NYU Stern
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    Excerpt from The Australian -- "Michael Posner, a former State Department human rights official in Barack Obama’s first term, said the detailed accounts of physical and emotional abuse inflicted on prisoners by the CIA would have 'longstanding consequences in terms of reinforcing the need for oversight of the intelligence agencies'."
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    On Monday, December 15, the NYU Stern Center for Business and Human Rights and the United States Council for International Business will co-host an open dialogue on President Obama’s recently announced National Action Plan on Responsible Business Conduct.
  • – Faculty News

    Prof. Joshua Ronen on accounting reform

    December 13, 2014
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    Excerpt from The Economist -- "The most elegant solution comes from Joshua Ronen, a professor at New York University. He suggests 'financial statements insurance', in which firms would buy coverage to protect shareholders against losses from accounting errors, and insurers would then hire auditors to assess the odds of a mis-statement. The proposal neatly aligns the incentives of auditors and shareholders—an insurer would probably offer generous bonuses for discovering fraud. Unfortunately, no insurer has offered such coverage voluntarily. New regulation may be needed to encourage it."
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    Excerpt from MSNBC -- "'Increasingly, platforms like these are going to be the source of creating new work,' which could create tension between states or cities with tougher or looser regulations, Sundararajan said. 'It will be a conversation of "do we want to constrain the platforms in the interest of consumer protection or do we want them to let them flourish in the interest of work creation?"'"
  • Linkedin logo
    Excerpt from LinkedIn -- "But last night, I was reading an enlightening book, The Righteous Mind: Why Good People are Divided by Politics and Religion, by Jonathan Haidt. I thought the book was about the politics of the left and right, but it’s more about how we make any type of important life decisions. From a hiring perspective, the big 'aha' moment for me was that people are programmed to make instantaneous intuitive judgments for just about everything and then look for evidence to justify them. According to Haidt and his years of research, it’s at the core of our evolutionary human nature. Given the fact that intuition drives reasoning, I offer the following techniques for preventing bad hiring decisions due to the impact of first impressions."
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    Excerpt from Salt Lake Tribune -- "The desire for parking in a private garage or driveway appears to trump other so-called 'smart growth' choices, putting residents of the wider Salt Lake Valley at odds with urban land-use trends now gaining national popularity. Smart growth strategies include higher density development, reduced use of land and water, neighborhood designs that encourage walkability and access to public transit."
  • – Faculty News

    Prof. Nicholas Economides discusses Greece's economy

    December 11, 2014
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    Excerpt from Bloomberg -- "The austerity measures worked. In fact, Greece has a balanced budget. It even has a surplus, so that worked very well. The real problem is that people are very unhappy that their incomes have declined. There is a five-year recession and there is a lot of support for an opposition party, which, given the intricacies of the parliamentary system in Greece, might have a chance to be elected in March or so. And that has, of course, slumped the market because that left-wing party doesn't have any reasonable policies."
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    Excerpt from Forbes -- "The Google/Luxottica partnership is a brilliant one. Google glasses speak to technology but not fashion and Luxottica’s brands speak to fashion and not tech. The partnership will result in attractive Google glasses that could be purchased based on looks alone, and the cutting edge technology can give Luxottica brands a reason for purchase that justifies a premium price. Luxottica’s glasses are increasingly being undercut on price by retailers such as Costco, TJ Maxx and Warby Parker."
  • – Research Center Events

    Stern's Urbanization Project Hosts the Brown Bag Discussion Series

    December 11, 2014
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    The Urbanization Project’s Brown Bag Discussion Series brings together students, scholars, and practitioners from NYU and NYC to talk with featured guests about their ongoing urban-related work.
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    Excerpt from Science 2.0 -- "A recent economic model by Ben Hermalin, of the UC Berkeley Haas Economics Analysis and Policy Group, and Nicholas Economides, of NYU'S Stern School of Business, finds there is little reason to think broadband traffic congestion will improve if the Federal Communications Commission abandons net neutrality."
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    Excerpt from Business Insider -- "Looking back as 2014 winds to a close, I see that a lot has changed in the world economy this year. For example, there is a new perception of the role of technology. Innovators and tech CEOs both seem positively giddy with optimism. And while it is true that some wondrous opportunities may lie ahead, there are also dangers to be wary of as we look to the future."
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    Excerpt from Yahoo! Finance -- "Roubini predicts that global growth will increase slightly next year. He sees growth in developed economies mediocre but within emerging markets things will be very stratified—some will remain fragile (China and much of Asia), but others will do very well. 'Those that are benefiting from being importers and those that aren’t linked to China and instead to the United States,' he says. He singles out India, Indonesia and Mexico as nations that will see vast growth."
  • forbes logo feature
    Excerpt from Forbes -- "As chief investment strategist of $1.5 billion (assets) IndexIQ (which New York Life Insurance Co. just agreed to buy) Whitelaw is attempting to replicate hedge fund strategies on the cheap with combinations of ETFs. Underlying this effort is his belief that there’s a good reason to own hedge funds: Their performance isn’t correlated with the ups and downs of the rest of your portfolio because they invest in alternative markets (or strategies) most retail investors don’t have access to."
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    Excerpt from Bloomberg -- "'The Bank of Japan's effort to weaken the yen is a beggar-thy-neighbor approach that is inducing policy reactions throughout Asia and around the world,' Nouriel Roubini warned in a recent op-ed. 'Central banks in China, South Korea, Taiwan, Singapore, and Thailand, fearful of losing competitiveness relative to Japan, are easing their own monetary policies, or will soon ease more.'"
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    Excerpt from CityLab -- "Because of the substandard conditions connected to such settlements, most planners would indeed like to alter that pattern, by laying out, for example, a grid of streets and sidewalks and infrastructure in advance of growth—a recommendation of Shlomo 'Solly' Angel in his work on the Atlas of Urban Expansion, a partnership of the NYU Stern Urbanization Project, UN-HABITAT, and the Lincoln Institute of Land Policy. The model is the way that future growth was planned for Manhattan, or Barcelona."
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    Excerpt from The Huffington Post -- "As NYU Stern students move into leadership positions, they have the power to significantly impact companies and industries as they bring with them a new paradigm for leadership that helps create a new 'bottom line,' exemplifying compassion, self-awareness, courage, and resilience personally, interpersonally, and organizationally. The Institute for Mindful Leadership, which develops and delivers mindful leadership training to leaders in a range of organizations around the world -- corporate, nonprofit, academic, government and military -- is a natural partner in this."
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    Excerpt from AFP -- "'We are transitioning to an economy where more people are providing a service using a platform' such as Uber, he told a forum in Washington this week. 'We need to see what the market provides so that any government intervention is surgical. So it is not there when the market is taking care of itself.'"
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    Excerpt from The Daily Star -- "'The inspection of some factories that were outside the purview of Accord and Alliance are being carried out under the National Action Plan. It is necessary to discuss how they will carry on remediation,' said Sarah Labowitz, co-director of NY University Stern Centre for Business and Human Rights. 'I hope that real discussions will take place on the practical solutions to how finance comes to small and medium sized factories.'"
    Excerpt from The New York Times -- "'The demand is starting to dry up,' said David L. Yermack, a professor of finance at New York University’s Stern School of Business. 'I think a lot of the excitement may have bled out of investors."
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    Excerpt from Bloomberg -- "The regulations that we have today for hotels, for taxis... they were built for an old sharing economy in which we hail yellow cabs, in which we call black car services, we stay at hotels... So now we've got the digital platforms. We've got someone who's sort of sitting in between the person who's providing you with the service and the person who's demanding the service. And so I think we should give that entity some of the responsibility that we used to call on the government for."
  • – Faculty News

    Prof. Joseph Foudy discusses distribution center jobs

    December 9, 2014
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    Excerpt from The Atlantic -- "The fact these new jobs pay so little, and are often staffed through 'temporary' arrangements, means that any supposed economic 'gains' brought about by their arrival are precarious.'This [DCs] could create short-term jobs, but I see no sort of long-term or even medium-term benefit or clustering effect for the local economy out of this,' says Foudy."
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    Excerpt from Bloomberg -- "I think it's a misunderstanding of the way the system works. It's a meritocratic system with almost imperial-like sort of bureaucracy guiding the economy through transitions as it becomes a market economy... Most banks are state-owned at some level. Historically, they have not been strictly market-oriented. They do the government's bidding when it's important... They are a different breed of animal."
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    Excerpt from Roll Call -- "'We may thus need to figure out new ways of funding capital contributions to society,' Sundararajan said. 'In the long run, the sharing economy also calls into question the logic of some existing taxes like hotel taxes.'"
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    Excerpt from Financial Times -- "Another worry, as pointed out by Stephen Cecchetti and Kermit Schoenholtz in their blog Money, Banking and Financial Markets, is that if much of the loss-absorbing debt is held by leveraged investors such as hedge funds then there is a risk of contagion across the financial system and back to banks."
  • financial news logo feature
    Excerpt from Financial News -- "China is the 'miracle economy' of today. It has much in common with the centralised, export-led economy of Japan before 1990. And it is vulnerable to similar sorts of asset bubbles that can devastate its economic momentum and progress."