image of Aldo Musacchio

My 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. Learn more at


Aldo Musacchio is Professor of International Business, Director of the MBA Program and of the Perlmutter Institute for Global Leadership at Brandeis University. He also leads both the Brazil and the Latin America Initiatives at IBS. He is a specialist on strategy and corporate governance in multinationals; innovation and industrial policy in emerging markets; state-owned enterprise reform, among other topics. Prof. Musacchio teaches Strategy in Emerging Markets for graduate students and Competitive Strategy (in technology firms) for undergraduate students. He is also has a long track record of research in economic history and is a Research Associate at the National Bureau of Economic Research's Development of the American Economy Group.

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. His forthcoming book Fixing State-Owned Enterprises in Latin America: Old Problems, New Solutions, provides policy insights on how to reform the ownership and management of these firms with minimal political cost.

Prof. Musacchio values the application of his work in both public policy and corporate strategy. He 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 and is active investor in angel funds and startups in Silicon Valley and Latin America.

Before joining IBS Prof. Musacchio was an Associate Professor and Marvin Bower Fellow at Harvard Business School, as part of the Business, Government, and International Economy Unit (BGIE). Musacchio has a B.A. in economics (with highest honors) from ITAM, in Mexico, and an M.A. and 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) and was awarded the 2012 Prize for Professional/Academic Merit by the Alumni Association of ITAM (EX-ITAM). Prior to that he won the Cole Prize for the Best Paper in the Journal of Economic History (2008) 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.

His teaching experience includes executive education at Harvard Business School, where he led the Building Business in Emerging Markets Program, FGV-YPO Program, the IPADE-INALDE Latin AMerican Management Program, TEC de Monterrey, ESE CHile, YPO Latin America, and the Advanced Management Program at Reykjavik University.

Lately Professor Musacchio has been providing research support to multinational organizations that advice governments on state-owned enterprise reform, including the OECD (Corporate Governance Research Network); in the Inter-American Development Bank's Financial and Municipal Management, advising governments in Latin America and the Caribbean; and, for the World Bank Infrastructure Group.


Stanford University, Ph.D.

Courses Taught
  • BUS 160a Competitive Strategy
  • BUS 231a Entrepreneurial Finances and Business Plans
  • BUS 233a Entrepreneurship and Rapid Prototyping
  • BUS 248b Business in Global Markets
  • BUS 249f Immersion Experience
  • BUS/ECON 265a Business and Economic Strategies in Emerging Markets
  • ECON/FIN 291g Quant Lab Seminar
Awards & Honors
  • (2020) Research Associate, National Bureau of Economic Research (NBER)
  • (2018 - 2019) Provost Research Award, Brandeis University
  • (2018 - 2019) Shiff Undergraduate Fellowship Mentor
  • (2016) Academy of Management Annual Meeting Best Submitted Papers --Hybrid Leviathans Overseas: Government-Private Shareholder Conflicts in Cross-Border Acquisitions" (With Victor Z. Chen and Sali Li)
  • (2015) Insper (Brazil) Award for Best Research Project (Book Reinventing State Capitalism) , 2014 (w/ Sergio G. Lazzarini)
  • (2013) Apgar Award for Innovation in Teaching, Harvard Business School
  • (2012) 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
  • (2011) Best Paper Presentation, Strategic Managment Society Special Conference, Rio de Janeiro
  • (2009 - 2011) Marvin Bower Fellowship, Harvard Business School
  • (2008) Arthur H. Cole Prize for the best paper, Journal of Economic History (2007-2008)
  • (2007) "30 most promising professionals in their thirties" award, Expansion Magazine, Mexico
  • (2006) Finalist for the Alexander Gerschenkron Prize for best dissertation in non-North American economic history, Economic History Association
  • (2003 - 2004) 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
  • (2001) Mellon Foundation grant for summer research
  • (1998 - 2000) Ford-Hewlett-McArthur Foundations Fellowship to support doctoral studies