Stern in the News: November 2010
In November, NYU Stern generated almost 800 media hits. Stern faculty were featured for their research and perspectives on a variety of subjects including closet indexing, consumer behavior, the art market and Eurozone debt contagion in a number of prominent outlets such as Bloomberg Businessweek, Forbes and the Financial Times. Additionally, in some 40 op-eds, Stern faculty discussed entrepreneurship, TSA screenings, the ramifications of the 2010 midterm elections, Michelle Obama’s market-moving fashion choices and fossil fuels.
Please continue reading for news highlights from November 2010.
| Faculty Research & Accolades |
CFA Magazine: “End Score” |
Professor Stephen Brown’s co-authored research on estimating operational risk for hedge funds and his thoughts on the lack of expected due diligence from hedge fund managers were cited. His co-authored study on the impact of mandatory hedge fund portfolio disclosure was highlighted in Money Morning. |
Foreign Policy: “100 Top Thinkers: Foreign Policy’s Pick” |
Professor Paul Romer was billed as one of the world’s top 100 thinkers for developing the world’s quickest shortcut to economic development in the Beyond Brics blog. |
AllAboutAlpha.com: “Closet Indexing Continues to Flourish in Mutual Fund Land (and Bring Down Average Performance)” |
Professor Antti Petajisto’s research on the prevalence of closet indexing among supposedly active fund managers was cited. Professor Petajisto's research presentation on the link between “active share” – the difference of a fund’s holdings to that of its benchmark – and performance at the Morningstar Closed-end Fund Summit last December was cited on Hemscott.com. |
Phoenix Business Journal: “Developer Gives $250,000 to Goodwill” |
Professor Michael Pollack’s recent donation to Goodwill was featured. |
Washington Post: “NASA Rated Savviest About Social Media” |
Professor Scott Galloway’s “Digital IQ Index” for the Public Sector, developed by his think tank L2, was featured, with additional pick-up on CNN, Fierce Government IT, Information Week, Wireless News and three other outlets. His “Digital IQ Index” for luxury brands was cited in The New York Times and Relaxnews International. |
Bloomberg: “Company Defaults may Signal Sovereign Risk, NYU’s Altman Says” |
Professor Edward Altman discussed the utility of his Z-metrics Model as an alternative indicator of a country’s ability to repay debt. |
Financial Times: “Flutter on Equities Could Prove a Winner” |
Professor Aswath Damodaran’s model for estimating the equity risk premium was highlighted. His paper on risk-free investments was cited in Stockopedia. He was given the Distinguished Alumnus Award of 2010 for his leadership in valuation scholarship, the highest honor given by the Indian Institute of Management Bangalore (IIMB) Alumni Association, according to BVWire News. |
The New York Times: “Michiko Kakutani’s Top 10 Books of 2010” |
Professor Nouriel Roubini’s book, Crisis Economics, was named one of the “Top 10 Books of 2010.” It was named one of the 30 favorite business books of the year in two Bloomberg pieces. Professor Roubini’s participation in the 2009 International Financial Services Summit (IFSS) was highlighted on Business and Finance Daily News Service. He participated in the Intelligence Squared Debate at NYU’s Skirball Center according to Entertainment Close-up. |
Financial News: “In a Changed World, Industry Faces Up to the New Normal” |
NYU Stern’s research on the current state of the 12 global banks was referenced. |
Reuters: “Why Wall Street Won’t Get Shrunk” |
Professor Thomas Philippon’s research, which found that financial industry employees were overcompensated relative to peers in other industries, was cited. |
Bloomberg Businessweek: “Should Your Best Customers be Stupid?” |
Nobel Laureate Professor Michael Spence’s research on information asymmetries was referenced with additional pick-up in a Channel 4 News blog. His comments on the difficulty of macroeconomic risk estimation were cited in The Express Tribune. His 2006 G-20 "Commission on Growth and Development” report on the successful implementation of non-conformist trade policies by India and China was referenced on LiveMint.com. Business Day cited his report on how developing nations can model their economies to imitate China’s sustained growth. Professor Spence attended the Indian Finance Ministry’s two-day conference on economic policies for inclusive development, with coverage in MSN India, RTT News and SME Times. |
NewsyStocks.com: “Top Hedge Fund Managers Convene for Bloomberg Hedge Funds 2010” |
Professor Eric Dinallo participated in the Bloomberg Hedge Funds 2010 debate on December 2. |
Bloomberg Radio |
Professor Lawrence White discussed his new book, Guaranteed to Fail: Fannie Mae, Freddie Mac and the Debacle of Mortgage Finance, co-authored with Professors Viral Acharya, Matthew Richardson and Stijn Van Nieuwerburgh. |
Dealer Marketing Magazine: “Branding Your Business” |
Professor Howard Geltzer’s co-authored book about positioning was referenced. |
MIT News: “How Wise are Crowds?” |
Professor Ilan Lobel’s co-authored research, which found that as a social network expands, it eventually converges with an accurate representation of the state of the world, was featured. |
Investment Weekly News: “New York University Stern School of Business: What Lessons Can the Sponsored Search Markets Learn from Financial Markets?” |
Professors Vasant Dhar and Anindya Ghose’s research on how information adds efficiency to sponsored search markets and its effect on pricing was featured. |
Toronto Star: “Investing in Beauty: BMO Helps Clients Find Value in Art” |
Professor Michael Moses’s co-created Mei-Moses Art Index was cited for its historical price tracking of fine art. |
Economics Week: “Economics and Dynamics: Research Conducted at New York University has Updated Our Knowledge About Economics and Dynamics” |
Professor Gian Luca Clementi’s co-authored research on the decline of return to investment when investing in an entrepreneurial venture was featured. |
The Wall Street Journal: “GM IPO: What’s in a Ticker? Quite a Lot Actually” |
Professor Adam Alter’s co-authored research on the heightened performance of companies with pronounceable symbols after an IPO was cited in the Deal Journal blog. |
Forbes.com: “How to Shine Like Michelle Obama” |
Professor David Yermack’s research on how Michelle Obama’s fashion choices boost stock prices was featured, with additional coverage on ABC News, The Australian, Irish Independent, The Times of India and eight other outlets. |
Telegraph.co.uk: “Does Any of You Realize or Even Just Care How Stuffed We Are?” |
Professor Amity Shlaes was cited as a past judge for the Bastiat Prize for Online Journalism. Her book The Forgotten Man was referenced in The Webster Progress Times, with additional pick-up in The Sacramento Bee. |
Bloomberg: “High-Frequency Traders Lobby, Donate to Head Off US Rules” |
Professor Robert Wosnitzer discussed the Dodd-Frank Act’s impact on proprietary trading, with additional coverage on WallStreetPit.com. |
MarketWatch: “Here’s a New Diet Trick: Use Cash” |
Professor Manoj Thomas’s co-authored research on how credit cards make consumers more likely to purchase unhealthy foods was featured, with additional pick-up in Binghamton University’s Pipe Dream, Medill Reports Chicago, Twin Falls Times-News, WBGH and DemoDirt.com. |
Seeking Alpha: “Interview With David Martin, Author of 'Risk and the Smart Investor'” |
Professor David Martin was interviewed on his recent book, Risk and the Smart Investor. |
Financial Times: “Don’t Turn Back on Financial Reform” |
Professor Viral Acharya discussed NYU Stern’s new book Regulating Wall Street, which he co-edited with Professors Thomas Cooley, Matthew Richardson and Ingo Walter, with additional pick-up in Washington Square News, Economics Week, Investment Weekly News and InsuranceNewsNet.com. His co-authored paper on the positive consequences of strict labor laws was highlighted in Outlook Business. His co-authored research on the indicators and optimal regulation schemes of insider trading was featured in Investment Weekly News. |
Psychology Today: “Your Future Happiness Depends Less on the Present Than You Might Think” |
Professor Tom Meyvis’ co-authored paper on affective forecasting errors, misremembering predictions of one’s feelings after an event, was featured in the Percolator blog, with additional pick-up in a The Chronicle of Higher Education blog, HealthNewsDigest.com and UPI.com. His co-authored study on how interruptions, like television commercials, enhance the enjoyment of an activity was highlighted on MSN Money. |
Stern's Programs & Community |
Fortune: “Chinese Students Flock to US Business Schools” |
The increase in MBA applications from Chinese students at NYU Stern was cited, with additional pick-up in Poets & Quants. |
SmartMoney: “UBS Wealth Unit Names Chief Investment Strategies” |
Member of the NYU Stern Executive Board and Professor Richard Bernstein’s (MBA '87) partnership with UBS was highlighted. |
BrainTrack.com: “Business Schools Embracing iPads” |
Chief Information Officer Anand Padmanabhan’s comments on the increasing preference for iPads by NYU Stern students was cited. |
Forbes.com: “John Paulson Pledges $15 Million in Ecuador” |
Member of the NYU Stern Board of Overseers John Paulson's (BS '78) donation to the largest children’s maternity hospital complex in Ecuador was featured in the Bounty Hunter blog. His call to Americans to buy homes was cited in WalletPop.com. His hedge fund’s large gold holdings was cited in three Bloomberg pieces, CBS Moneywatch, a Forbes.com blog, a Wall Street Journal blog, International Business Times and nine additional outlets. |
MarketWatch: “New Jersey Resources Selected as Subject Company for NY Regional Competition of Global IRC(R)” |
NYU Stern’s participation in the New York regional competition of the CFA Institute Global Investment Research Challenge® was cited. |
Bloomberg Businessweek: “AbitibiBowater Approved to Cut Debt by $7.2 Billion” |
Chairman of the NYU Stern Dean's Executive Board Steven Zelin (MBA '91) was cited on AbitibiBowater’s restructuring plan. |
Financial Times: “The Personal Touch for Job-Seeking MBAs” |
Assistant Dean of Career Services and Leadership Development Pamela Mittman talked about NYU Stern’s access to firms on Wall Street and across New York City. |
Crain’s New York Business: “The Week Ahead: Nov. 29 – Dec. 5” |
The Ultra Light Startups’ event “From Concept to Website,” a forum for startups to learn about building a website hosted at NYU Stern, was cited, with additional coverage on NYConvergence.com. |
ITNewsOnline.com: “Stellar Speaker Lineup Announced for Future of Television East” |
The Future of Television East event, hosted by NYU Stern on November 19, featured Professor Al Lieberman interviewing Matthew Blank, chairman and CEO of Showtime Networks Inc. |
Yahoo! Finance: “Submission of Matters to a Vote of Security Holders” |
Vice Chairman of NYU Trustees and Chairman of the Stern Board of Overseers William Berkley (BS '66) was nominated to serve on the First Marblehead Corporation’s Board of Directors. |
American Chronicle: “World Inspirational Network (WIN) Delivers a Completely New Way of God Reaching the World” |
Member of the NYU Stern Board of Overseers Michael Jay Solomon is set to create the World Inspirational Network (WIN) to enable the Evangelical community to watch pastors on demand, with additional pick-up on SYS-CON.com. |
USA Today: “Four Types of Insurance Every College Student Should Have” |
Undergraduate student Scott Gamm discussed the essential insurance packages for college students in the College blog. His money-saving tips were cited on Mint.com. |
NYU Local: “Sherif Hamid from Fortune Family: ‘Stern’ Rapper” |
Undergraduate student Sherif Hamid was interviewed on his rap group, Fortune Family. |
Bloomberg: “New York’s Cuomo Taps Home Depot Co-Founder Langone as Adviser” |
Member of the NYU Stern Board of Overseers Kenneth Langone (MBA '60) was chosen by New York governor-elect Andrew Cuomo as an economic adviser for his transition team, with additional coverage in Newsday. His support for eliminating Social Security for high net-worth individuals was cited on FutureOfCapitalism.com. He discussed the relocation of GeekNet Inc.’s headquarters in The Washington Business Journal. He talked about the impact of US economic policies in Bloomberg, with additional pick-up in The Washington Post. |
News 9 Oklahoma: “Oklahoma City Mayor Hits the Books for Advanced Degree at NYU” |
Oklahoma City Mayor Mick Cornett discussed why he chose NYU Stern for his Executive MBA. |
Mail Today: “Gen X Not Intimidated by Obama” |
St. Xavier’s College student Afsheen Irani, who traveled to New York from Mumbai as part of NYU Stern’s Indian Leadership Exchange Program, was cited. |
Corporate Financing Week: “Private Equity Analysis – 3i Chief Warns of Secondary Buyout Bubble” |
PhD student Stefani Bonini’s research on the appeal of secondary buyouts for private equity groups was referenced. |
States News Service: “Columbia Business School Wins Seventh Annual Corporate Restructuring Competition” |
NYU Stern was cited as a past winner of the Seventh Annual ABI Corporate Restructuring Competition, with additional pick-up in Targeted News Service. |
Bloomberg: “Rosen Says Brazil Capital Inflows Pose a ‘Danger’: Video” |
Executive MBA student John Licata discussed investment strategies for Latin America, commodity markets, Brazil’s presidential election and the Argentinean economy. |
Marketing Weekly News: “Global Conference for Social Change Recognizes Anvil Knitwear as a Top Leader in Sustainability” |
Representatives from NYU Stern served on the committee that chose this year’s winners of The Foundation for Social Changes’ Leaders for Change awardees, with additional coverage in Pro Bono Australia and WebNewsWire. |
FORA.tv: “Peter Henry: 2010 L2 Innovation Forum Opening Remarks” |
Dean Peter Henry provided opening remarks for this year’s L2 Innovation Forum. |
Postmedia News: “Takin' It to the Streets and Beyond: Savvy Fashion Sense of Local Bloggers a Force to be Reckoned With” |
Undergraduate student Jasmine Genge was interviewed for her fashion blog, C’est Classique. |
Securities Lending Times: “EXCLUSIVE: Zirpolo Joins Kellner DiLeo and Co.” |
Member of the NYU Stern Board of Overseers George Kellner (MBA '73) commented on the recent appointment of Rory Zirpolo as Kellner DiLeo & Co.’s new Principal and Head of Securities Lending, with additional coverage in FIN Alternatives. |
The Australian: “DreamVo? In Your Neuron Reactions” |
Post-doctoral scholar Moran Cerf’s research in developing dream-recording technology was featured, with additional pick-up in Edmonton Journal, Pakistan Times and five additional outlets. |
| Expert Commentary from Faculty |
The Daily Beast: “The Fall of India’s Katie Couric?” |
In an op-ed, Professor Tunku Varadarajan commented on the ethics scandal facing one of India’s most prominent news anchors, Barkha Dutt. In nine other op-eds for The Daily Beast, he shared his thoughts on how the latest Wikileaks data dump will make American diplomats’ jobs much harder, why Sarah Palin inspires fear in elites, the implications of Lisa Murkowski’s Alaska Senate seat victory, the 2010 G-20 Summit in Seoul that went nowhere, a much-improved Obama’s speech in Indonesia, Obama’s India visit and the undercapitalized alliance with the country, the lessons of the 2010 election results, Palin’s continuing utility for the GOP and an interview with Bjorn Lomborg on climate change. |
Variety: “Icahn Board Selections Surprise” |
Professor Samuel Craig commented on how MGM’s new board appointments reflect the trend toward film library monetization. |
Miami Herald: “What is Art Really Worth?” |
Professor Michael Moses noted how the newly wealthy lean toward contemporary art and are increasingly picking art as an alternative investment, with additional pick-up in The PoliJAM Times. He declared that the art market was starting to appreciate after seeing a multimillion dollar auction night at Christie’s, covered in the Asbury Park Press and CourierPostOnline.com. |
Washington Square News: “NYC Unemployment Rate Shows Slight Decrease” |
Professor David Backus dismissed the recent fall in New York City’s unemployment rate as a negligible indicator of the economy’s trajectory. |
Canadian Broadcasting Corporation |
Professor Anne-Laure Sellier was interviewed about the “Black Friday” phenomenon in the US. |
Bloomberg: “Thank Terrorists When Airport Screeners Grope: Shlaes” |
In an op-ed, Professor Amity Shlaes contended that Hillary Clinton’s defense of screening was an acknowledgement of terrorism as a long-term problem, with additional pick-up in Bloomberg Businessweek, Concord Monitor, The San Francisco Chronicle and three additional outlets. |
DNAInfo.com: “Downtown Parents Fight Charter School Planned for Tweed Courthouse” |
Professor Eric Greenleaf presented data showing the space shortage in downtown Manhattan’s elementary schools, arguing for the need to keep Tweed Courthouse open for local elementary school children. |
The Wall Street Journal: “J. Crew Deal Mixes Buyers, Sellers” |
Professor Karen Brenner commented on J. Crew’s recent buyout deal. |
BigThink.com: “Market Failure Cannot Be Resolved without Regulation” |
In an op-ed, Professor Matthew Richardson argued that regulation is an essential component in addressing market failure and that while the Dodd-Frank Act falls short, it is well-intended, with additional pick-up on Bezinga.com. |
CNBC: “Bernstein’s Back (and Everybody is Still Wrong)” |
Member of the NYU Stern Executive Board and Professor Richard Bernstein (MBA '87) defied conventional wisdom and urged investors to buy small-company stocks, with additional coverage in The New York Observer, Daily Journal of Commerce, Independent Mail and two other outlets. |
Forbes: “Champions of Free Enterprise” |
Professor William Baumol commented that the entrepreneur is the key ingredient to making capitalism work. |
The New York Times: “Can Wall Street Justify Its Existence?” |
Professor Thomas Philippon observed how it is easier to book ‘funny profits’ in the financial industry in the DealBook blog. His comment on how PhDs are less valued in France was cited in The New York Times, International Herald Tribune and Financial Express. His estimation that the financial sector’s GDP contribution quadrupled in 2010 was cited in Market Oracle. |
The New York Times: “Rooting Out Corruption in Albany” |
Professor Eric Dinallo called for awarding the attorney general the power to subpoena and investigate potential civil and criminal violations in government. |
PBS’s Nightly Business Report: “Full Employment is Running on Empty” |
Professor Paul Wachtel discussed the unemployment rate. |
REIT: “A Tale of Two REITs” |
Professor Edward Glickman discussed the history, growth and expansion of the Pennsylvania Real Estate Investment Trust |
Crain’s New York Business: “Advance Publications at Crossroads” |
Professor Anat Lechner shared her thoughts on the still-open position of an online lifestyle hub and the opportunities for Condé Nast. |
DerivativesWeek.com: “Academic Unveils Stress Test” |
Nobel Laureate Professor Robert Engle contended that dynamic hedging should be included in the new stress test for systematically important financial institutions. |
The Economist: “The Fed is Only Delaying the Inevitable” |
Professor Viral Acharya contributed a guest post on the question of whether the Federal Reserve was correct to do a second round of quantitative easing in an online debate. He commented on a report from The Economist Intelligence Unit, saying regulators previously did not focus on systemic issues and should now refocus their efforts to guard the system as a whole, in The Epoch Times. |
PBS Newshour: “Joe Nocera’s Economic ‘Hall of Shame’” |
Professor Richard Sylla noted the cyclical nature of American financial scandals. |
The Wall Street Journal: “Off the Run: Data will be Key to Fed’s View of Treasury Yields” |
Professor Anthony Karydakis shared his thoughts on how today’s higher rates reflect on treasury yields. |
Gulf Times: “US Must Move from the Old Abnormal to a New Normal” |
In an op-ed, Nobel Laureate Professor Michael Spence stressed the importance of stabilizing the household sector and the need for Americans to compete effectively for global demand in order to ensure a recovery, with additional pick-up in Daily News Egypt, El Economista, The Japan Times, Project-Syndicate.org and four additional outlets. In an op-ed for Accra Daily Mail, he discussed the problem with using fossil fuels. The Economist interviewed him on how the emerging markets are helping prop up the world economy and why the developed world needs to make sacrifices. He laid out the risk of debt contagion in the Eurozone on MoneyControl.com and CNBC TV-18. His thoughts on China’s explosive growth were cited by CTV. |
China Business News |
Professor Al Lieberman offered his perspective on MGM’s reputation. |
Financial News: “Make Way for Trichet Bonds” |
In an op-ed, Professor Roy Smith analyzed the European debt crisis and proposed the introduction of “Trichet bonds,” modeled after the successful debt-for-debt exchange offered by Mexico in 1988 to resolve its international debt crisis. He pointed out Citigroup’s weakened state after three bailouts in Reuters. |
Financial Times: “Irish Woes Should Speed Europe’s Default Plan” |
In an op-ed, Professor Nouriel Roubini declared that the European Union needs an orderly restructuring through exchange. In an op-ed featured in Project-Syndicate.org, TODAY, The Edge Malaysia and The Korea Herald, he said that regulation of capital inflows to emerging markets is the key policy question to be addressed by those economies and explained some of the available options. In a co-authored op-ed for Forbes.com, he predicted anemic growth and the easing of inflation in 2011. He recommended ways for the Obama administration to avoid a double-dip recession in a co-authored op-ed in Foreign Policy. His thoughts on the European debt crisis, Ireland’s bailout, the vulnerability of the Iberian peninsula, uncertainty of the euro’s future, the spread of debt contagion across the continent and the possible shrinking or collapse of the Eurozone were featured in four Bloomberg pieces, three Bloomberg Businessweek pieces, five CNBC pieces, The Guardian, two Huffington Post articles, two Reuters pieces, Telegraph.co.uk, TIME, a Wall Street Journal blog and 26 other outlets. His comments on emerging markets, the bond market, fiscal policy, the gold standard, inflation and his global economic outlook were cited in a Barron’s blog, six Bloomberg pieces, Bloomberg Businessweek, six CNBC pieces, two Wall Street Journal articles and seven other outlets. He predicted anemic growth for advanced economies in Bloomberg, Financial Times, a Forbes.com blog, The Wall Street Journal and 13 additional outlets. He identified the five causes of the financial crisis in the International Business Times. He named the world’s seven most powerful economists on Forbes.com, with additional pick-up in The Economic Times. CBS Moneywatch highlighted the accuracy of his predictions. |
Forbes: “The Year’s Biggest Corporate Blunders” |
Professor Irving Schenkler was among five experts that helped identify 2010’s biggest corporate communication blunders. |
VoxEU.org: “Mind the Gap: Moving Towards Federal Insurance Regulation” |
An op-ed on the conditions necessary for the Dodd-Frank Act to be effective referenced a recent article co-authored by Professors Viral Acharya, Thomas Cooley, Matthew Richardson, Richard Sylla and Ingo Walter. |
NEXT: “Frankly Speaking: Charter Cities for Nigeria and Ghana” |
Professor Paul Romer’s recommendation that charter cities be used as a tool to combat human poverty was cited. He was interviewed about his work on start-ups and developing countries on MeetInnovators.com. |
Bloomberg Businessweek: “Junk-Bond Premium Over Investment-Grade is Near Six-Month Low” |
Professor Edward Altman noted the recovery of high-yield bonds, citing the influx of funds being poured into them. He analyzed the sovereign debt crisis in Europe and the corporate credit space for Opalesque Radio. |
Financial Times: “SEC Focuses on Market Makers” |
Professor Bernard Donefer offered his perspective on the SEC’s efforts to maintain constant market pricing. |
Business of Fashion: “L2 Innovation Forum Examines Disruptive Thinking, Listening and Iterative Development” |
Professor Luke Williams said that regular competition leads to only incremental change while disruptive thinking is the source of real innovation as it challenges the fundamental assumptions within a market. |
Bloomberg TV: “Galloway Says Death of Luxury Brands is ‘Exaggerated’” |
Professor Scott Galloway discussed luxury brand marketing strategies and dismissed the notion that luxury brands are dead as exaggerated, with additional pick-up on WashingtonPost.com and Yahoo! Finance. |
Financial Times: “NYU Professor Says Luxury Makes Suckers Feel Smart” |
Professor Aswath Damodaran discussed brand value, described luxury as an industry that mastered a trick of making people feel good and noted the difficulty of valuing luxury at the recent L2 Innovation Forum, according to the Material World blog, with additional coverage on Mashable.com. He shared his concern over the metrics being used to value risk and suggested letting go of the ‘one discount rate’ idea in BVWire News. |
Marketplace: “Companies Need to Borrow, and Spend Too, to Help Economy” |
Professor Lawrence White declared that repaying higher cost debt was not enough to generate more jobs for the economy. His thoughts on the destructive effects of an immediate liquidation of Fannie Mae and Freddie Mac were cited on Credit.com. He also noted in USA Today that it is the taxpayer who is ultimately covering for the losses of the two lending giants. Citing political gridlock, he sees little movement on the role government will play in the mortgage market for the next two years, according to American Banker, Credit Union Journal and BankInvestmentConsultant.com. |
Knowledge@Wharton: “'Aadhaar' and India's Brave, New, ID-Armed Market” |
Professor Arun Sundararajan outlined the utility of linking one’s identity to a bank account, which will occur under India’s Unique Identification Number (UID) project. |
SmartMoney: “Ten Things Outlet Malls Won’t Tell You” |
Professor Tom Meyvis attributes the fact that shoppers tend to spend more at outlet stores to ‘sunk cost bias:’ since the consumers have already invested in traveling a far distance to go shopping, they tend to follow through with it. |
Harvard Business Review: “Vision Statement: How this First Lady Moves Markets” |
In an op-ed, Professor David Yermack explained how First Lady Michelle Obama’s fashion choices boost stock prices. |
Al Jazeera |
Professor Stephen Brown discussed the investigation into insider trading that the US Attorney’s Office in New York is conducting, which led to three recent hedge fund raids. |
The Journal of Derivatives: “Editor’s Letter” |
In an op-ed, Professor Stephen Figlewski reflected on how the outcome of the 2010 midterm elections added a degree of uncertainty to the US economic outlook. |