• On July 1, NYU Stern Professor and former Insurance Superintendent for New York State Eric Dinallo appeared before the Financial Crisis Inquiry Commission for a hearing on the role of derivatives in the financial crisis, specifically with respect to AIG. Professor Dinallo was Superintendent of the New York State Insurance Department from 2007-09, including the time of AIG’s financial troubles and the US financial crisis.
  • According to a new, first-of-its-kind study released today by NYU Stern, digital competency is the key to success in the world’s fastest growing market, China. The study ranks the digital competence of 100 prestige brands in China, scoring each brand against more than 100 qualitative and quantitative data points, and is assigned a Digital IQ ranking of Genius, Gifted, Average, Challenged, Feeble or Luddite.
  • As accounting policy makers, including the Financial Accounting Standards Board and the Securities and Exchange Commission, continue to discuss a game-changing shift in the world of financial reporting, NYU Stern experts are available to comment on a variety of issues surrounding the possible convergence of U.S. Generally Accepted Accounting Principles (GAAP) with International Financial Reporting Standards (IFRS).
  • Two NYU Stern information systems professors, Anindya Ghose, assistant professor of information, operations and management sciences, and Arun Sundararajan, associate professor of information, operations and management sciences and NEC Faculty Fellow, were each granted Google & WPP Marketing Research Awards.
  • Richard Sylla, Henry Kaufman Professor of the History of Financial Institutions and Markets and Professor of Economics, was unanimously elected chairman of the board of the Museum of American Finance. The Museum, an affiliate of the Smithsonian Institution, is the nation’s only public museum dedicated to finance, entrepreneurship and the open market system.
  • Nobel Laureate and Professor of Finance Robert Engle was selected to be a member of a Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) joint committee to address emerging regulatory issues. The Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues is responsible for developing recommendations relating to both agencies. The Committee will examine the May 6 stock market fall and the market forces that contributed to the volatility of that trading day.
  • On May 6, 2010, Viral Acharya, Professor of Finance, testified before the US House Financial Services Committee at a hearing on "The End of Excess (Part One): Reversing Our Addiction to Debt and Leverage."
  • A Crystal Ball into the Future of the $250 billion Prestige Sector

    May 03, 2010 01:46 PM Eastern Daylight Time

    NEW YORK--(EON: Enhanced Online News)--Chanel and BMW top the first annual L2 Gen Y Prestige Brand Rankings, the largest study-of-its-kind measuring the affinity for 105 iconic brands among the next generation of prestige consumers. Scott Galloway, NYU Stern Clinical Associate Professor of Marketing, surveyed 450 Gen Y high-earners from 45 countries (83 percent are expected to make more than $100k+/year in the short term) and measured brands in six industry categories. The study also looked at Gen Y brand engagement across popular channels.

    The rankings and observations can be found at http://l2thinktank.com/Gen_Y_Report.pdf

    Describing the Rankings’ potential value to prestige brand marketers, Galloway stated, “Gen Y goodwill is arguably the closest thing to a crystal ball for predicting a brand's long-term prospects. Just as Boomers drove the luxury sector for the last 20 years, brands that resonate with Gen Y, whose purchasing power will surpass that of Boomers by 2017, will be the new icons of prestige.”

    Luxury is Timeless

    The Top 10 brands for male and female Gen Y are dominated by traditional luxury brands such as Chanel, Cartier, The Four Seasons, and Ralph Lauren. However recent prestige entrants, Marc Jacobs and W Hotels, demonstrate the effectiveness of direct appeals to Gen Y.

    Not surprisingly, cars dominated among men capturing eight of the top 10 slots. German brands BMW, Mercedes-Benz and Audi also appealed to females, who rated the category second only to Fashion and above Beauty & Skin Care.

    The list of brands scoring in the Gen Y Prestige Brand Rankings top 10 (by gender):

    Gen Y Females:Gen Y Males:
    1. Chanel1. BMW
    2. Ritz-Carlton2. Ferrari
    3. Four Seasons3. Porsche
    4. Marc Jacobs4. Lamborghini
    5. Cartier5. Audi
    6. BMW6. Aston Martin
    7. Mercedes-Benz7. Four Seasons
    8. W Hotels8. Mercedes-Benz
    9. Prada9. Ralph Lauren
    10. Audi10. Ritz-Carlton
    Other key survey findings include:
    • Gen Y loves brands. Sixty-five percent of females and 61 percent of males consider themselves “brand conscious.” Only 1 percent of females and 3 percent of males do NOT consider themselves brand conscious.
    • Gen Y considers Apple a prestige brand. Unprompted, Apple is considered the #1 brand among men and #9 for females. Apple is #1 when asked by both males and females as to their most likely next prestige brand purchase.
    • Among the lowest rated categories for both men and women, the future looks dim for watches and jewelry. While legendary brands Cartier, Tiffany and Rolex still rank high, there is a significant lack of Gen Y brand awareness in the category.
    • For Gen Y, Europe remains the home for luxury fashion. For females eight of the top 10 fashion brands are headquartered in Europe, including legendary fashion houses Chanel, Prada, Hermes and Gucci.
    • Brands aren’t capitalizing on the e-commerce opportunity. While the store is still the dominant channel, more than half of Gen Y females purchased luxury goods on discount websites such as Gilt.com (54 percent) and retail websites such as Net-A-Porter.com (53 percent), while less than a third (31 percent) purchased directly from a brand site.
    • Print is not dead. Print continues to be a primary source for information on prestige brands. It is the #1 source for women and #2 for men. Recommendations from family and friends via word of mouth are also crucial, ranking #1 for men and #2 for women.
    • Gen Y has embraced social media and blogs. One in five Gen Y respondents like a prestige brand on Facebook, and one in 10 follow a prestige brand on Twitter. Almost half have signed up to receive email from a prestige brand and almost one in 5 Gen Ys consider blogs one of their top three sources for information on prestige brands.
    • Trump received the most “hated” scores of any prestige brand in the survey. Forty percent of men and 34 percent of women Gen Y reported they hated the brand.

    About L2

    L2 is a think tank focused on marketing innovation for prestige brands. Founded by NYU Stern Professor Scott Galloway, L2 helps brands navigate the changing marketing landscape through events, research and advisory services. www.l2thinktank.com

    About New York University Leonard N. Stern School of Business

    New York University Stern School of Business, located in the heart of Greenwich Village, is one of the nation’s premier management education schools and research centers. NYU Stern offers a broad portfolio of academic programs at the graduate and undergraduate levels, all of them informed and enriched by the dynamism, energy and deep resources of the world’s business capital.

    Contacts

    New York University Stern School of Business
    Rika Nazem, 212-998-0678
    rnazem@stern.nyu.edu
    or
    Scott Galloway, 917-567-2841
    scott@stern.nyu.edu

    May 3, 2010:
    http://eon.businesswire.com/portal/site/eon/permalink/?ndmViewId=news_view&newsId=20100503006616&newsLang=en
  • On April 30, the winners of NYU Stern’s 11th Annual New Venture Competition and 6th Annual Social Venture Competition received more than $175,000 in seed money and in-kind support. After pitching their venture ideas, the three winning teams, each led by NYU students and alumni, were chosen by a panel of investors and business owners in the social enterprise and for-profit sectors.
  • – Press Releases

    NYU Stern Launches NYU Stern Systemic Risk Rankings

    April 21, 2010
    New York University Stern School of Business is launching the NYU Stern Systemic Risk Rankings, a weekly rating and ordering by level of risk that the largest U.S. financial institutions bring to the financial system. The new rankings use stock quotations and other market data, from 1990 to the present, and provide an early warning that will help regulators identify threats to the overall health of the financial system.
  • New York University’s Stern School of Business’ Stern Campus Greening Initiative (SCGI) received a $10,000.00 grant from The Brita Products Company for their proposal to install 25+ water bottle filing stations in NYU campus buildings. The grant is provided by the College FilterForGood Eco-Challenge www.filterforgood.com/ecochallenge/, which challenges college students to make their campuses more sustainable. The Eco-Challenge is an extension of Brita’s FilterForGood program aimed at reducing bottled water waste.
  • Earlier this month, Sheila Wellington, NYU Stern Professor of Management and Organizations and advocate on behalf of women in business, joined a group of 50 CEOs and government leaders invited by President Obama to discuss the importance of flexible arrangements in today’s workplace.
  • Z-Score creator and the world’s leading bankruptcy and distressed debt expert NYU Stern Professor Edward I. Altman has co-developed the Z-MetricsTM credit analysis tool to enable investors and lenders to more accurately estimate company credit ratings and default risk probabilities.
  • – Press Releases

    A. Michael Spence, Nobel Economist, to Join NYU Stern

    February 22, 2010
    New York University Stern School of Business today announced that Nobel Laureate A. Michael Spence will join the faculty of NYU Stern as Professor of Economics, effective September 1, 2010. Spence is a Senior Fellow at the Hoover Institution and the Philip H. Knight Professor Emeritus of Management in the Graduate School of Business at Stanford University.
  • “When push comes to shove, both men and women are guilty of using their gender to be successful,” says NYU Stern Professor of Marketing Priya Raghubir.
  • Deutsche Bank and New York University Stern School of Business today announced a multi-year academic partnership designed to support and expand education and research related to risk management and financial regulation. The Volatility Institute at NYU Stern, directed by Nobel Laureate Robert Engle, will coordinate the program.
  • “What you ask of someone and how you ask it can have a big impact on performance,” says NYU Stern Marketing Professor Adam Alter. “What you ask of someone and how you ask it can have a big impact on performance”
  • On February 12, 2010, Stern Nobel Laureate Robert Engle testified before the US Senate Committee on Banking, Housing and Urban Affairs during a hearing on “Equipping Financial Regulators with the Tools Necessary to Monitor Systemic Risk.” Professor Engle shared several key findings from a report that he co-authored for the National Research Council on the regulation of systemic risk.
  • NYU Stern Professor Vasant Dhar, an expert in the strategic implications of information technology, warns that the publishing industry will be the next “carcass” if it doesn’t embrace a new business model, and he proposes what this new model should look like.
  • Analyzing 10 different types of credit behavior, NYU Stern Professor Xavier Gabaix, with colleagues Sumit Agarwal at the Federal Reserve Bank of Chicago, John Driscoll at the Federal Reserve Board and David Laibson at Harvard University, conclude that the least costly financial decisions occur around age 53.
  • German auto brands dominate the top echelon of the new Auto Digital IQ Ranking, a first-of-its kind measurement of the digital competence of 44 auto brands.
  • NYU Stern faculty are available to provide commentary on key issues central to the regulatory reform bills now working their way through Congress.
  • Viral Acharya, NYU Stern Professor of Finance, with colleagues Paolo Volpin at London Business School and Marco Pagano at Università di Napoli Federico II, received a 10,000 Euro grant from the BNP Paribas Hedge Fund Centre at HEC Paris for their paper, “Seeking Alpha: Excess Risk Taking and Competition for Managerial Talent."
  • The presence of organic listings on a search engine positively impacts the click-through rates of paid search advertisements, and vice-versa, according to a new study by NYU Stern Professors Anindya Ghose and Sha Yang. This is the first empirical study to assess the impact of search engine advertising on all three entities involved in the process – consumers, advertisers and search engines – in the presence of both organic listings and paid advertisements.
  • NYU Stern announced today that alumnus John Paulson (BS ’78), founder and chairman of hedge fund Paulson & Co., Inc., has given a gift of $20 million to NYU Stern. John Paulson’s gift will endow two faculty chairs – the Alan Greenspan Chair in Economics and the John A. Paulson Professor of Finance and Alternative Investments – as well as provide significant support for the School’s Concourse Project, a major facilities renovation currently underway, and scholarship aid for undergraduate students.