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Chicago Booth in the News, Winter 2011, Vol. 3

(Covering February 1 to February 16, 2011)

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 WALL STREET JOURNAL. Chicago Booth was featured in an article headlined “Salaries on the Rise for B-School Grads,” published February 14. In addition to higher salaries, more Booth graduates received bonuses in 2010 compared with the previous year, the article said. Recruiting activity rose sharply last fall, according to Julie Morton, associate dean for career services, with interviews for full-time jobs up 20% and internships up 12%. “The good news is that it’s across a broad number of industries,” she said. “Consulting is up, energy is up, banking is up.” The hiring bodes well for higher salaries for the Class of 2011, she said. Read more
  • THE TIMES OF INDIA. A Q&A interview with Dean Kumar was published February 16. Chicago Booth “is in terrific shape,” he said, but “that in itself is an interesting challenge. It will not remain as good if we are complacent. We have to constantly innovate and look for the best talent in faculty and students. The question is how to make an institution which is in terrific shape, even better.” Dean Kumar said his immediate priorities include assessing the school’s global strategy. “We have put together a high-level committee of senior faculty, including some ex-deans, who will take a holistic view of our global strategy to see how best we can deploy our resources.” Read more
  • BLOOMBERG BUSINESSWEEK. Chicago Booth was featured in a story about cost-cutting at business schools as a result of the financial crisis. While Booth made cuts in its operating budget at the start of the crisis, career services received increased funding, the article said. More staff was hired to develop relationships with recruiters. “Students learned that we fully supported them in their job search by putting more resources into our career services at a time when we reduced resources to non-student-facing services,” said Deputy Dean Stacey Kole. The article was published February 14. Read more
  • POETS AND QUANTS.COM. A feature article headlined “What Happens When You Apply to Booth?” was posted February 14. Booth reads and reviews every application that comes in, but that’s not the case at some other schools, the article said. “We really concentrate on fit,” said Deputy Dean Stacey Kole. “We want to make sure there is a great match,” she said. The blank PowerPoint section included in the application “is an exercise that very much captures the essence of what Booth is about,” said Kurt Ahlm, senior director of admissions. “Having an ambiguous problem … and being able to come up with a strong, compelling solution. It was designed to allow someone to bring an application to life.” Read more
  • POETS AND QUANTS.COM. Chicago Booth Professors Matthew Gentzkow and Lubos Pastor were listed among the 40 best business school professors under age 40 by this website that covers business schools. Professor Gentzkow’s “cross examination of the causes and consequences of media content has earned him widespread media coverage by some of the top news outlets,” the article said, while Professor Pastor’s research on the stock market and asset management “has earned him notable recognition from leading financial institutions including Goldman Sachs and Barclays.” Articles on Professors Gentzkow and Pastor were posted February 8.
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  • CRAIN’S CHICAGO BUSINESS. Enrollment in Booth’s non-degree executive education programs was 30 percent higher during the first half of the 2010 fiscal year than the previous year, according to an article headlined “Executive education programs see enrollments recover from the slump,” published January 31. “When companies go into austerity mode, they cut back on development activity, said Steven LaCivita, associate dean for executive education. But Booth’s strong branding helped it weather the crisis, according to the article. Read more
  • MSNBC.COM. The latest Chicago Booth/Kellogg School Financial Trust Index was featured in an article published February 2. The results how that “just 26 percent of Americans trust the country’s financial system,” the article said. But “it’s up from 20 percent in January 2009, when the country was still deep in recession and grappling with the financial crisis.” The article was posted February 2. Read more

Section 2: News coverage quoting Chicago Booth faculty.

  • BLOOMBERG BUSINESSWEEK. Professor Raghuram Rajan was the subject of a multi-page feature article published February 10. He “has a powerful audience for his arguments about what destabilized the financial world,” BusinessWeek wrote. “One reason Rajan has drawn so many admirers is his willingness to tackle big themes such as poverty and the power of banks …” A photo of Professor Rajan at Harper Center accompanies the article. Read more
  • THE ECONOMIST. Professor Raghuram Rajan was most often named by his colleagues as the economist with the most important ideas for a post-crisis world, according to an article published February 10. Immediately below Professor Rajan in the ranking were Robert Shiller of Yale and Kenneth Rogoff of Harvard. Read more
    In a related article, Professor Douglas Diamond was also cited for his post-crisis research, while Professor Richard Thaler was recognized for his work spanning the past decade. Read more
  • CHICAGO TRIBUNE. An op-ed written by Professor Emeritus Marvin Zonis headlined “Are we going to miss Mubarak?” was published February 4. Demonstrations in Egypt calling for President Hosni Mubarak’s ouster and for democracy “represent, more than anything else, a generalized sense of humiliation the Egyptian people have suffered at Mubarak’s hands and their sense that he has acted as an American ‘puppet,’” Professor Zonis wrote. Read more
  • THE NEW YORK TIMES. Research by Assistant Professor Jane Risen was featured in an article posted February 1 on the newspaper’s blog about energy and the environment. Professor Risen found that people’s opinion on global warming can be influenced not just by the weather, but even by the temperature of the room they’re sitting in. University students placed in a heated room expressed higher confidence that global warming was a proven fact than those placed in a neutral control room, the research showed. Read more
  • THE WALL STREET JOURNAL. Professor Richard Thaler was quoted in an article about a trend by companies to shift workers’ 401(k) retirement savings out of their current investment allocations and into the plan’s default option – usually a target-date fund, unless employees opt out. Some observers say re-enrollment may be warranted as participants generally don’t have the time, interest or knowledge to make the right investment decisions. “Many (participants) never change their asset allocation or contributions over their working lifetime,” Professor Thaler said, “meaning that their asset allocation as they get older can be quite different than the one they intended. The article was published February 7. Read more
  • THE WALL STREET JOURNAL. Professor Randall Kroszner was one of the experts cited in an article headlined “Former Fed Officials Expect Dollar to Stay Dominant.” Professor Kroszner and two other former top officials at the Federal Reserve said they expect the U.S. dollar will still be the world’s main currency for at least the next decade. Professor Kroszner, a governor of the Federal Reserve System from 2006 to 2009, was the only one of the three to underline the potential challenges to the U.S. from China within the next 10 years, but noted it will be hard for China to win investors’ confidence by liberalizing capital markets and improving the rule of law. The article was published January 31. Read more
  • SYDNEY MORNING HERALD (Australia). Professor Raghuram Rajan published an op-ed titled “Blinded by the crisis,” February 10. The article examined why economists did not foresee the financial crisis. “I would argue that three factors largely explain our collective failure,” he wrote. “Specialization, the difficulty of forecasting, and the disengagement of much of the profession from the real world.” Read more
  • CNBC TELEVISION. Professor Randall Kroszner discussed the U.S. economy and job growth during a 10 minute live interview February 4. “Potentially we are at a turning point for the job market,” he said. “We are now seeing some payoff from QE2.” The interviewer noted that Professor Kroszner’s previous forecasts for the economy have turned out to be accurate. Read more
  • ASSOCIATED PRESS. Professor Steven Davis was quoted in an article headlined “Fewer Layoffs Now, But Longer Unemployment.” An average of 4.6 unemployed people are competing for each job opening, the government says. In a healthy job market, no more than two people would be vying for each opening. “Without employers hiring, it’s still pretty tough for the unemployed worked,” Professor Davis said in the article published February 10. Read more
  • THE WALL STREET JOURNAL. Professor Raghuram Rajan was featured in an article headlined “Rogoff and Rajan Discuss Risks of Currency War,” published February 10. “The Fed is very accommodating right now, (and) other countries are following the Fed down …That, to my mind, is the biggest problem we are seeing,” he said. The temptation these central banks face to keep their currencies weak is a reminder that the biggest task facing the international community is to reduce the savings and spending imbalances in the world economy, Professor Rajan said.
  • BLOOMBERG BUSINESSWEEK. Research by Professor Lubos Pastor was featured in an article headlined “Rethinking Stocks for the Long Haul,” published February 2. “A striking contribution to the stocks-are-riskier-than-thought school is the recent study “Are Stocks Really Less Volatile in the Long Run,” by Professor Pastor, the article said. “We don’t know what the equity premium will be over the next 30 years,” he said. “And that uncertainty compounds with time.” Read more
  • THE NEW YORK TIMES. Professor Randall Kroszner was quoted in an article about the resignation of Federal Reserve governor Kevin Warsh. “When Kevin and I had our confirmation hearing together, almost exactly five years ago, Valentine’s Day 2006, neither of us could have envisaged the historic challenges the Fed was soon to face,” said Professor Kroszner, who was a governor of the Fed from 2006 to 2009. Read more
  • BLOOMBERG BUSINESSWEEK. Professor Raghuram Rajan was quoted in an article headlined “Davos and Deficits: A Question of Timing.” Economists at the World Economic Forum in Davos, Switzerland, diverged over whether it’s better to slash budgets like Britain’s David Cameron or hedge on the deficit like Barack Obama, the article said. “Raghuram G. Rajan, a former IMF chief economist and a professor of finance at the University of Chicago’s Booth School of Business, uttered the ultimate truth: ‘There is no painless deficit reduction,’” the February 3 article said. Read more
  • THE NEW YORK TIMES. A review of the new book by Professor Tobias Moskowitz and a Sports Illustrated writer was published January 27. “Conventional wisdom, sports division, takes a beating in ‘Scorecasting,’ a book aimed at unsettling serious fans with essays that debunk ingrained strategy … ,” the review said. “For their arguments, the authors have whipped up a recipe that includes statistical analysis, psychological theory, creative sociology and a brash confidence in circumstantial evidence.” Read more
  • EL MERCURIO (Santiago). Professor Randall Kroszner discussed the role of central banks in a Q&A interview published February 10 in this leading daily newspaper. The article in Spanish is linked below. Read more
  • THE GLOBE AND MAIL (Toronto). Professor Nicholas Epley was quoted in an article headlined “Why we can’t really assess our own skills and performance,” published February 6. “People, quite literally, see themselves as more desirable than they actually are,” he said. “When people rate themselves on any dimension that’s ambiguous – their managerial skills, their interpersonal skills, their grammar, or their test-taking ability – there’s zero correlation between their self-perception and their performance.” Read more
  • LAS VEGAS REVIEW-JOURNAL. Professor John Cochrane was quoted in an editorial about a plan to create 100,000 jobs in Nevada by floating a $1 billion bond to construct public buildings and infrastructure paid for by higher taxes. “Every dollar of increased government spending must correspond to one less dollar of private spending,” he said. “Jobs created by stimulus spending are offset by jobs lost from the decline in private spending. We can build roads instead of factories, but fiscal stimulus can’t help us to build more of both,” Professor Cochrane said. The editorial was published February 14. Read more
  • THE WALL STREET JOURNAL. A 2006 study by Professors Kevin Murphy and Robert Topel on the economic value of medical research was cited in an op-ed on health care investment written by Michael Milken, chairman of FasterCures, a Washington-based center of the Milken Institute. Professors Murphy and Topel “showed that life-expectancy gains since 1970 added $3.2 trillion per year to America’s national wealth,” the February 8 article said. “A mere 1% reduction in cancer deaths would be worth $500 billion, they noted, and the present value to future generations of a full cure is a nearly incomprehensible $50 trillion – more than three times today’s GDP.” Read more
  • MARKETPLACE RADIO. Associate Professor Hoyt Bleakley was featured in a story about help-wanted ads that specify only employed workers need apply. Employers have good reason to want workers with jobs, he said. “Because what the employer is ultimately interested in is how productive that worker is going to be.” The story was broadcast February 16.
  • ENJEUX LES ECHOS (Paris). Professor Raghuram Rajan was the subject of a three-page article featuring his views on the global economy. The article was published in the February issue of this magazine and included two photos of Professor Rajan.
  • THE ECONOMIST. Adjunct Professor Travis Bradford participated in an online debate over whether natural gas will do more than renewable energy to limit the world’s carbon emissions. “Natural gas has a fantastic role to play as a bridge fuel and will continue to provide vital heat and transport alternatives with lower environmental impacts than coal or oil,” he wrote. “However, over the correct planning horizon of two to three decades, renewables will carry the water of this carbon challenge – not because they are cleaner, but because they will be the cheapest way to meet our needs.” Read more
  • HANDELSBLATT (German). Research by Assistant Professor Tarek Hassan on the Holocaust’s impact on Russia was featured in an article published January 31. He found that Nazi-occupied areas of Russia have experienced lower economic growth and greater support for anti-reform politicians. The article, in German, is linked below. Read more
  • CHICAGO SUN-TIMES. Adjunct Professors Bradley Keywell and Eric Lefkofsky were featured in an article headlined “Groupon’s money backers put faith, money in other startups,” published February 7. Professors Keywell and Lefkofsky, “who provided the startup money for Web sensation Groupon are still creating what they hope will be the newest online success story,” the article said. “In general, my hope is that Chicago becomes one of the center of ideas, innovation and technology entrepreneurship and risk-taking in the world,” Professor Keywell said. Read more
  • SCIENCE AND RELIGION TODAY.COM. Assistant Professor Jane Risen published an article titled “Is Scientific Evidence or Subjective Experience a More Effective Way to Convince Someone of a Scientific Fact?” posted February 11. “In our research, we find that people’s scientific beliefs can be influenced by their subjective experience, even when that experience provides them with no diagnostic information,” she wrote. Read more
  • CRAIN’S CHICAGO BUSINESS. Clinical Associate Professor Craig Wortmann discussed selling in entrepreneurial situations in a Q&A interview published February 4. Professor Wortmann is founder and CEO of Experience Period, a firm that “helps companies build and tune their sales engines,” he said. Read more

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

  • BUSINESS TIMES (Singapore). George Tanasijevich, MBA ’01, was named interim CEO of Marina Bay Sands, according to an article published February 1. Previously he was managing director of global development at the company, a unit of Las Vegas Sands Corp.
  • CHICAGO SUN-TIMES. Ashish Rangnekar, MBA ’11, was featured in an article headlined “Test prep in app form.” He is founder of Watermelon Express, which offers test prep for iPhone, iPad, desktop and the web. “We are trying to displace the book model (of test prep),” Rangnekar said, explaining that Watermelon Express’ apps are designed for self-study. The company has no intension of using tutors, according to the article published February 5. Read more
  • U.S. NEWS & WORLD REPORT. Geoff Hoffman MBA ‘09, was quoted in an article headlined “How to Be a Smart Job-Hopper,” published January 25. “People right now, more so than in the past, are really managing their careers, and not necessarily putting company (as) number one,” he said. Hoffman is COO of DHR International, an executive search firm. Read more
  • EASYJET TRAVELLER MAGAZINE (London). Stephanie Borge Mueller, a current student in the Executive M.B.A. Program in London, was featured in an article headlined “School for High Flyers: Business schools need to be international to keep up to speed. Meet the new generation of MBA students they’re producing.” She travels to London from her home in Zurich about once a month to attend classes, the article in the February issue said. She is deputy director for Switzerland for Atout France: the French government tourist office.