Experience Faculty & Research

Excerpt from a Reuters video -- "Across a couple of research studies we've found that people put about twice as much money into a hypothetical retirement account when they're exposed images of their future selves compared to when they're not." Read More

• Biography: Professor Hal Hershfield
• Department: Marketing

Excerpt from Barron's -- "Lev empirically proves the parental admonition that honesty is the best policy. In a company's case, honesty without delay will almost always result in better stock performance over time than evasion and obfuscation." Read More

• Biography: Professor Baruch Lev
• Department: Accounting

Excerpt from Bloomberg -- "In a recent paper, Clifford Asness, Lasse Pedersen and I showed that applying value (using long-term five-year return performance of the asset class) and momentum (using performance over the past year) to assets as diverse as government bonds, equity index futures, commodities and currencies produces strikingly similar results to those for individual stocks." Read More

• Biography: Professor Lasse Pedersen
• Department: Finance

Excerpt from The Huffington Post -- "Infosys (NASDAQ: INFY), the global technology company based in India, has measured the value of its human capital - a method co-developed by Professor Baruch Lev of NYU-Stern's School of Business - in its public and transparent annual reports for the past four years." Read More

• Biography: Professor Baruch Lev
• Department: Accounting

Excerpt from Financial Times -- "In their paper, 'Deriving the pricing power of product features by mining consumer reviews,' published in Management Science, Anindya Ghose and Panagiotis Ipeirotis, associate professors in Stern’s department of information, operations and management sciences and Nikolay Archak a doctoral student, aim to estimate the 'economic impact of user-generated product reviews by identifying the weight that consumers put on individual evaluations and product features and estimating the overall impact of review text on sales.'" Read More

• Biography: Professor Anindya Ghose & Professor Panos Ipeirotis
• Department: Information, Operations and Management Sciences

Excerpt from The New York Times -- “Neither the public nor economists foresaw that the [deregulation of savings and loans was] bound to produce looting. The regulators … who understood what was happening from the beginning found lukewarm support, at best, for their cause." Read More

• Biography: Professor Paul Romer
• Department: Economics

Excerpt from The Economist -- "['Guaranteed to Fail'] offers two useful things ... The first is a comparison of America’s mortgage system with those of other countries. Few have anything like the same level of state support, yet many have comparable levels of home ownership and housing affordability." Read More

• Biography: Professor Viral Acharya, Professor Matthew Richardson, Professor Stijn Van Nieuwerburgh, Professor Lawrence White
• Department: Economics, Finance
• Additional Links: Guaranteed to Fail

Excerpt from SmartMoney -- "Some research has found that the best-performing stocks over long periods are in the "sinful" categories like tobacco, says Marcin Kacperczyk, an assistant professor of finance at New York University's Stern School of Business." Read More

• Biography: Professor Marcin Kacperczyk
• Department: Finance

Excerpt from The Huffington Post Canada -- "Along with NYU's Elizabeth Boyle, Shapira co-authored 'The Liability of Leading: Battling Aspiration and Survival Goals in the Jeopardy! Tournament of Champions,' which appeared last month in the journal 'Organization Science.'" Read More

• Biography: Professor Elizabeth Boyle, Professor Zur Shapira
• Department: Management and Organizations

Excerpt from The Globe and Mail -- "What is interesting is that the rivalry is often thought of as a motivating force, as benefiting performance, but I also have some research to suggest that it can have a dark side." Read More

• Biography: Professor Gavin Kilduff
• Department: Management and Organizations

Excerpt from Business Standard -- "Professor Acharya draws two implications, and I agree with both. The first is that the natural tendency of a government-supported institution will be to take on risky behaviour, and strong supervision is needed to counteract these tendencies." Read More

• Biography: Professor Viral Acharya
• Department: Finance

Excerpt from The Wall Street Journal -- "Thomas J. Sargent of New York University and Christopher A. Sims of Princeton University were honored Monday 'for their empirical research on cause and effect in the macroeconomy,' said the Royal Swedish Academy of Sciences, which awards the prize." Read More

• Biography: Professor Thomas Sargent
• Department: Economics
• Official Press Release: NYU's Sargent Wins 2011 Nobel Prize in Economics

Excerpt from Financial Times -- "Co-author Gavin Kilduff of New York University’s Stern School of Business told me that publicity for the game could further stoke up the antagonism. But the study also warns that intense corporate rivalry, as distinct from mere competition, 'opens up the possibility of economically irrational behaviour' including 'an unwillingness to co-operate with rivals even when it is instrumentally beneficial.'" Read More

• Biography: Professor Gavin Kildiff
• Department: Management and Organizations

Excerpt from Adweek -- "There’s a stronger correlation than we anticipated between digital IQ and revenue growth and, ultimately, shareholder value.” Read More

• Biography: Professor Scott Galloway
• Department: Marketing

Excerpt from The Wall Street Journal -- "The least-volatile quintile of the 1,000 biggest stocks in the U.S. returned 10.2% annually from 1968 to 2010, while the most-volatile quintile gained 6.6%, according to Brendan Bradley of Acadian Asset Management in Boston, who earlier this year published a study on the returns of low-volatility stocks with Malcolm Baker of Harvard University and Jeffrey Wurgler of New York University." Read More

• Biography: Professor Jeffrey Wurgler
• Department: Finance

Excerpt from Financial Times -- "Devised by the US academic Edward Altman in the 1960s, [the Z-score] seeks out common financial characteristics among firms that have gone bust, and then looks for those characteristics among existing firms." Read More

• Biography: Professor Edward Altman
• Department: Finance

Excerpt from The Wall Street Journal -- "The authors found that the more power the employees had, the less likely they were to take coworkers' advice." Read More

• Biography: Professor Kelly See, Professor Elizabeth Morrison
• Department: Management and Organizations

Excerpt from Bloomberg -- "'Guaranteed to Fail' by Viral V. Acharya, Matthew Richardson, Stijn Van Nieuwerburgh and Lawrence J. White (Princeton). Four professors at New York University’s Stern School of Business explain how Fannie Mae and Freddie Mac got so big and why we must fix them." Read More

• Biography: Professor Viral Acharya, Professor Matthew Richardson, Professor Stign Van Nieuwerburgh, Professor Lawrence White
• Department: Economics, Finance
• Additional Links: Guaranteed to Fail

Excerpt from The Wall Street Journal -- "Richard Sylla, economic historian and professor of economics at New York University's Stern School of Business, talks with WSJ's E.S. Browning about his formula for predicting market performance." Read More

• Biography: Professor Richard Sylla
• Department: Economics

Excerpt from Reuters Breaking Views -- "Americans should be outraged at the architecture of the nation’s mortgage finance system. It was a primary cause of the financial crisis and at the center of this system were Fannie Mae and Freddie Mac, the mortgage finance giants." Read More

• Biography: Professor Viral Acharya, Professor Matthew Richardson, Professor Stign Van Nieuwerburgh, Professor Lawrence White
• Department: Economics, Finance
• Additional Links: Guaranteed to Fail

Excerpt from TIME Moneyland -- "In the most remarkable demonstration of this idea, they found that people enjoy watching TV shows more when they are interrupted by commercials than when they’re free of ads." Read More

• Biography: Professor Tom Meyvis
• Department: Marketing

Excerpt from Bloomberg Businessweek -- "Wealthy investors who can afford to are more likely to put money directly in hedge funds instead of going through fund of funds since some fund of funds were tainted by scandal related to Bernard L. Madoff, poor performance and a high rate of failure during the financial crisis, said Stephen Brown." Read More

• Biography: Professor Stephen Brown
• Department: Finance

Excerpt from Fortune -- "Pusillanimous managers complain that they're forced to make these cuts by short-term oriented investors. But research by New York University's Baruch Lev and others shows that it isn't so." Read More

• Biography: Professor Baruch Lev
• Department: Accounting

Excerpt from Forbes -- "'Once you’re in a position of power, it tends to make you more confident in your decisions,' explains See." Read More

• Biography: Professor Kelly See, Professor Elizabeth Morrison
• Department: Management and Organizations

Excerpt from Forbes -- "We examine whether investors benefit from 'selective access' to corporate managers, which we define as the opportunity for investors to meet privately with management in individual or small-group settings." Read More

• Biography: Professor Michael Jung
• Department: Accounting

Excerpt from Woman's Wear Daily -- "'To be at the top of the pack, you have to make investments in social and mobile. You have to be at the forefront of digital investments, Galloway said.'" Read More

• Biography: Professor Scott Galloway
• Department: Marketing

Excerpt from NPR: All Things Considered -- "Our long-term proposal is to reduce the extent of home ownership subsidies that we are providing, so wind down Fannie Mae and Freddie Mac in the long run, and second, remove the tax deductibility of mortgage interest rates so we are not distorting the system to over-borrow on houses." Read More

• Biography: Professor Viral Acharya
• Department: Finance

Excerpt from The Wall Street Journal -- "The result, as Lawrence J. White, an economics professor at New York University's Stern School of Business, put it in a paper last year, was that financial groups 'could satisfy the safety requirements of their regulators by just heeding the ratings, rather than their own evaluations of the risks of the bonds.'" Read More

• Biography: Professor Lawrence White
• Department: Economics

Excerpt from SmartMoney -- "But research by Thomas Philippon, a finance professor at New York University's Stern School of Business, shows there has been surprisingly strong variation in the relative importance of banks in the economy." Read More

• Biography: Professor Thomas Philippon
• Department: Finance

Excerpt from Financial Times (German Edition) -- "If all investors really behave as so-called rational agents, the average returns and the volatility of market prices would be a whole lot lower," says Thomas Mertens. Read More

• Biography: Professor Thomas Mertens
• Department: Finance

Excerpt from Financial Times -- "Until last year policymakers could always produce a new rabbit from their hat to trigger asset reflation and economic recovery. Zero policy rates, QE1, QE2, credit easing, fiscal stimulus, ring-fencing, liquidity provision to the tune of trillions of dollars and bailing out banks and financial institutions – all have been tried. But now we have run out of rabbits to reveal." Read More

• Biography: Nouriel Roubini
• Department: Economics

On The Daily Show, Prof. Matthew Richardson discusses Fannie Mae and Freddie Mac from Guaranteed to Fail, co-authored with Profs Viral Acharya, Stijn Van Nieuwerburgh and Lawrence White. Read More

• Biography: Professors Viral Acharya, Matthew Richardson, Stijn Van Nieuwerburgh, Lawrence White
• Department: Economics, Finance
• Additional Links: Guaranteed to Fail

Excerpt from TIME -- "Companies have little incentive to invest in technologies that save on labor or otherwise increase the competitiveness of the labor-intensive value-added activities in advanced economies. In short, companies' private interest (profit) and the public's interest (employment) do not align perfectly. These conditions might not last: if growth continues to be high in emerging economies, in two or three decades there will be less cheap labor available there. But two or three decades is a long time." Read More

• Biography: Professor Michael Spence
• Department: Economics

Excerpt from The Economist -- "Because a haircut or a restaurant meal has to be delivered in person, there is almost no potential to exploit economies of scale and to export. People consume more services not when technological advance lowers their price but when they have reached a level of affluence that satisfies most of their other needs. Indeed William Baumol* famously argued in the 1960s that as countries grew richer and their citizens became keener on buying services, their productivity growth would inevitably slow."

*Baumol, William J (1967), “Macroeconomics of Unbalanced Growth: the Anatomy of Urban Crisis”, American Economic Review, 57(3):415-426. Read More

• Biography: Professor William Baumol
• Department: Economics

Excerpt from The Economist -- "It may seem obvious that faster economic growth should translate into higher equity returns. So it was quite an upset when academics found some years ago that this had not been the case in advanced countries over the 20th century. A subsequent paper* discovered that the story was similar for developing economies as well."

*“Growth and Returns in Emerging Markets”, by Peter Blair Henry and Prakash Kannan of Stanford University, June 2006.
Read More

• Biography: Dean Peter Henry

Excerpt from Bloomberg -- "Nobel laureate George Akerlof and Paul Romer wrote a classic article in 1993. The title captured their findings: “Looting: the Economic Underworld of Bankruptcy for Profit.” Akerlof and Romer explained how bank CEOs can use accounting fraud to create a “sure thing” in the form of record short- term income, generated by making low-quality loans at a premium yield while making only minimal reserve allowances for losses. While it lasts, this fictional income allows the chief executive officer to loot the bank, which then fails, and walk away wealthy." Read More

• Biography: Professor Paul Romer
• Department: Economics