Experience Stern | News & Events

Excerpt from Bloomberg -- "WeWork started testing a program last month to let Airbnb guests in six cities save spots at co-working offices nearby. If WeWork pursues more short-term rentals, the company could benefit from how Airbnb legitimized unconventional travel accommodations, says Arun Sundararajan, a professor at New York University who wrote a book about the sharing economy."

Excerpt from the Los Angeles Times -- "Schoenholtz and others who have seen Powell speak and engage with audiences say that Powell knows how to communicate and that he has learned leadership skills at the Fed and in Treasury. Before joining the Fed, Powell had been a visiting scholar at the Bipartisan Policy Center think tank and a partner at the Carlyle Group, a high-powered Washington, D.C., asset-management firm. 'He’s had a long experience at the Fed, and he’s been part of the process of creating consensus there about policy,' Schoenholtz said."

Excerpt from CFO -- "'Mandating a fully independent audit committee with at least three outside directors is not, on average, value enhancing,' write the authors, Seil Kim of the City University of New York and April Klein of New York University. The study’s findings are based on financial and governance information on 1,122 companies drawn from several large databases."

Excerpt from Bloomberg -- "If The New York Times can protect us from the weaponization of their platform with $90 million in cash flow, Facebook can figure it out with $12 billion. Facebook could hire 10,000 people to screen content, they could spend a half a billion dollars a year on artificial intelligence to help those people identify and flag that content, and it would dent their free cash flow five or 10%. When big tech tells you something is impossible, that's Latin for, 'we would be less profitable if we did this.'"

Excerpt from the Chicago Tribune -- "'It makes complete sense from the perspective of the pricing game. It’s a traders’ game right now,' said Aswath Damodaran, finance professor at New York University’s Stern School of Business. 'It does absolutely nothing in advancing bitcoin’s cause as a digital currency.'"

Excerpt from Christian Science Monitor -- "'I think bitcoin is more of an investment security than a currency,' David Yermack, a finance professor at New York University’s Stern School of Business, writes in an e-mail. Some 90 percent of the transactions appear to be between investors rather than as payments for goods and services, he says."

Excerpt from CBS News -- "Russell Winer, a marketing professor at New York University's Stern School of Business, believes the company is not a pyramid scheme. 'If there are products that are actually being sold to consumers, then it's not a pyramid scheme,' he told Werner."

Excerpt from DNAinfo -- "'The LLC constructions are common, especially on the higher end,' he said, noting that a report from the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) found that 30 percent of sales involving LLCs were connected to people who had been reported for suspicious activity by financial institutions. 'Once this type of activity receives a lot more scrutiny, as it certainly will because of the Manafort case, it will temper enthusiasm for these purchases and put further pressure on an already shaky New York luxury market,' Van Nieuwerburgh said."

Excerpt from The New York Times -- "'I think it’s far more important to understand and appreciate high-quality economic analysis than it is to have a Ph.D.,' said Kim Schoenholtz, a professor of economics at New York University. He noted that most Treasury secretaries had not held degrees in economics. 'What distinguishes the most effective secretaries is skill at bringing in talented personnel and appreciation for the value of informed economic analyses,' he said."

Excerpt from the Stamford Advocate -- "'Shrinking its footprint generally has been part of the recovery for RBS,' said Lawrence J. White, a professor of economics in New York University’s business school. 'It shouldn’t come as a big surprise that as part of the overall shrinking that they would be shrinking their North American operations.'"

Excerpt from The Conversation -- "Itamar Simonson and Russell S. Winer found that when people plan their lunches for the upcoming week, they tended to buy a diverse assortment of meats and yogurt. But when they bought lunch one day at a time, they often ended up eating the same turkey sandwich and strawberry yogurt every day."

Excerpt from Institutional Investor -- "As French economist Thomas Philippon shows, the unit cost of financial intermediation is higher today than it was a century ago. All the improvements in information technology have been canceled out by trading activities with little social value. This is why a bloated finance industry has been shown to be a drag on productivity and real economic growth."

Excerpt from Bloomberg -- "... [It] is not just that we claim that earnings don't matter. We actually prove it. In a recent article we published, we show for all companies that even if you had the dream forecasting machine, meaning that you could forecast, you could identify all the companies that will meet and beat consensus next quarter, you are not going to make any money from this."

Excerpt from Cheddar -- "New York City has among the most stringent regulations on short-term rentals, so it makes it increasingly hard to rent your place out on Airbnb relative to most American cities. I think the right regulatory approach is to first recognize that the regulatory boxes that were created for hotels don't fit the typical Airbnb host because this is fundamentally a different business model."

Excerpt from the Financial Times -- "'Carlyle is going about it sensibly, without taking away from the firm the founders’ clout and influence with big investor institutions,' says Mr Smith, a Goldman Sachs partner before he went into academia. 'Others will do the same.'"

Excerpt from Risk.net -- "SRisk, a systemic risk measure developed by Robert Engle, a Nobel Prize-winning economist at New York University, figures prominently in the FSVM [Financial System Vulnerabilities Monitor]. It is one of the measures used to track contagion, one of six risk categories covered by the monitor."

Excerpt from The New York Times -- "'If you’re looking for consumers to go after these companies, we’ll be waiting for a long time,' said Scott Galloway, a professor of marketing at the New York University Stern School of Business and the author of a recent book that examines the power of large technology companies."

Excerpt from Yahoo Finance -- "'Over the last five years, if you look at where the Airbnb hosting is in New York City, and who’s generating the revenue associated with Airbnb hosting, it has shifted dramatically out of Manhattan and to the outer boroughs and away from higher income and towards lower income neighborhoods,' said Sundararajan."

Excerpt from CNBC -- "'I think the better path for bitcoin is to actually make it a digital currency, a currency that you and I can take on our travels and use actually to buy stuff and sell stuff. If that happens, then I'm OK with the pricing,' said Aswath Damodaran, a professor of corporate finance and valuation at New York University's Stern School of Business."

Excerpt from the Financial Times -- "A report this month by Amy Webb of the New York University Stern School of Business envisaged that voice interface and augmented reality technology would be so profoundly disruptive of our lives that most media organisations would come under existential threat."

Excerpt from The Wall Street Journal -- "Now the redeployment of funds has raised new concerns about the EB-5 program, which is facing reauthorization by Congress. For example, the June policy manual 'appears to allow' developers to invest redeployed funds in projects that don’t get as much vetting as the original EB-5 project, according to Gary Friedland, a scholar-in-residence at New York University who has written about the program. 'The investors may unwittingly end up with their money being invested in a much riskier venture than they anticipated,' he said."

Excerpt from Bloomberg -- "Nobel laureates Joseph Stiglitz and Michael Spence are leading a new initiative to find solutions to what they see as a dysfunctioning market economy. The Commission on Global Economic Transformation is aiming to tackle global economic challenges from stagnating growth and inequality to migration and climate change. It intends to meet with elected officials and policy makers to share its recommendations."

Excerpt from TheStreet.com -- "'Valuations are very high,' said Richard Sylla, a professor emeritus of economics at New York University Stern School of Business, who said he keeps a close watch on the more complex Shiller CAPE PE Ratio. 'That's the kind of flashing light warning signal that says we're in territories where valuations are extremely high.'"

Excerpt from Forbes -- "'It is not only a question on how to make money,' concurs Professor Nicholas Economides from NYU. 'It is understanding the structures that create profitable opportunities.'"

Excerpt from Pensions & Investments -- "In my research on the risk anomaly published in the Financial Analyst Journal with Brendan Bradley, Ryan Taliaferro and Jeffrey Wurgler, we explain the superior performance of the lowest risk, most boring, stocks to a combination of investor psychology and constraints on professional money managers."