Chicago Booth in the News, Spring 2011, Vol. 1
(Covering March 11 to March 28, 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.
- U.S. NEWS & WORLD REPORT. Chicago Booth’s part-time MBA programs tied for first place in the magazine’s annual ranking of the best business schools
published March 15. Our EMBA program ranked second and the full-time MBA program tied for fifth. In the specialty categories Booth ranked second in
finance, third in accounting and seventh in marketing.
- U.S. NEWS & WORLD REPORT. Chicago Booth was featured in an article about the job outlook for students receiving graduate degrees this year. As of
this past winter, three-quarters of the Booth students expecting to graduate in June already had job offers, the article said. “That’s significantly ahead
of where we were a couple of years ago at the height of the recession,” said Julie Morton, associate dean for career services. “So we’ve definitely seen
marked upticks in firms’ appetites.” The article was published March 15.
- THE NEW YORK TIMES. Chicago Booth was featured in an article headlined “Find a Sponsor to Pay for That M.B.A.,” published March 15. In general,
employers are more willing to pay for part-time programs than full-time because the employee must leave the company for the duration of the full-time
degree, the article noted. In a part-time program, “the biggest benefit for the employer is that they’re not losing an employee so that particular person
is earning an M.B.A. and can apply what they learned almost immediately in the work environment,” said Patty Keegan, associate dean of Booth’s Executive
- FINANCIAL TIMES. Chicago Booth is expected to hire Axel Weber as a visiting professor when he steps down at the end of April from his position as
president of the Bundesbank, Germany’s central bank, according to an article published March 11. Professor Weber will teach courses in central banking to
MBA students, the article said.
Section 2: News coverage quoting Chicago Booth faculty.
- THE WALL STREET JOURNAL. Professor Anil Kashyap wrote an op-ed titled “Why European Banks Are Stress Out,” published March 23. “Europe seems determined
to repeat its mistake and undertake a second round of ineffectual stress tests on its banks,” he wrote. “The 2010 version did little to alleviate banks’
spiraling funding costs or to restore confidence in European markets. Unless the design of this year’s tests is fundamentally different from last year’s,
Europe’s crisis will persist.” Professor Kashyap wrote the commentary with Hyun Song Shin of Princeton and Kermit Schoenholtz from NYU.
- THE NEW YORK TIMES. Professor Richard Thaler wrote the Economic View column headlined “This Data Isn’t Dull. It Improves Lives,” March 13. “Governments
have learned a cheap new way to improve people’s lives,” he wrote. “Take data that you and I have already paid a government agency to collect, and post it
online in a way that computer programmers can easily use. Then wait a few months. Voila! The private sector gets busy, creating Web sites and smartphone
apps that reformat the information in ways that are helpful to consumer, workers and companies.”
- SYDNEY MORNING HERALD (Australia). Professor Raghuram Rajan wrote an op-ed about the global debt crisis March 14. “Even though the authorities insist
that the next time will be different, everyone knows that they will make the same decision when confronted with the same choice again,” he wrote. “So,
knowing that next time will not be different, the authorities try their best to prevent a ‘next time.’ But risk-takers have every incentive to try their
luck again, knowing that, at worst, they will be bailed out. In this cat-and-mouse game, risk-takers have the upper hand.”
- FREAKONOMICS.COM. Professor Anil Kashyap wrote a primer on the economic consequences of the Japanese earthquake and tsunami posted March 22 on this
high-profile blog. The Q&A “is excellent, and deserves to be widely read,” wrote Professor Steven Levitt, the blog’s host and a professor in the
University’s Economics Department. Professor Kashyap wrote the primer with Takeo Hoshi, a professor at the University of California San
The Wall Street Journal also cited Professor Kashyap’s views on the situation in Japan.
- THE SCOTSMAN (Edinburgh, Scotland). Professor Luigi Zingales published an op-ed headlined “Hedge funds need to be more open to dispel public distrust,”
March 23. “If you thought America’s financial sector had had enough bad publicity, think again,” he wrote. “The insider-trading trial in the U.S. of Raj
Rajaratnam, a billionaire hedge-fund manager, has begun and is likely to provide an especially lurid expose of the financial world’s corrupt
- THE ECONOMIST. The new book by Professor Tobias Moskowitz, “Scorecasting: The Hidden Influences Behind How Sports Are Played And Games Are Won,” was
featured in the Economics Focus column March 10. Scorecasting is “a fascinating new book on behavioral economics and sports,” the Economist said. “Among
other things it provides some compelling evidence of referee bias in favor of home teams.”
The Chicago Tribune devoted a column to “Scorecasting,” March 17.
- CNBC. Professor Randall Kroszner discussed the decision by Federal Reserve Chairman Ben Bernanke to begin holding quarterly news conference to better
explain the Fed’s actions. “It is valuable when there’s a policy change or an innovative policy is being proposed,” Professor Kroszner said. “It will
improve clarity from the Fed.” The interview was broadcast March 25.
- BUSINESS TIMES (Singapore). Professor Raghuram Rajan published a commentary headlined “Why the U.S. became sick with consumption,” March 17. “A key
factor in increased U.S. spending has been the tendency to implement aggressive stimulus policies in downturns,” he wrote.
- FORBES. Professor John Cochrane was featured in an article headlined “John Cochrane’s Unpleasant Fiscal Arithmetic,” published March 15. “If Washington
spent a little more time listening to him, many more Americans would have jobs,” Forbes wrote. Professor Cochrane “is the author of a bible of finance
called Asset Pricing but in recent times has been piercing the pieties of macroeconomics,” the article said.
- THE WALL STREET JOURNAL. Research by Professor George Wu was featured in an article headlined “How Uncertainty Cripples Us,” published January 8.
Professor Wu’s research examined what happens to people’s decision-making ability when uncertainty is introduced into the process. Uncertainty makes every
possibility seem less appealing, the article noted.
- THE INDEPENDENT (London). Professor Robert Fogel’s latest book, “The Changing Body,” was featured in an article published March 28. New research shows
that the way we live directly affects the length of our bodies – and our lives, the article said. About half of all teenagers today can expect to live to
be 100, Professor Fogel predicted. “My great-great-grandchildren will be asking, “Is it really true that people born in the 1930s only lived to be about 80
years old?” The book is expected to be published in April by Cambridge University Press.
- THE ECONOMIST. Professor Steven Kaplan was quoted in an article about corporate restructuring headlined “Starbursting: Breaking up companies is back in
fashion,” published March 24. “As long as your conglomerate is doing well, you can probably keep it together,” he said, “but when it doesn’t work, it gets
- CHICAGO TRIBUNE. Professor Randall Kroszner was quoted in an article about the hiring outlook. “The jobs picture looks like it’s at a turning point,”
he said. His forecast is now “partly sunny with a threat of intense storms,” an upgrade from his “partly cloudy with a threat of intense storm” prognosis
late last year, the article said. Regarding whether the country will return to prerecession rates of economic growth and unemployment, Professor Kroszner
said “I don’t want to be Pollyanna-ish for recovery, because there are risks, but broadly speaking, if there is not a major event or major glitch, then I
think moderate recovery is likely.” The article was published March 13.
- REUTERS. Professor Randall Kroszner was quoted in a special report headlined “The revolution in central banking,” published March 24. He was a governor
of the Federal Reserve System during the height of the recent financial crisis. “I couldn’t believe that we were faced with these questions,” he said. “In
these extraordinary circumstances, it was very risky to just say no.”
- SOFTWARE MAGAZINE. Assistant Professor Elizabeth Pontikes wrote the Market Position column in the spring issue focusing on creating new market space
for a new product. “To create a new business sector, most entrepreneurs mistakenly focus only on technical or functional aspects of their products,” she
wrote. “But to successfully define a sector, you need to have more than a groundbreaking technology; you also must clearly differentiate your new space
from other sectors.”
- BLOOMBERG NEWS. Professor Steven Kaplan was quoted in an article about the Bank of England’s appointment of Goldman Sachs Group Senior European
Economist Ben Broadbent to its Monetary Policy Committee less than a year after Goldman settled U.S. fraud claims. “I think this was much more unlikely to
have happened six or eight months ago,” Professor Kaplan said. In the intervening months, “the fact that we haven’t seen anything else truly scandalous
with them or with any of the other top banks has definitely helped.” The article was published March 8.
- MEN’S HEALTH. Research by Associate Professor Aparna Labroo was featured in the March issue of this magazine. Professor Labroo found that feeling
chipper boosts your physical endurance. In simple hand-grip tests, positive people improved their results by up to 10 times more than their pessimistic
equivalents, the article said. “A positive mood enables you to see things as opportunities – any task is surmountable,” said Professor Labroo. The message
is, if you feel good about your impending workout, your performance will improve.
- CHICAGO SUN-TIMES. Adjunct Assistant Professor Jason Blumberg was quoted in an article headlined “Simple energy savers help family pocket hundreds of
dollars a year,” published March 2. “The average homeowner can reduce his energy bill by 30 percent, or $700 to $900 a year, by making their homes and
appliances more energy efficient,” he said. Energy Results, a home energy efficiency start-up co-founded by Professor Blumberg, was featured in the
- CRAIN’S CHICAGO BUSINESS. Clinical Professor Ellen Rudnick was quoted in an article about the growth of Chicago’s entrepreneurship community. After
years of campaigning to get investors to pay attention to Chicago startups, Professor Rudnick says she’s getting weekly calls from investors on the coasts
scouring Chicago for the next big tech company, the article said. “Suddenly, people there are noticing that there’s a lot of good stuff going on in Chicago
and not every company wants to” relocate to Silicon Valley, she said. “The VCs there are saying, ‘If we want to stay on top, we might have to get on an
airplane.’” The article was published February 28.
- VANCOUVER SUN (Canada). Research by Professor Marianne Bertrand was featured in an article headlined “Lobbyists valued for connections to politicians
rather than issue knowledge, research finds.” She found that a lobbyist working on health issues who is connected to a politician assigned to the health
committee is likely to start working on finance issues if that politician in reassigned to the committee on finance. The research was conducted with two
faculty members at the University of British Columbia. The article was published March 23.
Section 3: Chicago Booth students and alumni in the news.
- SMALL BIZ CHICAGO.COM. Matt Maloney, MBA ’10, was featured in an article headlined “GrubHub flush with $20 million in new capital.” He is co-founder
and CEO of the GrubHub, the Internet firm that shared first place in Booth’s New Venture Challenge in 2006. “We didn’t go out looking (for more capital) at
all,” Maloney said. But following the company’s round of $11 million last fall from Benchmark Capital in Menlo Park, Calif., other venture capital firms
started calling. The article was published March 10.
Crain’s Chicago Business also published a profile of Maloney March 21.
- INVESTMENT WEEKLY NEWS. Horacio Rozanski, MBA ’92, was named executive vice president and COO of Booz Allen Hamilton Corporation, parent company of
consulting firm Booz Allen Hamilton Inc., according to a March 12 article. Previously he was executive vice president and chief strategy and talent officer
- BUSINESS WIRE. David Meline, MBA ’86, was named senior vice president and CFO of 3M, according to an announcement March 15. Previously he was corporate
controller at the firm. Earlier in his career he was CFO at General Motors North America.
- THE BUSINESS TIMES (Singapore). Carlos Fernandes, MBA ’05, was named by the World Economic Forum as one of its Young Global Leaders for 2011, according
to an article published March 11. He is founder of RecordTV, an Internet company.