Krishna Palepu

Krishna Palepu

Institution	Harvard Business School
Alma mater	IIM Calcutta Massachusetts Institute of Technology
Awards	Wildman Award

Krishna Palepu is the Ross Graham Walker Professor of Business Administration and Senior Associate Dean for International Development, at the Harvard Business School.^[1]

He has a Masters degree in Physics from Andhra University, India, a post graduate diploma in Management from the Indian Institute of Management Calcutta,^[2] a doctorate in Management from the MIT Sloan School of Management and an honorary doctorate from the Helsinki School of Economics and Business Administration.

Contents 1 Education 2 Academics 2.1 Books 2.2 Publications 2.3 Teaching 3 Publishing history 3.1 Books 3.2 Journals 3.3 Working Papers 4 Board memberships 5 References 6 External links

Education

He has a Masters degree in Physics from Andhra University in India, a post graduate diploma in Management from the Indian Institute of Management Calcutta,^[2] a doctorate from the Massachusetts Institute of Technology and an honorary doctorate from the Helsinki School of Economics and Business Administration.

Academics

Krishna Palepu's research has been in the areas of strategy in emerging markets, corporate governance and corporate disclosure.^[3][4] His work focuses on making corporate boards more effective, and improving corporate disclosure. In the area of strategy, his focus has been on the globalization of emerging markets, particularly India and China, and the resulting opportunities and challenges for western multinationals as well as local companies with global aspirations in these countries.

In his prior work, he has done research and published papers on mergers and acquisitions and corporate disclosure. He has been on the Editorial Boards of leading academic journals.^[1]

Books

Winning in Emerging Markets

In Winning in Emerging Markets, released in 2010, Tarun Khanna and Krishna Palepu outline a practical framework for developing emerging market strategies based not on broad categorical definitions like geography, but on a structural understanding of these markets. Their framework describes how “institutional voids” – the absence of intermediaries like market research firms and credit card systems to efficiently connect buyers and sellers – create daunting obstacles for companies trying to operate in emerging markets. Understanding these voids – and learning how to work with them in specific markets – is the key to success.^[5]

Business Analysis and Valuation Using Financial Statements

The fourth edition of Business Analysis And Valuation Using Financial Statements: Text and Cases, co-authored with Paul Healy, was published by Thomson Southwestern in 2007.^[6] Based on Krishna Palepu's research on mergers and acquisitions, finance and corporate disclosure, this textbook is widely used in college and MBA courses on business analysis and valuation. It has been translated into Chinese, Japanese and Spanish.^[1]

The book won the American Accounting Association's Wildman Award for its impact on management practice, as well as the Notable Contribution to the Accounting Literature Award for its impact on academic research.^[7]

It is accompanied by a business analysis and valuation software model published by the Harvard Business School Publishing Company.^[8]

Publications

Krishna Palepu has published numerous articles in academic journals and practitioner-oriented publications including Journal of Accounting and Economics, The Accounting Review, Harvard Business Review, MIT Sloan Management Review, Brown Journal of World Affairs, Strategic Finance, Contemporary Accounting Research, the Journal of Finance, Academy of Management Journal, Journal of Accounting Research, Journal of International Business Studies, and The Review of Economics and Statistics.

He has also published dozens of Harvard Business School cases and course materials.

Teaching

He teaches courses in the Accounting and Control unit and courses on strategy in emerging markets at Harvard Business School (HBS). He also teaches in several executive programs at HBS.^[1]

Publishing history

Books

• Business Analysis And Valuation Using Financial Statements: Text and Cases (2007)
• Winning in Emerging Markets (2010)

Journals

• Palepu, Krishna; Healy, Paul M.; Kang, Sok-Hyon (April 1987). "The Effect of Accounting Procedure Changes on CEO's Cash Salary and Bonus Compensation". Journal of Accounting and Economics 9 (1): 7–34. 
• Palepu, Krishna; Healy, Paul M. (September 1988). "Earnings Information Conveyed by Dividend Initiations and Omissions". Journal of Financial Economics 21 (2): 149–175. 
• Palepu, Krishna; Healy, Paul M.; Asquith, Paul (July 1989). "Earnings and Stock Splits". The Accounting Review 64 (3): 387–403. 
• Palepu, Krishna; Healy, Paul M. (Fall 1989). "How Do Investors Interpret Firms' Financial Decisions". Journal of Applied Corporate Finance 2 (3). 
• Palepu, Krishna; Healy, Paul M. (January 1990). "Effectiveness of Accounting-Based Dividend Covenants". Journal of Accounting and Economics 12 (1-3): 97–124. 
• Palepu, Krishna; Healy, Paul M. (Spring 1990). "Earnings and Risk Changes Surrounding Primary Stock Offers". Journal of Accounting Research 28 (1): 25–48. 
• Palepu, Krishna (October 1990). "Consequences of Leveraged Buyouts". Journal of Financial Economics 27 (2): 247–262. 
• Palepu, Krishna; Healy, Paul M.; Ruback, Richard S. (April 1992). "Does Corporate Performance Improve after Mergers?". Journal of Financial Economics 31 (2): 135–175. 
• Palepu, Krishna; Healy, Paul M. (March 1993). "The Effect of Firms' Financial Disclosure Strategies on Stock Prices". Accounting Horizons 7: 1–11. 
• Palepu, Krishna; Healy, Paul M. (1993). Froot, K.. ed. International Equity Acquisitions: Who, Where, and Why?. Foreign Direct Investment. University of Chicago Press. 
• Palepu, Krishna; Bernard, Victor L.; Merton, Robert C. (Spring 1995). "Mark-to-Market Accounting for Banks and Thrifts: Lessons from the Danish Experience". Journal of Accounting Research 33 (1): 1–32. 
• Palepu, Krishna; Healy, Paul M. (June 1995). "The Challenges of Investor Communication: The Case of CUC International, Inc.". Journal of Financial Economics 38 (2): 111–140. 
• Palepu, Krishna; Healy, Paul M. (Winter 1996). "Using Capital Structure to Communicate with Investors: The Case of CUC International". Journal of Applied Corporate Finance 8 (4). 
• Palepu, Krishna; Khanna, Tarun (July-August 1997). "Why Focused Strategies May Be Wrong For Emerging Markets". Harvard Business Review 75 (4): 41–51. 
• Palepu, Krishna; Healy, Paul M.; Ruback, Richard S. (Summer 1997). "Which Takeovers are Profitable: Strategic or Financial?". MIT Sloan Management Review 38 (4): 45–57. 
• Palepu, Krishna; Khanna, Tarun (Winter-Spring 1998). "Building Institutional Infrastructure". Brown Journal of World Affairs 5 (1). 
• Palepu, Krishna; Khanna, Tarun (July-August 1999). "The Right Way to Restructure Conglomerate in Emerging Markets". Harvard Business Review 77 (4): 125–134. 
• Palepu, Krishna; Epstein, Marc J. (1999). "What Financial Analysts Want". Strategic Finance: 48–52. 
• Palepu, Krishna; Khanna, Tarun (June 1999). "Policy Shocks, Market Intermediaries, and Corporate Strategy: Evidence from Chile and China". Journal of Economics and Management Strategy 8 (2): 271–310. 
• Palepu, Krishna; Healy, Paul M.; Hutton, Amy P. (Fall 1999). "Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure". Contemporary Accounting Research 16 (3). 

• Palepu, Krishna; Khanna, Tarun (2000). Morck, Randall. ed. "Emerging Market Business Groups, Foreign Investors, and Corporate Governance". National Bureau of Economic Research Conference Report. Concentrated Corporate Ownerships (University of Chicago Press): 265–294. 
• Palepu, Krishna; Khanna, Tarun (April 2000). "Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups". Journal of Finance 55 (2): 867–891. 
• Palepu, Krishna; Khanna, Tarun (June 2000). "The Future of Business Groups in Emerging Markets: Long-Run Evidence from Chile". Academy of Management Journal 43 (3). 
• Palepu, Krishna; Healy, Paul M. (September 2001). "Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature". Journal of Accounting and Economics 31 (1-3): 405–440. 
• Palepu, Krishna; Stuart C., Gilson; Healy, Paul (December 2001). "Analyst Specialization and Conglomerate Stock Breakups". Journal of Accounting Research 39 (3). 
• Palepu, Krishna; Healy, Paul M. (December 2001). "The Fall of Enron". Journal of Accounting Research 39 (3). 
• Palepu, Krishna; Healy, Paul M. (July 2003). "How the Quest for Efficiency Corroded the Market". Harvard Business Review 81 (7). 
• Palepu, Krishna; Kaplan, Robert (December 2003). "Expensing Stock Options: A Fair-Value Approach". Harvard Business Review 81 (12). 
• Palepu, Krishna; Khanna, Tarun; Srinivasan, Suraj (May 2004). "Disclosure Practices of Foreign Companies Interacting with U.S. Markets". Journal of Accounting Research 42 (2). 
• Palepu, Krishna; Khanna, Tarun (November 2004). "Globalization and Convergence in Corporate Governance: Evidence from Infosys and the Indian Software Industry". Journal of International Business Studies 35 (6): 484–507. 
• Palepu, Krishna; Khanna, Tarun (2005). Morck, Randall. ed. The Evolution of Concentrated Ownership in India: Broad Patterns and a History of the Indian Software Industry. The History of Corporate Governance around the World: Family Business Groups to Professional Managers. University of Chicago Press. 
• Palepu, Krishna; Khanna, Tarun; Sinha, Jayant (June 2005). "Strategies That Fit Emerging Markets". Harvard Business Review 83 (6). 
• Palepu, Krishna; Tarun, Khanna; Kogan, Joe (February 2006). "Globalization and Similarities in Corporate Governance". The Review of Economics and Statistics 88 (1). 
• Palepu, Krishna; Khanna, Tarun (October 2006). "Emerging Giants: Building World-Class Companies in Developing Countries". Harvard Business Review 84 (10). 
• Palepu, Krishna; Khanna, Tarun (May-June 2011). "Winning in Emerging Markets: Spotting and Responding to Institutional Voids". The World Financial Review: 18–20. 

Working Papers

• Palepu, Krishna; Healy, Paul M. (2001). "The Role of Corporate Boards in Improving Governance through Effective Discloure". Harvard Business School Working Paper, No. 02-039. 
• Palepu, Krishna; Chang, James; Khanna, Tarun (2001). "Analyst Activity Around the World". Harvard Business School Working Paper, No. 01-061. 
• Palepu, Krishna; Khanna, Tarun (2002). "Product and Labor Market Globalization and Convergence of Corporate Governance: The Case of Infosys and the Indian Software Industry". Harvard Business School Working Paper, No. 02-040. 
• Palepu, Krishna; Kogan, Joe; Khanna, Tarun (2002). "Globalization and Corporate Governance Convergence? A Cross-Country Analysis". Harvard Business School Working Paper, No. 02-041. 
• Palepu, Krishna; Khanna, Tarun; Srinivasan, Suraj (2003). "Disclosure Practices of Foreign Companies Interacting with U.S. Markets". Harvard Business School Working Paper, No. 03-081. 
• Palepu, Krishna; Lorsch, Jay W. (2003). Limits to Board Effectiveness. 
• Palepu, Krishna; Khanna, Tarun (July 2004). "The Evolution of Concentrated Ownership in India: Broad Patterns and a History of the Indian Software Industry". Harvard Business School Working Paper, No. 05-001. The Rise and Fall of Business Families (University of Chicago Press). 

Board memberships

Palepu has been a director of a number of companies around the world. He has been on the board of Brooks Automation, a semi-conductor equipment and materials company since November 2005. He is also a director of BTM Corporation, a management solutions provider focused on converging business with technology. He is a director since 2008 of Partners Harvard Medical International, a non-profit subsidiary of Partners Healthcare Systems, Inc. He currently serves on the board of Exeter Group, a privately held computer software consulting company in Cambridge, Massachusetts. He served on the board of Polymedica, a provider of diabetes testing supplies and products from June 2006 until it was sold in August 2007.^[9] He was on the board of Satyam Computer Services from 2003 to 2008. Palepu has stated he resigned in 2008 after learning that the promoters of Satyam pledged their shares with financial institutions, without previously notifying the board.^[10] In 2009, the company announced that the Chairman, who was later arrested, had been falsifying financial statements.^[11][12] In July 2010, the SFIO claimed fees that Satyam paid, which were fully disclosed in annual reports and approved by shareholders, allegedly should have gotten prior approval by the Indian government,^[13] but Satyam is disputing the contention that Indian government approval was required.^[14] PricewaterhouseCoopers audited Satyam and has been charged with numerous violations for its role in giving clean audit reports, as well as withholding information of fraud from the Board.^[15] Palepu was a non-executive director of Dr. Reddy's Laboratories from 2002 to 2009.^[16] The board expressed appreciation for his contribution to the company.^[17] Professor Palepu has a Professional Director Certification from the American College of Corporate Directors.^[9]

References

External links

• KrishnaPalepu.org
• Krishna Palepu at Harvard Business School
• Krishna Palepu at Harvard Business Review
• Winning in Emerging Markets
• Krishna Palepu listing at Forbes.com
• Krishna Palepu articles at HBS Working Knowledge
• Business Analysis and Valuation

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Name	Palepu, Krishna G.
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