SEMI-MONTHLY NATIONAL AND INTERNATIONAL TOP NEWS COVERAGE FOR DECEMBER 3-16, 2014

U.S. MEDIA

As Robots Grow Smarter, American Workers Struggle to Keep Up

The New York Times - Dec 15, 2014 - When the University of Chicago asked a panel of leading economists about automation, 76 percent agreed that it had not historically decreased employment. But when asked about the more recent past, they were less sanguine. About 33 percent said technology was a central reason that median wages had been stagnant over the past decade, 20 percent said it was not and 29 percent were unsure.

Commodities Go From Hoard to Floored

The Wall Street Journal - Dec 14, 2014 - Recently, though, researchers have accessed a huge data set on consumer behavior. For the Nielsen Homescan Panel, a partnership between Nielsen and the University of Chicago Booth School of Business, 100,000 U.S. households record the bar codes on every packaged item they buy.

Client Portfolios May Match Advisers’ Own Asset Allocation

The Wall Street Journal - Dec 12, 2014 - “Advisers don’t really seem to pay that much attention to what their clients look like,” instead, they project their own biases and risk-taking preferences into client portfolios, says Juhani Linnainmaa, a finance professor at the University of Chicago’s Booth School of Business and one of the study’s authors.

2 Economists Better Than 1 Is Apple IPod Trial Strategy

Bloomberg - Dec 11, 2014 - Two University of Chicago professors summoned by Apple testified Dec. 10 and Thursday that a Stanford University economist called earlier as a witness by consumer attorneys got it wrong when he calculated that "locking" iPod users to iTunes raised prices starting in 2006 and resulted in damages to consumers and retailers totaling $351 million. Robert Topel, one of the Chicago academics, testified Thursday that Stanford economist Roger Noll failed to take product improvement into consideration when doing his analysis. Topel's colleague, Kevin Murphy, told the jury Dec. 10 that Apple's "integrated" system for digital music, made up of a music player, a media player and a music store, was "pro-competitive" and benefited consumers because it was seamless, reliable and easy to use.

Jeb Bush Has a Mitt Romney Problem

Bloomberg - Dec 11, 2014 - While it isn’t impossible that Bush could bail on his investors so soon after taking their money, "that would be unusual," says Steven Kaplan, a private equity expert at the University of Chicago Booth School of Business. Article also appeared in the Chicago Tribune, and is cited on MSNBC.com and Tampa Bay Times.

Levine on Wall Street: Legal Bills and Oil Hedges

Bloomberg View - Dec 10, 2014 - I said yesterday that I am not really the target for financial advice, but this Chicago Booth note is a good reminder that some people are. The article references research by Robert Vishny.

Krugman Gets the Big Picture Right

Bloomberg View - Dec 12, 2014 - Since 2009, there has been a big debate in the economics blogosphere about whether academic econ took a wrong turn when it switched tactics. The main advocate of this view is Paul Krugman, and his most prominent opponent in this debate is University of Chicago professor John Cochrane.

Austan Goolsbee on economy

Fox Business - Dec 12, 2014 - University of Chicago Booth School of Business professor and former Council of Economic Advisers Chairman Austan Goolsbee gives insight into the Fed, economy and markets.

November jobs report exceeds expectations

Fox Business - Dec 05, 2014 - University of Chicago Booth School of Business economics professor and former CEA Chair Austan Goolsbee, Raymond James Chief Investment Strategist Jeff Saut and CME Group Chief Economist Blu Putnam discuss the November jobs report.

Countdown to jobs Friday

CNBC - Dec 05, 2014 - Austan Goolsbe, University of Chicago professor; Kevin Hassett, American Enterprise Institute; Mark Zandi, Moody's Analytics, and Gary Stern, former Minneapolis Fed president, share their outlook on the economy, oil and the markets ahead of the nonfarm payroll numbers.

Why First Analysis is doing more Chicago deals

Crain's Chicago Business - Dec 16, 2014 - "Their track record in venture is solid," said Steve Kaplan, who teaches finance and entrepreneurship at the University of Chicago's Booth School of Business.

Why suburban companies like McDonald's follow the siren call of downtown

Crain's Chicago Business - Dec 13, 2014 - "This is a change in physical geography driven by a change in intellectual geography," says James Schrager, clinical professor of entrepreneurship at the University of Chicago's Booth School of Business. "The Web, which has no physical address, has a higher and higher impact on our ability to sell stuff. That shift in our minds has now made a shift in our feet."


RESEARCH

Home Buyers Are Optimistic but Not Wild-Eyed

The New York Times - Dec 15, 2014 - Edward Glaeser of Harvard and Jesse Shapiro of the University of Chicago found that the home-ownership deduction has accrued overwhelmingly to people in the top tenth of the income distribution.

New Jobs Worry: Workers Staying Put

The Wall Street Journal - Dec 07, 2014 - An aging workforce and a slowdown in the formation of new companies—which generally create and shed jobs at a rapid rate—appear to be making the labor market less flexible, according to a recent paper by economists Steven Davis and John Haltiwanger. "It's much harder to get started, and much harder to develop the early stages of a career," said Mr. Davis, who teaches at the University of Chicago’s Booth School of Business.

Women on boards: Are quotas really the answer?

Fortune - Dec 05, 2014 - Marianne Bertrand, a professor at the University of Chicago's Booth School of Business, who has studied the Norwegian law extensively, says there's no proof that the Norwegian companies changed their ownership to avoid the law – but it sure does look that way.


FACULTY/STAFF/STUDENTS/SCHOOL

The Newest B-School Brag: Alumni Startups

The Wall Street Journal - Dec 04, 2014 - The University of Chicago's Booth School of Business focuses on its alumni's market-exit valuations. The school has logged some information on entrepreneur alumni and their businesses for more than 15 years, but in the past several years "we've been tracking it carefully," says Steve Kaplan, professor of entrepreneurship and finance at Booth.

U.S. biz too regulated?

CNBC - Dec 05, 2014 - Professor Steven Davis talks with Steve Liesman about the impact of regulations in the U.S. on businesses and entrepreneurs. "New business formation, job to job mobility, recovering from a lost job, growing businesses in a way that they could hire other people — all of these things are constricted and restrained by unnecessary occupational licensing restrictions," Davis says.

A day with Commerce Secretary Penny Pritzker

The Chicago Tribune - Dec 05, 2014
- A trim Asian man takes the microphone to ask Pritzker a question. "I'm a finance Ph.D. at the Booth School of Business here. We've talked a lot about what the Commerce Department does, but I hoped you would talk more about your personal experiences. I was watching the new show 'Madam Secretary' a few days ago with my wife, to get her exposed to American culture. And I was wondering if you could share with us some major moments of happiness you experienced at the Commerce Department. Also some moments of perhaps frustration. That lady (on the show) was experiencing some problems both externally and internally. So some personal anecdotes would be very interesting." It's one of the best questions I've heard posed to a policymaker.


ALUMNI

How small business 401(k) plans will look in 10 years

MarketWatch - Dec 15, 2014 - Greg Carpenter founded Employee Fiduciary in 2004. He is a CPA and earned his BA from Yale and his MBA from The University of Chicago Booth School of Business.

Ecommerce startup Foxtrot opens Lincoln Park retail location

Chicago Tribune - Dec 15, 2014 - Foxtrot grew out of the University of Chicago's Booth School of Business when CEO Mike LaVitola worked toward his MBA there. He later added co-founder Taylor Bloom as chief technology officer. In an increasingly crowded quick-delivery space, LaVitola said curation is key.