Experience Stern | News & Events

Excerpt from The New York Times -- "'Through this new technology, people are now empowered to express their grievances and to follow people they see as echoing their grievances,' Mr. Bremmer said. 'If it wasn’t for social media, I don’t see Trump winning.'"

Excerpt from Bloomberg View -- "What this means is that, so long as liquidity in the underlying assets backing the ETF is sufficient, the APs will execute an arbitrage that keeps the market price of the ETF close to the net-asset value of the underlying portfolio. But, during periods of market stress, should it become difficult to trade underlying assets, investors wanting to sell their shares may have to settle for prices below the NAV. That is, those who want to sell may have to do it at a discount. Put another way, when markets are liquid, ETFs operate like open-end mutual funds; but should markets become illiquid, ETFs then operate like closed-end funds. As a consequence, ETFs face no run risk."

Excerpt from Inc. -- "Sundararajan adds that Uber should also be concerned about investors pressuring the company to go after profit prematurely, say, by filing for an initial public offering. It's still in the company's best interest to remain private for a while longer, he says. That way, the NYU professor insists, it can make a greater leap into autonomous vehicular transportation. 'Investors have to realize that [Uber is] really going after a bigger pie here. They have to lose money to gain market share,' he says."

Excerpt from VoxEU -- "...we propose studying the implications of converting a rapidly growing class of open-end mutual funds into ETFs. If the SEC is to undertake a ‘root-and-branch review’ of the ETF industry (Financial Times 2016), it ought to consider it in the context of the mutual fund industry as a whole, allowing for the serious possibility that – relative to mutual funds holding illiquid assets – ETFs could reduce systemic risk."

Excerpt from Bloomberg View -- "Ghemawat is dubious of this digital-takeover angle. 'If you looked back to the 1930s, information flows probably kept rising then, too,' he told me when I visited his NYU office last month. His overall take was that on the whole, while things had slowed down since the 1990s and early 2000s, global integration was still fitfully increasing. 'We're neither inevitably headed for a great reversal or a renaissance,' he said."

Excerpt from SFGate -- "'The story that is being told is that people take units off the long-term rental market to rent them on Airbnb,' Sundararajan said. 'It’s a story that resonates with a lot of people. But if you look at the data ... it is very clear that if there is any effect that Airbnb is having on the availability of long-term rentals, it is very small compared to the effects of rent stabilization and population growth.'"

Excerpt from Vox -- "So what do we do now about our multiethnic democracy? Do we try to assimilate and emphasize our similarities, or do we celebrate differences and endorse multiculturalism? This is exactly what we need to debate and discuss as a country, and my vote is firmly for emphasizing assimilation, similarity, and unity — this, I think, is the best way to have a multiethnic democracy."

Excerpt from The New York Times -- "The program was intended to reward people for putting money into the United States. Projects that raised more than $1 billion were practically nonexistent in the program before 2010, Prof. Jeanne Calderon of New York University’s Stern School of Business wrote in a March report on the program. But when banks turned off the credit spigot around the 2008 financial crisis, developers started getting more creative in finding alternative financing."

U.S. Securities and Exchange Commission (SEC) actions against public companies or their subsidiaries (public company–related defendants) outpaced the overall growth in enforcements over the last four fiscal years. SEC actions targeting these defendants in FY 2016 increased 130 percent from FY 2013, compared to a 61 percent increase in all independent or stand-alone enforcement actions.

Excerpt from The Chronicle of Philanthropy -- "Brothers Lorenzo Fertitta and Frank Fertitta III donated $15 million to endow a new program for active-duty U.S. military members and veterans entering the business school’s MBA program next year. Lorenzo Fertitta earned an MBA from the Stern School in 1993 and runs Zuffa, a sports-promotion firm that specializes in mixed martial arts. Frank Fertitta is chief executive of Station Casinos. The brothers own both companies."

Excerpt from MIT Technology Review -- "'Pure-play Web retailing is not sustainable,' New York University marketing professor Scott Galloway told me. He points out that the deep discounting and high delivery costs that characterize Web sales have made it hard for Amazon to turn a profit. If Amazon were to remain an online-only merchant, he says, its future success would be in jeopardy. He believes the company will end up opening 'hundreds and then thousands of stores.'"

Excerpt from amNewYork -- "'He thinks it's a one-way street that "oh we'll just cut back on what we'll buy and that won't affect what we sell," but sorry the world doesn't work that way,' White said. 'For one thing there will be retaliation. Even in the absence of retaliation, if we buy less from abroad there are going to be adjustments in the exchange rate, which will then make it harder for us to sell abroad.' While White said it won't devastate the city's 'very robust economy,' it also won't be very beneficial."

Excerpt from CNNMoney -- "Henry has raised more money than any dean in the school's history, and focuses on creating greater access to higher education."

Excerpt from Dartmouth Review -- "As the academy began to lean more and more to the left, and as the culture got more and more intense I began to notice some weak reasoning among social scientists. I started getting concerned that the lack of viewpoint diversity was harming our science, our research and our scholarship. I first began talking about that in 2011 and since then its gotten worse and worse and I’ve gotten more and more passionate about it. So that’s the story about how I’ve become active in the movement for viewpoint diversity."

Excerpt from the Financial Times -- "Similar work has also begun to appear in academic journals, including a recent paper by Professor Robert Whitelaw from the New York University’s Stern School of Business: 'The real value of China’s stock market.'"

Excerpt from BusinessBecause -- "The wider fintech curriculum — which includes peer-to-peer lending, financial data analytics and entrepreneurship — will have to be taught at every business school, argues Professor David Yermack, chair of NYU Stern's finance department, because employers will demand it."

Excerpt from The Economist -- "A paper published in 2010 by Stijn Van Nieuwerburgh, of New York University, and Pierre-Olivier Weill, of the University of California, Los Angeles, found that the association between incomes and house prices had strengthened. Between 1975 and 2007 house prices became ten times more sensitive to wages. As productivity and wage gaps across metro areas widened, house prices also diverged. This trend has continued."

Excerpt from Xinhua -- "It is conceivable that the Trump administration could throw the global economy into recession. Not necessarily. I'm not even predicting it myself. But it is a possibility."

Excerpt from WIRED -- "Sundararajan, whose work focuses on the on-demand economy, expects to see tax policies friendly to small businesses, including people who set themselves up as 'businesses of one.' On the other hand, Trump’s pledge to repeal the Affordable Care Act would be hugely damaging to gig economy workers. As independent contractors, they don’t get paid time off, workers’ compensation, or health insurance through the companies they gig for, such as Uber. If the ACA is dismantled, they may need to seek full-time jobs that offer health benefits, which could hurt the companies that rely on their labor."

Excerpt from The Hollywood Reporter -- "'It seems obvious that as a former fashion model, Mrs. Trump may have a large impact on the apparel industry,' said David Yermack, professor of finance at New York University’s Stern School of Business, who studied Michelle Obama’s impact on the fashion industry and found that for 189 public appearances the first lady made between November 2008 and December 2009, she generated about $2.7 billion in value for the brands she wore, including U.S. labels J. Crew and Liz Claiborne, and European labels, too."

Excerpt from BusinessBecause -- "NYU Stern was a great launch-pad. We partook in and won a business plan competition which gave us a crash-course in starting up the company. And there’s a startup incubator at the school, where we were super-focused on figuring out our first target market."

Excerpt from the Financial Times -- "I think the one box where the Trump effect could be significant is what he said about trade. Because to the extent that he stands behind his words, and that's always with a caveat that all politicians say things when they are getting elected that they might not carry through, he's signaled the intent to not just not sign new trade contracts and trade agreements but also revisit old ones. And this is like game theory, which is if you go back and decide that you're not going to do something in the trade arena, there are going to be people 'oh you put up tariffs against certain countries, there are going to be others,' you could potentially set off a trade war. And that is not good news for anybody involved."

On Friday, November 11, the Graduate Marketing Association will host its 2016 conference, themed "The Next Generation of Consumers," highlighting how recent cultural and consumer trends have changed marketing practices across industries.

Excerpt from Crowdfund Insider -- "On Wednesday, New York University’s Stern School Business held its inaugural Fintech Conference. The event addressed critical issues in the fintech industry, which included regulations to public policy, equity crowdfunding, marketplace investing, and blockchain technology. Dan Schulman, president and CEO of PayPal, was the keynote speaker."

Excerpt from Ethisphere -- "Sustainability for business is a journey, so we are all learning along the way. This is about redesign. It's hard to say that any business is fully sustainable right now. But the way that I would define it is a sustainable business at minimum is having no negative impact on material, environmental, social and governance factors in its business."