Harvey Arbelaez


Professor Arbelaez joined the Institute after previously teaching at several American universities such as Pennsylvania State University, Rutgers University, Temple University, St. Joseph's University, and Philadelphia University, as well as in other institutions in Latin America such as UPB and EAFIT (Colombia), ESAN (Peru), and IESA (Venezuela) among others. He has also consulted for the International Trade Centre of the UNCTAD/ GATT through the auspices of the regional UNDP for the internationalization of the business curriculum of the business schools in Latin America, and more recently for the UNCTAD Division of Investment, Technology and Enterprise Development on FDI policy reviews.

Some of his research work has appeared in The Thunderbird Review of International Business (formerly The International Executive), Managerial Finance, Emerging Markets Quarterly, International Review of Financial Analysis, International Journal of Management, Journal of International Marketing and Marketing Research, Journal of Transnational Management Development, Academia, Revista Administracion U.P.B., Revista Javeriana, Revista Fiscal, and Revista Universidad Eafit. He has also contributed chapters to several books on international business and finance. He has been an editor of journals and books, and is a member of the editorial board of Frontiers in Finance and Economics. Dr. Arbelaez has edited a book titled Latin American Financial Markets: Developments in Financial Innovations as a volume of the book series International Finance Review.

Professor Arbelaez is an active member of the Academy of International Business (AIB), the Business Association of Latin American Studies (BALAS), the Financial Management Association International (FMA), the Latin American Council of Schools of Business and Management (CLADEA), and the Multinational Finance Society (MFS). He has also received several awards and scholarships such as IBEAR at the USC Marshall School and Rotary International in the Netherlands.


Business in Latin America, corporate finance, country analysis, currency substitution, foreign direct investment, international business planning


PhD, Temple University, Philadelphia, PA; MBA, University of New Orleans, New Orleans, LA; MMMP Certificate, Tufts University and IMM, Boston, MA; BS, Universidad Pontificia Bolivariana, Medellin, Colombia

Selected Publications

"Market Reform and FDI in Latin America: An Empirical Investigation"
"Short-term and Long-term Linkages among the Colombian Capital Market Indexes"
"A Note Using Mergers and Acquisitions to Gain Competitive Advantage in the United States in the Case of Latin America MNCs"
"Carrera Academia y Escuelas de Gerencia"
"Managers' Perceptions to the Evolution of the Marketing Concept: The Case of Colombia"
"Latin American Banks Responses to the Y2K Problem: An Ex-Ante Analysis"
"The Behavior of the Colombian Emerging Capital Market"

Course List

Courses offered in the past four years.
indicates offered in the current term
indicates offered in the upcoming term[s]

IMGT 8536 - Financial Management      

This core course is designed to help students develop an understanding of the fundamental and practical analytical tools of corporate finance as well as its underlying concepts and principles through an encompassing analytical framework of both risk and return within qualitative and quantitative dimensions. The purpose of this course is to study the management of the firm from a financial point of view by focusing in the financial manager's primary task, which is to plan for the acquisition and use of funds so as to maximize the value of the firm.

Spring 2011 - MIIS, Fall 2011 - MIIS, Spring 2012 - MIIS

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IMGT 8608 - Finance in Emerging Markets      

Within a financial institutional approach needed to ensure the functioning of financial markets through the foundations provided by the viability of a national government’s management of its monetary and fiscal policies, the rule of law and regulations, and the reliability of systems of information and control, this course aim at surveying the financial systems in emerging markets. It is sought through an understanding of the anatomy of what emerging markets mean and an analysis of trends, national financial institutional building, role of capital flows, financial performance, extent of functioning of financial markets and intermediaries, asymmetric information, control and monitoring considerations, describe the emergence of the phenomenon of emerging markets worldwide, and contrast their similarities and differences with what has been a mainly predominantly industrialized-specific system as a business field of study and practice.

Spring 2012 - MIIS

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IMGT 8620 - Country & Political Risk Anlys      

This is a survey course on the consideration of aspects associated with political risk analysis. The course will cover, within a multidisciplinary approach, theoretical as well as empirical issues pertaining to an economic / financial examination of the international business environment. The range of topics will include from definitional matters, to the discussion of the nature, to assessment methods, to forecasting models, to the rating and management of political risk. The ever-changing nature of political risk will be emphasized through a source - medium - effect framework. Case discussions and project preparation will be used as a pedagogical approach to supplement lecturing as well as possible guest speaker presentations.
Prerequisites: IMGT 8531, IMGT 8536 & IMGT 8520. This course is intended for second year students. Non-business students should have IPOL 8520 and IPOL 502/504

Spring 2011 - MIIS, Fall 2011 - MIIS

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IMGT 8628 - Intl Capital Budgeting/Control      

This course deals with the specific issues related to the evaluation and implementation of international investment projects. In particular, it focuses on capital budgeting decision rules, political risk analysis, elements of international taxation, subsidiary versus parent perspective, adjustments for risk, and other factors such as exchange rate, financing arrangement, and inflation. The course blends a theoretical approach with an ample set of real world applications in the form of problem solving, case studies and readings discussions.

Fall 2011 - MIIS

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IMGT 8640 - Case Studies in Finance      

This course aims at dealing with the corporate process of value creation by setting some themes such as ethics, financial analysis and forecasting, cost of capital, capital budgeting and resource allocation, valuation, management of equity and corporate debt, risk management and portfolio theory, asset pricing, financial engineering, capital structure, mergers and acquisitions from a finance and corporate strategy stand point. The course is real world case-oriented to emphasize a normative analysis approach where the administrative point of view should emerge with the growth of judgment.

Spring 2012 - MIIS

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