Rutgers Faculty Member Moving On Up – New York News
Let’s explore some of the most interesting stories that have emerged from New York business schools this week.
Rutgers Lends Expertise to Newark – Rutgers Business School News
When Newark’s Community Economic Development Corporation lost its chief executive, Mayor Ras Baraka enlisted Lyneir Richardson of the Rutgers Business School to take the reigns. The Rutgers professor the opportunity as an “act of service” and said that he would be thrilled to share his knowledge and ensure that the Newark CEDC continued its vital role in attracting businesses, guiding real estate development and helping to sustain small businesses across the city.
“I’m honored to be of service to the city at this moment of economic energy,” Richardson says. “My temporary role in the city “will bring new relevant examples to my teaching.”
Rutgers University-Newark Chancellor Nancy Cantor remarks:
“Rutgers is a committed stakeholder in the present and future of our great city—not just in Newark, but of Newark—and we are pleased to be able to assist during this critical transition.”
You can read more about Richardson’s role here.
Lessons from Mario Gabelli, Merger Master – Gabelli Connect
Mario Gabelli, Chairman and CEO of GAMCO Investors, Inc, is a legendary “arb” (better known as a risk arbitrageur). He has utilized the discipline of risk arbitrage to successfully invest in companies undergoing mergers, reorganizations and other corporate events. The Fordham University Gabelli School of Business stresses that there is no better discipline that will teach you everything you need to know about deal-making than arbitrage, noting that it teachers investors financial techniques applicable across the financial industry.
“Those things work on everything you do,” Gabelli says.
“It keeps you up-to-date on every financial technique that’s available.” For students, “this is a great business to be in because you learn a lot, it’s not complicated, and you can do it tonight.”
Kate Willing, writer of the recently-published “Merger Masters: Tales of Arbitrage,” asserts: “risk arbs must also have nerves of steel—the discipline to adhere to a strategy, a willingness to tolerate calculated risk, and an ability to make decisions under conditions of uncertainty.”
You can read more from the Gabelli Connect article here.
2018: Year in Review – Lehigh University
Alongside a myriad of learning experiences, research, and huge celebrations on campus, the Lehigh University College of Business and Economics wrapped up an exciting year. Five noteworthy moments in 2018 featured a one billion dollar fundraising campaign, a distinguished Lehigh alumni commencement speech, an outstanding successful wrestling season, discovery of a new geometric shape by a Lehigh professor, and a five-story residential facility.
Deloitte CEO and Lehigh alum Cathy Engelbert says to graduates: “Do what hasn’t been done,” and shared three life lessons at Lehigh’s 150th commencement.
Kicking off its $1 billion campaign, Lehigh announced a generous $20 million gift from Lehigh Board of Trustees Chair Kevin L. Clayton ’84 ’13P and Lisa A. Clayton ’13P.
A new geometric shape: “Team of researchers discover a new shape present in epithelial cells that minimizes energy and maximizes packing stability during tissue bending. The new research can lead to advancement in tissue engineering.”
You can read more about the year that was at Lehigh here.
Columbia Business School Professor On Keeping Your New Year’s Resolutions
Every year, half of all Americans make New Years resolutions. Unfortunately, according to the latest Marist Poll, one-third will fail. So, how do you make sure you succeed? Columbia Business School professor of business Gita Johar has advice for holding fast to your goals. Her trick: “Make it painful to break your resolution.”
How to Make Breaking a New Year’s Resolution Painful
The idea is to impose penalties on yourself for failing to keep your resolution. This can make it far more likely that you’ll follow through. By associating a negative outcome with failure, you’ll resist temptations to quit. “Self-punishment leads to heightened goal accessibility,” Johar believes.
And the idea of adding self-imposing penalties and restrictions is not new. Its origin goes back to ancient Greece and the Odyssey when Odysseus tied himself to his ship’s mast to resist the call of the Sirens. For modern times, the concept can be applied to using a smartphone app to reduce screen time or using an alcoholism drug to stop alcohol abuse.
“Enduring pain, in other words, is not just a nudge to do better in the future but also an inward sign of self-control,” Johar’s research explained. “You feel you have more self-control if you’re able to withstand pain.”
Proof Is in the Pudding
To prove her concept of using pain to succeed, Johar and her colleagues conducted a “painful” experiment that tested students’ willingness to drink bitter juice and listen to unpleasant noise.
In one experiment, 205 undergraduate students were tasked with thinking about a time they had too little self-control and overspent. They were then asked to read either an article about how negative sensory experiences were an indicator of self-control or how negative experiences had no indication of self-control. All students were then asked to drink bitter juice.
The students who read that self-control and negative experiences go together drank more bitter juice than others—they punished themselves for their failure with money. “Upon recalling a self-control failure that one feels responsible for, individuals who believe their personal qualities can change are more likely to endure negative experiences,” explained Johar.
The takeaway is that if you want to reach your 2019 New Years resolutions, you need to aim high and back up your goals with firm self-punishments when you fail. Read more about this idea on the Columbia Business School news site.
This article has been edited and republished from its original source, Clear Admit.
Tech Interests and West Coast Jobs Spike in New Northwestern Kellogg Employment Report
Last week, Northwestern University’s Kellogg School of Management released its 2018 Employment Report revealing a record number of graduates going into the tech industry (28 percent) and more companies hiring Kellogg talent than ever before. Other highlights include a growing number of graduates headed to the West Coast for jobs (around one-third) and a steady employment rate with 94.6 percent of students receiving a job offer three months post-graduation—a slight increase from 94.1 percent last year.
Kellogg Job Offers and Salaries Remain Stable
Over the last two years, Northwestern Kellogg has witnessed strong and steady base salaries and job offers with little to no change. Although the number of MBA graduates heading into consulting decreased slightly this year (down to 30.1 percent from 32.9 percent), the median salary was $147,000 for both years. The technology industry had similar results though interest increased year-over-year (24.9 percent in 2017 compared to 28.3 percent in 2018). Median base salaries in technology stayed consistent with just a slight increase from $125,000 in 2017 to $130,000 in 2018.
As for graduates seeking employment, in both 2017 and 2018, around 82 percent of MBA students were looking for a job. Of those students, 94.1 percent received an job offer last year compared to 94.6 percent this year.
“We are thrilled to see the continued strong demand for Kellogg talent across a diverse range of industries and geographies,” Kellogg admissions says.
Kellogg Students Head to the West Coast & Work at a Range of Companies
One of the most notable differences this year was the number of MBA graduates heading to the West Coast. Thirty-three percent of students took a job in the West, the highest percentage ever. That change correlated to a decrease in interest in the Midwest down to 26.1 percent from 30.2 percent. However, more students took an international job compared to last year (12.8 percent in 2018 compared to 10.9 percent in 2017).
Another stand out in this year’s employment report was the growing breadth of companies hiring Kellogg talent. Last year, 207 companies were responsible for employing all 500-odd students. This year, 228 companies hired MBA graduates, “illustrating that Kellogg equips its graduates for jobs anywhere,” Kellogg admissions wrote.
As for the top companies hiring graduates, that prestige went to The Boston Consulting Group and McKinsey & Company, both of which hired 33 grads. Other top employers included Bain & Company (24), Amazon (21), and Deloitte Consulting LLP (12).
This article has been edited and republished with permissions from its original source on Clear Admit.
Chicago Booth, Northwestern Kellogg Top Economist 2018 Rankings
The newest Economist best MBA rankings for full-time programs is officially out, with two Chicago schools topping the list.
MIT Sloan MBA Deadlines Have Been Announced
The newest batch of MIT MBA deadline dates have been announced for the Sloan School of Management, going in to the 2018-19 academic season.
Round One
Deadlines: September 25, 2018
Notifications: December 19, 2018
Round Two
Deadlines: January 22, 2019
Notifications: April 2, 2019
Round Three
Deadlines: April 8, 2019
Notifications: May 8, 2019
Head over to the official MIT Sloan website for more application information.
The Connection Between Social Mobility and Democracy, and More – Chicago News
Let’s explore some of the most interesting stories that have emerged from Chicago business schools this week.
Is Social Mobility Essential to Democracy? – Kellogg Insights
Northwestern University Kellogg School of Management professor of managerial economics and decisions sciences Georgy Egorov, along with MIT Sloan’s Daron Acemoglu and Chicago Booth’s Konstantin Sonin, recently created a model to understand how voters’ beliefs about social mobility affect their political preferences.
Despite older generations becoming increasingly less optimistic with the potentially positive outcomes of future generations, the researchers find that there’s a decent probability that the children of future generations will rise to a higher economic and social class.
“Having many election cycles means that even with low mobility, the likelihood that a person’s decedents will eventually end up in another class is high. Egorov compares it to two lakes connected by a narrow straight. In the short term, they will not exchange much water. But over the long term, that small exchange will grow and grow until the waters are quite mixed.”
Speaking with Kellogg Insights, Egorov elaborated:
“In a certain sense, expectation of stability begets stability. A thick middle class makes democracy more stable than a thin one. Our research highlights the problems that may follow from a shrinking or thin middle class. Additionally, if the belief in the stability of democracy is undermined, people might well decide it’s not worth defending.”
You can read more about the trio’s research here.
Mendoza Marketing Professor Wins Research Award – Mendoza Ideas & News
The 2018 Louis W. Stern Award has officially been bestowed upon Shankar Ganesan, the John Cardinal O’Hara, C.S.C., professor of business and marketing department chair at the Notre Dame University Mendoza College of Business.
The award recognizes Ganesan, as well as co-authors Steven P. Brown of the University of Houston, Babu John Mariadoss of Washington State and Hillbun (Dixon) Ho of University of Technology Sydney for a 2010 article they published in the Journal of Marketing Research entitled, “Buffering and Amplifying Effects of Relationship Commitment in Business-to-Business Relationships.”
According to the article, “The paper examines the buffering and amplifying effects of relationship commitment on organizational buyers’ intentions to switch suppliers when a relationship is strained by the incumbent’s own misbehavior. “
Check out more from Ganesan’s research here.
The Road Ahead: Takeaways from Economic Outlook 2018 – Chicago Booth Magazine
Chicago Booth Magazine recently dove into the sold-out ‘Economic Outlook 2018’ event last January to “evaluate emerging trends [and] share their insights into the economic outlook for Wall Street and Main Street—ten years after the financial crisis.”
Randall S. Kroszner, the Chicago Booth Norman R. Bobins professor of economics, offered a few optimistic projections:
“I do think [the tax cut] is going to have a positive impact, both in the short run and the long run. I think the broad direction is fairly clear: cutting personal tax rates on a weighted average, of about three percent or so, will have positive impact on demand, because that’s going to allow for higher disposable income in the short run.”
Austan D. Goolsbee, Robert P. Gwinn professor of economics and the former chairman of the Council of Economic Advisers, offered slightly more tempered but optimistic projections as well:
“The danger areas continue to be worries about China, where there has been a big acceleration of debt, and a nagging feeling that we really don’t know what’s in the European financial institutions. That said, the overall growth around the world is looking a little better, for the first time in a little while.”
You can read more about Booth’s ‘Economic Outlook 2018’ overview here.
