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.


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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MBAG8536 - Financial Management      

This course covers theory, concepts, and practices underlying the principles of managerial and corporate finance. The Learning Outcomes include the topics as noted on the syllabus. In addition to gaining knowledge of the topics noted, students should demonstrate critical thinking skills and demonstrate ability to apply the knowledge gained in this course to new situations and problems. The course is a mixture of lectures, interactive discussion and problem solving. It provides an overview of the basic concepts of and principles of finance in the private sector. Where possible, we will discuss the differences between the private and public sectors and the implications for the Department of Defense. It is designed to provide insights into the financial decision making processes encountered by commercial enterprises. The major emphasis is on the financial environment, valuation models, risk and return analysis, cost of capital determination, optimal capital structure, and short-term and long-term financing.

Spring 2015 - MIIS

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MBAG8612 - Case Competition Prep Course      

This course prepares students for MBA Case Competition participation. We emphasize “raw cases” as our target competitions: The Economist, Corporate Knights, Hult Prize and Aspen have all adopted this format. In addition to introducing you to the “raw case” approach, you will acquire skills that can give teams a competitive edge in Case competition. Specifically, we provide (in collaboration with participants) possible information sources that you may consult in the course of your analyses, an overview of business methods. Further the differentiating characteristics in elite case competitions may rest not only on your analyses, but also on the crispness of your presentation – both written and oral. Thus the pre-case phase will allow you to improve these skills as well.

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

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MBAG8638 - Intl Investment Analysis      

This course covers theory and instruments used in developing international investment portfolios. Students gain an understanding of international capital and money markets through the development and management of their own portfolios. The course also covers the use of hedging strategies, asset pricing models and management of exchange risk.

Prerequisite: IMGT 8531 & IMGT 8536.

Spring 2015 - 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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