Private Equity Forum 2015
- Saïd Business School, OX1 1HP Oxford
Sanjaya Lall Visiting Professor of Business and Development Public Lecture
How Do Foreign Investors “Vote” in Developing Countries?
Paul M. Vaaler
The Lecture will be followed by with a panel discussion on “Diaspora and Economic Development” chaired by Frances Cairncross.
The panelists are Professor Tarun Khanna and Paul Vaaler.
11 May, 2012
16:00 – 17:00 Lecture
17:00 – 18:30 Panel Discussion
Edmond Safra Lecture Theatre
Saïd Business School
The event will be followed with a drinks reception.
The last 25 years have seen political transformation of many developing countries from military-led regimes, one-party states or dictatorships into more democratic systems often with multiple parties across the partisan spectrum vying for office in competitive elections. How do foreign investors respond when policies affecting the attractiveness of a developing country for investment are “up for grabs” during an election? Join Sanjaya Lall Visiting Professor Paul M. Vaaler (University of Minnesota’s Carlson School of Management) for answers to that question and others linking local electoral politics in developing countries to changes in foreign investment quantity and quality. Learn how political business cycle theories can explain not only why local politicians opportunistically run budget deficits to fund spending sprees to retain office in election years, but also why foreign investors might respond to those spending sprees by lowering country lending limits or deferring large-scale infrastructure projects. Learn how the prospect of a left- to right-wing change in government can lead to higher credit ratings and lower required bond yields in election years. Review evidence in the election-year decisions of foreign banks, sovereign bond investors, credit rating agencies and multinational corporations for emerging democracies in Latin America, Central and Eastern Europe, Africa and Asia during the 1990s and 2000s. Find out how these foreign investors “vote” in developing country elections and what their “votes” mean for international economic development and strategic management in the 2000s.
Paul M. Vaaler is Sanjaya Lall Visiting Professor of Business and Development (associated with Green-Templeton College). He is also Associate Professor of International Business in the Department of Strategic Management & Organization at the University of Minnesota's Carlson School of Management, and an affiliated faculty member of the University of Minnesota’s Law School. Professor Vaaler studies issues in strategic management and international business with special interests in risk and investment by firms and individuals doing business in emerging democracies. He is the author and editor of books published by MIT Press and Kluwer Academic Publishers, and journal articles published in Academy of Management Journal, Journal of International Business Studies, Journal of International Money and Finance, Organization Science, Review of Development Economics, Strategic Management Journal and other academic journals. He serves on the editorial boards of Academy of Management Journal and Journal of International Business Studies, and is Associate Editor of the Academy of Management Perspectives. Professor Vaaler is a lawyer with private practice and government experience. He received his B.A. in History from Carleton College, his M.A. in Philosophy, Politics and Economics from Oxford University (Worcester College) where he studied as a Rhodes Scholar, his J.D. from Harvard Law School, and his Ph.D. from the University of Minnesota. More information on Professor Vaaler is available at his faculty website (http://www.csom.umn.edu/faculty-research/faculty.aspx?x500=vaal0001).
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