2016

Stories related to "Faculty."

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Meet the Dean

Incoming dean Madhav V. Rajan shares his personal story and lays out his vision for Chicago Booth’s future—including the critical role that Booth’s global alumni network plays in building on the school’s successes. Chicago Booth Magazine: You’ve called yourself a “lifelong learner.” Can you take us back and share an anecdote about a moment in your childhood or school years that sparked your interest in business and/or academia? How can Booth instill a similar love for learning in future generations? Dean Rajan: Steve Jobs famously noted that you can only connect the dots looking backward, and that is certainly true in my case. I did not think through or plan out my career. My decision to study business for my undergraduate degree was based purely on the fact that my older brothers were engineers and I wanted to learn something different. I then moved to pursue a master’s degree at Carnegie Mellon University, for the simple reason that my father worked in Pittsburgh. I did well in my first-year courses and was approached by a faculty member, who asked whether I had considered doing a PhD. I had not, but he persuaded me by noting that I would get paid to study, which seemed an amazing concept! This particular professor was in accounting, and that’s how I ended up in that field. However, Carnegie was unique in not having an economics department separate from the business school. Every student in accounting, economics, and finance did virtually the same coursework. Looking back, I have benefited immensely from the breadth of study and interdisciplinary training I received at Carnegie. Even then I wasn’t sure I would become an academic. Many of my PhD friends ended up in consulting, and I always thought the same would happen to me. But I liked academic research and teaching and was successful at it, so when I got a job offer from Wharton, it was an opportunity to keep going. Coming to Booth, I am firmly of the view that the school should support lifelong learning for its alumni. Two years ago, the school launched Back to Booth, which are short, nondegree classes for alumni. These courses provide opportunities to relive the Booth classroom experience with fellow alumni, and to learn about the latest ideas from faculty across the school. I cannot imagine a better way for alumni to keep connected with the school and to continue to learn from our great instructors and the latest ideas they are working on.

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Why Is Productivity Stuck in Neutral?

When we talk about the global economy, we tend to turn to automotive metaphors. A recession brings things to a “screeching halt.” Boom times are said to be “in overdrive,” to have “found a higher gear.” And since the recession, one of the major components of the economy has been stuck in neutral. According to the Conference Board, productivity has barely budged since 2007, was flat in 2014 and 2015, and fell last year. We asked professor Chad Syverson, alumnus Matt Tracey, and Executive MBA student Crystal Lam to tell us why it’s stuck and what might kick it into gear. Chad Syverson, J. Baum Harris Professor of Economics, is the author of “Challenges to Mismeasurement Explanations for the US Productivity Slowdown,” published in the spring 2017 issue of the Journal of Economic Perspectives: Is productivity stuck in neutral? The short answer is yes. It’s been slow for the last decade—truly slow, not mismeasuredly slow or illusorily slow. The mismeasurement hypothesis says that although productivity has been slow since the mid-2000s, that isn’t real. The hypothesis argues that what’s actually going on is that our ability to measure economic growth has gotten worse. New things that people like and use a lot—Google, Facebook, Snapchat—are all free. We calculate GDP by adding up what people spend money on. Those things don’t show up because they’re free, so it looks like output per worker hour isn’t going up much. In my recent paper I asked, if that’s true, what else would it be true of? The patterns I found were consistent with an actual productivity slowdown rather than with mismeasurement.

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Reconnect Revisited

Reconnect encapsulates the Booth experience: heart-warming, laughter-filled moments with old friends, classmates, professors, and staff. A recharge of the rigorous Chicago Approach in Back to the Classroom sessions with brilliant faculty—and no exams to worry about! Cutting-edge business insights at Management Conference. It’s an enriching weekend that strengthens the bonds across Booth generations. This year’s reunion welcomed more than 2,000 attendees from across the country and around the world, facilitated by enthusiastic alumni volunteers. Boothies reconnected over Chicago’s world-class cuisine at Friday night class dinners sprinkled all around the Windy City. Saturday’s homecoming, a family-friendly BBQ, brought together Booth graduates at Harper Center and on the quad. Alumni clamored to get back in touch with the Booth spirit of inquiry at Back to the Classroom sessions on topics ranging from blockchain technology with Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance and Charles M. Harper Faculty Fellow Luigi Zingales, to innovation and entrepreneurship with adjunct professor of entrepreneurship Ellen A. Rudnick, ’73, and Polsky Center executive director Starr Marcello, MA ’04, MBA ’17. At Management Conference, Chicago Cubs executive chairman Tom Ricketts, AB ’88, MBA ’93, not only celebrated his 25-year Booth reunion; he also gave the conference’s keynote address—and may well have been the only Reconnect attendee with a World Series ring. <br/>

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Improving Your Outlook

Randy Bellows, ’88 (XP-57), has been attending Economic Outlook for a decade. Established in 1954 as Business Forecast, Chicago Booth’s annual event provides a forum for professors to evaluate emerging trends and share key insights about where our economy is headed. Having retired after a long career as an ophthalmologist, Bellows is an avid investor, and he considers the event one of his most important resources for information—which was his motivation to attend both the Chicago and New York events last January. “Booth faculty are a step ahead of the ordinary media,” said Bellows. “These people are leaders whom I respect, and when I have the privilege of sitting in front of them and hearing what they have to say, it’s valuable enough that I sit there, take notes, and look at those notes all year long.” At the two sessions, with over 1,300 total attendees, leading Booth economists discussed critical issues facing the global economy. They shared their insights into the outlook for Wall Street and Main Street 10 years after the financial crisis, and discussed whether we might be headed toward another. The events were covered by a number of media outlets, including CNBC, Financial Advisor, and the Chicago Tribune. During the event in New York, John Authers, senior investment commentator for the Financial Times, moderated a discussion between Randall S. Kroszner, Norman R. Bobins Professor of Economics; and Erik Hurst, V. Duane Rath Professor of Economics and John E. Jeuck Faculty Fellow. Both economists said they anticipate strong growth this year, and neither believe there to be a threat of inflation or recession on the immediate horizon.<br/>

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Reaching a New Breed of Consumer

The Approach: Since 2016, professors Pradeep K. Chintagunta and Lil Mohan have been cohelming Digital Marketing for Executives, a three-day Executive Education course offered at Gleacher Center in downtown Chicago. Like other open-enrollment courses at Booth, it offers a chance for executives to take a step back from their day-to-day responsibilities in order to sharpen their skills and keep up with the evolving business landscape.<br/>About three-fourths of those who sign up come from traditional verticals. It’s the remaining fourth, though, that help keep it eclectic. “I had a participant who worked for a large cosmetics company and another who was the CEO of a money-transfer business between here and Mexico,” Chintagunta recalled. For many, the course is their first Booth experience, and they find themselves learning alongside peers with diverse experiences—between two and three each session are over 60 years old, Chintagunta said. Mohan, a renowned entrepreneur, teaches the framework and brings the applied perspective, while Chintagunta delves into the analytical topics. The Preparation: Participants are asked to read a few thought-starter articles beforehand, including Think with Google’s “How Mobile Has Changed How People Get Things Done: New Consumer Behaviour Data” and Harvard Business Review’s “Competing on Customer Journeys.” They also complete a short questionnaire so that Chintagunta and Mohan know what role the participants play in their organization and what they hope to get out of the course. The Curriculum and Case Studies: In the first hour, the executives are assigned a team project to devise a holistic digital marketing strategy that they must complete and present to Chintagunta and Mohan on the final day. “I tell them not to pick a strategy for the whole, giant company,” Mohan said. “Instead, pick a division of the company and put yourself in the position where you can actually make a decision and make it happen within a 60-day window.” Teams generally meet up after hours to design and fine-tune their strategies, as classroom time is devoted to several modules on what’s new and what’s next in the field. Mohan takes the lead on lessons, especially those relating to models and frameworks, content marketing, search marketing, mobile marketing, social-media, and omni-channel marketing. <br/>