, India, and China." Explorations in Economic History 49. 2 (2012): 221-240.
Martinez Fritscher, Andre C. and Aldo Musacchio. "Endowments, Fiscal Federalism, and the Cost of Capital for States: Evidence from Brazil, 1891-1930." Financial History Review 17. 1 (2010): 1-38.
Musacchio, Aldo. "Drawing Links between Corporate Governance and Networks: Bankers in the Corporate Networks of Brazil, Mexico, and the United States circa 1910." Enterprises et Histoire 54. 1 (2009): 16-36.
Musacchio, Aldo. Experiments in Financial Democracy: Corporate Governance and Financial Development in Brazil, 1882-1950. 1st ed. Cambridge and New York: Cambridge University Press, 2009.
Musacchio, Aldo. "Can Civil Law Countries Get Good Institutions? Lessons from the History of Creditor Rights and Bond Markets in Brazil." Journal of Economic History 68. 1 (2008): 80-108.
Musacchio, Aldo. "Laws versus Contracts: Legal Origins, Shareholder Protections, and Ownership Concentration in Brazil, 1890–1950." Business History Review 82. 3 (2008): 445-473.
Read, Ian and Aldo Musacchio. "Bankers, Industrialists, and Their Cliques: Elite Networks in Mexico and Brazil during Early Industrialization." Enterprise & Society 8. 4 (2007): 842-880.
Aurora Gomez-Galvarriato and Aldo Musacchio. "Un nuevo índice de precios para México, 1886-1929 (A New Price Index for Mexico, 1886-1929)." El Trimestre Economico 67. 1 (1998): 47-91.