Autumn 2011, Vol. 1
(Covering June 1 to September 19, 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.
- FINANCIAL TIMES. “Chicago Booth entrepreneurs are in the money,” was the headline of an article published July 13. Start-up funding is back, especially for business school alumni with great ideas, the article said. “Alumni from the University of Chicago’s Booth School of Business prove the point: eleven companies started by Chicago Booth students received more than $85 million in venture capital funding during the past year,” the Financial Times wrote. “Entrepreneurship is thriving at Chicago Booth,” said Professor Steven Kaplan. Read article
- A similar story appeared in CRAIN’S CHICAGO BUSINESS July 12 with the headline “Booth startups net $85 million – a record for U of C biz school.” Read article
- FORBES. Chicago Booth ranked third in the magazine’s ranking of the top business schools published August 3. The top 10 schools were 1) Harvard, 2) Stanford, 3) Booth, 4) Wharton, 5) Columbia, 6) Tuck, 7) Kellogg, 8) Cornell, 9) Darden, 10) MIT Sloan. The ranking is based entirely on return on investment, comparing salaries before business school, tuition costs, and salaries five years after business school. In the previous Forbes ranking Booth was fourth. View ranking
- FINANCIAL TIMES. A feature article about Dean Kumar, headlined “Action is the mantra for Chicago Booth’s new dean,” was published July 11. “When you go to a school that is functioning very well there are no immediate fires to fight,” he said. “But that is not an excuse for inaction.” In addition to launching a review of Booth’s global strategy, Dean Kumar is taking steps to widen the school’s appeal beyond its core strengths of finance and economics, the article said. Booth is also building its own television studio so it will be easier for faculty to make TV appearances. Another of Dean Kumar’s priorities is to disseminate the ideas of Booth faculty to the general public not just to other academics, the Financial Times reported. Read article
- THE WALL STREET JOURNAL. The new course taught by Visiting Professor Axel Weber was featured in an article headlined “Axel Weber’s MBA Course Draws Heavily from Current Events,” published July 19. Professor Weber was president of Germany’s Bundesbank from 2004 until this April and he is scheduled to become chairman of Swiss banking giant UBS in 2013. His course is titled “Central Banking: Theories and Facts.” Read article
- THE WALL STREET JOURNAL. Booth was one of the schools featured in an article about how some business schools are “tweaking their essay questions in hopes of getting more authentic responses from prospective students,” the article said. “The University of Chicago Booth School of Business was among the first business schools to branch out beyond the traditional essay,” the Journal wrote. Booth’s so-called PowerPoint question is intended to gauge applicants’ creativity and comfort with the unknown, said Kurt Ahlm, associate dean of student recruitment and admissions. The article was published September 1. Read article
- WBEZ RADIO (Chicago). A feature story about Booth broadcast June 13 began: “The University of Chicago Booth School of Business has long been known for finance and number-crunching. Now it’s becoming known as a place for budding entrepreneurs as well.” Listen to the broadcast
- CRAIN’S CHICAGO BUSINESS. An article headlined “University of Chicago becomes a springboard into entrepreneurship,” was published June 13. “When I advise people where to go for entrepreneurship, I tell them to go to Stanford, MIT or Booth,” said Sam Yagan, an entrepreneur who sold OKCupid.com to Match.com for $50 million last year. Booth’s Polsky Center for Entrepreneurship helps students launch companies, the article said. Read article
- BLOOMBERG BUSINESSWEEK. Booth was featured in an article headlined “GMAT: How Low is Too Low for Top B-Schools?” The admissions office interprets the GMAT score as the ability to do work and won’t let in applicants with scores that are too low “because it’s a disservice to set them up to fail,” said Deputy Dean Stacey Kole. But a mediocre score doesn’t mean a mediocre time in school or career. Some of Booth’s most successful young alumni applied with lower-quartile GMAT scores and are now successful entrepreneurs or venture capitalists, she said. The article was posted August 3. Read article
- EXPANSION (Madrid). A Q&A interview with Dean Kumar was published June 6 in this business newspaper. “I see my mission as enhancing and broadening the impact and reputation of the school,” he said when asked about his priorities as dean. “In addition to strengthening the school’s already outstanding faculty and continuing to attract outstanding students, I would also like to strengthen the school’s ties with its alumni and increase the impact of the school on the practice of management globally,” Dean Kumar said. Read article in Spanish
- CRAIN’S CHICAGO BUSINESS. The winners of Booth’s 2011 New Venture Challenge were featured in an article published May 31. Agile Diagnosis, which makes diagnostic software for doctors, won the competition with Sibylus, Pretty Quick and Swingbyte runners up. Sibylus makes college course materials available digitally, Pretty Quick is an online director that links customers and salons and spas, and Swingbyte is a mobile software app to help analyze a golf swing. Read article
- POETS AND QUANTS.COM. Chicago Booth was featured in an article headlined “Best MBAs For Hedge Fund Wannabes,” posted July 27. “If you’re dying to work in a hedge fund, the best schools to get your MBA are New York University’s Stern School of Business, Wharton, Chicago Booth, or Harvard Business School,” the article said. Based on a survey by HFObserver, a website that covers hedge funds, those are the top four feeder schools in rank order. Tied for fifth were Stanford, Kellogg and Fordham. Read article
- POETS AND QUANTS.COM. Stanford and Booth were 1 and 2 in a ranking of based on which business schools held their value the most between 2001 and 2010. The ranking compared tuition increases with increases in starting salaries for graduates. MIT Sloan was third in the ranking, published August 23. Read article
- KOREA TIMES (Seoul). The advantages of attending Booth’s Executive M.B.A. Program were featured in an article published July 1. Janice Lee, MBA ’04 (AXP-3) was featured. She is executive vice president of SC First Bank in Seoul. With a CPA, a master’s degree in accounting and years of experience a as corporate finance expert, she thought she had little to learn in Booth’s accounting class no matter how famous the school was, the article said, but Professor Raymond Ball “genuinely surprised her.” Read article
- CRAIN’S CHICAGO BUSINESS. The appointment of Leonard Johnson as Booth’s executive director of marketing was reported July 25. “His work as vice president of corporate marketing at McGraw-Hill in New York made him “exactly the right person to help us plan and execute a marketing strategy to enhance the impact and reputation of Chicago Booth,” Dean Sunil Kumar said. Johnson also worked in marketing at Unilever, the article noted. Read article
- FINANCIAL TIMES. Booth was one of the schools featured in an article about financing the cost of an MBA for international students. Booth is involved in a program with Deutsche Bank offering international students loans without the need for a U.S. co-signer, the article said. “Schools become the de facto co-signer,” said Deputy Dean Stacey Kole. She said about 50 percent of the international students at Booth take advantage of the program, known as Alps – affiliated loan program for students. The article was published July 25. Read article
- THE WASHINGTON POST. Booth was one of the schools featured in an article headlined “Would you climb any mountain to get into MBA program of your dreams,” published August 13. An excellent GMAT score is not enough to get into a top program, the article said. Applicants must also demonstrate “intangible” qualities, such as managerial, entrepreneurial or social skills that make them stand out from the crowd. “The intangibles are incredibly important,” said George Andrews, associate dean of Booth’s Evening and Weekend MBA programs, because they help separate the high-scoring GMAT candidates from each other and build a diverse class.
- CHINA BUSINESS NEWS (Shanghai). Booth was featured in an article about the growing number of Chinese who are studying abroad for an MBA and other degrees. Jenny Zheng, MBA ‘11 (AXP-10) said she took on more responsibilities at work after completing her Booth MBA, and her salary increased. The article was published June 21.
- FORBES. The latest Chicago Booth/Kellogg School Financial Trust Index found that nearly half of Americans say they were not closely following the debt ceiling debate, but a considerable majority were against raising the limit, according to an article published July 22. Read article
- BLOOMBERG BUSINESSWEEK. Career services staff from Booth, Wharton and Stern participated in an online forum about MBA recruiting for finance jobs. Christy Leak, director of relationship management at Booth answered readers’ questions during the forum, which ran from August 15 to 29. Read article
- DELTA SKY MAGAZINE. Booth’s Entrepreneurial Internship Program and the course in building new ventures were featured in an article in the September issue of this in-flight magazine. Laura Shapland, MBA’11 was featured in the article. Read article
Section 2: News coverage quoting Chicago Booth faculty.
- FINANCIAL TIMES. Professor Raghuram Rajan published an op-ed titled “Why We Cannot Inflate Our Way Out of Debt,” August 16. While several commentators have proposed a sharp, contained bout of inflation as a way to re-energize growth in the U.S. and the industrial world, there are concerns with this approach, he wrote. “Can central banks with anti-inflation credibility generate sharply higher inflation in an environment of low rates? Will it work as intended? What could be the unintended consequences? And are there better alternatives?” Read article
- CHICAGO TRIBUNE. A Q&A interview with Professor Randall Kroszner was published on the front page of the business section August 11 headlined “Former Fed official forecasts stormy period for economy.” While he stopped short of predicting another recession, he sees a long slog ahead. “…I think we are still going to see a lot of challenges on the jobs front and on the growth front,” said Professor Kroszner, who was a governor of the Federal Reserve System from 2006 to 2009.
- THE WALL STREET JOURNAL. Professor John Cochrane published an op-ed titled “The More Bank Capital, the Safer the Bank,” July 15. “The battle over bank capital requirements is coming to a head,” he wrote. “On its outcome hangs who will pay for the next crisis, and even whether there will be a crisis … Clearly, a bank with more capital is safer, for the simple reason that the value of its loans can fall further before it faces bankruptcy or bailout.” Read article
- THE WALL STREET JOURNAL. Professors John Cochrane and Anil Kashyap published an op-ed titled “Europe’s Greek Stress Test; The longer banks hold rotten paper, the likelier a second financial crisis becomes,” June 17. “Europe needs to expunge the rot from its banks so that the inevitable write-downs do not imperil its financial system,” they wrote. “Sovereign debt and sovereign exposure must face large capital buffers. Sovereign debt must be marked to market.” Read article
- THE WASHINGTON POST. Professor Austan Goolsbee returns to Chicago Booth after an academic leave during which he served as President Obama’s top economist, a June 10 article reported. The article was headlined "With Goolsbee's departure, Obama losing a voice of reason."
- THE ATLANTIC. A feature article about Professor Austan Goolsbee was published in the September issue, headlined “Devil’s Advocate: Why the White House – and Washington – should miss departing economic advisor Austan Goolsbee.” Read article
- BLOOMBERG NEWS. Professor Austan Goolsbee “has been the most effective public spokesman for Obama’s economic programs,” according to an article published June 19. He recently stepped down as chairman of the president’s Council of Economic Advisers to return to the Booth faculty. Professor Goolsbee was the youngest member of the president’s cabinet. Read article
- THE ATLANTIC. The decision by Professor Austan Goolsbee to resign as President Obama’s chief economic advisor and return to teaching at Booth means the administration “is losing a valuable asset that will be hard to replace,” according to an article published June 8. “Austan Goolsbee is smart, fearless, and slightly unorthodox, and he’s not afraid to tell people that they’re wrong,” the article said.
- FINANCIAL TIMES. Professor Luigi Zingales published an op-ed titled “Blame Silvio’s antics for Italy’s bond market fall,” July 14. “Why has the cost of insuring Italian bonds gone up so sharply …?” he wrote. “Most people, especially in Italy, think it is the result of an irrational panic, caused by evil speculators conspiring against Italy. We disagree. It is a very rational crisis of trust that changed the bond market’s view … Last winter, we commissioned a survey of U.S. citizens, to analyze the effect (Prime Minister) Berlusconi’s extravagant personal life had on Americans’ trust toward Italians in general, and their willingness to buy Italian products in particular. It might seem far-fetched to think that the infelicities of a leader could cast a shadow on his nation. Yet our research suggests that they have done so.” The op-ed was written with Paola Sapienza from Kellogg. Read article
- THE NEW YORK TIMES. Professor Richard Thaler wrote the Economic View column June 4 titled “The Annuity Puzzle.” Annuities may make some retirement issues earlier to solve, “but few American actually choose to buy them,” he wrote. “Whether the cause is a possibly rational fear of the viability of insurance companies, or misconceptions about whether annuities increase rather than decrease risk, the market hasn’t figured out how to sell these products successfully. Read article
- THE NEW YORK TIMES. Professor Richard Thaler wrote the Economic View column “Getting the Most Out of Social Security,” July 16. “Most economists and financial advisers say that in retirement, Americans would do well to increase the proportion of their wealth that pays a guaranteed income for life, much as Social Security does,” he wrote. “The technical word for the financial instrument that accomplishes this feat is an annuity … There is a simple, easy way to convert a portion of your wealth into a fairly priced, inflation-adjusted annuity. Simply delay when you start receiving Social Security benefits.” Read article
- MSNBC. Professor Austan Goolsbee discussed President Obama’s jobs plan during a live interview September 14 on The Last Word, hosted by Lawrence O’Donnell. Professor Goolsbee supported the president’s proposal. “The economy is in a serious spot,” he said. “We have to do something; this isn’t a game.” The interview begins at 2:30 into the video linked below and runs for nearly six minutes.
- FOX BUSINESS NETWORK. Professor Randall Kroszner said the U.S. is “close to recession conditions,” during a live interview broadcast September 2. “The private job creation machinery is really sputtering,” he said. Watch video
- BLOOMBERG NEWS. Thirteen Booth faculty members published 16 op-eds during the summer as part of the weekly “Business Class” series developed by Booth. Topics ranged from the European debt crisis and international accounting issues, to why employers in the U.S. are slow to fill jobs. Contributing to the series were Professors John Cochrane, Steven Davis, Robert Fogel, Erik Hurst, Steven Kaplan, Anil Kashyap, Christian Leuz, Tobias Moskowitz, Haresh Sapra, Amir Sufi, Chat Syverson, Luigi Zingales, and Clinical Professor Brian Barry. All of the op-eds can be viewed online.
Read all of articles
- THE WALL STREET JOURNAL. Professor Raghuram Rajan was quoted in an article headlined “American Officials Press Europe to Solve Debt Woes,” published September 15. “You can’t underestimate the problems that could emerge if the troubles in Europe aren’t contained,” he said. “If there is a sovereign-debt crisis that leads to a banking crisis, it is going to spread to the U.S. very quickly.” The article noted that Professor Rajan is a former chief economist at the International Monetary Fund. Read article
- THE WALL STREET JOURNAL. Research by Professor Steven Davis was featured in an article headlined “Recession Job Losers Take Bigger Hit to Future Earnings,” published September 15. Workers who lose jobs in a recession suffer nearly twice the hit to future earnings compared to those who are displaced in more prosperous times, the research found. Read article
- CNN.COM. Professor Raghuram Rajan published an op-ed headlined “Is inflation the answer?” September 8. “Recently, a number of commentators have proposed a sharp, contained bout of inflation as a way to reduce debt and reenergize growth in the United States and the rest of industrial word,” he wrote. “Are they right?” Read article
- THE WALL STREET JOURNAL. Professor Randall Kroszner was featured in an article headlined “From Jackson Hole: Kroszner on Bernanke,” published August 27 following a speech by Fed Chairman Ben Bernanke. A video interview accompanies the article. Read article
- THE WASHINGTON POST. Professor Randall Kroszner was quoted in an article headlined “Fed chief scolds Congress on debt-ceiling showdown,” published August 26. Fed Chairman Ben Bernanke “set the stage for a good, robust discussion at the September (Fed) meeting, but did not give a promise of action,” Professor Kroszner said about Bernanke’s speech at the Jackson Hole Fed conference. “There are lots of problems right now, both domestically and internationally, but it is not at all obvious how you use monetary policy to fight them.”
- THE SYDNEY MORNING HERALD (Australia). Professor Raghuram Rajan published an op-ed titled “Hard times for new IMF boss,” July 9. “The first, and probably easiest, challenge is to restore the IMF’s public image,” he wrote. “The second, and perhaps most difficult challenge facing (Christine) Lagarde, is the mess in Europe, where the IMF has become overly entangled in euro-zone politics … The third challenge concerns the circumstances of her election. It is not inconceivable that a number of emerging-market countries will get into trouble in the next few years. Will the fund require the tough policy changes it has demanded of countries in the past, or will Lagarde’s need to show that she is not biased toward Europe mean that future IMF interventions will become more expansive and less demanding?” Read article
- FINANCIAL TIMES. Professor Anil Kashyap published a Q&A on how the repo market would be impacted should the U.S. default on its debt obligations or if U.S. government securities are downgraded. “In either case, the desire for treasuries as collateral would weaken,” he wrote. “The prices of treasuries would also likely decline. On top of the direct losses to treasuries investors, haircuts would rise, forcing these investors to put up more cash to maintain repo financing for their positions.” The article was co-authored with Darrell Duffie from Stanford and published July 28. Read article
- THE NEW YORK TIMES. Professor Raghuram Rajan was quoted in a front page article about the downgraded U.S. credit rating announced in August. “If people think the full faith and credit of the U.S. isn’t what it was thought to be, they think that something has changed,” he said. “It does erode confidence a little bit.” The article was published in the print edition Sunday, August 7.
- PBS NEWSHOUR. Professor Austan Goolsbee defended President Obama’s jobs plan during a 10-minute appearance with Martin Feldstein, a Harvard professor. “Do you view this moment as one in which it warrants action?,” Professor Goolsbee said. “Should the government be doing things to try to get the private sector to help stand up? I think that it is such a moment.” The live interview was broadcast September 13. Watch video
- CNBC, THE KUDLOW REPORT. Professor Randall Kroszner said the Federal Reserve Board seems to be laying the foundation for “doing something” to help the economy, during a live interview August 30. Based on the minutes of its August 9 meeting, however, no decisions had been made, he said.
- CNBC. Professor Austan Goolsbee discussed President Obama’s jobs bill during an appearance on the Squawk Box program September 15. Getting rid of tax loopholes is a good strategy to pay for facilitating the private sector, he said. “We’re in a bit of a scary moment” right now, he added.
- CNBC, THE KUDLOW REPORT. Professor Randall Kroszner said it is important for the Federal Reserve Board to “keep a laser focus on inflation and inflation expectations,” during a live interview August 11. He supported the action taken by the Fed during its August meeting, saying it’s too soon “to sound the alarm bell.” Watch video
- CNBC. Professor Randall Kroszner said the markets will be disappointed if they are expecting a boost from Federal Reserve Chairman Ben Bernanke’s speech at the Fed’s annual Jackson Hole conference. He made his remarks from the site of the conference August 26. Watch video
- BLOOMBERG TELEVISION. Professor Luigi Zingales was featured in an 18-minute interview about the economy. Allowing homeowner to renegotiate their mortgage debt would go a long way toward improving conditions in the U.S., he said during the interview broadcast August 12.
- REUTERS. Professor Steven Kaplan was quoted in an article headlined “Private equity giant Carlyle files for IPO,” published September 6. “This is probably a mildly bullish signal about next year,” he said. “they wouldn’t be doing this if they thought we were in the fall of 2008.” Read article
- BLOOMBERG TELEVISION. Professor Randall Kroszner said the data don’t suggest that we are in a double-dip recession, during an interview August 16. What is clear, he said, is that “housing won’t be a driver of economic recovery” this time. Watch video
- CNBC, THE KUDLOW REPORT. Professor Austan Goolsbee defended President Obama’s economic record during a 9-minute interview August 17. Going forward, “We have to get the country growing if we want to generate jobs,” he said. Watch video
- THE WALL STREET JOURNAL. Research by Professor Steven Kaplan was cited in an article headlined “Are the Rich Grabbing More of the Income Pie?” published September 12. The income share of the top 1% of Americans fell dramatically in 2008 and 2009, according to Professor Kaplan’s research. As of 2009, it was back to about 1997 levels – meaning that inequality may be at about the same level it was more than a decade ago, when few people were even talking about income inequality, the article said.
- THE NEWSHOUR ON PBS. Professor Steven Davis was featured in a story about income inequality in the U.S. “Inequality is the flipside of providing powerful incentives for people who generate a lot of income,” he said in the August 16 broadcast. “Part of the success of the United States economy lies in the fact that if you succeed in a big way commercially you’re rewarded for that. And the taxes on your success are modest, say, compared to what they are in a country like France or in the Scandinavian countries.” Professor Davis appears at 9:20 into the story. Watch video
- THE NEWSHOUR ON PBS. Professor Raghuram Rajan blamed the U.S. government’s response to income inequality for the economic problems that struck several years ago. Starting in the 1980s, a large segment of the American population was falling behind in income, he said. “When people fall behind, they get anxious. They want something to be done. Part of the big reason the incomes are falling behind is, people don’t have the education for the jobs that are being created. It’s hard to fix education. What do politicians do instead? They say, well, let’s expand credit. Even if he can’t actually get a greater income, if he consumes more, he has a bigger house, maybe he stops worrying so much about his income.” Professor Rajan appears at 6:30 into the story, which was broadcast on August 17. Watch video
- CBS SUNDAY MORNING. Professor Steven Kaplan was featured in a story about “big businesses piling up cash,” broadcast August 14. It’s an impressive accomplishing considering the depth of the recession, he said. “Companies by the large reacted quickly and as the economy has come back, the profits have come back, and that cash is what is sitting on company balance sheets,” Professor Kaplan said. But companies are “looking around and they’re seeing there’s so much uncertainty going forward that they’re going to be cautious and not invest.” Watch video
- THE NEW YORK TIMES. Research by Professor Erik Hurst was featured in a column headlined “Times, Money and Unemployment,” published August 29 in the Economix blog. “What do people do after they lose their jobs, other than look for a new one?” the article asked. “The unemployed put more time into unpaid household work, including child care, according to an important new study” by Professor Hurst and his co-authors. “Their findings dramatize the limitations of conventional measures of economic well-being based entirely on market income.” Read article
- CNN. Professor Raghuram Rajan discussed the economic problems facing America’s middle and upper-middle class during an interview broadcast August 13. “We really need to tackle the problem at the core,” he said. “And that means housing … tackle the foreclosures, tackle the mortgages that are underwater. And ensure that in some sense the housing market starts revising, construction starts reviving, because that’s where a lot of jobs are.”
- BBC-TV. Professor Raghuram Rajan discussed whether free market capitalism will make or break Asia during an appearance on the popular HardTalk program August 18. An excerpt from the half-hour program is linked below. Watch video
- XINHUA NEWS (China). Professor Randall Kroszner was featured in an article headlined “Ex-Fed governor calls for pressure on Congress over debt,” published August 25. “The U.S. made a lot of commitments over a long period of time,” he said. “We can meet our commitments today, but in 50 years, that’s much more difficult.” Read article
- CNN INTERNATIONAL. Professor Randall Kroszner discussed economic conditions in the U.S. during a live interview August 2. The numbers coming out recently have not been good, he said, causing “lots of concern” about the recovery. It’s likely the Federal Reserve will keep interest rates very low into next year, Professor Kroszner said.
- THE NEW YORK TIMES. Professor Eugene Fama was quoted in an article about the volatility of the stock market in August. The wild swings are “exactly what you’d expect when efficient markets are confronted by massive uncertainty,” he said. “Capitalism itself is under duress.” The article was published August 13.
- THE WALL STREET JOURNAL. Professor Steven Kaplan was quoted in an article headlined “Shrinking in a Bad Economy: America’s Entrepreneur Class,” published August 12. “You have a real dichotomy between the technology and Web-based economy versus the meat and potatoes economy,” he said. Students at Booth have recently gotten record funding from venture-capital and angel-financing groups for their tech projects, the article said. “I had two students this year, they had offers from private equity firms, and they turned down those jobs to go to work for start ups,” Professor Kaplan said. “I haven’t seen that since the end of the 1990s.” Read article
- THE WASHINGTON POST. Professor Randall Kroszner was quoted in an article headlined “Fed Chairman Bernanke quietly takes the heat,” published September 8. “The chairman is a very balanced and deliberate person,” he said. “The Fed chairman is always under political pressure. It’s important that he or shoe focus on the economic issues and what he or she thinks is the most appropriate policy to pursue.” Professor Kroszner was a Fed governor from 2006 to 2009.
- THE ECONOMIST. Professor Steven Kaplan was quoted in an article about the difficult times facing private-equity companies due to the turmoil in the stock market. During downturns, such firms get “whacked” from several directions, Professor Kaplan said. The companies they own are vulnerable when the economy slows because they are leveraged. And they find it harder of less lucrative to cash in their investments through initial public offerings (IPOs.) The article was published August 27.
- TIME MAGAZINE. Professor Raghuram Rajan was quoted in an article headlined “Why is Chronic Joblessness on the Rise?” published June 8. “The truth is, there aren’t many short-term fixes,” he said. “The real answers to the jobs problem will take more time.” Read article
- THE TELEGRAPH (London). Professor Randall Kroszner was quoted in an article looking at whether the U.S. is facing another recession. “I’m not a fundamental pessimist on the U.S.,” he said. “It’s just that the light at the end of the tunnel is a bit further away than hoped.” The story was published August 6.
- BNN, BUSINESS NEWS NETWORK (Canada). Professor Raghuram Rajan discussed world economic conditions during a 10-minute interview broadcast on August 11. When asked if we are headed toward a repeat of the 2008 financial crisis, he responded “not yet.” Watch video
- BLOOMBERG NEWS. Professor Raghuram Rajan said “There is a need for some concern because the Europeans haven’t yet come clean on what their banks hold.” In a story published August 11, he said in August’s volatile stock market investors “can start thinking what if Greece goes? What if Portugal goes, France goes and eventually perhaps what if Germany goes? When you focus on those tail risks the only answer is sell.” Read article
- XINHUA NEWS (China). Professor Raghuram Rajan’s speech to the Chicago Council on Global Affairs was featured in an article headlined “U.S. short-term economic outlook gloomy as Fed runs out of options, financial expert says,” published September 8. “People keep acting as if (Fed Chairman) Ben Bernanke has a few more magic tricks up his sleeve,” Professor Rajan said. “In my mind the Fed really has very little ammunition left; it’s basically fired most of the bullets it had.” Read article
- CHICAGO TRIBUNE. Professor Steven Kaplan was quoted in an article about Google’s planned purchase of mobile phone maker Motorola Mobility, based in a suburban Chicago. “If you believe what they say, they’re going to leave the company alone and let it do what it has been doing,” he said. “If anything, maybe they would move resources here because the tech talent is less expensive and our taxes are lower (than California’s.) The article was published August 16. Read article
- HUFFINGTON POST. Professor Raghuram Rajan was quoted in an article headlined “U.S. Economy: No Repeat of 2008 Financial Crisis, But Still Vulnerable To Shock,” published August 9. “The underlying fundamentals, while not great, are not at a level that would warrant a deep financial panic,” said Professor Rajan, who added “The government has basically run out of bullets in terms of stimulus.”
- INSTITUTIONAL INVESTOR. Professor Randall Kroszner was featured in a Q&A interview about the challenges facing the U.S. economy. “First, we need to reform the tax code to encourage growth and jobs formation,” he said. “The president’s bipartisan deficit commission recommended eliminating loopholes that would allow the government to maintain revenue collection while reducing overall tax rates – this is an effective way to stimulate investment and job creation.” The magazine wrote “There are few people that have a deeper understanding of the challenges facing the U.S. economy than Randall Kroszner.” The article was published August 5. Read article
- FORBES INDIA. Research by Professor Christian Leuz was featured in an article headlined “Attracting Foreign Capital: Why Foreigners Invest Less in Poorly Governed Firms.” The article, which appeared earlier in Booth’s Capital Ideas, was published June 30. Read article
- FORBES INDIA. Professor Raghuram Rajan said instead of worrying about another recession, the U.S. “should be worried about upping growth from where it is,” according to an article published August 29. “The real issue is why the U.S. is not growing faster. I think we need to stop fretting continuously about needing more monetary and fiscal stimulus. Instead, we must focus on tackling problems more directly.” Read article
- FORBES INDIA. Professor Raghuram Rajan was featured in a Q&A interview looking at achieving “the right mix of free enterprise and sensible regulation,” published June 1. Professor Rajan was identified as being one of India’s “most influential voices.” Read article
- THE GLOBE AND MAIL (Toronto). Professor Raghuram Rajan was featured in an article headlined “The hidden cost of dirt-cheap money,” published June 12. “We have the sense that low rates are a free lunch, that nobody’s hurt and if anything, somebody should be benefiting,” he said. “But you have to ask yourself: If rates are set lower than where the market would want them set, who’s absorbing the cost?”
- NATIONAL JOURNAL. Professor Amir Sufi was one of five “bold-thinking economists” who are “good candidates” to fill the job of chairman of the White House Council of Economic Advisers recently vacated by Professor Austan Goolsbee, according to an article published August 12. Professor Sufi is “a leading thinker on the oh-so-troubled housing market,” the article said. “Housing policy, it just so happens, has vexed this administration as much as, or more than, any economic issue,” the magazine said.
- CHICAGO TRIBUNE. Visiting Professor Axel Weber was featured in an article headlined “Former German central banker fears conditions will worsen in Europe.” Speaking at the Chicago Council of Global Affairs, Professor Weber said policy makers need the political cover of an emergency to take action. “Things have to get worse before they get better,” he said. Professor Weber was president of the Deutsche Bundesbank and a member of the governing council of the European Central Bank between 2004 and 2011.
- CNBC. Professor Randall Kroszner discussed the prospects for the U.S. economy during an interview broadcast August 1. There won’t be a double-dip recession, he said, but economic growth will progress slowly in the second half of the year. The prospects for further economic stimulus in the form of QE3 are highly unlikely right now, said Professor Kroszner, who was a governor of the Federal Reserve System from 2006 to 2009. Watch video
- INSTITUTIONAL INVESTOR. Professor Randall Kroszner was featured in a Q&A interview about the risks facing U.S. policymakers as they deal with the political and economic issues facing the country. “First, we need to reform the tax code to encourage growth and jobs formation,” he said. “The president’s bipartisan deficit commission recommended eliminating loopholes that would allow the government to maintain revenue collection while reducing overall tax rates,” he said. “Second, I’d reform Freddie Mac and Fannie Mae.” The article was published August 5.
- CNN.COM. Professor Robert Topel was quoted in an article headlined “On Labor Day, a grim picture for workers,” posted September 2. “The demand for products is weak, and because of that, employers’ willingness to hire is weak, so there is a lot of competition for positions,” he said, noting that previous recessions were followed by a sharp rebound in growth. “The most surprising thing in the last 12 months in the labor market is that economic growth has been as weak as it has been and job growth has been as slow as it has been.” Read article
- CHICAGO TRIBUNE. Clinical Professor James Schrager was quoted in an article about the problems facings Sears Holdings Corp., which merged with Kmart in 2005. “Walk into a Kmart and a Target on the same day and simply use your eyes,” Professor Schrager said. “You see dramatic differences in the ways the store looks, how it is stocked and how items are priced and displayed. What is to blame? … The Top executives.” The story was published September 11. Read article
- THE WALL STREET JOURNAL. Research by Professors Kevin Murphy and Robert Topel was cited in an article headlined “Living to 100 and Beyond,” published August 27. Professors Murphy and Topel “painstakingly calculated that for Americas, ‘gains in life expectancy over the past century were worth over $1.2 million per person to the current popular.’ They also found that ‘from 1970 to 2000, gains in life expectancy added about $3.2 trillion per year to national wealth,’” the article said. Read article
- FORBES INDIA. Separate research by Professors Dan Adelman and John Birge was featured in two articles. Professor Adelman’s work on how to effectively manage a portfolio of supply contracts was published August 2, while Professor Birge’s research on inventory management was published August 10. Both articles appeared earlier in Capital Idea, a Booth publication which highlights faculty research.
Read about Professor Adelman’s research
Read about Professor Birge’s research
- REUTERS. Professor Randall Kroszner was one of the experts who gave his opinion on what the July employment data means for the Fed Reserve Board. “The jobs report being not robust but not a disaster suggests that the Fed will have time to consider where inflation is going and where the economy is going, and then decide whether it should or shouldn’t be taking any further actions,” he said in the article published August 5. Read article
- THE NEW REPUBLIC. Professor Amir Sufi’s research on the impact household debt is having on the economic recovery was featured in an article published July 13. “The main factor responsible for both the severity of the recession and the subsequent weakness of the economic recovery is the deplorable weakness of the U.S. household balance sheet,” which is, he said, “in worse condition than at any other point in history since the Great Depression.” Professor Sufi’s argument “makes so much intuitive sense,” the article said. Read article
- THE WALL STREET JOURNAL. Professor Anil Kashyap was quoted in an article about the effectiveness of government-administered “stress tests” on large banks. “The U.S. stress tests succeeded because they forced banks to raise a lot of capital,” he said, noting the U.S. government’s willingness to provide a “backstop” source of capital if needed. “The last European test failed because it did not mandate recapitalization. Whether this one succeeds will hinge on whether they are honest about the capital shortages and include a backstop that will force the banks to raise capital one way or another.” The article was published July 15. Read article
- THE NEW YORK TIMES. Professor Randall Kroszner was quoted in a front page story about the compromise reached to avert a U.S. debt crisis. “From an accounting point of view, it seems obvious that you would reduce G.D.P. if you cut government spending,” he said. “But the key is really the impact on consumption and investment. If you reduce government spending and if people think that reduces uncertainty about the tax burden down the line, they may be more comfortable with spending.” The article was published July 31. Read article
- FORTUNE. Professor Eugene Fama and John Cochrane were cited in an article headlined “Why government cuts won’t hurt growth,” published August 8. They are identified as “hard-liners” against government-imposed stimulus programs. “The stimulus is just moving the same money around,” Professor Cochrane said. The article called Professor Fama “one of the most influential financial economists of the past half-century.” Read article
- CHICAGO TRIBUNE. Clinical Professor Ellen Rudnick was quoted in an article about the increase in older entrepreneurs. “A lot of these are what I call reluctant or accidental entrepreneurs,” she said. “There often is some triggering event – they may have gotten fired – and they realize they don’t want to work in a large company anymore.” The article was published August 18. Read article
- BLOOMBERG NEWS. Professor Randall Kroszner was featured in an article headlined “Bernanke Indicates Fed Dissenters Won’t Impede Additional Asset Purchases,” published August 10. “The (Fed) chairman will do the right thing for the economy regardless of what people might say,” Professor Kroszner said. “Bernanke has shown his skin is elephant-thick.” Read article
- NATIONAL JOURNAL. Research by Professor Amir Sufi was featured in an article headlined “Houses of Pain: Washington’s inattention to housing woes is making the jobs problem worse,” published June 9. He found that the more-leveraged a county’s average household was in 2006, the worse its employment growth is in 2011. “The correlation …suggests, quite troublingly, that Washington lawmakers are all but ignoring the biggest reason the economy is still struggling to produce jobs: the abysmal housing market,” the article said. Read article
- BUSINESSWORLD (India). Research by Associate Professor Emily Oster on calls centers in India was featured in an article July 12. Introducing a new call center causes a 4 percent to 7 percent increase in the number of children enrolling in primary schools, Professor Oster found. In addition, enrollment in English-language schools increases by about 15 percent.
- The FINANCIAL TIMES also published an article about the research, which was conducted jointly with Bryce Millet at Harvard. Read article
- BLOOMBERG NEWS. Professor Randall Kroszner was quoted in an article headlined “Fed Policy Makers May Consider Additional Stimulus as Economy Slows,” published August 2. “The Fed will be thinking carefully about all its options,” he said. “Certainly people will be changing their assessment to be more negative about the economic outlook and that will lead some people to suggest more needs to be done.” Professor Kroszner was a governor of the Federal Reserve System from 2006 to 2009.
- BLOOMBERG TELEVISION. Professor Randall Kroszner said a double-dip recession is not likely, during an interview broadcast August 5. Despite the 512 point drop in the Dow Jones Industrials Average the day before, he doesn’t see the need for additional economic stimulus at this point, he told the interviewer.
- THE BOSTON GLOBE. The new book by Professor Tobias Moskowitz was featured in an article headlined “In sports, there really is no place like home.” The book, “Scorecasting: The Hidden Influences Behind How Sports are Played and Games are Won,” says officiating bias by umpires and referees is the reason home teams typically win more than half of their games. The article was published September 3.
- USA TODAY. Professor Steven Kaplan was quoted in an article headlined “J.C. Penney investors cheer new CEO; Retailer hires Apple retail exec.” Noting that Penney’s stock jumped 17 percent on the naming of the new CEO, Professor Kaplan said “17 percent that’s a huge reaction.” When stocks gain on the naming of a CEO, it’s usually because investors perceive the company is recruiting a top-notch executive and that the executive’s willingness to move signals there’s room for upside, he said. The article was published June 15. Read article
- EL MERCURIO (Santiago, Chile). Professor Anil Kashyap was quoted in article about the slower-than-expected growth of the U.S. economy during the most recent quarter. The high level of unemployment is taking its toll, he said in the article published July 31. Predictions of an economic rebound in the second half of the year are becoming increasingly difficult to believe, Professor Kashyap said.
Read the article in Spanish
- DOW JONES MARKETWATCH. Research by Professor Lubos Pastor was featured in an article questioning whether it makes sense to keep a lot of stocks in an investment portfolio. He found that stocks may be more volatile that we think, even in the long run. “There have been periods in which stocks underperformed (Treasury) bond and bills over 30 years, (and) 40-year periods in which stocks barely (outperformed) bonds, Professor Pastor said. The article was published July 15.
- THE WASHINGTON POST. Professor Luigi Zingales discussed Italy’s economy and sovereign-debt issues, and the need to address corruption in that nation’s political system during a video interview posted July 21. Italy needs “strong medicine” for its economy, he said. Professor Zingales also discussed the state of the U.S. housing market.
- ASSOCIATED PRESS. Professor Raghuram Rajan was quoted in an article headlined “Low rates squeeze savers and may hold back economy,” published August 25. “Someone is paying a price for ultra-low interest rates: the patient and uncomplaining saver,” he said.
- CRAIN’S CHICAGO BUSINESS. Professor Steven Kaplan was quoted in an article about how IPOs have been impacted by the summer’s volatile stock market. “When you have turmoil like this, one, prices go down, making it less attractive to sell your shares, and two, people who buy IPOs get nervous, and demand shrivels up even more quickly than for regular stocks.” The article was published August 12.
- REUTERS. Professor Anil Kashyap was quoted in an article headlined “Weak economy to prompt Fed QE3? Not so fast,” published July 29. “Before going ahead (Fed officials) want to see clear evidence that the economy really is stuck and that inflation risk is contained,” he said. Read article
- LOS ANGELES TIMES. Professor John Cochrane was quoted in an article headlined “U.S. debt: A four-letter word or a necessary evil,” published August 10. “If everybody thought the U.S. was in trouble, we’d see bond yields go up,” he said. “What investors are really worried about is the risk of a double-dip recession and about the economy in general.”
- BBC-TV AND RADIO. Professor Randall Kroszner discussed the U.S. economy and negotiations to raise the debt ceiling during separate interviews July 24 and 25. There will be agreement on the debt ceiling, he said, but not until just before the deadline. Professor Kroszner also appeared on CNBC Europe during his trip to London.
- MCKINSEY QUARTERLY. Professor Richard Thaler was featured in an article headlined “Nudging the world toward smarter public policy,” published June 14. “Richard Thaler is the rare academic whose ideas are being translated directly into action,” the article began. Read article
- BBC-TV. Professor Raghuram Rajan was interviewed live from Chicago about the risks of downgraded debt ratings for the U.S. and Italy. He appeared on the flagship World News Today program on BBC 4 television July 14.
- NATIONAL REVIEW. Professor Robert Fogel’s views on health expenditures and increased life expectancy were featured in an article published July 21. “Robert Fogel, author of two of the most important books of the last century, has an information-rich op-ed in Bloomberg View,” the article said. “His conclusion is very much in tune with the view that we need to move to a limited defined contribution model for health entitlements.” Read article
- THE NEW YORK TIMES. Research by Professor Christopher Hsee was featured in an article headlined “Planning the Perfect Vacation,” published July 20. Keeping active on vacation tends to lead to more happiness, according to the article. Professor Hsee’s research found that people who use their time productively are happier than people who are idle. But staying busy doesn’t have to be physical: simply exploring the local culture can be beneficial, he said. Read article
- BLOOMBERG NEWS. Professor Steven Kaplan was quoted in an article about Republican presidential candidate Mitt Romney. Bain and Company flourished under Romney’s management and the business model he installed, the article said. Instead of just advising companies, Romney and several partners would invest in them, provide financial and management advice and they typically sell their stake five to seven years later. “The returns were very, very good relative to others in the industry and this persisted while Romney was there,” Professor Kaplan said. “Everybody has copied them. He was spectacularly successful.” The article was published July 20. Read article
- MARKETPLACE RADIO. Professor Randall Kroszner was featured in a story which said that the weak U.S. economy has overshadowed approval of a deal to raise the debt ceiling. Whether the deal is a job killer or a job creator depends on the execution, he said, adding that it could be a boon if it leads to real reform of the tax system. “The structure could be implemented in a way that will lead to pro-growth and pro-jobs tax reforms,” Professor Kroszner said. “Or it potentially could be implemented in a botched way which doesn’t build any credibility.” The broadcast aired August 1.
- TECH CRUNCH.COM. Research by Assistant Professor Eric Budish was featured in a column about product pricing on the Internet. Headlined “The Complete Guide to Freemium Business Models,” the column was written by Uzi Shmilovici, MBA ’11, who did the independent research with Professor Budish. The column was posted September 4. Read article
- THE NEW YORK TIMES. Research by Assistant Professor Bryan Kelly was featured in a column headlined “3 Questions on Financial Stability,” posted on the Economix blog September 1. The column cited Professor Kelly’s research paper “Too-Systemic-to-Fail: What Option Markets Imply About Sector-Wide Government Guarantees.” Read article
- The research was also cited on the Financial Times website in an article headlined “How much is the Bernanke put worth?” posted June 22. Read article
- MARKETPLACE RADIO. Clinical Professor James Schrager was featured in a story about the rise of lean manufacturing. Toyota is one of best examples of a company going lean, the story said. “When the Germans – the best car builders in the world – called the Japanese to teach them, you know it’s the shot heard round the world,” Professor Schrager said in the July 7 broadcast.
- MARKETPLACE RADIO. Professor Steven Kaplan was featured in a story about the hopes that Groupon’s IPO will lead to Silicon Prairie in Chicago. “We really haven’t had a big winner where the winner has had people who are technology savvy, who want to put money back in,” Professor Kaplan said. So the Groupon IPO is “a big deal,” he said during the June 7 broadcast.
- MARKETPLACE RADIO. Professor Randall Kroszner discussed the impact of the short selling ban imposed by regulators in France, Belgium, Spain and Italy. “The studies that have been done on short selling banks in the past have shown really no improvement in firm share prices, and generally, an increase in volatility,” he said. “It’s really more of an attempt to blame someone rather than the fundamental factors.” The broadcast aired August 12.
- U.S. NEWS & WORLD REPORT. Research by Associate Professor Oleg Urminsky was featured in an article headlined “The Secret to Saving for a Rainy Day,” published July 19. How likely you are to spend money today or save it for later depends, in part, on how connected you feel to your future self, the research found. Read article
- REUTERS. Professor Steven Kaplan was quoted in an article headlined “Market chaos raises concerns for private equity,” published August 12. When valuations are low, it may be tough to find willing sellers, he said. “The question is whether sellers want to sell. People freeze a bit.” The article was published August 12. Read article
- AARP THE MAGAZINE. Professor Richard Thaler was featured in an article looking at why our brains “get faked out by marketing ploys, pricing tricks, and investing come-ons.” For example, the most expensive steak on a restaurant menu is $50. But there’s another one for $25. “Ah,” you think. “Just right.” Deciding on the $25 steak feels rational. You weighed the options; you made your choice. But your selection was swayed by the mere existence of the $50 steak. Economists call this effect anchoring and it is rampant on wine lists, Professor Thaler said. “Suppose the most expensive bottle on the list is $100 and nobody wants to buy it,” he said. To boost sales, the restaurant adds a $200 bottle. “They could keep just one of them around. Nobody will order it.” The article appeared in the May/June issue. Read article
- THOMSON REUTERS NEWS & INSIGHT. Professor Christian Leuz was quoted in an article about efforts to provide a “carve-out” for businesses that use the last-in, first-out accounting method for inventory. The LIFO Coalition, a group sponsored by the National Association of Wholesaler-Distributors wants the SEC to lobby the Treasury Department to waive the rule known as the conformity requirement. “The purists would argue there should be no carve-outs because it defeats the purpose of having a common set of rules,” Professor Leuz said in the article published August 17.
- HANDELSBLATT (Germany). Research by Assistant Professor Tarek Hassan titled “The Economic Impact of Social Ties: Evidence from German Reunification,” was featured July 21.
Read article in German
- LA TERCERA (Santiago, Chile). Professor John Cochrane discussed sovereign debt issues facing Greece and several other European countries during a Q&A interview published May 29.
Read article in Spanish
- THE WASHINGTON POST. Professor Randall Kroszner’s recent book about U.S. financial markets made the newspaper’s political bestsellers list July 24. The book, “Reforming U.S. Financial Markets: Reflections Before and Beyond Dodd-Frank,” was co-authored with Robert Shiller, a professor at Yale.
- ASSOCIATED PRESS. Professor Raghuram Rajan was quoted in an article headlined “Fed’s record-low rates squeeze savers and may be holding back economic growth,” published August 25. “Someone is paying a price for ultra-low interest rates: the patient and uncomplaining saver,” Professor Rajan said.
- WNYC RADIO (New York City). Professor Robert Fogel discussed his latest book, “The Changing Body: Health, Nutrition, and Human Development in the Western World Since 1700,” during a broadcast on July 1. Listen to broadcast
- CRAIN’S CHICAGO BUSINESS. Dean Kumar and Clinical Professor Ellen Rudnick were included on a list of Chicago’s top business, civic and cultural leaders. The Who’s Who list was published September 5.
- THE WASHINGTON POST. Research by Assistant Professor Devin Pope was featured in an article headlined “Report finds 2 of 4 tests in ACT poor predictors of college success,” published July 19. ACT college entrance test scores in reading and science “provide essentially no predictive power regarding college outcomes,” his research found. Math and English scores “are much more tightly correlated with college success.” Read article
- USA TODAY published an article about Professor Pope’s research on June 23. Read article
- BLOOMBERG NEWS. Professor Steven Kaplan was quoted in an article about billionaire Ron Perelman’s offer to acquire the portion of M&F Worldwide Corp. that he doesn’t already own. It would be the least expensive buyout of a holding company in eight years, prompting speculation that traders can extract the biggest price increase of any U.S. deal from Perelman. “It is ironic given his history,” Professor Kaplan said in the July 14 article. “I would predict that he will raise the price and that seems to be what the market is betting on.”
- FORBES. Research by Professors Matthew Gentzkow and Jesse Shapiro was featured in an op-ed titled “The Internet Isn’t Killing Our Culture or Democracy,” posted June 5. The empirical study by Professors Gentzkow and Shapiro found “no evidence that the Internet is becoming more segregated over time” or leading to the increased polarization that Net pessimists fear, the article said. Instead, the two professors’ findings “show that the Internet has encouraged more ideological integration and is actually driving us to experience new, unanticipated viewpoints.” Read article
- SYDNEY MORNING HERALD (Australia). Research by Professor Matthew Gentzkow and Jesse Shapiro on media bias was featured in an article headlined “Public set agenda on politics, not the press,” published July 27. They examined registered voters zip code by zip code, along with circulation figures and found the Democrat-leaning newspapers serviced Democrat zip codes while Republican newspapers serviced Republican zip codes, the article said. Read article
- NATIONAL JOURNAL. Professor Amir Sufi was cited in an article offering advice on how to reduce the unemployment rate. One of the suggestions was to stabilize the housing market. “Top economists such as Stanford’s Robert Hall and the University of Chicago’s Amir Sufi contend that housing woes and their effects on consumers are key factors in stifling growth and job creation,” the August 5 article said.
- SCIENCE MAGAZINE. A review of Professor Robert Fogel’s latest book was published August 26. The Changing Body: Health, Nutrition, and Human Developing in the Western World Since 1700 “offers an authoritative summary of the field of technophysio evolution,” the review said.
- WBBM-TV (CBS Chicago). Professor Luigi Zingales discussed his research on strategic mortgage defaults during an appearance on the 10 p.m. news July 19. The larger the shortfall between what a homeowner owes and what the home is worth, the more likely a strategic default will occur. A strategic defaulter is “somebody that can pay, but chooses not to,” he said.
- MARKETPLACE RADIO. Professor Luigi Zingales discussed Italy’s debt crisis during a broadcast on July 11. Although Italy doesn’t have deficit problems as big as Greece or Portugal, it is weighted down with public debt which is 120 percent of GDP, he said. “Italy is in a major crisis of confidence.”
- THE NEW YORK TIMES. Research by Visiting Professor Aparna Labroo and Ph.D. student Sara Kim was featured in an article headlined “Wanting the Hard to Get Simply Because It Is,” published September 10. “If you associate the University of Chicago with impenetrable polysyllabic papers whose footnotes bend to the horizon, please inspect, ‘Why Do Consumers Think Hard-to-Get-Babes and Products Are Worth the Extra Effort?’” Read article
- CHICAGO TRIBUNE. Clinical Professor Ellen Rudnick was quoted in an article about the economic troubles facing small, neighborhood shops. Small retail shops and restaurants are especially hurting because what they sell is mostly discretionary – people don’t need to buy a cut of coffee or a new dress, Professor Rudnick said. And when those stores close, “It’s a domino effect,” because they tend to buy from other businesses. The article was published September 4. Read article
- CRAIN’S CHICAGO BUSINESS. Professor Ronald Burt was quoted in an article about plans by Kraft Foods to split into two companies. Kraft is “walling off its U.S. business” and “is giving up on America,” the newspaper wrote August 8. But “I don’t think they’re consciously making that choice,” said Professor Burt. When companies break up to put the out-of-date pieces somewhere else, “it’s not that they’re going overseas, it’s just ‘we don’t want them on our budget,’” he said. Read article
- MARKETPLACE RADIO. Professor Randall Kroszner was featured in a story about the low rate of job creation in the U.S. The long-term level of government spending is a big question facing businesses, he said, adding that health care reform is also holding companies back from hiring. “I chair the University benefits committee and it just creates a tremendous amount of uncertainty about what the costs will be for permanent hiring,” he said.
- MEDICAL NEWS TODAY. Research by Associate Professor Emir Kamenica was featured in an article headlined “How Too Many Options Can Impair The Ability To Make Skillful Choices.” He found that when employees were given more choices on how to invest their retirement savings, they were less likely to enroll in the first place. The research was conducted with Sheena Iyengar of Columbia Business School and featured July 3. Read article
- CRAIN’S CHICAGO BUSINESS. Clinical Professor James Schrager was quoted in an article headlined “Sears hit by executive defections as retailer slumps,” published June 6. “This type of continual management change is exceptionally hard on everyone in the organization and leads to a loss of feeling that the company could be heading in the right direction,” he said.” Read article
- REUTERS. Visiting Professor Axel Weber was named chairman of Swiss bank UBS effective 2013, according to a July 1 article. Professor Weber was president of the German Bundesbank from 2004 to this April.
Section 3: Chicago Booth students and alumni in the news.
- FINANCIAL TIMES. Brendan Hickey, MBA ’12, was featured in column about his internship. He spent the summer doing strategic planning for the National Park Service, working in North Cascades National Park in Washington State, examining how the park can best use its resources to achieve its goals. Federal employees at the park “are working hard to accomplish what they can in a system that isn’t always conducive to innovation,” he said in the article published August 8. Read article
- CRAIN’S CHICAGO BUSINESS. Braintree, an online payments company started by Bryan Johnson, MBA ’07 (XP-76), received $34 million in funding from Accel, according to a June 29 article. Braintree won Booth’s New Venture Challenge in 2007 and Johnson used the $25,000 in prize money to start the company. Until now, he hadn’t taken any outside investment, according to the article. Read article
- TECH CRUNCH.COM also ran a story about the new funding. Read article
- NFL.COM. Jason Wright, MBA ’13, retired as a running back for the Arizona Cardinals to enroll at Booth, according to an article posted July 19. During his final five seasons in the NFL, he missed just five games, the article noted. Read article
- FAST COMPANY. Ashish Rangnekar, MBA ’11, and the company he co-founded were featured in an article headlined “How BenchPrep Is Turning e-Textbooks Into Virtual Study Groups,” published July 29. BenchPrep won Booth’s New Venture Challenge in 2010. Read article
- THE NEW YORK TIMES. Mike Kirby, MBA ’85, was featured in a Q&A interview August 4. He is founder and chairman of Green Street Advisors, an independent research and consulting firm that tracks the commercial real estate industry, with an emphasis on real estate investment trusts. He started the company immediately after graduating from Booth, the article said. “We started Green Street to do something a little different than what it now does,” he said. “We were looking for opportunities in the junkyard, basically distressed properties.” Read article
- CHICAGO TRIBUNE. Power2Switch, a company founded by Phil Nevels, MBA ’10, was featured in an article about websites that let Illinois customers compare electricity rates. Nevels started the company while at Booth, the July 19 article said. Read article
WMAQ-TV (NBC, Chicago) also ran a story about Power2Switch
Crain’s Chicago Business also ran a video story about Power2Switch on its website
Watch the video
- CRAIN’S CHICAGO BUSINESS. William Pescatello, MBA ’06, was profiled in the June 27 issue. He is a principal of Lightbank, an investment fund in Chicago. Before joining Lightbank earlier this year he was a vice president of Peacock Equity Fund in New York. Read article
- CRAIN’S CHICAGO BUSINESS. Matt Maloney, MBA ’10 and David Lieb, a Booth student on academic leave, were featured in a June 13 article headlined “GrubHub, Bump chiefs cite lessons learned in the New Venture Challenge.” Maloney is CEO of GrubHub.com and Lieb is CEO of Bump Technologies. Both businesses got their start in Booth’s New Venture Challenge. Read story
- CHINA DAILY. Elan Shou, MBA ’07, was featured in an article headlined “Business schools are a class act,” published August 24. She flew monthly from Shanghai to Booth’s Singapore campus to attended classes in the Executive M.B.A. program. “Booth provides a solid academic environment that combined theory and practice,” said Shou, senior vice president of public relations firm Ruder Finn China.
- CHICAGO TRIBUNE. Robert Schriesheim, MBA ’86, was named executive vice president and CFO of Sears Holdings Corp., according to an article published August 16. Previously he was CFO of Hewitt Associates, the article said. Read article
- CRAIN’S CHICAGO BUSINESS. Brenda Wolf, MBA’ 88, was profiled in the Spotlight column September 12. She became CEO of La Rabida Children’s Hospital in Chicago on July 1. She plans to boost visibility and fundraising efforts of the hospital, and make it less dependent on public dollars, the article said.
- COMMERCIAL TIMES (Taiwan). Judy Shin, MBA ’06, was featured in an article about the career benefits of earning certification in your field. After earning several certificates, Shin enrolled in Booth’s Executive M.B.A. Program in Singapore in an effort to further strengthen her professional skills, the article said. She is managing director of JPMorgan Asset Management in Taiwan. The article was published August 20.
- MARKETWATCH.COM Andrew Appel, MBA ’91, was named senior vice present of revenue operations for Accretive Health, according to an article published July 26. Previously he was chief operating officer at Aon Corporation and led the team responsible for the $5 billion acquisition of Hewitt.
- THE JAKARTA POST (Indonesia). Ilham Akbar Habibie, MBA ’03, was featured in an article about his success as an entrepreneur. To help boost his skills in management and finance, he enrolled in Booth’s Executive M.B.A. Program in Singapore, the article said. The extensive network of fellow students that he developed while at Booth was an unexpected benefit, he said in the article published August 20.
- CRAIN’S CHICAGO BUSINESS. Mark Sander, MBA ’83, was profiled August 8. He is president and COO of First Midwest Bank in Itasca and has hit his financial targets in each of the more than 20 years he’s been a manager of business bankers, the article said. Read article
- LATINA STYLE MAGAZINE. Anne Alonzo, MBA ’00 (XP-69), was profiled in the July issue in an article headlined “The Queen of Cocoa.” She is vice president of global public policy at Kraft Foods.
- ELLE MAGAZINE. Amy Lehman, MBA and MD ’05, was featured as one of nine women “who are educating, rebuilding, doctoring, employing, and sustaining the world.” She is founder of the Lake Tanganyika Floating Health Clinic in Africa. Before her clinic, the 3.5 million people living in the area were without access to health care, the June 22 article said. Read article
- CRAIN’S CHICAGO BUSINESS. Karan Goel, MBA ’06 was profiled in an article headlined “Karan Goel’s PrepMe not your usual teen dream,” published June 6. Goel is CEO PrepMe, a test preparation company he started while a student at Booth. The business plan for the company won Booth’s New Venture Challenge in 2005. Read article
- CRAIN’S CHICAGO BUSINESS, Karan Goel, MBA ’06 (see item above) sold the software technology for PrepMe, the company he founded, to an education company backed by private equity fund Providence Equity Partners, according to July 26 article. Terms were not disclosed. Goel, 27, said he will transition out of day-to-day operations of PrepMe. Read article
- NEWS RELEASE. Francisco Verdu, MBA ‘96 (IXP-1) was appointed CEO of Bankia, a Spanish banking conglomerate, according to a May 20 announcement.
NBC CHICAGO.COM. Charisse Conanan, MBA ’10 was featured in an article about whether it is okay for entrepreneurs to get a part-time job. She is co-founder of Smarteys.com. A video accompanies the article. Read article
- BLOOMBERG BUSINESSWEEK. Suzanne El-Moursi, a current student in the Executive M.B.A. Program, was selected by her peers to chair the 2013 annual conference of the Interaction Design Association, according to a June 17 article. She is associate creative director at Sapient Corp.
- PHILIPPINE DAILY INQUIRER (Manila). Antonio Moncupa Jr., MBA ’03 (AXP-2), discussed the benefits of attending an executive M.B.A. program in an article published July 26. A graduate of Booth’s EMBA program in Singapore, Moncupa is president of East West Bank in the Philippines.
- BANGKOK BUSINESS NEWS. Wiboon Permawarayang, MBA ’04 (AXP-3) talked about the benefits of earning a Chicago Booth MBA in an article published August 24. Professional networking with fellow alumni was one of the highlights he mentioned.
- THE NATION (Bangkok). Kobchai Chirathivat, MBA ’08 (AXP-7) was profiled in the August 24 edition of this newspaper. He is president and CEO of Central Pattana Public Company, Bangkok. Many of his classmates at Booth “are stars” at their companies, he said.