Elite MBAs still influence who reaches the top of corporate America, University of Bath study shows

But benefits are uneven, and study supports ‘Glass Cliff’ theory for female executives

University of Bath

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New research from the University of Bath shows that graduates of elite MBA programmes, particularly the so‑called M7 super‑elite US schools, are significantly more likely to become top management team members and CEOs than those with non‑elite MBAs or no MBA at all.

However, the study of more than 106,000 executives in S&P 500 companies between 2000 and 2018 showed the benefits of holding an elite MBA were not evenly spread between men, women and minorities, and altered according to the prevailing economic winds.

“The value of education continues to be questioned. We wanted to determine whether it is actually worth pursuing an elite MBA, some of which can cost $200,000. The short answer is yes, the benefits are beyond argument in terms of who reaches the most senior posts in the corporate world. But who benefits, and how, is less clear-cut,” said Professor Mairi Maclean, co-author of the study “Elite MBAs in the Making of Top Business Careers”.

The study showed American men consistently gained the most from investing in an elite MBA. It also confirmed that companies turned to women with elite MBAs in more turbulent times, such as in the Global Financial Crisis of 2008 – but this diversifying effect appeared to be temporary to a degree.

“Women with elite MBAs experienced greater career acceleration after that crisis, partly reflecting firms’ increased willingness to appoint female leaders during turbulent periods, which would appear to support Professors Michelle Ryan’s and Alex Haslam’s theory of the Glass Cliff, where women are promoted to higher-risk posts.”

“The same held true for minorities where, possibly, companies were looking for an alternative, more diverse approach to find a way through crisis. However, the picture for minorities is more nuanced. Once that turbulence settled, there was retrenchment - they reverted to their traditional pattern and American men again benefited most from having an elite MBA,” she said.

The study identified four distinct patterns of corporate behaviour towards elite MBAs.

1. Consolidated reproduction – in stable periods, elite MBAs reliably convert into senior appointments, mainly for those who already fit dominant leadership norms.
2. Crisis‑legitimated inclusion – during shocks, such as the Global Financial Crisis, organisations extend accelerated opportunities to some under‑represented groups, especially elite‑educated women.
3. Symbolic accommodation – partial, instrumental inclusion of outsiders into senior roles, without endorsing them fully for the top.
4. Defensive retrenchment – post‑crisis contraction where firms reassert traditional boundaries, which disproportionately harms non‑US nationals.

“Our research does not stretch to the present day but it would not be surprising to find, given the political culture and economic environment in the United States right now, that companies are currently leaning more to defensive retrenchment,” Professor Maclean said.

Published in Academy of Management Learning & Education (2026), the study was led by Professor Maclean in collaboration with researchers at the Universities of Aberdeen, Newcastle, and Alberta.

The authors argued that the study raises critical questions for business schools about equity, legitimacy and the role of MBA programmes in society.

“Despite long‑standing critiques of MBA education, elite programmes remain central to how corporate leadership is constructed. Yet our findings show that symbolic legitimacy is uneven and can shift dramatically in crisis periods,” said co-author Professor Charles Harvey of Newcastle University.

Professor Harvey said the researchers hoped the results would encourage business schools to reflect on how their admissions practices, networks, and credentialing systems shape access to elite roles.

“In particular, they should question whether inclusion initiatives genuinely translate into durable recognition, not just temporary visibility as we have seen during crisis times for female and minority holders of elite MBAs,” he said.

ENDS/tr

Notes to editors:

Please contact the University of Bath Press Office on press@bath.ac.uk

About the University of Bath

The University of Bath is one of the UK's leading universities, recognised for high-impact research, excellence in education, an outstanding student experience and strong graduate prospects.

• We are ranked among the top 10% of universities globally, placing 132nd in the QS World University Rankings 2026.
• We are ranked in the top 10 in all of the UK’s major university guides.
• The University achieved a triple Gold award in the last Teaching Excellence Framework 2023, the highest awards possible, for both the overall assessment and for student outcomes and student experience. The Teaching Excellence Framework (TEF) is a national scheme run by the Office for Students (OfS).
• We are The Times and The Sunday Times Sport University of the Year 2026.

Research at Bath is shaping a better future through innovation in sustainability, health, and digital technologies. Find out all about our Research with Impact: http://bit.ly/3ISz1Wu 

 

 

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Journal

Academy of Management Learning and Education

DOI

10.5465/amle.2024.0437 

Method of Research

Data/statistical analysis

Subject of Research

People

Article Title

Elite MBAs in the Making of Top Business Careers

 

Transparency needed in addressing physician sexual misconduct

Canadian Medical Association Journal

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A new study on physician misconduct using publicly available data on 208 physicians involved in cases of sex- or gender-based violence, harassment, or discrimination found gaps in how physicians were monitored and sanctioned. The research is published in CMAJ (Canadian Medical Association Journal) https://www.cmaj.ca/lookup/doi/10.1503/cmaj.251179.

Using media stories, legal decisions, and information from physician regulatory body websites, researchers identified 689 victims, of whom 585 were women or girls and at least 40 were children, over 5 years from 2019 to 2024. Sexual-boundary or sexual-misconduct complaints were the most common (75, 36%) followed by sexual assault (65, 32%), although definitions sometimes differed.

In some cases, the researchers found complaints that had not been reported on physician college disciplinary websites.

“[T]his study highlights the limitations of current data-management processes by Canadian medical regulatory bodies and raises concerns about the efficacy of current remediation strategies and monitoring practices,” writes Dr. Shannon Ruzycki, Cumming School of Medicine, University of Calgary, Calgary, Alberta, with coauthors. “Our findings emphasize how the lack of transparent, consistently reported, and accessible data about physicians involved in instances of sex- and gender-based harassment and discrimination restricts assessment of current strategies to address these behaviours.”

The rate of repeat behaviour was about 30%, a figure consistent with data from the United States.

The researchers suggest regulatory bodies should incorporate public consultation in the way they report cases of harassment and discrimination to help protect the public, while respecting physician privacy.

“The need for accountability and transparency from the colleges must be balanced with principles of due process and rights to physician privacy, especially since accusations of sex- or gender-based harassment or discrimination can have considerable personal and professional consequences,” they caution.

A national registry listing incidents by type, explanations, and outcomes and disciplinary action is a potential approach.

“The findings help to highlight an important problem for the medical profession in Canada: the tendency of its leadership and regulators to conceal sex- or gender-based misconduct perpetrated by physicians,” writes Dr. Kirsten Patrick, editor-in-chief, CMAJ in a related editorial https://www.cmaj.ca/lookup/doi/10.1503/cmaj.260574 .

However, the study has some gaps as it found only a handful of complainants who were physicians or other medical personnel.

According to Dr. Patrick, this doesn’t track with the findings of recent high-profile surveys of physicians and medical learners from the United Kingdom and US, in which reported rates of experiencing sex- and gender-based harassment in clinical workplaces were as high as 65% and 23% among those identifying as women and men, respectively. Data from Canada show similarly high rates of interprofessional misconduct.

Dr. Patrick calls for attention to address this issue in the medical profession.

“The medical profession in Canada needs to address its poorly hidden problem of sex- and gender-based discrimination, harassment, and assault. To do so will take a culture change in which the profession openly acknowledges the importance of the problem, owns its failure to address it, and takes steps to change regulatory and academic systems to prioritize believing victims, remediating offenders, and setting enforceable standards for behaviour.”

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Journal

Canadian Medical Association Journal

DOI

10.1503/cmaj.251179 

Method of Research

Content analysis

Subject of Research

People

Article Title

Physician respondents in sexual misconduct concerns in Canada: a comparative case analysis using publicly available information

Article Publication Date

20-Apr-2026

Li

Inside the Race to Control the World’s Lithium Supply

By Felicity Bradstock - Apr 18, 2026

• Global lithium production has surged nearly tenfold since 2015, driven by booming demand for EVs, energy storage, and digital infrastructure
• 
  
• China dominates both lithium production and refining, controlling a significant share of the global supply chain
• 
  
• Western countries are accelerating domestic mining and new technologies to reduce dependence and improve sustainability
• 
  

The world is ramping up its lithium production in a bid to meet the growing global demand for critical minerals, being driven by renewable energy deployment and the higher uptake of electric vehicles (EVs) and other electronics. Lithium production from mining increased from 31,500 metric tonnes in 2015 to 82,500 tonnes in 2020 and 290,000 tonnes in 2025. While China remains the world’s biggest lithium producer, as production expands, several new players are entering the market, which is helping to diversify operations.

The global lithium-battery market exceeded a value of over $150 billion in 2025, marking a 20 percent increase compared to 2024. “Batteries are becoming a cornerstone of the automotive sector, a critical source of flexibility for power systems, and an increasingly important source of back-up power for digital infrastructure, including data centres and artificial intelligence,” according to the International Energy Agency (IEA). Lithium-ion batteries are also used for industrial and strategic applications, such as in defence.

South America is the most well-known region for lithium production and is home to the lithium triangle, an area with vast lithium reserves connecting Bolivia, Argentina, and Chile. The region holds approximately 53 percent of the world’s lithium reserves. The three countries, along with Peru, contain about 67 percent of proven lithium reserves and produce around half of the global supply, according to the U.S. Geological Survey.

China dominates global lithium production, having invested in some of the world’s largest mines, as well as increased its domestic production of the white gold. By 2027, China is expected to contribute around 32 percent of global lithium production from domestic projects and another 18 percent of production from overseas operations, giving Chinese companies control of around half of the global lithium market. However, China holds a much larger control of the lithium refining market and is expected to manage around 81 percent of lithium refining activities by 2027. 

Western powers are, therefore, highly dependent on China for their lithium supply. Its strong hold of the lithium market has also led China to dominate global lithium-ion battery production, which has bolstered its electronics industry. In January, the United States announced plans to boost self-sufficiency and reduce its reliance on China for its lithium by rapidly expanding domestic mining activities. 

In October, the U.S. Department of Energy took a 5 percent stake in Lithium Americas Corp and a separate 5 percent stake in the company’s Thacker Pass joint venture with General Motors, which is expected to be the largest lithium source in the Western Hemisphere.

At the time, the U.S. Energy Secretary Chris Wright stated, “Despite having some of the largest deposits, the United States produces less than 1% percent of the global supply of lithium. Thanks to President Trump’s bold leadership, American lithium production is going to skyrocket.” Wright added that the move is aimed at reducing U.S. dependence on foreign adversaries for critical minerals by strengthening domestic supply chains.

The United Kingdom is also looking to develop its domestic lithium production through the development of a mine in the south-west county of Cornwall, to be operated by Cornish Lithium. While traditional mining methods will be used to extract the lithium, such as drilling and blasting in a quarry, the project’s operators are adamant that environmental permits are very strict, meaning that the firm will be expected to be sustainable where possible and dispose of waste appropriately

Meanwhile, certain byproducts attained from the extraction process can be useful, such as silica for cement, sulphate of potash for fertiliser, and gypsum for plasterboard. The firm aims to develop more sustainable mining practices where possible, such as in the use of electric trucks. This is particularly important for the project’s success, as several other European lithium projects have faced backlash from locals and environmentalists concerned about the impact of mining on the environment, as seen in both Portugal and Serbia.

Canada also has its sights set on sustainable lithium mining. At present, Canada produces around 6,000 tonnes of lithium a year, compared to Australia’s 88,000. In Western Canada’s Alberta, which is well known for its oil production, researchers are hoping to use a new extraction method to produce lithium more sustainably. The direct lithium extraction (DLE) method does not require solar evaporation – which is used in South American lithium mining – to extract the lithium, instead, it relies on chemicals to extract the lithium directly.

Ngai Yin Yip, a professor of earth and environmental engineering at Columbia University, recently published a study about a solvent that researchers believe can be used to extract lithium from brine. So far, this method has only been practised in the lab, but the promising lab results have encouraged a company called Piepgrass to test the method at scale, in real-world conditions.

As the global lithium market continues to grow, several new players are entering the industry. Although China will likely maintain its market dominance, the United States is expected to make strides in lithium extraction and processing in the coming years, while some European companies develop smaller projects. In addition, a greater emphasis is expected to be placed on sustainable lithium production to help governments achieve decarbonisation aims in line with a green transition.

By Felicity Bradstock for Oilprice.com

‘Our vodka sales are up 100%,’ distiller says, as American booze bans remain

By

Adrian Ghobrial

Opens in new window

Published: April 02, 2026 

OAKVILLE, Ont. -- Maverick Distillery’s bottling plant in Oakville, Ont. has never been busier, thanks in-part to the provincial ban on importing American spirits into liquor stores.

“Our vodka sales are up 100 per cent in the LCBO, and our whisky is up 300 per cent. We’re seeing unbelievable growth and the push to buy Canadian products is a real thing,” says Maverick Distillery CEO Craig Peters.

In response to U.S. President Donald Trump’s sweeping tariffs on Canada, provincial liquor stores across the country began pulling American spirits off the shelves in 2025.

In January of last year, Ontario Premier Doug Ford made his case for pulling the booze: “We’re the largest purchaser of alcohol in the entire world; they will feel the pain.”

Provincial government bans on shipments of U.S.-made spirits remains in place in Atlantic Canada, the Territories, Ontario, Quebec, Manitoba and British Columbia. Previous bans have been lifted in Alberta and Saskatchewan.

With trade talks back on between Ottawa and Washington, the U.S. administration has listed the prohibition on U.S. alcohol shipments to Canada as a trade “irritant.”

FILE: A sign is posted on a wine shelves at an LCBO, the government-run liquor stores where most wine and spirits in the province are purchased, Sunday, March 9, 2025, in Toronto.

“I’d call it a proper response and they’re lucky we probably didn’t do more. We’re seeing fractures in the economy, auto, energy, aluminum we needed a response we stand by Premier Ford. We certainly hope he holds his ground,” says Peters.

Maverick Distillery was Ontario’s first licenced craft distillery when it first opened in 2009. The surge in demand caught them off guard, but like other independent spirit makers, they’re small and nimble enough to lean into their made in Canada products. They’ve also begun to produce new offerings.

Peters had barrels of Kentucky bourbon in his warehouse, so he and his team created a Canadian-Whisky-Kentucky-Bourbon blend for consumers who’re looking to raise a glass while also keeping their “elbows up.”

“We have a number of products that basically fulfil that need for richer bourbon-style whisky, but its actually bottled right here in Oakville, Ontario. We’re even working on coming out with a Tequila” shares Peters.

CTV News has spoken to multiple spirit makers across Canada over the last year and many are leaning into the buy Canadian movement. Last January, while touring Odd Society Spirits in Vancouver, owner Gordon Glanz shared that his small batch distillery’s latest creation was a strawberry gin, with strawberries grown in British Columbia’s Fraser Valley.

Back in Oakville, Maverick Distillery is preparing to move to a new, larger location. They have 25 people working on the production side of the business with multiple job openings posted online.

While they’re growing and hiring more Canadian workers the company admits the growth, triggered by a trade war has been bittersweet.

“We do hope (officials) get back to the table and get this (trade dispute) resolved. It’s not good for Canadians.It’s been beneficial for our industry, but we do look for the trade dispute to be resolved as soon as possible,” shares Peters

Adrian Ghobrial

Opens in new window

Senior Correspondent, CTV National News

 HIP CAPITALI$M

Hot Picks: Cannabis consolidation and global demand fuel sector outlook

By

BNN Bloomberg

Opens in new window

Published: April 15, 2026

Cannabis markets in Canada and the U.S. are showing uneven growth as the industry matures, with consolidation and international demand emerging as key themes shaping the sector.

BNN Bloomberg spoke with Frederico Gomes, director of institutional research and life sciences at ATB Cormark Capital Markets, about opportunities driven by strong balance sheets, retail consolidation and expanding global demand, particularly in Europe.

Key Takeaways

• Cannabis market growth remains uneven across regions, reflecting a maturing and increasingly competitive industry.
• Consolidation is accelerating as stronger operators acquire assets and capture share from smaller players.
• Balance sheet strength is critical, providing flexibility for expansion, acquisitions and downside protection.
• International markets, especially Germany and Europe, are key drivers of future cannabis demand growth.
• Competitive pressures persist from illicit markets, though legal operators are improving pricing and market share.

Frederico Gomes, director of institutional research and life sciences at ATB Cormark Capital Markets

Read the full transcript below:

ANDREW: It’s time for Hot Picks. We’ve got three cannabis names that our guest believes have room to grow. We’re joined by Frederico Gomes, director of institutional research and life sciences at ATB Cormark Capital Markets. Frederico, great to talk to you again, and thanks very much indeed. Could we jump into your first idea here? SNDL — just remind us what they do, and why do you think the stock has promise?

FREDERICO: So SNDL — this is an attractive pitch for value investors, because approximately 50 per cent of their market cap is net cash at this point, so very strong downside protection from current levels. In terms of what exactly they do, in terms of their core operations, they are a diversified platform in cannabis. So they operate a cannabis retail segment, a cannabis operations segment, which includes cultivation and manufacturing, as well as a liquor retail segment in Western Alberta, with several liquor stores.

When you look at the valuation again, 50 per cent is net cash of their market cap, and then their core operations are being valued at only about four times EBITDA. So I think it’s a very attractive valuation, good downside protection. And on top of that, SNDL also has some investments in the U.S. cannabis market, which we believe, if we get regulatory reform in the U.S. — namely, if cannabis is rescheduled to Schedule III, which we think could happen this year, given President Trump’s executive order last year — we think that the value of those investments that SNDL has could be worth more than the entire market valuation of the company today. So attractive upside and good downside protection. A good pitch for value investors here.

ANDREW: Right. They used to be Sundial Growers, I believe, years ago.

FREDERICO: Exactly.

ANDREW: High Tide, okay, HITI — major retail presence in Canada.

FREDERICO: Yeah, High Tide is the largest cannabis retailer in Canada. They operate about 220 stores, really a leader in that space. It is a consolidating industry, so High Tide has been growing double digits over the past few years. They have a discount club model, which is working very well for them. They’re seeing strong same-store sales growth, sales per store that are two to three times higher than the average of the industry. They’re also seeing margin expansion.

Now, what’s interesting about High Tide is that not only do they have a long runway for growth — like I said, they operate 220 stores today, they’re aiming for 350 in Canada, opening about 20 to 30 new stores every year — so that gives them four to five years of growth. But not only that, they also have growth outside of Canada. Last year, High Tide acquired a company called Remexian, which is a medical cannabis distributor in Germany. And Germany is a market that is seeing exponential growth in demand, with patients growing and a lot of demand in that market.

And so High Tide is poised to benefit from that growth through that acquisition that they made last year. And on top of that, they’re also looking at acquisitions in the U.K. medical cannabis market. So you get the leader in cannabis retail in Canada, as well as exposure to international markets, for a very reasonable valuation. The stock trades at about five times EBITDA, growing double digits, like I said. So I think it’s a growth-at-a-reasonable-price story and very attractive growth here.

ANDREW: And retail — has it stabilized in Canada? At one time, it looked like we had far too many stores in Toronto. We had a whole bunch close.

FREDERICO: Yes, many stores have closed. The market has rationalized, and High Tide has taken advantage of that. So they have been acquiring stores here and there, as well as opening stores organically and really stealing share from smaller operators. And so it is a consolidating market. That process is still ongoing, but High Tide benefits from that.

ANDREW: One thing around Toronto — you do see, apparently, illegal stores, stores that are open 24 hours, etc. Is that a threat to the industry?

FREDERICO: That’s still a competitor. I wouldn’t say it’s a threat. The legal market has been declining in Canada — I think it’s about 20 to 25 per cent of the market today. Before legalization, obviously, it was most of the market, and so it’s been declining. It is a competitor, but given the prices that legal operators are able to offer today, they’re able to compete with that illicit market. So it’s a competitor, but I wouldn’t say it’s a major threat.

ANDREW: Right. And then your final idea, Village Farms International. Again, they offer international prospects for investors.

FREDERICO: Yeah. So Village Farms is a cultivator — right, so it’s a licensed producer. We call them LPs. They are a low-cost, large-scale, high-quality cultivator, and those low-cost capabilities are very important in the cannabis market. One of the top five LPs in Canada.

But I think what’s most exciting about this story is the growth that we’re seeing in international markets — namely Germany, the U.K., the Netherlands. And so Village Farms is seeing more demand than they can supply right now because of that growth internationally. And so they’re expanding their capacity by about a third — 40 metric tonnes — in Canada. That capacity is coming online this year.

They’re also expanding their capacity in the Netherlands. They have a presence there. They are five times that capacity this year again, and so they’re seeing a lot of demand, and that new capacity is coming online this year. So they have huge growth ahead with that international demand.

Valuation is very reasonable — trading at six times EBITDA for a company that is generating free cash flow, that has a strong path ahead with a net cash position. So very attractive here.

ANDREW: It’s interesting, Frederico — we’re tight for time, but we keep hearing about declining alcohol consumption. And I wonder, has the advent of decriminalized and legalized cannabis played a role in that?

FREDERICO: Well, I think it has. The cannabis market keeps growing, volumes are increasing, and so you see a little bit of that cannibalization, with consumers preferring cannabis as maybe a healthier option than alcohol. So that’s for sure a factor.

ANDREW: Frederico, thanks very much. Frederico Gomes, director of institutional research and life sciences at ATB Cormark Capital Markets.

DISCLOSURE	PERSONAL	FAMILY	PORTFOLIO/FUND
SNDL NASDAQ	N	N	Y
HITI CVE	N	N	Y
VFF NASDAQ	N	N	Y

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This BNN Bloomberg summary and transcript of the April 15, 2026 interview with Frederico Gomes are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.