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Booth in the News, Autumn 2010, Vol. 1

(Covering June 1 to September 22, 2010)

Here are highlights of the latest Chicago Booth news coverage. The digest below represents only a portion of recent coverage.

Section 1: News coverage of Chicago Booth.

  • THE ECONOMIST. Chicago Booth ranked #1 in the magazine’s annual ranking of the world’s best full-time MBA programs, published September 17. “If any school can claim to have had a successful recession then it is Chicago’s Booth School of Business,” the Economist said. “Chicago careers service was ranked the best of any school. It placed graduates into all 11 different industry sectors that we count, and its students rated it highly.” Booth ranked #1 in opening new career opportunities for students and #1 in student assessment of careers service. This is the fourth year in a row that Booth career services ranked #1. The top schools in The Economist ranking were 1) Booth, 2) Tuck, 3) Haas, 4) Harvard, 5) IESE in Spain, 6) IMD in Switzerland, 7) Stanford, 8) Wharton, 9) HEC in France, and 10) York University in Canada. Read more
  • USA TODAY. Chicago Booth ranked second in Entrepreneur magazine’s rankings of the best graduate schools for entrepreneurship, according to an article published September 21. Schools were ranked based on three categories: The quality of faculty and students, the curriculum, and enriching experiences outside the classroom. Babson College ranked #1. Read more
  • THE WALL STREET JOURNAL. Chicago Booth was featured in an article headlined “B-Schools Scramble as Job Scene Picks Up,” published June 3. Booth’s employer-development staff tripled to bolster efforts to identify companies hiring globally, said Julie Morton, associate dean of career services. Read more
  • FORBES. Chicago Booth has tripled the size of its career development team in an effort to help students in their job search, according to an article headlined “Jobs for New MBAs Are Back – But They’re Different,” published August 3. The new staff members are spending more and more time on the road forging new corporate relationships in person, the article said. Read more
  • THE WALL STREET JOURNAL. Chicago Booth’s Laboratory in New Product and Strategy Development was featured in an article about top business schools that have teamed up with companies. The partnership with Booth provided a huge return on investment for General Electric and Harman International, according to David Slump, now a senior executive at Harman and previously with GE. Clinical Professor Jonathan Frenzen was quoted in the September 2 article. Read more
  • FINANCIAL TIMES. Chicago Booth featured in an article headlined “Schools renew focus on the financial world,” published July 19. The article featured the recently-introduced course “The Firm and the Non-Market Environment” taught by Professor Marianne Bertrand. The decision by Booth to offer the course “was prescient” because of recent newsworthy developments, the Financial Times said. Classroom discussion earlier this year ranged from Toyota’s product recalls (its relationship with the media), to U.S. healthcare reform (the role of lobbyists) and BP’s disaster in the Gulf of Mexico (legal issues and the role of activists, the article noted. Read more
  • THE WALL STREET JOURNAL. The appointment of Sunil Kumar as dean of Chicago Booth was featured in an article headlined “Chicago Names New Business School Dean,” published July 28. “My basic mission is to strengthen and enhance what is already great,” he said. “When I met with major donors during the selection process, I was struck by the love they have for the school.” Dean Kumar’s appointment is effective Jan. 1, 2011. He comes to Booth from Stanford. Professor Harry Davis is serving as interim dean. Read more
  • THE TIMES OF INDIA. “Indian American named Chicago business school dean,” was the headline of an article about the appointment of Sunil Kumar as Booth dean. “Sunil has the key decision-making skills, acquires the necessary amount of information before he acts and is inclusive,” said Professor John Huizinga, chairman of the dean search committee. The article was published July 29.
  • Articles about the appointment of Dean Kumar also appeared in the Financial Times, Economist, Bloomberg News, Bloomberg Businessweek, Chicago Tribune, Hindustan Times, Press Trust of India and other publications in the U.S and around the world.
  • POETS AND QUANTS.COM. Harvard, Stanford and Booth were ranked as the top three business schools by this new website focused on graduate business education. The top 10 schools in the ranking are: 1) Harvard, 2) Stanford, 3) Booth, 4) Wharton, 5) Tuck, 6) Columbia, 7) Kellogg, 8) Sloan, 9) Haas, and 10) Stern. The ranking was posted August 9. Read more
  • FINANCIAL TIMES. Chicago Booth was featured in an article about business schools that offer summer programs for college students and recent college graduates. The Booth Summer Scholars Program started in 2007 in part to attract students to the part-time MBA program, said Deputy Dean Stacey Kole. Previous scholars students have become a valuable word-of-mouth tool for the MBA, she said. “This is a long-term investment, we are going to see them and their friends in two to five years.” The article was published June 13. Read more
  • BLOOMBERG BUSINESSWEEK. A virtual tour of Chicago Booth was posted on the magazine’s website September 2. Accompanying the photos of campus, Businessweek wrote “The typical student behind a Chicago Booth resume is worth getting to know from an employer’s standpoint.” Booth is “one of the oldest business schools in the U.S., and it’s also been repeatedly ranked the best,” Businessweek wrote. Read more
  • BLOOMBERG BUSINESSWEEK. Chicago Booth was one of the schools featured in an article offering advice to MBA students whose internship didn’t result in an offer of a full-time job. Practice how you will discuss the lack of a job offer in an interview, said Char Bennington, senior associate director of career services at Booth. She suggests role playing with classmates as though they are potential employers and getting feedback from them. No matter what happens, end the internship on a positive note, she said in the July 1 article. “Be professional and upbeat in your final interactions. Leave with grace.” Read more
  • FINANCIAL TIMES. Chicago Booth was featured in a Q&A article with tips on how to “exploit your MBA qualification without coming across as boastful, smug or arrogant.” Should MBAs list their degree on their business cards? Probably not, said Julia Zupko, director of career management at Booth. “Putting MBA on your business card could be seen as pretentious and a bit unprofessional.” The story was published August 22. Read more
  • FINANCIAL TIMES. Changes to the GMAT test which add a new section on integrative reasoning, will help Chicago Booth in its admissions process, according to a June 25 article. “It’s not just their number-crunching abilities,” said Deputy Dean Stacey Kole. “That (problem-solving) is much messier. It addresses the need to think across boundaries. For Chicago this is really important because we are not a lock-step program.” Read more
  • FORBES INDIA. Chicago Booth was featured in an article about non-degree executive education, headlined “The perfect school for you,” published July 9. Booth designed its advanced management program to be flexible, the article said, with six one-week sessions over 12 months. “The program structure allows participants to go back and reflect on what they have learned, apply it in their organization and come back and discuss that in class,” said Paula Beckmann, senior associate director of executive education. Read more
  • CHICAGO SUN-TIMES. Results of Chicago Booth’s 2010 New Venture Challenge were published June 7. “Application developer Watermelon Express took home the $30,000 first prize,” the article said. “To date, the New Venture Challenge has seeded more than 60 local startups with nearly $700,000 in early stage funding.”
  • FINS.COM. Chicago Booth was featured in an article headlined “What to Wear to a Finance Interview,” published August 27. Char Bennington, director of career management, offered advice to women. Read more
  • MBA MISSION.COM. An article headlined “Chicago’s Marketing Prowess,” discusses Booth’s growing emphasis on its marketing curriculum. Booth now offers 17 marketing classes and “is growing its experiential opportunities in the marketing field, with students taking part in marketing management labs,” the September 3 article said.
  • BUSINESS TIMES (Singapore). A photo of Chicago Booth’s Singapore campus accompanied an article headlined “Back to school for SME (small and medium-size enterprise) leaders,” published August 31. Booth’s executive MBA program in Singapore gives executives the option to take a concentration in marketing, finance or strategy, which allows them to develop additional frameworks, said Glenn Sykes, associate dean. Danny Lien, AXP-10 was featured in the article.

Section 2: News coverage quoting Chicago Booth faculty.

  • BARRON’S. Professor Raghuram Rajan was featured in an article headlined “Man with a Plan,” published July 3. “Finance professor Raghuram Rajan saw the global credit crisis coming,” the article said. “Now he sees ways to avoid a repetition of the big meltdown.” The article begins: “For an academic, finance professor Raghuram Rajan has serious street cred.” Read more
  • THE NEW YORK TIMES. Professor Richard Thaler wrote the Economic View column August 22 headlined “The Overconfidence Problem in Forecasting.” Academic research shows that CEOs and CFOs suffer from overconfidence, which can cause them to act unwisely, Professor Thaler wrote. “Two lessons emerge from these papers. First, we shouldn’t expect that the competition to become a top manager will weed out overconfidence,” he wrote. “In fact, the competition may tend to select overconfident people. The second lesson comes from Mark Twain: ‘It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.’” Read more
  • NBC TELEVISION. Professor Randall Kroszner appeared on The NBC Nightly News with Brian Williams August 20 in a story about the record number of Americans making hardship withdrawals from their 401(k) retirement savings accounts. “As more people are facing difficulties with employment … it’s going to be more difficult for them to pay themselves back,” he said. The story was the lead item of the newscast.
  • THE NEW YORK TIMES. Professor Richard Thaler wrote the Economic View column headlined “Level Playing Fields, in Soccer and Finance” published July 24. “New rules in either soccer or finance shouldn’t put any more burdens on individual referees,” he wrote. “Consider the Consumer Financial Protection Bureau now being established. Above all, I’d urge the head of this agency to devise rules under the assumption that, someday, he or she will be succeeded by a nitwit.” Read more
  • THE NEW YORK TIMES. Professor Richard Thaler wrote the Economic View column headlined “Recipes for Ruin, in the Gulf or on Wall Street” June 11. “As the oil spill in the Gulf of Mexico follows on the heels of the financial crisis, we can discern a toxic recipe for catastrophe,” he wrote. “The ingredients include risks that are erroneously thought to be vanishingly small, complex technology that isn’t fully grasped by either top management or regulators, and tricky relationships among companies that are not sure how much they can count on their partners.” Read more
  • THE NEW YORK TIMES. Professor Raghuram Rajan posted a commentary “Why We Should Exit Ultra-Low Rates,” on the Freakonomics blog August 25. “I am as much for getting out of this recession as anyone else,” he wrote. “However, I would like to get out of this recession in a way that is sustainable and does not merely pump up growth in the short-term only to see it collapse later.” Read more
  • FINANCIAL TIMES. Professor Raghuram Rajan wrote an op-ed headlined “Bernanke must end the era of ultra-low rates,” published July 29. “The market now thinks that whenever the financial sector’s actions result in unemployment, the Fed will respond with ultra-low rates and easy liquidity,” he wrote. “So even as the Fed has maintained credibility as an inflation fighter, it has lost credibility in fighting financial adventurism. This cannot augur well for the future.” Read more
  • THE WALL STREET JOURNAL. Professor Austan Goolsbee was named chairman of President Obama’s Council of Economic Advisors. Professor Goolsbee is on academic leave while serving in Washington. The article was published September 10. Read more
  • REUTERS. Professor Austan Goolsbee’s appointment as chairman of the President’s Council of Economic Advisors (see above) was reported by this global news service September 10. “(Professor Goolsbee) has a deep appreciation of how the economy affects everyday people,” President Obama said at a news conference during which he announced the appointment. Read more
  • FINANCIAL TIMES. Professor Richard Thaler’s role as a behavioral economic advisor to the British government was featured in an article published September 10. “Richard Thaler, co-author of Nudge, has been brought into Downing Street by David Cameron, who hopes to draw on his ideas to persuade people to change their behavior, from eating healthily to paying their taxes,” the article said. Read more
  • THE WALL STREET JOURNAL. Professor Raghuram Rajan explained why keeping interest rates ultra-low for an extended period is not the best approach to fixing the economy during a video interview from Jackson Hole, Wyoming, site of a Federal Reserve conference August 27. Read more
  • THE NEW YORK TIMES. Professor Raghuram Rajan wrote an op-ed titled “Rebalancing the World Economy,” August 10. “There is a fair amount of agreement that the world economy is in need of rebalancing,” he wrote. “Simply put, the consensus now requires U.S. households to save more and Chinese households to spend more in order to achieve the necessary rebalancing.” Read more
  • FINANCIAL TIMES. Professor Raghuram Rajan wrote an op-ed published June 2 titled “Bankers have been sold short by market distortions” June 2. “How do we instill more social values in the industry?” he wrote. “Or is banker greed mostly good?” Read more
  • THE ECONOMIST. Professor Raghuram Rajan’s new book, Fault Lines: How Hidden Fractures Still Threaten the World Economy, “deserves to be widely read,” according to an article published June 10. The book aims at giving readers a deeper understanding of the forces that brought about the worst financial and economic crisis in at least half a century and looks at what can be done to prevent the next one. Read more
  • Here is a sample of more news coverage of Professor Rajan’s new book: Professor Rajan discussed Fault Lines in this Q&A on THE NEW YORK TIMES’ Freakonomics blog. Read more
    An article about the book appeared in ESQUIRE, June 8. The book is “another ‘aha’ moment, especially fascinating because it mixes free-market Chicago School economics with good-government ideas straight out of Obamaland,” Esquire wrote. Read more
    The FINANCIAL TIMES called Fault Lines “excellent,” in its June 21st review. Read more
    The NEW YORK TIMES review of Fault Lines August 1 says “Mr. Rajan has written a serious and thoughtful book.” Read more
    This FINANCIAL TIMES article July 14, headlined “Three years and new fault lines threaten,” said Professor Rajan’s voice “is worth listening to.” Read more
    HINDUSTAN TIMES wrote “Insightful, educative and incredibly gripping, if you want just one book to understand the ongoing global financial crisis and the way forward, Fault Lines it is.” The review was published August 14. Read more
  • CNBC TELEVISION. Professor Randall Kroszner discussed the U.S. economy during a live, five minute interview broadcast August 26. “We’ve seen some very choppy data over the last few months,” he said. “We seemed to be coming back reasonably steadily but now the data don’t suggest that.” Read more
    Professor Kroszner also discussed the economy during an appearance on FOX Business, August 26.
  • BBC RADIO. Professor Randall Kroszner said it is unlikely the U.S. will experience either deflation or a double-dip recession. He made his remarks during an interview broadcast on the Today program on Radio Four September 22. The interview begins approximately 20 minutes into the broadcast. Read more
  • THE WALL STREET JOURNAL. Research by Associate Professor Amir Sufi was featured in an editorial headlined “Stimulus for Clunkers; A new study charts an economic failure,” published September 20. The cash for clunkers program “had no long run effect on auto purchases,” Professor Sufi found. Read more
  • FINANCIAL TIMES. Professor Douglas Skinner was quoted in an article about the expanding role of the chief financial officer and its implications for business. “Finance is a coordinating function that has to sit at the top of the organization, and coordinate and control all the various operations areas,” Professor Skinner said, “otherwise the CEO’s vision and the strategy of the organization as a whole is going to become very conflicted.” The article was published September 9. Read more
  • THE NEW YORK TIMES. Professor Steven Kaplan participated in an online debate “Can the U.S. Punish BP’s Shareholders?” June 10. “While it makes good sense for BP to cut or eliminate its dividend voluntarily, it is not a good idea for the U.S. to enjoin BP from paying its dividend,” he wrote, in response to the oil spill in the Gulf of Mexico. “While it may score some immediate political points, the overall effects are likely to be harmful because it would be yet one more indication that the U.S. government and Congress are hostile to business and are trying to tell business what to do.” Read more
  • THE NEW YORK TIMES. Professor Raghuram Rajan wrote an opinion article titled “Correcting Krugman,” published on the Freakonomics blog September 16. The article was in response to Paul Krugman’s review of Fault Lines, Professor Rajan’s latest book. Read more
  • FINANCIAL TIMES. Research on banking by Professor Anil Kashyap was cited in an op-ed written by Sheila Bair, chairman of the Federal Deposit Insurance Corporation. Professor Kashyap’s research is titled “A Macroprudential Approach to Financial Deregulation.” The op-ed was published August 24. Read more
  • THE WALL STREET JOURNAL. Professor Steven Kaplan was quoted in a front page article about the 25 top-paid CEOs of the decade, published July 27. In general, “the guys who got the big payoffs deliver,” he said. Ranked #1 on the top-paid list was Larry Ellison, founder and CEO of Oracle Corp. He received $1.84 billion in compensation during the past decade, the Journal survey found. Read more
  • THE ECONOMIST. Research by Associate Professor Amir Sufi was featured in an article on the American economy headlined “The great debt drag.” Professor Sufi found a close correlation at the county level between car sales and household debt. The heavier the debt in a county at the start of the recession, the weaker car sales have been since. The article was published September 16. Read more
  • THE NEW YORK TIMES. Research by Professor Marianne Bertrand was featured in an article headlined “A Market Punishing to Mothers,” published on the front page of the business section August 4. Professor Bertrand studied Booth graduates and found that in the early years after graduating, men and women had “nearly identical labor incomes and weekly hours worked.” Men and women also paid a similar career price for taking off or working part time. Women, however, were vastly more likely to do so. As a result, 15 years after graduation, the men were making about 75 percent more than the women. Read more
  • THE NEW YORK TIMES. Professor Randall Kroszner was quoted in an article headlined “Fed Shifting Its Debate to Deflation,” August 10. He said it seemed increasingly likely that the Federal Reserve Board could announce that it would reinvest the cash it receives as the mortgage bonds it holds mature, rather than letting its balance sheet gradually shrink over time. Following the Fed’s August meeting “I think the language will broadly change to acknowledge the moderation in the pace of the recovery,” said Professor Kroszner, who served as a governor of the Fed from 2006 to 2009. Read more
  • MORNING EDITION (NPR). Research by Associate Professor Amir Sufi was featured in a story about the impact of the 2009 “Cash for Clunkers” program. The program boosted auto sales by 360,000 during the two months it was in place, Professor Sufi found. But in the seven months that followed, sales were down by 360,000 compared with what they would have been without the program, his study showed. The story was broadcast September 3. Read more
  • SYDNEY MORNING HERALD (Australia). Research by Associate Professor Amir Sufi on “Cash for Clunkers” (see item above) was cited in an article published September 5. Read more
  • CNBC. Professor Randall Kroszner discussed what might happen at the August meeting of the Federal Reserve Board during a live appearance on the Squawk Box program August 10. Read more
  • BLOOMBERG BUSINESSWEEK. Professor Randall Kroszner said the Federal Reserve Board can’t be counted on as the sole source of support for the U.S. economy. “I do think there’s a lot the Fed can do to provide support, but the Fed can’t be the only piece of policy that has to be relied on,” he said in an article published August 26. Read more
  • BLOOMBERG NEWS. Professor Steven Kaplan was quoted in an article headlined “Hurd May Find Job in Private Equity After HP, Recruiters Say.” While the scandal surrounding his forced resignation as CEO of HP might precludes a CEO position at a large competitor, Hurd probably won’t settle for a smaller company, Professor Kaplan said. But a private-equity firm – or a company owned by one -- may be an acceptable compromise. The article was published August 11 and appeared on THE NEW YORK TIMES website the following day. Read more
  • NPR MORNING EDITION. Professor Randall Kroszner was featured in a story about new steps taken by the Federal Reserve to keep the U.S. economy from slowing any further. The Fed’s purchase of U.S. Treasury securities will help improve credit conditions, he said during the August 11th broadcast. Read more
  • CBC CANADA. Professor Raghuram Rajan discussed the downside to keeping interest rates ultra-low -- at “panic levels” -- for too long during a live interview on the Lang and O’Leary Exchange, September 1. Besides the risk of developing asset bubbles again, savers are hurt by ultra-low rates, he said. The segment begins at 15:30 into the one-hour program and can be seen here. Read more
  • FINANCIAL TIMES. Professor Randall Kroszner was quoted in an article about the chairman of the Federal Reserve, headlined “Central Banker in a Hole,” published August 27. “He’s a very gentle leader but someone who knows how to lead,” said Professor Kroszner, a member of the Fed Board of Governors from 2006 to 2009. Read more
  • THE NEW YORK TIMES. Professor Raghuram Rajan was quoted in an article headlined “World Leaders Agree on Timetable for Cutting Deficits,” published June 27. “While the illusion of progress is good, I don’t see real action to alter the imbalances that brought us to this crisis,” Professor Rajan said. Read more
  • THE WALL STREET JOURNAL. Professor Anil Kashyap was quoted about the Basel III capital accord headlined “Bank Rules Win Muted Praise.” Under terms of the agreement, banks must keep high capital levels, but the transition is too long for some, the article said. “Defers higher capital levels for years,” Professor Kashyap said. The article was published September 13. Read more
  • FINANCIAL TIMES. Professor Raghuram Rajan was quoted in an article headlined “Downbeat mood at Jackson Hole,” published August 29. “These are extraordinary times for monetary policy and my sense is that we should be cautious about promising too much,” Professor Rajan said. Read more
  • THE INDEPENDENT (London). Professor Richard Thaler was featured in an article headlined “First Obama, now Cameron embraces ‘nudge theory,’” published August 12. “The man who elevated ‘nudge’ into a political catchphrase, the Chicago-based academic, Richard Thaler, says that his idea is at last getting serious attention in Downing Street, as it is in Barack Obama’s White House,” the article said. Read more
  • THE WALL STREET JOURNAL. Professor Steven Kaplan was quoted in an article about the bidding war between 3Par and Dell, published August 26. Dell is “pushing it on the high side” with the break-up fee it imposes if 3Par backs out of the proposed deal, he said. Later, Dell dropped out. Read more
  • XINHUA NEWS AGENCY (China). Professor Randall Kroszner was featured in a long article about the U.S. economy. “We are not going to get the smooth path back to recovery,” he said, “but I do think the fundamental are there, even if it may be a little rocky … It will probably take years rather than months.” The article was published September 2. Read more
  • CHICAGO TRIBUNE. Professor Randall Kroszner was quoted in an article about rising fears of deflation, published August 4. The Federal Reserve Board is wise to be talking about deflation risks, he said. That shows people that the Fed is attentive and builds confidence that a deflationary spiral will be averted, he said. At the same time, the Fed is in an unusual position, facing the longer-term threat of inflation, too. “Usually the monster (the Fed must tame) has just one head,” Professor Kroszner said. “Now there’s a head and a tail, and the Fed needs to show just as much concern over inflation and deflation.” Read more
  • THE LONDON TELEGRAPH. Professor Gary Becker was featured in a Q&A interview headlined “Asia will be the world’s new center of gravity,” published June 19. During the interview he also repeated his idea of charging people to immigrate. If each immigrant to the U.S. were to pay $50,000, the U.S. could raise $50 billion a year, he said. Read more
  • THE NEW YORK TIMES. Professor Anil Kashyap was quoted in an article headlined “Fifteen Economists Issue Crisis-Prevention Manual,” published June 15. Creation of a Financial Stability Oversight Council, led by the Treasury secretary, with the Fed chairman as only one of several voting members isn’t the best approach, he said. “I doubt this will work, and it is very unlikely to produce much accountability.” Professor Kashyap, along with Professors John Cochrane, Douglas Diamond, and Raghuram Rajan, were among 15 leading economists who wrote a new book, “The Squam Lake Report: Fixing the Financial System.” Read more T
    he Squam Lake Report and Professor Kashyap were also featured in a Wall Street Journal article June 16. Read more
  • THE WALL STREET JOURNAL. Professor Raghuram Rajan was featured in an article headlined “Raghuram Rajan on India’s ‘Fault Line,’” posted August 6 on the newspaper’s India Real Time blog. “There is a fundamental problem in India, which is that significant parts of the population are not benefiting from the growth process,” he said. “This is very similar to what happened in the U.S.” Read more
  • THE NEW YORK TIMES. Research by Professor Lubos Pastor was featured in an article about the long-term benefits of investing in the stock market. Investors should be careful in assessing retrospective calculators of the market performance, he found. Using an approach known as Bayesian analysis, Professor Pastor showed that uncertainty compounds as the horizon grows longer. “It’s important to realize that stocks should produce higher returns, because they’re riskier,” he said in the article published July 15. Read more
  • CNBC. Professor Randall Kroszner was guest host of the Squawk Box program July 14. “All recoveries are bumpy,” he said, referring to current economic conditions in the U.S. Professor Kroszner also appeared on FOX Business, where he talked about the risks of deflation. The Federal Reserve Board is taking steps to prevent deflation, he said during the August 4 interview. Professor Kroszner also appeared on Bloomberg TV and Reuters TV discussing the U.S. economy.
  • THE ECONOMIST. Research by Associate Professor Amir Sufi was featured in an article headlined “Vote no to the American dream,” published June 22. The research looks at the politics of America’s subprime boom and found that at the start of the past decade, the mortgage industry increased campaign contributions to congressmen in districts with lots of subprime borrowers. Read more
    Professor Sufi’s research was featured in The Wall Street Journal June 22. Read more
  • MORNING EDITION (National Public Radio). Professor Raghuram Rajan said income inequality helped stoke the financial crisis during a broadcast appearance June 21. Read more
    Professor Rajan made a similar point about income inequity in a Washington Post article July 18. Read more
  • THE WALL STREET JOURNAL. Professor Steven Davis was quoted in an article about the job market. Some economist fear the U.S. could end up with a permanent caste of long-term unemployed, like those that weigh on government budgets in some European countries. “It is a very worrisome development,” Professor Davis said. “It leans over a long period of time to social alienation as well as economic hardship.” The article was published August 9 on the front page. Read more
  • REUTERS. Professor Anil Kashyap was quoted in an article about further actions the Federal Reserve could take to boost the economy. “Even if they symbolically reinvest their portfolio and put it into Treasuries, I’m not sure if there’s a huge effect on interest rates, but there is a big effect on the bond markets,” he said in the August 9 article. Read more
  • THE TIMES OF INDIA. Research by Professor Christopher Hsee was featured in an article headlined “Keep yourself busy to stay happy,” published July 30. People who constantly have something to do, even something pointless, are happier than people who sit idly, the study found. “We have excessive energy and we want to avoid idleness,” he said.
    A similar story also appeared in SMART MONEY Magazine, August 13. Read more
    Professor Hsee’s research was also covered on the website of the AUSTRALIAN BROADCASTING CORPORATION, August 10. Read more
  • THE DAILY MAIL (London). Professor Christopher Hsee’s research on happiness (see item above) was featured in an article headlined “Why keeping busy is the key if you want to beat the blues,” published July 30.
  • THE WALL STREET JOURNAL. Professor Douglas Skinner was one of the experts quoted in an article about the Supreme Court’s ruling on the Sarbanes-Oxley law June 28. The court ordered a change in oversight of the accounting watchdog board created by the law, but it left intact the rest of the 2002 law, which was passed in the wake of several corporate accounting scandals. Professor Skinner said he didn’t anticipate major changes in the board’s makeup. “The board’s operations and what it does have survived pretty much intact. It’s almost business as usual for these guys.” Read more
  • ASSOCIATED PRESS. Professor Randall Kroszner was quoted in an article looking at whether the flagging U.S. recovery can easily be fixed. “There is certainly no magic bullet to immediately turn things around,” he said. The key is making people feel more comfortable and confident that their jobs are secure, and that the values of the homes and 401(k) account will stabilize, he said in the article distributed August 13.
  • THE WALL STREET JOURNAL. Professor Luigi Zingales’ Financial Trust Index was featured in an article published July 20. A year into the economic recovery, almost half of Americans are still bracing for severe drops in stock prices, the findings show. Read more
  • POLITICO.COM. Professor Luigi Zingales said trust in the financial system has rebounded “significantly” during the past year, according to an article about the latest Chicago Booth/Kellogg School Financial Trust Index posted August 4. Read more
  • PHILADELPHIA INQUIRER. Professor Randall Kroszner was featured in an article headlined “When the Fed speaks, why does the world jump?,” published August 13. Professor Kroszner was a governor of the Fed from 2006 to 2009. Members of the Federal Reserve Board are fully aware that the statement issued after each meeting will affect the market, he said. “Every word, every syllable that the top federal officials say gets a great deal of attention,” Professor Kroszner said. “That leads people to pick their words very carefully,” he said. Read more
  • THE NEW YORK TIMES. Professor Raghuram Rajan’s blog was featured in an article headlined “A New Economics Blog by Fault Lines Author Raghu Rajan.” The item, written by Professor Steven Levitt, appeared on the Freakonomics Blog July 9. “(Professor Rajan) is a serious economist: very thoughtful and highly respected,” Professor Levitt wrote. Read more
  • CNBC. Professor Eugene Fama discussed whether the government is the biggest risk to economic recovery during an interview May 28. Read more
  • THE WALL STREET JOURNAL. Professor Randall Kroszner was quoted in an article about proposals to improve regulation of European derivatives markets published September 17. Read more
  • ASSOCIATED PRESS. Professor Jean-Pierre Dube was quoted in an article about the world’s top-ranked brands. When brands don’t live up to their identity, they suffer, he said in response to the big drop in BP’s rank. As a result of the oil spill in the Gulf of Mexico, “the immediate emotion it evokes is anger and a little bit of distrust,” Professor Dube said in the September 15 article.
  • CHICAGO TRIBUNE. Associate Professor Aparna Labroo was quoted in an article headlined “Consumers pushed to alternative brands in light of Tylenol recalls,” published August 10. Consumers forced to use other products could decide never to go back, she said. “If the effectiveness of the private label is not significantly different from the branded alternative, the consumer might stick with the cheaper alternative even when the branded product reappears on the store shelf,” Professor Labroo said. Read more
  • THE ECONOMIST. Professor Raghuram Rajan was quoted in an article headlined “An early warning about the dangers of keeping interest rates low,” published July 15. “We need to challenge the view that the central banks produce low interest rates and nobody gets hurt,” he said. “The cautionary tale from Japan is that keeping interest rates low without doing anything to fix structural problems may have little effect.” Read more
  • THE ECONOMIST. Research by Professor Chad Syverson was featured in the Economics Focus column July 1, headlined “The click and the dead: E-commerce favors large companies but only because that is what people want.” Using data on Internet usage from a representative survey of Americans, Professor Syverson and his co-authors “were able to tease out the impact of the Internet on firms in the ten years to 2004, when online shopping first gained a foothold in American life,” the article said. The study looked at bookshops, travel agencies and new-car dealerships. Read more
  • THE WALL STREET JOURNAL. Professor Anil Kashyap was quoted in an article headlined “Fed Gets More Power, Responsibility,” published July 16, after the Federal Reserve received new powers to oversee big financial firms. “The bill has good intentions, but I’m worried about its implementation,” Professor Kashyap said. “If I were the Fed, I’d be seriously worried about being left holding the bag” if things go wrong. Read more
  • THE NEW YORK TIMES. Research by Professor Lubos Pastor was featured in an article about the outlook for the stock market. Conventional wisdom views stocks as less volatile over long horizons than over short horizons, but his research finds socks are substantially more volatile over long horizons from an investor’s perspective. Using an approach known as Bayesian analysis, he showed that uncertainty compounds as the horizon grows longer. “The possibility of climate change, nuclear war, events like that – they don’t’ show up at all” in retrospective calculations, Professor Pastor said. The article was published July 15. Read more
  • THE NEW YORK TIMES. Research by Professor Anil Kashyap was featured in a column headlined “Why Higher Capital Standards Are Needed,” published July 29. Professor Kashyap and his co-authors have written “an important new paper … that pulls together the best recent thinking,” on the banking crisis, the column said. It was published July 29. Read more
  • BLOOMBERG TV. Professor Randall Kroszner discussed U.S. fiscal and monetary policy during an interview broadcast August 11. “We’re not on a sustainable fiscal trajectory,” he said, adding “something has to be done” to change that.
  • REUTERS. Professors Anil Kashyap and Randall Kroszner were quoted in an article about the financial overhaul bill hammered out by congressional negotiators. The bill would alter the role of the Fed by giving it greater responsibility to police the financial system as part of an interagency Financial Stability Oversight Council. “I do not expect it to work well and there is a risk the Fed will wind up being blamed for a group failure,” Professor Kashyap said. “Drawing and monitoring the border between systemically important and other institutions and markets will be one of the greatest challenges the Fed will face,” said Professor Kroszner. The article was published June 25. Read more
  • THE WALL STREET JOURNAL. Professor Raghuram Rajan was quoted in an article headlined “Fed More Cautious on U.S. Growth,” published June 23. There are risks to the Fed’s strategy of keeping rates low for a long time, the article said. “If I were Ben Bernanke, I would start preparing people, especially as Europe cools down, that interest rates are going to move to more normal, but still low levels,” Professor Rajan said. Read more
  • FORTUNE. Professor Randall Kroszner was quoted in an article about the financial regulatory reform bill. “So much is left to be defined,” he said about the new law. “The legislation mostly kicks the can down the road.” The article was published August 10. Read more
  • FRANKFURTER ALLGEMEINE SONNTAGZEITUNG (Frankfurt, Germany). Professor Raghuram Rajan was featured in a full page article headlined “The New Chicago Boy,” July 4. A large photo of Professor Rajan accompanied the article.
  • BBC 2 TELEVISION (U.K.). Professor Raghuram Rajan discussed the debt crisis facing European banks during a live interview July 1. Watch the video
  • FOX BUSINESS. Research by Professors Lubos Pastor and Pietro Veronesi was featured in an article headlined “Stock Prices and Uncertainty Go Hand in Hand,” published June 29. The research looked at the effect of uncertainty about government actions on stock prices. “The ongoing reform of U.S. financial regulation has involved separate passages of related bills by the House and the Senate,” Professors Pastor and Veronesi said. “According to our model, stock prices should respond at each step of the way, with bigger price responses following bigger increases in the probability of a policy change.”
  • U.S. NEWS & WORLD REPORT. Professor Eugene Fama discussed his new research on the role of luck in the stock-picking performance of mutual fund managers. The Q&A interview was posted June 24. Read more
  • HOUSTON CHRONICLE. Research by Professor Marianne Bertrand was featured in an article about the difference in pay for men and women. Equity in the workplace for MBAs is not a question of male or female, she found. “There are really three groups,” she said. “There are men, women with kids, and women without kids.” The article was published September 3. Read more
  • BLOOMBERG BUSINESSWEEK. Professor Steven Kaplan was quoted in an article headlined “What Is Henry Kravis Telling Us? KKR has always stood for the idea that private equity is a better way. So what does it mean that KKR is now publicly traded?” published in the August 9 issue. Some firms consistently lead the pack, but the private equity industry as a whole beats the stock market only by a modest amount, he said. And, after fees, an outside investor would do as well or better with his or her money in an index fund that tracks the Standard & Poor’s 500-stock index.
  • THE NEW YORK TIMES. Research by Assistant Professor Emily Oster was featured in an article headlined “Garment Factories, Changing Women’s Role in Poor Countries,” posted July 21 on the newspaper’s Economix blog. Professor Oster’s study of India found that the introduction of a call center increases school enrollment by 5.7 percent. English-language schools are responsible for all of the increase, she found. Read more
  • BLOOMBERG BUSINESSWEEK. Professor Randall Kroszner was featured in an article headlined “Kroszner Says Investment Is Needed to Create Jobs in U.S.,” published July 20. “I don’t think the extension of jobless benefits is such a make-or-break thing,” he said. “The key is getting job growth back … The challenges aren’t nearly as great as they were in the early 1930s. We have to think ‘What will get investment back?’” Read more
  • RADIO FREE EUROPE. Research by Assistant Professor Tarek Hassan was featured in an article headlined “New Study Assesses Economic, Political Impact of Holocaust in Russia,” June 18. Professor Hassan and his co-authors found that the 11 regions of western Russia that were most severely affected by the Holocaust lag behind the rest of the country economically. The researchers speculate that the effects may have been caused by the fact that the Holocaust, in targeting Jews, disproportionately devastated the most highly educated and economically productive segments of local society.
  • Professor Hassan’s research was also featured in an article on JTA, the Jewish Telegraphic Agency, July 13. Read more
  • BLOOMBERG MARKETS MAGAZINE. Professor Steven Kaplan was quoted in an article headlined “An Honor Code for MBAs.” The pledge by some business school students is “well-meaning but in the end, very mushy and not well thought out,” Professor Kaplan said. All business schools teach students to be ethical, he said. The article appeared in the August issue. Read more
  • RZECZPOSPOLITA (Warsaw, Poland). Research on the Holocaust by Assistant Professor Tarek Hassan was featured in an article published July 2. He found that Russian cities and regions whose Jewish populations bore the brunt of the Holocaust have seen lower economic growth and wages ever since, according to the article. These same areas have also tended to resist political reform, exhibiting greater popular support for Communist candidates since the collapse of the Soviet Union.
  • BORSEN-ZEITUNG (Dusseldorf, Germany). A feature article about Professor Douglas Diamond was published August 26. The article was headlined “Finance Specialist.”
  • LES ECHOS (Paris). A feature article about Professor Richard Thaler was published August 26. The article also discussed Professor Thaler’s latest book, “Nudge: Improving Decisions About Health, Wealth and Happiness.”
  • FORBES INDIA. Professor Raghuram Rajan, economic advisor to the prime minister of India, was featured in a Q&A interview about what India has got right so far and the lessons that it still must learn in managing its complex economy. The article appeared in the issue dated July 30. Read more
  • BLOOMBERG NEWS. Professor Steven Kaplan was quoted in an article headlined “IPO Filings Hit Post-2007 High Amid Losses; LBO Firms Seek Cash,” published July 1. “You go public whenever you can, because you don’t know when you’re going to be able to go public again,” Professor Kaplan said.
  • BLOOMBERG BUSINESSWEEK. Professor Steven Kaplan was quoted in an article about Citigroup’s plan to raise more than $3 billion for its private-equity and hedge funds, even as U.S. lawmakers consider banning banks from owning and investing in so-called alternative funds. “Citi must be comfortable enough that whatever happens, even in the extreme version, they’ll be able to move ahead with these businesses,” he said. Read more
  • BLOOMBERG RADIO. Professor John Cochrane said government stimulus programs are not the best way to fix the U.S. economy during an appearance on Bloomberg Surveillance program June 21. The government should get out of the way and let the economy alone, he said.
  • BLOOMBERG RADIO. Professor Randall Kroszner discussed the sweeping financial reform legislation signed into law by President Obama during an interview July 21.
  • REUTERS. Professor Randall Kroszner was quoted in an article about the search for the next president of the Federal Reserve Bank of San Francisco, to replace Janet Yellen’s pending move to the Federal Reserve Board. The San Francisco Fed “wants to make sure that the person who represents their region has the analytical wherewithal to go toe-to-toe with the other members of the FOMC,” Professor Kroszner said, referring to the rate-setting Federal Open Market Committee. The article was published July 14.
  • ENTRE LIDERES (Brazil). Clinical Professor Michael Gibbs published an article on the best way to design employee jobs September 2. The article was based on his research “Why Are Jobs Designed the Way They Are?”
  • EL CRONISTA (Buenos Aires). Professors John Cochrane and Raghuram Rajan were quoted extensively in an article about the financial crisis in the U.S. and its impact on Wall Street, published July 13.

Section 3: Chicago Booth students and alumni in the news.

  • CHICAGO TRIBUNE. A start-up founded by Sean Harper, MBA ‘09 and Joshua Krall, MBA ’09 received $510,000 in first round funding, according to an article published August 10. The company, FeeFighters (formerlyTransFS), provides a comparison shopping Web site for credit-card processors. The funding was lead by Chicago-based Hyde Park Angels and 500 Startups, a Mountain View, California-based firm that focuses on early-stage investments, the article said. Read more
  • THE WALL STREET JOURNAL. FeeFighters (see item above) was featured in an article headlined “Comparison Shopping Online Is For Small Businesses Too,” published August 10. The article mentioned that the company was founded by two Chicago Booth students. Read more
  • POETS AND QUANTS.COM. Sarah McGinty, MBA ’10, was featured in an article headlined “My Story: From Hollywood to Booth,” posted August 16 on this website about business schools. At Booth, the professors are amazing, she said, adding “the students really care about learning and ideas.” Read more
  • INVESTOR’S BUSINESS DAILY. Dennis Keller, MBA ’68, was featured in an article headlined “Dennis Keller’s DeVry Profits From Education,” published August 9. While a student at Chicago Booth, Keller wrote a business plan for a college that would be an investor-owned firm, according to the article. “Last fiscal year, that idea helped adult education pioneer DeVry make $1.5 billion in revenue and $165.6 million in profit,” the article said. Read more
  • FINANCIAL TIMES. Jon Corzine, MBA ’73, was featured in an article headlined “Trained to deal with adversity,” published August 23. He is chairman and CEO of MF Global Holdings, a futures broker he intends to build into a full-service investment bank, according to the article. “We have to take risks,” said Corzine, who earlier was chairman and senior partner at Goldman Sachs and governor of New Jersey. Read more
  • REUTERS. Koo Bon-joon, MBA ’82, was named CEO of South Korea’s LG Electronics, according to an article published September 16. Read more
  • FINS.COM. Swajit Rath, MBA ’11 was featured in an article titled “How to Get an Edge for Analyst, Associate Jobs,” posted July 21. “Rath paid about $200 each for two financial modeling courses with Training The Street though Chicago Booth,” the article said. “(The courses) put us in an advantageous position,” Rath said. Read more
  • THE WALL STREET JOURNAL. Robert Steel, MBA’ 84 was tapped to become deputy mayor of New York, according to a June 21 article. Earlier he was CEO of Wachovia Corp. and a senior executive at Goldman Sachs, the article said. Read more
  • CHICAGO TRIBUNE. David Friedman, MBA ’89, was named senior vice president and president of marketing at Sears Holdings Corp., according to an article published August 25. Read more
  • FOREIGN POLICY. John Taplett, MBA ’12, wrote a guest column with suggestions on how the U.S. Department of Defense can cut its budget for next year. Before enrolling at Booth, Taplett was a Navy officer on active duty from 2005 to 2010. The article was published September 15. Read more
  • INC. MAGAZINE. Several companies founded by Booth students made the list of the fastest growing privately-held companies in the U.S., according to an article published August 24. Mu Sigma, founded by Dhiraj Rajaram, MBA ’03, ranked #204 Read more; GrubHub.com, founded by Matt Maloney, MBA’10, ranked #229 Read more, and Rise Interactive, founded by Jon Morris, MBA ’05 was #455 Read more. The ranking is based on percentage revenue growth from 2006 to 2009.
  • BLOOMBERG NEWS. Dennis Stattman, MBA ’80, was featured in an article about his investment strategy. He manages $65 billion in global equities and bonds for BlackRock, Inc., according to the article published August 27. “We can’t find a stock among the 20 or 30 biggest U.S. companies that looks expensive,” he said. Read more
  • FORBES. Peter Petropoulos, a current student in the Evening MBA Program, was featured in an article about his fellowship with the Environmental Defense Fund’s Climate Corps. He interned at PepsiCo and “has been building on an already-impressive bucket of sustainability initiatives,” the July 9 article said. Read more
  • PHARMA EXEC.COM. Andrew Schmeltz, MBA ’97, was included on the magazine’s list of the 25 up-and-coming leaders in the pharmaceutical industry, published July 19. He is vice president of commercial development at Pfizer. “I try to create an environment where people feel proactive and personally engaged,” he said. “Don’t wait to be told what to do. Go out and do it.” The article was published June 25.
  • CHICAGO SUN-TIMES. Conrad Sheehan, MBA ’95, was featured in an article headlined “Chicago company adds new twist to paying by phone,” published July 17. He is president and CEO of mPayy, the mobile payment company. Sheehan got the idea for MPayy after his experiences as a partner at Accenture and as head of the consumer payments division at JPMorgan Chase, the article said.
  • THE MODESTO (Calif.) BEE. Princess Clark-Wendel, MBA ’06 (XP-75) was featured in an article headlined “Got the job? Get up to speed,” published June 6. She discussed important steps to take to upgrade your skills in a new job, particularly after a long period of unemployment or underemployment. Read more
  • DAILY NEWS & ANALYSIS (Mumbai). Pat Basu, MBA ’05, MD ’05 was one of 13 people named White House Fellows for 2010-11, according to an article published June 23. He is a radiologist at Stanford University and is course director of health policy, finance and economics, the article said. Read more
  • XCONOMY.COM. David Lieb and Jacob Mintz, both on student leave from Booth, were featured in an article about Bump Technologies, their new company. The company won Booth’s New Venture Challenge in 2009 and recently received $3 million in venture funding. Read more