MONTHLY TOP MEDIA COVERAGE FOR AUGUST 2016

U.S. MEDIA

Booth’s Kroszner Says Hike Likely Before End of Year (Audio)

Bloomberg (audio) - Aug 29, 2016

Taking Stock with Kathleen Hays and Pimm Fox. GUEST: Randy Kroszner, Former Fed Governor and Professor of Economics at the Chicago Booth School, dissects the main themes coming out of the Jackson Hole Fed symposium.

Most Read on Bloomberg: Good-But-Busted ETFs, Drifting Stocks

Bloomberg - Aug 29, 2016

The most-read Bloomberg News reports from the past week are listed below. The rankings are based on daily statistics through Aug. 27. 2. It’s Fundamental Why Buffett Beats the Stock Market: Noah Smith(Bloomberg View) -- Eugene Fama and Richard Thaler, two legendary finance professors at the University of Chicago, recently had a debate about whether markets are efficient.

Schooled in the short run, central banks struggle with a long-term role

Reuters/Yahoo Finance/Channel News Asia - Aug 26, 2016

"When I left the Fed at the beginning of 2009 we talked about having interest rates at extraordinarily low levels for some time. I don't think anyone thought 'for some time' was going to bring us six, seven, eight years later," said Randy Kroszner, a former Fed governor and now an economics professor at the University of Chicago Booth School of Business. "If central banks are being asked to do some longer-run kinds of things, what is the right framework...what is the balance sheet, what are your targets, what are the tools?"

It's Fundamental Why Buffett Beats the Stock Market

Bloomberg/Yahoo Finance/Wealth Management.com - Aug 24, 2016

Eugene Fama and Richard Thaler, two legendary finance professors at the University of Chicago, recently had a debate about whether markets are efficient.

Actions Seen as More Intentional in Slow Motion, Study Finds

Chicago Tonight-WTTW - Aug 23, 2016

“We found pretty consistently that actions that were seen in slow motion were judged as more intentional than those same actions when seen at regular speed,” said Eugene Caruso, associate professor of behavioral science at the University of Chicago Booth School of Business and lead author of the study.

Could Reviving a Defunct Banking Rule Prevent a Future Crisis?

The Atlantic - Aug 23, 2016

Randall Kroszner [a professor at University of Chicago and a former governor of the federal reserve system] and Raghuram Rajan [the governor of the Reserve Bank of India] found that securities issued by unified banks were (ex-post) of higher quality that those issued by investment banks.

The Life-Changing Magic of Choosing the Right Hospital

New York Times - Aug 22, 2016

A study by health economists at Harvard, M.I.T., Columbia and the University of Chicago showed that heart attack survival gains from patients selecting better hospitals were significant, about half as large as those from breakthrough technologies.

Are Women Insuring Themselves Against Low-Paid Jobs?

The Atlantic - Aug 19, 2016

Bronson’s study subtlety considers class as well as gender, something writers have called for but rarely produced. It also offers a peek into the different psychological mindset of women who aren’t gunning for the top echelon (like those investment bankers and lawyers working tremendously long hours, described by Marianne Bertrand, Big Question video) but rather avoiding a fall to the bottom.

U.S. Immigration Now Means Big Economic Payoff Later

Bloomberg/Yahoo! - Aug 18, 2016

"It’s clear from our study that ethnic diversity enhances your ability to both attract investment and do business in the world,'' said Tarek Hassan, an economics professor at the University of Chicago’s Booth School of Business and co-author on the study.

Here's what Macy's has to do with the stores it isn't closing

Chicago Tribune - Aug 15, 2016

In a working paper for the National Bureau of Economic Research, "The Ongoing Evolution of U.S. Retail: A Format Tug-of-War," the University of Chicago's Ali Hortacsu and Chad Syverson noted that, yes, e-commerce has eroded some traditional retail business, but warehouse club superstores also have flexed their muscles.

Chicago MBA programs: The most expensive, the hardest to get into, the most diverse, and more

Crain's Chicago Business - Aug 15, 2016

Here's everything any prospective MBA student needs to know, all in one spot. From the most competitive programs, to the most diverse, to the ones with the highest number of female students, to a full directory with the specialties associated with each. ...Generally, Northwestern's Kellogg School and U of C's Booth School are the toughest local programs to get into.

How many MBA grads stay in Chicago?

Chicago Tribune - Aug 12, 2016

More than a quarter of graduates from full-time programs at Kellogg School of Management at Northwestern University and Booth School of Business at University of Chicago typically stay in the city.

'Googlement' Pushes Aside 'Government Sachs'

Bloomberg - Aug 12, 2016

In a provocative interview last month with the University of Chicago Booth School of Business’s Stigler Center, antitrust lawyer Gary Reback, a key figure in the Microsoft case in the 1990s and in European efforts against Google now, chalked up the difference partly to the growing influence of corporations in the U.S. since the Supreme Court’s Citizens United ruling in 2010. Article also appears in the Standard Examiner.

India’s Outgoing Central Bank Governor Rajan Says He Didn’t Pay Attention to Personal Attacks

Wall Street Journal (blog) - Aug 11, 2016

Outgoing Reserve Bank of India Governor Raghuram Rajan has said that he “put aside” sometimes-personal attacks on him during his tenure in the top job at the central bank. Mr. Rajan will be returning to his teaching job at the University of Chicago after his term as governor ends Sept. 4. He has been credited with getting India’s rocketing inflation under control, but has also been criticized by some for not cutting interest rates fast enough.

When it comes to the smallest of stocks, bargains are outside of the U.S.

USA Today - Aug 11, 2016

These are the stocks of companies whose market caps are among the smallest of any publicly-traded firms and trade on the assumption their earnings growth will be among the fastest. Such stocks have produced an average annualized gain of 79% in the last three months of all bull markets since the mid-1920s, according to the bull market calendar maintained by Ned Davis Research and data compiled by Dartmouth finance professor Kenneth French and University of Chicago professor and Nobel laureate Eugene Fama.

Can slow motion video bias jury trials?

Christian Science Monitor - Aug 11, 2016

Researchers found that repeated reminders about the slow-motion nature of the clip did not reverse the bias in favor of intent. When test volunteers were shown both slow-motion and regular-speed video of the same event, the bias was reduced but not eliminated. The authors are Eugene Caruso of the University of Chicago, Zachary Burns of the University of San Francisco, and Benjamin Converse of the University of Virginia.

MBA programs are going outside the classroom. Here's why.

Chicago Tribune - Aug 10, 2016

Although schools such as Kellogg at Northwestern University and the Booth School of Business at the University of Chicago have been implementing experiential learning for years, professors and administrators are putting a heavier emphasis on it this school year. ...Booth has been teaching students through doing for years through its entrepreneurship programs like the New Venture Challenge and the Polsky Center of Entrepreneurship and Innovation. Now, the Polsky Center is expanding into a free-standing entity leaders hope will quicken time to market for students and faculty.

How to Vet a Financial Adviser

Yahoo Finance - Aug 10, 2016

About seven percent of the financial pros listed in the BrokerCheck database had at least one incident of misconduct on their record between 2005 and 2015, according to a study put together by the Financial Industry Regulatory Authority (FINRA), which maintains the database. And at some firms the misconduct rate was more than 15 percent. Then there's the issue that “past misconduct is predictive of future misconduct,” says Mark Egan, an assistant finance professor at the University of Minnesota who co-authored a different study with Amit Seru, now at Stanford University and Gregor Matvos of the University of Chicago, Booth School of Business.

Debating the Gender Pay Gap

The Atlantic (includes video) - Aug 10, 2016

I wanted to share one of the most nuanced (and one of my favorite) discussions of the topic I’ve seen. Many of the ideas in this chat inspired my original piece on what gender pay statistics might not be capturing. It’s a chat between two scholars on the topic: Marianne Bertrand, an economist and professor at the University of Chicago’s Booth School of Business and an expert on the topic (I chatted with her previously about the slowdown in closing the gap), and Waverly Deutsch, a clinical professor in entrepreneurship also at Booth.

This infamous Draymond Green clip shows how slow motion can bias referees

Washington Post - Aug 09, 2016

The research (Eugene Caruso), published last week in the Proceedings of the National Academy of Sciences, shows that people are more likely to view an action as intentional if they see the incident in slow motion. "Seeing something in slow motion gives you the false impression that the actor had more time to act, so it feels more premeditated," Caruso said. "When you see it in slow motion it just has this, like, air of inevitability."

Polsky Center expansion at University of Chicago hits high gear

Chicago Tribune - Aug 08, 2016

Entrepreneurship is about to stand on its own at the University of Chicago for the first time. Prompted by new funds and a growing hunger for innovation resources throughout campus, the university is working to expand the Polsky Center for Entrepreneurship and Innovation into a free-standing entity.

The Problem With Slow Motion

The New York Times - Aug 08, 2016

In an op-ed, Eugene M. Caruso, associate professor of behavioral science, writes, "We live in a YouTube age. These days, if something disputed happens in public, there is a fair chance it will be captured on video and analyzed in detail. It is important to keep in mind that video evidence can distort human judgment as well as sharpen it. Our studies suggest that the courts, at least, may not want to be so fast to slow things down."

Surveillance: Woo, Zingales, Sinche

Bloomberg Radio - Aug 08, 2016

Tom Keene and Francine Lacqua, filling in for Michael McKee, bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss fiscal policy with Bank of America Merrill Lynch’s David Woo; Italian banks with University of Chicago Booth School of Business’ Luigi Zingales; and the Fed with Amherst Pierpont’s Robert Sinche.

Zingales on the Risk Italian Banks Pose to the EU

Bloomberg (video) - Aug 08, 2016

University of Chicago Booth School of Business Professor Luigi Zingales and Bank of America Merrill Lynch Head of Global Rates Research David Woo discuss the plight of European banks and the future of the European Union. They speak on "Bloomberg Surveillance."

Zingales: Would Say No to Be on Trump's Economic Team

Bloomberg - Aug 08, 2016

University of Chicago Booth School of Business Professor Luigi Zingales and Bank of America Merrill Lynch Head of Global Rates Research David Woo discuss the 2016 U.S. presidential elections. They speak on "Bloomberg Surveillance.

Zingales: Much Easier to Run Campaign Against China

Bloomberg (video) - Aug 08, 2016

University of Chicago Booth School of Business Professor Luigi Zingales and Bank of America Merrill Lynch Head of Global Rates Research David Woo discuss GOP presidential candidate Donald Trump's trade policies. They also discusses the U.S. economy on "Bloomberg Surveillance."

The Most Important Brexit Chart

Bloomberg (includes video) - Aug 08, 2016

On "Single Best Chart," Bloomberg's Tom Keene looks at a Brexit chart. University of Chicago Booth School of Business Professor Luigi Zingales and Bank of America Merrill Lynch Head of Global Rates Research David Woo also weigh in on "Bloomberg Surveillance."

ECB Leaves Investors Guessing on Some Banks’ Stress-Test Results

Bloomberg - Aug 05, 2016

Too much disclosure might also prompt banks to take steps to simply pass the test to meet public scrutiny rather than strengthen risk-management systems, according to research by professors Itay Goldstein, of the University of Pennsylvania, and Haresh Sapra, of the University of Chicago. Article also appears in Washington Post and Yahoo Finance.

UK central bank to help economy through Brexit with stimulus

U.S. News & World Report - Aug 04, 2016

Some 71 percent of leading academic economists surveyed by the University of Chicago (IGM) said inflation-adjusted incomes in the U.K. will likely be lower a decade from now than they are today because of the British EU exit, or Brexit.

Is This What Silicon Valley Is Really Afraid Of?

Worth - Aug 02, 2016

“There’s very little support [from] the economic experts,” says Steven Kaplan, the Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance at the University of Chicago’s Booth School of Business. The IGM Economic Experts Panel, in fact, found that 84 percent of surveyed economists either disagreed or strongly disagreed that UBI payments would be an improvement over the current safety net.

Will Bringing Back a 1930s Banking Law Really Make Us Safer?

TIME Magazine - Aug 02, 2016

“Under the old regime, commercial banks, investment banks, and insurance companies had different agendas, so their lobbying efforts tended to offset one another,” contends Luigi Zingales, a professor at the University of Chicago’s Booth School of Business. “But after the restrictions ended, the interests of all the major players were aligned.”

Gail MarksJarvis: Law professor points out the holes in your retirement plan

Chicago Tribune - Aug 01, 2016

A popular solution comes from University of Chicago professor Richard Thaler, author of “Nudge.” He says: Don’t wait for people to take care of themselves. Instead, employers should pull money automatically out of each person’s paycheck and stick it into their 401(k) account. Article also appears in Crescent News, CableOne, Cincinnati Bell, News One Place, USA News.

Can Chicago entrepreneurs unplug on vacation?

Chicago Tribune - Aug 01, 2016

Ellen Rudnick, senior adviser on entrepreneurship at the University of Chicago Booth School of Business, admits she’s terrible at unplugging. On trips, she waits until everyone goes to bed to respond to emails.

MEDIA OUTSIDE THE U.S.

MBA students reveal how to conquer application essays

Financial Times - Aug 29, 2016

Many schools no longer even require a written piece of work. The application for the University of Chicago’s Booth School of Business 2016-17 full-time programmes contains 10 images, ranging from a pile of textbooks to a group of students smiling from the back of a truck in Colombia. It invites applicants to pick an image and explain what resonates with them about it. ...Kurt Ahlm, Booth’s associate dean responsible for admissions, says the aim is as much to convey to applicants the culture of the school as it is to understand whether they would be a good fit.

Central bankers fear threat of low-growth rut

Financial Times - Aug 29, 2016

“Central banks still have arrows in their quiver [although] they may not be as effective as they were before the crisis,” says Randall Kroszner, a former Fed governor who is now a professor at the University of Chicago Booth School of Business. However, “many central banks are being asked to do things they simply can’t do. Central banks can try to fight deflation. Central banks can’t simply create growth.”

Schooled in the short run, central banks struggle with a long-term role

Reuters/Yahoo Finance/Channel News Asia - Aug 26, 2016

"When I left the Fed at the beginning of 2009 we talked about having interest rates at extraordinarily low levels for some time. I don't think anyone thought 'for some time' was going to bring us six, seven, eight years later," said Randy Kroszner, a former Fed governor and now an economics professor at the University of Chicago Booth School of Business. "If central banks are being asked to do some longer-run kinds of things, what is the right framework...what is the balance sheet, what are your targets, what are the tools?"

8 Amazing MBA Experiences You Can Only Have At Chicago Booth

Business Because - Aug 23, 2016

Chicago Booth is one of the oldest business schools in the US, and most unique in the world. It prides itself on its community: its 585-strong MBA class is 48% female with 54 different nationalities represented.

The lost boys: Video games more fun than growing up

The Globe & Mail - Aug 22, 2016

In the United States, low-skilled young men have been dropping out of the labour force in unprecedented numbers. The standard explanation is that they can’t find jobs. But Erik Hurst, an economics professor at the University of Chicago, thinks that’s too simplistic. In an online interview, he said he thinks that maybe they’re not that interested in finding jobs. He conducted an extensive study into how they spent their leisure time, and here are his findings: “The hours that they are not working have been replaced almost one for one with leisure time.” In other words, they aren’t using their freed-up time to take retraining courses, start a business, look for other work, mind the kids or retile the bathroom. Instead, they spend 75 per cent of their new-found leisure time playing video games.

Improve your life by making huge decisions with a coin toss

The Economist - Aug 18, 2016

This is the message from a new working paper, by Steven Levitt of the University of Chicago (the Freakonomist), which suggests people are too cautious for their own good. And he isn’t talking about the small-stakes decisions economists usually analyse—he is focused on big life choices, like whether to quit a job or end a relationship.

Britain pays the price for a badly designed Brexit choice

Financial Times - Aug 18, 2016

The more complicated a decision, the less desirable a referendum, writes Richard Thaler

An Italian town beckons tourists with art

Gulf News - Aug 18, 2016

Luigi Zingales, an economist at the University of Chicago Booth School of Business, who helped draft the social capital model for the association, said there is a political context as well.

Chicago Booth to have classroom-style exec-education course in India

Business Standard - Aug 15, 2016

After Harvard Business School, Indian executives now have Chicago Booth School of Business offering a classroom programme. Northwest Executive Education has partnered with University of Chicago Booth School of Business-Executive Education to launch a programme for senior executives in the Indian sub-continent.

Brexit Timing Illusions Exposed in Unusual Tale of Greenland

MSN Money - UK - Aug 11, 2016

Article includes Bloomberg video of Luigi Zingales interview on the risk Italian banks pose to the EU, August 8, 2016.

Careers services: Who you know, as well as what you know

The Economist/UK/El Salvador - Aug 04, 2016

“We believe our career services are an extension of our mission itself: to create enduring knowledge, and to educate students,” says Sunil Kumar, the dean of the Booth School of Business at the University of Chicago, which took the top place in The Economist’s latest ranking of full-time MBA programmes.

ALUMNI

Akorn Appoints Robert Monahan as Senior Vice President of Corporate Development

Globe Newswire/Yahoo! - Aug 18, 2016

Earlier in his career, Mr. Monahan held positions in healthcare financial advisory with increasing responsibilities at Deloitte and Lehman Brothers. He holds an MBA and a BA from The University of Chicago.

A family recipe: Son sells Father's BBQ sauce

Chicago Tribune - Aug 08, 2016

Mike Friedman started working a sales position at the Wrigley Company and took night courses at the University of Chicago Booth School of Business to earn an MBA. With that background, he thought he could mass market his father's sauce. "Given my experience in the food and business industry, I had a fairly clear idea of how to get this thing going. But going to business school helped me start to brainstorm and make the framework of what it would look like to launch this company," Friedman said.