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Booth in the News, Spring 2013, Vol. 1

(Covering March 13 to April 1, 2013)

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.

  • US NEWS & WORLD REPORT. Booth ranked second in finance and fourth in accounting in the annual ranking of top business schools published March 12.  Booth’s part-time MBA program and executive MBA program each ranked second, while the full-time program ranked sixth.  The top schools in the full-time ranking were 1) Harvard and Stanford, tied, 3) Wharton, 4) MIT and Kellogg, tied, 6) Booth, 7) Haas, 8) Columbia, 9) Tuck, 10) Stern.  Last year Booth’s full-time program tied for fourth.
    Read article
  • BLOOMBERG BUSINESSWEEK. Booth was one of the schools featured in an article headlined “Questions to Ask in Your MBA Admissions Interview,” published March 14.  “Fit is important, and interviews exist to assess that,” said Kurt Ahlm, associate dean for student recruitment and admissions.
    Read Article
  • CITI-FM (Accra, Ghana). Students in Booth’s Africa Group met during spring break with Ghana’s Vice President, Amissah-Arthur, according to an article posted on the radio station’s website March 29.    The vice president called the Booth students “leaders of business and industry in the next decade” and urged them to tell Ghana’s story abroad.  The Booth delegation was led by Edem Dzakpasu, a second-year student.
    Read Article

Section 2: News coverage quoting Chicago Booth faculty.

  • THE WALL STREET JOURNAL. Research by Professor Marianne Bertrand and Associate Professor Adair Morse on “trickle-down consumption” was featured in the Week in Ideas column March 22.    Middle-class households living in states with more rich people spend more, report more financial distress and are more likely to go bankrupt, their research found.   Citing “growing local inequality,” Professors Bertrand and Morse found that “middle-income households consume a larger share of their current income” in the face of increased income and consumption on the part of more-affluent Americans, the newspaper reported.
    Read article

    A second Wall Street Journal article also cited the research of Professors Bertrand and Morse.
    Read article

    The Washington Post published a story about the research March 27.
    Read article

  • THE WALL STREET JOURNAL. Professor Anil Kashyap was quoted in an article about the new governor of the Bank of Japan. The central banker is determined to chart a much more aggressive monetary policy in the battle to reverse 15 years of deflation, the article said. “He’ll try to change people’s expectations as quickly as possible” to anticipate prices will rise rather than fall, Professor Kashyap said. “Given how long the other policy has been in place, I doubt it’ll change immediately,” he said in the March 21 article. “You can’t pretend this is a super-fine-tuned exercise – nobody’s really tried to reverse what they’re trying to reverse.”
    Read article

  • THE WALL STREET JOURNAL. Professor Douglas Skinner was quoted in an article headlined “Low Interest Rates Offer Some Companies Shelter From Their Dividend Burdens,” published March 25. It “may well be time to lever up balance sheets,” Professor Skinner said, but he cautioned against rushing into a buyback at or near a stock-market peak. Companies bought increasing amounts of stock leading up to the market’s last peak, then bought back little during the depths of the recession. In some cases they were later forced to issue stock at much lower prices in order to raise cash. “CFOs will be fired for that,” Professor Skinner said.
    Read article

  • BLOOMBERG BUSINESSWEEK. Professor Raghuram Rajan was featured in an article headlined “Mr. Free Market, Raghuram Rajan, Goes to India,” published March 21. He became chief economic adviser to the Indian government last August. His view of India’s problems is that corrupt politicians, officials, and middlemen have hobbled free markets by monopolizing licenses, government funds, infrastructure projects, and more, Businessweek wrote. On March 13, Professor Rajan told Indian broadcaster New Delhi Television that India is overregulated, and that sick companies don’t die quickly enough, the article said, adding the candor is what helped get him his current job. Professor Rajan continues to be associated with Booth and the University, while restructuring his academic commitments to meet his responsibilities in India.
    Read article

  • BUSINESS STANDARD (India). Research by Associate Professor Eugene Caruso was featured in an article headlined “People perceive future events closer than past,” published March 14. “The findings provide evidence that our experience of space and time have even more in common than previously thought,” the article said. “It seemed to us that psychological scientists have neglected the important act that, in everyday experience, people don’t evaluate the past and the future in exactly the same way,” Professor Caruso said.
    Read article

    The Financial Times and The Atlantic also published articles about Professor Caruso’s research.
    Read Financial Times article

    Read Atlantic article
     

  • MINT (India). An op-ed by Professor Raghuram Rajan titled “Love the bank, hate the banker,” was published March 28. “Too much short-term debt makes banks more prone to failure, while too much equity places little restraint on bankers’ capacity to destroy value,” he wrote.
    Read article

  • CNBC TELEVISION. Professor Randall Kroszner told viewers of the Kudlow Report not to expect the Federal Reserve to cut back on its support of financial markets anytime soon. The interview was broadcast March 19, the opening day of the Fed’s March meeting. Professor Kroszner was a governor of the Fed from 2006 to 2009.
    Watch video
     
  • THE NIGHTLY BUSINESS REPORT (CNBC). Professor Randall Kroszner said the U.S. economy is “pretty far from full health,” during an interview broadcast March 19. “The fiscal follies in the U.S. are not anywhere near conclusion,” he said.
    Watch video 

  • U.S. NEWS & WORLD REPORT. Professor Randall Kroszner was quoted in article about the Federal Reserve’s continued use of quantitative easing as a way to stimulate the economy. If the Fed’s balance sheet gets too big, it could lead to a “loss of credibility” for the Fed as people start to worry about whether the Fed can “unwind” its balance sheet, he said. “I can understand why there isn’t a consensus (among Fed members),” said Professor Kroszner, a Fed governor from 2006 to 2009. “It’s not just the size but what you do with it.” The article was published March 21.
    Read article 

  • NATIONAL REVIEW ONLINE. Professor John Cochrane’s blog, The Grumpy Economist, was called “one of my new favorite blogs” by a writer for this publication in a posting March 22. “His blog posts are always worth reading,” the article said.
    Read article 

  • THE WALL STREET JOURNAL. Associate Professor Emily Oster has started writing an economic advice column for the newspaper, according to an article published March 19. “Making life decisions according to good economic principles is second nature to me,” she said. “So ask away:  kids, spouses, jobs, chores, how to spend your time. I’m here to optimize your life.”
    Read article

    Her first column was published March 25.
    Read article

  • THE WALL STREET JOURNAL. Research by Professor Luigi Zingales was featured in an opinion column that began “Good policy is not good policy if it can’t be put into effect democratically.” Surveys done by Professor Zingales found that the more economists agree with each other, the more they’re out of synch with the general public, the March 22 column noted. The research concluded that the generalizations that appeal to economists “simply are not very helpful to politicians when they go about the job of trying to reconcile the demands of the electorate.”
    Read article 

  • THE WASHINGTON POST. Research on economic policy uncertainty by Deputy Dean Steven Davis was featured in an article published March 8. “The best data we have (on economic policy uncertainty) come from a trio of economists at the University of Chicago and Stanford, who have constructed an index meant to measure the amount of policy uncertainty running through the economy,” the article said.
    Read article 

  • BLOOMBERG NEWS. Research by Professor Steven Kaplan was featured in an article headlined “Should John Q. Public Invest in the Carlyle Group?” published March 19. Buyouts, like the ones Carlyle specializes in, produced far higher returns than the Standard & Poor’s 500 Index from the 1980s until the financial crisis, according to “recent comprehensive research” by Professor Kaplan and his co-authors, the article said.
    Read article 

  • BLOOMBERG TELEVISION. Professor Randall Kroszner talked about the U.S. monetary policy during an appearance on “Surveillance” March 12. The Federal Reserve has lots of time to plan an exit strategy from its current policies, he said, because the exit will not happen soon.
    Watch video 

  • PENSIONS AND INVESTMENTS MAGAZINE. Professor Eugene Fama was named winner of the Best Perspectives Award from the CFA Institute, according to an article published March 21. Professor Fama was recognized for “the timeliest and most thought-provoking opinion article” of the year. The article, “An Experienced View on Markets and Investing,” was published in the November/December 2012 issue of the Financial Analysts Journal.
    Read article 

  • GULF TIMES (Qatar). Professor Luigi Zingales published an op-ed titled “Mario Draghi’s Opiate of the Markets,” March 25. “The outright monetary transactions (OMT) scheme announced by European Central Bank President Mario Draghi last July has served as the proverbial ‘bazooka’ – a gun so powerful that it does not need to be used,” he wrote. “Draghi’s bazooka has anesthetized markets, impairing their ability to assess risk. But as with all anesthetics, Draghi’s cannot and will not last forever. “
    Read article 

  • FINANCIAL TIMES. Professor Richard Thaler’s 2008 book “Nudge: Improving Decisions About Health, Wealth and Happiness,” has had a positive impact in part of Britain where a trial program has achieved success, according to an article headlined “Jobcenters try ‘nudging’ the workless,” published March 20.   “’Nudge’ economics could be coming to jobcenters cross the UK as the government tries behavioral techniques to push people back to work without spending money,” the article said.
    Read article

  • FOX NEWS CHANNEL. Professor Austan Goolsbee discussed the Democrats proposed budget plan during an appearance on Hannity March 14. The interview was titled “Democrats’ first budget in 4 years increases spending, taxes.”
    Watch video

  • YAHOO! FINANCE. Deputy Dean Steven Davis has been awarded the Addington Prize in Measurement presented by the Fraser Institute, a non-partisan Canadian public policy think-tank, according to a March 11 article. Professor Davis was honored for his research paper “Measuring Economic Policy Uncertainty,” co-authored with a Stanford professor and a Stanford Ph.D. candidate. “This groundbreaking report develops the first rigorous analytical framework for measuring the extent and impact of economic policy uncertainty in the United States,” the article said.
    Read article

  • HUFFINGTON POST. Research by Professor Marianne Bertrand and Associate Professor Emir Kamenica was featured in an article headlined “Breadwinner Norms Affect Relationships, Marriage Dynamics, Study Finds,” published March 13. The traditional idea of the male as a breadwinner continues to shape romantic relationships and marriages, and can make it harder for successful women to find and keep a mate, the research found.
    Read article

  • REUTERS. Professor Steven Kaplan was one of the experts quoted in an article about a bidding war that erupted for control of Dell, involving Silver Lake Partners, Blackstone Group and billionaire Carl Icahn. “The real question is, if Blackstone wins, what they do with (Michael) Dell,” Professor Kaplan said. “They probably, other things being equal, would prefer him to roll over his equity.”   The article was published March 26.
    Read article

    Professor Kaplan was also quoted in a Bloomberg News story about Dell.
    Read article

  • BLOOMBERG RADIO. Professor Randall Kroszner gave a preview of the March meeting of the Federal Reserve Board during an interview broadcast at the start of the two day meeting. He expected that no change in Fed policy would be made.
    Listen to broadcast

  • FUTURES MAGAZINE. A review of the latest book by Professor Luigi Zingales was published in the April issue. “A Capitalism for the People: Recapturing the Lost Genius of American Prosperity … lays out the glaring defects that have come to corrode our current economic system in a very easy to understand picture,” the review said. “The author catches the reader’s attention from the first sentence –‘Americans are angry’ – and then proceeds to deliver a well-researched treatise on the ‘crony capitalism’ that is running America …”
    Read article

  • WBBM RADIO (Chicago). Professor Anil Kashyap discussed the future of the Eurozone in light of the current situation in Cyprus during an interview broadcast March 30 on this all-news station. He said it is unclear if the International Monetary Fund will continue to support Cyprus and countries in similar situations.

  • CHICAGO SUN-TIMES. Clinical Professor James Schrager was featured in an article headlined “Pope will need vision, leadership to turn around church, management experts say,” published March 13. A turnaround CEO Pope must be an exceptional leader who quickly figures out what’s going on and makes smart decisions about how to right the wrongs, Professor Schrager said.
    Read article

  • CHICAGO TRIBUNE. Adjunct Assistant Professor Jason Blumberg’s new energy VC fund was featured in an article headlined “Smart grid investment group powers up,” February 3. The Energy Foundry, a $22.5 million venture fund, had already been contacted by more than 30 startups by the time of its formal launch in early February, the article said.
    Read article

  • FOX BUSINESS.COM. Adjunct Professor Christopher Culp is doing a study for the U.S. futures industry on the merits of creating its own insurance fund to protect clients in the event of a broker collapsing, according to an article published March 14.
    Read article

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

  • THE NEW YORK TIMES. David Booth, MBA’71, was featured in an article headlined “Challenging Management (but Not the Market),” published March 16. Some investors make bold bets on the markets, wagering on the financial effects of budget battles in Washington or the latest leadership shuffle in Beijing, Tokyo or Rome, the article said. David Booth, whose name is on the door of the University of Chicago Booth School of Business, made his fortune another way. “I’ve got opinions about the markets like everybody else,” he said. “But my market forecasts are wrong more than half the time.” He has learned how to make money by not acting on them, the article said. Booth is chairman and co-founder of Dimensional Fund Advisors. Professor Eugene Fama, a board member at Dimensional since the firm’s inception in 1981, was also quoted in the article.
    Read article

  • REUTERS. Katheryn Mikells, MBA’94, was named CFO of Xerox, according to an article published March 28. Earlier in her career she was executive vice president and CFO at United Airlines. Mikells received Booth’s Distinguished Young Alumnus Award in 2010.
    Read article

  • FORBES. Liz Kammel, a current student in the Weekend MBA Program, published an article titled “The Three Useful Things I Learned in Business School,” March 21. Her points are: 1) It’s okay to fail, 2) Help those around you, and 3) Dream big. She is the founder of Zipfit Denim. As she was starting the company “I turned to my (Booth) classmates for help,” she wrote.
    Read article

  • INC.  Maida Fortune, MBA’13, was featured in an article headlined “5 Tips for Finding the Perfect Co-founder,” published March 13. She founded Cureeo, an online marketplace for original art. Don’t waste your time interviewing people until you vet their proven track records, she said, and put expectations down on paper in the beginning. Her other tips: Be brutally honest with yourself, understand personality types and understand one another’s risk profiles.
    Read article

  • FINANCIAL TIMES. Emmanuel Roman, MBA’87, was featured in the Face to Face column March 24.  He is CEO of Man Group, the world’s second-largest hedge fund manager with 1,300 employees. “In this sort of environment, investors would rather own a good company like Diageo or McDonald’s or Unilever with double-digit earnings per share growth and steady dividends, rather than owning 10-year German Bunds, yielding 1.4 per cent,” he said. Earlier in his career Roman was a partner at Goldman Sachs. The Financial Times article mentions that he received his MBA at Booth.
    Read article

  • CRAIN’S CHICAGO BUSINESS. Jennifer Holmgren, MBA’ 06 (XP-75) was profiled in an article headlined “Can this bacteria save the planet?” March 23. She is CEO of LanzaTech, Ltd., developers of a bacterium that ingests carbon monoxide waste from industrial factories and pushes out ethanol. She has helped secure more than $70 million in equity and debt financing, the article said.
    Read article

  • FORBES. Stella Fayman, MBA’14, published an article titled “Perspective: A Powerful Tool for Entrepreneurs,” March 21. “One of my favorite start up quotes is this: Building a company is a marathon, not a sprint,” she wrote. “While it may seem from popular media that successful companies seemingly rise up overnight from the garages of teenage kids, this urban legend is just that … a legend.” Fayman is the founder of Entrepreneurs Unplugged and a founding member of FeeFighters.
    Read article