Experience Stern | News & Events

Excerpt from Barron's -- "With the outbreak of World War I at the end of July 1914, Treasury Secretary William G. McAdoo ordered the New York Stock Exchange closed in order to prevent massive liquidation of U.S. stocks by British investors seeking to raise cash. (At the time, the Treasury Secretary was the de facto central banker; although legislation to create the Federal Reserve had been passed the previous year, it was not yet up and running.) The U.S. then was operating under the gold standard, so the proceeds of sales of American assets could be readily converted to gold, which could flee the country. (This account comes from When Washington Shut Down Wall Street, a 2006 book by William L. Silber, an economics professor at New York University and—full disclosure—a professor of mine in grad school.)"

Excerpt from CNC World -- "The dropout rate, the switching rate of people from BlackBerry to Apple and Android is very high and as early adopters of BlackBerry start ditching those phones for the smarter ones, they are going to lose their install base very quickly. They already lost a lot. At some point when the install base comes down to single digits, that’s as good as bankrupt."

Excerpt from AP TV -- "I think the lesson of these recent trading problems...is that everybody who's using them has to check on the software and the people have to be highly trained who are pressing the buttons to execute the trades or the algorithms they build in the trading strategies. So a lot more work has to go into making sure those things don't have errors in them. I don't think the problem can go away entirely, but I think some of it is avoidable and it will cost them a little money, but they need to spend that money because the whole market system is involved in this and if people lose confidence in the markets, then these very important markets won't function as well as they should and our economy will be the worse for it."

Excerpt from Bloomberg -- "Other economists, including Mohamed El-Erian, chief executive officer of Pimco, Kenneth Rogoff of Harvard University and Nobel laureate Michael Spence, aren’t as pessimistic. 'The American economy still has great strengths in terms of innovation,' said Spence, a professor at New York University’s Stern School of Business. 'It’s very flexible and adjusts relatively quickly.'”

Excerpt from Jamaica Observer -- "The [Jamaican] Government, we submit, would be wise to heed the advice of world-famous Jamaican economist Professor Peter Blair Henry, dean of the Stern School of Business at New York University. Professor Henry in his new book Turnaround: Third World Lessons for First World Growth (2013) states: 'Although there is not one single path to prosperity, one thing leaps out of the evidence -- discipline.'"

“‘An Education in Possible’ isn’t just a tagline; it’s an experience,” Larry Arbuthnott, a student in the second year of the MBA/MPA dual degree program, explained to incoming MBA students at the 2013 LAUNCH, the incoming full-time MBA students’ introduction to the NYU Stern MBA experience.

NYU Stern’s Citi Leadership & Ethics Program, sponsored by the Citi Foundation, has appointed Ellen Seidman, former director of the US Treasury Department’s Office of Thrift Supervision, as its 2013-2014 Citi Leadership & Ethics Distinguished Fellow.

Excerpt from The Wall Street Journal -- "While some traders and economists shrug their shoulders and write off recent problems—such as this week's options trading snafu or the 2010 'flash crash'—as the price of progress, others say the problems are becoming so widespread that exchanges and big firms need to be held to a higher standard. 'It shows that corners are being cut and not enough is being spent on testing these systems,' said financial historian Richard Sylla of New York University's Stern School of Business."

Excerpt from Marketplace -- “'What happened was the computer program mistakenly started to sell options at like one dollar an option, when in fact the market price was higher than that,' says Richard Sylla, an economics professor at New York University. 'Basically, Goldman sold a lot of options cheaply. And if they have to buy them back, they will lose money because they will have to pay the market price for them.'”

Excerpt from Motley Fool -- "In the late 1960s...Edward Altman, published a formula that would change finance: the Altman Z-score. Altman researched nearly 70 bankrupt manufacturing companies' financial statements pre-bankruptcy to determine what these companies had in common. This research gave rise to an easy-to-use equation that could predict bankruptcy."

Excerpt from The Wall Street Journal -- “'He did very well to refuse the pressure of lowering interest rates at the time when government deficits were mounting last year,' said Viral Acharya, a professor at New York University’s Stern School of Business."

Excerpt from Economic Times -- "'Different components of human rights like freedom of speech, discrimination, harassment at work, security practices and supply chain issues need to be integrated in different courses at business schools, and it could vary from region to region,' [Posner] says."

Excerpt from Business News Daily -- "'Anyone teaching has to believe that given the right tools and opportunities, every student can be a member of the entrepreneurial class,' [Williams] said. 'You can't change personality, but you can change key habits.'"

Excerpt from Fox Business -- “'The Fed has shown itself to be the central banker of the world. The waters are not exactly calm right now so it’s more than likely that there will be some tests for the new Fed chief,' said Richard Sylla, an economist and financial historian at NYU."

Excerpt from Bloomberg TV -- "They're just not localizing for the market. They're trying to shove a square peg in a round hole...The way people tend to find luxury brands is initially through search. And most aren't typing in English. They're typing in Cyrillic. And a lot of brands just haven't optimized their content...they just haven't done the proper tagging. It's basic blocking and tackling."

Excerpt from Fox Business -- "Galloway says the decline in specialty retail stores on Facebook shows that most users don’t come to the social network when they plan to shop. 'They don’t approach Facebook with a commerce mindset,' says Galloway. 'People are there to socialize and look at pictures of friends.'”

Excerpt from Yahoo! Finance -- "The problem with Icahn’s plan is that such financial machinations can be a distraction for a technology company that needs to focus on developing innovative new products, according to Arun Sundararajan, professor of information sciences at New York University. 'This kind of financial engineering isn't in the long-term interest of Apple's shareholders,' he says. 'They're still a tremendously valuable company, but stock price boosts from financial engineering shouldn't distract from the fact that their business model doesn't look as solid and dominant as it did four years ago.'"

Excerpt from Financial News -- "Surveying executives across industries, they asked how many had issues and concerns at work that they did not articulate. The answer came back: 85%. By anyone’s measure, that’s a lot of silence. What it means is that we go to enormous time, trouble and expense to hire smart people – and then they shut up."

Excerpt from Project Syndicate -- "Without dismissing the downside risks, I remain cautiously optimistic about the global economy’s prospects. With greater clarity in terms of Chinese and US policy, both economies should gain momentum. That will give developing countries (many of which face difficult domestic policy choices) a tailwind, while making the substantial challenges in Europe and Japan easier to address."

Excerpt from Bloomberg -- “'Recent regulatory changes will cause dealers to reduce risk and to make markets less aggressively,' Bruce Tuckman, senior fellow of financial markets research at the non-profit Center for Financial Stability and a finance professor at New York University’s Stern School of Business, said in an Aug. 14 telephone interview. 'End users will lose some liquidity as dealers adjust to higher risk capital mandates, lower leverage limits, and increased margin requirements.'”

Excerpt from The Wall Street Journal -- "When a Fed chairman doesn't command strong majorities, it undermines his voice domestically and globally and creates uncertainty about policy, said William Silber, who documented those episodes in the Volcker biography, 'Volcker: The Triumph of Persistence.' 'Disagreement is healthy,' Mr. Silber said. 'Uncertainty is universally bad. It raises the cost of everything.'"

Excerpt from Financial Times -- "Ms Martin-Leke was keen to create the missing link between Africa’s abundant raw materials, being used by local artisans, and the international market. 'I wanted to preserve African craftsmanship - combining artisan with contemporary and timeless products,' she says. She believed the best way to do this would be through a luxury brand: 'The luxury industry conveys culture and identity. It is a country’s or continent’s image presented to the world - what better way to make an impact and change [perceptions].' Nine months after graduating from TRIUM in September 2012, she launched Yswara, a luxury retailer of African products, setting up an all-female workforce to give opportunities to local women."

Excerpt from CNBC -- "'My guess is that there is no mercy for someone who earns $10 to $20 million,' said Baruch Lev, a professor at New York University Stern School of Business. 'The risk, people think, is commensurate with the compensation and perks.'"

Excerpt from Bloomberg TV -- "The reality is Icahn has enough power within the organization at this point through ownership that the firm would not be able to ignore him completely. And [Apple CEO Tim] Cook will certainly have to at least have some serious conversations. What will come out of that? We'll have to see. It really depends, I think, how much Cook has a clear plan in his mind for the cash that he's sitting on and doesn't want to give it away versus he's kind of uncertain, in which case he's going to be more willing to give that cash back to Icahn at this point."

Excerpt from Bloomberg TV -- "I think what's going on a Cisco is a larger metaphor for what's happened in the economy over the last 5 years, and that is, if you look at shareholder growth, or earnings growth, it's largely been a function of cost-cutting, not revenue growth or innovation."