Middlebury Institute of International Studies at Monterey

Sandra M. Dow

Professor of International Finance and Chair of the Fisher MBA in Global Impact Management

Dr. Sandra Dow has taught at the University of Quebec at Montreal (Canada), Concordia University (Canada), Wake Forest University (USA), Saint Mary's University (Canada), and Warsaw School of Economics (Poland).  During her academic career she has taught a range of courses including:  Corporate Finance, International Finance, International Investments, Corporate Governance, and Environmental/Social/Governance Risk Management. Professor Dow received her Ph.D. in Finance at Concordia University in Canada, her MA in Economics at Dalhousie University, and a BA in Economics from Mount Allison University.  Her published work includes contributions to the  Journal of International Business Studies, Journal of Business Research, Journal of Business Ethics, Asia Pacific Journal of Management, Journal of Banking and Finance, Advances in International Management, and International Finance Review. Dr. Dow is an active participant in scholarly conferences and has presented her research around the world.  Her current research focuses upon issues in international corporate governance. She is a subject matter expert in "Enterprise Risk Management" and "Reputational Risk" for  PRMIA (Professional Risk Managers’ International Association); Associate Editor (Corporate Governance) of Finance Research Letters published by Elsevier; and Associate Editor (Corporate Finance) of the International Review of Financial Analysis also published by Elsevier.

Expertise

Corporate Governance; International Finance; Environmental, Social, and Governance (ESG) Risk Management.

Recent Publications in Academic and Practitioner Outlets

Dow, Sandra. “Managing Stakeholder Expectations”, in Reputation Risk Management in Banks, Petra Merl and Thomas Kaiser editors. RepRisk Books, 2014.

McGuire, Jean, Sandra Dow, and Bakr Ibrahim. “All in the family: Social performance and corporate governance in the family firm.” Journal of Business Research, Vol. 65, 11, 2012, pp. 1643–1650.

Aggarwal, Raj and Sandra Dow. "Dividends and strength of Japanese business group affiliation." Journal of Economics and Business, Vol. 64, 3, 2012, pp. 214–230.

Aggarwal, Raj and Sandra Dow. “Corporate governance and business strategies for climate change and environmental mitigation.” European Journal of Finance, Vol. 18, 3-4, 2012, pp. 311-331.

Dow, Sandra, Jean McGuire and Toru Yoshikawa. “Disaggregating the group effect: Vertical and horizontal keiretsu in changing economic times.” Asia Pacific Journal of Management, Vol. 28, 2, 2011, pp. 299-323.

Aggarwal, Raj and Sandra Dow. “Navigating the C2 economy.” The European Financial Review, April/May 2011, pp. 46-51.

Dow, Sandra and Jean McGuire. “Industrial networks in Japan: Blessing or curse?” The European Financial Review, February/March 2011, pp. 17-21.

Dow, Sandra and Jean McGuire. “Propping and tunneling: Empirical evidence from Japanese keiretsu.” Journal of Banking and Finance, Vol. 33, 10, 2009, pp. 1817-1828.

McGuire, Jean and Sandra Dow. “Japanese keiretsu: Past, present, future.” Asia Pacific Journal of Management, Vol. 26, 2, 2009, pp. 333-351.

Course List

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

ECPR8550 - Business Fundamentals      

Summer 2015 - MIIS, Summer 2016 - MIIS

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MBAG8612 - Business Competition Immersion      

Business Competition Practicum

This is a 3-credit course offered twice a year in the fall and spring semesters for the advanced-entry MBA students, the second-year MBA students, and other GSIPM students with special permission from the course instructor. The course is designed to center the exciting and enriching academic experience on one or more business competitions, and to provide unique opportunities for students to integrate true-life knowledge application and contemporary career skills development.

While traditional classroom learning remains essential, it is inefficient, slow, and even constraining to knowledge acquisition in today’s open-source, hyper-networked, and complex world. We need to strengthen our ability to process data, information, and knowledge from numerous sources and to generate actionable insights in whatever context we may encounter. Such true-life knowledge application requires students to embark on a journey to discover, create and validate new and useful knowledge, a superior way to knowledge internalization as well as development of contemporary career skills, such as ideation, pattern recognition, and complex communication.

Well thought-out and organized business competitions attract students from leading business schools to participate and learn every year. Over the last few years, the Fisher MBA student teams have entered and won some of the top competitions in the world, including the MBA Investment Case Study Competition by The Economist, the Business for a Better World Case Competition by Corporate Knights, the Aspen Business & Society International MBA Case Competition, and the Hult Prize, the planet’s largest student competition to solve the world’s toughest problems. Having served as advisors to most of the MIIS teams, the instructors believe strongly that business competition may be an effective approach to intensive experiential learning and hold tremendous academic value. This practicum is set up so that more students can benefit from similar experiences.

Students enrolled in the course must commit themselves to actively participate in one or more business competitions that MIIS signs up for every fall or spring, and to attend the preparation and debriefing sessions that the instructors may organize. The primary goal for the course is academic learning and career skills development. Students are encouraged to motivate themselves and each other to win the competition and find joy and satisfaction in the process. It is a Pass/Fail course based on student effort as individual and a member of his or her competitive team.

Interested students must enroll and be placed on the waiting list first. In addition, they need to email a copy of their resume to the instructors at smdow@miis.edu">miis.edu and yshi@miis.edu.

Fall 2015 - MIIS, Fall 2016 - MIIS, Spring 2017 - MIIS

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MBAG8619 - Corporate Govrnance      

“Shleifer and Vishny (1997) state: “Corporate governance deals with the ways in which suppliers of finance to corporations assure themselves of getting a return on their investment. How do the suppliers of finance get managers to return some the profits to them? How do they make sure that managers do not steal the capital they supply or invest it in bad projects?” (Page 737)

Many other scholars, however, take a much broader view of corporate governance. Monks and Minow (2008) state that

« In essence, corporate governance is the structure that is intended to make sure that the right questions get asked and that checks and balances are in place to make sure that the answers reflect what is best for the creation of long-term, sustainable value. When that structure gets subverted, it becomes too easy to succumb to the temptation to engage in self-dealing.” (Monks & Minow (2008), pg. 3).

“Good corporate governance requires a complex system of checks and balances. One might say that it takes a village to make it work. In the last decade, we have seen a perfect storm of failures, negligence, and corruption in every single category of principal and gatekeeper: managers, directors, shareholders, security analysts, lawyers, accountants, compensation consultants, investment bankers, journalists, and politicians.” (Monks and Minow (2008), pg. 4).

This course will combine theoretical perspectives on corporate governance with practical applications through case studies.”

Spring 2016 - MIIS

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MBAG8629 - Intl Financial Markets      

The course provides the student with the conceptual framework necessary to appreciate and understand the key financial markets and instruments that facilitate trade and investment activities in a dynamically evolving global financial environment. For this purpose, the course focuses on the global financial environment; the foreign exchange market; the foreign currency options market; the currency futures market; the currency forward market; the currency and interest rate swap markets; the international bond market; the international equity market; international portfolio diversification; and international parity relations.

Spring 2017 - MIIS

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MBAG8688 - ESG Risk Assessment      

Successful investing is dependent upon the ability to determine the factors that influence the market's valuation of a company… and then judge the accuracy of that valuation. The goal of this course is to demonstrate how Environmental, Social, and Governance (ESG) factors can be used along with traditional financial metrics to assess risks and opportunities confronting firms. As such, this is a course in socially responsible investing taught from a finance perspective. The importance of “extra-financial” factors in evaluating the risks and opportunities confronting the firm is no longer a fringe area for finance professionals. In 2008 the Chartered Financial Analyst’s association introduced ESG into their curriculum. According to a Thomson Reuters survey released in May 2009, 84% of global buy-side investors said they evaluate ESG criteria to some degree when making investment decisions. Moreover, institutional investors are increasingly vocal in their demands that ESG risks be disclosed to the SEC. There are three themes to the course: Objectives of business (wealth maximization versus long term sustainability?), the pillars of socially responsible investing and the development of SRI funds.

Fall 2015 - MIIS, Fall 2016 - MIIS

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