SEMI-MONTHLY NATIONAL AND INTERNATIONAL TOP NEWS COVERAGE FOR MAY 15 - JUNE 1, 2015

U.S. MEDIA

Q&A: Richard Thaler

Bloomberg View - Jun 01, 2015 - These days Richard Thaler would appear to be a pretty successful mainstream economist. He's president of the American Economic Association, for one thing. He is also, as his University of Chicago colleague John Cochrane put it in a snarky blog post last week, "a Distinguished Service professor with a multiple-group low-teaching appointment," which I think is a really posh thing to be.

Richard Thaler on misbehavior, tipping, and economists as failed mathematicians

Quartz - May 31, 2015 - Richard Thaler spent most of his career as an academic outsider. And along the way, he became one of the founding fathers of a once-obscure blend of psychology and economics that we now know as behavioral economics. An economics professor at the University of Chicago Booth School of Business, Thaler is now president of the American Economic Association.

The Economy of Behavioral Economics in the Real World

Wall Street Journal - May 22, 2015 - University of Chicago behavioral science and economics professor Richard Thaler's "Misbehaving," reviewed by Carol Tavris in "How Homo Economicus Went Extinct" (Review, May 16), recounts the 40-year endeavor of Mr. Thaler to inject a dose of reality into economic models predicated on rational human behavior. Mr. Thaler is one of the founders of the field of behavioral economics that incorporated psychology and other social sciences into economic theory. In the real world, human beings make many bad decisions that don't conform with traditional economist assumptions about rational behavior.

Investors more like 'Homer Simpson' than 'Spock'

CNBC - May 18, 2015 - A cautionary "Simpsons" and "Star Trek" analogy pretty much sums up the power of behavioral economics, said University of Chicago's Richard Thaler, who's widely regarded as the founding father of the discipline. Traditional economic theory assumes a person is "super-rational, has no self-control problems, never has a hangover, saves exactly the right amount for retirement and then invests it perfectly," Thaler said Monday on CNBC's "Squawk Box."

'Misbehaving': Dealing with irrational investment decisions

CNBC - May 18, 2015 - We don't have an economic theory that applies to people, says Richard Thaler, "Misbehaving" author and Booth School of Business professor, discussing the economics of behavior and dealing with human error and loss in the markets.

Making sense of draft pick math: Thaler

CNBC - May 18, 2015 - Richard Thaler, "Misbehaving" author, explains why top draft picks can be overvalued.

Changing 401(k) investment behaviors

CNBC - May 18, 2015 - Richard Thaler, "Misbehaving" author and Booth School of Business professor, talks about three big changes in maximizing 401(k) savings.

NFL top draft picks are overvalued: Expert

CNBC - May 18, 2015 - Patrick Rishe, Sportsimpacts founder, and Richard Thaler, "Misbehaving" author, discuss why NFL teams with high draft picks should trade down.

Why Everyone Thinks They're Doing All the Work

New York Magazine - May 26, 2015 - "Obviously, in any group — despite what college football coaches tell us — you can't do 110 percent," said Nicholas Epley, a professor of behavioral science at the University of Chicago's Booth School of Business, who has studied (and helped coin the term) overclaiming. In one paper, published in 2006, Epley and some colleagues from Harvard tackled a subject academics often scuffle over: authorship on academic journal articles.

The Economist Who Realized How Crazy We Are

Bloomberg View - May 29, 2015 - Somewhere near the top of it is the economist Richard Thaler, who has just published an odd and interesting professional memoir, "Misbehaving." It's odd because it's funnier and more personal than books by professors tend to be. ... Twenty years ago, after Thaler was given a tenured job at the University of Chicago, a newspaper reporter asked an older, more distinguished Chicago economist, who clearly saw little of use in behavioral economics, why he hadn't blocked Thaler's appointment. (Article also appears on Crain's Chicago Business.)

How Homo Economicus Went Extinct

Wall Street Journal - May 18, 2015 - As the offspring of traditional economics and experimental social psychology, behavioral economics shows remarkable hybrid vigor, and Richard Thaler, one of the new field's founders, acknowledges its debt to psychological science throughout his highly enjoyable intellectual autobiography, "Misbehaving." ... For all of his creative career spanning 40 years, Mr. Thaler, who is a professor of behavioral science and economics at the University of Chicago Graduate School of Business, has been studying "the myriad ways in which people depart from the fictional creatures that populate economic models."

Review: 'Misbehaving' by Richard H. Thaler

Chicago Tribune - May 21, 2015 - Want a good short-hand introduction to (some of) the insights of behavioral economics? Try this one, courtesy of Richard H. Thaler's "Misbehaving: The Making of Behavioral Economic": "(W)e experience life in terms of changes, we feel diminishing sensitivity to both gains and losses, and losses sting more than equivalently-sized gains feel good." ... Once a seemingly unpromising graduate student, today a professor of behavioral science and economics at the University of Chicago's Booth School of Business and co-author of the best-selling "Nudge," Thaler ranks as one of the founders of behavioral economics. (Article also appears in other Tribune Publishing newspapers.)

Opinion: Why investors are helpless against Wall Street’s secret brainwashing machine

MarketWatch - Jun 01, 2015 - As University of Chicago Prof. Richard Thaler, co-author of "Nudge" and author of "Misbehaving," the new definitive history of behavioral economics, wrote in his earlier classic "Advances in Behavioral Finance," Wall Street "needs investors who are irrational, woefully uninformed, endowed with strange preferences, or for some other reason willing to hold overpriced assets" that the Wall Street casino is selling to the investors. (Article also appears on Morningstar.com.)

A Little Psychology Does Economics Some Good

Bloomberg View - Jun 01, 2015 - In Chapter 17 of his new book, "Misbehaving," behavioral economics founder Richard Thaler describes a conference that was held at the University of Chicago in 1985 solely for the purpose of debating the value of the new field. ... For example, John Cochrane, Thaler's colleague at University of Chicago's Booth Business School, recently delivered a long blast against behavioral econ on his blog.

Research shows how you can tell if someone is lying

Quartz - May 28, 2015 - The best way to improve our odds at detecting lies, researchers at the University of Chicago’s Booth School of Business believe, is in group discussions rather than technology. A paper, just published in the American journal Proceedings of the National Academy of Sciences, indicate that groups do better than individuals, on average, at detecting lies.

HBO's 'Game Of Thrones' Is Just Like Your Office

HuffPost Live - May 27, 2015 - HBO's wildly popular series, "Game of Thrones," has more than its fair share of narcissistic royalty, psychopathic murderers and uncontrollable dragons. But according to business experts, it's also chock full of leadership and management lessons. Guests: Waverly Deutsch, @ProfWD, (Chicago, IL): Clinical Professor of Entrepreneurship, University of Chicago Booth School of Business.

What's Wrong With 'Mathiness' in Economics?

Bloomberg View - May 20, 2015 - In his entertaining and enlightening new book, "Misbehaving," University of Chicago behavioral economist Richard Thaler documents case after case of "theory-induced blindness" in which economists ignored interesting and important real-world phenomena because they didn't accord with the dominant mathematical models.

The father of behavioral economics explains why you can't predict the market

Yahoo! Finance - May 19, 2015 - When Richard Thaler and Werner De Bondt published a 1985 study in the Journal of Finance called "Does the Market Overreact?," it was borderline heresy to suggest the markets weren't completely rational and efficient. ... Among those lessons are two the University of Chicago Booth School professor says are particularly relevant to investors. (Article also appears on Yahoo.com.)

Wall Street Is Back, Almost as Big as Ever

New York Times - May 18, 2015 - "While there is no doubt that a developed economy needs a sophisticated financial sector," said Luigi Zingales, an economist at the University of Chicago Booth School of Business, in his presidential address to the American Finance Association this year, "there is no theoretical reason or empirical evidence to support the notion that all the growth of the financial sector in the last 40 years has been beneficial to society."

Highest-paid CEOs work in media

Mashable - May 26, 2015 - "The talent, the actors and directors and writers, they're being paid a lot of money," said Steven Kaplan, a professor of finance at the University of Chicago Booth School of Business. "In industries where the talent makes a lot of money, the CEO makes a lot of money as well." (Associated Press article also ran in U.S. News and World Report, Chicago Tribune, Boston Globe, various other print, Web and TV outlets.)

7 Behavioral Biases That May Hurt Your Investments

U.S. News and World Report - May 26, 2015 - Mental accounting. First identified by behavioral economist Richard Thaler of the University of Chicago, mental accounting occurs when a person views various sources of money as being different from others. Mental accounting can manifest itself in a few ways. Money earned at a job may be viewed differently than money from an inheritance. This can affect the way the money is spent or invested.

The Urban Housing Crunch Costs the U.S. Economy About $1.6 Trillion a Year

CityLab - May 18, 2015 - The dearth of affordable housing options in superstar cities like New York, San Francisco and San Jose (home of Silicon Valley) costs the U.S. economy about $1.6 trillion a year in lost wages and productivity, according to a new analysis from economists Chang-Tai Hsieh of the University of Chicago and Enrico Moretti of the University of California at Berkeley. The study, which journalists like The Economist's Ryan Avent and Vox's Tim Lee have written about, was made publicly available as a National Bureau of Economic Research working paper earlier this month.

With fewer houses on market, some areas see ominous trend in higher prices

McClatchy Tribune - May 18, 2015 - "I think it's overwhelmingly likely that's what's going to happen," said Austan Goolsbee, a University of Chicago economist and former top adviser to President Barack Obama. Addressing the Society of American Business Editors and Writers in April, Goolsbee expected more home rental, lower ownership rates and continued tight lending standards. (Article also appeared in several publications.)

Why the NFL Should Draft Value

Barron's - May 26, 2015 - In a study of NFL draft picks from 1983 to 2008, behavioral economist Richard Thaler argues teams—and investors—would be better off looking beyond "glamour" players and drafting solid picks, even benchwarmers.

Why Honest People Do Dishonest Things

Scientific American - May 26, 2015 - In this set of studies, lead researcher Oliver Sheldon, a specialist in organizational behavior at Rutgers University, and co-author Ayelet Fishbach, a social psychologist at the University of Chicago, set out to understand the factors that influence self-control in ethical decision-making.

Why good people do bad things

CNN - May 26, 2015 - An earlier study by the other author of the current study, Ayelet Fishbach, a professor of behavioral science and marketing at the University of Chicago, found that people said they made healthier food choices after they were primed to think about fatty foods, such as chips and cookies. (Article also appeared on numerous other news websites.)

If you want to seem smarter, pick up the phone

Business Insider - May 18, 2015 - "The Sound of Intellect," a new study from Nicholas Epley, a professor at the University of Chicago's Booth School of Business, and doctoral candidate Juliana Schroeder, shows that people have more favorable impressions of job candidates when they hear them speak than when they read their written pitches — even if the actual content of the message is identical. So phone-haters, take note: dialing is worth it. (Article also picked up by some smaller publications.)

These Women Wow Shark Tank, Get Cash, Light Up The World

Forbes - May 20, 2015 - Andrea Sreshta and Anna Stork, founders of LuminAID, were offered deals from all five of the investors on ABC's Shark Tank earlier this year; they successfully closed a deal with Mark Cuban. ... Andrea Sreshta is a second-year student in Chicago Booth's Full-Time MBA Program and co-founder of LuminAID. The company ... was named the winner of Booth's John Edwardson Social New Venture Challenge in 2012.

Banking Left: How the Center Moved After the Financial Crisis

New Republic - May 19, 2015 - "Most of the centrist economists wing of the Democratic Party are definitely espousing the view that income inequality has become a serious issue and that it's worthy of discussion rather than [saying] let’s not talk about that," said Austan Goolsbee, an economist at the University of Chicago who was the CEA chair from 2010 to 2011.

For a Glimpse at the Future of Peacebuilding, Look to an Experiment Begun a Decade Ago

Huffington Post - May 18, 2015 - The first stage of this experiment has been an unequivocal success. It works. Researchers at the University of Chicago have studied the impact of Seeds of Peace and found significant positive shifts in attitude by participants with regard to how they feel about their peers on the other side of the conflict.

Pitch 22

ESPN - May 19, 2015 - 13. Before Darvish and Wheeler and Matt Harvey and Jose Fernandez, there was Sam Peltzman, an economist at the University of Chicago. In a seminal 1975 study, he argued that national safety regulations involving seat belt laws hadn't led to fewer automobile deaths because people just drove more recklessly when they felt safe. This became known as the Peltzman Effect: Steps to make something safer sometimes lead to offsetting behavior and, perversely, just as many accidents. (Article also appears on ABC affiliate websites.)

Class of 2015: The World’s Best & The Brightest MBAs

Poets and Quants - May 16, 2015 - During her time at the University of Chicago, Kaitlin Smith has grown her Simple Mills startup to the point where it employs six full-time people and sells its products in 500 stores nationwide.

2015 Best MBAs: Katlin Smith

Poets and Quants - May 16, 2015 - Katlin Smith, University of Chicago, Booth School of Business. As an entrepreneur, Katlin Smith made the most of her time at Booth. Despite launching her Simple Mills right before classes, she has grown it to a six-person enterprise with products in 500 stores.

BallotReady wins Booth Social New Venture Challenge

Chicago Tribune - May 27, 2015 - BallotReady, a startup that produces online voter guides, on Tuesday won $30,000 as the winner of the University of Chicago's John Edwardson Social New Venture Challenge, organizers said. ... The competition is co-sponsored by the University of Chicago's Polsky Center for Entrepreneurship and Innovation, as well as the Social Enterprise Initiative, both part of the school’s Booth School of Business. Participants can come from any school in the university. (Article also appears on Bloomberg. Chicago Inno also wrote about BallotReady.)

Hang Up and Listen: The Screwing the Kicker Again Edition

Slate - May 27, 2015 - Mike's Yepremian: University of Chicago behavioral economist Richard Thaler on his dealings with the Washington NFL team's owner, Dan Snyder. (Segment begins at 47:18.)

Broad Stripes, Bright Stars

The American Legion Magazine - May 20, 2015 - “That's very unusual,” says James Schrager, clinical professor of entrepreneurship and strategy at the University of Chicago Booth School of Business. Only a small percentage of family enterprises survive three generations. There are two key challenges: are the family members who want to run the business capable of taking the helm? And are the other family members willing to leave their inheritance invested in the company, or do they want to be cashed out?

How to Hedge Against the Robot Apocalypse

Huffington Post - May 27, 2015 - However, research released last year by Joshua Rauh, a Stanford Graduate School of Business finance professor, and Steven Kaplan, professor of entrepreneurship and finance at the University of Chicago Booth School of Business, note that just a small number of America's wealthiest fall into either of these two categories.

Ex-Fed governor: No rate hike until later this year

CNBC - May 22, 2015 - Amid mixed U.S. data, it makes sense for the Fed to make its first rate hike in the second half of 2015, says Randy Kroszner, professor at University of Chicago Booth School of Business and former Fed governor.

Chicago Booth: Where Fun Comes To Live?

Poets and Quants - Jun 01, 2015 - The University of Chicago has long been known as an academically grinding place for true bookworms and serious thinkers – so much so that over the years the more sardonic students have rolled out a series of T-shirts with slogans to reinforce the stereotype. ... Well, the MBA students at Chicago's Booth School of Business apparently want to counter the notion of their school as merely an academic boot camp.

The Best Advice Graduating MBAs Have For New B-School Applicants

Poets and Quants - Jun 01, 2015 - "Every school is different. Take time to understand what makes Booth and how those differences will impact your career. Then, share that information and understanding in your application." - Katlin Smith / University of Chicago, Booth School of Business.

Now we know what the Federal Reserve did to inequality

Washington Post - Jun 01, 2015 - The Fed's experiment in pumping money into the economy "provided the least amount of monetary stimulus to the metro areas hit hardest by the recession," wrote Martin Beraja, Erik Hurst and Joseph Vavra of the University of Chicago and Andreas Fuster of the New York Federal Reserve Bank.

Regional heterogeneity and monetary policy

Brookings Institution - Jun 01, 2015 - In this paper, authors Martin Beraja, Erik Hurst and Joseph Vavra of the University of Chicago, and Andreas Fuster of the New York Fed conclude that expansionary monetary policy helped stimulate the U.S. economy overall during the Great Recession, but may have widened the disparities among regions.

How Does a CPA-Audited Financial Statement Add Value?

Houston Chronicle - May 19, 2015 - A study done by the University of Chicago's Booth School of Business, the results of which were published in 2011, found that small businesses with audited financial statements secured lower rates. The study, which looked at more than 10,000 privately held firms, found that, on average, firms with audited financial statements secured interest rates that were more than half a percentage point lower than firms without audited financial statements. (References research from Michael Minnis.)

Maestro, run by a 'nut about health,' wins New Venture Challenge

Chicago Tribune - May 29, 2015 - Maestro, a company that aims to be the Keurig for food, took home the top prize and $70,000 Thursday in the 19th annual Edward L. Kaplan New Venture Challenge at the University of Chicago. ... Maestro CEO and co-founder David Rabie, a Booth MBA candidate, said professors met his idea with skepticism when he told them about it earlier in the year. (Article also appears on Bloomberg.com.)

Fed's QE policy helped most in regions that didn't need it, study finds

MarketWatch - Jun 01, 2015 - But the research, conducted by a team of economists from the University of Chicago and the New York Fed to be presented at a Brookings Institution conference, found mortgage refinancing increased mainly in parts of the country with the fewest underwater homeowners. (Article references research from Erik Hurst and Joseph Vavra.)

Your 401(k) Has Probably Gotten Better

Morningstar - May 29, 2015 - Behavioral research from Richard Thaler and others has shown that when people face making complex decisions, they often procrastinate. Many 401(k) providers have responded by simplifying the enrollment process. Bank of America found that by "minimizing upfront choices," it could achieve a nearly 40% increase in the percentage of employees who enroll in a 401(k).

Religion, death and design: Technology's last frontiers

Chicago Tribune - May 29, 2015 - During a startup competition Thursday at the University of Chicago, a team of business school students projected two photos side by side: The interior of a funeral home in the 1950s and the interior of a funeral home today. ... It's the same motivation behind Glace, the student company that competed last week in the U. of C.'s New Venture Challenge finals.

2 teams of researchers share AQR Insight Awards

Pensions and Investments - May 29, 2015 - Two sets of researchers were named co-winners of the $100,000 prize in AQR Capital Management's Insight Awards for their papers on currency carry trade strategy and an options-based approach to credit risk analysis. ... Christopher L. Culp, senior adviser, Compass Lexecon, research fellow at the Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise, adjunct professor at the Swiss Finance Institute, and adjunct professor at Universitat Bern in the Institut fur Finanzmanagement; Yoshio Nozawa, economist, Board of Governors of the Federal Reserve System; and Pietro Veronesi, Roman Family Professor of Finance, University of Chicago Booth School of Business, co-authored "Option-Based Credit Spreads."

Polsky Center announces 10 finalists for 19th New Venture Challenge

Chicago Tribune - May 21, 2015 - A Mexican furniture online marketplace and a mobile app that helps schools stay connected with alumni are among the 10 finalists for the University of Chicago's 19th annual Edward L. Kaplan New Venture Challenge. The university's Polsky Center for Entrepreneurship, which runs the event, announced the finalists Thursday. ... Many participants are from the university's Booth School of Business, which houses the Polsky Center. (News also featured on Chicago Inno website.)

M7 Business Schools: What It Really Costs To Get An Elite MBA

Poets and Quants - May 28, 2015 - The reason: It still pays off. Estimates of the payback periods for M7 degrees range from a low of 3.7 years for the MBA from the University of Chicago’s Booth School of Business to a high of 4.1 years for Stanford GSB.

An Economist Ranking That Lacks Credibility

Poets and Quants - May 21, 2015 - At the same time, you’ll find plenty of head scratchers in The Economist’s rankings. Is the University of Chicago program at the Booth School of Business only just the ninth best program – behind Thunderbird, no less?


MEDIA OUTSIDE THE U.S.

Women are winning the human capital race

Education Post - Jun 01, 2015 - If, as Chicago Booth's Kevin M. Murphy and Robert H. Topel suggest, a skills gap is the source of income inequality, the way to close the income gap would be to acquire more skills through higher education. American women have gotten that message. Many men haven't. "In the United States in the 1970s, male college graduates outnumbered female college graduates 3-to-2; today, the ratio is reversed," write Murphy, the late Gary S. Becker, and William H.J. Hubbard of the University of Chicago Law School, in a 2010 paper.

Nudging: Controls like a fly in the urinal change our thinking

Die Welt - May 26, 2015 -Economist Richard Thaler has proven that people change after little "nudges" their behavior. This works in politics, in football and in the stock market. But just his wife is immune.

'Misbehaving: The Making of Behavioural Economics', by Richard Thaler

Financial Times - May 18, 2015 -Even those with least excuse for irrationality are prone to daft quirks: in Misbehaving: The Making of Behavioural Economics, Richard Thaler describes how his students preferred to be marked out of 137 than 100, as this appeared to push up their average. Thaler, a professor of economics at the University of Chicago, has made it his life's mission to close the gap between theory and reality. His ideas gained widespread currency in 2008 with the publication of Nudge, a book co-authored by the Harvard lawyer Cass Sunstein that swiftly became a political phenomenon.

An economist's answer to digital disruption

Australian Financial Review - Jun 01, 2015 - Somewhere near the top is economist Richard Thaler, who has just published an odd and interesting professional memoir, Misbehaving. It's odd because it's funnier and more personal than books by professors tend to be. ... Twenty years ago, after Thaler received a tenured job at the University of Chicago, a reporter asked an older, more distinguished Chicago economist, who clearly saw little of use in behavioural economics, why he hadn't blocked Thaler's appointment. "Because each generation has got to make its own mistakes," he said.

Cracks in finances put business schools at risk

Financial Times - Jun 01, 2015 - Chicago Booth dean Sunil Kumar argues this fragmentation will be beneficial. "There is no reason to believe all schools, whatever their financial resources, should do the same things," he says. Booth, for example, recently increased the size of its part-time weekend programme.

"I do everything": Science explains why we believe we do all of the work

L'Huffington Post (Italy) - May 28, 2015 - Is it possible, therefore, that many individuals feel that they are so necessary, almost indispensable, to running things in the right way? Apparently, yes. Nicholas Epley, professor of behavioral science at the Booth School of Business at the University of Chicago, is conducting two studies on the subject to explain why some people tend to overestimate their own contribution.

Uncertainty can make people work harder

Positions and Promotions - May 28, 2015 - "When comparing the time, money, and effort people invest in order to qualify for either a certain or an uncertain reward, we find that the uncertain reward is more motivating than the certain reward, an effect we dubbed the motivating-uncertainty effect," write authors Luxi Shen (Chinese University of Hong Kong), Ayelet Fishbach, and Christopher K. Hsee (both University of Chicago Booth School of Business).

Make unpleasant experiences go by faster

Education Post - May 18, 2015 - Research by Chicago Booth's Anuj K. Shah and New York University's Adam L. Alter suggests consumers make this seemingly irrational decision because reducing the total number of debts rather than the total amount owed feels more rewarding. "Eliminating categories creates the feeling of having made progress, which is desirable for negative experiences but less so for positive experiences," they observe.

Why finance is too much of a good thing

Financial Times - May 26, 2015 - But such practices do not only shift money from a large number of poorer people to a smaller number of richer ones. It may also gravely damage the economy. This is the argument of Luigi Zingales of Chicago Booth School, a strong believer in free markets, in his presidential address to the American Finance Association.

Ananish Chaudhuri: Automatic enrolment has big impact

New Zealand Herald - Jun 01, 2015 - This idea that changing the default option can make a big difference was first popularised by University of Chicago professors Richard Thaler and Cass Sunstein in their best-selling book Nudge. ... Indeed the fact that people often fail to save enough for retirement has motivated Thaler and co-author Shlomo Benartzi to propose the Save More Tomorrow (SMT) plan.

"Houston we have a problem": there is too much finance economy

Il Sole 24 Ore - May 27, 2015 - Luigi Zingales, a professor at the Booth School of Business, University of Chicago, in his presidential address to the American Finance Association, said the economic damage in question takes two forms. The first is direct, for example an unsustainable boom fueled by credit. The other is indirect, arising from a breach of trust in financial assets because of a crisis, a widespread policy of "scam" or by both.

"In Greece, the taxpayer shall be deemed idiot"

Die Welt - May 18, 2015 - The father of nudging, Richard Thaler, advises the European Commission to develop its own Nudge unit in order to better cope with the crisis in Greece. ... In countries such as Greece there is a cultural problem, said the Chicago-based economist.

Derivatives, Minister Padoan do the right thing

Wired Italy - Jun 01, 2015 - "In general, the disclosure of a contract may actually weaken my bargaining position" admits Luigi Zingales, an economist at the Booth School of Business, University of Chicago, "but in the case of derivatives on Italian debt you have to consider two factors: first, there's no reason not to disclose the contracts already closed. For those still open, just remember that many ministers and senior members of the ministry are now working for investment banks that have entered into these contracts. Their conditions are not so secret to operators directly concerned and for the market."

Bank sector too big and too greedy in Australia and US

The Australian - May 21, 2015 - "What is unique is not just the magnitude of fraud, but the fact that most people committing it seem to have got away with it, leaving shareholders to bear the cost," says Luigi Zingales, an economist at the University of Chicago, one not known for its aversion to free markets.

Heterogeneity motivates temporary price discounts

Business Standard - May 26, 2015 - Heterogeneity motivates temporary price discounts by retailers, finds a research paper, 'Best Prices: Price Discrimination and Consumer Substitution', published by Anil K Kashyap, Booth School of Business, University of Chicago, and Judith A Chevalier, Yale School of Management. The study proposes a method for constructing price indices when retailers use periodic sales to price-discriminate among heterogeneous customers.

Business school's future Hong Kong site once held left-wing activists and right-wing spies

South China Morning Post - May 19, 2015 - Now long disused, the cluster of buildings that was one of Hong Kong's most notorious police facilities is due to become a new campus of the University of Chicago's Booth School of Business in 2017. It will also get a new name: the University of Chicago's Centre in Hong Kong. ... The university intends to preserve three of the existing buildings on the site, and to demolish two others.


ALUMNI

David Booth's University of Chicago Lessons

Bloomberg View - May 29, 2015 - This week in our Masters in Business radio podcast we speak with David Booth, founder, Chairman and co-Chief Executive Officer of Dimensional Funds Advisors (DFA). ... He went on to receive an M.B.A. from the University of Chicago's business school, where he became the teaching assistant for future Nobel laureate Eugene Fama.

From the Frontlines to Finance: How the Marines Shaped Our Investment Philosophy

Value Walk - May 26, 2015 - As luck would have it, another opportunity fell in his lap–a full-ride scholarship and stipend to attend the University of Chicago finance Ph.D. program. With a heavy heart, Wes decided against the Marines and entered the Ph.D. program. (Op-ed co-written by MBA and Ph.D. alumnus Wesley Gray.)

An earthquake brings a banker back to Chicago

Crain's Chicago Business - May 22, 2015 - Chris Keogh felt “like a reed in the wind” that spring day in 2011 when a 9.0 earthquake in Japan triggered frightening aftershocks, a tsunami and the largest nuclear power accident since Chernobyl. ...He earned a general studies degree from the University of Michigan in 1994 and an MBA in finance and international business from the University of Chicago.

What Nigerians Want: Concluding Part Of The 2015 Nigeria Electoral Survey

Sahara Reporters - May 28, 2015 - The 2015 National Electoral Poll was not commissioned by any political party, or vested organizations and/or individuals in the Nigerian political process. Dr. Malcolm Fabiyi holds a BSc (First class) degree in Chemical Engineering from the University of Lagos, an MBA from the University of Chicago and a PhD in Chemical Engineering from Cambridge University.

New CEO of bioscience institute looks to hire researchers, raise millions

Indianapolis Star - May 19, 2015 - David Broecker holds a bachelor's degree in chemistry from Wabash College, a master's in chemical engineering from MIT and an MBA from the University of Chicago.

San Diego County Hires CIO

CIO Magazine - May 22, 2015 - The San Diego County Employees Retirement Association (SDCERA) has hired Stephen Sexauer as its investment chief as the fund continues to transition from an outsourced-CIO (OCIO). ... Sexauer holds an MBA from the University of Chicago and a bachelor’s degree in economics from the University of Illinois at Chicago.

ReNew Power Ventures appoints Ajay K Goel as President of solar and new businesses

Economic Times - May 20, 2015 - ReNew Power Ventures has appointed Ajay K Goel, former CEO of Tata Power Solar, as president, solar and chief new businesses. ...Goel is an electrical and computer software engineer from Indian Institute of Technology, Delhi and holds an MBA from the University Of Chicago Booth School Of Business. (Article also appears on IndiaInfoline.)

Senior-level promotions and hires for the week of June 1, 2015

Miami Herald - Jun 01, 2015 - Geoffrey Kirles has been named vice president and treasurer at the University of Miami. He was previously an executive director with J.P. Morgan's Investment Bank. Kirles has a bachelor's in finance from Michigan State University and an MBA from the University of Chicago.