Gene, the Robert R. McCormick Distinguished Service Professor of Finance, came
to the school as a student in 1960 and joined the faculty in 1963, completing his
PhD in 1964. In his doctoral dissertation, Gene proposed the theory of efficient
markets—virtually creating the passive fund management industry. He coined
the term “efficient market,” and the term gained widespread use. His work is among
the most cited in all of economics and finance. He’s also a talented and inspiring
teacher. Former students often describe his class as a life-changing experience.
Harry, the Roger L. and Rachel M. Goetz Distinguished Service Professor of Creative
Management, joined Booth in 1963. An expert in leadership, strategy, creativity, and
innovation, Harry also has served as a deputy dean and interim dean. Best known for his
legacy in curricular innovation, he pioneered Leadership Effectiveness and Development
(LEAD), the first core leadership program at a top MBA program, and he developed
Management Lab, where students apply classroom knowledge in real-world situations.
Harry was instrumental in establishing Booth’s first international campus in 1994.
On the day the Nobel Prize was announced, Gene, who shared the prize with Lars
Hansen of the University of Chicago and Robert Shiller of Yale University, credited
much of his success to the intellectual culture at the university.
“Whatever I am owes two-thirds—maybe three-quarters, maybe 90 percent—to the
University of Chicago,” he said. “Over the years, the school [and] the economics
department has only gotten stronger. The interaction that you get from your colleagues
is so influential in building your work that you cannot underestimate its impact.”
And we at Chicago Booth owe a great deal of our success to the generous support
of our alumni and friends. For the school to continue to create pathbreaking
research and to influence and educate future leaders across the globe, it must be
unconstrained in its ability to act boldly. It is because of your continued support
and commitment that together, we can achieve our highest aspirations. On
behalf of the Booth community, I extend my gratitude.
I am very pleased to share with you this year’s report on Chicago Booth’s activities
and progress. As you will see in the following pages, our financial performance
remained strong. We also made progress in the five priority areas I outlined in my
last report. We continued to
broaden and strengthen the intellectual footprint
school, hiring 12 new faculty members, expanding underrepresented areas such as
marketing, managerial and organizational behavior, and operations management.
We expanded our support of the school’s entrepreneurship activities, thanks to
a generous gift from Michael Polsky, ’87, to expand the Polsky Center for
Entrepreneurship and Innovation and a founding gift from John Edwardson, ’72,
to launch the Social Enterprise Initiative. These gifts allow the school to
and leverage impact and influence
across the university and beyond, as well as
support a broader set of student aspirations.
Over the last year the school conducted an exhaustive assessment of our presence
in Asia. After much research and deliberation, and with careful consideration of
input from many faculty, staff, students, alumni, and external leaders, we made
the decision to expand our footprint in Asia in an effort to
attract an even broader
pool of future leaders.
I will speak to this in more detail later in this report.
We also made improvements to better
support and leverage our alumni.
launched RECONNECT, which combined Alumni Celebration, class reunions, and
Management Conference into one weekend-long celebration. In true Chicago
tradition, the weekend was an experiment of sorts. We wanted to see what would
happen when we combined two of Chicago Booth’s strengths—its ability to
stimulate and influence thought and practice through spirited debate and rigorous
inquiry—with our desire to strengthen the school’s close connection with its
alumni even more.
As you will see in this report, Chicago Booth had a fantastic year. To cap it off
with the awarding of the 2013 Nobel Prize in Economic Sciences to Eugene Fama
(cover photo), MBA ’63, PhD ’64, for his innovative work in asset prices, was
Also this year, we celebrated the 50th anniversaries of Gene and professor Harry
Davis, two distinguished faculty members whose pathbreaking work has left a
lasting imprint on theory and practice of management, and on business education.
Dean and George Pratt Shultz Professor
of Operations Management