Christos Cabolis

Adjunct Professor of Economics and Competitiveness

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Christos Cabolis is Adjunct Professor of Economics and Competitiveness. He is Chief Economist and Head of Operations at the IMD World Competitiveness Center.

Cabolis joined IMD from ALBA Graduate Business School at The American College of Greece where he was an Associate Professor of Economics and Finance. Prior to ALBA, he was the Executive Director of the International Center for Finance at Yale School of Management. From 1997-2002 he was a lecturer of economics at Yale University, where he also served as Dean of Jonathan Edwards College. He has also taught at the University of California at Santa Barbara and at the University of North Carolina’s Kenan-Flagler Business School where he was Visiting Associate Professor of Finance in 2010-11.

Cabolis’ teaching focuses on courses related to business economics, macroeconomics, corporate finance, financial management, and industrial organization.

A Research Fellow at the International Center for Finance at the Yale School of Management, his research focuses on issues related to mergers, the valuation of changes in corporate governance, and measuring market power. Currently, he works in topics related to the effects of rating agencies’ valuations, the interplay between competition and specialization in venture capital firms, and the optimum size of banks.

He has been published in The Review of Financial Studies, the Journal of Law and Economics, and the Journal of Banking and Finance, among others. Cabolis has been awarded grants by the BSI Gamma Foundation and the Sloan Foundation for his research. He was also the recipient of the Inaugural Jaime Fernández de Araoz Award in Corporate Finance.

Cabolis holds a BA from the University of Athens, an MA from California State University, Long Beach, and a PhD in economics from the University of California, Santa Barbara.

Academic publications
Book
IMD World Competitiveness Yearbook: 2020
The IMD World Competitiveness Yearbook (WCY) is the leading annual report on the competitiveness of countries and has been published by IMD since 1989. It benchmarks the performance of 63 economies...
Published 15 June 2020
Book
IMD World Competitiveness Yearbook: 2021
The IMD World Competitiveness Yearbook (WCY) is the leading annual report on the competitiveness of countries and has been published by IMD since 1989. It benchmarks the performance of 64 economies...
Published 17 June 2021
Book
IMD World Competitiveness Yearbook: 2022
The 34th edition of the IMD World Competitiveness Yearbook is being launched at a moment of tremendous turmoil. COVID-19 continues to affect large parts of the world. Interestingly, while in some c...
Published 16 June 2022
Article
The interactions of R&D investments and horizontal mergers
In a homogenous good industry in which firms choose their cost-reducing R&D investments and make merger proposals prior to competing à la Cournot, we identify conditions under which there are coali...
Published 1 July 2021
Article
Bank size and market value: The role of direct monitoring and delegation costs
Recent studies have presented evidence of scale economies for large banks, providing a rationale for some very large banks seen worldwide. In this study, we focus on the negative side of bank size ...
Published 1 August 2018
Article
The value of investor protection: Firm evidence from cross-border mergers
International law prescribes that in a cross-border acquisition of 100% of the target shares, the target firm becomes a national of the country of the acquiror, and consequently subject to its corp...
Published 1 April 2008
Article
A theory of optimal expropriation, mergers and industry competition
We model a competitive industry where managers choose quantities and costs to maximize a combinationof firm profits and benefits from expropriation. Expropriation is possible because of corporate g...
Published 1 April 2011
Article
Adopting better corporate governance: Evidence from cross-border mergers
Cross-border mergers allow firms to alter the level of protection they provide to their investors, because target firms usually import the corporate governance system of the acquiring company by la...
Published 20 August 2008
Insight for Executives
Report
Hinrich-IMD Sustainable Trade Index
Global trade has helped lift hundreds of millions of people around the world out of poverty, but the benefits of trade do not come without their risks. If an economy is unprepared for the consequen...
Published 8 November 2022
Article
As we enter a new era of instability, we need new institutions. What should they look like?
The Queen’s death reminds us that an era of stability has come decisively to an end. We are currently facing a number of global shocks—a sharp breakout in inflation and a corresponding rise in inte...
Published 14 October 2022
Report
IMD World Digital Competitiveness Ranking 2022
Now in its sixth year, the IMD World Digital Competitiveness Ranking, produced by the IMD World Competitiveness Center, measures the capacity and readiness of 63 economies to adopt and explore digi...
Published 28 September 2022
Keeping economies connected as regions drift apart
Article
Keeping economies connected as regions drift apart
Executives quizzed in 63 countries reveal a new “interconnected” phase of globalization, with wide-ranging implications for governments and companies alike
Published 1 September 2022
Misinformation is an unwieldly beast, but we need to stop being blasé about it
Article
Misinformation is an unwieldly beast, but we need to stop being blasé about it
Recent events have highlighted how the dominance of online news and social media platforms, and their capacity to manipulate the reader, means that we – as consumers – must now take an interest in ...
Published 1 April 2022
Article
Dismantling the maternal wall brick by brick
The pervasive stereotype of women as caregivers creates a “maternal wall” in the workplace – a bias based on the belief that women with children and caregiving responsibilities are less committed t...
Published 8 March 2022
Report
IMD World Talent Ranking 2021
Switzerland leads the top 10 economies in the IMD 2021 World Talent Ranking 2021, showing a pandemic-induced trend in which employees are more motivated in more competitive economies and less so in...
Published 9 December 2021
Article
Have you considered the actual relationship between E, S and G?
On the heels of the COP 26 UN Climate Change Conference there is global buzz about ESG goals, but many gaps remain between companies’ talk and their actions.
Published 15 November 2021
Report
IMD-SUTD Smart City Index
The third edition of the annual IMD-SUTD Smart City Index (SCI) has revealed that city-dwellers’ perceptions of how technology is helping to address urban challenges has been highly affected by the...
Published 28 October 2021
Report
IMD World Digital Competitiveness Ranking 2021
Now in its fifth year, the IMD World Digital Competitiveness Ranking, produced by the IMD World Competitiveness Center, measures the capacity and readiness of 64 economies to adopt and explore digi...
Published 29 September 2021
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Article
Last week, the IMD World Competitiveness Center, launched the final ranking for 2020: the IMD World Talent Ranking! It captures the capacity of an economy to develop as well as attract talent to st...
Published 19 November 2020
Report
IMD World Talent Ranking 2020
The IMD World Talent Ranking scores countries across three factors of Investment & Development, Readiness and Appeal. Switzerland leads the way for the fourth year in a row, Denmark is 2nd and Luxe...
Published 12 November 2020
Report
IMD World Digital Competitiveness Ranking 2020
Now in its fourth year, the IMD World Digital Competitiveness Ranking measures the capacity and readiness of 63 economies to adopt and explore digital technologies as a key driver for economic tran...
Published 1 October 2020
Report
IMD smart city index 2020
The only global index of its kind, the IMD Smart City Index 2020 uniquely focuses on how citizens perceive the scope and impact of efforts to make their cities ‘smart’, balancing “economic and tech...
Published 17 September 2020
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Article
Globalization, that is the increased interdependency among economies with respect to trade of goods and services, as well as the flow of capital, people and ideas, has long had its pluses and minus...
Published 23 July 2020
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Article
In comparing coronavirus to war times, hold onto the idea of the collaboration and progress to come
Published 22 May 2020
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Article
Coronavirus entered our lives and our vocabulary in just December 2019 but has quickly become a daily feature of them, and a global public health crisis. The repercussions are not symmetric, as peo...
Published 20 March 2020
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Article
How cohesive a society is depends on the attitudes that manage the relationships among different social groups. Yet, these relationships are often dominated by a majority group or coalitions of sim...
Published 19 February 2020
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Article
The beginning of the year is the time where think-tanks and economists predict the trends, or forces, that will shape economic and social outcomes over the next twelve months. The common ground of ...
Published 14 January 2020
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Article
Promoting healthy living is a prerequisite to enhancing prosperity, a point that is the focus of the third UN Sustainable Development Goal (UNSDG): “good health and well-being.” How do the countrie...
Published 16 December 2019
Report
IMD World Talent Ranking 2019
The IMD World Talent Ranking scores countries across three factors of investment and development, readiness and appeal. Cultivating, attracting and retaining a skilled workforce is crucial to stren...
Published 18 November 2019
Report
IMD World Digital Competitiveness Ranking 2019
Now in its third year, the IMD World Digital Competitiveness Ranking measures the capacity and readiness of 63 economies to adopt and explore digital technologies as a key driver for economic trans...
Published 25 September 2019
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Article
On September 26, we are launching the third edition of the IMD World Digital Competitiveness Ranking (WDCR). It assesses an economy’s aptitude to adapt and explore digital technologies that transfo...
Published 10 September 2019
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Article
In an age of disruption, incremental change does not prepare companies for the future. Firms need the courage to embrace radical change to renew themselves and stay relevant. The first three approa...
Published 2 September 2019
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Article
COM August 2019
Published 12 August 2019
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Article
What is the competitiveness performance of the different regions in 2019?
Published 13 June 2019
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Article
In Anticipation of the 2019 IMD World Competitiveness Yearbook
Published 14 May 2019
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Article
New frontiers in space
Published 9 April 2019
Article
St. Patrick’s Day and the future of Irish trade: With Brexit and trade wars looming, Ireland’s economic ties with the US and UK are in question
While Irish-American relations are symbolically significant to America, they are materially important to Ireland. In the IMD World Competitiveness Yearbook, we collect data on exports for each coun...
Published 15 March 2019
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Article
What makes your country appealing?
Published 12 March 2019
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Article
Corruption, Democracy and Political Uncertainty
Published 12 February 2019
Report
Investing for the long term: Preparing for the investment challenges of the future
This paper explores key global trends and macroeconomic topics that truly long-term investors such as Sovereign Wealth Funds should prioritize in their investment framework. What sets apart long-te...
Published 8 February 2019
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Article
Sustainability Resolution
Published 15 January 2019
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Article
Criterion of the Month - November 2018 - Where to go on vacation?
Published 13 November 2018
Report
IMD World Talent Ranking 2018
Published 1 November 2018
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Article
Have the perceptions on globalization changed?
Published 11 September 2018
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Article
Corruption and ethical practices perceptions - criterion of the month
Published 14 August 2018
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Article
2018 COM July
Published 10 July 2018
Article
Business competitiveness 2015: Digital opportunities - Executive summary Austria
Published 9 February 2016
Article
Business competitiveness 2015: Digital opportunities - Executive summary Germany
Published 9 February 2016
Article
Business competitiveness 2015: Digital opportunities - Executive summary Switzerland
Published 9 February 2016
Article
Integrating corporate governance systems
In a merger, two companies come together and integrate their distribution lines, brands, work forces, management teams, strategies and cultures. In a cross-border merger, however, the merging compa...
Published 6 October 2006
How Cities Can Shape Their Own Future