Alexander Guzmán Vásquez Professor of Finance CESA School of Business Diagonal 34A No. 5A- 57 Second Floor Bogotá, COLOMBIA 57-1- 339-5300 Ext. 1102 alexander.guzman@cesa.edu.co INTEREST Corporate governance; Corporate Finance; Family Firms; Business Groups; University Governance EDUCATION University of the Andes School of Management, Colombia Ph.D. in business administration (finance thesis), 2011. M.B.A. Magister in Business Administration, 2006. University of Rosario School of Management, Colombia Postgraduate qualification in Marketing, 2002. Externado University School of Management, Colombia Postgraduate qualification in Finance, 2000. B.Sc. Business Administration, 1998. EMPLOYMENT October 1, 2011 to date: Full Professor of Finance, CESA School of Business, Bogotá, Colombia January 25, 2010 to October 1, 2011: Associate Professor of Finance, CESA School of Business, Bogotá, Colombia June 1, 2005 to January 30, 2007: Assistant Professor of Finance, University of Rosario School of Management, Bogotá, Colombia January 10, 2002 to May 31, 2005: Auxiliary Professor of Finance, University of Rosario School of Management, Bogotá, Colombia July, 1999 to November, 2001: University Lecturer, Externado University, Sabana University, University of Rosario, Bogotá, Colombia
PUBLICATIONS PAPERS English Language Governance of Family Firms. Belén Villalonga, Raphael Amit, María Andrea Trujillo, Alexander Guzmán. Annual Review of Financial Economics. 7(1): (Forthcoming). 2015. ISSN: 1941-1367. ISI Q2/Scopus Q1. The role of family involvement on CEO turnover: Evidence from Colombian Family Firms. Maximiliano Gonzalez, Alexander Guzmán, Carlos Pombo, María Andrea Trujillo. Corporate Governance: An International Review. 23(3):266 284. 2015. ISSN: 0964-8410. ISI Q1/Scopus Q1. Family Involvement and Dividend Policy in Closely Held Firms. Maximiliano Gonzalez, Alexander Guzmán, Carlos Pombo, María Andrea Trujillo. Family Business Review 27(4):365-385. 2014. ISSN: 0894-4865. ISI Q1/Scopus Q1. Internet- Based Corporate Disclosure and Market Value: Evidence from Latin America. Urbi Garay, Maximiliano Gonzalez, Alexander Guzmán, María Andrea Trujillo. Emerging Markets Review 17(1):150-168. 2013. ISSN: 1566-0141. ISI Q2/Scopus Q1. Family firms and debt: risk aversion versus risk of losing control. Maximiliano Gonzalez, Alexander Guzmán, Carlos Pombo, María Andrea Trujillo. Journal of Business Research 66(11):2308-2320. 2013. ISSN: 0148-2963. ISI Q2/Scopus Q1. Family firms and financial performance: The cost of growing. Maximiliano Gonzalez, Alexander Guzmán, Carlos Pombo, María Andrea Trujillo. Emerging Markets Review 13(4):626-649. 2012. ISSN: 1566-0141. ISI Q2/Scopus Q1. Colombian ADRs: Why so few? Maximiliano González Ferrero, Alexander Guzmán Vásquez, María Andrea Trujillo Dávila. Innovar Journal 21(42):69-87. 2011. ISSN: 0121-5051. ISI Q4/Scopus Q4. The role of heirs in family businesses: The case of Carvajal. Maximiliano González Ferrero, Alexander Guzmán Vásquez, María Andrea Trujillo Dávila. Innovar Journal 20(36):49-66. 2010. ISSN: 0121-5051. ISI Q4/Scopus Q4. Prácticas de gobierno corporativo en las asambleas generales de accionistas de empresas listadas en Colombia. Gina- Paola González, Alexander Guzmán, Francisco Prada, María Andrea Trujillo. Cuadernos de Administración 27(49): 37-64. 2014. ISSN: 0120-3592. Scopus Q4. Instituciones de Educación Superior con ánimo de lucro en Colombia (For- Profit Higher Education Institutions In Colombia). Alexander Guzmán Vásquez, José Manuel Restrepo Abondano, María Andrea Trujillo Dávila. Innovar Journal 22(43):67-76. 2012. ISSN: 0121-5051. ISI Q4/Scopus Q3.
Revisión de la literatura de empresas familiares: una perspectiva financiera (Family Firms Literature Review: A Financial Perspective). Maximiliano González Ferrero, Alexander Guzmán Vásquez, Carlos Pombo Vejarano, María Andrea Trujillo Dávila. Academia Revista Latinoamericana de Administración. 47:18-42. 2011. ISSN: 1012-8255. ISI Q4/Scopus Q4. Reseña crítica a Leadership in administration. A sociological interpretation. Alexander Guzmán Vásquez. Innovar Journal 21(40):235-237. 2011. ISSN: 0121-5051. ISI Q4/Scopus Q4. Empresas familiares: Una revisión de la literatura desde una perspectiva de agencia (Family Businesses: A Literature Review from an Agency Perspective). Maximiliano González Ferrero, Alexander Guzmán Vásquez, Carlos Pombo Vejarano, María Andrea Trujillo Dávila. Revista Cuadernos de Administración 23(40):11-33. 2010. ISSN: 0120-3592. Scopus Q3. Intraemprendimiento: Una revisión al constructo teórico, sus implicaciones y agenda de investigación futura (Intra/entrepreneurship: A review of the Theoretical Construct, Its Implications, and a Future Research Agenda). María Andrea Trujillo Dávila, Alexander Guzmán Vásquez. Revista Cuadernos de Administración 21(35):37-63. 2008. ISSN: 0120-3592. Políticas de incentivos relacionadas con la investigación: una revisión crítica desde la teoría de contratos (Research incentive policy: a critical review based on the Theory of Contracts). Alexander Guzmán Vásquez, María Andrea Trujillo Dávila. Estudios Gerenciales 27(120):127-145. 2011. ISSN: 0123-5923. Procesos de isomorfismo en la Facultad de Administración de la Universidad de los Andes (Processes of isomorphism at the University of the Andes School of Management). Alexander Guzmán Vásquez, María Andrea Trujillo Dávila. Revista Universidad y Empresa 7(15):219-236. 2008. ISSN: 0124-4639. Emprendimiento Social Revisión de Literatura (Social Entrepreneurship Literature Review). Alexander Guzmán Vásquez, María Andrea Trujillo Dávila. Revista Estudios Gerenciales 24(109):105-125. 2008. ISSN: 0123-5923. La forma de gobierno y su relación con el poder y el cambio organizacional: Caso Universidad del Rosario (The shape of government and its relation with power and organizational change: The case of the University of Rosario). María Andrea Trujillo Dávila, Alexander Guzmán Vásquez. Revista Estudios Gerenciales 24(108):129-143. 2008. ISSN: 0123-5923. Poder y Estrategia (Power and Strategy). Raúl Sanabria Tirado, María Andrea Trujillo Dávila, Alexander Guzmán Vásquez. Revista Facultad de Ciencias Económicas: Investigación y Reflexión XVI,(2):11-30. 2008. ISSN: 0121-6805. Venture Capital: Una mirada al constructo teórico, su rol en los nuevos emprendimientos y agenda de investigación futura (Venture Capital: Theoretical Construction, Its Role in New Endeavors and Future Research Agenda). María Andrea Trujillo Dávila, Alexander Guzmán Vásquez. Revista
Facultad de Ciencias Económicas: Investigación y Reflexión XVI,(1):71-84. 2008. ISSN: 0121-6805. Burbujas en los Precios de los Activos Financieros (Bubbles in financial assets prices). Alexander Guzmán Vásquez, María Andrea Trujillo Dávila. Revista Pensamiento y Gestión 24:63-87. 2008. ISSN: 1657-6276. La Administración Logística inmersa en las Megatendencias Empresariales. María Andrea Trujillo Dávila, Alexander Guzmán Vásquez. Revista Universidad y Empresa 13:91-112. 2007. ISSN: 0124-4639. Perspectivas Sociológica y Económica en la Teoría Organizacional (2ª Parte). Alexander Guzmán Vásquez, María Andrea Trujillo Dávila, Gisele Eugenia Becerra, Manuela Trujillo Dávila. Revista de la Escuela Colombiana de Ingeniería 69:55-63. 2007. ISSN: 0121-5132. Perspectivas Sociológica y Económica en la Teoría Organizacional (1ª Parte). Alexander Guzmán Vásquez, María Andrea Trujillo Dávila, Gisele Eugenia Becerra, Manuela Trujillo Dávila. Revista de la Escuela Colombiana de Ingeniería 68:51-56. 2007. ISSN: 0121-5132. Inducción y Contrastación en la Teoría Organizacional y el Management. Alexander Guzmán Vásquez, María Andrea Trujillo Dávila. Revista Ad- Minister 10:33-48. 2007. ISSN: 1692-0279. Las Redes Organizacionales en la Nueva Forma de Producción del Conocimiento. María Andrea Trujillo Dávila, Alexander Guzmán Vásquez, Gisele Eugenia Becerra. Revista de la Escuela Colombiana de Ingeniería 67:81-92. 2007. ISSN: 0121-5132. Desafíos Globales como Megatendencias Empresariales. Alexander Guzmán Vásquez, María Andrea Trujillo Dávila. Revista Universidad y Empresa 12:141-167. 2007. ISSN: 0124-4639. Responsabilidad Social Empresarial y Global Reporting Initiative. María Andrea Trujillo Dávila, Manuela Trujillo Dávila, Alexander Guzmán Vásquez. Revista Universidad y Empresa 11:351-369. 2006. ISSN: 0124-4639. La Importancia de la Administración del Riesgo Operativo en las Entidades Crediticias. Gisele Eugenia Becerra, Alexander Guzmán Vásquez, María Andrea Trujillo Dávila. Revista Universidad y Empresa 10:271-290. 2006. ISSN: 0124-4639. Es Posible Medir la Perdurabilidad Empresarial?. Alexander Guzmán Vásquez et al. Revista Científica Internacional UCES X(1):47-69. 2006. ISSN: 1514-9358. RESEARCH BOOKS Juntas Directivas en el Desarrollo del Gobierno Corporativo (Boards in Corporate Governance Development). María Andrea Trujillo, Alexander Guzmán,
Francisco Javier Prada. CESA, The International Finance Corporation and SECO. Editorial CESA. Bogotá, Colombia. First Edition: November 2015. ISBN: 978-958- 8722-93- 1. Revelación de información y valor de las empresas en América Latina (Disclosure and firm value in Latin America). María Andrea Trujillo, Alexander Guzmán. CESA, The Colombian Private Council on Competitiveness, The World Bank Group, and SECO. Editorial CESA. Bogotá, Colombia. First Edition: July 2015. ISBN: 978-958- 8722-87- 0. Investigación sobre Gobierno Corporativo en Colombia. (Research on Corporate Governance in Colombia). María Andrea Trujillo, Alexander Guzmán (compilers). Editorial CESA. Grant: Confecámaras and SECO. Bogotá, Colombia. First Edition: June 2014. ISBN: 978-958- 8722-50- 4. Gobierno Corporativo en Instituciones de Educación Superior en Colombia (Corporate Governance in Higher Education Institutions in Colombia). José Manuel Restrepo, María Andrea Trujillo, Alexander Guzmán. Editorial CESA. Grant: National Ministry of Education. Bogotá, Colombia. First Edition: December 2012. ISBN: 978-958- 8722-31- 3. Hacia la implementación de buenas prácticas de gobierno corporativo en sociedades cerradas (Implementing Good Corporate Governance Practices in Closely- held firms). Alexander Guzmán, María Andrea Trujillo. Editorial CESA Grant: Confecámaras, CIPE, SECO and the Chamber of Commerce of Bogotá. Bogotá, Colombia. First Edition: April 2012. ISBN: 978-958- 8722-14- 6. BOOKS CHAPTERS Gobierno Universitario en el CESA (CESA University Governance). Alexander Guzmán, José Manuel Restrepo, María Andrea Trujillo. In El CESA, Teoría y práctica (CESA, Theory and practice). Juan Santiago Correa Restrepo, Javier H. Murillo (editors). Editorial CESA. Bogotá, Colombia. First Edition: July 2015. ISBN: 978-958- 8722-85- 6. TEACHING BOOKS Decisiones Gerenciales Estratégicas: Una aplicación a la teoría de juegos (Strategic managerial decisions: a game theory application). Maximiliano González, Alexander Guzmán, María Andrea Trujillo. Editorial CESA. Bogotá, Colombia. First Edition: October 2014. ISBN: 978-958- 8722-64- 1. Operaciones en el Mercado de Capitales (Operations in the capital market). Roberto Pinilla, Luis Valero, Alexander Guzmán. Correval, Sociedad
Comisionista De Bolsa. Bogotá, Colombia. Third Edition: 2007. ISBN: 978-958- 44-2362- 7. Contabilidad Financiera (Financial Accounting). Trujillo Dávila, María Andrea, et al.; University of Rosario School of Management. Bogotá, Colombia: Centro Editorial Universidad del Rosario. 2005, 2006. First Edition: 2005. ISBN: 958-8225- 51-5. Second Edition: 2006. ISBN: 958-8298- 03-2 Fundamentos de Finanzas Corporativas (Fundamentals of Corporate Finance). Trujillo Dávila, María Andrea, et al.; University of Rosario School of Management. Bogotá Colombia: Centro Editorial Universidad del Rosario, 2006. ISBN: 978-958- 8298-33- 7. First Edition: 2006. Operaciones Financieras en el Mercado Bursátil (Financial Operations in the capital market). Roberto Pinilla, Luis Valero, Alexander Guzmán. Externado University. Bogotá, Colombia: Departamento de Publicaciones de la Universidad Externado. First Edition: 2000. ISBN: 958-616- 438-1. Second Edition: 2003. ISBN: 958-616- 786-0. WORKING PAPERS English Language Corporate Governance Mechanisms in Family Firms: Evidence from CEO Turnovers. Maximiliano Gonzalez, Alexander Guzmán, Carlos Pombo, María Andrea Trujillo. University of the Andes School of Management. Bogotá, Colombia. Galeras de Administración No. 37. December 2013. ISSN: 1900-1606. Annual General Meetings: A Waste of Time or Effective Corporate Governance Bodies? Gina Paola González, Alexander Guzmán, Francisco Prada, María Andrea Trujillo. October 2013. Social Science Research Network SSRN: http://ssrn.com/abstract=2395053. Internet- Based Corporate Disclosure and Market Value: Evidence from Latin America. Urbi Garay, Maximiliano Gonzalez, Alexander Guzmán, María Andrea Trujillo. Midwest Finance Association 2013 Annual Meeting Paper. August 2013. Social Science Research Network SSRN: http://ssrn.com/abstract=2146937. Family Involvement and Dividend Policy in Listed and Non- Listed Firms. Maximiliano Gonzalez, Alexander Guzmán, Carlos Pombo, María Andrea Trujillo. University of the Andes School of Management. Bogotá, Colombia. Galeras de Administración No. 34. August 2012. ISSN: 1900-1606. Family firms and debt: risk aversion versus risk of losing control. Maximiliano Gonzalez, Alexander Guzmán, Carlos Pombo, María Andrea Trujillo. University of the Andes School of Management. Bogotá, Colombia. Galeras de Administración No. 33. August 2011. ISSN: 1900-1606. Family firms and financial performance: The cost of growing. Maximiliano Gonzalez, Alexander Guzmán, Carlos Pombo, María Andrea Trujillo. University
of the Andes School of Management. Bogotá, Colombia. Galeras de Administración No. 32. August 2011. ISSN: 1900-1606. The role of heirs in family businesses: The case of Carvajal. Maximiliano Gonzalez, María Andrea Trujillo, Alexander Guzmán. University of the Andes School of Management. Bogotá, Colombia. Galeras de Administración No. 24. June 2009. ISSN: 1900-1606. Colombian ADRs: Why so few?. Maximiliano Gonzalez, María Andrea Trujillo, Alexander Guzmán. University of the Andes School of Management. Bogotá, Colombia. Galeras de Administración No. 23. March 2009. ISSN: 1900-1606. Contratos de estabilidad jurídica en Colombia (CEJ): información asimétrica, inconsistencia intertemporal o captura de la autoridad monetaria?. Francisco Azuero, Alexander Guzmán, María Andrea Trujillo. University of the Andes School of Management. Bogotá, Colombia. Galeras de Administración No. 31. April 2011. ISSN: 1900-1606. Análisis al Sector Turismo y Alojamiento en el Periodo 2002-2005. Alexander Guzmán Vásquez et al. University of Rosario School of Management. Bogotá, Colombia. Working Paper No. 38. July 2007. ISSN: 0124-8219. Diagnostico al Sector Agrícola con Predominio Exportador en el Periodo 2002-2005. Alexander Guzmán Vásquez et al. University of Rosario School of Management. Bogotá, Colombia. Working Paper No. 37. July 2007. ISSN: 0124-8219. Avances en el Indicador de Perdurabilidad Empresarial. Alexander Guzmán Vásquez et al. University of Rosario School of Management. Bogotá, Colombia. Working Paper No. 36. February 2007. ISSN: 0124-8219. Reglamentación para la Administración y Supervisión del Riesgo Operativo en Colombia. Alexander Guzmán Vásquez et al. University of Rosario School of Management. Bogotá, Colombia. Working Paper No. 31. August 2006. ISSN: 0124-8219. Perspectivas Teóricas sobre Internacionalización de Empresas. Alexander Guzmán Vásquez et al. University of Rosario School of Management. Bogotá, Colombia. Working Paper No. 30. August 2006. ISSN: 0124-8219. Indicador de Perdurabilidad Empresarial. Alexander Guzmán Vásquez et al. University of Rosario School of Management. Bogotá, Colombia. Working Paper No. 27. April 2006. ISSN: 0124-8219. Análisis Estructural. Técnica De La Prospectiva. Alexander Guzmán Vásquez et al. University of Rosario School of Management. Bogotá, Colombia. Working Paper No. 24. December 2005. ISSN: 0124-8219. Los Procesos de Titularización: Una Revisión al Caso Colombiano. Alexander Guzmán Vásquez et al. University of Rosario School of Management. Bogotá, Colombia. Working Paper No. 9. October 2004. ISSN: 0124-8219.
CONFERENCES AND SEMINARS What are boards for? Evidence from closely held firms, Northern Finance Association conference 2015, Lake Louise Canada, 2015. The Reconstruction of Institutions in Colombia: Evidence from the Last Decade, World Finance Conference, Buenos Aires Argentina, 2015. Corporate Governance Mechanisms in Family Firms: Evidence from Director Turnovers, Balas 2015 Conference Proceedings, San Juan de Puerto Rico Puerto Rico, 2015. Corporate Governance Mechanisms in Family Firms: Evidence from Director Turnovers, Midwest Finance Association annual meeting 2015, Chicago United States, 2015. Corporate Governance Mechanisms in Family Firms: Evidence from Director Turnovers, Paris Financial Management Conference, Paris France, 2014. The Reconstruction of Institutions in Colombia: Evidence from the Last Decade, Family Business Workshop CESA/University of Alberta School of Business/NUS Business School. Bogotá Colombia, 2014. The role of family involvement on CEO turnover: Evidence from Colombian Family Firms, Family Business Workshop CESA/University of Alberta School of Business/NUS Business School. Bogotá Colombia, 2014. Family Involvement and Dividend Policy in Closely Held Firms, World Finance Conference, Venice Italy, 2014. Corporate Governance in Higher Education Institutions, World Finance Conference, Venice Italy, 2014. The Reconstruction of Institutions in Colombia: Evidence from the Last Decade, Midwest Finance Association annual meeting 2014, Orlando United States, 2014. The Reconstruction of Institutions in Colombia: Evidence from the Last Decade, Family Workshop NUS/INSEAD, Singapore - Singapore, 2013. Family Involvement and Dividend Policy in Listed and Non- Listed Firms, Midwest Finance Association annual meeting 2013, Chicago United States, 2013. Internet- Based Corporate Disclosure and Market Value: Evidence from Latin America, Midwest Finance Association annual meeting 2013, Chicago United States, 2013. Corporate Governance Mechanisms of Family Firms: Evidence from CEO Turnovers, Balas 2012 Conference Proceedings, Rio de Janeiro Brazil, 2012. Family firms and financial performance: The cost of growing, Midwest Finance Association annual meeting 2012, New Orleans United States, 2012.
Family firms and financial performance: The cost of growing, Balas 2011 Conference Proceedings, Santiago De Chile Chile, 2011. Families and debt: Risk aversion versus risk of losing control, Balas 2011 Conference Proceedings, Santiago De Chile Chile, 2011. Families and debt: Risk aversion versus risk of losing control, The Latin American Research Consortium and Dean s Workshop, New Orleans United States, 2011. Families and debt: Risk aversion versus risk of losing control, World Finance Conference, Rhodes Greece, 2011. Family firms and financial performance: The cost of growing, 10th Brazilian Finance Meeting, São Paulo Brazil, 2010. SCHOLARSHIPS University of the Andes, 2007 2011, for pursuing the Ph. D. degree at University of the Andes School of Management, Colombia. University of Rosario, 2003 2005, for pursuing the M.B.A. degree at University of the Andes School of Management, Colombia.