Experience Stern | News & Events

Excerpt from Voice of America -- "Anyone investing in the markets is investing for longer term, so what happens in the short term nobody can say. But in the longer term, if we believe in America, we believe that this is a reasonable way to invest your money."

Excerpt from Council on Foreign Relations -- "The 2014 global economy is likely to see a reemergence of the post-crisis pattern of relatively high growth in the developing economies, a continuation of real growth in the United States, and very low growth in Europe."

Excerpt from The New Yorker -- "For each point of C.E.O. attractiveness on the ten-point scale, a company gained, on average, a one-percent boost to its stock price. This suggests that the benefits of attractiveness radiate far beyond a single individual. Research suggests not only that attractive people enjoy higher incomes but that the shareholders who invest in their companies profit as well."

Excerpt from ABC.net -- "So, what is happening in China is that the banks are taking a lot of risk; they've made loans to municipal governments and state-owned enterprises which are, by all reports, largely non-performing, many of which have gone into feeding a real estate bubble and, what is most likely to happen in China is that there will be big reforms and the Chinese government will pump a lot of money into the banks to clean up their balance sheet."

Excerpt from Bloomberg Businessweek -- "In backing the banks so fulsomely, though, Bove is staking out a lonely corner of the bookshelf. 'It seems to me like he’s fighting an uphill battle,' says Thomas Cooley, the former dean of New York University’s Stern School of Business. 'Probably Jamie Dimon will give it to everyone on his Christmas list.'”

Excerpt from Bloomberg TV -- "Absolutely, students who are well-prepared in finance and economics, great. But philosophy majors, people who are critical thinkers, people who understand how to look at the world, see problems and use the tools of modern finance, economics, accounting, to create value, that's what we're looking for. And that's what the world's looking for."

Excerpt from Bloomberg TV -- "I think the Fed will follow a very data-driven policy. And if the labor market continues to improve and GDP growth is strong, I think the Fed will continue to taper. But I think the really important thing that we've learned in the last few months is that we're going to get a continuity of policy. We've got a new leader of the Fed starting in the new year who will continue to be data-driven and thoughtful."

Excerpt from Bloomberg -- "Whether or not authorities seek and find conclusive evidence of manipulation, they should learn the lesson of the London interbank offered rate and reform the gold and silver markets in a way that will deter such behavior. Both metals are highly liquid commodities, so their benchmark prices could easily be set by observing actual trades. To ensure reliability, the process should be overseen by an independent institution with the appropriate governance structure and minimal conflicts of interest."

Excerpt from The Daily Beast -- “The recommendations of the president’s review group report indicate that the status quo is unacceptable. The ball is now in the administration and Congress’ court. Restoring America’s credibility on civil liberties through executive and legislative action is the right thing to do, and it’s good for the technology business.”

Excerpt from Bloomberg -- "A lack of regulation has left the foreign-exchange market vulnerable to abuse, said Rosa Abrantes-Metz, a professor at New York University’s Stern School of Business in Manhattan. 'If nobody is monitoring these benchmarks, and since the gains from moving the benchmark are possibly very large, it is very tempting to engage in such a behavior,' said Abrantes-Metz, whose 2008 paper 'Libor Manipulation' helped spark a global probe of interbank borrowing rates. 'Even a little bit of difference in price can add up to big profits.'”

Excerpt from Associated Press -- "New York University economist Nouriel Roubini worries about bubbles in Switzerland, France, India, Indonesia, Turkey, Israel and Brazil. These countries have accelerating prices, rising price-to-income ratios and huge proportions of mortgage debt as a share of total household debt."

Excerpt from Yahoo! Finance -- "'The regulations were designed for the analog world,' said Arun Sundararajan, a professor at New York University who studies digital economies. 'Now there are digital ways of providing these services that have created new forms of consumption. The conflict is natural.'"

Excerpt from The New York Times -- “'The passage of the Volcker Rule represents a step partway back to the Glass-Steagall regime that has historical significance for helping to give us four to five decades of relative financial stability from the 1930s to the 1980s,' said Richard E. Sylla, the Henry Kaufman professor of the history of financial institutions and markets at New York University. 'Even if we don’t see a lot of actions against violators, the mere fact that the rule is on the books will make banks think twice before engaging in activities that might result in actionable violations.'”

Excerpt from The Wall Street Journal -- "A number of economists have estimated the returns to art over a very long period. Overall, these estimates range from about 1% to about 5% real returns. For example, one of the earlier studies, by William Baumol, estimated the real returns from 1652 to 1961 to be 0.6%. William Goetzmann estimated the real returns from 1716 to 1986 to be about 2% in real terms, and Jianping Mei and Mike Moses estimated real returns from 1875 to 2000 to be 4.9%."

Excerpt from TIME -- "Monogamous norms 'lead to greater economic success, more trade and lower crime,' argued Joseph Henrich, a psychology and economics professor at the University of British Columbia who was called on as an expert witness."

Excerpt from Exchange Morning Post -- "With lessons from several emerging economies, Dr. Blair Henry speaks to inflation, trade, and leadership before turning to issues of representation and voice in global economic institutions. Tune in to hear the full conversation and learn more about this fascinating subject."

Excerpt from The Wall Street Journal -- "Andrea Frazzini, one of the study's authors, a finance professor at New York University and a vice president at AQR, said the Berkshire portfolio has, on average, been leveraged to a similar extent through Mr. Buffett's career."

Excerpt from MarketWatch -- "The financial sector is actually less efficient than it was before ATMs and online trading and collateralized debt obligations, Philippon has found. In real terms, financial services cost more now than they did when J.P. Morgan’s clerks filled in the ledger by hand."

Excerpt from The Economist -- "In 2014, the non-jihadist opposition in Syria will recognise that without active international support, there is little choice but to negotiate with an Assad regime that is beginning to reconsolidate control in Syria. We won’t see a formal end to the conflict in 2014, but violence is likely to lessen as the balance of force swings heavily to the government."

Excerpt from TheWorkBuzz -- "In 'The Talent Equation,' a new book I authored with Lorin Hitt (Wharton School, University of Pennsylvania) and Prasanna Tambe (Stern School, New York University), we examine what employers can do to change the hiring environment and why education is fundamental to strengthening our labor force. Even in today’s recovering economy, education has retained its high value and is still the strongest step you can take in your career."

Excerpt from Financial News -- "The 'open for business' speech delivered by Bank of England Governor Mark Carney at the end of October was a new milepost in the policy of lending of last resort (LOLR). Authorities around the world have now conceded that central banks will, in times of stress, provide abundant liquidity to any or all systemically important institutions. Unfortunately, guaranteed liquidity enables and encourages firms to take excessive risks. Well aware of this 'moral hazard' effect, authorities have responded with stricter regulations and new resolution powers. We are skeptical, however, that a new regulatory regime—even if an improvement over previous ones—can close off all channels of excessive risk and leverage."

Excerpt from Bloomberg -- "Our main problem is that we don't have enough aggregate demand and what our economy is doing is restoring some of the domestic demand slowly and accessing some of the external demand because we're becoming more competitive."

Excerpt from The New York Times -- "Research by Jennie Bai, Professor Philippon and Alexi Savov shows that even as the differential between buying and selling stocks and bonds has fallen, prices aren’t better. Prices have displayed the same ability to forecast corporate futures steadily for the last 50 years."

Excerpt from ERE.net -- "If you’re familiar at all with HR trends of the past few years, you’ve likely heard the employment branding topic come up countless times in conversation, trade publications, and the HR blogosphere. But even after years in the spotlight, most people involved with the hiring process claim they don’t think their companies have an employment brand or aren’t sure they have a definable employment brand — that includes 74 percent of hiring managers and 48 percent of HR managers, according to a 2011 CareerBuilder survey. However, everyone has an employment brand whether they know it or not. Employers and workers contribute to its creation, as do the job seekers who receive the recruitment content and form perceptions of a company."