Booth’s Graduation

Watch Chicago Booth’s ceremony below honoring the Class of 2021, which took place on Friday, June 11, at Soldier Field. The ceremony celebrated graduating students in Booth’s MBA and PhD Programs. There were two ceremonies. Watch them below.

Morning Ceremony: All Full-Time MBA Program graduates

Afternoon Ceremony: All Evening, Weekend, and Executive MBA Program graduates; all PhD Program graduates

Students from Full Time graduation

Full-Time Convocation

Announcer:
Please rise for the faculty procession.

Jessica Jaggers:
Welcome to the Chicago Booth diploma ceremony of the 534th convocation of the University of Chicago. We're delighted you can be here to celebrate the achievements of these men and women who will be graduating today. Please be seated.

Madhav Rajan:
Good morning. I'm delighted to welcome each of you to this recognition of scholarship and celebration of personal achievement. Class of 2021, today is your day. It's a day for celebrating accomplishment, of course, but it's also a day to show appreciation, to reaffirm aspirations, and to reflect on the school and its unique community that embodies these values. The personal achievement of our students is predicated not only on their hard work, but also on the support of their classmates, families, friends, and colleagues.

To all of you here today, and to all those who could not be here, I thank you for the sacrifices you have made to support these students. I would like to add my thanks to the deputy deans, faculty, and staff for teaching and supporting another successful group of Booth graduates. I also would like to thank our faculty speaker, Austan Goolsbee, Robert Gwinn Professor of Economics, and our guest speaker, Penny Pritzker, founder and Chairman of PSP Partners, for being here today to share their thoughts and advice.

Finally, I would like to thank our graduating students. You have been exemplary members of the Booth community, both academically and socially. Maybe not so much on the second one. Your hard work during the course of this rigorous journey and your resilience, focus, and social purpose during these challenging times have been truly impressive. Your understanding, your flexibility, your suggestions, and your desire to be of service have been particularly meaningful to me. And I've been inspired by the strength and creative spirit of the Booth community in the face of ambiguity and adversity. Thank you for choosing Booth and for contributing so much to our community.

Chicago Booth is as dependent upon the participation of its students as it is the scholarship of our faculty. And as dean, I love to brag about the excellence of both groups. But I think the thing that ultimately sets us apart is our unique community, whose culture is based on a set of values that are seen in every action we take, individually and collectively. At Chicago Booth, we believe that to develop and support outstanding individuals as business leaders, we must instill a firm grasp of fundamental knowledge, as well as the thoughtful analysis skills to apply these concepts in the real world. Thus, our mission is twofold: To produce knowledge with enduring impact and to influence and educate current and future leaders.

Booth's greatest asset is our world-class faculty, who produce pathbreaking ideas with global impact. In the Chicago tradition, this means answering and asking important questions about how the world works so we can understand it better and make better decisions. The development of theories to explain and predict real world phenomena, the testing of those theories with data, including now big data and using machine intensive computational methods, as well as the use of these theories to make real world decisions, is part of what makes Chicago distinctive.

Second, we disseminate that knowledge so that it has impact, either by delivering a superior education or by disseminating the knowledge in other ways, such as through books and speaking engagements, school publications, and other channels. Members of our faculty have written some amazing and impactful books in recent years, such as Amir Sufi's 'House of Debt,' Richard Thaler's 'Nudge,' and Nick Epley's 'Mindwise' to give just a few examples. You were admitted to, and now graduate from, the best business school in the world. Think about that.

Just getting into Booth, let alone flourishing in the program as you have now done, is a huge achievement and you're among a very small group that has had this opportunity. This should give you great confidence in your ability to succeed in whatever path you choose.

Finally, I encourage you to view your graduation as the beginning, rather than the end of this relationship. We want you to be lifelong partners with the school, as well as with one another. You now join a community of well over 55,000 Booth alumni worldwide. This community is as strong as you're willing to make it. Those who invest in the network and give back to the school, not only financially, but also through being involved in many other ways, find that this is an immensely rewarding experience. This is not just in terms of financial success and career goals, but also by gaining friends, helping others, and building a community. And the community is broader than Chicago Booth: You're also joining a large and influential U Chicago alumni network. For our part, we commit to providing you a rich set of opportunities to continue the relationship with us and, in so doing, enrich your careers and lives.

So let me conclude by congratulating all of you on an amazing accomplishment and wishing you all the best in whatever dreams you pursue, knowing that the Chicago Booth community is here to support you. Thank you.

Pietro Veronesi:
Now it is my privilege to introduce professor Austan Goolsbee, who will be offering the convocation address this morning. Mr. Goolsbee, the Robert Gwinn Professor of Economics, has not only been an outstanding academic, but also had held positions of significant responsibility outside academia. He served in Washington as the Chairman of the Council of Economic Advisers and a member of the President's cabinet and more recently, was a member of the Board of Education for the city of Chicago. Before Washington, his research earned him recognition as a Fulbright Scholar and as a Sloan Fellow. In 2009, he was voted DC's funniest celebrity. He joined the Chicago Booth faculty in 1995. Please join me in welcoming Professor Austan Goolsbee.

Austan Goolsbee:
Well, I must say that my childhood dream to come running out of that tunnel in uniform was not what I had in mind today, but I'll take it.

Now, you may have noticed, before I go into the content of my address, you may have noticed that the logo for the Bears looks just like the University of Chicago 'C'. And that's not a coincidence because it turns out that in the 1920s, the University of Chicago was the dominant football power in the United States. We were six-time Big Ten champion, we won two national championships, and on the site of the Regenstein Library, there was a 55,000- seat stadium. And the president of the university in the 1930s decided that there was no future in football and he banned the team. At the time, the NFL, nobody cared. And so the Bears stole the logo from the University of Chicago because they said, "Well, 55,000 people used to go see them play and only 2000 people come see what were the Decatur Staleys." They had changed their name to the Chicago Bears.

So they stole the logo and the motto. The Bears have been known as Monsters of the Midway. The Midway? They'd never played on the Midway. The Midway runs right through campus. As you know, it's right outside the window of the Harper Center, so they didn't even bother to change it to the Monsters of Soldier Field. No, they're still the Monsters of the Midway. And imagine! The theme of my remarks today are going to be how, what happened and how are we going to remember it and how can we use it? What do we predict what would be in the future? Imagine some graduate from Booth in the 1920s - we had been around for 23 years at that point - coming back today and saying, "How many national championships have you won in the interim?"

And you're going to be like, "Do 93 Nobel prizes count?" Because other than that, zero. And we always have at our graduations, one real speaker and one faculty speaker who talks about their research. I'm not making that up. You're like, "Wait, what? I thought they would convocate." No, that's what we're supposed to do. And I've asked the older faculty, "Why do we do that?" And they say, "Well, because we're an intellectual place. We want to be cramming them with information to the last second they get out of there." But I don't think that's why. It's because you're hot, you're overdressed, you're uncomfortable, you're sitting here in judgment from your parents, looking right over your shoulder. Welcome back to reality, people. School time is over.

Okay. So in six minutes that I have remaining, let's go over what the heck just happened and what is it about COVID economics? They asked me to speak because I wrote a couple of papers about it. The first thing to remember is in the month of right before spring break last year, you got here, you're minding your own business, you're having a good time and on campus. We have a collapse of the economy faster in one month than ever in the history of the United States. The worst year of the Great Depression was 1932. We lost more jobs as a percent of the economy than the entire year 1932, we lost them in one month. So there's never been anything like it. It's in different sectors than any recession has ever been in, concentrated in a bunch of things we thought were recession-proof, that never go down. So that is why people have been so bad at making forecasts of how fast we're going to come back, of what would be the impact, is because we're basing it on things that no one has any information about. The Economist says that

-Information about. Economists as they say have a problem even predicting things that have already happened so they haven't been great at predicting the future. the one thing that the research shows kind of surprisingly is that it wasn't about lockdown. It wasn't about government policy that sent the economy into a tailspin. And my research with another booth faculty member showed that by comparing what happened in the 503 counties where they share a state border, where there were different lockdown policies on this side or that side of the border. If you ever go to the quad cities, Metro area, it's on the border of Iowa and Illinois and there are two cities on the Illinois side and two cities on the Iowa. Iowa had no lockdown. Illinois had a strict, early lockdown as you know.

There was a massive collapse of people going to the barber shop, going to the dentist, et cetera on both sides by almost identical amounts. In places where there wasn't locked down, they still stopped going. People stopped flying on airplanes. Not because it was illegal, but because they were afraid. Individual choices influenced by what's the local case rate, what's the local death rate, that fear was the thing that drove the economy down. And that's why when places repealed their lock downs, you saw modest rebound. You didn't see anything like the huge comebacks that you would have wanted.

And that led to what I call the first rule of virus economics was that if you want to help the economics, you have to get control of the spread of the virus. Now as we get control the spread of the virus, we should ask well, what does the future hold? And my bias is that the future, anything that happened in the pandemic that accentuates a previous long standing trend is probably likely to continue and anything that throws the trend off is unlikely to return. So if you look at personal savings, our savings rate in the United States have been about 5% to 8% for 78 years.

It went to 34% because nobody could go out to a store. And so if you ask are we going to stay at that level or are we going to go back to the savings rates and spending rates we were before? I think it's overwhelmingly likely we return. And if we do the boom will be consumer spending led. Online spending was trending upward for a long time before COVID spiked during COVID, that's probably going to be a lasting change. But the third category of does this mean the death of cities and does this mean we're all going to be able to work from home? I would be a little careful.

For 232 years that we have data in the United States every census of the United States, the urban population share has gone up. It didn't for the last 18 months. And people moved out to small Metro areas and rural areas. But the reason why that number rose and rose for 232 consecutive years is because our productivity is higher when we're together and our pay is higher. And so I am very dubious that something changed about that in the last 18 months. And though you like working from home, know that there is another trend over the last 30 years, which is the increasing concentration of power in the largest companies simultaneous with the share of national income going to corporate profit being the highest ever. And the share going to the workers being the lowest ever that we have on record. And this divergence between productivity and pay may very welcome to pass regarding time.

And by that I mean in your mind you're thinking I used to commute an hour each way and if I can work from home, I just got two hours back of my day. And the problem is if the company is thinking that's awesome, there's two extra hours of the day that you can be working for us. That still has to be sorted out. What will be what the economists would call the incidence of the savings and productivity enhancements of people not having to commute. And so keep an eye on that. As you look back and say what are you going to remember about COVID and your business school experience other than that you graduated on the field of soldier field? You might not remember it. Most people can't remember you, but I can remember anything I said. Name one graduation speaker you ever remember anything they said.

My grandfather lived in Waco, Texas, very hot and humid in Waco, Texas in the summer. And he was a guy that loved to crank the air conditioner up as high as it could go. And I said, "Grandpa, how did you live here for 50 years before there was air conditioning?" And he looked and he just said, "I don't remember." And that might be you. You probably won't remember that you were muted half the time when you were trying to make a comment that your computer tried to pipe your speaker through your microphone so you couldn't hear what was happening in class. You did your job interviews and your internship interviews online, your professors that were bald their heads kind of exploded into the digital background because they didn't have a proper green screen. I'd be happy if you forget that one. But the fact is you came to work. What I hope you remember is you came, you face the adverse circumstances. Normally at graduation the speaker's telling you there are going to be challenges, but you can overcome them. You already had the challenges, you already overcame them.

And so I hope you will remember. It's kind of like we had an old Dean here who had come from the University of Michigan. He told me there was a fire at the University of Michigan and it burned up the offices of a bunch of the faculty. And some of the faculty had destroyed them. He said they felt like, "We lost everything in this fire." But for others in a way it liberated them. They were like, "Okay, it stinks that that happened but now I'm going to start new things. I've got a new lease on life." And I hope that for you. And there will always be a place for people with brains who are creative, who are willing to work and that's what you have done.

When you come back, we will still at the University of Chicago always be the place where brains come to work. The Bears will still probably be terrible. And at your reunion come back to your reunion because nobody else is going to want to hear about how you went the whole quarter not wearing pants back in the year 2021. It's like my grandma's saying that 80% of the world really doesn't care about your problems and the other 20% are glad. So just know that as you graduate today you are joining a family and your conversion to the dark side will be complete.

We'll still be a place where people with brains are sitting in the chair, doing the work, talking to each other. And that is where great ideas come from and that is where economic growth comes from. And I would close with the advice to be yourself. But for some people that's about the worst advice you can give. So instead I will tell you never give up, never commit the sunk cost fallacy and never let someone take your logo and motto without just compensation. Now everyone smile for a Soldier Field selfie here. You guys did it. Congratulations.

Starr Marcello:
At this time I'd like to introduce the University of Chicago booth school of business guest speaker Penny Pritzker. Ms. Pritzker is an entrepreneur, civic leader and philanthropist with more than 30 years of experience in numerous industries. She is the founder and chairman of PSP partners, which takes a long-term fundamental approach to investing in and building market leading businesses in sectors including business and technology services, housing and advanced industries. From 2013 to 2017 Ms. Pritzker served as US secretary of commerce and was the country's chief commercial advocate leading the Obama administration's trade and investment promotion efforts.

Ms. Pritzker founded Vi Senior Living and co-founded The Parking Spot, Artemis Real Estate Partners and Inspired Capitol. She is a member of the boards of Microsoft and Icertis, chairman of the Carnegie Endowment for International Peace, a member of the Harvard Corporation, Aspen Strategy Group, and Aspen Economic Strategy Group and a co-chair of the Cyber Readiness Institute. She holds a BA in economics from Harvard and a JD MBA from Stanford. Please welcome Penny Pritzker.

Penny Pritzker:
Good morning faculty, staff, family, friends, and most of all the class of 2021 at the University of Chicago Booth School of Business. It is such a fantastic honor for me to be here with all of you today to celebrate this momentous occasion, the opening of Chicago. Oh no, I mean your graduation. Thank you to Dean Rajan for not only inviting me here to speak today, but more importantly for your inspiring words and your terrific stewardship of this extraordinary institution. I also want to thank my very good friend Austan Goolsbee for your thoughtful remarks, for your one of a kind sense of humor and for being voted by the students not only as this year's faculty speaker, but also the one with the finest hair. As someone who also received their MBA, it would be easy to start by telling you that I once sat where you are, but that is not true.

The reality is that you have faced unique challenges over the past year that don't look anything like my experience. The fact is that the world has been altered dramatically in the past 16 months. No one could have predicted that when you started your booth training that a novel virus would soon envelop the world in a global pandemic. You've been disappointed, experienced isolation and absorbed tragedy. But there've been silver linings. Connecting with long lost friends by Zoom, working from a location that's warmer or closer to your loved ones, living in a pod off campus, taking on new hobbies or interests and having time to reflect and prioritize. Hopefully one positive from the past year has been having time to develop perspective and determine what and who is really important to you. For me, a person who's a social animal, a traveler and a planner by nature closing our firm's office on eight hours notice, locking myself at home with my husband, my 28 year old daughter, her fiancé and their dog, and being a citizen during a time when people were dying from just breathing was other worldly.

Add to that navigating as a business leader during the implosion of demand in certain sectors and the explosion of demand in others. With the stock market diving and credit shrinking. I must confess, I was also consumed with concern for my mother-in-law who lives in a nursing home, my daughter-in-law who's a frontline doctor at the Boston Safety Net hospital working on a COVID unit, our employees and their families, the essential workers in our neighborhood and throughout our city and the vast numbers of folks lined up at food banks. I was so certain that nothing was certain. That I'm a world-class sleeper, just ask my husband I can sleep through anything.

I could not sleep through the night. Like all of you, I was stressed out like never before during those first few months. But then as things began to stabilize into a new normal, I also recognized that it was time to think and reflect. So I want to share today my big takeaway from the past year of living through the pandemic. What comes to mind is a quote from Heraclitus, the Greek philosopher. He said the only constant in life is change. And wow, have we seen change in the past year? So how does a self-described planner like me cope? How does a booth graduate with big dreams and aspirations navigate the next 40 years? So first let me begin with story about a good friend of mine who's actually an adjunct professor here at the booth school, Mary Ittelson. She advised me a few years back when I was facing a much smaller challenge and a much smaller change than you are.

I was leaving government and my role as US Commerce Secretary and returning to my business life. I knew that I wanted a different trajectory after my world and my aperture had been so completely broadened by my experience in Washington. But I wasn't sure how I was going to pivot. As I've said, I'm a planner. When I was graduating from business school and law school I had a plan, move to Chicago, go into business, hopefully find a mate and have a few children, pretty plain vanilla. So when I showed up in 2016 at my friend Mary's house, the booth professor, with my computer in hand to make my next plan after being in the cabinet, she smiled and she counseled me that I was going to have to take a new approach. I was going to have to go on a discovery journey, to be open every day to a new idea and to embrace the messy.

So let me repeat that phrase, embrace the messy. You have no idea how hard that is for me. I'm a bit type-A. If you've been to my house, you know what I mean? Everything is in its place. My husband often tells me it looks like nobody lives there. But embracing the messy, being open to the new, the different and the uncomfortable is a true gift. So let me give you an example. I almost missed the opportunity of a lifetime because I was being planful rather than embracing the messy and taking on a new adventure. It took my husband's encouragement for me in 2006 to join what was then a long shot presidential campaign for an unknown Senator Barack Obama. Today that's really hard to recall, but back then less than 60% of America even knew who Barack Obama was. That unexpected, unplanned opportunity changed my life and eventually gave me the opportunity to serve my country.

During my time in DC I not only saw firsthand the interconnectedness of global business, but I was charged with helping American businesses navigate that situation. I was also charged with making sure that our global agreements did not place American workers at a disadvantage. I was exposed to new opportunities coming from the digital revolution, like autonomous vehicles, as well as the risks like the possibility of our oil and gas infrastructure being shut down by ransomware. It was exciting and stimulating. My aperture was opened wide. And I was determined when I left government to be in the flow of change, not run over by it. So when I returned to Chicago I had to reinvent my business and reinvent myself. Since then I've been pushing myself to learn about technology, serving on the boards of Microsoft and Icertis, founding a technology focused venture capital firm. And co-founding an organization here in Chicago called P33 that will raise our stature as a global tech city. Leveraging all that knowledge, experience, expertise that I gained from saying yes to Barack Obama in 2006. So my point is embrace the messy.

So being open to opportunity, embracing the messy is a mantra for me, but is not enough. Over the past year we've experienced a rapid acceleration in digital adoption and digitization. The power of biotech to discover and disseminate a successful vaccine at a record-setting pace. The advent of place agnostic work as a norm and a tool, the need for the interconnected world and its supply chain to function seamlessly to provide things as complex as ventilators and as simple as masks. The recognition that artificial intelligence and the explosion of data will fundamentally alter work and business processes. In fact all processes. To name just a few of the changes in the past 16 months. And it's clear to me this is just the beginning. These trends will only accelerate and you have been well-prepared to participate in a world that is being turned upside down by innovation.

You've received a tremendous education. You're building powerful networks. You have demonstrated that you are flexible and resilient and your humanity and your empathy have been tested. So make no mistakes, these are among the tools that will be foundational for you to be successful in the 21st century. But getting a graduate degree is no longer enough. I'm sorry to break that to you today and to your families and friends who offered you support during this extraordinary foundational experience called the booth MBA. During your professional life you will see the advent of private space travel, perhaps even a person visiting Mars or the power of quantum computing to cure cancer or a new technology that will capture carbon and heal our planet. But I implore you to stay abreast of the innovations that are changing the basic assumptions of every aspect of our life. Develop the routine of constant inquiry, embrace the possible and be a lifelong learner.

Because cars will drive themselves in your lifetime. Medicine will be individualized and lifelike holograms will make talking to a fellow booth student in London or Hong Kong impossibly real as if they were in the same room. And that'll also make Zoom look like child's play. So your appetite for curiosity must be insatiable. Finally, I know that with all my good fortune having graduated from the booth of the west, also known as Stanford and having had a rich set of professional experiences that I have derived much satisfaction, received some of life's most valuable insights and had some of my most memorable moments in my lifetime from not just embracing, but giving back to my community. We're all part of a local national and global community. Our lives are interconnected.

That is the most fundamental lesson of the past year. Through the global pandemic and the racial justice reckoning that our country is undertaking following the deaths of George Floyd and so many others. We have learned a new, what happens in one community can disperse and impact communities globally. Over the past 16 months while we saw illness, death and unparalleled economic strife, we also saw regular people step up as heroes in our communities. Countless numbers of nurses and doctors risking their lives. Food pantry volunteers stepping into the breach and others just showing up to their jobs so that we could live as normally as possible. Grocery store clerks, janitors, teachers, delivery drivers and so many others. So you the class of 2021, you pulled together taking care of one another, especially those far from their families. You will never forget your classmate or faculty member who helped you navigate or the feeling of belonging that came with reaching out to someone in need.

We also saw business leaders come up with solutions at a breakneck speed, creating vaccines in record time, connecting us to work and school and family virtually by adapting new technologies or stepping up to make sure our society is more equitable. For me when the pandemic hit, our governor asked me to step up and create a basic relief fund for the state of Illinois. Remember the lines at the food pantries, folks losing their homes, or even mothers not having diapers for their babies. I told you that I was overwhelmed in our business, that I struggled to sleep, but I was deeply moved by the vulnerability of our fellow citizens. So I said yes to starting a needed fund even though there wasn't a plan, there was no money and there was no infrastructure.

And so did many others who agreed to help. They gave their time, their ingenuity, their money. Whether it was the head of the IOP at the University of Chicago, Gretchen Sims, who volunteered to help me stand up the organization, or the committed group of philanthropic community and business leaders throughout our state, literally, everyone we asked, no matter how hard their personal situation was, they said yes. They jumped in to help without hesitation. In the span of just a few weeks, we raised $31 million because of the generosity of so many in the community. We supported the organizations across our state that were on the front lines, assisting families with their most basic needs; distributing food, helping with rent or utilities, providing basic healthcare, or even essentials like baby formula, diapers, and other things. We wanted to provide not only assistance, but also hope at a time when the holes in the public safety net made it difficult to meet the staggering human need.

Personally, I wanted to help. Frankly, I needed for my own well-being to be of use during a moment of intense crisis. So I embraced the opportunity to create the Illinois COVID Relief Fund. I used the skills I had gained as a business person. The skills, frankly, I learned getting an MBA to help my fellow citizens in Illinois. Having that purpose, being able to help during a time with so much desperation around us, gave me so much peace.

Now, it's your turn. You have received a world class education in business. You will no doubt create jobs, economic opportunity, and innovations that will change our world. But don't forget to apply all that you've learned from accounting to marketing to strategic planning to give back to your community. I encourage you to embrace your community, however you define it. I promise you, that will be one of the most rewarding aspects of your life in the years ahead. I urge you to identify your community, move forward with intention, and give back to something greater than yourself. Trust me, your life will be more meaningful and richer because of it.

So in closing, to all the family and loved ones of the Class of 2021, thank you for your support of these incredible young people as your love no doubt sustained them through one of the most difficult periods any of us will ever face. But I hate to say it, your job is not done. Our graduates will need your support and have your support through the many twists and turns ahead in their careers. To the graduates, take care of your loved ones. You are not here by accident. They helped you navigate and make your luck. So I hope that you will embrace the messy, I hope you will enjoy the rich journey that comes with being a lifelong learner, and I hope you give yourself the opportunity to give back to your community. Your future is both exciting and boundless, and I can't wait to see what you do with it. So to the Class of 2021, congratulations.

Jessica Jaggers:
As we begin the presentation of the graduates, may I call your attention to the Award of Honors listed in the convocation program, while we ask that you also respect the graduates. We understand your desire to vocalize your joyful responses to hearing your student's name called. Doing so distracts from the announcement of the next graduate. Before the congregation of scholars, family, friends, and colleagues here assembled, the deputy deans of the University of Chicago Booth School of Business will now present to the dean the degree recipients of the Master of Business Administration from the Full-Time Program in the University of Chicago Booth School of Business.

Starr Marcello:
Dean Rajan, these students have completed the program of professional studies prescribed by the faculty at the University of Chicago Booth School of Business. The Class of 2021 leaves our school stronger for their commitment to the well-being of others and their legacy of innovative programming designed to encourage discourse. We are confident in their ability to go forward and pursue the highest aspirations in their fields. It is with great pleasure and enormous pride that I present these leaders as recipients of the Degree of Master of Business Administration.

Announcer:
Adib Ayay. Andres Castaneda Pederzini. Pedro Quintana. Raul Vergara. Fernando Serrano. Isabel Marco Clement. William Allen Killinger. Michael Hoyos. Vignesh Rao. Hannah Renee Bassana. Kiersten Elizabeth Harpe. Mariel Elizabeth Wallace. Brian Matthew Green. Zi Bei Hu. Renata Miyamoto. Michael Thomas Henry. Amanda Rae Schlagengauf. Tazree Areya Kadam. Julia Paula Seigel. Teresa Claire Belton. Mihir Kumar. Dharanish Gollamudi. Austin Everett Ness. Rishi Shah. Jonathan Douglas Carter. Benjamin Reed Marenberg. Joanna Guth. Hallie Greitzer. Heidi Cathrin Schuette. Jenna Dodds. Deanna Wiblitzhouser. Jessica Cardwell Wood. Lukas Thor Davies. Philip Silva Bras. Ellen Lockwood Katcha. Juan Manuel Garcia. Juliana Piza Caballero. Nicholas J. Weiss. Rachael Davis Harrison. Davida Russ Schwabsky. Edwin William Konrad.

Korben Knudson. Douglas Stephen Lydecker. Jeremie Guay. Lauren Finney Hungerford. Felipe Soares De Barros Barreto. Elizabeth Keady Whitcomb. Cassio Van Den Boone. Samir Alvarez Rincon. Hector Mendoza. Sarita De Bedout. Guillermo Cabrera. Gerardo Rivero Davila. Tomas Rocha Aguilar. Maria Paula Lovera Trujillo. Maria Teresa Acuna Cervantes. Marianne Budnik. Fernanda Alcazar. Catalina Valente Stein. Juliana Vargas. Maria Gutierrez Smith. Ellen Marie Trinklein. Ruby Kaufman. Jordan Ray Stein. Sarah Elizabeth Berk. Daniel Cho. Zach Scharf. Sahiba Sidhu Dulai. Matthew Nathan Levy. Matt Alexander Lang. Matthew McCauley. Matthias Nikaj. Blake Jones. Ellyn Barkley. Julia Boserup. Rachel Marx. Yulu Li. Kailin Fu. Xueting Lu. Yingge Zhang. Xiangshi Guan. Patrick Harmon. Ramon Riva Perez. Rodridgo Gonzalez. Carlos David Trejo Tagle.

Michael Abraham. Daniel Godoy Gomez. Agustin Valenzuela Diez. Enrique Ignacio Fernandez Sierra. Jurgen Uhlmann. Iker Garay. Cristian Anfossi. Jose Miguel Errazuriz. JP Jimenez. Cristobal Millard. Antonio Barroso. Luis Fernando Robledo. Ding Li. Steven Yoon Wenderborn. Yujin Tee. Crystal Yu. Li Li. Rahul Bajpai. Anshita Mishra. Ricardo Daniel Alatorre Cantu. Gayatri Nair. Swati Agrawal. Ayaz Matin. Vineetha Reddy Akkem. Venkata Ramya Ganti. Shounak Ghosh. Manoj Gokulavalsan. Sunny Kumar. Christopher Thomas Payne. Najib Eddine Jai. Mehur Singh Chahal. Chris Morley. Morgan Alexa Franklin. Timothy Larach. Monika Lanno. Erum Ahsan. Kwaku Amofah Frimpong. Folasade Omotorera Onadiji. Brittany Efua Essiaw. Brian Billups, Jr. Kyra Anwi Atekwana. Dane Antone Christensen. Balaji Anand Bharathu Ganesan. John Norman Clute Lyon.

Samantha Alexandra Mardyla. Luis A. Gomez Lara. Jason Sean Lee. Keith Dijon Johnson. Marlano Lee Batson. Grant Kushner. Gianluca Camilli. Samer Doudar. Ibrahim Charles Moufarrej. Francisco Moya. Kwame Amankwa Osei. Boum III, Jr. Danielle Cohen. Dylan Hurwitz. Waiwai Jidam Kim. Simon Ayzman. Nicholas Paul Giovacchini. Jinhuan Sun. Joanne Guo. Yiran Huang. Mabel Shiu. Sarika Asthana. Dev Raj Sharma. Madelyn McIntyre Black. Jessie Hibel. Suzy Peng. Rachel Suzanne Sege. Danna Fishbein. Leslie Glotzer. Spencer Lynn Petterson. Diego Castellanos Isaza. Alexandra Freedman. Santiago Rivero Garcia Rojas. Baadal Chaudhary. Ashwini Krishnamurthy. Chelsea Yvette Nacker. Lusine Galoyan. Rubi Vinnitsky. Adam Rapoport. Hammad Rahman. Kwaku Konadu Yiadom. Mohsen Ehab Amiri. Carolyn Joyce Warren. Jiri Daniel. Austin O'Connor.

Ariel Elul. Slava Nor. Alexander Thornton Wildes. Matthew Charles Matosian. Chris Hull. Daniel Donghwan Koo. Dennis Kyle Chen. Sarah Kathleen Elliott. Nicolas Look Jaroszewicz. Aileen Nicole Gray. Jack Rohkohl. Jeremiah John McIntyre III. Rachel Lyn Roberts. Chenghan Zhao. Michelle Huang. Priscilla Xu. Anqi Zhang. Mengdi Xiao. Yiru Fu. Xiaoruo Gai. Sara Xiong. Kailin Liu. Tianyi Zhou. Pedro Gutierrez Olarte. Sarah Anne Hill. Patrick Holbrook. Tabeer Khan Memon. Alyzah Mohammed. Henry Curtis. Stephen Edward Puiszis. Matthew Goldstein. Kevin Wang. Albert Castelltort Mikkelsen. Sibo Cai Ding. Thi Khanh Van Ha. Toan Vo. Carly Zhao. Gary Zhu. Nicharee Nithipongwanich. Beatriz Bautista Dela Cruz. Gia An Angie Hoang. Zhen Er Low. Nikhil Sonthaliya. Sachin Mylavarapu. John Edward Banks III. Sean Riordan. Julian Isaac Luria.

Francisco Ramon Martinez Lopez. Jennifer Louise Kalan. Matthew Ryan Felz. Annalise Mary McGrail. Bailey Larae Breems. Menashe Sasson. Michael Koenig. Tony Yifeng Zhao. John Eldon Moran McDonough. Taro Yamanaka. Jack Luan. Sida Han. Colleen Michelle Casey. Devyani Gupta. Paula Ghisalberti Feito. Anne Tong. Elaine Zhang. Victoria Wang. Anvita Sinha. Jeannie Xu. Amita Prabhu. Lauren Elizabeth Buethe. Mukunth Raghavan. Bhavna Patny. Rutna Gadh. Krista Whalen. Kaylyn Jean Koberna. Prakriti Pushkarna. Wilhelm Glaser-Gallon. Alex T. Kazmierczak. Tyler Dean Rice. Andrew Criste. Abdulrahman Alballaa. Ashley Nicole Rogers. Albert Yu. Eric Chapman. Parvez Ahmed Garcia. Nicholas Reed Goossen. Siqi Zhao. Qicheng Cao. Jessie Chen. Omer Kaufman. Pedro Bralic, Jr. Kelsey Brown. Pearl Tobay. Megan Jennett. Spencer Kelly.

Spencer Kelly. Danielle Xu. Wendy Zena Wang. Lucy Zhu. Katherine Wu. Tiange Lei Choi. Brandon Matthew Lee. Christina Wang. Christine Michelle Byin. Jordan Leslie Glatt. Jennifer Kanna Deutsch. Julie Doherty. Benjamin Loomis. Leeda Wang. Bryan Chansoo Kim. Dae Hyung Jee. Sienna Suyeon Kang. Ji Hoon Lee. Minchan Kim. Jason Nong. Michael Wentz. Michael Allen Coss II. Emily Pinnes. Ryan David Hetherington. Lauren Elizabeth Fish. Theo Lim. Avnish Kumar. Swan Lee. Katherine Elaine Keller. Jennifer Suzukawa-Tseng. Sophia Taylor Roman. Fariha Choudhury. Victoria Mun-Shin Shao. Claire Elizabeth Pawlik. Sarah Ruth Presant. Twinkle Patel. Daniel Ritchie. Ethan Alexander Ardern. James Emerson Gahlon. Todd Charles Rumianoski Wiener. Michael Daniel Praljak. Marco Lagone. Jose Ignacio Gil Soto. Cole Konrad. Kevin Daniel Alvarez.

Warren Perumal. Matthew Glenn Krawczyk. Rudolph Karl Iberle. Andrew Paul Killian. Griffin Ray Corn. James Van Horne. Daniel Veldman. Jay Bheda. Gaurav Dhar. Jeremy Preston Juliane. Philipp Spitta. Amit Vider. Tess Glassman-Kaufman. Andrew David Marione. Margaret Isabel Kaplan. Frank Temple Hundley IV. Theodore Reid Gannett. Frank Montana. Sicely Mireri. Whitney McElwain. Alana Mumma. Veena Priya Krishnan. Emily Ann Furiga. Samuel Alexander Neal. William Stueben. Martin Armstrong. Doug Stuart. Santiago Vazquez. Lee Bachouros. Ty Chang. Frank Magyar. Emma Katherine Sloan. Audrey Marie Barnes. Grace Gu. Maya Menon. Michael Hyunwoo Lee. Pooja Jyoti Eppanapally. James Hosun Kang. Jack Xu. Andrew Ma. Thomas Lian. Kaan Avdan. Omar A. Taveras. Affan Uddin Mian. Aalekh Sharan.

Kyle Birmingham. Jena Marie Stenger. Brennan Gregory McCormick. Joe Grubb. Brendan Gruenwald-Schmitz. Joseph Frederick Gammie. Emerson Theodore Wahl. Ryan Lewis Lemoine. Lucas McCormack. Kris Devaux. Burke Alexander Sims. Dylan Remick. Augusta Ballou Clarke. Craig Cassidy. Statten John Corwin. Juan Domingo Pagan. Alexandra Salgado. Marissa Deanne Feliciano. Luke Andrew Racek. Andrea Bayrón Del Valle. Ellen Katherine Lesser. Brittany Michelle Coppola. Michael Alexander Kats-Rubin. Morgan Arthur. Kelsey Landau. Ejona Murataj. Kirsten Miller. Maud Timmermans. Hayley Jeanice Opperman. Tyler Jacob Lopez. Alexander John Hennessy. William Hunter Matthews. Emily Collette Creedon. Alam Matusiewicz. Daniel Holloran Harley. Dustin Rossi Haygood. Sofia Alejandra Araya Estivill. Maura Theresa Henry. Sofia Maria Guerriero.

Hannah Audrey Sheffield. Mark Alexander Brewer. Matt Conan. Gwendolyn Faith Jenkins. Jillesa Charmaine Gebhardt. Arielle Margalit Davis. Natalia Desaix Kapani. Andrew Ericson. Hikaru Ihara. Ricardo El Aouar Van Dijk. Lital Orlev. Gilad Caspy. Nir Levy. Mihir Singh Narain. Charlotte Kies. Richard James Cornett. Ashley Somita Dimond. Simi Kavthekar. Chetan Kumar. Amanda Schiff. Andrew William Austin. Flavia Castagnola Pollarolo. Ronak Patel. Chuka Anietie-Effiong. Moyo Orekoya. Housna El Gamah. Aarsh Pande. Dhwani Chugh. Aashna Singh. Kristina Sun Flathers. Marie Cour. Sebastian Rivas. Ishan Shrimali. Diego Cardozo. Angel Daniel Sánchez Vásquez. Erik Bazan. Odeth Salomón Bernedo. Preston Lee Werth. Philip Lane Carlitz. Jordan Ian Wolfaardt. David Cole. Kyle Sidney Spinks. Benjamin Smith-Helman. Steven Joseph Shulman.

John Robert Blix. Christopher John Gorman. Philip Ryan Mancini. Aaras Amrish Shah. Rani Rahul Patel. Katherine Daly. Connor Hund. Matthew Conners Grayhack. Patrick William Casey. David Paul Hoogmoed. Sofia Van Dusen. Robert Van Dusen. Dhanasree Molugu. Rohit Nijhawan. Enoch Chan. Yanyu Liu. Hiroya Matsubara. Takashi Kobayashi. Kenji Mori. Yusuke Takigawa. Princewill Ohiku. Dean Kodilichukwu Anoje. Robert Alfredo Palacios. Patrick Webster. Edward Charles Watt. Anna Elizabeth Simmons. Eden Avriel. Joseph Begley Wegener. James Murphy Winford III. Ali Mahmoud. Ryan Andrew Baer. Erik Aden. Luis Fonseca. Jack Greaney. Jena Mecoli Manilla. Asher Mayerson. Elizabeth Lehman. Anirudh Ajith. Rohail Premjee.

Joseph Ryan Wee. Mounica Divya Majeti. Jennifer Yau. Tanay Kulkarni. Maxwell H. Stejskal.

Danilo Baptista Moscatelli Boavista. Daniel Araujo Dos Santos. Gabriel Lopes. Ana Luisa Martins. Nathalia Castro. Ana Beatriz Rejani Ribeiro Leite. Bruno Vergani Ladvocat. Carlos Resende. Ana Carolina Vasques. Pedro Cavalcante Andrade. Carolina Carvalhas Gabrielli. Andrea Saccani. Alessandro Bondi.

Ander Iruretagoyena. Oskar Bracho. Kene Ezeoke.

Announcer:
Please rise for the singing of our Alma Mater.

Please be seated.

Madhav Rajan:
This now concludes the formal Chicago Booth Diploma and Hooding Ceremony of the 534th Convocation of the University of Chicago. I thank you for attending today's ceremony, and on behalf of the faculty and staff of the University and Chicago Booth, I extend best wishes to all graduates and their family and friends. And now to close, will our newest graduates please rise? Congratulations. You are all now graduates of the University of Chicago Booth School of Business.

And because of your achievements that we celebrate today, with your family and friends, each of you will always be connected to the University of Chicago, a connection that I hope you and we will foster for many years. Thank you.

Students from Evening and Weekend, PhD, and Executive graduation

PhD Convocation

Announcer:
Please rise for the faculty procession.

Jessica Jaggers:    
Welcome to the Chicago Booth diploma ceremony of the 534th Convocation of the University of Chicago. We’re delighted you could be here to celebrate with the achievements of the men and women who will be graduating today. Please be seated.

Madhav Rajan:
Good afternoon. I’m delighted to welcome each of you to this recognition of scholarship and celebration of personal achievement. Class of 2021, today is your day. Thank you. It’s a day for celebrating accomplishment, of course, but it’s also a day to show appreciation, to reaffirm aspirations, and to reflect on the school and its unique community that embodies its values. The personal achievement of our students is predicated not only on their hard work, but also on the support of their classmates, families, friends, and colleagues. To all of you who are here today and to all those who could not be here, I thank you for the sacrifices you have made to support these students.

I’d like to add my thanks to the deputy deans, faculty, and staff for teaching and supporting another successful group of Booth graduates. I also would like to thank our faculty speaker, Jean Pierre Dube, the Sigmund Edelstone Professor of Marketing, and our guest speaker, Booth alumna Rachel Kohler, Chief Executive Officer and co-owner of NowPow, for being here to share their thoughts and advice.

Finally, I’d like to thank our graduating students. You have been exemplary members of the Booth community, both academically and socially. Your hard work during the course of this rigorous journey and your resilience, focus, and social purpose during these challenging times have been truly impressive. Your understanding, your flexibility, your suggestions, and your desire to be of service have been particularly meaningful to me, and I’ve been inspired by the strength and creative spirit of the Booth community in the face of ambiguity and adversity. Thank you for choosing Booth and for contributing so much to our community.

Chicago Booth is as dependent on the participation of its student as it is the scholarship of our faculty. As dean, I love to brag about the excellence of both groups, but I think the thing that ultimately sets us apart is our unique community, whose culture is based on a set of values that are seen in every action we take individually and collectively. At Chicago Booth, we believe that to develop and support outstanding individuals as business leaders, we must instill a firm grasp of fundamental knowledge as well as the thoughtful analysis skills to apply these concepts in the real world. Thus, our mission is twofold: to produce knowledge with enduring impact and to influence and educate current and future leaders.

Booth’s greatest asset is our world-class faculty, who produce path-breaking ideas with global impact. In the Chicago tradition, this means asking and answering important questions about how the world works so we can understand it better and make better decisions. The development of theories to explain and predict real-world phenomena, the testing of those theories with data, including now big data or using machine-intensive computational methods, as well as the use of these theories to make real-world decisions is part of what makes Chicago distinctive.
Second, we disseminate that knowledge so that it has impact, either by delivering a superior education or by disseminating the knowledge in other ways, such as through books, speaking engagements, school publications, and other channels. Members of our faculty have written some amazing and impactful books in recent years, such as Amir Sufi’s House of Debt, Richard Thaler’s Nudge, and Nick Epley’s Mindwise, to give just a few examples.
All of you were admitted to and now graduate from the best business school in the world. Think about that. Just getting into Booth, let alone flourishing in the program as you have now done is a huge achievement. You’re among a very small group that has had this opportunity. This should give you great confidence in your ability to succeed in whatever path you choose.

Finally, I encourage you to view your graduation as the beginning rather than the end of this relationship. We want you to be lifelong partners with the school, as well as with one another. You now join a community of well over 55,000 Booth alums worldwide. This community is as strong as you're willing to make it.

Those who invest in the network and give back to the school, not only financially, but also through being involved in many other important ways, find that this is an immensely rewarding experience. This is not just in terms of financial success and career goals, but also by gaining friends, helping others, and building a community. The community is broader than Chicago Booth. You’re also joining a large and influential U Chicago alumni network. For our part, we commit to providing you with a rich set of opportunities to continue the relationship with us and in so doing, enrich your careers and lives. So let me conclude by congratulating all of you on an amazing accomplishment and wishing you all the best in whatever dreams you pursue, knowing that the Chicago Booth community is here to support you. Thank you.

Doug Skinner:    
Now it is my privilege to introduce Professor J.P. Dubé, who will be offering the convocation address this afternoon. Mr. Dubé, the Sigmund E. Edelstone Professor of Marketing is also director of the Kilts Center for Marketing, a research associate at the National Bureau of Economic Research and an academic trustee at the Marketing Science Institute. Mr. Dubé’s research interests lie at the intersection of industrial organization and quantitative marketing. He has conducted empirical studies in the formation of consumer preferences for branded goods, pricing and price discrimination, advertising, food deserts, and he did tell me it’s food deserts and not desserts. Okay, you are listening. Thank you. Food deserts and nutrition policy and the role of misinformation in consumer demand. He won the Teaching Excellence award for Booth’s part-time programs in 2005, and Booth's Phoenix Award for his extracurricular contributions to the broader student community in 2016. He joined the Chicago Booth faculty in 2000.

Please join me in welcoming Professor JP Dubé.

J.P. Dubé:
Thanks, Dean Skinner.

Wow, is it hot. I’m a Canadian. I wasn’t brought up for this and it’s also very bright. No, I’m going to leave the glasses on. I thought I might give it a shot.

Folks, let me start off just saying to our class of 2021, congratulations. Well done. Folks, we just made it through one of the most challenging years of our lives and to your families, a profound thanks for all of your support of our students in such adverse conditions. Thank you to all of you. I’m going to be honest, it’s a pleasure for me to be able to address all of you here in-person, in-person as we celebrate our students’ achievement of a graduate degree in business administration, an achievement ever so impressive under these circumstances. Well, for better or for worse, the pandemic like most crises forced us all to take a hard introspective look at the meaning of our careers and our lives.

By the way, the same was true for companies. With stay-at-home measures fully in place by late last March, companies worldwide suddenly found themselves exposed to the ultimate social test. What does your company stand for? How is your company making a difference in society? Are your products healthy? Are your ingredients natural and sourced through fair labor and sustainable supply chain? Does your product brand image include values espoused by disadvantaged segments of our communities? And is your competitive strategy ethical and fair? In short, what is the social image of your corporate and product brands? Some companies passed with flying colors. Many companies failed this test miserably. In fairness, it’s too soon to judge the longterm implications for corporate and product brands that failed the social test. I hate to tell you folks, time to face it, we have already entered the era of marketing for good.

The lack of qualified leadership may be the largest obstacle to companies today to implementing successful marketing for good. On the bright side, over 80 percent of CEOs self-report marketing as the key source of growth. Now consider the depressing fact that the chief marketing officer turnover rate has increased. Every year this past decade, the CMO tenure is now the shortest in the C-suite. 80 percent of CEOs do not trust their CMO. In contrast, only 10 percent do not trust their CFO. Now look, if you’d asked me about this even two years ago, I would have gone on a rant about the lack of good training on analytics and marketing and accountability in marketing decision, in marketing spending. By the way, I stand by that view. There is a shortage of qualified CMOs who can lead an evidence-based marketing team with scientifically based decision-making.

But I would now supplement that view with an equally striking lack of qualified leaders in sustainable marketing. Like it or not, companies need to adapt their goals to include a social mission and a social identity. Marketing needs to be about more than short-term corporate profits. Marketers are already expected to lead the creation of a socially aligned marketing mission and the communication of what the company its brand stand for. Marketers will also be expected to provide metrics of accountability on this corporate identity. I can see the strain looks on some of your faces already. I’m a well-steeped Chicago school economist, 21 years now. And so, yes, I’m fully aware of Milton Friedman’s Friedman doctrine of the firm. The social responsibility of business is to increase profits. This is frequently misinterpreted.

Some conclude that a company’s only responsibility is to its shareholders and extensibly that a company has no social responsibility. Sorry, folks. In an era where stakeholders value the social corporate identity, social responsibility is becoming synonymous with longterm profitability. Consider the fact that many shareholders do value social impact as we’re observing with the rapid growth of impact investing and let’s not forget, just two weeks ago, the surprising shareholder revolted at ExxonMobil. But long-term profitability also means considering all stakeholders. Not just shareholders, your customers, your employees, your suppliers, and let’s not forget the community. Procter & Gamble’s chief sustainability officer recently reminded us that mother nature is also a stakeholder as environmental regulation and resource availability constraints impact our supply chains.

Expensive commitments to environmentally sustainable products and packaging are in fact long-term commitments to sustainable sourcing of key raw materials. Kraft Heinz is committed to 100 percent recyclable and/or biodegradable packaging by 2025. The recent shareholder activism at Exxon reflected shareholders’ concerns about mismanaged supply chain risks and public image in light of climate change. Early adopters of a scalable sustainable supply chain will have long-term advantage as governments continue to restrict emissions and other environmentally objectionable practices. Okay. Enough about shareholders, what about these other stakeholders? What did the data tell us? Well, before the pandemic, younger consumer generations were already turning away from the traditional brands that I’ve shown in my own research have dominated our pantries, our garages and our offices for more than half a century.

In my recent study of the US craft beer segment, I found that established national brands have collectively lost 15 percentage points of beer sales share since 2005, and between 2011 and 2015, large consumer brands collectively lost $18 billion in market share to craft manufacturers. Who are they? Who are these craft manufacturers? Smaller brands promising higher quality artisinal standards, sustainable local sourcing and an appealing social image. The chief marketing officer or CMO survey found that during the pandemic, greater acknowledgement of companies’ attempts to do good was one of the most frequently observed changes in consumer behavior. Before the pandemic, even in 2019, Edelman’s global trust survey—we’re talking about consumers worldwide—found the impact of consumer trust on purchase intentions to be on par, on the same level as factors like quality, value and convenience.

In fact, in 2020, 71 percent of the respondents indicated that brands and companies that put profits ahead of their people would lose their trust forever. Last year, Edelman concluded that most European companies would need to double their efforts to emphasize their purpose just to regain consumer trust after the pandemic. And in Asia Pacific markets, almost 60 percent of consumers self-reported trying a new brand simply because of the way they responded to the pandemic. In some, a pro-social corporate image is important for consumer demand and it follows is important for revenues and revenue growth. Let’s turn to employees. Over half of the millennial workforce is considering leaving or planning to leave their jobs and 60 percent are open to a new job opportunity. Folks, that is a strikingly lower employee loyalty rate than in any other generation.

Millennials don’t just work for a paycheck, millennials work for a purpose, and sure there are lots of purposes they could pursue, but one is the role their company plays in the community and in society. Anecdotally, and now I’m speaking to you folks, recruiters here at Booth tell us that our MBA students literally interview recruiters about their company’s priorities and their social responsibility initiatives. And one of our key peer MBA programs found that over 90 percent of the MBA students would be willing to forgo financial benefits to work for a company with a good reputation for corporate social responsibility and ethics. Deloitte found that Americans facing jobs with comparable benefits typically would pick the company that has some sort of support for charities. In sum, pro-social corporate image also bolsters your human resources strategy, the ability to hire top talent in what is increasingly a very competitive labor market.

So let’s think about what this tells us about our stakeholders. Consumers employees place a premium on companies and brands that are authentic and engaged to help the world. So what is this authentic marketing for good? What is that? What is authenticity? Well, frankly, most stakeholders simply cannot verify the true social impact of a company’s initiatives. That means that authenticity is typically signaled and it’s signaled through the company’s actions, not its words. That means that authenticity cannot just be cheap talk, puffed up press releases, unverifiable packaging claims like organic, natural, or promises, empty promises of diversity in the workplace. Let’s not forget Starbucks’s failed attempt to get all of their baristas to write “race together” on each coffee cup sold. This backfired. Why?

Because people looked at this and felt it was tone deaf. It didn’t engage with the issues, it didn’t cost Starbucks anything. Authenticity is signaled through the publicly visible cost of an action. As one example, consider Dove and their risky make-over of their entire creative portfolio. It included women of all physical shapes and ethnicities, and it eliminated photoshopping. This has been held up as a good example of marketing for good. Now, some of you may point to Nike’s unfortunate events in 2018, their share tumbled following the boycott over its 30th anniversary, Just Do It campaign with Colin Kaepernick. That is the cost, folks. It was risky, it was expensive. And for the record, one year later, their sales are booming and their share was up 8 percent compared to where they were the day before they launched the campaign. The point I’m trying to make here is that it’s expensive to signal an authentic mission.

My research has measured the long-term advantages over decades to brands that are first to strike the right chord with consumers and I genuinely believe that the right social brand image does have long-term value. So marketing for good is already synonymous with the long-term profitability of the modern company and its longterm competitive advantage. It’s an investment in the creation of an authentic and credible public image with all the stakeholders. The successful CMO today fosters marketing for good through a nexus of relationships. Some of these are internal; marketing, finance, operations, human resources, but these are also relationships that are external, especially through the public image to all of your stakeholders, not just shareholders. So the heart of marketing leadership in the 21st century is not just about data and analytics, two things that I hold very close to heart in my own teaching, but it’s also about the management of public image through this nexus of relationships.

Next stop for this modern CMO, the CEO chair. And I can’t wait to see all these newly minted Boothies sitting in that CEO chair and making us all proud. Thanks and congratulations to all of you.

Starr Marcello:    
At this time, I’d like to introduce the university of Chicago Booth School of Business guest speaker, Rachel Kohler, class of 1989. Ms. Kohler brings over 30 years of business experience spanning investment banking, management consulting, and general management to her role as CEO at NowPow, an innovative technology company that powers up underserved communities by providing people the vital information they need to stay well and live long. She is also a principal of KoHop Ventures LLC, a social impact investment firm that concentrates on elegant technology solutions for those who need them most. Ms. Kohler is on the board of Kohler Co. and Kohler Foundation. She serves as a trustee at the University of Chicago, the University of Chicago Medical Center and the MacLean Center for Clinical Medical Ethics.

She serves on the board of LPMC Foundation, a public charity supporting music education programs for youth in underserved areas of Chicago. She is also a member of the board of MAPSCorps. She holds a BA from Princeton University and an MBA from Chicago Booth. Please welcome, Rachel Kohler.

Rachel Kohler:
Well, congratulations graduates. How exciting to celebrate this day in person in Soldier Field, but with you in particular. As you’ll soon discover, I’m a big fan of signing up for gritty and you’ve certainly done that. Obtaining a UChicago Booth degree, juggling work and family commitments during a pandemic, no less. Wow, here’s to you. But I suspect many of you embarked on this advanced degree for the security of a more certain future, so what I’ll say next may come as a surprise to you. My hope for you right now is that you’re as comfortable as you ever will be and that from here on out, you’ll only be less so. Now coming off a year like this past one, that’s probably the last thing you want to hear. I get that. But from here on out, discomfort is the path forward. It’s the only path forward, which is why I hope that you’ll be forever uncomfortable and uncertain, that your lives will be more like the big queasy than the big easy.

Armed with your UChicago degree, you’re going to work on some of the biggest problems of our times, but here’s the thing, you aren’t going to solve most of them. Rather, you’re going to navigate the paradoxes that they contain. Our world is becoming increasingly complex. Most decisions are not an either-or. We’re rapidly shifting into an era of both, and, where the critical work is to embrace and hold tension. Let me be more concrete. As a parent of three kids, I’ve struggled with the independence safety paradox. There’s nothing quite like being on Lake Shore Drive for the first time with your teen behind the wheel. I see parents laughing. Yes, we see the same sort of paradoxes in business, quality and speed, part and hold, enterprise and individual, global and local, stability and change, and purpose and profits.

I spent 20 years in 140 year old private company that was built on the innovation tradition paradox, be a maverick, but never miss your bottom line. And now building a business in healthcare IT, I face the huge paradox of a country with the most advanced medicines, but with some of the poorest health outcomes. And as a CEO of a women-owned technology company that prides itself on diversity and inclusion, I also navigate the paradoxes that this commitment brings. We’ve achieved something remarkable, over 40 percent people of color and over 60 percent women. Yet this rich diversity makes us realize how little we understand what it takes to achieve true inclusiveness. As I reflect back on my largely uncomfortable career, I came up with three pieces of advice, advice that I would have found helpful when I was in your shoes.

First, sign up for hard and lonely things. From childhood, I raised my hand when no one else did. And yes, it did make me seem like a weirdo at times, but many good things have followed from this impulse and it’s carried through to my career. I signed up for the junk bond department during my tour in investment banking when most analysts lusted for the more prestigious areas. After Booth, I worked in operations restructuring consulting, which is basically code for cost-cutting. I’ve had a penchant for working in businesses that most see as too high risk. Over time, I found such experiences to be invaluable. Obviously, they make you confident in your own coping skills, but they also demand creativity and they build your capacity to help others through change.

My second piece of advice, be open to pivots. I’ve had three different career chapters before my current one as a social entrepreneur, and I may well have more. Happily, career pivots are becoming the norm and you and younger generations are breaking the stigma of job-hopping, and baby boomers are waking up to it too. And not only is it about changing companies, but it’s about changing industries and professions. A pivot offers the opportunity to experience different contexts and different communities and strengthens agility and learning and relationship-building. And of course, it cultivates a lot of humility.

And finally, my third piece of advice, don’t think of sales as a dirty word. Yes, this may seem trite, but in reality, leaders mostly sell. Unfortunately, I’ve interviewed many young people who’ve viewed sales jobs with disdain.

I’ve seen companies go to great lengths to avoid to referring to a job as being in sales, and that’s really too bad. Sales is a wonderful teacher. It hones your ability to listen to what people value. It sharpens your communication skills and of course, let’s not forget persistence and negotiation. All of these elements are part of balance as you navigate from either-or to both-and.

So how does this carry into my life today? Well, I’m knee deep in pivot number four, serving as CEO of NowPow, a for-profit social venture tackling a big problem that health is not healthcare. To get and stay healthy, we need so many other resources; nutritious food, mental health supports, safe housing, to name just a few. These are known as the social determinants of health and they’re as vital to human wellbeing as medical care.

This reality is what drives my work at NowPow, a play on knowledge is power, as we seek to connect people to health enhancing resources of their communities. In service to this mission, I’ve been a salesperson for almost every day in the past six years to attract talent, funders and of course, customers. I’m proud to say that we’re now in 15 states, we support 80,000 care professional users and we’ve provided over three million referrals. We have headline customers that includes some... Thank you. I like that. I can take a little more applause for that. Thank you.

We have headline customers that include some of the biggest names in US healthcare. And here in Chicago, we have 900 organizations on our technology platform. In this startup role, I find that the paradoxes are as rich as ever. To get funding, you need customers. To get customers, you need funding. To get scale, you need to do things that don’t scale. Credentializing customers and great talent want to know you’re solid, but to get solid, you need credentializing customers and great talent.

So yes, I have followed my advice. My life is the big queasy each and every day, and I’m better for it; a better CEO, a better thinker, a better learner, a better parent and a better person.

But I’ve learned to lean on my UChicago network, as I hope you do too. It makes my NowPow journey less lonely. I have a devoted husband of nearly 30 years, Mark Hoplamazian, also a Booth grad; a business partner Dr. Stacy Lindau, a UChicago physician and scientist; and a great advisor, Booth’s own Rob Gertner. It’s sometimes said that maturity of the mind is the capacity to endure uncertainty. This quote is attributed to English historian and mathematician, John Finley, and you won’t be surprised to hear it’s one of my favorites. For me, Booth was a critical step towards such maturity. Booth matured me and my mind. Booth provided me with enduring confidence in myself and gave me lifelong courage to step off, to step out, and to step up: to hard things, to pivots, and, yes, to proudly say I’m in sales.

We face big complex problems as a country. We need leaders up to the task of navigating paradoxes that will get us to both end outcomes.

So I hope you’ll be open to the big queasy, even revel in it. I know it will make a big difference and so will you.

Thank you and, again, congratulations.

Jessica Jaggers:
As we begin the presentation of the graduates, may I call your attention to the Award of Honors listed in the convocation program. We also ask that you please respect the graduates. While we understand your desire to vocalize your joyful responses to hearing your graduate’s name called, doing so detracts from the announcement of the graduate following.

Before the congregation of scholars, family, friends, and colleagues here assembled, the deputy deans of the University of Chicago Booth School of Business will now present to the dean the degree recipients of the Master of Business Administration, Doctor of Philosophy, Doctor of Philosophy in Financial Economics, and Doctor of Philosophy in Psychology and Business, all programs from the University of Chicago Booth School of business.

Starr Marcello:    
Dean Rajan, these students have completed the program of professional studies prescribed by the faculty of the University of Chicago Booth School of Business. The Class of 2021 leaves our school stronger for their commitment to the well-being of others and their legacy of innovative programming designed to encourage discourse. We are confident in their ability to go forward and pursue the highest aspirations of their fields. It is with great pleasure and enormous pride that I present these leaders as recipients of the Degree of Master of Business Administration.

Announcer:    
Zachary Samuel Taylor. Kenya D. Walker. Wendy Kelly Papakostandini. Christopher A. Jimenez. Shane Kenneth Feely. Sean Robert Smith. Jeffrey Paul Lefevre. Anne Rose Martin. Alita Bilquis Haque. Jordan Michael Sands. Gerardo Chaquinga. Gian Paul Handal. Matthew Richard Haeske. Jie Fu. Kate Ma. Matthew Drummy. Helen Wei. Christine A. Durbin. Yumiko Igarashi. Ashley Marie Walsh. David Thomas Story. Andrew Harris Chung. Thien Le. Atri Sen. Manmeet Singh. Ritu Chakrawarty.

Mark Donald Weber. Jiayi Lin. Michael Isaac Steingold. Ganesh Srinivasan. Alex Kogan. Claire Atkins Pedersen. Nikhil Nanda. Mark Schlecker. Shyam Sundar Srinivasan. Matthew Scully Rauh. Noah. D. Himmel. Paulo Blanc. Daniel J. Berg. Kunal Jain. Lorenzo Andreani. Neda Sharifaei. Hana Holodniak. Sonali Aditya. Mariam Saad Saleeb. Christopher John Kraeutle. Elliot Thomas Kuklenski. George Stephen. Jose Alexander Restituyo. Otto Hansen. Matthew Clark.

Stephanie Marie Sorensen. Jaclyn Carr. Akhila Iruku. Erica Lynn Reetz. Alexandra Marie Nelson. Matthew John Lemanski. Nathan Lipsky. Joseph William Horan. Craig James Chval, Jr. Colin O’Donnell Armstrong. Matthew Robert Wicker. Ethan Fant. Tina Djenge. Farley Abraham Zelee. Dominic Go. Patrick Eugene Staunton. Michael James Tokoph. Dale Daniel Goodloe. Adriano Zelazowski Pereira. Omid Razavi. Sy Chakraborty. Michael Vula. Kristin Maria Vula. William Edward Kolbuk. Adam J. Zayed. Qi He. Ajay Ram Sheshachalam. Prasenjit Banerjee. Michael William Alpogianis. Aron Presley Lowe. Nitender Goyal. Scott William Ellis. Gregory Joseph Hart. Daniel Moore Abu Eid. Yi Wei. Joe O’Connor. Harrison N. Freund. Kalyan Arey. Bharat Purandar Das. Meenakshi Lakshmanan. Dwip Shah. Anum Haque. Suresh Sekar. Angad Singh Chopra.

Sidharth Malik. Faheem Dar. Andrea Elizabeth Van Den Haak. Allison Sheppart Nokes. Neha Ashok. Diana Lee. Genesis Gastelum. Kevin Trippel. Ratn Priya Singh. Anita Nandakumar. Christian Conrad Serena. Maxwell Louis Schaefer. Thomas Coan. Thomas Adam Soto. Guy Stevens. Anindo Banerjee. Patrick Thomas Weber. Christopher D. Pratt. Jimmy Vanderbosch Zuercher. Roserry Shin. Dip Majumder. Andy Ng. Pritam Pradeep Das. Chong Tao. Lucy Cheng. Cassandra Molitoris. Margarita Shapiro. Jae Ko. Tashfeen Islam. Cameron Mackenzie Schulze. Bridget Sanders. Matt Brozovic. William Calderwood. Kevin Alexander Chambers. Eric Michael Weinstein. Matthew Clayton Wolf. Bianca Niazi. Jingran Liu. John Liu. Alejandro Mabasa Ty. Zhengwei Xu. Yuanbo Guo. Zhengguo Chu. Shreyas Pawale. Divya Inaganti. Rohini Reddy Maram. Erick Hou. Yiye Zhou. Robert Galliani. John Comfort. CJ Bacher. Alexander Ernest Storer.

Darren Cohen. Robert Kitman Barmeyer. William Frederick Swee. John Patrick Swee. Thomas Michael Sozzi. Brandon Michael Rolfes. Joseph Elias Tripolitakis. Simon Alexander Bernick. Robert Francis Niehais III. Kaushik Basnet. Matt Jipson. Azizunnisha Abu. Paige Freese. Kaley Nicole Neeson. Jasmine Kaja Shells. Katherine Paige Skeith Pincus. Linda Louise Pantale. Emily Carroll. Taylor Barker. Jenna Rose Nizamoff. Peter Banas. Michael Koehler. Jeffrey Brian Quinlan. James Behm. Ethan Marine. Dan Bristow. Anthony Greif. Juan Perez. Gaurav Vijay. Dominic Vallosio. Prafulla Pandurang Bhalekar. Jordan Ross Salins. Steven Lampert. Joshua Mintzer. Joshua Leyenson. Thomas Patrick Rafferty. Shi Susie Yin. Ye Tao. Hannah Clancy Joselyn Manthiri. Vidhya Vinoodhini Balasubramanian. Chris Brown. Brian Minhui Zhu. Renat A. Zalov. Jimena Figueroa.

Brendan Christopher Lee. Ryan Kimball Wade. Spencer Wayne Clarke-Reichmuth. Eric Winters. Roberto Angel Tapia Del Valle. Matthew Stacho. Fiona Kennedy. Christopher Ryan Hoover. Usman Zia Khan. Michael Grasso. Austin Teerman. Richard Frank Tolisano, Jr. Charles Edward Neal. Brendan Robert Scott. Christian Compton. Katherin Lorraine Ernst. Lauren Ann Lavan. Avinash Vellanki. Leo Mindyuk. Daniel Joseph Hanak. Oladoyin Adewuyi Oldaderu. Christian Michael Efken. Jeremy Sachs. Ross Alexander Larson. Ariel Perlin. Brian Thomas Fosselman. Eddie Min. Michael Dale McMannon. Thomas John Shea, Jr. Andrew Torossian. Meaghan Nicole Demallie. Cara Vazquez. Elizabeth Chandler Brailsford Brown. Austin Bostock. Matthew Howard Geissler. Nate Norton. Nikhil Ajay Deshpande. Julia Jain. Ting Huang. Alexander Luis San Jose.  Alice Elizabeth Fitting.

Jacqueline Dorothy Yocius. Morgan Sonntag. Erin E. Grace. Mackenzie Marie Kurth. Melanie Ortiz. Lauren Nicole Kidd. Jessica Beth Levinger. Beth Ann Davis. Patrizia Della Giustina. Alisha Tungare. Hasika Sarathy. Tara Nicole Comstock. Varsha Krishnakumar. Tom Mannanchery. Sapta Patnaik. Vinay Khemka. Sanjeet Calangutcar. Vaidehi Waman Joshi. Aashish Chuttani. Julie Schuster. John Moison. Justine Carlson. Nitin Aswani. Evan Bernard Cummings. Daniel Edward Walsh. Julian Cheng. Toru Tokoyoda. Jessie Chen. Xiaotian Wang. Sophia Wenting Guo. Nancy Paniagua Pellizzari. Farhan Ashraf. Gaurav Kumar. Yuxia Han. Yong Liu. Pratik Agrawal. Michelle Elizabeth Kime. Amy Kathleen Klockenga. David Han Shin.

Thomas Patrick McGrath. Ingrid Newell Watts. Katy Clune Vanvliet. Nathan Onchuck. Arun Sanjiv Gokhale. Louis Theodor. Andri Teneqexhi. Christopher Michael Sipos. Daniel Urbina-McCarthy. Jason Daniel Foster. Shari D. Felty. Aniko Johanna Berman. Nicole Vercellino Campbell. Fabiana Schell Sanzi. Melissa Erin Shumacher. Kay Boakye-Yiadom. Rory Pavach. Geoffrey Charles Sadek. Kenneth Kwang-Hyun Suh. Ranjith Gopalakrishnan. Grace Lin. Hariff Davies. Geetha Pilli. Priyanka Kharat. Guohua Xia. Anthony Zhu. Benjamin Michael McKay. Teddy Niedermaier. James Michael Ulseth. Manik Pasricha. Alexander Brian Sayers. Christian De Almeida Solon De Mello. Jordan Donner. John Jefferys-White. Alejandro Rincon. Vadim Sagalchik. Eric Spigelman. Vijay Veera. Jianwei Gu. Brian Andrew Klein. Ludwick Alexis. Kyle Sweeney.

Pietro Veronesi:
Dean Rajan, the students I now present have retained Scholarly Distinction in Advanced Studies, and have prepared a dissertation which contributes to knowledge in a particular field of research. On behalf of the faculty of the University of Chicago Booth School of Business, I have the honor to present them as recipient of the Degree of Doctor of Philosophy. We welcome them into our community of scholars, and look forward to their future contributions to the field.

Announcer:
Eliot Asher Abrams.

Announcer:
Gursharan Singh Bhue.

Pietro Veronesi:    
Gursharan is being hooded by Professor Sufi.

Announcer:
Shirsho Biswas.

Pietro Veronesi:
Shirsho is being hooded by Professor Chintagunta.

Announcer:
Jianfei Cao.

Pietro Veronesi:
Jianfei is being hooded by Professor Hansen.

Announcer:
Connor James Dowd.

Pietro Veronesi:
Connor is being hooded by Professor Hansen.

Announcer:
David Andrew Finer.

Pietro Veronesi:
David is being hooded by Professor He.

Announcer:
Ali Goli.

Pietro Veronesi:
Ali is being hooded by Professor Chintagunta.

Announcer:
Samuel David Hirschman.

Pietro Veronesi:
Samuel is being hooded by Professor Sussman.

Announcer:
Yewon Kim.

Pietro Veronesi:
Yewon is being hooded by Professor Misra.

Announcer:
Shohini Kundu.

Pietro Veronesi:
Shohini is being hooded by Professor Kashyap.

Announcer:
Lisa Yao Liu.

Pietro Veronesi:
Yao is being hooded by Professor Christensen.

Announcer:
Shirley Lu.

Pietro Veronesi:
Shirley is being hooded by Professor Christensen.

Announcer:
Yao Lu.

Pietro Veronesi:
Yao is being hooded by Professor Sapra.

Announcer:
Olivia Richardson Natan.

Pietro Veronesi:
Olivia is being hooded by Professor Dube.

Announcer:
Kariyushi Rao.

Pietro Veronesi:
Kariyushi is being hooded by Professor Hastie.

Announcer:
Hee Kwon Seo.

Pietro Veronesi:
Hee Kwon is being hooded by Professor Syverson.

Announcer:
Ana-Maria Tenekedjieva.

Pietro Veronesi:
Ana-Maria is being hooded by Professor Sufi.

The students I now present have attained Scholarly Distinction in Advanced Studies and have prepared a dissertation which contributes to knowledge in a particular field of research. On behalf of the faculty of the University of Chicago Booth School of Business, and the faculty of the Division of Social Sciences, I have the honor to present the recipients of the Degree of Doctor of Philosophy in Financial Economics.

Announcer:
Jian Li.

Pietro Veronesi:
Jian is being hooded by Professor He.

Pietro Veronesi:
Yiran Fan has been awarded a Doctor of Philosophy in Financial Economics posthumously. Professor He will now say a few words in honor of Yiran Fan.

Zhiguo He:
Zhiguo He, a professor of finance at the Chicago Booth. We all, together with the larger University Chicago community, were shocked on January 9th, 2021, by the tragic, heartbreaking loss of a Yiran Fan. He’s a fourth year student in the PhD Joint Program in Financial Economics. He’s remembered as an incredibly talented student, highly respected by his peers, and beloved by all who knew him. Both Lars Hansen and I saw Yiran as a young, energetic, yet intellectually mature scholar who left promising work on several important topics. We read three of Yiran’s papers carefully, and found two of them exceeded the PhD degree requirements.

Granting this posthumous PhD degree acknowledges Yiran’s... Sorry. Acknowledges Yiran’s maturity as a scholar, and allows him to take his place among the Joint Program graduates. Forming a four member committee alongside Veronica Guerrieri and Doron Ravid, we conducted a formal dissertation defense on behalf of Yiran on March 2nd, 2021. Yiran leaves three legacies behind for the UChicago community.

The first is the Yiran Fan Memorial prize, which commemorates Yiran and his devotion to bring the student-faculty research community together. I’m happy to announce that the first winner is Sangmin Oh, a 3rd year Joint Program student. The second is a Yiran Fan Memorial Fund for the Joint PhD Program in Financial Economics, funded by numerous donors in the wake of Yiran’s death, that will be used for a PhD stipend. Third, thanks to the editorial board of the Journal of Political Economy, one of Yiran’s dissertation chapters will be published in its August issue.

There’s nothing we can do to save a young and promising life, and we are sure that Yiran has left his mark on the community of Financial Economics scholars at the university. Thank you.

Pietro Veronesi:
The students I now present have attained Scholarly Distinction in Advanced Studies, and have prepared a dissertation which contributes to knowledge in a particular field of research. On behalf of the faculty of the University of Chicago Booth School of Business, and the faculty of the Division of the Social Sciences, I have the honor to present the recipient of the Degree of Doctor of Philosophy in Psychology and Business.

Announcer:
Ka Ying Becky Lau.

Pietro Veronesi:
Ka Ying is being hooded by Professor Kashyap.

Announcer:
Anirudh Tiwathia.

Pietro Veronesi:
Anirudh is being hooded by Professor Hastie.

Announcer:
Please rise for our alma mater.

Please be seated.

Madhav Rajan:
This now concludes the formal Chicago Booth Diploma and Hooding Ceremony of the 534 convocation of the University of Chicago. I thank you for attending today’s ceremony, and on behalf of the faculty and staff of the University and Chicago Booth, I extend best wishes to all graduates and their family and friends.

And now to close, will our newest graduates please rise. Congratulations. You’re all now graduates of the University of Chicago Booth School of Business. And because of your achievements that we celebrate today with your family and friends, each of you will always be connected to the University of Chicago. A connection that I hope you and we will foster for many years. Thank you very much.

司儀:
請起立,歡迎全體教職員進場。

Jessica Jaggers 
歡迎來到芝加哥大學第534屆畢業典禮布斯商學院證書頒授儀式。我們很高興你們能來到現場,與今天即將畢業的同學一起慶祝眾人的成就。請就座。

Madhav Rajan
午安。歡迎各位參加這個授予學術認可及慶祝個人成就的盛典。2021年的畢業生,今天是你們的大日子。謝謝你們。這當然是個歡慶成就的日子,但同時也是表達謝意,重申志向,以及讓學校與體現其價值的獨特社群好好反思的日子。我們學生的個人成就不僅建基於個人努力,也有賴同學、家人、朋友和同事的支持。我要向今天在座各位和所有未能到場的人,感謝你們為支持各位同學而作出的犧牲。

我也要感謝各位副院長和教職員,感謝他們教導及支持又一批成功的布斯商學院畢業生。同時也要感謝我們的教師講者,Sigmund Edelstone 市場學教授Jean Pierre Dubé,以及嘉賓講者暨布斯商學院校友,NowPow行政總裁和共同持有人Rachel Kohler,感謝他們蒞臨分享想法和建議。

最後,我要感謝本屆的畢業生。你們不論在學術上,還是社會上,都是布斯商學院的優秀成員。你們在這趟艱辛旅程中所付出的努力,以及在這段充滿挑戰的時期所展現的堅韌、專注,還有貢獻社會的心,實在令人留下深刻印象。你們的同理心、能屈能伸、建議和願意服務他人的精神對我來說別具意義,在前路未明的逆境中,我深深受到學校社群的力量和創意所鼓舞。感謝你們選擇就讀布斯商學院,也感謝你們為學校社群作出如此大的貢獻。

芝加哥布斯商學院既依靠學生參與,亦仰賴教職員的學術研究。作為院長,我總喜歡跟人誇獎這兩個群體的卓越表現,但我認為最讓我們與眾不同的,是我們獨特的社群。這個社群的文化建立在一系列價值觀之上,而這些價值觀又體現在我們個人和集體的每個行動之中。在芝加哥布斯商學院,我們相信為了培養及支持傑出人才成為商業領袖,必須確保學生清楚掌握基本知識,以及具備在現實世界中應用這些概念的思辨能力。因此,我們有雙重使命:生產影響力深遠的知識,並且影響及教育當今和未來的領袖。

布斯商學院最重要的資產就是我們世界一流的教職員,他們提出影響全球的突破性見解。根據芝加哥大學的傳統,這包括提出及回答有關世界如何運作的重要問題,從而增進我們對世界的理解,作出更好的決定。不論是建構理論解釋及預測現實世界的現象,運用數據測試理論,包括使用現代大數據或機器為主的運算方法,還是使用理論作出現實世界的決策,全都是芝加哥大學優秀過人之處。

第二,我們透過提供卓越教育或其他方式,如書籍、演講活動、學校刊物和其他渠道等,傳播知識,影響世界。近年來,我們的教職員撰寫了不少令人驚艷且深具影響力的書籍,如Amir Sufi的《窮人為甚麼變得更窮(House of Debt》、Richard Thaler的《推力:決定你的健康、財富與快樂(Nudge》和Nick Epley的《為甚麼我們經常誤解人心?(Mindwise)》,就是其中數例。

在座各位都獲得世界第一的商學院錄取,現在從中畢業。想想看,僅僅是進入布斯商學院就已經是一大成就,更何況是像你們現在這樣在課程中取得優秀成績。你們是極少數擁有這種機會的人,應該足夠給你們很大的信心,相信你們有能力在所選的道路上大放異彩。

最後,我鼓勵你們將畢業視作這段關係的開始,而非終結。希望你們能成為學校與彼此之間的終生合作夥伴。你們現在加入了一個由全球超過55000名布斯商學院校友組成的社群,你願意讓社群變得多強大,它就有多強大。

投放時間連繫社群網絡,並且透過金錢甚或許多其他重要方式回饋學校的人,都會發現這樣的體驗非常有價值,不僅僅帶來財富成功和職涯目標,還能收穫朋友,幫助他人及建立社群。這個社群並不限於芝加哥布斯商學院以內。你們亦將加入龐大而有影響力的芝加哥大學校友網絡。我們承諾為你們提供一系列多元機會,繼續維繫你們與學校的關係,從而豐富你們的職涯經驗和人生。最後,恭喜各位取得令人讚嘆的成就,祝願你們在追求夢想的過程中一切順利,芝加哥布斯商學院的各位會永遠支持你們。謝謝。

Doug Skinner   
現在,我很榮幸能向各位介紹J.P. Dubé教授,他將在今天下午發表畢業典禮演講。Dubé 先生是Sigmund Edelstone市場學教授,也是Kilts市場營銷研究中心總監、全國經濟研究所副研究員和市場科學研究所的學術理事。Dubé教授的研究興趣為產業組織與定量營銷的相互關係。他曾進行實證研究,探討消費者品牌偏好的形成、定價和價格歧視、廣告和食物沙漠——他確實有告訴我那是食物「沙漠」,不是「甜點」,好,大家都有在聽,謝謝你們——食物沙漠與營養政策,以及錯誤資訊對消費者需求的影響。他在2005年獲得布斯商學院兼讀課程的卓越教學獎,並在2016年獲得布斯商學院的鳳凰獎,以表揚他對廣大學生社群的課外貢獻。他在2000年加入芝加哥布斯商學院的教授團隊。

讓我們一起歡迎J.P. Dubé教授。

J.P. Dubé
謝謝Skinner院長。

哇,真的很熱。我是加拿大人,不太習慣這樣,而且太陽也很耀眼。不,我打算照樣戴眼鏡,試試看怎麼樣。

大家,我要首先向我們2021年的畢業生說聲恭喜,幹得好。我們剛剛度過了我們人生中最具挑戰性的一年。深深感謝你們的家人在如此惡劣的條件下,依然支持各位同學。感謝你們所有人。老實說,我實在很高興能夠在這裡親自向在座各位道賀,慶祝同學取得工商管理碩士學位,這樣的成就在如此環境下,更令人感到欽佩。不管是好是壞,這次疫情就像大多數危機一樣,迫使我們認真反思工作和生活的意義。

順帶一提,其實公司也是如此。自去年3月底徹底實施在家工作政策以來,世界各地的企業突然發現自己面臨終極的社會考驗。你的公司有甚麼價值主張?企業如何在社會上有所作為?你的產品健康嗎?成分是否天然,並且透過公平勞動和可持續供應鏈所得?產品品牌形象是否包括社區弱勢社群所秉持的價值觀?競爭策略又是否符合道德和公平原則?簡而言之,企業和產品品牌的社會形象是甚麼?有些企業成功過渡,許多公司則慘敗收場。平心而論,現在判斷沒有通過社會考驗的企業和品牌會遭受甚麼長遠影響還為時過早。但實在很抱歉,是時候要面對了,我們已經進入了市場營銷的時代。

缺乏勝任工作的領導者可能是當今公司推行成功營銷策略的最大障礙。從好的方面看,超過80%的行政總裁聲稱市場營銷是業務增長的關鍵因素。另一邊廂,事實令人沮喪,營銷總監的離職率在過去十年不斷上升。營銷總監的任期目前都是高層主管中最短的。80%的行政總裁不信任其營銷總監。相較之下,只有10%行政總裁不信任其財務總監。聽著,如果你在兩年前問我這個問題,我會大肆談論缺乏良好分析與營銷培訓及營銷決策和支出問責制度的問題。對了,我依然堅持此項觀點。現在市場缺少能夠以實證為本領導營銷團隊,並且作出科學決策的營銷總監。

但我現在要補足以上觀點:在可持續市場營銷方面,同樣缺乏勝任的領導者。不論你喜歡與否,公司都需要調整目標,包括社會使命和社會身份。市場營銷不僅僅是跟公司的短期利潤相關。營銷人員需要領導團隊,建立符合社會需要的營銷使命,並且傳達公司及品牌的價值主張。營銷人員亦需提供與企業身份相關的問責指標。我可以看到你們當中有些人已經面有難色。我是個浸淫於芝加哥學派的經濟學家,至今已有21年。所以是的,我完全清楚Milton Friedman提出了與企業相關的佛利民學說。企業的社會責任是為了增加利潤。這點經常被曲解。

有些人得出結論,指出企業的唯一責任是對其股東負責。表面上看,企業沒有社會責任。真的對不起,在持份者重視社會企業身份的時代,社會責任正成為長遠盈利能力的代名詞。隨著影響力投資快速增長,我們可以看見許多股東確實重視社會影響,也不要忘記就在兩週前,埃克森美孚(ExxonMobil)公司才發生了令人驚訝的股東反抗事件。不過,長遠的盈利能力亦意味著公司必須考慮所有持份者,不僅僅是股東、客戶、員工、供應商,還有社區。寶潔公司的可持續發展總監最近提醒我們,大自然也是持份者之一,因為環境法規和資源供應的限制也影響著我們的供應鏈。

支付環境永續產品和包裝的高額開銷,實際上是對永續採購主要原材料的長期投資。卡夫亨氏(Kraft Heinz)承諾到了2025年,將生產100%可回收和/或可生物降解的包裝。最近埃克森的股東行動,亦反映了股東對供應鏈管理不善的風險和對其在氣候變化下公眾形象的擔憂。隨著政府繼續限制排放和其他不利環境的做法,較早採用可擴增永續供應鏈的企業將享有長遠優勢。好,說完股東,那麼其他持份者呢?數據告訴我們甚麼?在疫情之前,年輕一代的消費者已經開始遠離傳統品牌,我在自己的研究中,曾經證明這些品牌在半個多世紀以來,一直佔據我們的茶水間、車庫和辦公室。

在我最近對美國精釀啤酒領域的研究中,我發現自2005年以來,全國性大品牌總共流失15個百分點的啤酒銷售份額,而在2011年至2015年期間,大型消費品牌總共被精釀啤酒製造商佔據180億美元的市場份額。他們是誰?這些精釀啤酒製造商是誰?這些品牌的規模較小,承諾秉持更高質量的工藝標準,採用可持續本地採購,而且具備討好的社會形象。營銷總監的調查發現,在疫症期間,其中一個最常觀察到的消費者行為變化,就是對企業做善事的肯定。在疫症之前,即使在2019年,愛德曼全球信任度調查報告——我們說的是全世界的消費者——發現消費者的信任相當影響購買意欲,與質量、價值和便利等因素的重要性相若。

事實上,在2020年,71%的受訪者表示,將利潤凌駕人民的品牌和企業將永遠失去他們的信任。去年,愛德曼得出結論,指出大部份歐洲公司需要加倍努力強調其營商使命,以便在疫情後重獲消費者信任。而在亞太市場,幾乎60%的消費者自稱自己為應對疫情而嘗試使用新品牌。總而言之,貼地的企業形象對消費者需求非常重要,對收入和收入增長亦然。我們再看看員工。逾五成的千禧世代勞動力正考慮離開或計劃離開工作崗位,60%受訪者對新工作機會持開放態度。這比其他任何一個世代的員工忠誠度都要低得驚人。

千禧世代不只是為了薪水而工作,而是為了使命和目標。他們當然有很多使命和目標可以追求,但其中一個是其企業在社區和社會中發揮的角色。有意思的是,而這跟你們有關,布斯商學院的招聘人員告訴我們,我們的工商管理碩士(MBA)學生有實際訪問招聘人員,了解其企業的優先考慮和社會責任措施。而我們一個主要同行的MBA課程發現,超過90%MBA學生願意放棄財務利益,為一個於企業社會責任和道德方面聲譽良好的公司工作。德勤會計師事務所發現,面對薪酬福利相近的工作,美國人通常會選擇多少有支持慈善事務的公司。總而言之,貼地的企業形象亦與人力資源策略相輔相成,讓企業能夠在競爭日益激烈的勞動力市場中僱用頂尖人才。

因此,讓我們想想這對我們的持份者有甚麼啟示。消費者和員工看重真誠且出一分力幫助世界的企業和品牌。那麼何謂真誠的正向營銷?那是甚麼一回事?怎樣為之真誠?坦白說,大多數持份者根本無法驗證企業舉措有何實在的社會影響。這意味著真誠度通常透過公司行動體現,而非語言。所以真誠不能只流於空談、浮誇的新聞稿、如有機天然等無法核實的包裝聲明、保證,或者提供多元共融工作場所的空洞承諾。不要忘記星巴克也曾經嘗試讓所有咖啡師在每杯出售的咖啡上寫上「種族團結」,最後失敗收場,適得其反。為甚麼會這樣?

因為在大眾看來,行動非常離地,星巴克沒有了解及解決社會議題,也沒有損失甚麼。真誠是透過行動公開可見的成本體現的。舉個例子,多芬(Dove)和整個創意產品組合的冒險大改造之中,包括了不同體型和種族的女性,並且去除了照片處理。不少人認為這是市場營銷一個很好的例子。你們有人可能會指出Nike2018年發生的不幸事件。在其30週年Just Do It宣傳項目與Colin Kaepernick合作後,品牌遭到抵制,股價暴跌。各位,這就是代價。這樣做是有風險,而且代價高昂的。值得注意的是一年後,他們的銷量繼續蓬勃增長,與他們推出宣傳項目的前一天相比,市場份額上升了8%。我在這裡想說的是,向顧客展現真誠使命的代價其實相當高昂。

我的研究中測量了率先引起消費者共鳴的品牌幾十年來的長遠優勢,而我實在相信正確的社會品牌形象確實具有長遠價值。正向營銷已經成為現代企業長期盈利能力和長遠競爭優勢的代名詞,是一項投資,打造對所有持份者而言真誠可信的公眾形象。今天,成功的營銷總監透過各種關係網絡促進正向營銷。其中一些是內部關係,例如市場營銷、財務、營運和人力資源,但同時也有對外的關係,特別是展示予所有持份者的公共形象,而不僅僅是股東。因此,21世紀營銷領導力的重點不僅僅是我在教學中非常重視的數據和分析,也包括透過這種關係網絡管理公共形象。

現代營銷總監的下一目標,就是成為行政總裁。我迫不及待想看到在座所有應屆的布斯畢業生坐在行政總裁的位置上,讓大家引以為傲。感謝大家,並恭喜各位。

Starr Marcello   
現在,我要介紹芝加哥大學布斯商學院的演講嘉賓,1989年畢業的Rachel KohlerKohler女士擁有30多年的商業經驗,包括從事投資銀行、管理諮詢和一般管理,她在創新技術企業NowPow擔任行政總裁,透過向大眾提供保健和長壽相關的重要資訊,為缺乏服務的社區提供資源。她亦是社會創效投資企業KoHop Ventures LLC的負責人,專注為有需要的人提供簡易技術解決方案。Kohler女士是Kohler Co.和科勒基金會的董事會成員,也在芝加哥大學、芝加哥大學醫學中心和麥克林臨床醫學倫理中心擔任理事。

她亦有擔任LPMC基金會的董事會成員,該基金會是支援芝加哥服務不足地區舉辦青少年音樂教育項目的公共慈善機構。她也是MAPSCorps的董事會成員,並且擁有普林斯頓大學學士學位和芝加哥布斯商學院MBA學位。請歡迎Rachel Kohler

Rachel Kohler
恭喜各位畢業生。能夠親自來到軍人球場慶祝這天,實在令人興奮,但最特別的是能與你們同在。你們很快就會發現,我是一個非常喜歡捱苦的人,而你們也確實做到了這一點。你們在疫情期間,獲得了芝加哥大學布斯商學院的學位,同時兼顧工作和家庭責任,實在要向你們致敬。但我猜想你們當中許多人是為了未來道路更確定,而開始攻讀這個高等學位,所以我接下來要講的內容可能會讓你們感到驚訝。我希望你們現在正處於人生中最自在舒坦的時候,因為從現在開始,你們的人生只會愈來愈不舒坦。經過過去一年,這可能是你最不想聽到的事情。我明白。但從現在開始,不舒坦就是你的前進之路,也是唯一的前進之路,這就是為甚麼我希望你們永遠感到不舒坦和不確定,並且生活於不安而非安逸之中。

你們將手執芝加哥大學學位,致力解決當今時代一些最重大的問題。問題是,你們並不會解決到其中的大多數問題。相反,你將要處理問題當中的悖論。世界變得愈來愈複雜,大多數決定都不再是非此即彼。我們正在迅速轉變為矛盾並存的時代,關鍵工作是擁抱和持守壓力。說得更具體一點。作為三子之母,我一直在獨立與安全的考量之間掙扎。沒有甚麼比第一次在湖濱大道上,看著兒子坐在司機座掌控方向盤更有意義的了。我看到有父母在笑。是的,我們在商業世界中同樣看到這種矛盾與對立:質量與速度、捨棄與持有、企業與個人、全球與本地、穩定與變化,以及目的與利潤。

我曾在擁有140年歷史的私營企業工作20年,企業建立在創新與傳統的悖論之上,既要特立獨行,也決不可失掉底線。現在我要創立醫療資訊技術企業時,也需要面對巨大的矛盾:一個擁有最先進藥物的國家,卻有著最糟糕的健康成效。而作為女性技術企業的行政總裁,公司以多元共融為傲,我也在解決這種承諾帶來的矛盾。我們取得了了不起的成就,公司超過40%員工為有色人種,超過60%為女性。然而,這樣豐富多元的工作環境讓我們意識到,我們對實現真正共融所需的東西了解甚少。當我回顧自己不甚舒坦的職業生涯時,我想到了三則建議。我相信這些建議對現在的你們來說會很有幫助。

第一,主動參與艱苦和孤獨的事情。從小到大,當別人不舉手的時候,我就會舉手參與。是的,這確實讓我有時看起來像個怪人,但許多好事都因這種衝動而起,一直引領我走過我的職業生涯。我在投資銀行工作期間,主動參與了垃圾債券部門的工作,當時大多數分析師都嚮往在聲譽更良好的領域工作。畢業後,我在營運重組諮詢部門工作,這基本上是削減成本的代號。我一直偏好在大多數人認為風險過高的企業工作。年月過去,我發現這些經驗是無價的,不但使你對自己的應對技能充滿信心,同時也激發了創造力,並且讓人建立起協助他人應對變化的能力。

我的第二則建議是,對轉型抱持開放態度。在成為社會企業家之前,我從事過三種不同職業,而且可能不止於此。令人高興的是,職業轉型正成為常態,你們和年輕一代正打破跳槽的污名,嬰兒潮世代也逐漸覺醒。而且這不僅是指轉換公司,也跟轉換行業和職業有關。轉型讓我們有機會能夠體驗不同工作環境和社群,加強靈活度,鞏固學習,並且更有效建立關係。當然,這些體驗也能培養謙遜的態度。

最後,我的第三則建議是,不要把銷售看作是下流的詞語。是的,這可能聽起來很老套,但現實中領導者大多都在從事銷售。不幸的是,我訪問過許多年輕人,他們都對銷售工作不屑一顧。

我看過有企業會竭力避免將工作稱為銷售工作,這實在是太糟糕了。銷售工作讓人獲益良多,能磨練你傾聽他人重視何等價值的能力,並且精進溝通技巧,當然還有培養堅毅精神和磋商能力。這些元素讓你從非此即彼的狀態過渡到兼而有之時,找到箇中平衡。

那麼這些經驗如何體現在我今天的生活中呢?我現在正在經歷第四次轉型,擔任NowPow的行政總裁。這是一家牟利的社會企業,處理健康不受醫療保健保障的大問題。為了變得更健康,並且保持健康,我們需要許多其他資源,包括營養豐富的食物、精神健康支持、安全住房等等,我們稱之為健康的社會決定因素,對人類健康的重要性不亞於醫療保健。

這個現實情況是我在NowPow工作的動力,我們致力將人與社區內促進健康的資源聯繫起來,演活知識就是力量的真諦。為了達成使命,我在過去六年,幾乎每天都擔任推銷員,吸引人才、投資者,當然還有客戶。我可以很自豪地說,我們現在在15個州分,支持共8萬名專業護理人員用戶,並且提供超過300萬次轉介。我們有大客戶,包括一些⋯⋯謝謝大家。我喜歡這樣,掌聲可以再大一點。謝謝大家。

我們的大客戶包括美國醫療保健領域的一些大公司。而在芝加哥,我們的技術平台上共有900家機構。在這個初創企業中,我發現矛盾豐富如昔。要獲得資金,你需要客戶;為了獲得客戶,你需要資金。要擴大規模,你需要做一些不會規模化的事情。認證客戶和優秀人才想肯定你的業務基礎紮實;但要確保業務基礎紮實,你需要客戶認證和優秀人才。

所以,是的,我遵循了自己的建議。生活每一天都充滿不安,而我也因此變得更好,成為一個更好的行政總裁、更好的思考家、更好的學習者、更好的父母和更好的人。

我也學會了善用我在芝加哥大學的社交網絡,希望你也如此。這個社交網絡使我的NowPow之旅不再孤身上路。我相濡以沫近30年的丈夫Mark Hoplamazian是布斯商學院的畢業生;商業夥伴Stacy Lindau博士是芝加哥大學畢業的醫生和科學家;還有偉大的顧問亦是布斯商學院的Rob Gertner。有人會說,所謂思想成熟就是能夠忍受不確定性,這句話出自英國歷史學家和數學家John Finley,也毫無懸念是我最喜歡的一句話。對我來說,入讀布斯商學院是走向思想成熟的關鍵一步。布斯商學院使我本人和自身思想變得更加成熟,賦予我堅忍的信心,賜我一生勇氣跨步前行,走出框框,並且行動起來:面對困難,面對轉型,還有自豪地說我在做銷售工作。

我們的國家面臨複雜而龐大的問題,需要領導人帶領我們走出矛盾,讓我們創造雙贏的結果。

所以我希望你們能擁抱這種強烈的不安,甚至享受其中。我知道這種感覺將帶來巨大轉變,你也不例外。

謝謝大家,並再次恭賀各位。

Jessica Jaggers
在開始介紹畢業生之前,請各位注意畢業典禮程序中所列的榮譽獎項,也請各位尊重畢業生。雖然我們理解大家希望在聽到畢業生名字時發聲表達喜悅,但這樣做會影響接下來宣佈畢業生名字的工作。

芝加哥大學布斯商學院副院長現在將在在座的學者、家人、朋友和同事面前,向院長介紹工商管理碩士、哲學博士、金融經濟學哲學博士以及心理學及商業哲學博士的學位得主,上述均為芝加哥大學布斯商學院課程。

Starr Marcello 
Rajan
院長,這些學生已經完成芝加哥大學布斯商學院規定的專業進修課程。2021年度畢業生離開學校之時,將會變得更為強大,致力促進他人福祉,秉承提出創新見解,鼓勵討論的學院傳統。我們相信他們有能力向前邁進,追求各自領域中最遠大的志向。我非常高興和自豪能介紹這些獲頒工商管理碩士學位的領袖。

司儀:
Zachary Samuel Taylor
Kenya D. WalkerWendy Kelly PapakostandiniChristopher A. JimenezShane Kenneth FeelySean Robert SmithJeffrey Paul LefevreAnne Rose MartinAlita Bilquis HaqueJordan Michael SandsGerardo ChaquingaGian Paul HandalMatthew Richard HaeskeJie FuKate MaMatthew DrummyHelen WeiChristine A. DurbinYumiko IgarashiAshley Marie WalshDavid Thomas StoryAndrew Harris ChungThien LeAtri SenManmeet SinghRitu Chakrawarty

Mark Donald WeberJiayi LinMichael Isaac SteingoldGanesh SrinivasanAlex KoganClaire Atkins PedersenNikhil NandaMark SchleckerShyam Sundar SrinivasanMatthew Scully RauhNoah D. HimmelPaulo BlancDaniel J. BergKunal JainLorenzo AndreaniNeda SharifaeiHana HolodniakSonali AdityaMariam Saad SaleebChristopher John KraeutleElliot Thomas KuklenskiGeorge StephenJose Alexander RestituyoOtto HansenMatthew Clark

Stephanie Marie SorensenJaclyn CarrAkhila IrukuErica Lynn ReetzAlexandra Marie NelsonMatthew John LemanskiNathan LipskyJoseph William HoranCraig James Chval, JrColin O’Donnell ArmstrongMatthew Robert WickerEthan FantTina DjengeFarley Abraham ZeleeDominic GoPatrick Eugene StauntonMichael James TokophDale Daniel GoodloeAdriano Zelazowski PereiraOmid RazaviSy ChakrabortyMichael VulaKristin Maria VulaWilliam Edward KolbukAdam J. ZayedQi HeAjay Ram SheshachalamPrasenjit BanerjeeMichael William AlpogianisAron Presley LoweNitender GoyalScott William EllisGregory Joseph HartDaniel Moore Abu EidYi WeiJoe O’ConnorHarrison N. FreundKalyan AreyBharat Purandar DasMeenakshi LakshmananDwip ShahAnum HaqueSuresh SekarAngad Singh Chopra

Sidharth MalikFaheem DarAndrea Elizabeth Van Den HaakAllison Sheppart NokesNeha AshokDiana LeeGenesis GastelumKevin TrippelRatn Priya SinghAnita NandakumarChristian Conrad SerenaMaxwell Louis SchaeferThomas CoanThomas Adam SotoGuy StevensAnindo BanerjeePatrick Thomas WeberChristopher D. PrattJimmy Vanderbosch ZuercherRoserry ShinDip MajumderAndy NgPritam Pradeep DasChong TaoLucy ChengCassandra MolitorisMargarita ShapiroJae KoTashfeen IslamCameron Mackenzie SchulzeBridget SandersMatt BrozovicWilliam CalderwoodKevin Alexander ChambersEric Michael WeinsteinMatthew Clayton WolfBianca NiaziJingran LiuJohn LiuAlejandro Mabasa TyZhengwei XuYuanbo GuoZhengguo ChuShreyas PawaleDivya InagantiRohini Reddy MaramErick HouYiye ZhouRobert GallianiJohn ComfortCJ BacherAlexander Ernest Storer

Darren CohenRobert Kitman BarmeyerWilliam Frederick SweeJohn Patrick SweeThomas Michael SozziBrandon Michael RolfesJoseph Elias TripolitakisSimon Alexander BernickRobert Francis Niehais IIIKaushik BasnetMatt JipsonAzizunnisha AbuPaige FreeseKaley Nicole NeesonJasmine Kaja ShellsKatherine Paige Skeith PincusLinda Louise PantaleEmily CarrollTaylor BarkerJenna Rose NizamoffPeter BanasMichael KoehlerJeffrey Brian QuinlanJames BehmEthan MarineDan BristowAnthony GreifJuan PerezGaurav VijayDominic VallosioPrafulla Pandurang BhalekarJordan Ross SalinsSteven LampertJoshua MintzerJoshua LeyensonThomas Patrick RaffertyShi Susie YinYe TaoHannah Clancy Joselyn ManthiriVidhya Vinoodhini BalasubramanianChris BrownBrian Minhui ZhuRenat A. ZalovJimena Figueroa

Brendan Christopher LeeRyan Kimball WadeSpencer Wayne Clarke-ReichmuthEric WintersRoberto Angel Tapia Del ValleMatthew StachoFiona KennedyChristopher Ryan HooverUsman Zia KhanMichael GrassoAustin TeermanRichard Frank Tolisano, JrCharles Edward NealBrendan Robert ScottChristian ComptonKatherin Lorraine ErnstLauren Ann LavanAvinash VellankiLeo MindyukDaniel Joseph HanakOladoyin Adewuyi OldaderuChristian Michael EfkenJeremy SachsRoss Alexander LarsonAriel PerlinBrian Thomas FosselmanEddie MinMichael Dale McMannonThomas John Shea, JrAndrew TorossianMeaghan Nicole DemallieCara VazquezElizabeth Chandler Brailsford BrownAustin BostockMatthew Howard GeisslerNate NortonNikhil Ajay DeshpandeJulia JainTing HuangAlexander Luis San JoseAlice Elizabeth Fitting

Jacqueline Dorothy YociusMorgan SonntagErin E. GraceMackenzie Marie KurthMelanie OrtizLauren Nicole KiddJessica Beth LevingerBeth Ann DavisPatrizia Della GiustinaAlisha TungareHasika SarathyTara Nicole ComstockVarsha KrishnakumarTom MannancherySapta PatnaikVinay KhemkaSanjeet CalangutcarVaidehi Waman JoshiAashish ChuttaniJulie SchusterJohn MoisonJustine CarlsonNitin AswaniEvan Bernard CummingsDaniel Edward WalshJulian ChengToru TokoyodaJessie ChenXiaotian WangSophia Wenting GuoNancy Paniagua PellizzariFarhan AshrafGaurav KumarYuxia HanYong LiuPratik AgrawalMichelle Elizabeth KimeAmy Kathleen KlockengaDavid Han Shin

Thomas Patrick McGrathIngrid Newell WattsKaty Clune VanvlietNathan OnchuckArun Sanjiv GokhaleLouis TheodorAndri TeneqexhiChristopher Michael SiposDaniel Urbina-McCarthyJason Daniel FosterShari D. FeltyAniko Johanna BermanNicole Vercellino CampbellFabiana Schell SanziMelissa Erin ShumacherKay Boakye-YiadomRory PavachGeoffrey Charles SadekKenneth Kwang-Hyun SuhRanjith GopalakrishnanGrace LinHariff DaviesGeetha PilliPriyanka KharatGuohua XiaAnthony ZhuBenjamin Michael McKayTeddy NiedermaierJames Michael UlsethManik PasrichaAlexander Brian SayersChristian De Almeida Solon De MelloJordan DonnerJohn Jefferys-WhiteAlejandro RinconVadim SagalchikEric SpigelmanVijay VeeraJianwei GuBrian Andrew KleinLudwick AlexisKyle Sweeney

Pietro Veronesi
Rajan
院長,以下介紹的學生在高等研究中作出了傑出學術貢獻,並且撰寫了一篇對研究領域知識有所貢獻的論文。我很榮幸能夠代表芝加哥大學布斯商學院,向他們頒授哲學博士學位。我們歡迎他們加入學者之列,並且期待他們未來對各自領域的貢獻。

司儀:
Eliot Asher Abrams

司儀:
Gursharan Singh Bhue

Pietro Veronesi    
Gursharan
Sufi教授授帶。

司儀:
Shirsho Biswas

Pietro Veronesi
Shirsho Chintagunta教授授帶。

司儀:
Jianfei Cao

Pietro Veronesi
Jianfei Hansen教授授帶。

司儀:
Connor James Dowd

Pietro Veronesi
Connor Hansen教授授帶。

司儀:
David Andrew Finer

Pietro Veronesi
David 由何教授授帶。

司儀:
Ali Goli

Pietro Veronesi
Ali Chintagunta教授授帶。

司儀:
Samuel David Hirschman

Pietro Veronesi
Samuel Sussman教授授帶。

司儀:
Yewon Kim

Pietro Veronesi
Yewon Misra教授授帶。

司儀:
Shohini Kundu

Pietro Veronesi
Shohini Kashyap教授授帶。

司儀:
Lisa Yao Liu

Pietro Veronesi
Yao Christensen教授授帶。

司儀:
Shirley Lu

Pietro Veronesi
Shirley Christensen教授授帶。

司儀:
Yao Lu

Pietro Veronesi
Yao Sapra教授授帶。

司儀:
Olivia Richardson Natan

Pietro Veronesi
Olivia Dube教授授帶。

司儀:
Kariyushi Rao

Pietro Veronesi
Kariyushi Hastie教授授帶。

司儀:
Hee Kwon Seo

Pietro Veronesi
Hee Kwon Syverson教授授帶。

司儀:
Ana-Maria Tenekedjieva

Pietro Veronesi
Ana-Maria Sufi教授授帶。

以下介紹的學生在高等研究中作出了傑出學術貢獻,並且撰寫了一篇對研究領域知識有所貢獻的論文。我很榮幸能夠代表芝加哥大學布斯商學院和社會科學系,介紹金融經濟學哲學博士學位得主。

司儀:
Jian Li

Pietro Veronesi
Jian 由何教授授帶。

Pietro Veronesi
范軼然獲追授為金融經濟學哲學博士。何教授現在將說幾句話,紀念范軼然。

何治國:
何治國,芝加哥大學布斯商學院金融學教授。 202119日,我們所有人,連同整個芝加哥大學社群,都深深為范軼然悲慘且令人心碎的遭遇所震驚。他是金融經濟學聯合博士課程的四年級學生。在大家的印象中,他是個非常有才華的學生,深受同學尊敬,並廣獲愛戴。Lars Hansen和我都認為軼然是個年輕、有活力、但思想成熟的學者,他在幾個重要的課題上留下了深具潛力的作品。我們仔細閱讀了軼然的三篇論文,發現其中兩篇已經超出博士學位的要求。

追授博士學位是對軼然的⋯⋯對不起。是對軼然作為成熟學者的認可,讓他在聯合課程畢業生中佔一席位。我們與Veronica GuerrieriDoron Ravid組成了四人委員會,在202132日代表軼然進行了正式的論文答辯。軼然為芝加哥大學留下了三份禮物。

第一份禮物是范軼然紀念獎,紀念范軼然和他連結師生研究社群所作的貢獻。我很高興宣佈第一位獲獎者是聯合課程的三年級學生Sangmin Oh。第二份禮物是范軼然金融經濟學聯合博士課程紀念基金,由范軼然去世後眾多捐贈者所資助,將用於支付博士生津貼。第三,感謝《政治經濟學期刊》編輯部,范軼然的其中一篇論文章節將發表在其八月份的期刊上。

我們無法挽救一條年輕有為的生命,但我深信已經在大學的金融經濟學學者社群中,留下了他的印記,謝謝。

Pietro Veronesi
以下介紹的學生在高等研究中作出了傑出學術貢獻,並且撰寫了一篇對研究領域知識有所貢獻的論文。我很榮幸能夠代表芝加哥大學布斯商學院和社會科學系,介紹心理學及商業哲學博士學位得主。

司儀:
Ka Ying Becky Lau

Pietro Veronesi
Ka Ying Kashyap教授授帶。

司儀:
Anirudh Tiwathia

Pietro Veronesi
Anirudh Hastie教授授帶。

司儀:
請起立唱校歌。

請就座。

Madhav Rajan
芝加哥大學第534屆畢業典禮布斯商學院證書頒授和授帶儀式到此結束。感謝大家參加今天的典禮。我謹代表大學和芝加哥布斯商學院的教職員,向各位畢業生及其家人和朋友致以最美好的祝願。

典禮將要結束,請應屆畢業生起立。恭喜各位,你們現在已經成為芝加哥大學布斯商學院的畢業生。為著各位的成就,我們今天與各位的家人和朋友共聚歡慶,你們各位都將永遠與芝加哥大學有所連結,希望你我在未來的許多年月中仍會保持連繫。非常感謝各位

 

司仪:
请起立,欢迎全体教职员进场。

Jessica Jaggers
欢迎来到芝加哥大学第534届毕业典礼布斯商学院证书颁授仪式。我们很高兴你们能来到现场,与今天即将毕业的同学一起庆祝众人的成就。请坐。 

Madhav Rajan
下午好。欢迎各位参加这个授予学术认可及庆祝个人成就的盛典。2021年的毕业生,今天是你们的大日子。谢谢你们。这当然是个欢庆成就的日子,但同时也是表达谢意,重申志向,以及让学校与体现其价值的独特社群好好反思的日子。我们学生的个人成就不仅建基于个人努力,也有赖同学、家人、朋友和同事的支持。我要向今天在座各位和所有未能到场的人,感谢你们为支持各位同学而作出的牺牲。

我也要感谢各位副院长和教职员,感谢他们教导及支持又一批成功的布斯商学院毕业生。同时也要感谢我们的教师讲者,Sigmund Edelstone市场营销学教授Jean Pierre Dubé,以及嘉宾讲者暨布斯商学院校友,NowPow首席執行官和共同有人Rachel Kohler,感谢他们临分享想法和建议。

最后,我要感谢本届的毕业生。你们不论在学术上,还是社会上,都是布斯商学院的优秀成员。你们在这趟艰辛旅程中所付出的努力,以及在这段充满挑战的时期所展现的坚韧、专注,还有贡献社会的心,实在令人留下深刻印象。你们的同理心、能屈能伸、建议和愿意服务他人的精神对我来说别具意义,在前路未明的逆境中,我深深受到学校社群的力量和创意所鼓舞。感谢你们选择就读布斯商学院,也感谢你们为学校社群作出如此大的贡献。

芝加哥大学布斯商学院既依靠学生参与,亦仰赖教职员的学术研究。作为院长,我总喜欢跟人夸奖这两个群体的卓越表现,但我认为最让我们与众不同的,是我们独特的社群。这个社群的文化建立在一系列价值观之上,而这些价值观又体现在我们个人和集体的每个行动之中。在芝加哥布斯商学院,我们相信为了培养及支持杰出人才成为商业领袖,必须确保学生清楚掌握基本知识,以及在现实世界中具备应用这些概念的思辨能力。因此,我们有双重使命:生产影响力深远的知识,并且影响及教育当今和未来的领袖。

布斯商学院最重要的资产就是我们世界一流的教职员,他们提出影响全球的开创想法。根据芝加哥大学的传统,这包括提出及回答有关世界如何运作的重要问题,从而增进我们对世界的理解,作出更好的决策。不论是建构理论解释及预测现实世界的现象,运用数据测试理论,包括使用现代大数据或机器为主的运算方法,还是参考理论作出现实世界的决策,全都是芝加哥大学优秀过人之处。

第二,我们透过提供卓越教育或其他方式,如书籍、演讲活动、学校刊物和其他渠道等,传播知识,影响世界。近年来,我们的教职员撰写了不少令人惊艳且深具影响力的书籍,如Amir Sufi的《穷人为什么变得更穷(House of Debt》、Richard Thaler的《推力:决定你的健康、财富与快乐(Nudge》和Nick Epley的《为什么我们经常误解人心?(Mindwise》,就是其中数例。

在座各位都获得世界第一的商学院录取,现在从中毕业。想想看,仅仅是进入布斯商学院就已经是一大成就,更何况是像你们现在这样在课程中取得优秀成绩。你们是极少数拥有这种机会的人,应该足够给你们很大的信心,相信你们有能力在所选的道路上大放异彩。

最后,我鼓励你们将毕业视作这段关系的开始,而非终结。希望你们能成为学校与彼此之间的终生合作伙伴。你们现在加入了一个由全球超过55000名布斯商学院校友组成的社群,你愿意让社群变得多强大,它就有多强大。

投放时间连系社群网络,并且透过金钱甚或许多其他重要方式回馈学校的人,都会发现这样的体验非常有价值,不仅仅带来财富成功和职涯目标,还能收获朋友,帮助他人及建立社群。这个社群并不限于芝加哥布斯商学院以内。你们亦将加入庞大而有影响力的芝加哥大学校友网络。我们承诺为你们提供一系列多元机会,继续维系你们与学校的关系,从而丰富你们的职涯经验和人生。最后,恭喜各位取得令人赞叹的成就,祝愿你们在追求梦想的过程中一切顺利,芝加哥布斯商学院的各位会永远支持你们。谢谢。

Doug Skinner现在,我很荣幸能向各位介绍J.P. Dubé教授,他将在今天下午发表毕业典礼演讲。Dubé先生是Sigmund Edelstone市场营销学教授,也是Kilts市场营销研究中心总监、国家经济研究局助理研究员和市场科学研究所的学术理事。Dubé教授的研究兴趣为产业组织与定量营销的相互关系。他曾进行实证研究,探讨消费者品牌偏好的形成、定价和价格歧视、广告和食品沙漠——他确实有告诉我那是食物「沙漠」,不是「甜点」,好,大家都有在听,谢谢你们——食品沙漠与营养政策,以及错误信息对消费者需求的影响。他在2005年获得布斯商学院兼读课程的卓越教学奖,并在2016年获得布斯商学院的凤凰奖,以表扬他对广大学生社群的课外贡献。他在2000年加入芝加哥布斯商学院的教授团队。   

让我们一起欢迎J.P. Dubé教授。

J.P. Dubé
谢谢Skinner院长。

哇,真的很热。我是加拿大人,不太习惯这样,而且太阳也很耀眼。不,我打算照样戴眼镜,试试看怎么样。

大家,我要首先向我们2021年的毕业生说声恭喜,干得好。我们刚刚度过了我们人生中最具挑战性的一年。深深感谢你们的家人在如此恶劣的条件下,依然支持各位同学。感谢你们所有人。老实说,我实在很高兴能够在这里亲自向在座各位道贺,庆祝同学取得工商管理硕士学位,这样的成就在如此环境下,更令人感到钦佩。不管是好是坏,这次疫情就像大多数危机一样,迫使我们认真反思工作和生活的意义。

顺带一提,其实公司也是如此。自去年3月底彻底实施居家工作政策以来,世界各地的企业突然发现自己面临终极的社会考验。你的公司代表了什么价值?企业如何在社会上有所作为?你的产品健康吗?成分是否天然,并且透过公平劳动和可持续供应链所得?产品品牌形象是否包括社区弱势社群所秉持的价值观?竞争策略又是否符合道德和公平原则?简而言之,企业和产品品牌的社会形象是什么?有些企业成功过渡,许多公司则惨败收场。平心而论,现在判断没有通过社会考验的企业和品牌会遭受什么长远影响还为时过早。但实在很抱歉,是时候要面对了,我们已经进入了市场营销的时代。

缺乏胜任工作的领导者可能是当今公司推行成功营销策略的最大障碍。从好的方面看,超过80%的首席執行官声称市场营销是业务增长的关键因素。另一边厢,事实令人沮丧,首席营销官的离职率在过去十年不断上升。首席营销官的任期目前都是高层主管中最短的。80%的首席執行官不信任其首席营销官。相较之下,只有10%首席執行官不信任其首席财务官。听着,如果你在两年前问我这个问题,我会大肆谈论缺乏良好分析与营销培训及营销决策和支出问责制度的问题。对了,我依然坚持此项观点。现在市场缺少能够以实证为本领导营销团队,并且作出科学决策的首席营销官。

但我现在要补足以上观点:在可持续市场营销方面,同样缺乏胜任的领导者。不论你喜欢与否,公司都需要调整目标,包括社会使命和社会身份。市场营销不仅仅是跟公司的短期利润相关。营销人员需要领导团队,创建符合社会需要的营销使命,并且传达公司及品牌的价值主张。营销人员亦需提供与企业身份相关的问责指标。我可以看到你们当中有些人已经面有难色。我是一个彻头彻尾的芝加哥学派经济学家,至今已有21年。所以是的,我完全清楚Milton Friedman提出了与企业相关的弗里德曼学说。企业的社会责任是为了增加利润。这点经常被曲解。

有些人得出结论,指出企业的唯一责任是对其股东负责。表面上说,企业没有社会责任。真的对不起,在利益相关者重视社会企业身份的时代,社会责任正成为长远盈利能力的代名词。随着影响力投资快速增长,我们可以看见许多股东确实重视社会影响,也不要忘记就在两周前,埃克森美孚(ExxonMobil)公司才发生了令人惊讶的股东反抗事件。不过,长远的盈利能力亦意味着公司必须考虑所有利益相关者,不仅仅是股东、客户、员工、供应商,还有社区。宝洁公司的首席可持续发展官最近提醒我们,大自然也是利益相关者之一,因为环境法规和资源供应的限制也影响着我们的供应链。

支付环境永续产品和包装的高额开销,实际上是对永续采购主要原材料的长期投资。卡夫亨氏(Kraft Heinz)承诺到了2025年,将生产100%可回收和/或可生物降解的包装。最近埃克森的股东行动,亦反映了股东对供应链管理不善的风险和其在气候变化下公众形象的担忧。随着政府继续限制排放和其他不利环境的做法,较早采用可扩增永续供应链的企业将享有长远优势。好,说完股东,那么其他利益相关者呢?数据告诉我们什么?在疫情之前,年轻一代的消费者已经开始远离传统品牌,我在自己的研究中,曾经证明这些品牌在半个多世纪以来,一直占据我们的茶水间、车库和办公室。

在我最近对美国精酿啤酒领域的研究中,我发现自2005年以来,全国性大品牌总共流失15个百分点的啤酒销售份额,而在2011年至2015年期间,大型消费品牌总共被精酿啤酒制造商占据180亿美元的市场份额。他们是谁?这些精酿啤酒制造商是谁?这些品牌的规模较小,承诺秉持更高质量的人手工艺标准,采用可持续本地采购,而且具备讨好的社会形象。首席营销官的调查发现,在疫症期间,其中一个最常观察到消费者行为变化,就是对企业做善事的肯定。在疫症之前,即使在2019年,爱德曼全球信任度调查报告——我们说的是全世界的消费者——发现消费者的信任相当影响购买意欲,与质量、价值和便利等因素的重要性相若。

事实上,在2020年,71%的受访者表示,将利润凌驾人民的品牌和企业将永远失去他们的信任。去年,爱德曼得出结论,指出大部份欧洲公司需要加倍努力强调其营商使命,以便在疫情后重获消费者信任。而在亚太市场,几乎60%的消费者自称自己为应对疫情而尝试使用新品牌。在某些情况下,社会友善的企业形象对消费者需求非常重要,对收入和收入增长亦然。我们再看看员工。逾五成的千禧世代劳动力正考虑离开或计划离开工作岗位,60%受访者对新工作机会持开放态度。这比其他任何一个世代的员工忠诚度都要低得惊人。

千禧世代不只是为了薪水而工作,而是为了使命和目的。他们当然有很多使命和目的可以追求,但其中一个是其企业在社区和社会中扮演的角色。有意思的是,而这跟你们有关,布斯商学院的招聘人员告诉我们,我们的工商管理硕士(MBA)学生有实际访问招聘人员,了解其企业的优先考虑和社会责任措施。而我们一个主要同行的MBA课程发现,超过90%MBA学生愿意放弃财务利益,为于企业社会责任和道德方面声誉良好的公司工作。德勤会计师事务所发现,面对薪酬福利相近的工作,美国人通常会选择多少有支持慈善事务的公司。总而言之,社会友善的企业形象亦与人力资源策略相辅相成,让企业能够在竞争日益激烈的劳动力市场中雇用顶尖人才。

因此,让我们想想这对我们的利益相关者有什么启示。消费者和员工看重真诚且出一分力帮助世界的企业和品牌。那么何谓真诚的正向营销?那是什么一回事?怎样为之真诚?坦白说,大多数利益相关者根本无法验证企业举措有何实在的社会影响。这意味着真诚度通常透过公司行动体现,而非语言。所以真诚不能只流于空谈、浮夸的新闻稿、如有机天然等无法核实的包装声明、保证,或者提供多元共融工作场所的空洞承诺。不要忘记星巴克也曾经尝试让所有咖啡师在每杯出售的咖啡上写上「种族团结」,最后失败收场,适得其反。为什么会这样?

因为在大众看来,行动与现实脱节,星巴克没有了解及解决社会议题,也没有损失什么。真诚是透过行动公开可见的成本体现的。举个例子,多芬(Dove)和整个创意产品组合的冒险大改造之中,包括了不同体型和种族的女性,并且去除了照片处理。不少人认为这是市场营销一个很好的例子。你们有人可能会指出Nike2018年发生的不幸事件。在其30周年Just Do It宣传项目与Colin Kaepernick合作后,品牌遭到抵制,股价暴跌。各位,这就是代价。这样做风险很高,而且代价高昂。值得注意的是在一年后,他们的销售继续蓬勃增长,与他们推出宣传项目的前一天相比,市场份额上升了8%。我在这里想说的是,向顾客展现真诚使命的代价其实相当高昂。

我的研究中测量了率先引起消费者共鸣的品牌几十年來的长远优势,而我实在相信正确的社会品牌形象确实具有长远价值。正向营销已经成为现代企业长期盈利能力和长远竞争优势的代名词,是一项投资,打造对所有利益相关者而言真诚可信的公众形象。今天,成功的首席营销官透过各种关系网络促进正向营销。其中一些是内部关系,例如市场营销、财务、营运和人力资源,但同时也有对外的关系,特别是展示予所有利益相关者的公共形象,而不仅仅是股东。因此,21世纪营销领导力的重点不仅仅是我在教学中非常重视的数据和分析,也包括透过这种关系网络管理公共形象。

现代首席营销官的下一目标,就是成为首席執行官。我迫不及待想看到在座所有应届的布斯毕业生坐在首席執行官的位置上,让大家引以为傲。感谢大家,并恭喜各位。

Starr Marcello现在,我要介绍芝加哥大学布斯商学院的演讲嘉宾,1989年毕业的Rachel KohlerKohler女士拥有30多年的商业经验,包括从事投资银行、管理咨询和综合管理,她在创新科技企业NowPow担任首席執行官,透过向大众提供保健和长寿相关的重要信息,为缺乏服务的社区提供资源。她亦是社会影响力投资企业KoHop Ventures LLC的负责人,专注为有需要的人提供简易技术解决方案。Kohler女士是Kohler Co.和科勒基金会的董事会成员,也在芝加哥大学、芝加哥大学医学中心和麦克莱恩临床医学伦理中心担任理事。   

她亦有担任LPMC基金会的董事会成员,该基金会是支援芝加哥服务不足地区举办青少年音乐教育项目的公共慈善机构。她也是MAPSCorps的董事会成员,拥有普林斯顿大学学士学位和芝加哥布斯商学院MBA学位。有请Rachel Kohler

Rachel Kohler
恭喜各位毕业生。能够亲自来到军人球场庆祝这天,实在令人兴奋,但最特别的是能与你们同在。你们很快就会发现,我是一个非常喜欢挨苦的人,而你们也确实做到了这一点。在疫情期间,你们获得了芝加哥大学布斯商学院的学位,同时兼顾工作和家庭责任,实在要向你们致敬。但我猜想你们当中许多人是为了未来道路更确定,而开始攻读这个高等学位,所以我接下来要讲的内容可能会让你们感到惊讶。我希望你们现在正处于人生中最自在舒坦的时候,因为从现在开始,你们的人生只会愈来愈不舒坦。经过过去一年,这可能是你最不想听到的事情。我明白。但从现在开始,不舒坦就是你的前进之路,也是唯一的前进之路,这就是为什么我希望你们永远感到不舒坦和不确定,并且生活于不安而非安逸之中。

你们将手执芝加哥大学学位,致力解决当今时代一些最重大的问题。问题是,你们并不会解决到其中的大多数问题。相反,你将要处理问题当中的悖论。世界变得愈来愈复杂,大多数决定都不再是非此即彼。我们正在迅速转变为矛盾并存的时代,关键工作是拥抱和持守压力。说得更具体一点。作为三子之母,我一直在独立与安全的考量之间挣扎。没有什么比第一次在湖滨大道上,看着儿子坐在司机座掌控方向盘更有意义的了。我看到有父母在笑。是的,我们在商业世界中同样看到这种矛盾与对立:质量与速度、舍弃与持有、企业与个人、全球与本地、稳定与变化,以及目的与利润。

我曾在拥有140年历史的私营企业工作20年,企业建立在创新传统的悖论之上,既要特立独行,也决不可失掉底线。现在我要创立医疗信息技术企业时,也需要面对巨大的矛盾:一个拥有最先进药物的国家,却有着最糟糕的健康成效。而作为女性技术企业的首席執行官,公司以多元共融为傲,我也要处理这种承诺带来的矛盾。我们取得了了不起的成就,公司超过40%员工为有色人种,超过60%为女性。然而,这样丰富多元的工作环境让我们意识到,我们对真正实现共融所需的东西了解甚少。当我回顾自己不甚舒坦的职业生涯时,我想到了三则建议。我相信这些建议对现在的你们来说会很有帮助。

第一,主动参与艰苦和孤独的事情。从小到大,当别人不举手的时候,我就会举手参与。是的,这确实让我有时看起来像个怪人,但许多好事都因这种冲动而起,一直引领我走过我的职业生涯。我在投资银行工作期间,主动参与了垃圾债券部门的工作,当时大多数分析师都向往在声誉更良好的领域工作。毕业后,我在运营重组咨询部门工作,这基本上是削减成本的雅称。我一直偏好在大多数人认为风险过高的企业工作。年月过去,我发现这些经验是无价的,不但使你对自己的应对技能充满信心,同时也激发了创造力,并且让人建立起协助他人应对变化的能力。

我的第二则建议是,对转型抱持开放态度。在成为社会企业家之前,我从事过三种不同职业,而且可能不止于此。令人高兴的是,职业转型正成为常态,你们和年轻一代正打破跳槽的污名,婴儿潮世代也逐渐觉醒。而且这不仅是指转换公司,也跟转换行业和职业有关。转型让我们有机会能够体验不同工作环境和社群,加强灵活度,巩固学习,并且更有效建立关系。当然,这些体验也能培养谦逊的态度。

最后,我的第三则建议是,不要把销售看作是下流的词语。是的,这可能听起来很老套,但现实中领导者大多都在从事销售。不幸的是,我访问过许多年轻人,他们都对销售工作不屑一顾。

我看过有企业会尽量避免将工作称为销售工作,这实在是太糟糕了。销售工作能让人获益良多,磨练你倾听他人所重视之事的能力,并且精进沟通技巧,当然还有培养坚毅精神和磋商能力。这些元素都有助你从非此即彼过渡到矛盾并存的状态时,找到平衡。

那么这些经验如何体现在我今天的生活中呢?我现在正在经历第四次转型,担任NowPow的首席執行官。这是一家牟利的社会企业,处理健康不受医疗保健保障的大问题。为了变得更健康,并且保持健康,我们需要许多其他资源,包括营养丰富的食物、精神健康支持、安全住房等等,我们称之为健康的社会决定因素,对人类健康的重要性不亚于医疗保健。

这个现实情况是我在NowPow工作的动力,我们致力将人与社区内促进健康的资源联系起来,演活知识就是力量的真谛。为了达成使命,我在过去六年,几乎每天都担任推销员,吸引人才、投资者,当然还有客户。我可以很自豪地说,我们现在在15个州分,支持共8万名专业护理人员用户,并且提供超过300万次转诊服务。我们有大客户,包括一些⋯⋯谢谢大家。我喜欢这样,掌声可以再大一点。谢谢大家。

我们的大客户包括美国医疗保健领域的一些大公司。而在芝加哥,我们的技术平台上共有900家机构。在创立初创企业的过程中,我发现矛盾丰富如昔。要获得资金,你需要客户;为了获得客户,你需要资金。要扩大规模,你需要做一些不会规模化的事情。认证客户和优秀人才想肯定你的业务基础扎实;但要确保业务基础扎实,你需要客户认证和优秀人才。

所以,是的,我遵循了自己的建议。生活每一天都充满不安,而我也因此变得更好,成为一个更好的首席執行官、更好的思考家、更好的学习者、更好的父母和更好的人。

但我学会了善用我在芝加哥大学的社交网络,我希望你也是如此。这个社交网络使我的NowPow之旅不再孤单。我相濡以沫近30年的丈夫Mark Hoplamazian是布斯商学院的毕业生;商业伙伴Stacy Lindau博士是芝加哥大学毕业的医生和科学家;还有伟大的顾问亦是布斯商学院的Rob Gertner。有人会说,所谓思想成熟就是能够忍受不确定性,这句话出自英国历史学家和数学家John Finley,也毫无悬念是我最喜欢的一句话。对我来说,入读布斯商学院是走向思想成熟的关键一步。布斯商学院使我本人和自身思想变得更加成熟,赋予我坚忍的信心,赐我一生勇气跨步前行,走出框框,并且行动起来:面对困难,面对转型,还有自豪地说我在做销售工作。

我们的国家面临复杂而庞大的问题,需要领导人带领我们走出矛盾,让我们创造双赢的结果。

所以我希望你们能拥抱这种强烈的不安,甚至享受其中。我知道这种感觉将带来巨大转变,你也不例外。

谢谢大家,并再次恭贺各位。

Jessica Jaggers
在开始介绍毕业生之前,请各位注意毕业典礼程序中所列的荣誉奖项,也请各位尊重毕业生。虽然我们理解大家希望在听到毕业生名字时发声表达喜悦,但这样做会影响接下来宣布毕业生名字的工作。

芝加哥大学布斯商学院副院长现在将在在座的学者、家人、朋友和同事面前,向院长介绍工商管理硕士、哲学博士、金融经济学哲学博士以及心理学及商业哲学博士的学位得主,所有课程均芝加哥大学布斯商学院提供。

Starr Marcello
Rajan院长,这些学生已经完成布斯商学院规定的专业进修课程。2021年度毕业生离开学校之时,将会变得更为强大,致力促进他人福祉,秉承提出创新见解,鼓励讨论的学院传统。我们相信他们有能力向前迈进,追求各自领域中最远大的志向。我非常高兴和自豪能介绍这些获颁工商管理硕士学位的领袖。 

司仪:
Zachary Samuel TaylorKenya D. WalkerWendy Kelly PapakostandiniChristopher A. JimenezShane Kenneth FeelySean Robert SmithJeffrey Paul LefevreAnne Rose MartinAlita Bilquis HaqueJordan Michael SandsGerardo ChaquingaGian Paul HandalMatthew Richard HaeskeJie FuKate MaMatthew DrummyHelen WeiChristine A. DurbinYumiko IgarashiAshley Marie WalshDavid Thomas StoryAndrew Harris ChungThien LeAtri SenManmeet SinghRitu Chakrawarty

Mark Donald WeberJiayi LinMichael Isaac SteingoldGanesh SrinivasanAlex KoganClaire Atkins PedersenNikhil NandaMark SchleckerShyam Sundar SrinivasanMatthew Scully RauhNoah D. HimmelPaulo BlancDaniel J. BergKunal JainLorenzo AndreaniNeda SharifaeiHana HolodniakSonali AdityaMariam Saad SaleebChristopher John KraeutleElliot Thomas KuklenskiGeorge StephenJose Alexander RestituyoOtto HansenMatthew Clark

Stephanie Marie SorensenJaclyn CarrAkhila IrukuErica Lynn ReetzAlexandra Marie NelsonMatthew John LemanskiNathan LipskyJoseph William HoranCraig James Chval, JrColin O’Donnell ArmstrongMatthew Robert WickerEthan FantTina DjengeFarley Abraham ZeleeDominic GoPatrick Eugene StauntonMichael James TokophDale Daniel GoodloeAdriano Zelazowski PereiraOmid RazaviSy ChakrabortyMichael VulaKristin Maria VulaWilliam Edward KolbukAdam J. ZayedQi HeAjay Ram SheshachalamPrasenjit BanerjeeMichael William AlpogianisAron Presley LoweNitender GoyalScott William EllisGregory Joseph HartDaniel Moore Abu EidYi WeiJoe O’ConnorHarrison N. FreundKalyan AreyBharat Purandar DasMeenakshi LakshmananDwip ShahAnum HaqueSuresh SekarAngad Singh Chopra

Sidharth MalikFaheem DarAndrea Elizabeth Van Den HaakAllison Sheppart NokesNeha AshokDiana LeeGenesis GastelumKevin TrippelRatn Priya SinghAnita NandakumarChristian Conrad SerenaMaxwell Louis SchaeferThomas CoanThomas Adam SotoGuy StevensAnindo BanerjeePatrick Thomas WeberChristopher D. PrattJimmy Vanderbosch ZuercherRoserry ShinDip MajumderAndy NgPritam Pradeep DasChong TaoLucy ChengCassandra MolitorisMargarita ShapiroJae KoTashfeen IslamCameron Mackenzie SchulzeBridget SandersMatt BrozovicWilliam CalderwoodKevin Alexander ChambersEric Michael WeinsteinMatthew Clayton WolfBianca NiaziJingran LiuJohn LiuAlejandro Mabasa TyZhengwei XuYuanbo GuoZhengguo ChuShreyas PawaleDivya InagantiRohini Reddy MaramErick HouYiye ZhouRobert GallianiJohn ComfortCJ BacherAlexander Ernest Storer

Darren CohenRobert Kitman BarmeyerWilliam Frederick SweeJohn Patrick SweeThomas Michael SozziBrandon Michael RolfesJoseph Elias TripolitakisSimon Alexander BernickRobert Francis Niehais IIIKaushik BasnetMatt JipsonAzizunnisha AbuPaige FreeseKaley Nicole NeesonJasmine Kaja ShellsKatherine Paige Skeith PincusLinda Louise PantaleEmily CarrollTaylor BarkerJenna Rose NizamoffPeter BanasMichael KoehlerJeffrey Brian QuinlanJames BehmEthan MarineDan BristowAnthony GreifJuan PerezGaurav VijayDominic VallosioPrafulla Pandurang BhalekarJordan Ross SalinsSteven LampertJoshua MintzerJoshua LeyensonThomas Patrick RaffertyShi Susie YinYe TaoHannah Clancy Joselyn ManthiriVidhya Vinoodhini BalasubramanianChris BrownBrian Minhui ZhuRenat A. ZalovJimena Figueroa

Brendan Christopher LeeRyan Kimball WadeSpencer Wayne Clarke-ReichmuthEric WintersRoberto Angel Tapia Del ValleMatthew StachoFiona KennedyChristopher Ryan HooverUsman Zia KhanMichael GrassoAustin TeermanRichard Frank Tolisano, JrCharles Edward NealBrendan Robert ScottChristian ComptonKatherin Lorraine ErnstLauren Ann LavanAvinash VellankiLeo MindyukDaniel Joseph HanakOladoyin Adewuyi OldaderuChristian Michael EfkenJeremy SachsRoss Alexander LarsonAriel PerlinBrian Thomas FosselmanEddie MinMichael Dale McMannonThomas John Shea, JrAndrew TorossianMeaghan Nicole DemallieCara VazquezElizabeth Chandler Brailsford BrownAustin BostockMatthew Howard GeisslerNate NortonNikhil Ajay DeshpandeJulia JainTing HuangAlexander Luis San JoseAlice Elizabeth Fitting

Jacqueline Dorothy YociusMorgan SonntagErin E. GraceMackenzie Marie KurthMelanie OrtizLauren Nicole KiddJessica Beth LevingerBeth Ann DavisPatrizia Della GiustinaAlisha TungareHasika SarathyTara Nicole ComstockVarsha KrishnakumarTom MannancherySapta PatnaikVinay KhemkaSanjeet CalangutcarVaidehi Waman JoshiAashish ChuttaniJulie SchusterJohn MoisonJustine CarlsonNitin AswaniEvan Bernard CummingsDaniel Edward WalshJulian ChengToru TokoyodaJessie ChenXiaotian WangSophia Wenting GuoNancy Paniagua PellizzariFarhan AshrafGaurav KumarYuxia HanYong LiuPratik AgrawalMichelle Elizabeth KimeAmy Kathleen KlockengaDavid Han Shin

Thomas Patrick McGrathIngrid Newell WattsKaty Clune VanvlietNathan OnchuckArun Sanjiv GokhaleLouis TheodorAndri TeneqexhiChristopher Michael SiposDaniel Urbina-McCarthyJason Daniel FosterShari D. FeltyAniko Johanna BermanNicole Vercellino CampbellFabiana Schell SanziMelissa Erin ShumacherKay Boakye-YiadomRory PavachGeoffrey Charles SadekKenneth Kwang-Hyun SuhRanjith GopalakrishnanGrace LinHariff DaviesGeetha PilliPriyanka KharatGuohua XiaAnthony ZhuBenjamin Michael McKayTeddy NiedermaierJames Michael UlsethManik PasrichaAlexander Brian SayersChristian De Almeida Solon De MelloJordan DonnerJohn Jefferys-WhiteAlejandro RinconVadim SagalchikEric SpigelmanVijay VeeraJianwei GuBrian Andrew KleinLudwick AlexisKyle Sweeney

Pietro Veronesi
Rajan
院长,以下介绍的学生在高等研究中作出了杰出学术贡献,并且撰写了一篇对研究领域知识有所贡献的论文。我很荣幸能够代表芝加哥大学布斯商学院,向他们颁授哲学博士学位。欢迎他们加入学者之列,并且期待他们未来对各自领域的贡献。

司仪:
Eliot Asher Abrams

司仪:
Gursharan Singh Bhue

Pietro Veronesi
GursharanSufi教授授带。    

司仪:
Shirsho Biswas

Pietro Veronesi
Shirsho
Chintagunta教授授带。

司仪:
Jianfei Cao

Pietro Veronesi
Jianfei
Hansen教授授带。

司仪:
Connor James Dowd

Pietro Veronesi
Connor
Hansen教授授带。

司仪:
David Andrew Finer

Pietro Veronesi
David
由何教授授带。

司仪:
Ali Goli

Pietro Veronesi
Ali
Chintagunta教授授带。

司仪:
Samuel David Hirschman

Pietro Veronesi
Samuel
Sussman教授授带。

司仪:
Yewon Kim

Pietro Veronesi
Yewon
Misra教授授带。

司仪:
Shohini Kundu

Pietro Veronesi
Shohini
Kashyap教授授带。

司仪:
Lisa Yao Liu

Pietro Veronesi
Yao
Christensen教授授带。

司仪:
Shirley Lu

Pietro Veronesi
Shirley
Christensen教授授带。

司仪:
Yao Lu

Pietro Veronesi
Yao
Sapra教授授带。

司仪:
Olivia Richardson Natan

Pietro Veronesi
Olivia
Dube教授授带。

司仪:
Kariyushi Rao

Pietro Veronesi
Kariyushi
Hastie教授授带。

司仪:
Hee Kwon Seo

Pietro Veronesi
Hee Kwon
Syverson教授授带。

司仪:
Ana-Maria Tenekedjieva

Pietro Veronesi
Ana-Maria
Sufi教授授带。

以下介绍的学生在高等研究中作出了杰出学术贡献,并且撰写了一篇对研究领域知识有所贡献的论文。我很荣幸能够代表芝加哥大学布斯商学院和社会科学系,介绍金融经济学哲学博士学位得主。

司仪:
Jian Li

Pietro Veronesi
Jian
由何教授授带。

Pietro Veronesi
范轶然获追授为金融经济学哲学博士。何教授现在将说几句话,纪念范轶然。

何治国:
何治国,芝加哥布斯商学院金融学教授。202119日,我们所有人,连同整个芝加哥大学社群,都深深为范轶然悲惨且令人心碎的遭遇所震惊。他是金融经济学联合博士课程的四年级学生。在大家的印象中,他是个非常有才华的学生,深受同学尊敬,并受到所有认识他的人所爱戴。Lars Hansen和我都认为轶然是个年轻、有活力、但思想成熟的学者,他在几个重要的课题上留下了深具潜力的作品。我们仔细阅读了轶然的三篇论文,发现其中两篇已经超出博士学位的要求。

授予追授博士学位是对轶然的⋯⋯对不起。是对轶然作为成熟学者的认可,让他在联合课程毕业生中占一席位。Veronica GuerrieriDoron Ravid组成了四人委员会,在202132日代表轶然进行了正式的论文答辩。轶然为芝加哥大学留下了三份礼物。

第一份礼物是范轶然纪念奖,纪念范轶然和他连结师生研究社群所作的贡献。我很高兴宣布第一位获奖者是联合课程的三年级学生Sangmin Oh。第二份礼物是范轶然金融经济学联合博士课程纪念基金,由范轶然去世后众多捐赠者所资助,将用于支付博士生津贴。第三,感谢《政治经济学期刊》编辑部,范轶然的其中一篇论文章节将发表在其八月份的期刊上。

我们无法挽救一条年轻有为的生命,但我深信轶然已经在大学的金融经济学学者社群中,留下了他的印记,谢谢。

Pietro Veronesi
以下介绍的学生在高等研究中作出了杰出学术贡献,并且撰写了一篇对研究领域知识有所贡献的论文。我很荣幸能够代表芝加哥大学布斯商学院和社会科学系,介绍心理学及商业哲学博士学位得主。

司仪:
Ka Ying Becky Lau

Pietro Veronesi
Ka Ying
Kashyap教授授带。

司仪:
Anirudh Tiwathia

Pietro Veronesi
AnirudhHastie教授授带。

司仪:
请起立唱校歌。

请坐。

Madhav Rajan
芝加哥大学第534届毕业典礼布斯商学院证书颁授和授带仪式到此结束。感谢大家参加今天的典礼。我谨代表大学和芝加哥大学布斯商学院的教职员,向各位毕业生及其家人和朋友致以最美好的祝愿。

典礼将要结束,请应届毕业生起立。恭喜各位,你们现在已经成为芝加哥大学布斯商学院的毕业生。为着各位的成就,我们今天与各位的家人和朋友共聚欢庆,你们各位都将永远与芝加哥大学有所连结,希望你我在未来的许多年月中仍会保持连系。非常感谢各位。

 

Share this page