NYU Stern Announces New STEM-Designation for Full-Time MBA
In early January 2020, the NYU Stern School of Business officially earned a coveted STEM-designation for its esteemed full-time MBA program, available for students at the start of the upcoming spring semester.
Continue reading…A Columbia Business School Professor’s Quest to Find Efficiency in Affordable Housing
Working in the heart of New York City, just blocks away from some of the most valuable real estate in world, is a constant reminder of the problems with affordable housing. Stijn Van Nieuwerburgh, the Earle W. Kazis and Benjamin Schore Professor of Real Estate at Columbia Business School, address the issue first hand in a recent study, asking whether affordable housing can become more efficiency in an increasingly urbanized world.
“Can we improve the efficiency of the affordable housing system?” Van Nieuwerburgh asks in his latest study, “Affordable Housing and City Welfare.” Van Nieuwerburgh co-authored the study alongside Jack Favilukis of the Sauder School of Business at the University of British Columbia and Pierre Mabille of the Stern School of Business at New York University, which pivots the conversation away from a strictly cost conversation to one of social insurance.
“A lot of the previous models that have thought about these questions, haven’t really modeled risk, risk aversion, and insurance against risk,” Van Nieuwerburgh says. “That is what’s new here; it’s a finance perspective on the world.”
“Van Nieuwerburgh notes that people first sought out rent controlled or rent stabilized units when it was appropriate for their economic situation; but then over time, their careers progressed and they began to earned more. The research demonstrates that these very same renters tend to stay in the same unit when they can afford a market-rate unit, effectively taking the place of someone who earns less.”
A proposition from Van Nieuwerburgh in the study is that of a mean’s test, requiring applicants for an affordable housing lottery to earn within 30 percent of the proposed median income. Which, if successful, would allow needier applicants to earn higher priority, rather than keep tenants in housing built for people in lower income levels.
“That means that really needy people are going to get these units,” according to Van Nieuwereburgh.
“We can add everybody up, and we can see whether society is better off or not under this new policy,” he says. “The reason we’re better much off with this more efficient housing system is because poor people now get access to affordable housing units that they didn’t before.”
A primary difficulty with current proposals and changing rent laws, Van Nieuwereburgh argues, is that developers will have less economic incentive to build affordable housing if the demand increases while the cost of land in cities like New York continues to climb. His model also entails avoiding tax increases on wealthier residents, arguing that it disincentivizes upper-class earners and may not be more beneficial than voucher programs. However, despite the fiscally conservative framework, the study also advocates for potential solutions like “upzoning,” which can create more density in areas with tighter development laws.
You can read more about the affordable housing study, which was inspired by Mathew Desmond’s book Evicted, here.
J.P. Eggers, NYU Stern Professor and Vice Dean of MBA Programs, Answers Our 5 Questions
In our latest installment of the MetroMBA “5 Questions” series, we speak with J.P Eggers, Associate Professor of Management and Organizations and the Vice Dean of MBA & Graduate Programs at the NYU Stern School of Business. Eggers talks about the MBA program’s new healthcare specialization, what students need to know before enrolling, and what makes NYU stand out when it comes to the business of healthcare.
1. Why Do You Believe The Time Was Right For NYU Stern To Introduce An MBA Specialization In Healthcare?
“Healthcare is an incredibly important part of the U.S. and global economy, and even more central to New York City given the hospital systems, pharmaceutical companies, and insurance providers within the broader region. As a result and in line with Stern’s continued push to diversify the opportunity set for our students, this became a priority to make our ambitious goals in the healthcare space something visible and public.”
J.P Eggers, Associate Professor of Management and Organizations and the Vice Dean of MBA & Graduate Programs at the NYU Stern School of Business
2. What Particular Kinds Of Applicants Do You Believe Are Right For This Kind of Program?
“This specialization is a good fit for applicants interested in the health system broadly. The curriculum options range from insurance markets to pharma strategy to health-tech, so the scope is ambitious. We expect that students with an interest in finance and marketing roles within health-related companies, or those interested in consulting or banking opportunities with a focus on the health sector, will be most drawn to the specialization.”
3. Is This A Sign Of More Unique MBA Specializations Coming To NYU Stern?
“We take our investments in specializations seriously, having been the first school to offer a FinTech specialization and having a broad range of specializations available. But we’ve found that many students have very specific interests when enrolling in an MBA program, and we will continue to explore and evaluate other opportunities.”
4. Since NYU Stern MBAs Can Study Three Specializations, What Are Some Other Specializations You’d Recommend For Someone Studying Healthcare?
“Since healthcare is a ‘vertical’ (industry) specialization, I expect that any of our ‘horizontal’ (functional) specializations would pair nicely. For those interested in pharma roles, I would think that corporate finance, marketing, or strategy would make sense. For those looking at health systems or consulting, I’d think operations may be a clear fit. And for those interested in health tech, our product management, analytics, and innovation specializations may make sense.”
5. Are There Any Unique Organizations In New York That Will be Part of the Healthcare Specialization?
“As part of Stern’s continued commitment to leveraging the amazing resources that NYU has to offer, we will work with both the NYU School of Medicine and the NYU Wagner School of Public Service on aspects of the specialization. The integration of the health-focused track in the Endless Frontier Labs means that we will utilize our connections to the NYC startup ecosystem. And we will continue to explore potential partnerships beyond those.”
To learn more about the NYU Stern MBA programs and specializations, head over to the official school website.
Top MBA Jobs: Senior Financial Analyst
Working in financial services is one of the most coveted career paths for MBA graduates. It pays well; you can find a job anywhere in the world; and top companies recruit in finance. Unfortunately, all that means that there is a lot of competition. It can be tough to break into the financial services industry though rewarding. If you’re interested in this lucrative career field, becoming a financial analyst might be the best place to start. Let’s take a look at what senior financial analysts do, how much they earn, who’s hiring, and where to earn your MBA. Continue reading…
NYU Stern Announces New MBA Deadlines, Essay Updates
Leading up to the beginning of the 2019-20 academic season, the NYU Stern School of Business has unveiled its newest MBA deadlines and updated essay questions. For those looking to apply, take note of these details below:
Friday News – Booth Expands London Campus, Berkeley Haas MBAs Explore Pay Gap, and More
Let’s take a look at some of the biggest stories from this week, including Chicago Booth London expanding.
Chicago Booth Expands Presence in Europe with new Facility in London – Chicago Booth Newsroom
University of Chicago’s Booth School of Business will be expanding its London campus, the center of which will be a newly constructed building adjacent to the Museum of London and St. Paul’s Cathedral.
The move from the current campus in the Financial District will be complete by spring 2020. The new location will serve as the home of the Booth Executive MBA Europe program, as well as various events, seminars, and conferences. Madhav Rajan, Dean and Professor of Accounting at Chicago Booth, says, “Our campus will be located in the heart of the City, in a newly developed neighborhood that showcases the best of London. I expect this will serve as a vibrant home for our faculty, staff, and students, and as a welcoming venue to host our external community of alumni, prospective students, and corporate and government partners.”
The 44,000 square-foot building will be comprised of two executive style multi-tiered classrooms, open meeting areas, and flexible event space. Booth’s European campus has been active since 2005, and was previously located in Barcelona, Spain.
For more on the new Chicago Booth London campus, click here.
Georgetown McDonough MBA Students Consult for WMATA to Improve Metro’s Image as Transit Provider, Employer – McDonough School of Business News
Georgetown University McDonough School of Business second year MBAs recently met some tough challenges—encouraging ridership on DC’s Metro, along with presenting the agency as an appealing employer.
As part of a recently redesigned core course, Managing the Enterprise, students embarked upon a seven week consulting study called The Metro Challenge. Finalists pitched their ideas to WMATA executives, who selected the most workable solution to the problems that they presented.
Practice in Management Professor Nick Lovegrove says, “In management courses, which tend to be a bit abstract, it really helps students to collaborate with an organization to provide a sense of reality … The fact that the WMATA is on the cusp of the public and private sectors means the issues they face are classic Washington issues.”
Practice in Management Professor Nick Lovegrove says, “In management courses, which tend to be a bit abstract, it really helps students to collaborate with an organization to provide a sense of reality … The fact that the WMATA is on the cusp of the public and private sectors means the issues they face are classic Washington issues.” The organization manages a $3.2 million budget, along with roughly 13,000 employees.
One winning team suggested a greater presence of technology such as smart apps to improve both employee and customer experience, while the other suggested mentorship programs and employee exchange programs to enhance operations. For more on the case study, click here.
Amir Yaron, Professor of Finance, Awarded Prestigious Stephen A. Ross Prize for Landmark Paper – Wharton News
Amir Yaron, Professor of Finance at the Wharton School, and Ravi Bansal, J.B. Fuqua Professor of Finance and Economics at Duke University have been recognized with the Stephen A. Ross Prize for their research paper, “Risks for the Long Run: A Potential Resolution of Asset Pricing Puzzles.”
The $100,000 Ross Prize is a bi-annual award given to those who have made significant contributions to research in financial economics. Yaron and Ransal’s paper, which examines the drivers behind movements in asset pricing movements along with factors that determine expected returns on financial assets, is the sixth winner of the prestigious award. It is given by The Foundation for Advancement of Research in Financial Economics (FARFE), which serves as a bridge between theory and practice in the field.
Lars Hansen, Professor of Economics at the University of Chicago and Winner of the 2013 Nobel Prize in Economics, says of the paper, “This truly innovative paper … added an intriguing new perspective to asset pricing theory.”
You can read here for more on the paper and on the FARFE.
MBA Students Fight the Gender Pay Gap—One Offer at a Time – Berkeley Haas Student News
Two Berkeley Haas MBAs, Christina Chavez (’19) and Jack Anderson (’19), have decided to do their part for gender equity in pay through their work with the Haas Gender Equity Initiative.
Chavez, who will work at Google after graduating, discovered just how large the pay gap was when she joined an online compensation board called Blind. “People were posting their data, and we started saying ‘whoa’ there’s some major differences in how our colleagues are getting paid,” she says.
This realization prompted her and Anderson to set up a spreadsheet in which they and their classmates could share their earnings data. The students transformed this data into the Haas Wage Gap Infographic, which showed that the wage gap was closing, with women earning 96 cents of every male dollar. Alumni with over 10 years of experience, however, showed a much wider pay difference.
Assistant dean of MBA Career Management and Corporate Partnerships, Abby Scott, says, “I don’t think that we know the real cause of the long-term pay gap, but we are advising students to make sure they’re negotiating salary and thinking beyond compensation—and we speak frequently to women about both the importance of negotiation and taking on leadership roles.”
You can read here for more on the Gender Equity Initiative at Haas.
Shared Space Under Pressure: Business Support for Civic Freedoms and Human Rights Defenders – NYU Stern News & Events
On Monday, April 8, the Stern Center for Business and Human Rights hosted the Shared Space Under Pressure event, with the aim of discovering how companies can best support civic freedom and human rights in their practices.
Speakers addressed the standards by which organizations can improve their approaches to these issues, and also the outcomes when business leaders do not take them into account.
The panel included Stern Professor of Ethics and Finance Michael Posner, Bennett Freeman, Principal author of “Shared Space Under Pressure”; Principal, Bennett Freeman Associates LLC; Deputy Assistant Secretary for Democracy, Human Rights and Labor from 1999-01; and Bobbie Sta. Maria, Director for Labour Rights and Asia, Business & Human Rights Resource Center.
For more, visit Stern’s event page.
