NON-PROFIT ORG. UNIVERSITY U.S. POSTAGE STERNBUSINESS

THE ALUMNI MAGAZINE OF NYU STERN SCHOOL OF BUSINESS / FALL 2017 DEAN HENRY A CHAMPION 0F CHANGE

A LOOK AT HOW NYU STERN IS INNOVATING TO DEVELOP FUTURE TALENT

cover_UG.indd 117 10/16/17 8:23 AM AFTER EIGHT GRATIFYING YEARS, the moment approaches when I will step down from being Dean and return to full-time research and teaching as a NYU Stern professor. This, therefore, is my finalStern Business message to you in my current A MESSAGE capacity. It’s been an honor to serve the School and to get to know personally so many of you, the best colleagues and alumni in the world. When I arrived at Stern in 2010, times were both challenging and inspira- tional. Despite the still-fragile state of the global economic recovery, hope and FROM THE DEAN determined energy characterized the mood here. I knew I had joined a team of creative, brilliant people ready to apply the power of ideas and harness the potential of individuals to turn challenges into opportunities for business and society. Since then, we have indeed led the way in making sure that business education stays relevant to our changing times, expanding our role as an elite institution with enviable strengths in finance by tapping the innovative spirit for which we are known. You’ll see recent evidence of those efforts on display throughout this issue (starting on page 24). We recently launched two new one-year MBA programs— the Fashion & Luxury MBA (p. 27) and the Tech MBA (p. 28). We also amped up our commitment to applied learning through the expansion of Stern Solu- tions (p. 30), connecting students with a diverse set of corporate partners; and, in 2018, we’ll extend our world-class Executive MBA program to Washington, D.C. (p. 31). Looking back, I’m proud to say that you, our alumni family, have been our biggest champions and cheerleaders. Your time, talents, and financial support have made a tremendous impact in all aspects of student enrichment, from their physical environment to their educational opportunities beyond the classroom. Many recent instances of alumni contributions and accomplishments appear IT’S BEEN AN HONOR TO SERVE throughout this issue, especially in the “Alumni Relations” section (beginning THE SCHOOL AND TO GET TO on p. 45). Thanks to your generosity and commitment, we’ve expanded scholarship KNOW PERSONALLY SO MANY opportunities for the most promising college graduates and military veterans in OF YOU, THE BEST COLLEAGUES need of financial support. And for the first time in our School’s history, we began AND ALUMNI IN THE WORLD.” awarding full-need scholarships to high-achieving undergraduates through the Access Initiative. Your gifts have put these talented individuals on a path to be- coming tomorrow’s leaders and created economic opportunities that wouldn’t otherwise have existed. To say that the past eight years have been full and rewarding is an under- statement. Blessed with an embarrassment of riches, our community has been energized by visits from business and cultural luminaries (see our latest guests beginning on p. 2), and the breadth of our faculty’s research and resultant acco- lades inspires awe (some of their many notable achievements appear on p. 38). I’m confident that the next eight years will be at least as exciting. After all, innovation at Stern doesn’t reside in any one individual or office or moment in time; it’s part of our collective DNA, a quality I see in action daily and that makes me proud that I will continue to be part of this vibrant community. So to all of you, I extend once more my heartfelt thanks for your partnership. I will forever be grateful to have worked as your Dean, and to have watched this community come together repeatedly in common purpose—an exemplary of business as a force for good.

WITH ALL GOOD WISHES,

PETER HENRY DEAN

cover_UG.indd 118 10/10/17 12:36 AM CONTENTS

ON CAMPUS A diversity of speakers and ideas brought the cross-currents of business, technology, and globalization to life at NYU Stern events 2 A publication of Stern School of Business GET TO KNOW President Iceland’s first billionaire, investor Thor Björgólfsson New York University (BS ’91) attributes his dramatic comeback from bankruptcy 6 Andrew Hamilton to resilience, adaptability, and optimism Dean, NYU Stern EXPERIENCE STERN School of Business From undergraduate to master’s programs, Stern students Peter Henry enjoy a wealth of opportunities to learn and contribute 8 Dean, Undergraduate College Geeta Menon BOOKS WORTH READING Associate Vice Chancellor for The latest books authored by Stern faculty Strategy and Dean of Business, NYU 11 Shanghai, and Vice Dean of Global and Executive Education, NYU Stern Eitan Zemel THE CONVERSATION Sprinklr founder and CEO Ragy Thomas (MBA ’03) says Chair, Board of Overseers 12 that values drive his company’s success Alison Mass (BS '80, MBA '81) Chief Marketing Officer STERNIES MAKE THEIR MARK Beth Murray Stern grads are starting new enterprises and strengthening Associate Dean for Development 14 existing ones around the globe and Alumni Relations Emily Lew FACULTY RESEARCH Executive Director A selection of recent outstanding work of Alumni Relations 18 Sarah Marchitto Editor, STERNBUSINESS Marilyn Harris MADE AT STERN These noteworthy creative new products and services are the Managing Editors 22 handiwork of Stern grads STERNBUSINESS Lisa Draho, Kerry Wimley COVER STORY: INNOVATING AT THE PACE OF BUSINESS Design Stern launches a new category of specialty MBA programs and Heather Haggerty expands the innovative ways—and places—it shapes future leaders 24 Contributing Writers Kimberly Couzens, Ted Przybocki, and Niamh Roberts FEATURE: DEAN HENRY REFLECTS As he prepares to step down, the Dean talks about Contributing Illustrators 32 the School’s evolution Joe Mckendry, Michael Myers

FACULTY SPOTLIGHT Letters to the Editor Noteworthy papers, awards, and honors may be sent to: 38 NYU Stern School of Business STERN BUSINESS Office of Public Affairs 44 West Fourth Street DONOR NEWS Suite 10-160 Celebrating the Kassin Center and other generous gifts New York, NY 10012 41 www.stern.nyu.edu/sternbusiness [email protected] ALUMNI RELATIONS @NYUStern

C-suite speaker series, Reunion, class notes and alumni profiles FALL 2017 45 Cover Photography by A LOOK BACK Lisa Kereszi / Trunk Archive Stern student fashion: Stylin’ through the decades Photo-illustration 52 by David Lawrence Byrd 1

final2_UG.indd 1 10/10/17 2:09 AM OnCampus CONFERENCES, EVENTS, & THOUGHT LEADERS 5

NYU Stern welcomed António Guterres, Secretary-General of the United Nations, for a conversation on “Climate Action: Mobilizing the World,” moderated by Professor Tensie Whelan, director of the NYU Stern Center for Sustainable Business. 7

Michael Lewis, bestselling author of Liar’s Poker, Moneyball, The Blind Side, and Flash Boys, discussed his new book The Undoing Project: A Friendship that Changed Our Minds, in the second installment of the “In Conversation with Mervyn King” series. STERN BUSINESS 5

Microsoft CEO Satya Nadella sat down with Wedad Audi (MBA ’17), for a Q&A jointly hosted by NYU Tandon School of Engineering and NYU Stern.

FALL 3

2017 The 12th annual Haitkin Lecture was delivered by Jane Mayer, New Yorker journalist and author, who discussed her latest book, Dark Money, about how billionaires buy political influence. The evening was 2 hosted by the Stern Business and Society Program.

final2_UG.indd 2 10/10/17 2:09 AM 7 5 Dr. Jane Goodall, DBE, founder Author/journalist Malcolm of the Jane Goodall Institute Gladwell joined Professor and a UN Messenger of Peace, Adam Alter to discuss joined the Stern Business and Alter’s new book, Society Program, Stern Center Irresistible:The Rise of for Sustainable Business, Addictive Technology and and the NYU Department of the Business of Keeping Us Environmental Studies to Hooked, and the distinction share her insights on global between addiction

community conservation. and distractibility. 7 5 7 STERN BUSINESS Henry Kaufman (ARTS ’48, The 13th Annual NYU/ Tap: Unlocking the PhD ’58), (second from left) Penn Conference on Mobile Economy author most recently of Law and Finance, was in the spotlight Tectonic Shifts in Financial hosted by the NYU as Professor Anindya Markets, joined Professor Pollack Center for Ghose discussed Kim Schoenholtz (second Law and Business, his new book with from right) and Dean convened faculty from David Bell, professor Peter Henry (right) top business and law of marketing at The for a conversation hosted schools to present, Wharton School. FALL 2017 by the Stern Center for Global discuss, and debate Economy and Business. their work. Former chairman of the Federal Reserve, Paul Volcker (left) was in attendance. 3

final2_UG.indd 3 10/10/17 2:09 AM 10/10/17 2:10 AM 4 7 1 10 on recent The Stern Vincent Brad Smith, president Oisin Hanrahan, At the annual $300k Renee Beaumont,Renee administration. Featured Featured administration. included Stern speakers Professor Economics (left) and Michael Waugh director David Denoon, on of the NYU Center US-China (right). Relations 7/ partner at Generation Management, Investment Center joined the Stern Business and Human for a discussion for Rights on the shifting investment landscape with Professor Michael Posner, director. the center’s 8/ Challenge, Entrepreneurs most promising NYU’s startup received innovators an eight-monthcash after competition organized the Stern by W.R. Berkley Labs. Innovation 9/ The inaugural Digital , Summit of Work Future Stern by co-hosted Arun Sundararajan Professor and the McKinsey Global brought together Institute, business executives, academics,entrepreneurs, discuss to and policy makers shapingthe forces workplace. tomorrow’s 10/ Institute ofC. Ross Accounting Research roundtable trends in non-GAAP reporting brought together from academia,experts financial industries, regulatory agencies, media, and the legal and accounting professions. 11/ joined of Microsoft (right), Michael Posner Professor hosted at an event Center the Stern by Business and Human for discuss the to Rights misuse and manipulation platforms of Internet third parties and theby consequences of extremist news, fake content, discourse. and intolerant 12/ and CEO ofco-founder Handy, joined Professor a Langone Williams for Luke Series conversation. Speaker Amazon Case StudyIn an Amazon In a Stern Center for and The Derivatives The Stern Master The Ashok C. Sani 1/ The Scholar-Distinguished Lecture in-Residence Larry by was delivered , NYU Trustee Silverstein and chairman of Silverstein who said that Properties, Trade rebuilding the World has been his “life’s Center passion” the past 16 years. Real 2/ In a Stern Center for Research Finance Estate Director , Center panel event Nieuwerburgh Stijn Van (third from right) led a on the growing conversation role of technology industry. in the real estate 3/ Challenge & Networking the by hosted Reception Alumni Marketing Stern Shanley Laura Committee, head of marketing ’12), (MBA Now Prime at Amazon an(middle), presented case and Marketing Amazon co-chairs, Committee ’07) Isaacson (MBA Russell (BS(left), and Meera Raja ’06) (right), served as judges the student-alumni case for study teams. 4/ andGlobal Economy Business panel discussion in the Chineseabout risks Professor financial system, Kim Schoenholtz, director Global for of the Center and Business, Economy a conversation moderated with Rhodium Group partner, (left), Daniel Rosen Finance Professor Stern Carpenter Jennifer (second from left), and Council on Brad Setser, (right). Relations Foreign 5/ , Conference Volatility the Stern jointly by hosted and Institute Volatility Salomon Center, the Stern academics andconvened the from around economists of “State a two-day for world opened the Art” conference, Professor Nobel Laureate by of Director Engle, Robert Institute. Volatility the Stern 6/ of Science in Risk Management roundtable put a spotlight on risk in of the new US the context

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GET TO KNOW

BJÖRGÓLFUR THOR BJÖRGÓLFSSON ( BS ’91) , CHAIRMAN OF NOVATOR PARTNERS LLP

BJÖRGÓLFUR Thor Björgólfs- son is the chairman of Novator BPartners LLP, a London-based alternative investment firm he founded in 2005 after founding and selling to Heineken a premium beer company in Russia. Nearly wiped out by the 2008 financial crisis, Björgólfsson managed to repay all his creditors and return to his pre-crisis billion- aire status and chronicled that journey in Billions to Bust and Back: How I Made, Lost and Rebuilt a Fortune (2014). A member of Stern’s Board of Overseers, he resides in London with his wife Kristin Ólafsdóttir and their three young children. STERN BUSINESS

1/ How would you

describe your strengths ILLUSTRATION BY JOE MCKENDRY He Doesn’t Sweat the Small Stuff as a businessman? Iceland’s first billionaire, private equity I am intuitive and quick to investor Thor Björgólfsson (BS ’91), assess situations. I see oppor- tunities where others see FALL 2017 attributes his dramatic comeback complications, and I am not from bankruptcy to resilience, adaptability, afraid to wander into emerging markets. I also have a great by and optimism MARILYN knack for picking the right 6 HARRIS people to work with. Business

final2_UG.indd 6 10/10/17 2:10 AM STERN BUSINESS FALL 2017 7 10/10/17 2:10 AM

SEE

COMPLICATIONS.” OTHERS I SEE OPPORTUNITIES WHERE

another was ambassador

shipping lines. largest of Iceland’s one the US, and another ran to 3 great-grandfather Björgólfsson’s landowner; largest was Iceland’s was prime one great-uncle minister,

led a colorful life. You’ve

your describe you would How philosophy? personal a build to clock the around the in Petersburg St. in brewery family 50-year-old a As 1990s. shifted. has focus my man, 7/ of that from changed It’s worked who 20s his in man a is everything that learned have I sweat to not try I and temporary, stuff. small the trade that view popular more used be should barriers econo- larger the by effectively will run long the in which mies, economy. global the hamper 6/ you for What was it like college years to spend your at NYU Stern? I tools the me handed Stern business. in succeed to needed New to came I as soon As the of heartbeat the felt I York so and steady, so fast, so city: the of memories My inspiring. Stern’s around all was that buzz hours early the from campus clear. very still are sunset until interesting really a like felt It crackling community global times. all at energy with

2 skier Björgólfsson, an expert finds the speed and motorcyclist, relaxing because it forces focus. clear his mind and him to

outlook your

affected not has anticipate Brexit do you How global the still London, 5/ What is but nature, by optimistic am I warning seeing been have I in tension the warming, global 4/ Brexit dynamic political the in signs ignore cannot We recently. landscape, political global the into come specifics local the —or merely the anticipation of tell can you but business, our world. the of investmenthub start can it out, move to starts business. affect to somewhat the especially and can I countries, great in play; business? your affect it—will changed has vibe the how power brain if that is risk The company the on more focus operating its on less and itself focus to used I environment. markets emerging on mainly where Europe, Eastern in for leeway great was there companies for improvement alike. countries and in political dynamics? on the global economy of the current in the context

1 LLP focuses Partners Novator and recently South America. on telecommunications, and pharmaceuticals, IT, mostly in renewable energy, in Europe emerging markets troubled

in great countries. How look for said you You’ve settle on this formula? did you countries or troubled compa- nies that’s potential the account or geographies to specific countries, troubled In sectors. into take I exit. the on eyes my great companies in better for looking always I’m enhance and develop to ways have always I and portfolio, my 3/ with comes resilience My optimism. and adaptability bounced back dramat- 2/ You ically from business setbacks. again. start and ruins, the from them- surround who persons in are yes-people with selves attribute your what do you To cannot one that found have I other. the without thrive something salvage debt, my wanted I is, line bottom The awakening. rude a for resilience? was I times were there admit I towel. the in throw to ready settle to task mammoth a was It in myself face to able be to given had I knowing mirror the did. I so And could. I all it KNOW? YOU DID final2_UG.indd 7

ILLUSTRATION BY JOE MCKENDRY B ExperienceStern SPOTLIGHT ON STUDENT LIFE

At Their Fingertips NYU STERN’S UNDERGRADUATES HAVE MORE PROGRAMS THAN EVER TO PREPARE THEM FOR MEANINGFUL CAREERS

DANA LI (BS ’18) ASHISH BHATIA (BS ’02) PARBATTIE ANANT (BS ’19) SHOBHIT JAIN (BS/BFA ’18) Management & Marketing Assistant Dean of Students, Economics & Sustainable Finance Engagement, & Innovation Business “The luxury marketing “One particular instance of “SternTalks is a new series track is doing a fantastic “During one of my fresh- a BS/BFA class that I found that brings back NYU Stern job of developing my man plenary classes, we very insightful and applicable alumni to give 10-minute approach to analyzing a were shown a documentary to my internship experiences ‘TED-style’ presentations luxury brand and its overall about the externalities of was Sight and Sound: Studio. sharing their personal strategy. It’s also giving the fast fashion industry. The class was very collabora- career journeys on the me exposure to the various Afterwards, we couldn’t tive and allowed me to learn most popular business business functions within believe how severely others how a TV studio operates industries. The goal is to the industry so you can were suffering at the cost during a production. Over get students excited about understand how the of our selfish needs. the course of many different the many opportunities day-to-day aspects of the I learned that day that my short projects, I was able to that are out there while business are organized buying power could call the shots in the control leveraging NYU’s location and run. These aspects either ruin or save lives. room, operate the camer-

STERN BUSINESS and strong alumni help me understand how Studying sustainable as, monitor the audio, and network to help illustrate the nuances of the business helps me under- direct the actors. Because the amazing things our operational functions stand the myriad of social of this—when I interned at alumni do from tech, to affect the company’s problems that can be solved , The finance, to entertainment.” overall brand positioning.” through business.” Tonight Show, and Dick Clark’s New Year’s Rockin’ Eve, I was already familiar with the FALL 2017 many different roles everyone played on set. The knowledge I had acquired in the class- room allowed me to succeed 8 in my role as an intern.”

final2_UG.indd 8 10/10/17 2:10 AM performing complex analyses on ever- by changing data and presenting our results to a NIAMH broad audience were all invaluable comple- ROBERTS ments to more traditional classroom learn- Invest Possible ing,” Moideen concurred. THROUGH A NEW NYU STERN SIGNATURE PROJECT WITH From a back test they find that 60 percent NOBEL LAUREATE ROBERT ENGLE, THREE MBA STUDENTS of the time, their GHG portfolio has a higher DEVELOPED AN INVESTMENT PORTFOLIO TO HELP Sharpe ratio than the S&P500. INVESTORS HEDGE AGAINST CLIMATE CHANGE RISK Their study reveals key trends with po- tential benefits for companies, their share- holders, and stakeholders alike. “There’s a ROM THE WORLD BANK to the United Nations to growing movement toward environmen- the Environmental Protection Agency, research- tal protection policies and carbon pricing ers and policymakers around the world are policies internationally, but companies recognizing the growing impact of climate are not currently charging a premium change on everything from natural resources to aligning with their GHG metrics,” Ankita infrastructure. Greenhouse gas (GHG) emissions explained. “This is an early period for in- are one of the most common metrics to determine vestors to buy at lower rates and reap the environmental impact, both on an individual and reward later.” organizational level, garnering significant atten- Moideen continued, “Based on these find- tion from scientific communities, politicians, ings, there is a correlation between a high- environmental activists, and the media. But what er GHG rating and growth in shareholder role do investors play in the climate change conversation, and can a “greener” value, providing another reason why lower- Fportfolio be beneficial to both the earth and earnings? ing emissions should become an important A team of MBA students—Ankita Gupta, Moideen Kalladi, and Derek Meitzer part of every company’s strategy.” —recently partnered with NYU Stern’s Volatility Institute to find out. Under “Climate risk has been a growing interna- the guidance of Professor and Nobel Laureate Robert Engle and PhD student tional concern for many years now,” Engle Heebum Lee, the students developed a simulated equity portfolio with a long said. “Through this project, our students are position for companies with strong GHG ratings and a short position for GHG helping to build the business case—for both underperformers. By studying abnormal returns, or returns in excess of pre- companies and their investors—for a more dictions, the students evaluated the impact of climate change risk in equity sustainable world.” markets, particularly following shock events, to determine whether investors are influenc- ing larger environmental trends. “For us, it was important to know if, how, and when investors act on environmen- tal concerns,” Derek explained. “Investors are also consumers, voters, and workers, and they play a valuable part in the human response to our changing environment.” Hailing from different professional back- grounds ranging from healthcare administra- tion to software engineering to algorithmic trading, the students approached the project STERN BUSINESS with a robust set of skills and perspectives. “In some ways, this is uncharted territory, which really helped us stretch our entrepre- neurial spirits, analytical skills, and project management experience,” Ankita reflected. “We were learning to apply concepts on our FALL 2017 own and to manage both ourselves and our team through deliverables that were not pre-defined.” “Making judgment calls about when and how to limit the scope of a project, 9

final2_UG.indd 9 10/10/17 2:11 AM

10/10/17 2:11 AM of

op- and and busi- secured Flatiron in doing group companies. at funding

but Taiwan, in Adams the program’s celebrate a diverse A group of 75 students, alumni and faculty, gathered in Hong Kong (right) (left) and New York to milestone. 10-year fund business MBA his

investment to expand way.” different a in program, the meeting indus- of network global a new, the pension and received He investment in Global Finance is “a great way to an entrepreneurs. and executives in to that the he says applicants, prospective global a attending enjoyed he says Adams ’08), who was in Rolando Liang (MSGF, Liang, who lives in Today, Costa Rica, Both Adams and Liang underscore the seeking are that companies with classmates who became good friends. To MS and education and experience your expand think to you get new deals sources he now where Investors, program portfolio firm’s the with working role in the industry. Through classmate and alumni con- from nections a position as a venture partner operational role in the software the first-ever MSGF cohort, says he chose business. owns an international logistics compa- and with ny offices in Costa Rica, Taiwan, on to gain a global perspective the program perspective international an gain to eager was and develop ness works is focusing on building a suc- Shanghai. He with team and working cessful investment local regulators special.” really is program “This de- and bonds knowledge strong they have are effects “The program. the during veloped Liang later,” 10 years even one of us, in every contact close in still is he that explaining says, with his former and professors classmates. internationally.” business try portunities local beyond in markets Costa Rica. from “Graduating a well-respected “and says, Liang credibility,” offers program the network has been invaluable

- -

time, second-

are by KIMBERLY COUZENS

2007, in launched pro-partnership a , HKUST ) and China, in Finance that Over Kong-based. and MSGF ( Stern Stern Hong both fully Corporate and in Global Finance this being as out from program and HKUST between launch 10 ago—oneyears the program’s “Since of the the in started FINANCE HE MS IN GLOBAL gram and a US partnerships on global finance between earliest in both with celebrations anniversary its 10-year marked transfor truly a witnessed have school—we business Asian Kong. Hong and York New Possible

program

“The FINANCE LEADERS GLOBAL OF EDUCATING A PARTNERSHIP FINANCE PROGRAM, IN GLOBAL THE MASTERS 10 YEARS CELEBRATES AND HKUST, BETWEEN NYU STERN teach who faculty years several who had completed his MBA Adams, edge. In April, a group of 75 and students, alumni faculty, gathered at Stern in Nick Adams, who completed his MS

“The the program political and economic volatility, “In this time of unprecedented to curriculum Responding dynamic has global also the markets, program’s financial 2008 the on book first-ever the to pointing Brenner, continued to-none,” faculty. Stern by authored was which crisis, for the Nobel first milestone. celebration 10-year of the York New program’s Laureate Professor Robert Engle, director of Stern’s Institute, Volatility from drawing Stability,” Financial Global of Prospects “The on keynote a delivered faculty, Students, markets. financial international in risk systemic on research his conference anniversary Finance” of “Future a at more once celebrated alumni and Kong. Hong in HKUST at May in was interested prior, in making a career transition from an Globalize knowl of finance to gain a deeper level the program he chose says year, program. the for director co-academic Brenner, geographic its expanded program the interest, global growing the to response in and percent 37 some with diversified has demographic student the Similarly, Fintech. to outside of Asia, as compared coming from years three in the last of students Shanghai.” and City, York New Kong, Hong in modules with distribution, Mar Asian and Macro Global including offerings, course new include to evolved Markets Financial Finance, Behavioral kets, years. two first program’s the in percent 3 uniquely are who leaders developing program, finance global premier the been has Menachem Professor said circumstances,” challenging these navigate to positioned financial Eurozone and US the including industry, finance global the for time mative anti-globalization an and crash, market stock China the Act, Dodd-Frank the crises,

education and executive Eitan Zemel, vice dean of global explained movement,” and dean of business at NYU and associate vice chancellor for strategy at Stern Shanghai. T

STERN BUSINESS FALL 2017

EXPERIENCE STERN 10 final2_UG.indd 10 BOOKS WORTH READING

FACULTY RELEASES

A group of 75 students, faculty, and alumni gathered in Hong Kong (left) and New York (right) to celebrate the program’s 10-year milestone.

Regulating Wall Street: Alexander Hamilton: The Infrastructure CHOICE Act vs. Dodd-Frank The Illustrated Biography Finance Challenge Matthew P. Richardson, Charles E. Simon Richard Sylla, professor emeritus of Ingo Walter, Professor Emeritus Professor of Applied Economics; Kermit economics and former Henry Kaufman of Finance, Corporate Governance L. Schoenholtz, professor of management Professor of the History of Financial and Ethics (Ed.); Joel Hasbrouck, practice and director, Center of Global Institutions and Markets Kenneth G. Langone Professor of Economy and Business; Bruce Tuckman, Business Administration and professor clinical professor of Finance; and A richly detailed story portraying of finance; Michael Posner, Jerome Lawrence J. White, Robert Kavesh Professor Kohlberg Professor of Ethics and of Economics, (Eds.) Hamilton’s life and key Finance and professor of business contributions to American and society; Paul Romer, professor A collaborative book written by over history, including modernizing of economics and currently chief America’s fledgling finances. economist at the World Bank; Michael a dozen faculty members analyzing how Spence, William R. Berkley Professor the CHOICE Act proposal for financial of Economics & Business and 2001 reform stacks up against the current Nobel Laureate; Paul Tice, executive Dodd-Frank regulatory regime. in residence; Stijn Van Nieuwerburgh, David S. Loeb Professor of Finance and director, Center for Real Estate Finance Research; Tensie Whelan, clinical professor of business and society and director, Center for Sustainable Business; Lawrence White, Robert Kavesh Professor of Finance; David Yermack, Albert Fingerhut Professor of Finance and Business Transformation

A set of recommendations for policymakers and the financial community to improve the financial pipeline that connects

infrastructure projects to massive STERN BUSINESS The Economics, Regulation, pools of investable capital and and Systemic Risk addresses some of the clogs that of Markets impede the pipeline’s efficiency Tap: Unlocking Ralph Koijen, professor of finance, with and resiliency. Viral Acharya, C.V. Starr Professor of the Mobile Economy Economics and currently deputy governor, Anindya Ghose, professor of information, Reserve Bank of India; Thomas Philippon, operations, and management sciences professor of finance; and Matthew and professor of marketing , Charles E. Simon Professor Richardson FALL 2017 of Applied Economics A thorough review of the $3 trillion-plus mobile economy, highlighting the A multifaceted array of research economic and behavioral influence focusing on perspectives on insurance, of smartphones on consumers and its role and functioning, and the the lucrative opportunities it creates. potential systemic risk it could create. 11

final2_UG.indd 11 10/10/17 2:11 AM THE CONVERSATION

RAGY THOMAS( MBA ’03) FOUNDER AND CEO OF SPRINKLR

HOW TO GROW A UNICORN RAGY THOMAS (MBA ’03) IS FOUNDER AND CEO OF SPRINKLR, A $1.8 BILLION ENTERPRISE SOFTWARE COMPANY THAT helps big companies manage their social media presence and the customer experience. Sprinklr, based in New York, was founded in 2009 and attained unicorn status in 2015 (so-called unicorn startups have a market value of $1 billion or more). Under his leadership, the company counts more than 1,200 brands as customers, including half of the Fortune 50. A native of India, Thomas earned his undergraduate degree in computer science and engineering from Pondicherry University. He is a board member and investor in two mobile startups in fashion and education. Thomas was interviewed last semester by Professor Luke Williams, the executive director of the NYU Stern’s W.R. Berkley Innovation Labs, as part of the Langone Speaker Series.

LUKE WILLIAMS: Has being so mostly irrelevant. Do you see this 1900s to distribution in the successful so quickly changed changing anytime soon? ’60s, to information in the ’90s, the way that you think about the RT: It’s more about share of mind. to now, the Age of the Customer. business or the growth? People want to talk about what’s Social media has changed the RAGY THOMAS: Not really. I going to happen in the future, world by media giving everyone BIO BOX don’t focus on the optics of the and the growth that results in a access to the same information. business. Value creation is about billion-dollar valuation is very Consumers empowered with BTech 1994, building a product and taking it to exciting. Out of that is going information connect with each Pondicherry University clients. I don’t want to be selling to come the titans of the future, other, and suddenly they’re in con- computer science anything. I want to just obsess the fundamental disruptions trol. For the first time, companies and engineering about creating value. The unicorn to how we live and how busi- have to make sure the consumer STERN BUSINESS MBA 2003, NYU Stern label and the free press it gave us nesses work. is having a great experience. finance and have great marketing value, but The combination of social and information systems top-line EBITA and growth are LW: Are there any opportunities mobile on top of the Internet is what count. remaining for future unicorns? even more amazing, because it CEO and founder, Sprinklr RT: This is a period of extraor- removes the geo-spatial restric- LW: As of late 2016, US-based dinary opportunities because tions that we’ve had forever. unicorns accounted for a com- almost every aspect of business FALL 2017 bined market value of $353 bil- is going to get disrupted, if it LW: The opportunities that are lion—less than 2 percent of the hasn’t been already. Evolution in enabled by this convergence total market value of the compa- communication has fueled the of social and mobile are driving by MARILYN nies that make up the S&P 500. transformation of the economy a growing interest in entrepre- 12 HARRIS By this framing, unicorns are from manufacturing in the neurship and startups here at

final2_UG.indd 12 10/10/17 2:11 AM Stern and in the LW: You tell your employees to be community. What else do you obsessed with outcomes. How do think is fueling this interest? you decide where to invest your RT: Starting companies is be- thinking time to do that? coming easier. The friction RT: It’s being very clear about that’s always been involved what’s important to you, which is with starting companies that usually easy once you know what are innovating and building your life goal is. My personal goal stuff is all going away. You in life is to make a difference to can throw stuff on the cloud. this universe 100 years from now. You don’t have to worry about That perspective makes a lot of data centers or operating sys- stuff trivial for me. tems or storage. With the fluidity of capital and talent, LW: What’s your advice to the you’re no longer constrained. budding entrepreneurs if they The support system that’s avail- want to do something that’s rele- able now is unreal compared vant in 200 years? How do you get to even 16 or 17 years ago when them to scale up their thinking? I started my first company. RT: My advice is to think about your biggest ambition and mul- LW: With 1,400 employees, how tiply it and then obsess about it. do you maintain an entrepre- For me, you start thinking future neurial mindset? backwards, and a path opens. RT: When the lights are out, values drive what you do. Very LW: You have a known aversion early on, we focused on identify- to using PowerPoint. You raised ing who we are and created five $240 million with just one Sprinklr values—not business PowerPoint presentation, and values, more who we are as peo- only did it because the investors ple. They provide a fundamental were in two locations. Why? THIS IS A PERIOD OF EXTRAORDINARY compass for employees and are RT: I tell people if you don’t OPPORTUNITIES, BECAUSE ALMOST EVERY baked into our DNA now. understand the vision and what we’re trying to do after you speak ASPECT OF BUSINESS IS GOING TO GET LW: As you grow, how do you to me for 30 minutes, then my DISRUPTED, IF IT HASN’T BEEN ALREADY.” keep the existing engines vision is not big enough or you running when you have to don’t need to know. challenge some of those values? STERN BUSINESS RT: You can either think “path LW: But how do you go about forward,” or you can think “fu- having a conversation with a ture backwards.” When you do potential investor about your path forward thinking, you’re narrative and your numbers? trying to get ahead. When you RT: They find me. The way to do do future backward thinking, things in life is to create some- you envision what’s going to thing. You say, “Okay, if I want FALL 2017 happen in the future: “That’s their attention, it’s very simple. where I want to be, and if I I’ve just got to create a company have to be there at that time, whose growth is exploding and what do I have to do now to they’ll find me, they’ll line up, get there?” and they’ll pitch me.” 13

final2_UG.indd 13 10/10/17 2:11 AM

STERNIES

MAKE

THEIR MARK THEY APPLY MBA Skills to Help

ThreeREFUGEES NYU Stern grads bring data-driven methodology and consulting skills to the challenge of assisting growing populations of displaced persons

By the time these three met at Stern, they already shared a common bond: a lifelong dedication to helping those in need, whether volunteering with NGOs to address poverty in Africa, raising money for AIDS victims, or researching microfinance programs in Mex- ico. At Stern, they were all active in social im- pact competitions, classes, and organizations while focusing on management consulting. After graduation, each joined a consulting firm to get experience in the private sector with the aim of possibly moving on to social enterprises. Within three years, thanks to the Stern connection, they reunited at the IRC, which is based in New York and operates in 49 countries and 20 US cities. STERN BUSINESS This arm of the Stern alumni network LEFT TO RIGHT THE NUMBER OF DISPLACED PEOPLE in the worked especially efficiently. Seden, who Benjamin Wise world has now passed 60 million, more than had joined McKinsey & Co. after earn- (MBA ’13), Austin Riggs (MBA ’12), half of whom are children. With the finan- ing his MBA, found himself drawn to the and Matthew cial, cultural, and political odds increasingly IRC’s mission and mounting challeng- Seden (MBA ’13) stacked against refugees, the venerable Inter- es while working on a five-year strategic national Rescue Committee (IRC), founded plan for the NGO. In early 2015, the IRC FALL 2017 in 1933 at the suggestion of Albert Einstein, brought him on board to help deliver on has kicked into high gear to meet those chal- the plan, and he has since moved into a role by lenges with the help of three Stern grads: leading the IRC’s strategy team. His first MARILYN Austin Riggs (MBA ’12), Matthew Seden hire was Wise, then working for L.E.K. 14 HARRIS (MBA ’13), and Benjamin Wise (MBA ’13). Consulting. “We’d worked on group projects

final2_UG.indd 14 10/10/17 2:11 AM 1

2

1/ Wise in a high poverty area of Niger attending Liberia, a way to defuse the a women’s microfinance spike in domestic violence group’s weekly deposit triggered by crisis situations. meeting organized by IRC 2/ Riggs with Jordanians and Syrians in Azraq SOCIAL ENTERPRISE AT STERN refugee camp in Eastern While at Stern, the three Jordan 3/ Seden in northern had found common ground Jordan visiting a mobile in their enthusiasm for the 3 health clinic the IRC way the School valued social runs for refugees who have fled Syria impact business education. together at Stern,” Seden said, “and that “What I liked about Stern made things a lot easier.” Wise now leads was that social enterprise wasn’t thought of as just anoth- internal consulting under Seden, working with er silo, but about changing the overall purpose of an MBA the C-suite to lead cross-cutting initia- AT STERN, education to think about the world’s largest problems,” tives to structure and solve tough strategic SOCIAL Wise explained. “Stern was also where I found my and operational problems. ENTERPRISE passion for strategy. It was clear to me that I would Riggs had joined Bain & Co. after gradu- enjoy consulting for a strategy consulting firm, so I found ating, focusing partly on growth strategies WAS…ABOUT my niche as a strategist those couple of years, then came for various industries. “I joined the private CHANGING to an organization with a mission I’m passionate about. sector because I realized that while Stern THE OVERALL Now I know how I can contribute in a way that’s going gave me a solid foundation, I needed to to be satisfying for me and takes advantage of the skill set put my education into practice,” he said. PURPOSE OF I built at Stern and through consulting.” “But I wanted to do something with a so- AN MBA “Over the past several years, the IRC has been build- cial mission, and I thought about how to be ing a refugee organization of the future,” Riggs said, and closer to what I hold dear.” His plans co- EDUCATION TO he and his fellow alumni are proud to be part of the effort alesced when Seden reached out with an THINK ABOUT to build a “stronger culture of data-driven decisions.” opportunity to create an innovation function THE WORLD’S Seden’s team, for example, has helped establish a pro- STERN BUSINESS at the IRC from the ground up. Riggs came cess for more than 25 country offices to develop country- on board in late 2015 as director of research LARGEST specific five-year plans and continues to partner with country and development. “My group is like a startup PROBLEMS.” offices to find new ways of using data to improve programs. within a large NGO,” he explained. “We had Private sector experience provided the opportunity for to build a team and raise funding specifical- huge personal and professional growth, Seden said, but he credited Stern for ly for R&D. Our aim is to design, test, and teaching him how to implement the scale of organizational change the IRC is un- FALL 2017 scale projects to reach a greater number of dertaking. “Dealing in an effective way with personal interactions and politics are people and make scarce resources go much the most valuable skills I learned at Stern, and I recall hearing this from alumni further.” They are currently testing 10 novel speakers at the time,” Seden said. “The ‘soft skills’ classes are easy to overlook, concepts, including a brokering service but over the longer term they prove to be the most valuable for effecting change to help refugees in Jordan find jobs and, in in organizations.” 15

final2_UG.indd 15 10/10/17 2:11 AM STERNIES

MAKE THEIR MARK

SOCIAL IMPACT CHIC Abrima Erwiah weaves high fashion and business

savvy into a successful microeconomic model

IN HINDSIGHT, ABRIMA ERWIAH’S (BS ’02) path to fusing fashion with social her creative side blossomed. “The classroom enterprise in Africa appears foreordained. Erwiah is the child of a Ghanaian really came to life for me. I have a split cre- father and Mississippi-born mother. Her maternal aunt was the first black super- ative/business brain, and I saw such appre- model, Naomi Sims. If biology is destiny, her calling was imprinted in her DNA. ciation for craftsmanship, quality, heritage, In 2013, Erwiah co-founded Studio One Eighty Nine, a fashion-focused and excellence all around.” STERN BUSINESS social enterprise based between Accra (Ghana) and New York. Studio One Eighty Nine provides a platform to promote and curate African and African- A CAREER IN FASHION, AND A CALLING inspired fashion content through the worldwide distribution and manufacturing Thanks to an initial connection through of its private-label artisan-produced collection, as well as through support of Stern’s career services, Erwiah started a ca- other brands. The organization focuses on empowering women, creating jobs, reer in luxury fashion, working for brands and supporting education and skills training through workshops, certified such as Hermès and eventually Bottega Ve- programs, skills development, and counseling. neta (Kering), where she stayed for near- FALL 2017 Schooled at New York’s strict Lycée Français prior to college, Erwiah said ly a decade, as global marketing and com- she found intellectual freedom at NYU Stern. “Discovering Stern munications associate director. Erwiah was one of the best experiences I’ve had. It changed my life.” A fi- always admired the commitment of these by nance and international business major, she was especially grateful MARILYN luxury European companies had for sup-

16 for the opportunity to spend her sophomore year in Florence, where HARRIS porting their local fashion and creative DESIDERIO; RIGHT: EMMANUEL ANDRE; ADAM FROM LEFT TO PHOTOGPRAPHY UN ITC ERIC HARDWICK; JASON ALESSIO BONI; DELPHINE DIALLO;

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industries and what that meant for the in fashion design and manufacturing. The duo launched the TOP RIGHT artisans and other employees that did the work. first collection in April 2013 in honor of One Billion Rising, Actress Rosario Dawson and It meant that each person was valued, their a mass global campaign to end violence against women. “As Abrima Erwiah work was respected, and they could afford part of that campaign, we said fashion could rise and named at the City of Joy to send their children to school and our collection Fashion Rising.” sustain their livelihood. Erwiah noticed a The experience has been immensely rewarding, Erwi- similar history of craftsmanship, heritage, ah said. “We’ve seen so many of our women grow through this, putting their creativity, and skills in her travels in develop- kids through school, bettering their own skills in more than fashion, going ing economies. However, she said, it seemed to school themselves.” Their model has inspired a number of partnerships, “people struggled to take their business to including with the United Nations International Trade Centre Ethical Fash- the next level for lack of the ability to de- ion Initiative, NYU Stern, Fendi, Lexus, YOOX, and H&M and with NGOs velop marketing and distribution skills and such as the 14+ Foundation, a New York-based nonprofit, to design and gain exposure. I didn’t know how to con- produce school uniforms for its school in Zambia. Studio nect the dots for them and began to focus One Eighty Nine currently has a project with the UN’s on finding a way to use my skill set to add International Trade Centre to help eliminate poverty value to someone else’s life.” She spent vaca- among Ghanaian yam farmers. “Our role is as a cre- tions visiting NGOs and accumulating ideas. I AM BLOWN ative agency, to raise awareness and create demand in

The stars aligned in 2011 when she AWAY BY THE higher value niche markets for yam products, resulting traveled with an old friend, the actress in new income streams and sustainability for smallholder Rosario Dawson, on a trip to the Democrat- LEVEL OF cocoa farmers,” Erwiah said. ic Republic of Congo for the opening of the INTEREST IN Erwiah is energized by Stern students’ enthusiasm City of Joy, a bricks-and-mortar communi- SOCIAL IMPACT for social enterprise, which she saw firsthand when she ty for women survivors of violence. “What addressed the School’s Business & Its Publics plenary we found were amazing women who had AND CREATIVITY session last February. Studio One Eighty Nine’s current been through so much trauma but were AT STERN NOW. intern is a Stern MBA student, and 30 undergraduates STERN BUSINESS somehow still smiling. They built this I FEEL HOPEFUL from the Stern International Volunteers program recent- community with their own hands. For ly accompanied Studio One Eighty Nine artisans to teach Rosario and me, it was as if the universe ABOUT THE batik to women in an isolated fishing community. The was speaking. We realized we wanted to be FUTURE OF THE class helped set up a village-owned social enterprise to a platform that supports this type of micro- teach the community to become self-sustainable and pro- economics in action.” WORLD WHEN vide the women access to their first jobs. “When I attend- FALL 2017 By early 2013, after pitching in with I SEE STUDENTS ed Stern, there really weren’t any social impact courses,” various charitable projects in Africa, she WITH SUCH Erwiah said. “I am blown away by the level of interest in and Dawson had completed plans to start social impact and creativity at Stern now. I feel hopeful their own social enterprise, working with MULTIFACETED about the future of the world when I see students with

DESIDERIO; RIGHT: EMMANUEL ANDRE; ADAM FROM LEFT TO PHOTOGPRAPHY UN ITC ERIC HARDWICK; JASON ALESSIO BONI; DELPHINE DIALLO; different partners who could train women INTERESTS.” such multifaceted interests.” 17

final2_UG.indd 17 10/10/17 2:12 AM FACULTY RESEARCH

BY MARILYN HARRIS

Professor Andrea Bonezzi

Neither empathy nor social connection were identified as the motivation for advice-giving. THE DARKER SIDE The researchers determined that their perceived lack of control drove the partic- OF WORD-OF-MOUTH ipants’ need to suggest the car insurance service to others. Advertisements that did MARKETING not induce an out-of-control sense did not lead participants to share their advice. Those TARGET PEOPLE’S NEED FOR CONTROL exposed to a situational need to restore con- TO INDUCE THEM TO TOUT YOUR PRODUCT trol were more inclined to give advice com- pared to others. Further, the authors wrote, MARKETERS WISHING TO TAKE people who have a higher chronic desire advantage of word of mouth to for control, typically individuals in a higher promote their products or services social class, would likely be more responsive might target the self-serving to a situationally activated need for control. human need to boost one’s own sense of Professor Bonezzi and his co-author sug- competence. NYU Stern Professor Andrea gested that companies and governments Bonezzi delicately probed this phenomenon might use their findings to enhance word-of- in a series of experiments that confirmed mouth for various campaigns. For instance, that people who give advice to others often organizations interested in encouraging re- benefit themselves from that act in a very sponsible behaviors—such as a social market- personal way. ing campaign against drunk driving—could In “Compensatory word of mouth: Advice encourage people to advise others against as a device to restore control,” Professor drinking by focusing on the inherent lack of Bonezzi, along with co-authors Alessandro control one has when their companions drink. Peluso, Matteo Deangelis, and Derek D. Rucker, investigated the mechanism of ALESSANDRO M. PELUSO is an associate ILLUSTRATIONS BY MICHAEL BRANDON MYERS advice-giving and the drivers that motivate it. professor of economy and business They determined that people who feel threat- management at the Università Del Salento. ened by a particularly complicated task—for ANDREA BONEZZI is an assistant professor STERN BUSINESS instance, purchasing the right amount and of marketing at NYU Stern. type of car insurance—can regain a sense MATTEO DE ANGELIS is an associate of control by offering recommendations to professor of marketing in the department ...people who others, because giving advice seems to boost of business and management at their own sense of competence. LUISS University Business School. give advice to In a series of studies, the researchers es- DEREK D. RUCKER is the Sandy & Morton others often tablished that manipulating advertisements Goldman Professor of Entrepreneurial FALL 2017 benefit themselves for a car insurance information service could Studies in Marketing and professor from that drive a sense of either insecurity or control of marketing at the Northwestern Kellogg in participants. The feeling of insecurity School of Management. act in a very induced a compensatory need to restore a 18 personal way.” sense of control through doling out advice.

final2_UG.indd 18 10/10/17 2:12 AM Professors Gino Cattani + Roger L.M. Dunbar + Zur Shapira

FIRMS OFTEN SEEK TO DIFFERENTIATE and knowledge that helped Steinway maintain themselves from the competition its strategic commitment to craftsmanship. by pursuing a strategy that takes The company’s success over the centu- them some distance away from ries was hardly perfectly linear, the authors their competitors. Less com- pointed out. Mass production, the Great De- mon is the firm that clings to its traditional pression, the World Wars, television, and the niche. Steinway & Sons piano maker is an 2008 recession dealt the piano maker severe example of the latter, and NYU Stern Pro- blows. But rather than abandon its crafts- fessors Gino Cattani, Roger L.M. Dunbar, manship tradition, Steinway held fast and STICKING and Zur Shapira have produced a finely survived by innovating in other ways, from detailed historical case study of the compa- implementing a new grand piano design and WITH ny’s first century and a half in business. craft manufacturing processes to hiring itself In “How Commitment to Craftsmanship out to the US War Production Board to make Leads to Unique Value: Steinway & Sons’ Dif- glider parts in WWII, to selling the company, TRADITION ferentiation Strategy,” the authors relied on an first to CBS and, most recently, to hedge fund ample trove of primary and secondary sources, Paulson & Co., which took it private. MAKES SWEET including personal letters and board minutes, Today, Steinway retains its dominant po- to narrate how and why Steinway & Sons es- sition in the virtuoso market, whose loyalty MUSIC FOR chewed mass production and adhered to tradi- helped shape the firm’s strategy of differenti- tional craft manufacturing methods to develop ating itself by sticking with tradition, the au- STEINWAY pianos that more than 95 percent of virtuoso thors observed. The company has bowed to concert pianists still prefer today. “While ev- the demands of the larger market in its own CRAFT, NOT MASS, eryone else was changing, Steinway decided to way, however: it also sells lower-end models PRODUCTION ENSURED stay put, making them distinct and different,” explicitly manufactured in Asia (to differen- ITS VIRTUOSO the authors wrote. “The case offers a counter- tiate them from US-made, craft-produced CUSTOMER BASE point to the view that a successful differentia- top-end models) and a deluxe player piano. tion strategy requires a firm to pursue distant ILLUSTRATIONS BY MICHAEL BRANDON MYERS opportunities by moving away from its current GINO CATTANI is an associate professor of position on the competitive landscape.” management and organizations at NYU Stern. Retaining and passing down the knowledge ROGER L.M. DUNBAR is a professor of of how to build those high-end instruments management emeritus at NYU Stern. STERN BUSINESS was made possible in part by the creation of ZUR B. SHAPIRA is the William R. Berkley Steinway Village, in Queens, N.Y., after the Professor in Entrepreneurship and professor Civil War. In moving from lower Manhattan of entrepreneurship and management at to separate employees from post-war labor NYU Stern. unrest, Steinway, a family-run business start- ed by German immigrants, created a factory FALL 2017 town that included a school, library, church, While everyone else was and amusement park. One of the advanta- changing, Steinway decided geous side effects of the village besides high employee retention was that it became an to stay put, making them invaluable repository of the technical skills distinct and different.” 19

final2_UG.indd 19 10/10/17 2:12 AM

10/10/17 2:12 AM

study,

compa- of the local for agreed-up- an

assistant an is candidate PhD a is with insight important project a of conflict.” heightenedsocial offers Although CBAs can enhance access to SINZIANA DOROBANTU ODZIEMKOWSKA KATE sharehold- on work of series a in latest The

natural in rich area land a or site well-located the consent resources—requires with signif- nies as they embark on projects “Across icant impact on local communities. resources—a specific to access sector, energy to the estate mining to real from industries, development the at department management the in School. Wharton Pennsylvania of University organizations and management of professor Stern. NYU at for costly are they resources, other and land always not do shareholders and companies, Howev- value. added an be to them consider property strong have communities when er, rights or histories of action, shareholders value market and favorably more CBAs view correspondingly. increases this relationships, stakeholder and er Property Governance: Stakeholder “Valuing and Firm Community Mobilization, Rights, Value.” explained. Dorobantu Professor community,” often disrupted, are it, operations “Without repu- damaged adjustments, costly to leading and tations, value. of distribution on resources requires local community.” specific Access to the consent of the

versa. market can trans- and vice analyzed the co-au- study, projects and a CBA protest movements related to the Access oil Dakota pipeline attention national brought have AND BATTLES RECENT COURT sign conflicts illustrates, example pipeline will intended to minimize conflicts are CBAs property Local communities with strong the In this first-of-its-kind New research by NYU Stern Professor

ensure and communities local and companies resources. community’s a for compensation As leaders community and companies between entry to and blocked value, market lowered markets. new Bene- Community of line bottom company’s enforceable (CBAs)—legally Agreements fits between relationships that govern contracts can result in increased operational costs, Sinziana Dorobantu and co-author Kate documents the impact on a Odziemkowska form local communities, large-scale to the ways classified even about compensation remains after signing, the market response reflects of the of the value perception shareholders’ terms. specific its than rather itself agreement mining companies. Because information announcement unexpected the to reactions of nearly 150 agreements between local, indigenous communities and Canadian that a com- thors calculated the probability pany found: The researchers communities, local and companies between wherein the community consents to the es- by disrupt access to resources that may tablishing a legally binding contract a and/or protests, of social a history rights, con- to likely more are action legal of history leading to disruption, flict with a company, value. on impact negative a and delays,

OIL THE DAKOTA DUSTUP LESSONS PIPELINE CAN OF PROTEST THAT AND DELAYS FROM COMPANIES CAUSE WITHOUT A SIGNED PROPERTY STRONG LOCAL AGREEMENT, COMMUNITIES WITH ACCESS COMMUNITY BENEFIT DISRUPTIONS COSTLY AFFECT MARKET VALUE AND/OR HISTORY RIGHTS Dorobantu Professor Sinziana

STERN BUSINESS FALL 2017

FACULTY RESEARCH 20 final2_UG.indd 20 Professor Hila Lifshitz-Assaf

Individual contributors change roles over time, but, as a collective, they naturally SELF-MANAGEMENT: cluster into activity patterns that respond to the work required at a particular point UNRULY FREE-FOR-ALL in time, ensuring consistent and reliable work flow. OR ORGANIZATIONAL These trends remain steady even when the organization goes through fundamental ENHANCEMENT? changes in structure and governance. The first paper in the series, “Turbulent OPEN-INNOVATION BUSINESS MODELS ACTUALLY Stability of Emergent Roles: The Dualis- SPUR ADVANCEMENT AND MAINTAIN PRODUCTIVITY tic Nature of Self-Organizing Knowledge Co-Production,” has a number of implica- tions for managers of online communities ORGANIZATIONS FROM ZAPPOS and traditional organizations alike. “These to NASA are increasingly findings suggest an alternative approach adopting self-management to organizational structure and manage- and open-innovation business ment,” explained Professor Lifshitz-Assaf. models in an effort to spur greater tech- “By allowing employees to select their roles nological advancement or productivity. and their projects, similar to the model of But how can companies ensure effective contributors in open-source online commu- production in an environment with so lit- nities, companies can achieve organizational tle traditional oversight? Using Wikipedia stability and foster new innovations.” as a case study, NYU Stern Professor Hila Lifshitz-Assaf and co-authors demonstrated OFER ARAZY is an associate professor how open-innovation organizations organ- in the department of information systems ically develop workflows that ensure stable at the University of Haifa. production, despite the lack of predefined JOHANNES DAXENBERGER is a By allowing procedures, established rules, or roles. postdoctoral researcher in the department In a first-of-its-kind series of studies over of computer science at the Technische employees to a 10-year period, the authors developed a Universität Darmstadt. STERN BUSINESS select their machine-learning algorithm to analyze and IRYNA GUREVYCH is a professor in the de- roles and their categorize more than 700,000 revisions partment of computer science and the direc- projects... to a sample set of 1,000 articles posted to tor of the ubiquitous knowledge processing Wikipedia, one of the most notable exam- lab at the Technische Universität Darmstadt. companies can ples of open-source online communities. HILA LIFSHITZ-ASSAF is an assistant achieve professor of information, operations and FALL 2017 organizational Specifically, the authors found: management sciences at NYU Stern. stability and Although a large percentage of contribu- ODED NOV is an associate professor in the tors may only engage in the community department of technology management foster new once, production at an organizational level and innovation at the NYU Tandon School innovations.” is highly stable over time. of Engineering. 21

final2_UG.indd 21 10/10/17 2:12 AM MADE AT STERN Financial Mini-Market Ninety percent of millennials say that their biggest financial problem is overspending. “Spending smarter is tough because it requires time, effort, and a ton of information,” says Stern undergrad Isaac J. Kassin (BS ‘19), co-founder of Exeq. Exeq is a venture aimed at the college and post-college crowd, with a mission to enable everyday people to live the lifestyles they want with the budget they have. Exeq makes spending smart and easy by enabling users to actually understand their spending, and by Swaady Martin’s bringing users new experiences— (TRIUM ’12) luxury restaurants, retail stores, and tea store YSWARA outings—that fall within a personalized price range. Exeq also provides financial insights, recaps of monthly spending, and a AFRICAN LUXURY WITH A GRACIOUS TOUCH discover feed for new, smarter When she was a corporate material is sourced from Africa ways to spend. How does executive based in sub- and transformed in its factory it work? Exeq analyzes each individual’s spending data Saharan Africa, Swaady Martin outside Johannesburg. Accessories to create a personal profile that is (TRIUM ’12) had a front-row seat to are crafted by local craftspeople used to tailor recommendations witness the burgeoning market and artisans. The conscious and promotions to users. for upscale goods there and the new and humanistic business model With Exeq, money is simple: spend opportunities in agro-processing. that Martin has constructed—“luxe less and live more. Shortly after earning her global ubuntu”—plays off a Nguni Bantu executive MBA, she set about word that signifies the belief FROM LEFT TO RIGHT: Eli Kraiem, pioneering a new business model in a universal bond of sharing that Isaac J. Kassin (NYU Stern), and created a socially responsible connects all humanity. Despite the Tomer Ben-David (NYU Gallatin), luxury tea and tea-time accessories challenges of producing and and Daniel Schwartz company, YSWARA, that now exporting from a still-developing boasts distribution in 17 countries supply chain, the world has taken worldwide through its own store and notice: In 2013, YSWARA was the a selective network of international first African brand nominated and African iconic retailers, for Best New Talent in the Luxury including Harrods, Selfridges, and Industry (Innovation Category) Four Seasons Hotels and Resorts. by the French Center for Luxury YSWARA is the first African brand & Creation, and Martin made to have such an international Oprah Winfrey’s O Power List in premium exposure and is considered 2014 and was named one of the one of Africa’s flagship, top-end “Youngest Power Women in Africa” consumer brands. All its raw by Forbes.

22 STERN BUSINESS / FALL 2017

final2_UG.indd 22 10/10/17 2:12 AM FROM SUPER-LUXURIOUS SHEETS TO MILLENNIAL MONEY MANAGEMENT TO CONDIMENTS WITH A KICK, THESE PROJECTS EMERGED FROM THE CREATIVE MINDS OF STERNIES BY MARILYN MADE AT STERN HARRIS

NO DELHI BELLY HERE Brooklyn may be the farmers’ markets from Rich Fulop East Coast epicenter Oregon to North Carolina, (MBA ’14) and of foodie trends, but the plus a few outlets in Vicki Fulop movement toward healthier Canada and the Netherlands. versions of traditional foods Brooklyn Delhi’s tomato is pretty much national at achaar recently won a 2016 couple studied up on manufacturing this point, as evidenced by Good Food Award, and Sweet on their own, then put their sheets the cross-country distribu- Agrawal’s new South Indian up for pre-sale on Kickstarter. tion Brooklyn Delhi has vegetarian cookbook, Dreams They attracted $50,000 in eight days achieved for its 21st-century Vibrant India, is garnering and $237,000 by day 30. Indian condiment, achaar. plaudits. Who’s hungry? They make it look so easy! In their first year of business, In early 2014 Rich Fulop Brooklinen’s elegantly understated, Chitra Agrawal (MBA ’07) (MBA ’14) and Vicki Fulop, both NYU long-staple cotton sheet sets, starting founded the company in grads, dreamed of disrupting an at $109, grossed more than $1 million. 2013 after several years industry. After some investigation, Within three years, in marketing. Her creative the couple determined the bedlinen they had closed on $10 million and consciously concocted business was a sleepy sector dominat- of Series A funding, booked achaars—try the rhubarb ed at the super luxe end by old names $20+ million in sales, and expanded ginger—with packaging and at the low end by big box stores their boudoir offerings to include designed by artist husband and scratchy sheets. Informal market candles and throws. Ben Garthus, are made in Chitra research at places where millennials Brooklyn and sold not just Agrawal flock, like Starbucks, uncovered an online but in Whole Foods, (MBA ’07) untapped longing for crisp, rich specialty food retailers, and sheets at a reasonable price. The

eMarketer in 1996; it was initially New York agencies, running venture-backed and multinational accounts for major Digital Data in 2016 was acquired for $259 brands. After his 11 years as CEO million. As digital channels have of eMarketer, he is now chief Mother Lode exploded worldwide, so has the innovation officer and acts as the If consumers are over- B2B company’s market research public evangelist whelmed by a plethora of data, now covering everything for the company. Geoff is choice these days, marketers are about how consumers spend their a sought-after speaker and B2B beside themselves trying to get time and money, and how research guru on topics ranging their messages across in a marketers try to reach them. from digital disruption fragmented digital media world. Ramsey started his to social, mobile, and video Geoff Ramsey Geoff Ramsey (BS ’81) co-founded career in advertising for large channels on a global scale. (BS ’81)

final2_UG.indd 23 10/10/17 2:12 AM INNOVATION AT THE PACE OF BUSINESS

NYU STERN LAUNCHES A NEW CATEGORY OF SPECIALTY MBA PROGRAM, EXPANDING THE INNOVATIVE WAYS IT SHAPES FUTURE LEADERS. BY TED PRZYBOCKI

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final2_UG.indd 24 10/16/17 8:30 AM FROM ADVANCEMENTS IN AUTOMATION, to cybersecurity threats, to voice-activated assistants that help you shop, technology is changing the way we live at a dizzying pace. The innovations changing business, policy, and culture are continuously in play at Stern. Case in point: Stern recently announced two new specialty-focused one-year MBA programs: The Tech MBA and the Fashion & Luxury MBA, which will en- roll their first classes in May 2018. These programs represent a new category of specialized MBA, thanks to a customized curriculum with a business core, a tech or fashion and luxury core, elective courses, and the integration of real-world ex- periential learning projects with Stern partners—brands, startups, and nonprofits on the front lines of global change. According to Dean Peter Henry, proximity plays a role in what makes these new programs special. “Because we sit in the heart of the global business ecosystem that is New York City,” says Henry, “with company headquarters and new economy upstarts just outside our doors, we are in constant dialogue with industry about developing future talent. It’s one of the reasons MBA candidates come here in the first place. We have great access to insights and opportunities.” The new programs were intentionally designed for students specifically focused on and passionate about business careers in technology or fashion and luxury dis- ciplines, says Raghu Sundaram, vice dean for MBA programs and online learning. “These MBAs combine broad exposure to core business areas,” said Sundaram, “with depth of focus on specialty areas through an efficient schedule, reducing opportunity costs and resulting in a more affordable and specialized MBA option.” “We want to make sure there are choices in the marketplace for students,” said Henry. “For most students, the two-year MBA will continue to be the program of choice. But for students who are singularly focused on tech or on fashion and lux- ury, we wanted to offer a way to get their degree more quickly through a different, laser-focused type of experience.” One of the standout features of the new programs is the integration of real-world experiential learning projects. This unique aspect is part of a larger effort at Stern to enable more applied learning across the board. This year, Stern elevated its commit- ment to experiential learning and branded it Stern Solutions. (See more on Stern Solu- “Without a tions, page 30.) world-class “The traditional paths of MBA students toward careers in faculty, top- and consulting have been based on a mod- notch students, el of internships as a pre-screening and innovative hiring tool,” said Sundaram. According to Sundaram, in tech, and in fashion and partners, and luxury, hiring is not as predicated on the dedicated internship model, leading Stern to create a different path to a career through these alumni locking real-world experiences. arms, none of “The job requirements are changing, so we’re changing the way companies are this is possible.” exposed to candidates from these new —DEAN PETER HENRY

final2_UG.indd 25 10/10/17 2:12 AM programs,” said Sundaram. “So far, the response has been very strong. We’re very WHAT’S pleased in the immediate interest prospective students have shown.” THE BUZZ? Street smart programs from an elite institution “Peter Henry, dean of NYU Stern, Stern reached out to its broad community of alumni and corporate partners when says conversations between the developing the new focused MBAs, and a cross section of them (business leaders school’s leaders and tech execu- from Amazon, PayPal, IBM, and Gilt, to name a few, along with several other tech, tives about a shortage of MBAs in tech spurred the creation of the fashion and luxury business influencers) will participate in newly assembled, pow- program. ‘These conversations er-packed advisory boards. basically led us to a very simple The advisory boards will help ensure that the conversation continues, providing conclusion,’ says Henry... ‘There’s the insight necessary to stay ahead of changing needs. a shortage of human capital in The message from these leaders is clear: From new tech companies to tradition- the tech industry.’ As the largest business school in the city, he says, al companies revolutionized by tech, all are in need of a new type of talent fluent Stern feels obligated to help train in both technology and business. people for the growing industry.” “In our line of work, there is an acute need for people who understand both — U.S. NEWS & WORLD REPORT business and technology. The Stern Tech MBA is primed to develop this type of talent,” said Don Callahan, Citigroup head of technology and operations and a member of Stern’s new Tech MBA advisory board. “The one-year MBA model “We have the same kind of interest being expressed to us by the denizens of the just made serious gains fashion industry,” said Henry. “There is an important need that has not been met. on American soil. New York There is a marriage that needs to happen, if you will, between the creative and University’s Stern School analytical side. They need people with a deep appreciation for and knowledge of of Business is adding two fashion, with a business background.” new one-year MBAs to its

programmatic suite.” The business school of the future, today These new programs and the increase in experiential learning opportunities are — POETS&QUANTS an outgrowth of Stern’s core purpose—to provide a unique education and develop people who will be equipped to transform challenges into opportunities. In fact, these latest developments are a natural part of an ongoing cadence of relevant “NYU Stern is the first United offerings from Stern. States-based business school to offer a Fashion & Luxury MBA According to Sundaram, even more innovations are planned for the near program. The university felt that future that take advantage of online collaborative learning technology and demand for business-educated NYU’s global footprint. talent warranted its own program As the changing economy races forward, Henry believes that NYU creates suc- as more luxury brands have cessful people that can compete at the front of the pack. “Our goal is to deliver added business professionals to their creative ranks, especially graduates with C-level acuity, and an entry-level attitude,” he says. “It’s how we in the face of digital disruptors.” stay as relevant to the new economy as we are to Wall Street.” — LUXURY DAILY For Stern, much of this decade has been devoted to building on a solid founda-

tion through Stern’s tradition of innovation. The way Stern views its purpose, its programs and its place in business and society continue to evolve, resulting in a business school with strong forward momentum, bolstered by solid outcomes. “Without a world-class faculty, top-notch students, innovative partners and dedicated alumni locking arms, none of this is possible,” said Henry. “Stern is a product of talented people with diverse perspectives, working together collabo- ratively. It’s a special place with a unique point of view.”

“The new programs were intentionally designed for students specifically focused on and passionate about business careers in technology or fashion and luxury disciplines.”

—RAGHU SUNDARAM, vice dean for MBA programs and online learning LISA KERESZI / TRUNK ARCHIVE; BY PREVIOUS SPREAD: PHOTOGRAPHY BYRD LAWRENCE DAVID BY PHOTO-ILLUSTRATION

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final2_UG.indd 26 10/10/17 2:12 AM THE NEW ONE-YEAR FASHION & LUXURY MBA A Runway for Success A LOOK BEHIND THE CURTAIN AT NYU’S STERN’S NEW MBA DESIGNED SPECIFICALLY FOR FASHION AND LUXURY MAVENS

THE LATEST TREND IN FASHION isn’t about tex- tiles and shades, it’s about the people behind the scenes. Today’s fashion and luxury brands are ex- periencing a growing need for business-sav- vy talent. Yet the typical path to a career in fashion or luxury has not historically includ- ed an elite business school. The new Fashion & Luxury MBA was cre- ated to fill the gap. The only program of its kind and the first fashion and luxury focused More and more fashion industry and luxury sector companies understand MBA for a US business school, the program the competitive advantage of adding business-educated talent to their establishes a new category of MBA. creative ranks.”—KIM CORFMAN, faculty director for the one-year Fashion & Luxury MBA Stern’s program—centered in the fashion and luxury capital of the world—provides a the opportunity to work with our industry draws from long-standing relationships be- foundation of business acumen to students partners and apply what they are learning tween Stern and the fashion industry and committed to management roles in apparel, to real challenges. includes such influencers as Ron Faris (Nike accessories, beauty, jewelry, high-end au- “More and more fashion industry and lux- Digital Studio), Alexis Maybank (Gilt Group), tomotive, fine wines and spirits, real estate, ury sector companies understand the com- Uri Minkoff, and fashion and entertainment wearable tech, and more. petitive advantage of adding business-edu- executive, Stephanie Winston Wolkoff. Students take three categories of cours- cated talent to their creative ranks,” said Kim In the fashion and luxury industries, re- es—business core, function-focused cours- Corfman, faculty director for the one-year cruiting is non-traditional, and connections es, and industry/sector focused courses. Fashion & Luxury MBA, “especially in the with influencers are key. First, the business core includes leadership, face of technological disruption.” “One of the priorities of the Fashion Lab is to finance, marketing, accounting, strategy, “With the dramatic changes we’re seeing make sure we maintain and strengthen those etc. The function and industry courses run in how products are manufactured, market- industry connections,” said Jeff Carr, Stern in parallel through the remainder of the ed and sold,” said Corfman, “it is the perfect professor and champion of fashion education. program. Students develop functional ex- time to launch this new program. More than “In addition to being a platform for dialog and pertise in their chosen discipline—finance, ever, the industry needs business talent pre- education, the lab provides a system for con- marketing, merchandising, operations, new pared to respond not only to the challenges necting our students into that network.” ventures, etc.—and take a two-part industry of today, but those we can’t yet imagine.” “Time is of the essence in fashion and lux- core-courses in consumer behavior, retail In addition to their course work, students ury,” said Corfman. “For students who are analytics, omnichannel strategy, supply will have access to the Stern Fashion Lab committed to management roles in these chain management, luxury marketing, the —a new central hub being established for worlds, this innovative MBA gives them a future of fashion, etc., and a series of large industry-related projects, speakers, and net- faster way to get there and succeed, with

PREVIOUS SPREAD: PHOTOGRAPHY BY LISA KERESZI / TRUNK ARCHIVE; LISA KERESZI / TRUNK ARCHIVE; BY PREVIOUS SPREAD: PHOTOGRAPHY BYRD LAWRENCE DAVID BY PHOTO-ILLUSTRATION applied learning projects to give students working opportunities. The executive board experience and access built right in.”

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final2_UG.indd 27 10/10/17 2:13 AM THE NEW ONE-YEAR TECH MBA Programming for the Future NYU STERN IS HARD-WIRING TECH AND BUSINESS SKILLS INTO A NEW CATEGORY OF MBA TO FILL AN UNMET BUSINESS NEED

FOR GLOBAL BUSINESS LEADERS, understanding the limitless opportunities afforded by the digital economy has become a major focus. From established businesses undergoing a technological revolution to tech startups, companies find themselves in urgent need of hybrid tech- and business-educated talent to take advantage of those opportunities. Enter the Stern one-year Tech MBA, a new category of focused MBA designed to provide a foundation in business and tech, incorporating real-world experiential learn- In our line of work, there is an acute need for people who understand both ing projects as a key ingredient. business and technology. The Stern Tech MBA is primed to develop this “This is not a data science boot camp,” said type of talent.”—DON CALLAHAN, Head of Technology & Operations, Citigroup J.P. Eggers, faculty director for the one-year Tech MBA. “Yes, data science is a key piece learning. “It’s supported by one of the largest chelle Peluso, CMO, IBM Corp. “I believe of the curriculum, but we’re preparing stu- teams of computer and data scientists among Stern’s new Tech MBA will help prepare dents for tech leadership roles. They’ll gain US business schools, which is a major source future leaders to address that challenge, critical skills for a dynamic business world, of Stern pride and a key differentiator.” and bring technology and business strategy where technology continues to drive inno- together in exciting and new ways.” vation from the way products are developed Gaining first-hand insight The Tech Advisory Board will continue to and manufactured, to the way they are mar- into a fast-changing world consult on curriculum development while keted and delivered to the end user.” According to Eggers, insights into the needs they sponsor the program’s integrated Stern The Tech MBA, which will enroll its in- of the tech sector came from Stern’s new Solutions experiential learning projects and augural class in May 2018, is designed for Tech Advisory Board, built from strong re- enhance networking for Stern students. candidates who already have a strong tech- lationships with technology leaders. “To realize the full potential of the rapidly nology background and are committed to a “We approached our recruiting partners growing fintech industry, we need to equip career in a tech discipline, regardless of in- such as Amazon and Microsoft,” said Eggers. future business leaders with the skills neces- dustry—tech product management, fintech “We looked at needs on the finance side sary to drive innovation and impact at scale,” and tech entrepreneurship to name a few. given our fintech connections. We spoke said Dan Schulman (MBA ’86), president The program was designed, and will be de- to Stern alumni about ideal skill sets, and and CEO of PayPal and Stern Tech Advisory livered in partnership with NYU’s Courant then we used all of that feedback to build Board member. “Stern is taking an exciting Institute of Mathematical Sciences. a program.” and needed step with its new Tech MBA and “It’s a stand-out program that we feel will “Successful brands are constantly inno- FinTech program. Graduates of the program really make an impact,” said Raghu Sunda- vating their use of changing technology to will undoubtedly be an important factor in ram, vice dean for MBA programs and online attract and retain loyal customers,” said Mi- shaping the future of the fintech sector.”

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final2_UG.indd 28 10/10/17 2:13 AM NYU Stern partners with industry leaders to create its Tech Advisory Board AMAZON Maria Renz, Vice President Delivery Experience and Robotics

BOXGROUP David Tisch, Managing Partner/Founder

BUZZFEED Greg Coleman, President MBA Screening Process Evolves CITIGROUP Don Callahan, Head to Recruit Students Who of Technology & Operations Meet the Demands of the Changing Business Environment GENERAL CATALYST Joel Cutler, Co-founder and Managing Director NYU STERN ALREADY SCREENS and selects along with six short captions. Called ‘Pick students who possess both intellectual and Six,’ this format improves screening by pro- GOLDMAN SACHS emotional intelligence—what the school viding a better framework for applicants and Umesh Subramanian, calls IQ + EQ. creating more consistency in the evaluation Co-head of the “People who are both intellectually and process without compromising expression. Technology Division interpersonally strong are better equipped Apply to multiple programs in one not only to turn ideas into action, but application. Now, MBA candidates can be IBM CORPORATION to inspire others to join their cause,” said considered for multiple MBA programs at Michelle Peluso, Peter Henry, Dean of NYU’s Stern School the same time using a single application. CMO of Business. Candidates will select a primary program To strengthen its assessment of EQ, Stern —full-time MBA, part-time MBA, Tech JIGSAW recently transformed its MBA application MBA, or Fashion & Luxury MBA—and Jared Cohen, Founder for the 2017-2018 cycle. Here are the may also select alternate programs from and CEO; Advisor to major changes: this list, if any are of interest, to enable the Executive Chairman New EQ Endorsement. The MBA applica- the admissions committee to help ensure of Alphabet Inc. tion will now require an EQ endorsement the best possible fit. provided by an advocate of the applicant, “We challenged ourselves to develop MICROSOFT illustrating a specific example of EQ to the new tools that screen for the skills and Jeff Teper, Corporate Admissions Committee. The EQ endorse- innate qualities that are going to lead com- Vice President, Office, ment might come from a team member, panies forward,” said Isser Gallogly, associ- OneDrive & SharePoint colleague or peer who can best attest to the ate dean of MBA admissions and program emotional intelligence of the candidate. innovation. “That ensures our graduates PAYPAL Famous creative essay is now “Pick Six”. more closely reflect the needs of employers Dan Schulman, Candidates will submit six images, such as who are looking for more intelligent, agile President & CEO pictures, charts, infographics and artwork, and collaborative problem solvers.”

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final2_UG.indd 29 10/10/17 2:13 AM STERN SOLUTIONS The Real World is our Classroom REAL-WORLD PROJECTS WITH NYU STERN PARTNER COMPANIES PREPARE MBA STUDENTS FOR LIFE IN GLOBAL BUSINESS

NYU STERN’S PROXIMITY in the center of the They access data and engage companies in a world’s business hub provides incredible op- way that transcends a typical case study, and NYU Stern portunity for students to learn by doing. In they build their network of industry contacts Solutions’ Parnters fact, Stern has been growing its network of in the process. partner brands, organizations, and nonprof- Companies benefit greatly from engag- its since 2001 through its Office of Student ing with Stern Solutions—essentially teams Engagement. of three to five students, many of whom In recent years, the number of applied have prior work experience, who apply learning opportunities has increased sig- skills and knowledge from their rigorous nificantly. Recently, Stern formally elevated Stern training. The teams are led by Stern its commitment to experiential learning, and faculty and tap into industry practitioners the Stern Solutions brand was born. who bring diverse knowledge and a fresh Stern Solutions matches students with perspective. faculty to help an organization solve a real Stern MBAs have opted into engagements business challenge in real time—an approach with companies ranging from Diane von that better prepares students for today’s dy- Furstenberg to Mastercard, HBO, the NBA, namic business environment, says Jamie and more, with student participation grow- Rose Tobias, assistant dean of student en- ing by more than 130 percent in the past two gagement and Stern Solutions leader. years alone. Six hundred Stern MBA stu- “We integrate the rigor of our classrooms dents completed Stern Solutions projects in into the classroom of the real world,” says the past academic year. Tobias, “and in doing so, we develop peo- In the process, companies build their ple who can help employers better position brand within the ranks of Stern and create themselves to innovate for the future.” a talent pipeline of future leaders they can tap into as needed. With Stern Solutions, everybody wins “The formula is working,” said Roxanne Student, faculty, and corporate participants Hori, associate dean, corporate relations and agree—the Stern Solutions approach pro- career services. “I’m extremely proud of the vides incredible value for all involved. cadre of professionals we send out into the Stern Solutions helps students build a world with every class. They have the real portfolio of real-world experiences that en- potential to make a positive impact, and the able them to stand out and provide lessons business world has responded very well to learned that benefit them in their careers. our brand of real-world education.”

Stern Solutions is available Solutions involves a recruits; our students walk their organization Can NYU Stern to select corporations, 10-week strategic away with valuable can partner with Stern governmental bodies or project engagement with a experience and contacts; Solutions by contacting help solve your nonprofit organizations team of MBAs under and Stern delivers on the [email protected]. next business looking for a fresh faculty advisement. Your promise of a real-world Or, visit our website: perspective on a pressing organization receives education. http://www.stern.nyu.edu/ challenge? issue or business challenge. fresh consulting insights Stern alumni can find business-partnerships/ Partnering with Stern and exposure to potential out more about how solve-business-challenge

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final2_UG.indd 30 10/10/17 2:13 AM Analytics (Stern core strengths) and Strate- gy & Leadership (highly relevant disciplines NYU Stern’s Executive among executive-level professionals). Professional Network. Stern graduates gain access to the largest and strongest alumni MBA goes to Washington network among D.C. programs. NYU has 500,000+ alumni from the US and 183 for- eign countries. Stern alone boasts 110,000 Stern’s program expands to NYU’s global site in downtown alumni in 138 countries—including more Washington, D.C., offering proven and exclusive benefits than 500 CEOs—enabling networking op- portunities in virtually any industry and ge- to working professionals ography. Washington, D.C. is already home to one of NYU’s largest groups of alumni. º “Stern D.C. students will earn their MBA BEGINNING IN 2018, Stern’s elite Executive Reputation. The Stern EMBA—ranked degree with senior-level classmates from MBA (EMBA) program will be offered in highest of any EMBA program in the D.C. diverse executive functions and industries, Washington, D.C., for the first time, making market by US News & World Report—brings with opportunities to tap additional New it the highest ranked EMBA program in the proven curricula and world-renowned NYU York City campus-based events and speak- D.C. market*. faculty from New York to D.C. ers,” said Paula Steisel Goldfarb, associate Stern’s D.C. EMBA offers two tracks de- Structure and Specialization. Stern’s D.C. dean MBA admissions, financial aid and signed to elevate a senior working profes- program maximizes work-life balance by academic affairs. “We believe the program sional’s capabilities while maximizing con- limiting travel time through a unique one fills an important gap in the market for venience. The program will leverage Stern’s weekend per month format, which will take those executives seeking a rigorous, and world-class faculty, extensive global alumni place in D.C. at NYU’s D.C. site, which marks relevant, program while respecting their network, and diverse, highly-experienced its fifth year in the nation’s capital. Two spe- demanding schedules.” classmates. cialty tracks, selected specifically for the D.C. * *Ranked #4 in the country by U.S. News Key details of the program’s unique com- market, provide both depth and focus in core and World Report (2018 edition of “Best bination of benefits include: management and business areas: Finance & Graduate Schools”).

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final2_UG.indd 31 10/10/17 2:13 AM Students from the MBA class of 2017 at their Graduate Convocation Ceremony held at the Theater at Madison Square Gardens.

final2_UG.indd 32 10/10/17 2:13 AM MISSION: POSSIBLE How Dean Peter Henry embraced a changing business landscape and championed the role of the business school as a powerful force for good BY TED PRZYBOCKI

IN LATE 2009, PETER HENRY was living in California, where he’d been “Profit and principle must coexist. Citizens and consumers around working for the past 12 years as an economics professor at Stanford. the globe demand—and deserve—both.” A Rhodes Scholar with degrees from UNC and Oxford, plus a PhD from MIT, Henry also served on President Obama’s transition team New Building Blocks on a Solid Foundation in 2008, leading the review of international lending agencies such as Henry’s time as Dean of NYU Stern tells a story of expansion, of the International Monetary Fund and the World Bank. preserving and enhancing Stern’s traditional strengths in finance Even without the work in Washington, Henry had a full plate given while broadening the School’s spectrum of academic excellence. his professorship, various fellowships, publishing activity, and par- “In my mind, this was an opportunity to help increase the role of ticipation on several committees. “Honestly, I wasn’t looking to do an elite business school in overcoming significant issues by trans- anything different,” remembered Henry. “I had a five-minute walking forming them into opportunities,” he said. “A business school dis- commute. I enjoyed perfect weather and fruit trees. I didn’t apply for ciplined enough to be great in areas where the world needs you to the deanship. It applied for me.” be great can have a serious impact.” It’s true that the climate in New York, particularly surrounding Under Henry’s leadership, Stern immediately began to deepen Wall Street in the aftermath of the financial crisis, was less sunny. The and diversify its excellence: the School established new research crisis had threatened the perception of business—and by extension, centers and recruited additional faculty—among them Nobel Lau- business schools. reate A. Michael Spence, who joined in September 2010, and Paul NYU Stern had responded swiftly. Its top minds published historic Romer, who came to Stern to launch the NYU Stern Urbanization research and thought leadership designed to inform policy and to Project in 2011. Their pioneering, integrative work on emerging help restore financial stability. But with the slow pace of recovery, a markets and cities formed, in Henry’s view, a natural complement dour public mood prevailed. to Stern’s already stellar finance and economics departments. As an accomplished macroeconomist with a policy research back- A series of diverse and innovative initiatives followed: NYU Stern’s ground, Henry’s broader, more optimistic point of view provided an Center for Real Estate Finance Research, under Director Stijn Van important contrast. And the possibilities of team- Nieuwerburgh; the Center for Global Economy ing up with Stern in a time of economic change and Business, under Director Kim Schoenholtz; intrigued Henry. “I saw it as a ‘big ideas’ job,” he “Dean Henry is and the Center for Business Analytics, under said. “With Stern’s solid foundation in finance and passing the torch Director Anindya Ghose, all launched in 2012. an entrepreneurial culture, I believed we could do along with an In 2013, Michael Posner (who once served as great things together.” Henry was named Stern’s Assistant Secretary of State for the Bureau of ninth dean two days before his 40th birthday and incredible list of Democracy, Human Rights and Labor at the State assumed the deanship in January 2010. accomplishments Department during the Obama administration) Henry has a core belief in business as a force for over the past joined Stern to establish and run the Center for good, where highly trained people and great ideas Business and Human Rights, a first of its kind converge to create value for shareholders and eight years.” among top-tier business schools. society. That unwavering belief has guided his —ALISON MASS (BS ’80, MBA ’81) In 2014, Stern recruited Professor Pankaj approach throughout his tenure as Dean. chair, Stern Board of Overseers Ghemawat, a leading expert on corporate global

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final2_UG.indd 33 10/10/17 2:13 AM strategy, to direct the new Center for the Globalization of Education we place a high value on agile problem solvers who are unafraid and Management and share its findings with educators, businesses, to tackle big issues. In the process, we send the message that they and policymakers. Later that same year, Stern expanded its research can make a more significant impact in their careers.” capability into China with the inauguration of a satellite Volatility Exposure to big ideas continues throughout a student’s edu- Institute at NYU Shanghai, which partners with the original in NYC, cational experience, which Stern increasingly delivers through created and directed by Nobel Laureate Robert Engle. academic programs that are themselves evolving to keep pace with Most recently, in 2016, Stern launched the Center for Sustainable business. In terms of using innovation to turn today’s challenges Business under Director Tensie Whelan. The goal: connect current into opportunities for the future, Stern leads by example. and future business leaders with the knowledge and skills needed to During Henry’s tenure, Stern was the was the first top-tier busi- address environmental and social challenges, thereby reducing risk ness school to offer a Master of Science in Business Analytics, and creating competitive advantage through innovation. a program uniquely designed for senior-level professionals and aligned with the increasing importance of data science in all areas Broadening Minds for a Complex Business World of business. The School also pioneered the MBA specialization in Integral to Henry’s view of leadership in higher education, as well Luxury and Retail, and also became the first top business school as success in the business world, is the idea that “EQ matters at least to announce a Fintech specialization for MBA students. as much as IQ.” Personal transformation forms a key part of the ed- And just this past May, Stern announced two new one-year ucational experience, and at Stern that means broadening students’ MBA programs focused on Tech and on Fashion and Luxury. mindsets and collaborative skills to prepare them for doing business Other initiatives include online learning and the launch of the in an environment of rapid change and diversity. Executive MBA Program program in Washington, D.C. For incoming MBAs since 2011, that transformation begins with Stern’s innovative approach to business education and its “LAUNCH” (or “Langone Lab” for Stern’s part-time students), a new commitment to community impact have garnered attention type of orientation program that challenges students to think more and enthusiasm from business leaders across important sectors, boldly from day one. some of whom eagerly sought ways to support Henry’s vision The intellectual summit was designed by a group of faculty, students, and help guide the School’s efforts through the formation and administrators led by Stern Professor Adam Brandenburger, and of strategic advisory boards. it exposes students to some of the most intractable issues of the day “Industry leaders like Dan Schulman through the experiences of industry leaders. Prominent figures such as Dean Henry with (MBA ’86), president and CEO of PayPal, were Ajay Banga, CEO of Mastercard; Prashant Gandhi, head of digital pay- students at the NYU interested because they see big challenges ments at JPMorgan Chase; and Sallie Krawcheck, CEO and co-founder Stern Scholarship ahead, and nobody has all the resources they Reception [left]; with of Ellevest, are just a few who have participated in LAUNCH events. Anjay Banga, president need,” said Henry. “Having him and others “LAUNCH is a powerful kick-start in the transformation process,” and CEO of Mastercard, like him on board changes the conversation. said Conor Grennan (MBA ’10), dean of students. “It sets a tone that at LAUNCH (right). Our relationships are a game changer.”

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final2_UG.indd 34 10/17/17 7:39 AM Greater Possibilities Through Partnership Dean Henry signing While building external relationships to Relationship building is another hallmark of Henry’s deanship. a copy of his book, deepen the School’s industry ties, Henry Turnaround: Third Throughout his tenure, he has used his role to further integrate World Lessons For also has had landmark success deepening Stern into the global business hub found in the School’s backyard, First World Growth. Stern’s alumni relationships. Support from focusing on the value that Stern can bring to its business and alumni the Stern community has never been stron- communities and, in a symbiotic relationship, gaining more support ger. The School has raised more money under Henry’s leadership in terms of fundraising and active engagement. (more than $250 million) than under any prior Dean, including an “Ours is a global institution, but physical proximity also matters,” all-time high of $54.6 million in 2016. said Henry. “It matters that we can have ongoing conversations, in Alumni gifts have funded important upgrades to Stern’s campus, real time, about the challenges that businesses are facing all over the including renovations to classrooms and rotunda lounges, and the world. It gives us an incredible advantage.” modernization of the Henry Kaufman Management Center lobby Provocative conversations indeed take place at Stern. Henry has thanks to the generosity of Board Overseer and alumnus Andre built on the School’s tradition of bringing thought leaders to campus J.L. Koo (MBA ’94). And while some alumni have shown support by who share and debate ideas on business and policy. Speakers have investing in Stern’s physical infrastructure, giving occurs at many included Chairman and CEO of GE, Jeff Immelt; former US Sec- levels and takes many forms. retary of the Treasury, Timothy Geithner; UN Secretary-General, “There are countless ways to engage,” says Henry, “but what António Guterres; Vice Chairman and Managing Director at Mor- remains true on every level is how critical our alumni are to the gan Stanley, Carla Harris; former President of Givenchy U.S., Devon lifecycle of our institution, and how much gratitude I feel toward Pike, and the Executive Chairman of Alphabet, Inc. Eric Schmidt, them. No gift of time, experience, or financial resources is too small.” to name a few. Relationships, old and new, have driven Stern’s focus on experi- Creating Value Through New Sources of Future Leaders ential learning—partnering students with companies and organi- Nowhere, perhaps, have alumni contributions been in greater evi- zations to accomplish real project work that takes place under the dence than in service to the School’s mission to transform today’s banner of “Stern Solutions.” Now more than ever, Stern leverages talent into tomorrow’s leaders, irrespective of their (or their fami- its geographical endowment, pairing faculty and students to work lies’) ability to fund their education. Indeed, with nearly 85 percent with organizations such as JetBlue, Ralph Lauren and Citi Ventures of fundraising going toward financial aid, Henry has created another to address a relevant business challenge they are facing. Stern milestone: full scholarships.

FALL 2017 / STERN BUSINESS 35

final2_UG.indd 35 10/10/17 2:13 AM Much has been written about the fact that Henry started life in About the transformative nature of education, Henry added, “If Jamaica, the son of two scientists who immigrated to the US when he you teach someone to fish, you create a longer-term solution. Our was eight years old in order to provide better opportunities for their mission at Stern is to produce people who can overcome the world’s children. That move, and the power of education through scholar- biggest challenges in the 21st century. Teaching kids to fish has been ships, set a career in motion. Today, Henry believes that scholarships a top priority in achieving that goal.” are an economic imperative: solving society’s toughest issues requires the diverse perspectives of those who understand the issues best. Without a doubt, it’s been an intense eight years for Henry. In ad- The journey toward greater financial support for MBA students dition to recruiting, launching new research centers, working with took a giant step forward in 2013, when former Board of Overseers faculty to develop new academic programs, and working with alumni Chairman William R. Berkley (BS ’66), now chair of the NYU Board on expanding opportunities for students, Henry also published his of Trustees, gave $10 million to establish the William R. Berkley first book: Turnaround: Third World Lessons for First World Growth Scholarship Program, designed to assist the most promising college (Basic Books, March 2013). graduates who wish to begin their MBAs immediately, but who may Drawing from his life’s work in economic research, Turnaround already be saddled with debt. illustrates vital lessons for developed and developing nations in Since the Berkley gift, the MBA scholarship agenda has continued search of stability and growth. Two years after its publication, Hen- to make strides with two important programs: the Fertitta Veterans ry received the Foreign Policy Association Medal, the highest honor Program, made possible as of 2016 with a $15 million gift from broth- bestowed by the organization. In 2016, he was honored as one of the ers Lorenzo Fertitta (MBA ’93) and Frank J. Fertitta III and believed Carnegie Corporation’s Great Immigrants. to be the only program of its kind at a US business school; and the creation of the Advancing Women in Business Scholarship for full- Turning the Page on a Strong Chapter in Stern History time MBA students in the spring of 2017. With an impressive set of new building blocks in place, Henry In addition, Henry has had great success with the drive to increase prepares to leave the deanship on firm footing, excelling in ways the affordability of an undergraduate education. Despite the fact that most important to students, the School, its alumni, and the global 20 percent of NYU undergraduates come from Pell Grant-eligible business community. Among the measures: families, when Henry arrived in 2010, there were no full scholar- Full-time MBA applications increased 4 percent for the most ships available. In 2014, Stern launched the Access Initiative, its first recent admissions cycle (Class of 2019). scholarship program for high-achieving, low-income and often 94 percent of 2016 full-time MBA graduates received job offers first-generation college students. The first full scholarships were within three months of graduation. established in February 2015, with a gift from Leonard N. Stern. Undergraduate placement is at 98 percent within six months of Including the Stern Scholars, there now are over 50 undergraduates graduation (Class of 2016). on full scholarship. For technology/telecom, placement rates have tripled since Henry feels particularly proud of the Access Initiative. He believes 2005 and will be close to 16% for the Class of 2017. that by removing the financial barrier for talented and deserving stu- Social Science Research Network rates Stern first among the top dents, Stern casts a wider net for next-generation business leaders of 1,000 US business schools for new downloads of research within the highest potential. the past 12 months (as of May 2017). Stern is ranked third in the Recent studies show that nearly one-fifth of all high school seniors world for its research productivity. in the US who score in the top 10th percentile on standardized tests used for college admissions come from the bottom quartile of the US NYU President Andrew Hamilton commented recently on income distribution. Add to that the fact that children born into the Henry’s successes as he reflected on the Dean’s journey. “Peter bottom quartile have only an 8 percent chance of going to college as arrived at Stern in the immediate aftermath of the global finan- compared to an 85 percent chance for those born into the top quartile. cial crisis,” he wrote. “True to Stern’s mission, however, Peter “This means society is underutilizing its top embraced these challenges and has turned talent,” said Henry. “We create value for busi- them into opportunities to increase the ex- ness and society when we unlock potential “We create value for cellence, affordability, and relevance of a through scholarships. We also diversify the business and society Stern education.” student body, with benefits for the quality of when we unlock At the convocation for his final gradu- everyone’s education.” potential through ating class last May, Alison Mass (BS ‘80, Indeed, the Access Initiative has validat- MBA ‘81), chair of the Stern Board of Over- ed Henry’s belief that for the right mission, scholarships. We also seers, also took time to reflect on Henry’s non-alumni are also willing to support the diversify the student accomplishments. “Dean Henry is passing school. In March 2016, Stern announced a $1.8 body, with benefits the torch along with an incredible list of ac- million gift from the Marie-Josée and Henry R. for the quality of complishments over the past eight years,” Kravis Foundation to support scholarships for said Mass, “strengthening the school’s rep- high-achieving, low-income students admitted everyone’s education.” utation and creating a renewed sense of mo- to Stern’s Undergraduate College. —DEAN PETER HENRY mentum into the future.”

36 STERN BUSINESS / FALL 2017

final2_UG.indd 36 10/10/17 2:13 AM Henry, who lives in New York City with his wife of 22 years improving the world. We believed that enabling greater access and their four sons, officially steps down on January 1, 2018, to to education and creating deeper engagement with alumni and resume a research and teaching role at Stern. His goals, in typical business would transform our students, and, in the process, our Henry fashion, are both lofty and grounded in real possibility for School. We believed, rightly, that we could be as relevant to the enabling positive change. new economy as we continue to be to Wall Street.” “I think my skills are best deployed against some of the major Henry first shared his vision with students in a letter back in challenges facing the world right now,” said Henry. “In particular, 2010, promising to help transform them into leaders who grasp understanding how globalization can move humanity forward the big picture and who can balance the quest for profit with the and how to articulate that in a way that inspires people and moves public good in a complex business world. them to action.” “It’s for others to judge the results,” he said recently, “but I Henry is as optimistic about Stern’s trajectory now as he was believe the seeds we plant today will bear fruit. Stern creates the first day he arrived on campus. leaders who are uniquely able to help solve some of the world’s “If I were writing about this chapter of our history,” said Henry, most pressing problems and create economic opportunity in the “I would say that we believed passionately in the possibilities of process. The possibilities are limitless.”

A Dean Who Keeps His Cool

DESPITE A HECTIC EIGHT YEARS, HENRY HAS MADE IT A PRIORITY TO REMAIN ACCESSIBLE TO STUDENTS EVEN WITH HIS MANY RESPONSIBILITIES. “SPENDING TIME WITH OUR STUDENTS HAS MADE ME A BETTER LEADER, AND I WILL KEEP CLOSE THE MANY MOMENTS I SHARED WITH THEM,” HE SAID. THE YOUNGEST PERSON APPOINTED TO THE POSITION IN STERN HISTORY, HENRY IS KNOWN AROUND CAMPUS AS A “COOL” DEAN: A GOOD LISTENER WHO TAKES TIME TO WALK THE HALLWAYS, VISIT CLASSROOMS, HOLD OPEN OFFICE HOURS, AND SHOOT HOOPS WITH STUDENTS. HE’S ALSO BEEN SEEN HANDING OUT HALLOWEEN CANDY DRESSED AS GANDALF FROM LORD OF THE RINGS; DOING THE “ICE BUCKET CHALLENGE” IN A STERN T-SHIRT; WALKING THE RUNWAY AT THE “THINK SOCIAL, DRINK LOCAL” FASHION SHOW; TAKING THE FLOOR AS A STARTER AT THE COLUMBIA RIVALRY BASKETBALL GAME; AND RINGING THE NASDAQ BELL WITH Dean Henry shows his ‘cool’ dean side: (clockwise) joining MBA students and faculty to ring The NASDAQ Stock Market Closing Bell; taking part in the NYU Stern Basketball team to take on Columbia Business STUDENTS, LIVE ON THE TIMES School, the first-ever B-School B-Ball Battle; accepting the ALS Ice Bucket Challenge from NYU Stern SGov; SQUARE VIDEO TOWER. dancing at the NYU Stern Reunion.

FALL 2017 / STERN BUSINESS 37

final2_UG.indd 37 10/10/17 2:13 AM Faculty Spotlight RESEARCH & ACCOLADES

In “Activism, Strategic Trading, and Liquidity,” published At the 2016 INFORMS annual meet- in NBER, Professor ALEXANDER LJUNGQVIST and co-authors ing in Nashville, Professor FOSTER analyzed dynamic trading in an anonymous market by PROVOST received the 2015 Best ISR an activist investor who can expend costly effort to affect Paper award for his co-authored firm value. paper, “Finding Mobile Consum- ers with a Privacy-Friendly Geo- In the paper “Bliss is Ignorance: Similarity Network”; Professor JOSH- How the Magnitude of Expressed UA REED received the Erlang Prize PRASANNA Happiness Influences Perceived TAMBE from the Applied Probability Society, Naiveté and Interpersonal Ex- awarded to a young researcher who ploitation,” Professor ALIXANDRA has made outstanding contributions to applied probability; and BARASCH and co-authors explained Professor PRASANNA TAMBE received the ISS Sandra Slaughter why people perceive very happy in- Early Career Award, which recognizes the potential leaders of dividuals to be more naive and easi- the next generation of information systems academics. ALIXANDRA BARASCH er to exploit than less happy people. The Sharing Economy, by Professor ARUN SUNDARARAJAN, was Professors ANDREA BONEZZI and MASAKAZU ISHIHARA have been a winner in the “Economics” category of the 2017 Axiom selected as the 2017 Marketing Science Institute Young Business Book Awards. Scholars, which recognizes some of the most promising scholars in marketing and related fields. “How Do Insiders Trade?” is the provocative question Professors STERN BUSINESS Thinkers50, a ranking of global business thinkers, named Pro- MENACHEM BRENNER and MARTI fessors ANINDYA GHOSE and AMY WEBB to its Radar 2017 list of SUBRAHMANYAM and co-authors an- the 30 thinkers most likely to shape swered by proposing a framework the future of how organizations are for how informed investors leverage managed and led. their private information for trading in the options market. MENACHEM In “Optimal Three-Part Tariff Plans,” BRENNER FALL 2017 Professor EITAN MULLER and co- In “Offline Assortment Optimiza- authors showed how service pro- tion in the Presence of an Online Channel,” Professors DARIA viders, such as cell-phone carriers, DZYABURA and SRIKANTH JAGABATHULA explored the impact of can calculate a three-part fee struc- brick-and-mortar showcase decisions across both online and EITAN 38 MULLER ture that achieves the firm’s goals. offline channels.

final2_UG.indd 38 10/10/17 2:14 AM Faculty

Professor PANKAJ GHEMAWAT and Professor MINAH JUNG received the Hillel Einhorn New Senior Research Scholar Steven A. Investigator Award for the best paper by a new research- Altman released the “DHL Global er, for her her co-authored study, “Anchoring in Payment: Connectedness Index 2016: The Evaluating a Judgmental Heuristic in Field Experimen- State of Globalization in an Age tal Settings,” at The Society for Judgment and Decision Spotlight of Ambiguity.” Making’s annual conference.

Professor DAVID YERMACK and Professor STIJN VAN NIEUWERBURGH PANKAJ GHEMAWAT co-authors, in “Ambiguity and was awarded the 2015 Bernácer Prize, the Tradeoff Theory of Capital given annually to a European econo- Structure,” examined the importance of ambiguity in the mist under age 40 who has made out- decision and developed a static tradeoff standing contributions in the fields theory model in which agents are both risk-averse and of macroeconomics and finance. ambiguity-averse. At the 2016 International Confer- STIJN VAN Professor JEANNE CALDERON and Scholar-in-Residence GARY NIEUWERBURGH ence on Information Systems in FRIEDLAND, in “EB-5 Proposed Regulations: A Missed Oppor- Dublin, Best Paper awards went to tunity, Next Steps for Reform,” discussed proposed regulations Professor NATALIA LEVINA for “Speaking as One, but Not Speak- to reform the EB-5 immigrant investment program issued ing Up: Dealing with the New Moral Taint in an Occupational during the Obama administration and the likelihood of leg- Online Community”; and PhD student APOSTOLOS FILIPPAS for islative reform under the Trump administration. “A Model of Pricing in the Sharing Economy: Pricing Dynam- ics with Awareness-Generating Adoptions.” The 2017 Glucksman Institute Research Prize was awarded to Professor NICHOLAS ECONOMIDES was featured in the docu- Professors RALPH KOIJEN, THERESA mentaries, “The Next President—and What It Means for Us” KUCHLER, and JOHANNES STROEBEL, and “Trump—and What He Means for Europe,” produced by along with co-authors, for their Trevor Poots and broadcast in continental Europe. respective papers “An Equilibrium Model of Institutional Demand and Professor TÜLIN ERDEM and co-author argue in “The Asset Prices” and “Social Networks Information-Economics Perspective on Brand Equity” that THERESA KUCHLER and Housing Markets.” consumer-based brand equity is the value of a brand as a credible signal In “The Common Origin of Uncertainty Shocks,” Professor of a product’s positioning. STERN BUSINESS LAURA VELDKAMP and co-authors investigated how fluctu- ations in risk, asset price drops, and financial crises con- Professors JONATHAN HAIDT, tribute to recessions and explored how perceptions of risk PRAVEEN NAYYAR, MICHAEL POSNER, vary drasticallly. and NOURIEL ROUBINI participated in the World Economic Forum in Professors MATTHEW RICHARDSON and ROBERT WHITELAW, TÜLIN Davos, Switzerland.

ERDEM FALL 2017 along with their co-author, showed how the offsetting influences of interest rate differentials and deviations from Nobel Laureate Professor ROBERT ENGLE and Professor purchasing power parity affect exchange rates at short JOHANNES STROEBEL were awarded a grant by the Norwegian and long horizons in their paper, “New Evidence on the Finance Initiative (NFI) for their research on environmental Forward Premium Puzzle.” risk with a financial approach. 39

final2_UG.indd 39 10/10/17 2:14 AM FacultySpotlight

The government of India has In “Capital Misallocation: Frictions or Distortions?,” Pro- appointed Professor VIRAL ACHARYA fessor VENKY VENKATESWARAN and co-author found evidence as the Deputy Governor of the Re- of capital misallocations that cannot be fully accounted for serve Bank of India, where he will by technoloigcal and information factors, suggesting that oversee monetary policy, foreign distortionary policies may have a significant role to play. exchange, and market operations, as well as research and statistics. The 2017 Forbes list of “30 Under 30 Professor Acharya has also been ap- in Science,” which recognizes lead- VIRAL ACHARYA pointed the 2017 Alexandre Lamfa- ing change-makers and innovators lussy Senior Research Fellow by the across the US, featured Stern alum- Bank for International Settlements. nus Professor XI CHEN for his work in machine learning and data sci- PwC’s Strategy + Business recognized Professor ROBERT ence with applications for business, SALOMON’s book, Global Vision: How Companies Can Overcome medicine, and more. XI the Pitfalls of Globalization, as one of its Best Business Books of CHEN 2016, ranking it among the top three in the “Strategy” category. Professor XAVIER GABAIX proposed a framework for analyzing how bounded rationality Professor RUSSELL WINER was honored by the American affects monetary and fiscal policy in “A Behavioral New Marketing Association as a “Marketing Legend” for his con- Keynesian Model.” tributions to the field. In “TV Channel Search and Commercial Breaks,” Professor In “Risk Sharing and the Creation YUXIN CHEN, Wenbo Wang (PhD ’12) and a co-author ex- of Systemic Risk,” Professors VIRAL amined how the timing of commercial breaks can affect TV ACHARYA and RAGHU SUNDARAM, channels’ viewership and offered insights on how to strate- with PhD student AADITYA IYER, ex- gically manage break timing. plained how increased risk sharing possibilities may result in greater Professor XIAO LIU and co-authors systemic failures. explored how conversion effects differ across desktop and mobile STERN BUSINESS RAGHU SUNDARAM In her first-of-a-kind study, “Fi- devices for consumer-generat- nancing Innovation: Evidence from ed online reviews in their paper, R & D Grants,” Professor SABRINA HOWELL showed that federal “The Effect of Word of Mouth grants to small, young firms stimulate innovation, while later- on Sales: New Answers from stage and follow-on grants do not appear to have a mea- the Comprehensive Consumer XIAO surable effect. LIU Journey Data.” FALL 2017 In “Investment-less Growth: An Empirical Investigation,” Professor PRIYA RAGHUBIR and co-authors, in “What’s in Your Professor THOMAS PHILIPPON and co-author concluded, Wallet? Psychophysical Biases in the Estimation of Money,” among other findings, that industries with more concen- found that individuals’ estimates of the money they carry tration and more common ownership invest less, even after is affected by the denomination and the number of units 40 controlling for market conditions. of a specific denomination.

final2_UG.indd 40 10/10/17 2:14 AM DONOR NEWS

SUPPORTING NYU STERN STUDENTS

THE KASSIN CENTER REPRESENTS A GENEROUS FAMILY’S NYU CONNECTION The beautiful new plaque naming the Kassin Center in the lobby of Tisch Hall is a symbol of the deep connection the Kassin family has maintained with NYU over the generations. Patriarch Jack A. Kassin and his sons Albert (BS ’01), Steven (BS ’07), and Isaac (BS ’19) and their families were present last spring to celebrate their new space at NYU Stern. Deans Peter Henry and Geeta Menon thanked the Kassins for their significant and continued support and for their dedication to ensuring the School’s success. The Kassin brothers shared their affection for and gratitude to Stern and noted their wish to continue a partnership with the School well into the future. STERN BUSINESS

Deans Henry and Menon with the Kassin family (left to right): Steven (BS ’07), Albert (BS ’01) , Jack, and Isaac (BS ’19) at the ribbon cutting for the FALL 2017 newly named Kassin Center.

41

final2_UG.indd 41 10/10/17 2:14 AM DONOR NEWSDONOR

STAND OUT AS A LEADING supporter of Stern students and Name a faculty by naming a bench on Gould Plaza in the center of NYU’s Washington Square campus. These beautiful benches will be The MBA class of 2016 rallied to raise over Piece of enjoyed by students and members of the community year-round. $200,000 for their Allow us to showcase your generosity, or provide a unique class gift campaign NYU Stern opportunity to honor someone special or memorialize a loved one. for scholarships, and Stern is pleased For advice on naming a bench, classroom, or meeting area, contact to name a bench [email protected] or 212.998.4161. in their honor.

Professor DALE ZAND, FORMER NYU STERN PROFESSOR OF MANAGEMENT Galloway AND ORGANIZATION, ESTABLISHES A LEGACY FUND FOR STERN Gives Back Professor Emeritus Change Division of the committed to further fellowships, for faculty IN RECOGNITION OF THE “im- Dale Zand recently Academy of Manage- building it by support, for program- mensely rewarding” time that

STERN BUSINESS established the ment, Ford Founda- designating Stern as matic support, and for Professor Scott Galloway has Charlotte and Dale E. tion Fellow at Harvard, beneficiary of his other initiatives spent teaching at NYU Stern, he Zand Family Fund in and project evaluator retirement plan. The that help ensure the donated a portion of the profit memory of his wife for the National Fund is used to continuing success from the sale of his digital mar- and to give back to Science Foundation. provide financial and academic Stern. Zand enjoyed a Several of Zand’s support for scholar- excellence of keting and business intelligence distinguished career children have an NYU ships and graduate the department. firm, L2, to the School. As he at Stern as chair business education, explained, “Giving to higher of the Department of and he takes FALL 2017 education makes me feel rele- Management and enormous pride in Organizations, author being a member TO LEARN MORE about how you can vant and patriotic, both things establish a lasting connection to NYU Stern of seminal papers and of the Stern family. I aspire to.” He is also giving and gain potential income and tax benefits books, chair of the Zand makes annual for yourself and your estate, contact a portion to his alma maters, Organization contributions to the Craig Eozzo, director of planned giving, at 42 UCLA and Berkeley. Development and Fund, and he has 212-998-0681 or [email protected].

final2_UG.indd 42 10/10/17 2:14 AM NYU STERN ESTABLISHES NEW “ADVANCING WOMEN IN BUSINESS SCHOLARSHIP” FOR FULL-TIME MBA STUDENTS

INCOMING FULL-TIME MBA students are receiving support from alumnae and mem- bers of NYU Stern’s Board of Overseers, who have helped to create a new merit-based Advancing Women in Busi- ness Scholarship. So far seven donors, all members of Stern’s Board of Overseers, have con- tributed to this new scholar- ship, which covers the first year of tuition and mandatory fees for students who demonstrate a deep and abiding commitment to advancing women in busi- ness. To date, Stern has award- ed nearly $600,000 in schol- arship aid to students in the Class of 2019. Donors include: Tania Ahuja (PhD ’01), Mary C. Farrell (MBA ’76), Nomi Ghez (GSAS ’76, ADCRT ’81), Judy Lee (BS ’88), Alison Mass (BS ’80, MBA ’81, Chair of the Stern Board of Overseers), Ellen J. Schapps Richman (MBA ’79), and Chandrika Tandon. NYU Stern’s popular and active MBA student club, Stern Women in Business (SWIB), reinforces the vision behind the scholarship. The club, whose leadership board includes four men, generates a supportive community to address topics STERN BUSINESS significant to women in business and provides forums where diverse experiences, perspectives, and resources can NYU Stern Community Raises be shared. Stern is also a member of the Forte Founda-

Over $400,000 for Students FALL 2017 tion, a consortium of top business schools and compa- on NYU One Day, March 23 nies dedicated to directing On the second annual University-wide day of giving, 540 contributors from across the Stern talented women toward community raised over $400,000 for students—the most of any NYU school. Students, faculty, leadership roles in business. staff, and alumni of all ages contributed and helped turn our school and social media violet. 43

final2_UG.indd 43 10/10/17 2:14 AM D O N R E HASKINS GIVING SOCIETY PHILIP L. MILSTEIN (MBA ’74) WAS HONORED FOR HIS commitment to philanthropy at the 38th annual Haskins Giving Society Award Dinner, held on April 18,

W 2017, at The Temple of Dendur in The Sackler Wing

S at The Metropolitan Museum of Art. The Dinner is an annual celebration of NYU Stern’s most loyal and generous donors, members of the esteemed Haskins Giving Society. Named after the School’s founding dean, Charles Waldo Haskins, the Haskins Giving Society provides unique opportunities for its members to meet through- out the year for networking and celebrations. 38th Annual Haskins Giving Society Award Dinner

The Temple of Dendur in The Sackler Wing at The Metropolitan Museum of Art

Join NYU Stern’s Haskins Giving Society to support students and faculty, and enjoy member perks, including:

Make an impact on the next Insider tour of generation of Stern students Stern’s campus

Invitations and early Recognition in the annual access to premier events NYU Stern Donor Report Annual Haskins Award Dinner Annual Alumni Holiday Celebration

STERN BUSINESS and VIP experiences

  Invitations to Round Table Discussions with the Dean and faculty members at Founder level and above. Professors Scott Galloway and Ed Altman were featured in FY17, with Professors Sonia Marciano this fall FALL 2017 and Roy C. Smith in the spring.

TO LEARN MORE ABOUT JOINING THE HASKINS GIVING SOCIETY, 44 VISIT STERN.NYU.EDU/HASKINS OR CALL (212) 998-4161. 2016 Alumni Holiday Celebration at the New York Public Library

final2_UG.indd 44 10/10/17 2:14 AM AlumniRelations ALUMNI NEWS AND EVENTS

HEAR IT HERE FIRST

38th Annual Haskins Giving Society Award Dinner The C-Suite Series and the Author Lecture Series Two signature series from the Office of Alumni Relations offer unique access to research and insights from faculty business leaders

NYU STERN IS Rob Salomon, all of whom 1 TAPPING INTO published new books THE RICHNESS recently. The events have of research ranged from conversa- and insights from both tions to presentations and faculty and alumni for have each drawn over its newest collection of 100 students and alumni events, the C-Suite and in attendance. The Temple of Dendur in The Sackler Wing at The Metropolitan Museum of Art Professor Arun Sundararajan, Author Lecture Series. The C-Suite Series author of The Sharing Economy “Throughout the year, invites alumni at the Stern faculty publish top of their industry multiple books—all back to campus to of which focus on the share experiences and industries in which our industry knowledge alumni are working,” with the Stern communi- says Sarah Marchitto, ty. Recent speakers executive director of have included James alumni relations. Herbert (MBA ’69), CEO Annual Alumni Holiday Celebration “We realized we had the of First Republic Bank, opportunity to give Stern Peter Krauss (MBA ’76), STERN BUSINESS alumni unique access to former chairman and this thought leadership CEO of AllianceBernstein through engaging Holdings, and James conversations with Cracchiolo (BS ’80, MBA faculty authors.” ’85), CEO and Chairman James Cracchiolo (BS ‘80, MBA ‘85), The Author Lecture Se- of Ameriprise Financial, CEO and chairman Ameriprise Financial Inc. FALL 2017 ries has hosted a number Inc. “We are so fortunate of faculty book talks from to have alumni who professors such as Anin- are willing to give back dya Ghose, Arun Sunda- to Stern in this way,” rarajan, Baruch Lev, and says Marchitto. 45 2016 Alumni Holiday Celebration at the New York Public Library

final2_UG.indd 45 10/10/17 2:14 AM ALUMNI RELATIONS NYU Stern Alumni Reconnect at Reunion 2017

NYU Stern Reunion 2017 drew over executive leadership and heard from 1,000 alumni and guests across degree alumnae including Liz Elting (MBA ’92), programs and graduation years back to Adrienne Garland (MBA ’99), Suzanna campus. Alumni enjoyed class receptions Keith (MBA ’92), Karen Rottman Roth (MBA and returned to Stern to hear from ’92), and Chrys Tsilibes (MBA ’92). a range of alumni speakers and faculty, Alumni continued to celebrate with an including Professors Vasant Dhar, J.P. elegant evening at the iconic Central Park Eggers, Scott Galloway, Sonia Marciano, venue, Tavern on the Green, featuring a Susan Stehlik, Arun Sundararajan, photo booth, raw bar, live band, and dancing. Tensie Whelan, and Kathleen DeRose. Alumnus Leon Choate, Esq. (BS ’62), Reunion 2018—Mark your calendars! addressed attendees at a session about Next year’s reunion for the Class of 2017 estate and tax planning. Additionally, and those in graduation years ending in Sternies attended a panel on female ’3 and ’8 will be held April 27-28, 2018. STERN BUSINESS FALL 2017

46

final2_UG.indd 46 10/10/17 2:15 AM STERN BUSINESS FALL 2017 47 10/10/17 2:15 AM ClassNotes

(BS ’52) (BS

(MBA ’93) (MBA  STOLLER I. MARTIN ’48) (BS  ZELIN JEROME  GIRNER GERHARD  A. THOMAS PAGE ’97) (BS

1990s (BS ’90) of Wyckoff, J. GIOVACCO LAURA NationalNJ, joined the Board of the Organization on Disability. ’90) of I. LITT (MBA JONATHAN Land by was nominated Greenwich, CT, be on the Board and Buildings to Centers. Taubman for of Directors ’90) (MBA ANTHONY R. MALLOY Officer was named Chief Investment Life. of New York (PhD ’90) of Springfield, MOSES L. PAVA MA, was named the Alvin Einbender of Business Ethics Professor University University. at Yeshiva Angeles, ’91) of Los (MBA BAY WILLOW CA, was named Dean of USC Annenberg Communication and Journalism. School for ’91) of New (MBA M. BOEHLERT THOMAS of Bunge. was named CFO NY, York, ’91) A. LIEBERMAN (MBA LAWRENCE was named COO NY, of Dobbs Ferry, Navigator. of Charity S. NADEL (BS ’91) of EDWARD NJ, was named Partner Maplewood, Sandler LLP. at Lowenstein ’91) (MBA SELLAND CHRISTOPHER MA, was named VP, of Burlington, Unifi Software. for Growth Strategic ’91) (MBA QUINTEN C. STEVENS joined Sc2 Corp as Co-CEO of Darien, CT, and Member of the Board of Directors. ’92) (MBA K. BENOWITZ LINDA was named NY, of Plainview, Embrace for Director Digital Marketing Home Loans. ’92) of New (MBA ELIZABETH ELTING the 2017 Enterprising received NY, York, from Award of the Year Women magazine. Women Enterprising (BS ’92) of NANWANI SANJAY Cundinamarca, Colombia, is a Doctoral and a Visiting in Education Candidate at Harvard School of Graduate Fellow

(BS ’53) (BS

IN MEMORIAM JOHN J. BISCHOFF  J. JOHN BUCKLEY  T. JOSEPH ’80) (MBA (MBA ’86) (MBA MARILYN L. CASTALDI L.  MARILYN  CHARLES ALLISON ’95) (MBA

(MBA ’85) SAJED (MBA AMER AHMED Barclaycard retired from PA, of Devon, liberties issues full-time on civil focus to and women. immigrants Muslims, for ’85) of Monaco, BERNABEI (MBA LORETA of a biotech retired in 2015 as Director engaged research firm and is now the current for in humanitarian activities migrant crisis in Italy. Francisco, ’86) of San (MBA ALIZA KNOX Unlockd CA, joined mobile ad-platform as COO. SAMARANCH ANTONIO JUAN first ’86) was voted (MBA SALISACHS VP of the Union Internationale (UIPM), Moderne de Pentathlon body of governing the international modern pentathlons. ALESSANDRO BOCCALETTI (BS ’87) published of Budapest, Hungary, his second book Veritas: . The Pharmacological Endgame ’87) ofSPENCER G. LAKE, JR. (MBA UK, joined the Board of software London, as Vice Chairman. company Fenergo ’87) (MBA A. ROGERS THOMAS of Mendham, NJ, joined Farmers Officer. Insurance as Chief Investment ’88) (MBA RICHARD FLATEAU Chair was elected of Brooklyn, NY, Board 3 in Bedford- of Community Stuyvesant. ’88) (MBA MICHAEL LOBOSCO retired from NY, of New York, Guggenheim Securities. (BS ’88) of NewPETER G. SARIDAKIS was named Chief Marketing Canaan, CT, Officer of Lifester. ’89) (MBA RONALD E. BLAYLOCK the Board of Directors to was elected Inc. of Pfizer, ’89) of New A. CORBET (MBA KATHLEEN was named Independent Canaan, CT, Capital Corp. of TCP Director CYGIELMAN JAMIE joined Iconix NY, ’89) of New York, (MBA Brand as EVP and CMO. 1980s JON C. MELZER (MS ’80) of New Canaan, as an Independent was appointed CT, Innovations. of Sustainable Director ’81) of Chicago, IL, (MBA DONALD GRAVA the 30th anniversary ofcelebrated the boutique M&A Group, Ltd., Versailles founded. firm he ’81) of Conway, O’ROURKE (MBA JOHN P. the Local to MA, was appointed AdvisoryGovernment Commission Charlie Baker. Gov. by of Massachusetts ’82) of (MBA NATHAN PAUL CA, was elected San Francisco, of the Board of Directors to Foundation. the Parkinson’s (APC ’82) of London, MIKAEL SJÖVALL UK, retired from a career in Nordic and research. stockbroking Darien, of ’82) (MBA S. SULLIVAN SHAWN was named COO of FlightPartner CT, Inc. Technologies, ’84) of Madison, JR. (MBA JOHN PAGLI, LLC, is the CEO of Invictus Advisors CT, firm. equity a private 1970s ’72) of Houston, (MBA JOHN B. WALKER the Board of to TX, was appointed University Tech the Texas for Regents Rick Perry. Gov. former by System (MBA ’68) II (MBA BAILEY, W. IRVING Save to was elected KY, of Glenview, Board of Trustees. the Children’s 1960S 1950s ’57) of McLean, ALFRED J. TELLA (MBA an honorary degree received doctoral VA, of Rhode Island. from the University final2_UG.indd 47 CLASS NOTES

Education Research, focused on JUSTIN E. MIRRO (MBA ’96) of Great democratic citizenship education Neck, NY, was named Senior Advisor Building Platforms in urban schools. at Pi Capital International LLC. for Others JOHN W. PEYTON (MBA ’92) of DAVID C. BAILEY (MBA ’97) of South Weston, CT, was named CEO of Realogy Bend, IN, was promoted to VP AMY NELSON (MBA ’13) is a leader Franchise Group. of Strategic Planning and Institutional in many senses of the word. In Research at the University of ELISSA (BICKOFF) FISHMAN (MBA ’93) Notre Dame. her career as CEO of Venture of New York, NY, was appointed CFO of Hebrew University. ERIC J. ENDE (MBA ’97) of Palm Beach for America, in her spare time Gardens, FL, was appointed to the Board as a board member of Safe Ha- ABBE F. GOLDSTEIN (MBA ’93) of of Directors of Matinas BioPharma. Chappaqua, NY, was named Director ven Medical Outreach, and in of Investor Relations of XL Group. LAURIE LEVINE (MBA ’97) of New her personal life as a mom, she Rochelle, NY, has worked as a Data, MELISSA A. LINTINGER (MBA ’93) of Systems and Training Consultant is adept at balancing priorities Woodland Hills, CA, joined NBCUniversal for PepsiCo and other companies. to optimize each area of her as VP, Television Production Finance. JOHN T. MAXWELL (MBA ’97) of life. She attributes much of this COLLEEN FAHEY RUSH (MBA ’93) of Ridgewood, NJ, was appointed CFO skill to her role as a mother. Port Washington, NY, was named EVP, of MonoSol Rx. Insights & Audience Science, “I was a single mom in B-school, and Chief Research Officer of Viacom HUMBERTO MURRIETA (MBA ’97) of which made everything that Media Networks. San Antonio, TX, works at Ibkan Financial AMY NELSON Advisors and recently raised Fund II (MBA ’13 ) much more difficult. But in MICHAEL L. DWECK (MBA ’94) was to develop 2,500 low income houses many ways, it helped keep me named Treasurer of the Museum of Arts in Mexico City. and Design in New York City. CEO, VENTURE focused. There are a lot of com- FOR AMERICA GREGORY Z. RUSH (MBA ’97) of peting interests at NYU Stern, DAVID A. MERSKY (BS ’94) of Paradise Brookville, NY, was nominated by Ashford Valley, AZ, was named Director of Hospitality Trust for election to FelCor’s and having kids forces you to Fastfunds Financial Corporation. Board of Directors. make tradeoffs.” MARTIN VIDAEUS (MBA ’94) of LEWIS M. BORDEN IV (MBA ’98) Coming to Stern with experience in the international Stockholm, Sweden, took Redwood of Nashville, TN, became Business development sector, Nelson was frustrated with the Pharma AB, the company he founded Development Officer for the and currently leads, public in 2016. cyclical nature of nonprofit fundraising and sought to SunTrust Foundation and Endowment Specialty Practice. use business skills to solve social problems. She focused DOROTHY A. HILL (MBA ’95) of Manhasset, NY, was named Associate TOMAS A. GEOGHEGAN (MBA ’98) of on economics and social innovation and impact during Partner at Linium to lead its new Summit, NJ, launched and leads Beacon her MBA studies, simultaneously gaining real-world Cybersecurity Services practice. Hill Private Wealth, LLC, an independent Registered Investment Advisor. insight through an internship at B Lab. Connections and WILLIAM W. N. LIAO (BS ’95) of Bayside, community were central to her MBA experience. NY, became a Member of the Bayside PENG JIN (BS ’98) of Beijing, China, Community Board 11. was appointed an independent non- Not only did she meet her husband at Stern, but she also executive Director by global children’s made some of her closest friends in Professor Adam ROBERT RICHARDSON (Executive MBA ’95) of Lansing, MI, is Associate products maker, Goodbaby International. Brandenburger’s “The Project” class. “We had this Professor in the Department of TERRENCE S. CASSIDY, JR. (MBA ’99) incredible diverse group who investigated how to use Community Sustainability at Michigan of Rye, NY, joined Imperial Capital as a State University and serves on the Board business as a platform to accomplish a variety of social Managing Director in the High Grade/ of Scientific Counselors of the US Hybrid Credit Sales Group. outcomes,” Nelson recalls. Environmental Protection Agency. ASHUTOSH GUPTA (MBA ’99) of As she searched for the ideal role following Stern, THOMAS E. TROXELL (MBA ’95) Princeton Junction, NJ, was named Nelson came across Venture for America (VFA) in of Leesburg, VA, was named Wealth Co-CEO of Evalueserve. Director of BNY Mellon Wealth . VFA appealed to her immediate- Management. KURSAT KACIRA (MBA ’99) of Ontario, ly with its mission to revitalize cities through entre- Canada, was appointed President, CEO CHRISTINE A. BERGMANN LIND (BS ’96) and a Director of Firm Capital American preneurship and create a cycle of opportunities and of Stockholm, Sweden, was appointed Realty Partners Corp. value creation for the common good. “I knew VFA was CEO of Medivir AB.

STERN BUSINESS RAGHAVACHARI K. MADHAVAN (PhD ’99) about to take off in a big way, and I wanted to be a part GENE BOXER (BS ’96) of New York, NY, was named one of the “20 Top Data of that story.” joined Sirius International Insurance Scientists in Banking and Finance” Group, Ltd., as Group General Counsel. In many ways, Nelson finds her work extremely by eFinancialCareers. fulfilling. “Watching a recent college graduate become MICHAEL J. CONGEDO (MBA ’96) of Bend, PAHALA N. MANSURY (MBA ’99) of OR, was named Director at the BDO Indonesia, was appointed the new Chief an entrepreneur leading a promising business is hugely Center for Healthcare Excellence & Executive of Garuda Indonesia. inspiring.” Being based in New York City has been an Innovation and leader of the firm’s Pacific Northwest healthcare initiatives. ROBERT M. ROCHE (MBA ’99) of Newton, excellent model for the cultivation of entrepreneur-

FALL 2017 PA, was named VP and CFO of Carlisle ship that is central to Nelson’s work at VFA. “New York KATHLEEN B. LYNCH (MBA ’96) of Companies Incorporated. Madison, NJ, was elected to the Board City’s no-nonsense culture works for startups. It’s a of Directors of the Depository Trust JAMES J. WOODS (BS ’99) of Brooklyn, city of competitively motivated individuals that are still & Clearing Corporation. NY, has joined WeWork to run the company’s coliving vertical, WeLive. incredibly willing to pay it forward to the next gener- 48 ation. This is also true of the cities where VFA works.”

final2_UG.indd 48 10/10/17 2:15 AM A Passion for Connection FOR ORLAN BOSTON (BS ’97), de- scribing what he does can be complicated. Boston has built a successful career in consulting and oversees a portfolio of ser- vices, from M&A to commercial strategy as a senior partner for Ernst & Young’s global health- care and life sciences clients. But that’s just the day job. He fills his remaining time as a leader for a number of philan- thropies, nonprofits, and public ORLAN BOSTON sector organizations, sparking (BS ’97) social change and driving impact SENIOR PARTNER, ventures. “I’m fortunate to have LGBT advocacy is a centerpiece of Boston’s work; he ERNST & YOUNG found roles that play off of one spent time fostering the Young Leaders Council for another,” he says, “but at the end The NYC LGBT Center, a junior board modeled after the of the day, we’re here to give center’s board of directors, of which he was a member back. Our time, our money, or our talents. I really believe for nearly six years. Also, he was an executive producer that, so I make time for the issues I care about.” for the 2013 HBO documentary, “The OUT List.” Growing up as a US Navy brat in Spain and Italy, Boston credits his upbringing as part of a military Boston saw firsthand the role of the United Service family and his studies at NYU Stern—especially the Organizations (USO). In 2014, Boston received a White many group projects—for shaping his comfort with House Appointment to the Board of Governors of the networking and connecting, a skill that has been invalu- USO from former President Barack Obama. Boston able to his philanthropic work and his various consulting continues to serve on the USO board and also lends his roles. Originally recruited to NYU for his jump shot, expertise to the Partnership for New York City, where Boston left the men’s varsity basketball team to pursue a he is a member of the Innovation Council, bridging the part-time internship at Merrill Lynch in the evenings public and private sectors. “Our goal is to cultivate an during his sophomore year. “NYU Stern is an incredible environment that appeals to tech companies and training ground for business students because we have entrepreneurs, so that NYC becomes their ideal launch such an advantage being in the heart of NYC where all location for businesses to stay and grow.” the action is in many sectors.”

NYU STERN IS YOUR RESOURCE FOR LIFELONG LEARNING STAY RELEVANT AND ON THE CUTTING EDGE, BUILD NEW KNOWLEDGE QUICKLY, AND CHOOSE OPTIONS THAT MEET YOUR CAREER NEEDS. STERN BUSINESS

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final2_UG.indd 49 10/10/17 2:15 AM CLASS NOTES

KEITH WALSH (MBA ’03) of Bayside, NY, joined Marsh & McLennan (MMC) as CFO Growing Roots 2000s of Risk and Insurance Services. DAVID R. BERGERSON (MBA ’04) of Mahopac, NY, works as an executive in Africa search professional with Simetra SAMIR IBRAHIM (BS ’11) is the LISA KAMPF (MBA ’00) of New York, NY, Search, focusing on , co-founder and CEO of SunCul- joined Ambac as Managing Director, and consults with Orion Capital Advisors. Investor Relations. ture, a social enterprise based in ROSS A. SANDLER (MBA ’04) of New Kenya that brings optimized ir- MARTA MARTINEZ (MBA ’00) of White York, NY, was appointed Managing Plains, NY, was appointed Chief Revenue Director and Senior Internet Analyst in rigation systems to East African Officer at Intersection. the Americas equity research farmers. After studying finance department at Barclays. JACQUES PAVLENYI (MBA ’01) of and international business at Hoboken, NJ, recently moved back to the ZENA AL-KHALIL (BS ’05) of New York, NYU Stern, he joined PwC’s tri-state area for his work at IBM. NY, is now back in the US after working abroad in Jordan for almost 10 years. Financial Services, Structured FRED EVAN CHILKOWITZ (MBA ’01) of New York, NY, was named Partner within CHARLES BALSAMO (MBA ’05) of Products, and Real Estate Group Berdon LLP’s Valuation and Tax Services. Manhasset, NY, was honored at the NYC in 2011. It was around that time Soccer Gala. JON HUERTA (MBA ’01) of New York, NY, when his friend and co-founder, will join Guggenheim Securities as Senior NAVTEJ S. BHULLAR (MBA ’05) of New Charlie Nichols, approached him York, NY, joined Lazard Middle Market Managing Director in the industrials SAMIR IBRAHIM with the idea for SunCulture. investment banking group. LLC, as Managing Director in its (BS ’11) Healthcare Group. “We both recognized a need (BS ’01) of ANDREEA PARASCHIVOIU CEO, Flushing, NY, was named VP of DREW T. MATUS (MBA ’05) of Westfield, for efficient and affordable irriga- SUNCULTURE Operations at Waypoint Residential. NJ, joined MetLife Investments as Chief tion systems in Kenya and the Market Strategist. HAROLD SPIEGLE (Executive MBA ’01) of product we envisioned would Taipei, Taiwan, recently relocated and is VICTOR L. BARKALOV (BS ’06) was named satisfy that need,” Ibrahim ex- now self-employed. Chief Digital Officer at Jackson Lewis P.C. plains. “We developed the SunCulture AgroSolar Irriga- WILLIAM SYCALIK (MBA ’01) of Oxford, BRYAN A. MENAR (MBA ’07) of tion Kit, which uses a submersible solar-powered pump PA, quit his job in May 2006 and is on Jamesville, NY, was appointed CFO a full-time endeavor to run his own of PAR Technology Corporation. to propel water to an elevated tank and then releases it self-directed, self-managed marathon through drip irrigation lines. Our method delivers water in all 59 US National Parks. IRINA NOVOSELSKY (BS ’07) of Old Bridge, NJ, is part of the 2017 StartUp directly to crop roots, increasing yield by 300 percent and RUSSELL J. WEINER (MBA ’01) of Ann Showcase Investor Panel. reducing water usage by up to 80 percent. Once we real- Arbor, MI, joined the Board of Clorox Company. NICHOLAS ANTHONY RITRIVI (MBA ’07) ized we could make a significant impact on the way food of Florham Park, NJ, was elected to is grown in the developing world, we didn’t think twice NATSUYO NOBUMOTO LIPSCHUTZ (MBA the Florham Park Board of Education for ’02) of New York, NY, has joined success the grades PreK-8 school district. about moving forward with SunCulture.” expert Brian Tracy and others to co-write Initial support for SunCulture from friends and family the book The Success Blueprint. ANANTA AJMERA (BS ’08) of Dublin, CA, recently published her first book The gave them the push they needed to pursue the vision, and ROWENA SCHERER (MBA ’02) of New York, Ayurveda Way: 108 Practices from the through the Stern Social Venture Competition, NY, launched eat2explore, Inc. a World’s Oldest Healing System for Better farm-to-table meal kit delivery company. Sleep, Less Stress, Optimal Digestion, Ibrahim and Nichols refined their concept and launched and More with Storey Publishing. the business in Nairobi, Kenya. Today, they have already MICHAEL S. BAUMKIRCHNER (MBA ’03) of New York, NY, was promoted to Senior JOSEPH MORREALE (MBA ’08) of seen gratifying results and are continuing to expand Managing Director at Ankura Consulting. Fairfield, CT, was promoted to VP throughout East Africa and soon into West Africa. “Our of Finance, North America for Cycling ARPUTHAM GANESAN (MBA ’03) of Sports Group. greatest success has been and always will be the success of Bengaluru, India, joined Alten Calsoft Labs our farmers. We’re lucky to have played a role in improving as SVP of Operations and Marketing. ZANVI PATEL (BS ’02, MBA ’08) of Weehawken, NJ, was named Partner the livelihoods of thousands of people across East Africa.” MANISH HEMRAJANI (MBA ’03) of at Farient Advisors. Ibrahim’s entrepreneurial journey has been dotted

STERN BUSINESS Mumbai, India, was appointed Head of Investor Relations at Yatra. JULIA CHERASHORE (MBA ’09) with key learnings along the way. During the Stern Social and MATT CHERASHORE (MBA ’11) of Ventures Competition, he and Nichols learned from the ALEKSEY MATIYCHENKO (MBA ’03) Larchmont, NY, had a daughter, Sophia joined Markov Processes International Mary Cherashore, in July 2016. ideas and processes of peer entrepreneurs, and their as EVP, Head of Transparency and selection for the Audience Choice award gave them even Analytics. RICHARD R. LARKIN (MBA ’09) of Oradell, NJ, was named Engagement Labs Inc.’s more motivation to launch and move abroad. “Through MICHAEL A. METZGER (MBA ’03) of first-ever VP of Analytics. Chappaqua, NY, was appointed a Director the competition we truly learned the value of working of CTI BioPharma. MARK J. MANGURIAN (BS ’09) of Denver, with the best and the brightest.” As SunCulture grew, FALL 2017 CO, married Alexandra Lee in Keystone, Ibrahim realized how vital working with the perfect MICHAEL S. NANNIZZI (MBA ’03) Colorado. of Larchmont, NY, was named co-founder is to a business. He also learned the impor- Director of Investments at the tance of raising enough funds up front, and suggests to W. R. Berkley Corporation. aspiring entrepreneurs: “Be comfortable with always 50 being uncomfortable.”

final2_UG.indd 50 10/10/17 2:15 AM

REVANT HIMATSINGKA (BS ’14) of Kolkata, India, was featured in India Blooms for his book Selfienomics. Brand Makeover Artist 2010s FOR JAMIE CYGIELMAN (MBA ’89), LILY R. JAMALI (MBA ’14) joined Bloomberg Markets: Canada as the fascination with brands trac- on-air talent. es all the way back to her teenage MARGARET “PEGGY” M. EKONG (BS ’10) years. “I read Vogue and Seven- of New York, NY, was named to KEVIN T. MALLON (MBA ’14) of Tenafly, Apparel Magazine’s 2016 list of “Top 30 NJ, became Director of Marketing teen magazines, tearing out my at Old Hill Partners. Under 30.” favorite ads and pinning them up CHRISTOPHER MILANO (MBA ’14) of AREND DE JONG (TRIUM ’10) of on my bulletin board,” says Cygiel- Roseland, NJ, was named SVP, Head of Marblehead, MA, founded The Strategy Commercial Real Estate Asset man, who is now chief marketing Bureau, a business planning and market Management at Capital One. strategy advisory. officer at Iconix Brand Group. ALLIE B. SPECTOR (BS ’14) of New York, Years later, as a graduate student TIMOTHY P. DEYGOO (BS ’10) joined First NY, launched HomeBaked by Allie, Republic Private Wealth Management as at NYU Stern, Cygielman took an online bakery business. a Senior Wealth Manager. a business class rooted in case HANQING HE (BS ’15) of Bromma, DAVIDE TARARBRA (MBA ’10) of Sweden, is pursuing a Masters Degree in studies and strategizing ways to Amsterdam, Netherlands, joined Google, Finance at Stockholm School of JAMIE CYGIELMAN maximize the brand. “This class Inc., as Strategic Lead for Global Economics. (MBA ’89) Partnerships, e-Commerce. drove my interest in brand make- AYUSH JAIN (MBA ’15) of New York, NY, CHIEF MARKETING CHRISTINA B. CORRIDON (MBA ’11) of overs and repositioning.” joined IBM in the Chief Analytics Office OFFICER, ICONIX Boston, MA, was named one of the “2017 Brand repositioning has been in Armonk, NY. BRAND GROUP Rising Stars of the Profession” by at the core of Cygielman’s work Consulting magazine. FALINE (MIN) LIN (BS ’15) of London, UK, recently transferred to the London office for nearly thirty years. During MARIEL FIORI (MBA ’12) of Kingston, NY, of Citigroup. her career, she’s focused on heritage brands or brands that works at La Voz magazine and has two young children. RAO CHELLI (Executive MBA ’16) of have longevity in the market but have lost relevance with Niskayuna, NY, is now a Global Practice CHARLES E. SNYDER (MBA ’12) of the core consumer. The challenge—or opportunity—is to Director at HCL America. Newtown, CT, was promoted to VP, reintroduce these brands through a modern lens, gaining Acquisitions and Development at New DILLARD ELMORE (Executive MBA ’16) a new consumer base along the way. Castle Hotels. of Yorktown Heights, NY, joined Diakon Lutheran Social Ministries as SVP/ Today, Cygielman works to develop strategies, commu- VIVEK VADAKKUPPATTU (MBA ’12) Corporate Medical Director. welcomed a baby girl in May. nication platforms, and media programs to drive consumer CHRISTINA LIZARRAGA (BS ’16) of interest and, ultimately, conversion to sales. Iconix Brand ANITA M. MIZULA (MBA ’13) and GERALD Pasadena, CA, is an Assistant Director at P. DI CHIARA (MBA ’13) of New York, NY, Group encompasses fashion, home, and active brands, a college success program that supports met while studying at Stern and tied the first-generation college students. including PONY, Danskin, and Ocean Pacific. Cygielman knot in April. creates new relevance for these heritage brands by build- OMAR MUNEERUDDIN (MBA ’16) of AMY E. NELSON (MBA ’13) of Brooklyn, Cambridge, MA, relocated to work ing retail collaborations and leveraging digital technology. NY, was named CEO of Venture at National Grid’s US headquarters. for America. “Digital influencers are the new sales associates, and their BIKRAM SAHA (Executive MBA ’16) of virtual audiences are challenging brands and marketers to RACHEL S. ROTHMAN (MBA ’13) of Green Brook, NJ, works at Software AG’s Stamford, CT, received the Community connect in new ways,” she says, citing the power of tools Digital Business Platform within the Service Award at the Bi-Cultural Day North America Financial Service sector. like social media and the technology that measures these School Celebration Dinner. campaigns as successful brand repositioning methods. NAGABHUSHANARAD VIJAY (MBA ’16) AMMAN BHASIN (BS ’14) of of Katy, TX, recently relocated to the A passion for brands and brand makeovers has kept San Francisco, CA, relocated to Houston area. work in venture capital at a fintech- Cygielman hooked on the long road of her career. When focused firm. FERGUS HAY (TRIUM ’17) of Hong Kong, it comes to advice for fellow Sternies, she recommends was appointed Chief Executive and following your passion, building positive long-term JAMES CHIEN-HAO FAN (BS ’14) of Partner at Leagas Delaney. Singapore, plans to continue his career professional relationships, and always carving out time to

in financial services after fulfilling GUL G. TURKMENOGLU (EMBA ’17) of STERN BUSINESS conscription requirements with the Scarsdale, NY, was appointed General do what makes you truly happy and provides balance in Taiwan military. Manager at The Benjamin. your life, such as spending time with friends and family. THOMAS J. GIORDANO (MBA ’14) of Brooklyn, NY, was named Executive Director at the Partnership for Rhode Island. STERN’s on the go... STERN BUSINESS, that is. ADRIENNE HARRIS (MBA ’14) of San

Francisco, CA, is now an executive STERN BUSINESS is now available in the iTunes Store FALL 2017 at a fintech company, after serving for your iPhone, iPad, or iPod Touch, and in the Google Play in the Obama administration at the store for your Android smartphone and tablet. White House. And of course also at www.stern.nyu.edu/sternbusiness.

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