Krishna Palepu’s Publications

Krishna Palepu has authored numerous publications in both practitioner-oriented journals and academic journals (see HBS website and HBS Working Knowledge  for full listing), and is a frequent contributor to the Harvard Business Review.

Some of his more groundbreaking publications include:

Emerging Markets Publications

Why Focused Strategies May Be Wrong For Emerging Markets (Harvard Business Review, July 1997) by Krishna Palepu and Tarun Khanna

“As emerging markets open up to global competition, consultants and foreign investors are increasingly pressuring these groups to conform to Western practice by scaling back the scope of their business activities…There are reasons to worry about this trend. Focus is good advice in New York or London, but something important gets lost in translation when that advice is given to groups in emerging markets. Western companies take for granted a range of institutions that support their business activities, but many of these institutions are absent in other regions of the world.”

The Right Way to Restructure Conglomerates in Emerging Markets (Harvard Business Review, July 1, 1999)  by Krishna Palepu and Tarun Khanna

“Western experts have often urged the breakup of the large, diversified business groups that dominate the private sector in many emerging economies. But a rush to dismantle these groups would be a mistake, say HBS Professors Tarun Khanna and Krishna Palepu.  Emerging economies lack a soft infrastructure–the banks, business schools, corporate governance processes, and so on that are the foundation of economic growth. Many business groups in emerging markets make up for the absence or weakness of these market intermediaries by filling in themselves.”

Emerging Giants:  Building World-Class Companies in Developing Countries (Harvard Business Review, October 2006) by Krishna Palepu and Tarun Khanna

“Over the past two-plus decades, as emerging market economies liberalized, multi-nationals stormed in. Many local companies lost market share or sold off businesses as a result, but some fought back. They held their own against the onslaught, restructured their businesses, exploited new opportunities, and built world-class companies that today are giving their global rivals a run for their money.”

 

Corporate Governance Publications

The Fall of Enron  by Krishna Palepu and Paul Healy:  This paper, published for the National Bureau of Economic Research (NBER), is listed in the Top 10 most downloaded papers in the Social Science Research Network (SSRN). It explains how governance and incentive problems contributed to Enron’s rise and fall, and how these problems can also surface at many other firms, and may potentially affect the entire capital market.

Renewing Markets for Better Governance  In this Faculty Seminar Series CD, Harvard Business School Professor Krishna Palepu explores the links between corporate governance and American capital markets and the need to reform our market institutions.

Strategic Engagement by the Board  Krishna Palepu’s Chapter in The Future of Boards, edited by Jay Lorsch and recently published by Harvard Business Press, gives board members practical, simple steps to become more engaged strategically in the companies on which they serve, and to increase their effectiveness as board members.

 

Corporate Disclosure and Valuation

Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature.”Journal of Accounting & Economics 31 (September 2001)

 In one of the more heavily cited articles in the area of disclosure, Krishna Palepu and co-author Paul Healy examine how disclosure of information by companies impacts stock performance.

Krishna Palepu and Healy have written numerous other articles in the area of disclosure and valuation, detailed more fully on the Harvard Business School website.

 

Published Papers

Khanna, Tarun, and Krishna Palepu. “Winning in Emerging Markets: Spotting and Responding to Institutional Voids.” The World Financial Review (May – June 2011): 18-20.

Khanna, Tarun, and Krishna Palepu. “Emerging Giants: Building World-Class Companies in Developing Countries.” Harvard Business Review 84, no. 10 (October 2006).

Khanna, Tarun, Joe Kogan, and Krishna Palepu. “Globalization and Similarities in Corporate Governance: A Cross-country Analysis.The Review of Economics and Statistics 88, no. 1 (February 2006): 69-90.

Khanna, Tarun, Krishna Palepu, and Jayant Sinha. “Strategies That Fit Emerging Markets.” Harvard Business Review 83, no. 6 (June 2005).

Khanna, Tarun, and Krishna Palepu. “Globalization and Convergence in Corporate Governance: Evidence from Infosys and the Indian Software Industry.” Journal of International Business Studies 35, no. 6 (November 2004): 484-507.

Khanna, Tarun, Krishna Palepu, and Suraj Srinivasan. “Disclosure Practices of Foreign Companies Interacting with U.S. Markets.” Journal of Accounting Research 42, no. 2 (May 2004).

Bob Kaplan and  Krishna Palepu. “Expensing Stock Options: A Fair-Value Approach.” Harvard Business Review 81, no. 12 (December 2003).

Healy, Paul M., and Krishna Palepu. “How the Quest for Efficiency Corroded the Market.” Harvard Business Review 81, no. 7 (July 2003).

Healy, Paul M., and Krishna Palepu. “The Fall of Enron.” Journal of Economic Perspectives 17, no. 2 (spring 2003).

Gilson, Stuart C., Paul M. Healy, Christopher F. Noe, and Krishna Palepu. “Analyst Specialization and Conglomerate Stock Breakups.” Journal of Accounting Research 39, no. 3 (December 2001).

Healy, Paul M., and Krishna Palepu. “Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature.” Journal of Accounting & Economics 31, nos. 1-3 (September 2001): 405-440.

Khanna, Tarun, and Krishna Palepu. “The Future of Business Groups in Emerging Markets: Long-Run Evidence from Chile.” Academy of Management Journal 43, no. 3 (June 2000).

Khanna, Tarun, and Krishna Palepu. “Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups.” Journal of Finance 55, no. 2 (April 2000): 867-891.

Healy, Paul M., Amy P. Hutton, and Krishna Palepu. “Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure.Contemporary Accounting Research 16, no. 3 (fall 1999).

Khanna, Tarun, and Krishna Palepu. “Policy Shocks, Market Intermediaries, and Corporate Strategy: Evidence from Chile and India.” Journal of Economics & Management Strategy 8, no. 2 (June 1999): 271-310.

Epstein, Marc J., and Krishna Palepu. “What Financial Analysts Want.” Strategic Finance (April 1999): 48-52. (Also in CFO: The Magazine for Senior Financial Executives (1997).)

Khanna, Tarun, and Krishna Palepu. “The Right Way to Restructure Conglomerates in Emerging Markets.” Harvard Business Review77, no. 4 (July-August 1999): 125-134.

Khanna, Tarun, and Krishna Palepu. “Building Institutional Infrastructure.” Brown Journal of World Affairs 5, no. 1 (winter-spring 1998).

Healy, Paul, Krishna Palepu, and R. S. Ruback. “Which Takeovers are Profitable: Strategic or Financial?MIT Sloan Management Review 38, no. 4 (summer 1997): 45-57.

Khanna, T., and Krishna Palepu. “Why Focused Strategies May Be Wrong for Emerging Markets.” Harvard Business Review 75, no. 4 (July-August 1997): 41-51.

Healy, Paul M., and Krishna Palepu. “Using Capital Structure to Communicate with Investors: The Case of CUC International.” Journal of Applied Corporate Finance 8, no. 4 (winter 1996).

Healy, P., and Krishna Palepu. “The Challenges of Investor Communication: The Case of CUC International, Inc.Journal of Financial Economics 38, no. 2 (June 1995): 111-140.

Bernard, Victor L., Robert C. Merton, and Krishna Palepu. “Mark-to-Market Accounting for Banks and Thrifts: Lessons from the Danish Experience.” Journal of Accounting Research 33, no. 1 (spring 1995): 1-32.

Palepu, Krishna G., and P. Healy. “The Effect of Firms’ Financial Disclosure Strategies on Stock Prices.” Accounting Horizons 7 (March 1993): 1-11.

Healy, P., Krishna Palepu, and R. Ruback. “Does Corporate Performance Improve after Mergers?Journal of Financial Economics 31, no. 2 (April 1992): 135-175.

Krishna Palepu ”Consequences of Leveraged Buyouts.” Journal of Financial Economics 27, no. 2 (October 1990): 247-262.

Healy, P., and Krishna Palepu. “Earnings and Risk Changes Surrounding Primary Stock Offers.Journal of Accounting Research 28, no. 1 (spring 1990): 25-48.

Healy, P. M., and Krishna Palepu.Effectiveness of Accounting-Based Dividend Covenants.” Journal of Accounting & Economics 12, nos. 1-3 (January 1990): 97-124.

Healy, Paul M., and Krishna Palepu. “How Do Investors Interpret Firms’ Financial Decisions.” Journal of Applied Corporate Finance 2, no. 3 (fall 1989).

Asquith, Paul, Paul M. Healy, and Krishna Palepu. “Earnings and Stock Splits.” The Accounting Review 64, no. 3 (July 1989): 387-403.

Healy, Paul M., and Krishna Palepu. “Earnings Information Conveyed by Dividend Initiations and Omissions.” Journal of Financial Economics 21, no. 2 (September 1988): 149-175.

Healy, Paul M., Sok-Hyon Kang, and Krishna Palepu. “The Effect of Accounting Procedure Changes on CEO’s Cash Salary and Bonus Compensation.” Journal of Accounting & Economics 9, no. 1 (April 1987): 7-34.

Book Chapters

Khanna, Tarun and Krishna Palepu. “The Evolution of Concentrated Ownership in India: Broad Patterns and a History of the Indian Software Industry.” In The History of Corporate Governance around the World: Family Business Groups to Professional Managers, edited by Randall Morck. University of Chicago Press, 2005.

Khanna, Tarun and Krishna Palepu. “Emerging Market Business Groups, Foreign Investors, and Corporate Governance.” In Concentrated Corporate Ownership, edited by Randall Morck, 265-294. National Bureau of Economic Research Conference Report. University of Chicago Press, 2000.

Healy, Paul M. and Krishna Palepu. “International Equity Acquisitions: Who, Where, and Why?” In Foreign Direct Investment, edited by K. Froot. Chicago: University of Chicago Press, 1993.

Other Papers

Khanna, Tarun, and Krishna Palepu. “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, 2004. (Also NBER Working Paper No. 10613, July 2004. Published as a chapter in The Rise and Fall of Business Families, edited by Randall Morck. University of Chicago Press, 2005.)

Crane, D. B., J. O. Light, Krishna Palepu, and A. F. Perold. “Capital Market Intermediaries: Summary Observations on a Workshop Held at Harvard Business School.” 2003 (Unpublished Paper, May.)

Palepu, Krishna G., and Jay W. Lorsch. “Limits to Board Effectiveness.” 2003.

Khanna, Tarun, Krishna Palepu, and Suraj Srinivasan. “Disclosure Practices of Foreign Companies Interacting with U.S. Markets.” Harvard Business School Working Paper, No. 03-081, 2003.

Khanna, Tarun, Joe Kogan, and Krishna Palepu. “Globalization and Corporate Governance Convergence? A Cross-Country Analysis.” Harvard Business School Working Paper, No. 02-041, 2002.

Khanna, Tarun, and Krishna Palepu. “Product and Labor Market Globalization & Convergence of Corporate Governance: The Case of Infosys and The Indian Software Industry.” Harvard Business School Working Paper, No. 02-040, 2002.

Chang, James, Tarun Khanna, and Krishna Palepu. “Analyst Activity Around the World.Harvard Business School Working Paper, No. 01-061, 2001.

Healy, Paul M., and Krishna Palepu. “The Role of Corporate Boards in Improving Governance through Effective Disclosure.” Harvard Business School Working Paper, No. 02-039, 2001.

Teaching and Training Materials

Krishna Palepu , Renewing Markets for Better Governance. Faculty Seminar Series. Boston: Harvard Business School Publishing, 2003. Cd-rom. (Faculty Lecture: HBSP Product Number 4465C.)