Rosa Kim is a Ph.D. candidate in the Department of Strategic Management and Entrepreneurship at Carlson School of Management. Her research investigates firm-level strategic drivers of the decreasing number of publicly-listed firms in the US. She focuses on three questions to shed light on the phenomenon: understanding why public firms decide to go private, why there are fewer private firms going public, and the drivers of a source of pressure from public equity markets, proactive investors who seek involvement in firms’ strategies, and the attributes of firms’ strategies that attract them. She draws on the theoretical framework of a “lemons problem” in strategies (Benner and Zenger, 2016) that arises when capital market participants have difficulty understanding and valuing particular types of strategies, due to heightened information asymmetry. In these situations, firms might be further driven to avoid novel, unique, and complex - yet high quality - strategies. In her dissertation, Rosa views the phenomenon of decreasing publicly-traded firms as a function of firms’ responses to these pressures from their capital markets, essentially a lemons problem arising from the difficulty understanding and valuing strategies.
Rosa received the Strategy Research Foundation Dissertation Scholar Award in 2018, and her paper (co-authored with Mary Benner), ‘Going private as a solution to public market disagreement’, was a finalist for the Best Ph.D. Paper Prize at the Strategic Management Society Conference in Paris (2018). Prior to joining academia, Rosa worked as an equity research analyst (Executive Director) in the Global Investment Research division (GIR) at Goldman Sachs Seoul office, covering Energy, Petrochemicals, and Utilities sectors.