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– Faculty News
Prof. Karen Brenner on the JPMorgan shareholder vote for Jamie Dimon to remain both chairman & CEO
May 21, 2013
Excerpt from CNBC -- "I think in general, the idea of having split roles can be a good thing, but that doesn't obviate the need to think through the particulars of every single case. And in this case, there is absolutely no reason to call for splitting the roles. The company has performed in a stellar fashion and even when it suffered the loss from the London trade, the company was forthright in dealing with the problem. So I think that's the best you can expect from any company."
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Excerpt from Bloomberg -- "There’s nothing wrong with Apple taking advantage of tax loopholes. Where Apple has screwed up here, is bragging about it and raising the concern and complaining about it. If you’re able to have some of the lowest tax rates in the world, while being the most profitable company in the world, you don’t go in front of Congress to complain about it…He [Apple CEO Tim Cook] is justifiably going to get mauled in front of Congress."
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Excerpt from National Review Online -- "In 'The Cost Disease,' the economist William Baumol observes that in 2005, U.S. health care spending per capita was $6,400 while all other spending per capita was $35,400. He projects that if growth in output continues at its historical average while growth in medical expenditures does the same over the next century, health care spending per capita in 2105 will be $213,000 while all other spending per capita will be $130,000."
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– Faculty News
Prof. Emeritus Michael Moses outlines the return on investment on contemporary art
May 20, 2013
Excerpt from Forbes -- "Michael Moses, co-founder of the Mei Moses Art Indices and Beautiful Asset Advisors, shared repeat sales data with me from the post-war and contemporary day and evening sales held at Sotheby’s and Christie’s last week, or in other words, data drawn from the lots that had appeared at auction before. The average compound annual return on the repeat sales during these auctions was 10.4%. ‘This was a really strong set of sales,' says Moses. 'They don’t get much stronger than this. Nor were there any really outsized returns that would skew the results.'”
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Excerpt from the New Yorker -- "In the mid-nineteen-sixties, two economists, William J. Baumol and William G. Bowen, diagnosed a “cost disease” in industries like education, and the theory continues to inform thinking about pressure in the system."
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– Faculty News
Prof. Adam Alter discusses the psychology of color, from his book, "Drunk Tank Pink"
May 19, 2013
Excerpt from CBS Sunday Morning -- "'Some of the researchers believe that it's biological in origin -- that there's something about the way this color interacts with our eyes and with our brains and with our physiology to weaken us,' said Alter. 'I think another alternative is that it's just based on the association.'"
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– Faculty News
In an op-ed, Prof. Thomas Sargent outlines the history of US fiscal prioritization
May 19, 2013
Excerpt from VoxEU -- "This is hardly the first time that the US government has faced the question of whether it should discriminate among its different promises (see Hall and Sargent 2013). In 1868, immediately following the Civil War, the US faced what seemed a crushing debt burden with outstanding Treasury obligations exceeding 35% of GDP."
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– Faculty News
In an op-ed, Prof. Michael Spence explains the need for a balanced growth agenda
May 18, 2013
Excerpt from Project Syndicate -- "If public-sector deleveraging is not a complete growth policy – and it isn’t – why is there so much attention on fiscal austerity and so little action (as opposed to lip service) on growth and employment?"
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– Faculty News
Prof. Rosa Abrantes-Metz on the vulnerabilities in Platts's price-reporting methods
May 17, 2013
Excerpt from CNNMoney -- "'If you put in a price that is a bit off, you can affect the benchmark in a meaningful way, particularly because there just aren't that many transactions at the end of the day,' she said. 'You may try and move Platts in a particular way and lose in that transaction, but then gain, by moving the index, in a larger transaction on the opposite side or on your derivatives position.'"
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– Faculty News
Prof. Michael Posner on why some companies have not signed Bangladesh safety agreements
May 16, 2013
Excerpt from Financial Times -- "Michael Posner, a professor at New York University’s Stern business school, said the reluctance of some companies stemmed from 'a judgment that they don’t bear ultimate responsibility because they don’t own or operate factories.'"
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Excerpt from Bloomberg -- "Certainly, Michael Dell and Carl Icahn's two plans are very, very different for what the vision for the company is and everyone and the board and the shareholders needs to decide which path they want to go down."
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Excerpt from Financial Times -- "David Yermack, a professor of finance and business transformation at New York University’s Stern School of Business, and co-authors, Tanja Artiga González and Markus Schmid of the University of St Gallen in Switzerland, examine more than 200 US companies accused by governments of price-fixing between 1986 and 2010."
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– Faculty News
Prof. Arun Sundararajan explains the need for data collection in the sharing economy
May 16, 2013
Excerpt from Boston Magazine -- "'I think there is the growing realization that some portion of your business, in a number of industries, is going to involve a shared product rather than an owned asset,' he said. 'Now companies have to say, well, after I sell my product to my customers, are they using it efficiently? Because if they’re not using it efficiently, can I be sure that some sharing economy marketplace isn’t gonna come along and offer them a more efficient substitute?'”
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– Faculty News
Dean Peter Henry explains the changes the U.S. can make to achieve prosperity
May 15, 2013
Excerpt from PBS -- "I think there's no easy road to getting to the point of having the populous trust you. So we have to get there by making decisions -- for instance, invest in education, because think about the transformation of the world economy. The United States has become a service-driven economy. And so in order for us to deliver prosperity, we need to make sure that our citizens are in a position to benefit from the knowledge economy. But that means making the fundamental investments, for instance, in education."
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Excerpt from Bloomberg -- "No one does catch-up better than Google. They have this army of engineers. They're not afraid to innovate and put stuff out that's not perfect and then do one of two things: make it work or kill it. So if you're Pandora or Spotify, this is a scary day."
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– Faculty News
Dean Peter Henry explains the contributions of emerging markets to global economic growth
May 15, 2013
Excerpt from Big Think -- "So what we have is an imbalance... an imbalance between economic importance in global GDP and economic voice in the setting of the global economic agenda. And so what’s required for the future is a rebalancing of this mismatch."
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Excerpt from Bloomberg -- "Lawrence White, an economics professor at New York University’s Stern School of Business, said the SEC should eliminate a requirement that companies rate at least 10 percent of the transactions they view on the website. 'It only serves to inhibit potential raters from even looking at the existing bundles of information,' White said."
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– Faculty News
Prof. Michael Posner on the Bangladesh safety agreement signed by European retailers
May 14, 2013
Excerpt from Reuters -- "Mike Posner, a professor of business and human rights at New York University's Stern School of Business, in an email said agreement to a legally binding accord by major European retailers has put U.S. retailers under pressure. 'The onus is now on American brands to step up to the plate,' he said."
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– Faculty News
Prof. Lawrence White on Senator Al Franken's proposal on ratings agencies
May 14, 2013
Excerpt from Marketplace -- "'One has to have a high level of confidence that this independent board would get it right,' said Lawrence White, a professor of economics at New York University's Stern School of Business, when asked about Franken's proposal."
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Excerpt from Bloomberg Businessweek -- "Whether a musical campaign is a good strategy in New York is another question. The city and the subway stations beneath it are already bursting with unusual acts—from mariachi bands to opera duets and break dancers. Some busy locals have grown to either ignore or dislike all the clamor. Working in its favor is the Oreo event’s location and size. 'Union Square is a place where people naturally congregate, so you’ll reach them. The added benefit is the news coverage,' says Craig. 'The challenge for Oreo is it’s a 100-year-old brand. How do you keep it fresh, relevant, exciting? This is one way to break through the clutter.'"
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Excerpt from NPR -- "It's creepy. It's not quite wiretapping but it feels like a first cousin to wiretapping."
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– Faculty News
In an op-ed, Dean Peter Henry explains what we can learn about reinvention from Jamaica
May 13, 2013
Excerpt from Quartz -- "It is tempting to dismiss these microbusinesses that function outside the formal economy. But the ability to build something new from broken pieces is precisely the skill that business leaders in the United States, Europe, and other advanced nations need to renew prosperity. It’s time to take a page from the Jamaican pushcart playbook."
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Excerpt from The Wall Street Journal -- "Lawrence J. White, a professor at New York University's Stern School of Business, says the SEC should make information available to rating firms under 17(g)5 accessible to investors as well. Mr. White says incremental changes to rating-industry practices are far more likely than an overhaul. 'There wasn't going to be major change," he says. "It wasn't going to happen quickly. It's not going to happen now.'"
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Excerpt from Financial Times -- “'What we need is not bigger or smaller government for growth, but narrower and stronger government,' says Paul Romer, the growth economist."
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Excerpt from Fresh Outlook -- "I think retailers in general, especially retailers with a large physical presence, will benefit. I also think the very large online retailers such as Amazon have already compromised and are paying the taxes for the last couple of years and they also are better equipped to know all the details of every zip code and how much tax they should calculate and so on, so these are going to be the main beneficiaries."
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