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Booth in the News; Winter 2013, Vol. 2

Covering January 5 to January 23, 2013

Here are highlights of the latest Booth news coverage. The summary below represents only a portion of recent coverage. Questions about the summary should be directed to Allan Friedman, executive director of communications, by e-mail or by calling 773.702.9232.

This summary contains three sections.

Section 1:  News coverage of Booth.

  • BLOOMBERG BUSINESSWEEK.   Booth ranked fifth in a ranking of the world’s best business schools for entrepreneurship, published January 14.   The top schools were 1) Stanford, 2) MIT, 3) Babson, 4) University of California, Berkeley, 5) Booth, 6) Carnegie Mellon, 7) Imperial College in London, 8) UCLA, 9) IE Business School in Spain, and 10) Texas, Austin.   The ranking was based on a survey of 2012 graduates. Read article »
  • SAN FRANCISCO CHRONICLE.  Booth ranked first in a ranking of the best business schools published January 22.   David Booth, whose $300 million donation named the school in 2008, “credits his University of Chicago business education for the success of his investment firm, Dimensional Fund Advisors, which has $120 billion in assets,” the article said.  The top schools in the newspaper’s rankings are 1) Booth, 2) Harvard, 3) Wharton, 4) Stanford, 5) Kellogg. Read article »
  • CRAIN’S CHICAGO BUSINESS.   Details of curriculum changes in the EMBA were featured in an article headlined “University of Chicago tweaks executive MBA program,” published January 14.    “With these changes, students will be exposed to more members of our faculty, create closer connections with our other MBA programs and will spend more time studying alongside executive MBA students from all of our campuses,” Dean Kumar said.   “Many students have told us the international exchange is important and creates a unique learning environment.” Read article »
  • FINANCIAL TIMES.   “Hank Paulson gives career advice to Chicago Booth MBAs,” was the headline of an article announcing that former Goldman Sachs CEO and U.S. Treasury Secretary Henry Paulson will be an executive-in-residence at Booth on February 1.   He will provide career coaching throughout the day to groups of eight students at a time following his remarks at a breakfast reception to 134 students, the article said.   After leaving Goldman Sachs, Paulson became U.S. Treasury Secretary under President George W. Bush. Read article »
  • BLOOMBERG BUSINESSWEEK.   Henry Paulson’s appearance as an executive-in-residence at Booth was reported in an article headlined “Five Questions for MBA Students to Ask Henry Paulson,” January 18.   “Former Treasury Secretary Henry Paulson is chatting with students from the University of Chicago Booth School of  Business on Feb. 1,” the article said.  “As a centimillionaire with deep connections on Wall Street, Paulson is the kind of person that any go-getting MBA candidate would love to butter up.” Read article »
  • THE NEW YORK TIMES.   “The University of Chicago Booth School of Business has led an effort to figure out what economists agree on, where they diverge and how certain they are about their views,” according to an article published January 10.   “To do that, the Booth school called on reputable economists to join its panel of experts.”  Each week, the panelists are asked whether they agree or disagree with a particular economic idea.  “Among practicing economists, it is understood that the media and the political process paints economists as more divided than they are,” said Professor Anil Kashyap, a leader of the project conducted by the Initiative on Global Markets. Read article »
  • Bloomberg Television ran a story January 18 about Booth’s Experts Panel survey. Watch video »

Section 2:  News coverage of Booth faculty.

  • THE NEW YORK TIMES.  Professor Richard Thaler published an op-ed titled “Above the Debt Ceiling, Boehner Might Find a Blue Sky,” January 12.  “Although he has been re-elected as House speaker, John Boehner is in danger of becoming irrelevant to the crucial economics discussions that must occur over the next few months,” Professor Thaler wrote.  “A valuable principle of negotiation is to ‘never bargain with someone who does not have the power to say yes,’ and Mr. Boehner has demonstrated that he lacks that power.” Read article »
  • BLOOMBERG NEWS.  Clinical Professor Brian Barry published an op-ed titled “Blue States’ Fiscal Woes Test Obama,” January 9.  “The electoral map, the demographics behind President Barack Obama’s re-election and the high-end tax increases that were just wrung from the Republicans give Democrats reason to believe that long-term political trends are on their side in budget negotiations,” he wrote.  “This view, however, ignores what is happening at the state level.” Read article »
  • MINT (India).  Professor Raghuram Rajan published an op-ed titled “Why stimulus has failed,” January 22.   “Two fundamental beliefs have driven economic policy around the world in recent years,” he wrote.  “The first is that the world suffers from a shortage of aggregate demand relative to supply; the second is that monetary and fiscal stimulus will close the gap.  Is it possible that the diagnosis is right, but that the remedy is wrong?” Read article »
  • THE NEW YORK TIMES.   Research by Assistant Professor Anuj Shah was featured in an article titled “Life in the Red,” the psychology of hard times, published January 15.    Millions of Americans have been keeping the lights on through a bad economy with borrowed money, and recent research (led by Professor Shah) suggests that debt often reinforces reckless financial behavior, the article said.    It appeared on the front page of the science section. Read article »
  • THE ECONOMIST.  Research by Professor Chad Syverson was featured in the cover story “Innovation pessimism; Has the ideas machine broken down?” published January 12.    The idea that innovation and new technology have stopped driving growth is getting increasing attention, the article said.  But it is not well founded.  The idea that technology-led growth must either continue unabated or steadily decline, rather than ebbing and flowing, is at odds with history.   Professor Syverson points out that productivity growth during the age of electrification was lumpy.  Growth was slow during a period of important electrical innovations in the late 19th and early 20th centuries; then it surged. Read article »
  • THE NBC NIGHTLY NEWS WITH BRIAN WILLIAMS.  Professor Randall Kroszner said it doesn’t make economic sense to mint a $1 trillion coin, as some have been proposing.   Minting such a coin “doesn’t deal with the debt and deficit issue, and it doesn’t make it go away,” he said during the January 8 interview. Watch video »
  • PBS-TV.   Professor Austan Goolsbee discussed what happens next, now that Congress has taken action to avoid the fiscal cliff.   He talked about the issue January 7 with David Leonhardt, Washington bureau chief of The New York Times. Watch video »
  • THE ORANGE COUNTY REGISTER (Santa Ana, California).  Professor Luigi Zingales published an op-ed titled “Fiscal deal a GOP tactical victory,” January 11.   “In the incoming negotiation on the debt ceiling, the Republicans will have the upper hand,” he wrote.  “Having conceded on Obama’s pet request, they have all the reasons now to dig in their heels and ask for significant cuts to Medicare and Social Security.” Read article »
  • BLOOMBERG TELEVISION.  Professor Steven Kaplan discussed the possibility of Dell being purchased by a private equity firm during an interview broadcast January 22. Watch video »
  • BBC RADIO.  Professor Randall Kroszner discussed the debt ceiling debate in Washington during an interview broadcast January 23. Listen to broadcast »
  • THE ECONOMIST.   Research by Professor Luigi Zingales on how the public reacts to the views of economists was featured in a January 12 article headlined “Room with a view; if economists agree on something, the public will almost certainly think differently.”    His research found “a stunning gap of 37 percentage points, on average, between the proportion of economists and of ordinary Americans agreeing with a particular statement.”   Booth’s weekly survey of economists from seven highly regarded university departments was also cited in the article.  The survey is conducted by the Initiative on Global Markets. Read article »
  • The New York Times published an article about Professor Zingales’ research January 14. Read article »
  • NATIONAL PUBLIC RADIO.  Professor Randall Kroszner discussed the risk of default as the debit ceiling debate continues, during an interview broadcast on All Things Considered January 17.    Prioritizing debt payments, even assuming it would be possible, isn’t a good idea, he said.   Just imagine the message: “Wait to get paid because we have to pay the debt service that we owe the Chinese or the Japanese,” he said.  “I think that is just an absolutely unsustainable political place to be.   And so I don’t see this at all as a likely outcome.” Listen to broadcast »
  • THE NEW YORK TIMES.  Professor Austan Goolsbee has been named a “strategic partner” at 32 Advisors, a firm formed by Robert Wolf, a top Wall Street rainmaker who left UBS last summer, according to an article published January 16.   Professor Goolsbee will remain on the Booth faculty where he will continue to teach and do research.   “Mr. Goolsbee will essentially serve as the firm’s top in-house economics adviser, dispensing advice to a small number of clients,” the article said.  “One of President Obama’s favorite bankers is teaming up with one of the president’s go-to economists,” is how the Times described it. Read article »
  • THE WALL STREET JOURNAL.  Research by Associate Professor Adair Morse and Assistant Professor Margarita Tsoutsoura was featured in an article headlined ‘Greek Parliament Approves New ‘Mini’ Tax Bill,” published January 11.    Research by Professors Morse and Tsoutsoura found that tax evasion accounts for about 24% of Greek gross domestic product.   Tax dodging costs Greece about EUR28 billion a year, an amount equivalent to roughly 15% of economic output, they found. Read article »
    The research by Professor Morse and Tsoutsoura was also featured January 17 in another Wall Street Journal article Read article »
  • CHICAGO TRIBUNE.   Professor Amir Sufi and Clinical Professor James Schrager were quoted in separate articles about the takeover and subsequent bankruptcy at the Tribune.   “It’s not how smart you are.  It’s how much you know about the business,” said Professor Schrager.  “That’s why most people fail at turnarounds.  Sam Zell, for all of his brilliance, probably didn’t get the business.”    Professor Sufi commented on the use of collateralized loan obligations used by Sam Zell.  “As long as you could magically produce these risk-free returns, institutions flooded in,” Professor Sufi said. Read January 15 article quoting Professor Schrager » Read January 13 article quoting Professor Sufi »
  • FORBES.  Research by Professor Marianne Bertrand and Associate Professor Emir Kamenica was featured in an article headlined “Breadwinner Social Norms Could Affect Dating for Women,” published January 8.     The research found that the social norm that a husband should be the primary breadwinner for a family might be increasing a woman’s earnings potential.   The research also found that the dynamic of a wife earning more than her husband can strain a marriage, increasing divorce rates.    The research was co-authored by Jessica Pan, a 2010 graduate of Booth’s Ph.D. program. Read article »
  • BLOOMBERG NEWS.  Research by Deputy Dean Steven Davis was cited in an article headlined “United States of Crisis Seen Costing Jobs, Wasting Money,” published January 22.    Professor Davis and his co-authors found that persistent uncertainty about tax and regulatory policy foretold the creation of 2.3 million fewer jobs and gross domestic product growth of 2.3 percent less than would have the case otherwise, the article said. Read article »
  • SLATE.COM.  Associate Professor Emily Oster  wrote a commentary titled “Why You Shouldn’t Work Less, Even If You Prefer Spending Time With Your Family,” published January 8.  “In a typical workday I spend at least eight hours at my job, sometimes more, and only about three with my family,” she wrote.  “And, ultimately, I think that’s the time split that makes me happiest.  How can this make sense?   The answer lies in a principle that economists call ‘diminishing marginal utility.” Read article »
  • LA TERCERA (Santiago).  Professor John Cochrane discussed the U.S. fiscal crisis in a question-and-answer interview published January 6. Read article in Spanish »

Section 3:  Booth students and alumni in the news.

  • CHICAGO TRIBUNE.  Liz Kammel, a student in the Weekend MBA Program, was featured in an article headlined “App lets men find perfect-fitting pair of jeans,” published January 22.   She is co-founder and CEO of ZipFit, a company “that uses a proprietary algorithm to suggest for men jeans best suited to their body type,” the article said.   Kammel perfected her idea for the company during her commute to classes at Booth, listening to some of her male friends complain about how they hated to shop, according to the Tribune. Read article »