Experience Stern | News & Events

Excerpt from the Financial Times -- "One of the features of mainstream economics today is the huge diversity of models that are around. Academic prestige tends to come to those who add to that number. But how do you decide which model to use when investigating a particular problem? The answer is by looking at evidence about applicability."

New York University Stern School of Business announced that it will enter a partnership with the University of Toronto’s Rotman School of Management to establish the first Creative Destruction Lab – CDL-New York City – in the United States. The program is laser focused on maximizing value for science and technology startups through the unique CDL model that integrates the venturing process with the MBA curriculum. CDL Toronto, where the model has pioneered, has generated more than $1 billion of equity value creation in the five years since its founding.

On Tuesday, Oct. 10, the NYU Stern Center for Global Economy and Business hosted a fireside chat with former Treasury Secretary Lawrence H. Summers and Professor Kim Schoenholtz, director of the Center. 

Excerpt from The Chronicle of Higher Education -- "'Human beings are kind of built to be pretty hierarchical creatures,' a likely artifact of evolution and the pecking orders of the animal world, he says. 'Even if you try to suppress it in the workplace, interpersonally and within groups, hierarchies still take shape.'"

Excerpt from Quartz -- "'If Uber does perceive a threat to market share from this new round of funding for Ola, their new CEO Dara (Khosrowshahi) will simply put in more funds in India to level the playing field,' Anindya Ghose, director of New York University’s Center for Business Analytics, told Quartz. 'There is no way Uber will yield additional market share to Ola in India and incur the risk of what happened in China.'"

Excerpt from Phys.org -- "One big problem facing media organizations is that new technologies impacting the future of news such as AI are out of their control, and instead is in the hands of tech firms like Google, Amazon, Tencent, Baidu, IBM, Facebook, Apple and Microsoft, according to Webb. 'News organizations are customers, not significant contributors,' the report said. 'We recommend cross-industry collaboration and experimentation on a grand scale, and we encourage leaders within journalism to organize quickly.'"

Excerpt from China Daily -- "New York University Stern School of Business has established a China Initiative to help grow China-focused research and discussions, and facilitate China-related discussions between the university's faculty and other academics, students, alumni, and the wider local intellectual community. Jennifer Carpenter, an associate professor of finance at NYU Stern, started the initiative. She said studying China's businesses is incredibly challenging and rewarding because it requires academics to engage with facts and data through a completely different perspective. 'China is often hard to understand because it's a totally different system. You cannot run China data through a US model,' Carpenter said."

Excerpt from Valor Econômico -- "The most common mistakes companies make when trying to globalize are related to management. 'You can not manage the business as you do in your own country,' [Salomon] says. Every adaptation has a high cost and ends up being an additional burden for them. 'We have data that shows, for example, that foreign companies in the United States are more prosecuted for regulatory violations than local ones, perhaps because they are an easier target or because they make more mistakes because they do not understand how it works,' he says."

Excerpt from Be the Next Her -- "I moved to New York City for my MBA at NYU Leonard N. Stern School of Business as a Forté Fellow. I am excited to be back in school and face a different set of challenges, meet new people, travel and get ready for what will come next."

Excerpt from The Huffington Post -- "Mahoney and his collaborators – Sumit Agarwal of the National University of Singapore, Souphala Chomsisengphet of the Office of the Comptroller of the Currency, and Johannes Stroebel of New York University’s Stern School of Business – found 'no evidence of an increase in interest charges or a reduction in access to credit.' While credit cards continued to be a highly profitable part of the banking business, the legislation had saved American consumers more than $20 billion a year, they concluded."

Excerpt from The Guardian -- "In his recent book Irresistible, Adam Alter shows that the 'like' button pioneered by Facebook and adopted by other social media platforms, including Instagram, is modelled on the system of uncertain reward, designed to hook us into returning to the site over and over to check the responses to our latest post."

Excerpt from CNBC -- "I think Uber is just saying let's get into the Japanese market the way that we can. This is one of the potentially five biggest sharing economy markets in the world. The consumers are very entrenched in existing behaviors now so perhaps transitioning in through something familiar may work well because Japan has been very slow to adopt sharing economy behaviors so far. I just think they see it as a hack to get into the massive Tokyo market and once they socialize the idea a little, I think they will start pushing those regulatory boundaries further."

Excerpt from Luxury Daily -- "'Young consumers bond strongly with brands that have a story to share to communicate their unique heritage,' she said. 'It is imperative for any luxury brand that wants to impress younger consumers to tell its story and to tell it well, in a concise and animated form that can keep the attention of today's "distracted" consumer.'"

On Friday, Oct. 6, the NYU Stern Luxury & Retail Club will hold its 11th annual conference, themed “Luxury at a Global Scale: Envisioning a Connected Future”. 

Excerpt from US News & World Report -- "Isser Gallogly, associate dean of MBA admissions and program innovation at Stern, says the school added this admissions requirement because it believes emotional intelligence is what separates mediocre business executives from exceptional ones. Gallogly says a business venture cannot thrive unless the individual in charge not only has a good idea but also knows how to execute that idea. 'If that person does not have the emotional intelligence to sell that idea, to drive that idea, to move it through organizations to effect change, ultimately they're not going to be successful in business,' he says."

Excerpt from Bloomberg -- "But the violence that marred the Oct. 1 vote has focused Catalans’ minds on issues other than euros. 'At some point the economic considerations start to be irrelevant and identity becomes paramount,' says Ghemawat. On Oct. 1, he says, 'we took a giant step in that direction.'"

Courant Institute of Mathematical Sciences has launched a one-year Master of Science in Computing, Entrepreneurship, and Innovation (MS-CEI) degree program in collaboration with the Stern School of Business to foster the next-generation of technical innovators and entrepreneurs.

Excerpt from Valor Econômico -- "'Many successful multinational corporations face difficulties,' said Salomon, a member of the Global Citizens Forum, which brought former President Barack Obama to Brazil. The globalization expert presented data showing that multinationals have more difficulties and higher costs to operate in foreign countries than native firms."

Excerpt from Mint Press News -- "[Raghubir and coauthor Joydeep Srivastava's] 2009 paper titled 'Denomination Effect' found that people are less likely to spend larger units of currency than their equivalent amount in smaller units; while their 2002 paper titled 'Effect of Face Value on Product Valuation in Foreign Currencies' found that tourists underspent when the face value of foreign currency was a multiple of the equivalent amount in their home currency, and vice versa. This rule, of course, is applicable not just to tourists: psychologically, one is less likely to spend, say, 1000 drachmas than the equivalent amount of less than 3 euros."

Excerpt from Xinhua -- "Yermack said Bitcoin trading is 'pure speculation' and anyone who invests in this is 'buying an asset that is so new that no one really understands and is not really getting any of the regulatory protection that you would get in the stock markets or the commodities markets.'"

Excerpt from Society for Human Resource Management -- "The biggest benefit [of an age-diverse workforce] is the potential that members of all generations have to learn from one another. Older workers bring 'soft skills' to the table that are severely undervalued in the workplace. These talents include loyalty to the company, emotional stability, wisdom and problem-solving. Younger workers have much to gain from this skill set, and a great deal to learn from those who have an 'organizational memory,' or understanding of why the company does things a certain way."

Excerpt from Society for Human Resource Management -- "Myth 1: Younger workers perform better than older ones. It's true that, on average, fluid intelligence—that is, the ability for people to process information quickly—declines with age, North said. But another important aspect of brain power known as crystallized intelligence, which is based on wisdom, experience, and the ability to recognize patterns, remains stable and sometimes increases across the lifespan. Many other key elements integral to strong performance improve with age, including conscientiousness, emotional wellbeing, agreeableness, loyalty and language complexity. 'Research is finally starting to demonstrate that a lot of things get better,' North said."

Excerpt from Bloomberg -- "If they can go through with all of the changes to the board then absolutely it is going to emerge a stronger company than it went in this morning. I often feel like you could structure a whole MBA degree around Uber, every dimension from tech to market entry and corporate governance."

Excerpt from WNYC -- "...we do have an additional factor here of that rapid firing audio that now millions and millions of people have heard. Will it change the calculus on legislation? I suppose it's possible that if gun control advocates focus narrowly enough on for example the kinds of devices that turn a semi automatic into an automatic firing weapon, there might be some success. But I think even that would be a long shot with President Trump in the White House."

Excerpt from TheStreet.com -- "'The stock will be anti-gravity,' Galloway said in an interview with TheStreet. 'If you look at where Amazon is budding heads against the other three (Apple, Facebook and Google), it's winning everywhere it touches them.'"