New York University Bulletin 2002 VOL

2001 New York University Bulletin 2002 VOL. CI, No. 8 April 23, 2001

The Leonard N. Stern School of Business Calendar for the Academic Year 2001-2002

Application Deadlines for Fall Term Final Examinations Full-time M.B.A. applicants seeking scholarship Fall term ...... December 15-21 consideration ...... December 1 Spring term ...... May 7-14 Full-time M.B.A. applicants seeking to complete the Summer term ...... July 29-August 6 application and interview process in time to attend Stern’s Pre-View Day in Early April ...... January 15 Full-time M.B.A. applicants final deadline ...... March 15 Part-time M.B.A. applicants ...... May 15 Application Filing Deadlines for Degree Candidacy For September 2001 ...... June 1, 2001 Application Deadlines for Spring Term For January 2002 ...... October 1, 2001 (part-time study only) For May 2002 ...... February 1, 2002 Part-time M.B.A. applicants ...... September 15 Executive M.B.A. applicants . . . . See Executive Programs, pages 17-22 Ph.D. applicants . . . . See Doctor of Philosophy Program, pages 30-32 Deadlines for Filing Ph.D. M.S. applicants . . . . See individual program descriptions, pages 23-29 Dissertations For September 2001 ...... August 24, 2001 For January 2002 ...... December 14, 2001 Financial Aid Deadlines For May 2002 ...... March 15, 2002 Application and admission deadline for fall entering students ...... December 1 FAFSA filing deadline ...... January 15 Commencement Financial aid offers made to new students ...... April 1 Stern Pre-Commencement ...... (tentative) May 15 Conferring of degrees (NYU Commencement) ...... May 16 Tentative Opening and Closing Dates of All Terms Tentative Recess Periods Fall term ...... September 5-December 21 Winter ...... December 22, 2001-January 19, 2002 Spring term ...... January 22-May 14 Spring ...... March 11-16 Summer term ...... May 20-August 9 School Holidays and Closings 3 Last Day to Withdraw from Class 1 Labor Day (2001) ...... September 3 Fall term2 ...... November 6 Thanksgiving Recess ...... November 22-24 Spring term2 ...... April 1 Dr. Martin Luther King, Jr. Day ...... January 21 Summer term ...... June 28 Presidents’ Day ...... February 18 Memorial Day ...... May 27 Independence Day ...... July 4

1 See Tuition and Fees section for refund schedule. 2 For half-term classes, the last day to withdraw is the last day of the sixth week of class. 3 NYU Bobst Library closed.

Produced by Advertising and Publications, New York University. New York University is an affirmative action/equal opportunity institution. NEW YORK UNIVERSITY BULLETIN 2001-2002

THE LEONARD N. STERN SCHOOL OF BUSINESS Announcement for the 86th Session 44 West Fourth Street New York, NY 10012-1126 Telephone: (212) 998-0100

Notice. The policies, requirements, course offerings, schedules, activities, tuition, fees, and calendar of the school and its departments and programs set forth in this bulletin are subject to change without notice at any time at the sole discretion of the administration. Such changes may be of any nature, including, but not limited to, the elimination of the school, programs, classes, or activities; the relocation of or modification of the content of any of the foregoing; and the cancellation of scheduled classes or other academic activities. Payment of tuition or attendance at any classes shall constitute a student’s acceptance of the administration’s rights set forth in the above paragraph.

New York University Bulletin (USPS-383620) Vol. CI, No. 8, April 23, 2001 Published weekly from the first Monday in March for 12 consecutive issues by New York University, 100 Washington Square East, New York, NY 10003-6688. Periodicals postage paid at New York, NY, and at additional entry offices.

Postmaster: Send address changes to New York University Bulletin, 547 La Guardia Place, New York, NY 10012-1464. Contents

Calendar for the Academic Year Graduation Requirements ...... 117 2001-2002...... inside front cover Career Development and Placement...... 120 The Leonard N. Stern School of Business ...... 3 School and University Facilities The Board of Overseers...... 4 and Services Elmer Holmes Bobst Library and Study Center...... 122 An Introduction to New York University...... 5 Computing at Stern...... 123 Overview of Programs...... 9 Residence Accommodations...... 124 Master of Business Administration Program...... 10 Campus Safety ...... 124 Executive Programs...... 17 NYU Guest Accommodations...... 124 Master of Science (in Information Systems)...... 23 Campus Dining Services...... 124 Master of Science (in Mathematics/Statistics and University Health Center...... 125 Operations Research) Program ...... 25 Office for African American, Latino, and Master of Science (in Statistics and Asian American Student Services...... 126 Operations Research) Program ...... 28 Campus Store/The NYU Book Centers...... 126 Doctor of Philosophy Program ...... 30 Jerome S. Coles Sports and Recreation Center ...... 126 Courses, Areas, and Academic Departments Chelsea Piers...... 127 Accounting, Taxation, and Business Law...... 33 Students with Disabilities...... 127 Economics ...... 37 Office for International Students and Scholars...... 127 Entrepreneurship and Innovation...... 42 The M.B.A. Student Activities Office...... 127 Finance ...... 47 M.B.A. Student Groups...... 127 Information Systems ...... 55 Community Service ...... 129 International Business ...... 60 Management and Organizational Behavior/ Development and Alumni Outreach...... 130 Management Communication ...... 63 Administration and Faculty...... 132 Marketing...... 69 Operations Management...... 74 Degree, Certificate, and Joint Degree Programs Registered by the New York Statistics and Operations Research...... 78 State Education Department ...... 142 M.B.A. Program Initiatives...... 84 Travel Directions to the Stern Research Centers and Institutes ...... 88 School of Business...... 143 Procedures for Admission, Financial Aid, Washington Square Campus Map...... 144 Registration, Tuition and Fees, Graduation Admission...... 94 Index ...... 146 Financial Aid...... 97 Directory of Principal School Registration and Matriculation ...... 102 Offices and Services...... inside back cover Tuition and Fees ...... 109 Examinations and Grades...... 113

2 The Leonard N. Stern School of Business

he Stern School is located not in an academic enclave, but in the heart of New York City. This capital of the business world is both our ex- Ttended campus and a fundamental element of the learning experience that we create. Our vibrant New York City location, along with our broad portfolio of academic programs, our talented student body, and our dedicated faculty, work together to create an educational experience that is relevant, enriching, and uniquely Stern. We offer a complete business education portfolio, including undergraduate programs, full-time M.B.A. programs, a part-time M.B.A. program, and a wide range of executive programs. Stern’s Executive Programs office offers degree programs such as the Executive M.B.A. with concentrations in general management and finance, and nondegree programs, including custom as well as open- enrollment programs. Stern has introduced the new TRIUM Executive M.B.A., which is the first to blend the complementary strengths of three renowned universities—New York University Stern School of Business, the London School of Economics and Political Science, and HEC Paris, Graduate Business School—with five international learning locations, to provide an authentically global curriculum. We have put in place the building blocks of an intellectual architecture that, while assuring a solid foundation in business discipline and practice, responds to the evolving business environment. Dynamic program initiatives in the digital economy; media, entertainment, and technology; quantitative finance; and law and business, as well as a new comajor in entrepreneurship and innovation, complement the traditional M.B.A. curriculum. Stern’s centers and institutes, which undertake significant academic research, further enhance the student’s opportunity to keep pace with a rapidly changing business world. Our student body comprises men and women from diverse backgrounds, who share high aspirations and the ability to succeed. We are dedicated to producing graduates equipped not only with the most up-to-date tools and skills, but also with poise and perspective. To do so, we offer a broad selection of student organizations that foster many opportunities for our students to learn from each other. An active calendar of activities brings the world of business to the campus. Moreover, with one of the largest enrollments of international students, representing more than 50 countries, and an international student exchange program that is the most extensive offered by any U.S. business school, Stern offers students the chance to gain a deep understanding of global business. The more than 200 teachers/scholars who comprise Stern’s full-time faculty combine superb academic credentials with real-world experiences and knowledge, taking pride in their efforts both in the classroom and in research. Over half of our faculty lives in Greenwich Village, within blocks of the School, allowing an unusual degree of access and colle- giality. Both our students and our faculty benefit from Stern’s location in New York City, home to Fortune 500 companies as well as new start-up ventures. At Stern, the intellectual landscape encompasses both Wall Street and Silicon Alley. If you are considering furthering your business education, we invite you to explore the Stern School of Business. The world of business is a meritocracy—it is based on knowledge, skill, and involvement. The Stern School is for people who appreciate this fundamental truth, embrace the challenge of excellence, and value personal achievement.

George Daly Dean

3 The Board of Overseers

he business leaders who Mary C. Farrell William Pesce make up Stern’s Board Managing Director, Senior Investment President and Chief Executive Officer, Strategist, PaineWebber Inc. John Wiley & Sons Incorporated of Overseers play a criti- Barry Fingerhut Ira Leon Rennert Tcal role in shaping the School’s President, Geo Capital, LLC Chairman and Chief Executive Officer, programs, policies, and procedures Norman Freedman The Renco Group, Inc. and in directing its future course. Dale F. Frey Gerald Rosenfeld Chief Executive Officer, Rothschild North Collectively, the Board ensures that Richard A. Grasso America Inc. Stern’s academic programs contin- Chairman and Chief Executive Officer, New York Stock Exchange Peter G. Sachs ue to meet—and anticipate—the Limited Partner, Goldman, John A. Hupalo, ex officio Sachs & Co. needs of today’s business market- (as president of the Alumni Board) Jane Dresner Sadaka place. Individually, its members Managing Director, Paine Webber Private Investor help to forge and enhance relation- Henry Kaufman, Chairman Peter M. Schoenfeld Emeritus of the Board of Overseers ships between Stern and the busi- Chairman and Chief Executive Officer, President, Henry Kaufman & P. Schoenfeld Asset Management, LLC ness community. Company, Inc. Michael R. Armellino George A. Kellner David L. Shedlarz Executive Vice President and Chief Limited Partner, Chief Executive Officer, Financial Officer, Pfizer, Inc. Goldman, Sachs & Co. Kellner, DiLeo & Co. Edward E. Barr Richard J. Kogan Thomas W. Sidlik Chairman, Sun Chemical Corporation Chairman and Chief Executive Officer, Executive Vice President, DaimlerChrysler Corporation William R. Berkley, Chairman of Schering-Plough Corporation the Board of Overseers Abby F. Kohnstamm Michael J. Solomon Chairman and Chief Executive Officer, Senior Vice President, Marketing, Chairman and Chief Executive Officer, W. R. Berkley Corp. IBM Corporation Solomon Broadcasting International Richard A. Bernstein Kenneth G. Langone, Vice Martin T. Sosnoff Private Investor Chairman of the Board of Overseers Chairman, Atalanta/Sosnoff Capital Corp. Russ M. Berrie President and Chief Executive Officer, Chairman and Chief Executive Officer, Invemed Associates, Inc. Robert E. Stansky Russ Berrie & Company, Inc. Martin L. Leibowitz Vice President, Fidelity Investments Ronald E. Blaylock Vice Chairman and Chief Investment Leonard N. Stern, ex officio Chairman and Chief Executive Officer, Officer, TIAA-CREF Chairman and Chief Executive Officer, Blaylock & Partners, L.P. Marshall Loeb The Hartz Group, Inc. Irene C. Chu CBS MarketWatch.com Jean-Paul Vallès Executive Vice President, Eastbank David I. Margolis Chairman of the Board, Minerals Technologies Inc. Jerry L. Cohen Howard M. Meyers Tishman Speyer Properties President and Chief Executive John L. Vogelstein, Vice Chairman Deborah L. Duncan Officer, Bayou Steel Corporation, of the Board Managing Director and Chief Quexco Incorporated of Overseers Financial Officer, Fremont Group Philip L. Milstein Vice Chairman and President, E. M. Warburg, Pincus and Co., LLC Charles D. Ellis President and Chief Executive Managing Director, Officer, Emigrant Savings Bank Greenwich Associates Y. O. Park Chairman and Chief Executive Officer, The Doosan Group

4 An Introduction to New York University

he founding of New York University (NYU) in 1831 by a group of eminent private citizens was a historic event in American Teducation. In the early 19th century, a major emphasis in higher education was on the mastery of Greek and Latin, with little attention to modern or contemporary subjects. The founders of NYU intended to enlarge the scope of higher education to meet the needs of persons aspiring to careers in business, industry, science, and the arts, as well as in law, medicine, and the ministry. The opening of the University of London in 1828 convinced New Yorkers that New York, too, should have a university. The first president of NYU’s governing council was Albert Gallatin, former adviser to Thomas Jefferson and secretary of the treasury in Jefferson’s cabinet. Gallatin and his cofounders said that the new university was to be a “national university” that would provide a “rational and practical education for all.” The result of the founders’ foresight is today a university that is recognized both nationally and internationally as a leader in scholarship. Of the more than 3,000 colleges and universities in America, only 61 private institutions are members of the distinguished Association of American Universities. New York University is one of the 61. Students come to the University from all 50 states and from 125 foreign countries. The University includes 14schools and colleges at six major centers in Manhattan. In addition, the University operates branch campus programs in Westchester County at Manhattanville College and in Rockland County at St. Thomas Aquinas College. Certain of the University’s research facilities, notably the Nelson Institute of Environmental Medicine, are located in Sterling Forest, near Tuxedo, New York. Although overall the University is large, the divisions are small- to moderate-sized units—each with its own traditions, programs, and faculty. Enrollment in the undergraduate divisions ranges between 100 and 6,000. While some introductory classes in some programs have large numbers of students, many classes are small. More than 2,500 courses are offered, leading to more than 25 different degrees.

The Schools and The College of Arts and Science offers of Dentistry, as well as Stevens Institute tor of Medicine and Doctor of Philosophy the Bachelor of Arts degree in a wide range of of Technology. degrees and courses for accreditation de- Colleges of the programs in the humanities, sciences, social The School of Law is one of the oldest signed to meet the needs of physicians in University sciences, and foreign languages and litera- law schools in the United States. It offers a practice. Medical students and residents gain tures, and, in some departments, the comprehensive first professional program clinical experience through the NYU Hospi- Bachelor of Science degree. leading to the degree of Juris Doctor and a tals Center, which includes the 726-bed Tisch Joint programs of study currently involve graduate curriculum leading to the degrees Hospital and the 174-bed Rusk Institute of NYU’s Robert F. Wagner Graduate School of of Master of Laws, Master of Comparative Rehabilitation Medicine, both of which are Public Service, Graduate School of Arts and Jurisprudence, and Doctor of Juridical part of the Mount Sinai-NYU Medical Center Science, the Steinhardt School of Education, Science. and Health System. The school also main- Shirley M. Ehrenkranz School of Social The School of Medicine and Post- tains affiliations with select institutions for a Work, School of Medicine, and College Graduate Medical School offer the Doc- variety of joint academic and clinical pro-

5 grams. Most clinical teaching takes place at traditional education-related curricula in development administration, and interna- the 1,232-bed Bellevue Hospital, where the teaching and learning, administration, and tional administration; urban public policy School of Medicine supervises care. Other applied psychology, the school offers work in studies; urban planning; and health policy affiliated hospitals include the Hospital for health, physical therapy, and other health- and management. Master’s and doctoral Joint Diseases, NYU Downtown Hospital, and related disciplines; a program in nutrition degree programs are offered. The Advanced the New York Department of Veterans Affairs and food studies; foundational and research Professional Certificate Programs and the Medical Center. courses in the history of education, research Master of Science in Management Program The Cooperative Care unit, housed in the methodologies, and humanities; undergrad- offer career development opportunities for Arnold and Marie Schwartz Health Care uate and graduate courses in nursing; and a experienced professionals, including the Center, offers an innovative health care pro- full range of courses in music, art, and Advanced Management Program for Clini- gram in which patients receive health care dance. Graduate students may enroll in cians (AMPC). Joint degree programs are and educational services in a centralized master’s, sixth-year certificate, and doctoral available with the College of Arts and Science, area with the assistance of a live-in relative programs, and undergraduate work leads to the School of Law, the Steinhardt School of or friend. the Bachelor of Science or Bachelor of Music Education, the School of Medicine, and the The school’s Skirball Institute of Biomo- degree. Courses are given weekdays and Shirley M. Ehrenkranz School of Social lecular Medicine is one of the world’s leading evenings to full-time, part-time, and special Work. Courses for full-time and part-time medical research centers, with research students. There are a large number of sum- students are offered in the late afternoon and emphasizing the biomolecular roots of dis- mer study-abroad and intensive weekend evening. Special Saturday programs are ease. Specific areas of focus include develop- study programs. available in public and nonprofit manage- mental genetics, molecular pathogenesis, The Leonard N. Stern School of Busi- ment and in health services management. neurobiology, and structural biology. ness Undergraduate College adminis- The Shirley M. Ehrenkranz School The College of Dentistry is the third ters the undergraduate business program. of Social Work offers Bachelor of Science, oldest and the largest private dental school in This program offers a new, innovative cur- Master of Social Work, and Doctor of the United States. It offers a predoctoral pro- riculum that integrates liberal arts studies Philosophy degrees. The bachelor’s program gram leading to the Doctor of Dental Surgery with business studies. Through this course of prepares students for beginning social work degree, as well as advanced education pro- study, students are exposed in a distinctive practice immediately on graduation and for grams in the dental specialties and allied manner to the international dimensions of admission to graduate programs with health programs in dental hygiene and den- business; develop strong interpersonal and advanced standing. The master’s program tal assisting. The patient care clinics, labora- team-building skills; gain a sense of profes- prepares students for the core mission of tories, and other teaching facilities that com- sional responsibility; and undertake cross- social work and provides an advanced prise the College of Dentistry are housed disciplinary course work while retaining a concentration in clinical social work. The within several buildings, including the strong individualized component through doctoral program offers a concentration in Arnold and Marie Schwartz Hall of Dental elective course work. The undergraduate clinical social work. It prepares graduates to Sciences and the K. B. Weissman Clinical curriculum is a full-time course of study. assume leadership positions as researchers, Science Building. The center is located on The School of Continuing and advanced practitioners, and educators. The First Avenue, from East 24th Street to East Professional Studies for more than 60 school also offers an Advanced Certificate in 25th Street, in the midst of one of the years has provided courses and credentials Clinical Social Work and a Post-Master’s nation’s most renowned health sciences designed to meet the cultural and career Certificate Program in the Treatment of complexes, which extends from East 14th needs of today’s adult population. The school Alcohol- and Drug-Abusing Clients. Street to East 34th Street. boasts a wide range of noncredit classes in The Tisch School of the Arts provides The Graduate School of Arts and information technologies and digital media; undergraduate and graduate training in Science offers the degrees of Master of Arts, e-business; real estate and construction; aspects of the performing and visual arts. Master of Science, and Doctor of Philosophy publishing; marketing and management; Departments and programs offering profes- in most areas of the humanities, social sci- film and video; creative writing; interna- sional training are acting, dance, design, ences, and natural sciences. Several certifi- tional affairs; foreign languages; hospitality; drama, performance studies, film and televi- cate programs are also offered. The NYU in finance and law; and more. The Virtual sion, cinema studies, photography, dramatic Paris and NYU in Madrid M.A. programs are College™, SCPS’s distance learning compo- writing, musical theatre, and interactive based in centers in Paris and Madrid. Joint nent, hosts a growing number of on-line telecommunications. Degrees conferred are programs of study currently involve the courses across a variety of disciplines. SCPS the B.F.A., M.F.A., M.P.S., and, through the School of Law, School of Medicine, Leonard also offers workshops for adults considering Graduate School of Arts and Science, the N. Stern School of Business, and the a career change or returning to college, as M.A. and Ph.D. Steinhardt School of Education. Courses are well as opportunities to study for an associ- The Gallatin School of Individualized offered in the late afternoon and evening as ate’s, bachelor’s, or a master’s degree. Study, organized to promote innovative well as during the day. The Robert F. Wagner Graduate degree programs, combines flexible curricu- The Steinhardt School of Education School of Public Service offers curric- la and rigorous standards. It offers an under- offers a broad range of undergraduate pre- ula in public administration, including non- graduate program, leading to the Bachelor professional and professional programs in profit management, financial management, of Arts degree, and the Master of Arts degree the human service fields. In addition to the public policy analysis, comparative and program.

6 The Mount Sinai School of Medicine collaboration between faculty and students. also serve science and society. The school, offers the M.D. and Ph.D. degrees in addition The school is committed to training students founded in 1963, became affiliated with New to a combined M.D./Ph.D. program in a rig- to be not only outstanding clinicians and York University on July 1, 1999. orous intellectual environment focused on scientists but compassionate individuals who

A Private Since its founding, New York University has religion, sex, or sexual orientation. New York University is a member of the been a private university. It operates under a Inquiries about the application of the fed- Association of American Universities and is University board of trustees and derives its income from eral laws and regulations on affirmative accredited by the Middle States Association of tuition, endowment, grants from private action and antidiscrimination policies and Colleges and Schools [Commission on foundations and government, and gifts from procedures at New York University may be Higher Education of the Middle States friends, alumni, corporations, and other pri- referred to Sharon Weinberg, Vice Provost for Association of Colleges and Schools, 3624 vate philanthropic sources. Faculty Affairs, New York University, Elmer Market Street, Philadelphia, PA 19104; (215) The University is committed to a policy of Holmes Bobst Library, 70 Washington Square 662-5606]. Individual undergraduate, grad- equal treatment and opportunity in every South, Room 1202, New York, NY 10012- uate, and professional programs and schools aspect of its relations with its faculty, stu- 1091; telephone (212) 998-2370. Inquiries are accredited by the appropriate specialized dents, and staff members, without regard to may also be referred to the direc- accrediting agencies. age, citizenship status, color, disability, mar- tor of the Office of Federal Contract ital or parental status, national origin, race, Compliance, U.S. Department of Labor.

New York L. Jay Oliva Harold T. Read Robert M. Glickman B.A., M.A., Ph.D.; hon.: D.H.L., Litt.D., B.S., M.B.A., Vice President for Finance B.A., M.D., Saul J. Farber Dean, New York University LL.D., Ph.D., President University School of Medicine and Administration John E. Sexton DEANS Post-Graduate Medical School B.A., M.A., Ph.D., J.D., President-Elect; Michael C. Alfano Peter Lennie Dean, School of Law D.M.D., Ph.D., Dean, College of Dentistry B.Sc. [Hull], Ph.D. [Cantab.], Dean for Science, Faculty of Arts and Science Harvey J. Stedman Jo Ivey Boufford B.A., M.A., Ph.D., Provost B.A., M.D., Dean, Robert F. Wagner Carol A. Mandel Graduate School of Public Service B.A., M.A., M.S.L.S., Dean of Libraries Naomi B. Levine Mary Schmidt Campbell Ann Marcus B.A., LL.B., J.S.D., Senior Vice President for B.A., M.A., Ph.D.; hon.: D.F.A., Ph.D., Dean, B.A.; M.Sc. [London], Ed.D., Dean, External Affairs Tisch School of the Arts The Steinhardt School of Education S. Andrew Schaffer Mary J. Carruthers Thomas M. Meenaghan B.A., LL.B., Senior Vice President, General B.A., Ph.D., Dean for Humanities, Faculty B.S., M.S.W., Ph.D., Dean, Shirley M. Counsel, and Secretary of the University of Arts and Science Ehrenkranz School of Social Work Robert Berne Frederick D. S. Choi Arthur H. Rubenstein B.S., M.B.A., Ph.D., Vice President for B.B.A., M.B.A., Ph.D., Dean, Undergraduate M.B.,Ch.B. [Witwatersrand], Dean, Mount Academic and Health Affairs College; Vice Dean, Leonard N. Stern School Sinai School of Medicine (affiliated) Richard N. Bing of Business Matthew S. Santirocco B.A., M.A., Ph.D., Vice President for Budget George Daly B.A.; M.A. [Cantab.], M.Phil., Ph.D., Dean, and Resource Planning B.A., M.A., Ph.D., Dean, Leonard N. Stern College of Arts and Science Lynne P. Brown School of Business John E. Sexton B.A., M.A., Ph.D., Vice President for George W. Downs B.A., M.A., Ph.D., J.D., President-Elect; University Relations; Senior Assistant to B.A., Ph.D., Dean for Social Sciences, Dean, School of Law the President Faculty of Arts and Science Catharine R. Stimpson Robert Goldfeld David F. Finney B.A.; B.A., M.A. [Cantab.], Ph.D.; hon.: B.A., LL.B., Vice President for Administration B.A., M.A., Ed.D., Dean, School of D.H.L., Hum.D., Litt.D., LL.D., Dean, David C. Koehler Continuing and Professional Studies; Graduate School of Arts and Science B.S., Vice President for External Affairs Special Assistant to the President E. Frances White Anthony R. Marchionni Richard Foley B.A., M.A., Ph.D., Dean, Gallatin School of B.S., C.P.A., Treasurer B.A., M.A., Ph.D., Dean, Faculty of Arts Individualized Study and Science Margo Post Marshak B.A., M.A., J.D., Vice President for Student Affairs

7 Board of Martin Lipton Richard Jay Kogan Robert F. Wright Trustees B.S. in Econ., LL.B., Chair B.A., M.B.A. B.A., M.B.A. Jeffrey L. S. Koo Martin J. Wygod Diane Belfer B.A., M.B.A. B.S. William R. Berkley Kenneth G. Langone William D. Zabel B.S., M.B.A. B.A., M.B.A. B.A., LL.B. Richard A. Bernstein Thomas S. Murphy Baroness Mariuccia Zerilli-Marimò B.A. B.S.M.E., M.B.A. Mortimer B. Zuckerman Mrs. Elmer H. Bobst Brooke Garber Neidich B.A., M.B.A., LL.B., LL.M. B.A., M.A., M.P.H.; hon.: L.H.D. B.A. Leonard Boxer L. Jay Oliva LIFE TRUSTEES B.S., LL.B. B.A., M.A., Ph.D.; hon.: D.H.L., Mrs. W. Vincent Astor John Brademas Litt.D., LL.D., Ph.D. hon.: LL.D. (President Emeritus), B.A.; D.Phil. Herbert M. Paul Morris H. Bergreen [Oxon.]; hon.: L.H.D., Litt.D., LL.D. B.B.A., M.B.A., J.D., LL.M. LL.B. Kevin R. Brine Lester Pollack Geraldine H. Coles B.A., M.B.A. B.S., LL.B. John J. Creedon Arthur L. Carter Michael J. Rosenberg B.S., LL.B., LL.M. B.A., M.B.A. B.A., M.B.A. Maurice R. Greenberg Barry Diller E. John Rosenwald, Jr. LL.B.; hon.: J.D., LL.D. B.A., M.B.A. Betty Weinberg Ellerin George H. Heyman, Jr. B.A., J.D. Baron Edouard de Rothschild B.B.A., M.B.A. M.B.A. Mary C. Farrell Helen L. Kimmel B.A., M.B.A. Lewis Rudin B.A. B.S. Laurence D. Fink George A. Murphy B.A., M.B.A. John E. Sexton (ex officio), B.A., M.A., Ph.D., J.D. B.A., M.B.A., LL.B. Paul J. Fribourg William R. Salomon B.A. Henry R. Silverman B.A., J.D. Marie Schwartz Jay M. Furman B.S., J.D. Larry A. Silverstein Julius Silver B.A., LL.B. B.A., J.D.; hon.: L.H.D., Sc.D. Eric J. Gleacher B.A., M.B.A. Sheldon H. Solow Herbert R. Silverman B.S., J.D. Lewis L. Glucksman Joseph S. Steinberg B.A., M.B.A. B.A., M.B.A. Phyllis Cerf Wagner Norman Goodman Michael H. Steinhardt B.A., J.D. B.S. TRUSTEE ASSOCIATES Alan C. Greenberg Frank J. Tasco Bruce Berger B.A. B.A. B.S. H. Dale Hemmerdinger Henry Taub Jane Eisner Bram B.A. B.S. B.A., M.S.W., Ph.D. Richard D. Katcher Laurence A. Tisch Boris Kostelanetz B.A., LL.B. B.S., M.B.A. B.C.S., B.S., J.D. Henry Kaufman Preston Robert Tisch Marvin Leffler B.A., M.S., Ph.D.; hon.: L.H.D., LL.D. B.A. B.S., M.B.A. Patricia Kluge Lillian Vernon Stanley C. Lesser John L. Vogelstein B.A., J.D. 8 Overview of Programs

ll of the Stern School’s academic programs demand that students make a significant commitment to scholarship and enterprise. AIts 16 distinct programs and some 180 courses provide the most comprehensive opportunity to study management in the United States. Whether pursuing a career in finance, international business, accounting, information systems, statistics, marketing, management, operations management, entrepreneurship, or economics, students will find that the programs listed below provide a rigorous and intense education.

Degrees and • Master of Business Administration Master of Business Administration- • Master of Science (in Statistics Full-Time Block Program Master of Science (Statistics and and Operations Research) Programs Operations Research) Langone Program: A Part-Time • Master of Science (in Information M.B.A. for Working Professionals Master of Business Administration- Systems) Master of Public Administration Joint-Degree Programs: • Joint Bachelor’s-Master’s Programs: Master of Business Administration- B.S.-M.S. (in Statistics and Operations Master of Business Administration- Master of Science (Biology) Juris Doctor Research) with the Undergraduate • Executive M.B.A. College of the Stern School Master of Business Administration- Master of Arts (French studies) • Executive M.B.A. in Finance B.A.-M.S. (in Statistics And Operations • Doctor of Philosophy Research) with the College of Arts Master of Business Administration- and Science Master of Arts (Politics) • Master of Science (in Mathematics/Statistics and Operations Research)

Joint Degree All programs follow the same basic applica- should write the name of the joint program • Detailed information on program Application tion procedures: across the top of each school’s application. scheduling and structure is available in • Applicants must submit separate applica- • Full-time students seeking financial aid M.B.A. Academic Advising. Procedures tions to the Stern School and the other par- must submit the financial aid application Web site: www.stern.nyu.edu/mba/advising ticipating school. They will compete with to the school they will be attending for most regular applicants at each school and must of that academic year. be admitted to both schools. Applicants

9 Master of Business Administration Program

he M.B.A. Program at New York University’s Stern School of Business is a vigorous example of the best in graduate business edu- Tcation, where the pursuit of success for our students— educational, professional, and personal—is the driving force behind everything we do. Stern students develop the skills they need to succeed in any business environment, anywhere in the world. Balancing theory and conceptual frameworks with practical applications, the M.B.A. curriculum first develops a solid base of management skills through required core courses, and then builds on that knowledge through advanced elective courses in a variety of functional areas. Within this structure, students choose from a wide range of courses and plan their programs according to their own needs and interests. The core curriculum introduces students to the functional activities of organizations and the analytical and conceptual frameworks for managerial decision making. Collectively, the core courses provide fundamental knowledge that a manager must have to be effective and the foundation for advanced specialization in different functional areas. Stern’s M.B.A. Program provides depth as well as breadth. After completing the core curriculum, a student obtains in-depth knowledge in areas of specialization by completing a minimum of 12 credits of course work in the major. Students choose from a wide array of elective courses offered at Stern and from approved courses offered by other NYU graduate programs. A list of Stern elective courses can be found in the course descriptions for each academic department. (Consult the index for page numbers.) Beyond the courses required to complete their majors, students may take up to 6 additional credits in the major area or use all remaining elective credits to gain expertise in other areas. Students have a variety of options when they design this component of the curriculum to meet their specific needs. They may double major, comajor in International Business or Entrepreneurship and Innovation, concentrate their electives in one of Stern’s Program Initiatives, or design their own assortment of courses.

10 Full-Time Two years of living, studying, and playing at Block Program an intense pace mean that by graduation, Course Sequencing: Full-Time Block Program new M.B.A.’s are eager to take on the most Proficiency examinations may be taken for select core courses, and, if passed, students demanding positions. Stern provides them earn additional elective credits. with the theoretical and practical back- Full-time students complete the program in four terms and follow the schedule ground—and the internships, contacts, below: and job-search tools—to make the transition from one level of a business career to Semester 1 Credits another. This may be on Wall Street, in Business Writing Proficiency 0.0 midtown, in Silicon Alley, or at one of the Economics, Data Analysis, and/or Accounting Workshops 0.0 thousands of other company locations Stern Pre-Term 0.0 throughout the world. B01.1101 Business Strategy Analysis 1.5 The following course sequence outlines the two-year study program leading to the B01.1302 Managing Organizations 3.0 M.B.A. degree. B01.1303 Understanding Firms and Markets 3.0 Academic advisers can assist students B01.1305 Statistics and Data Analysis 3.0 to understand the program requirements B01.1306 Financial Accounting and Reporting 3.0 and options. For more information or to contact an adviser, please visit M.B.A. B01.23XX or B01.21XX 3.0 Academic Advising, 44 West Fourth Street, Choose one or two of the following breadth requirements: Suite 10-160, New York, NY 10012-1126; B01.2114 Competitive Advantage from Operations (212) 998-0585; fax: (212) 995-4231; B01.2119 Fundamentals of Information Technology and Electronic Commerce E-mail: [email protected]; Web B01.2310 Marketing Concepts site: www.stern.nyu.edu/mba/advising. B01.2311 Foundations of Finance Total Credits 16.5 Semester 2 B01.2101 Corporate Strategy Analysis 1.5 B01.2102 Integrative Strategy Exercise 1.5 B01.2123 Global Business Environment I: Trade and Direct Investment 1.5 B01.2125 Global Business Environment II: International Macroeconomics and Finance 1.5 B01.23XX or B01.21XX Choose remaining breadth requirement 6.0 Major/Elective Class 3.0 Total Credits 15.0 A mid-program summer internship experience is an integral part of the M.B.A. The internship complements the M.B.A. and enhances the educational experience. Semester 3 Major/Elective Classes 12.0 or 13.5 B02.3101 Professional Responsibility (3rd or 4th semester) 1.5 Total Credits 13.5 or 15.0 Semester 4 Major/Elective Classes 13.5 or 15.0 B02.3101 Professional Responsibility (3rd or 4th semester) 1.5 Total Credits 13.5 or 15.0 Total Program Credits Required: 60.0

11 The Langone The Stern School of Business was founded Program: A in 1900 with a curriculum designed specifi- Course Sequence: The Langone Program cally for part-time evening students who Proficiency examinations may be taken for some core courses, and, if passed, students Part-Time M.B.A. worked during the day. Some 100 years later, may substitute elective credits. part-time students, with their substantial for Working Part-time students have the option to complete the program in up to six years. The Professionals work backgrounds and perspective, continue following is the course sequence for completing the program in three years for to help define the Stern M.B.A. experience students who begin the program in the fall semester. (A similar progression can be and sustain its position as the top-ranked followed by students who begin the program in the spring semester.): M.B.A. program in the nation. In response to the evolving needs of our Semester 1: Fall Credits students, we continuously update and refine Business Writing Proficiency 0.0 our offerings. Recent innovations include Stern Pre-Term 0.0 increasing the flexibility of the program and First Core Group Course the speed with which the degree can be B01.1303 Understanding Firms and Markets or 3.0 earned by students whose workweeks are B01.1302 Managing Organizations longer than ever before. An increasing num- Basic Core ber of intensive classes are being offered dur- B01.1305 Statistics and Data Analysis or 3.0 ing minisemesters, more faculty are incor- B01.1306 Financial Accounting and Reporting porating distance-learning elements into Total Credits 6.0 their courses, and more classes are being offered on weekends. As a result, students who January Minisemester begin the program in the fall semester can B01.1101 Business Strategy Analysis 1.5 complete their degrees in three years, even if Total Credits 1.5 they choose to attend only on weekends. Semester 2: Spring Langone Program students who first Second Core Group Course enrolled fall 2000 or later: The fol- B01.1303 Understanding Firms and Markets or 3.0 lowing course sequence is an example of a B01.1302 Managing Organizations three-year program. The basic core consists Basic Core of Understanding Firms and Markets; Man- B01.1305 Statistics and Data Analysis or 3.0 aging Organizations; Financial Accounting B01.1306 Financial Accounting and Reporting and Reporting; and Statistics and Data Total Credits 6.0 Analysis. Students must enroll in a core group section of Understanding Firms and Semester 3: Summer Markets or Managing Organizations in their B01.2310 Marketing Concepts 3.0 first semester. The basic core must be com- B01.2311 Foundations of Finance 3.0 pleted in the first two semesters and before Total Credits 6.0 any electives are taken. All core courses (with Semester 4: Fall the exception of Professional Responsibility, which may be taken at any time during the B01.2114 Competitive Advantage from Operations 1.5 program) must be completed or in progress B01.2119 Fundamentals of Information Technology and Electronic Commerce 1.5 before any electives may be taken. B01.2123 Global Business Environment I: Trade and Direct Investment 1.5 Langone Program students who first B01.2125 Global Business Environment II: International Macroeconomics enrolled prior to fall 2000: The M.B.A. and Finance 1.5 core course requirements described here Total Credits 6.0 are effective as of fall 2000. Students who January Minisemester first enrolled prior to fall 2000, must fulfill the transition program require- B01.2101 Corporate Strategy Analysis 1.5 ments described on the advising pages Total Credits 1.5 of the Langone Program Web site: Semester 5: Spring www.stern.nyu.edu/mba/Langone. B01.2102 Integrative Strategy Exercise 1.5 The Langone Program Office Major/Elective Course 3.0 Stern School of Business New York University Major/Elective Course 3.0 44 West Fourth Street, Suite 1-75 Total Credits 7.5 New York, NY 10012-1126 (continued on next page) (212) 998-0590; fax: (212) 998-4336 E-mail: [email protected] Web site: www.stern.nyu.edu/Langone 12 (continued from previous page) Course Sequence: The Langone Program Semester 6: Summer Major/Elective Course 3.0 Major/Elective Course 3.0 Total Credits 6.0 Semester 7: Fall Major/Elective Course 3.0 Major/Elective Course 3.0 Total Credits 6.0 January Minisemester B02.3101 Professional Responsibility 1.5 Total Credits 1.5 Semester 8: Spring Major/Elective Course 3.0 Major/Elective Course 3.0 Total Credits 6.0 Semester 9: Summer Major/Elective Course 3.0 Major/Elective Course 3.0 Total Credits 6.0

Total Program Credits Required: 60.0

Program Core course faculty assume that students are ate level before beginning the program. on-line registration and advising materials proficient in calculus, accounting, econom- Students must also demonstrate business of the relevant program for details on how to Prerequisites ics, data analysis, and the use of personal writing proficiency within the first semester satisfy the business writing requirement and computers. It is the student’s responsibility to for full-time block students and within the ensure that you are prepared. assess his or her proficiency in each of these first year of the program for Langone subjects and ensure that it is at the appropri- Program students. Please refer to the print or

Required All M.B.A. students must complete all core making, emphasizes the importance of busi- Business Strategy Analysis Core Courses courses or demonstrate eligibility to sub- ness communication, and lays some of the B01.1101 stitute elective credits for selected core groundwork for the academic program. The 1.5 credits. (30 credits) courses in which they are already proficient. SPT also introduces students to the Stern This course provides students with the con- (For details, see section on Core Course community (students, administration, and cepts and tools required to devise strategies Substitution, page 107.) faculty), services available to them, student that enable the business to create superior organizations, and each other. In the full- value for chosen customers and to capture a The Stern Pre-Term (SPT) time SPT, students are grouped into blocks sufficient share of that value in order to cre- B00.2000 within which they take courses throughout ate an economic profit on its investment. No credit. Required for all M.B.A. the program. In the Langone Program, stu- The focus is on gaining competitive advan- students. dents are members of core groups, with tage at the product/market level. A series of presentations, exercises, seminars, whom they take courses in the first year. The course builds a model of competitive and other experiences that provide a focused The SPT typically begins in the last few advantage, applies it to the competitive mar- first exposure to the Stern M.B.A. Program. weeks of August for classes entering in the ketplace, and identifies the key sources by The SPT initiates the development of a mul- fall and in early January for classes entering which firms can gain competitive advan- tidisciplinary, team-oriented perspective and in the spring. tage. It provides the basic set of tools that analytical thought processes for decision enable students to analyze and define the

13 competitive situation at the product/market cially pricing and product choice—that Many of the topics and issues presented in level, to delineate the strategic options open can/may/will arise in those environments. A the course are unique to an introductory to the firm to create or retain competitive business history underlay will help set the course. These topics are selected by the indi- advantage, and to evaluate those options in stage and provide a strategy-structure- vidual faculty members and may include both their competitive and economic aspects. technology historical perspective. The course mergers and acquisitions, purchase and also explores important costing issues and pooling, foreign exchange, and valuation. Managing Organizations concepts. Strategy is a recurring theme. The course uses simple examples to pro- B01.1302 The course structure assumes that all stu- vide students with a clear understanding of 3 credits. dents have had some economics back- accounting concepts. It stresses the ability to The course is divided into two major com- ground. They must be comfortable with apply these concepts to real-world cases, ponents: organization theory and organi- quantitative concepts and approaches and which by their very nature are complex and zation behavior. The first component is with graphical/geometric ways of presenting ambiguous. In addition to text-oriented macro in nature and focuses on organi- quantitative information. materials, the classes also include sessions zational level problems such as how an Also, a historical perspective is provided in that offer a more interactive learning envi- organization should be designed (e.g., cen- a number of areas. ronment where students can discuss applica- tralized or decentralized), what strategy it tions of basic concepts to the analysis of should follow (e.g., integrated or diversified), Statistics and Data Analysis cases, actual financial reports, and articles and how the conflict and politics endemic to B01.1305 from newspapers. organizational life can be managed. The 3 credits. second is primarily micro in nature and This course is designed to achieve an under- Corporate Strategy Analysis focuses on individual and group-level prob- standing of fundamental notions of data B01.2101 lems such as how to evaluate and reward presentation and analysis and to use statis- 1.5 credits. employees, design jobs that motivate people, tical thinking in the context of business This course develops skills needed to manage and supervise employees. Micro is concerned problems. The course deals with modern the business enterprise for the creation of with individual and group effectiveness. methods of data exploration (designed to corporate advantage. To create value Macro is concerned with overall organiza- reveal unusual or problematic aspects of through corporate strategy, general man- tional performance. data bases), the uses and abuses of the basic agers must command a number of critical This course introduces you to some of the techniques of inference, and the use of skills. They must be capable of creating a central topics in management theory, regression as a tool for management and for vision that integrates multifunctional goals research, and practice—both micro and financial analysis. and perspectives; they must be skillful at macro—as well as how they can be applied. developing and deploying corporate It provides you with a better basis for under- Financial Accounting and resources and capabilities; they must be standing and evaluating organizations and Reporting competent at applying analytical tools to their managements. Such knowledge is B01.1306 industry and strategy analysis; they must equally relevant for those who aspire to posi- 3 credits. know how to design administrative struc- tions outside as well as inside management. Accounting reports are an important means tures, systems, and processes that facilitate For example, in finance, investment of communication with investors and a basis the implementation of corporate strategies; bankers, financial analysts, lenders, and of contracts within and outside a firm. This they must be adept at managing the inter- others require a sophisticated knowledge of course focuses more on the analysis and use personal dynamics of strategic decision organizations and their managements in of these statements than on the mere con- making; and they must be able to commu- order to make wise decisions within their struction of those statements. It provides an nicate effectively their visions and strategies respective responsibilities. Furthermore, understanding of what these reports contain, to internal and external stakeholders. financial service organizations, as anyone what assumptions and concepts accountants who reads the current business press must use to prepare them, and why they use those Integrative Strategy Exercise realize, face severe management problems assumptions and concepts. It introduces a B01.2102 of their own. disciplined way of thinking about a business 1.5 credits. and reporting its financial status and perfor- Take what you’ve learned and put it into Understanding Firms and mance. It also gives students basic institu- practice. As part of the Integrated Strategy Markets tional information about how accounting Exercise, students study the case history of B01.1303 standards are set and about some recent con- a company, analyzing its strengths, the 3 credits. troversial accounting issues. The course is challenges it faces in the future, and the This course employs the marginal analysis not aimed at providing “if…, then…, changing environment in which it operates. and the consumers-firms-markets perspec- else…” rules about accounting. Rather it Through a combination of strategy sessions, tives of microeconomics to enhance M.B.A. aims at providing an appreciation of the communications workshops and written students’ understanding of the business judgment required in accounting at any one assignments, students refine their strate- environments in which they will be working time and across time while introducing gic, analytic, decision-making, and com- and the important strategic issues—espe- many advanced topics. munication skills.

14 Competitive Advantage from Global Business Environment I: Marketing Concepts: Delivering Operations Trade and Direct Investment Value to Businesses and B01.2114 B01.2123 Customers 1.5 credits. 1.5 credits. B01.2310 This minicourse serves as an introduction to What are the key challenges in a global busi- 3 credits. operations management. We approach the ness environment? This course provides a Prerequisites: B01.1303 and B01.1305. discipline from the perspective of the general framework for understanding the challenges How will businesses market themselves to manager, rather than the functional special- faced in contemporary business as globaliza- thrive in the 21st century? Successful man- ist. Coverage is intense and very selective, tion has taken place in market competition, agers must understand the essentials of mar- concentrating on a small list of powerful capital markets, and the utilization of labor ket strategy and decision making. The course themes that have emerged as the central and managerial talent. Students learn to also focuses on the importance of applying building blocks of world-class organizations. understand the structural economic factors both quantitative and qualitative methods The course also provides tools and concepts that affect business decisions and the com- to analyze information so that the firm from operations management that have plications caused by government policies can make effective decisions in the face of proven extremely useful over the years. and trends in world development. uncertainty. Topics discussed are equally relevant in the manufacturing and service sectors. Global Business Environment II: Foundations of Finance International Macroeconomics B01.2311 Fundamentals of Information and Finance 3 credits. Technology and Electronic B01.2125 This course is a rigorous survey of major top- Commerce 1.5 credits. ics in financial markets and corporate B01.2119 What are the political and economic rela- finance. Students develop the basic princi- 1.5 credits. tionships among nations that determine ples of financial valuation and analysis, and Information technology (IT) is fundamental growth and affect the global business envi- apply these concepts to professional prob- to corporate strategy, organization structure, ronment? Decision making in globalized lems of financial management in domestic relationships with customers and suppliers, businesses requires an understanding of the and international settings. products, and services. This Information underlying concepts of international macro- Systems core course prepares students to economics. Students learn to understand the Professional Responsibility understand and manage key technologies linkages among world economies through B02.3101 and the way they enable business initiatives exchange rates and the balance of payments 1.5 credits. that were inconceivable a few years ago; and the fundamental forces that determine What ethical obligations does a manager demonstrates specific applications of these the growth of nations, as well as the effects of have in today’s complicated and dynamic technologies through examples in e-com- policy making in a global environment. business environment? This capstone course merce; identifies emerging business models examines professional responsibility in the spawned by these technologies; identifies the corporate arena. Students choose from a challenges these new businesses create for menu of classes that focus on topics such as traditional firms; and equips students to pro- securities regulation, principles of business vide leadership in leveraging IT for competi- law, privacy, conflicts of interest, human tive advantage. resources, and responsible leadership.

Major and Major: A student must elect a major area of If more than 18 credits are earned in a A comajor is interdisciplinary, and courses study and satisfy that area’s requirements, single course designator, they will not be are distributed across course designators. Elective Courses which are described in the sections contain- considered among the 60 credits required Note that any course taken for a comajor (30 credits) ing major requirements and course descrip- for the M.B.A. degree. that is in the area in which a students is tions for each academic department. Double Majors: Students may choose to majoring, will be applied to the major as (Consult the index for page numbers.) Each seek additional specialization by taking 12 well as toward the comajor. major consists of 12 credits of electives in credits of electives in a second area. Electives: A maximum of 6 credits of that area (in some cases specific electives) Requirements for each double major are the advanced electives may be taken in the and up to one interarea or swing course (see same as those for a single major in the area. major area. The remaining “nonmajor elec- below) that has been designated as fulfilling No more than 18 credits may be taken in a tives” fulfill the program’s distribution the requirements for the major. A course is second major. requirements. Students authorized to substi- counted in the department that offers it, Comajor: Students may comajor in inter- tute core course credits may take additional which can be identified by the course desig- national business or entrepreneurship and nonmajor credits to replace those deducted nator—the first three digits of the course innovation by taking 12 credits of elective from the core. Within this structure, students number. Up to 6 additional credits (for a courses specified for the comajor. (Details are free to choose courses that best suit their total of 18) may be taken in the major area. are provided in the sections on those areas.) needs and interests, which may include con-

15 centrating their electives in one of Stern’s through an adviser. Swing courses are interarea course or swing course with a non- M.B.A. Program Initiatives (see page 84). offered by a single department, but have major designator may be applied to any one Interarea and Swing Courses: been designated as contributing to majors in major. For example, for a student majoring Interarea courses (B55) are offered jointly by one or more other areas, if a student makes in finance, only one non-B40 course will be more than one area and can count toward arrangements through an adviser. (Swing counted toward the finance major. any one of the majors designated for that courses are included in the maximum of 18 course, if a student makes arrangements credits per course designator.) Only one

Department/ Major or Comajor Academic Adviser Area Advisers Accounting Professor A. Maindiratta Economics Professor W. Greene Finance Professor J. Kallberg Professor F. Renwick Information Systems Professor J. Turner International Business (comajor) Professor T. Pugel Operations Management Professor S. Seshadr Professor M. Moses Management and Organizational Behavior Professor R. Freedman Marketing Professor J. Steckel Statistics and Operations Research Professor E. Melnick Professor G. Simon Entrepreneurship and Innovation Professor A. Ginsberg Taxation and Business Law Professor J. Reboueh (taxation) Professor J. Calderon (law)

International The Stern School offers M.B.A. students the Bocconi University, Milan Pontificia Universidad Católica de Chile, opportunity to expand their global business Chinese University of Hong Kong Santiago Programs skills, broaden their knowledge of regional St. Gallen School of Business Copenhagen Business School business and cultural issues, and improve Administration, Switzerland their foreign language skills through a Erasmus University, Rotterdam Stockholm School of Economics semester-long or short-term program in ESADE, Barcelona Tel-Aviv University another country. Full-time and part-time Escola de Administração de Empresas M.B.A. students are invited to apply in the de São Paolo, Fundação Getulio Vargas, Université Catholique de Louvain, Belgium spring semester for study abroad the fol- São Paolo University of Cape Town lowing year. Through the International HEC/ISA, Paris University of Cologne, Germany Management Program (IMP), students Hong Kong University of Science and University of the Witwatersrand, take a full course load for a semester at Technology Johannesburg one of Stern’s partner schools. Another INCAE, Costa Rica Vienna University of Economics and option is a three-week international business Instituto de Estudios Superiores de Business Administration (WU Wien) course in Germany. Administración (IESA), Caracas WHU Koblenz, Germany (short-term As many of the programs are taught in Instituto Tecnológico Autónomo program) English, students are not required to know de México (ITAM), Mexico City Yonsei University, Seoul a foreign language to participate. For International University of Japan, Niigata programs taught in foreign languages, Complete details on these programs— preference is given to applicants who are London Business School including frequently asked questions, pro- skilled in those languages. All students are London School of Economics files of all partner schools, and academic strongly advised to acquire at least some Manchester Business School policies—are on the M.B.A. International facility with the local language prior to their Melbourne Business School Programs Web site at www.stern.nyu.edu/ semester abroad. mba/international. Further information is Nanyang Technological University, Participating schools are as follows: Singapore available by e-mailing [email protected] or by calling (212) 998-0771. Australian Graduate School of Norwegian College of Economics and Management, Sydney Business Administration, Bergen

16 Executive Programs Associate Dean: Rosemary Mathewson • Academic Director: Kenneth Froewiss • Associate Director: MaryJane Boland • Associate Director: Renee Dugan • Associate Director: Erin O’Brien • Associate Director: Mary Ann Lee • Director: Jennifer Spry • Associate Director: Sheila Worthington • Program Office: Henry Kaufman Management Center (KMC), 44 West Fourth Street, Suite 10-66.

xecutive Programs offers educational programs specifically designed to meet the wide range of professional devel- Eopment needs of today’s working professionals. Through its broad array of academically rigorous degree and nondegree programs, Executive Programs ensures a dynamic learning environment and delivers the highest quality educational experience. NYU Stern’s traditional Executive Programs include the Executive M.B.A. with concentrations in finance and management. These programs offer experienced professionals the unique opportunity to combine a full-time career with a comprehensive academic program that culminates, after two years, in a fully accredited M.B.A. degree. For high-potential executives around the world, the TRIUM Executive M.B.A. program offers an authentically global curriculum as a result of an innovative alliance among New York University Stern School of Business (NYU Stern), the London School of Economics and Political Science (LSE), and HEC Paris, Graduate Business School (HEC Paris). Graduates earn a single M.B.A. degree, jointly issued by all three sponsoring schools. Executive Programs also delivers, on a select basis, degree programs whose schedules are tailored for the convenience of premier corporations that seek to offer their fast-track employees a valuable benefit and professional development opportunity. Corporate sponsorship is required for all degree programs offered through Executive Programs, although self-sponsored applicants may be considered in exceptional cases. In addition to its degree programs, Executive Programs also offers nondegree, noncredit custom and open-enrollment programs. Executive Programs works with leading firms across multiple industries to design educational programs that meet organizational goals and equip employees with the latest knowledge critical for advancement and success in their careers. Individual executives can also choose to register for open- enrollment courses to gain the latest knowledge in areas of business specifically relevant to them. The following pages provide additional information on admissions, applicant criteria, and curricula for the programs listed above that collectively comprise Executive Programs.

The Executive M.B.A. is a company- experienced professionals with diverse back- greater future responsibilities. Students can Executive M.B.A. sponsored program that provides expe- grounds. Participants typically have at least choose to concentrate their studies in gener- Program rienced professionals with a unique oppor- 6-10 years of experience and have been iden- al management or finance. tunity to combine a full-time career with tified as “high potential” employees by their The program features the following: a rigorous academic program that cul- firms. Candidates typically have high marks • A Distinguished Faculty—The faculty minates, after two years, in a fully accred- from fine undergraduate schools, have been who teach in the Executive Programs are the ited M.B.A. degree. identified as being the best and the brightest most esteemed members of NYU’s Stern fac- The Executive M.B.A. Program is for in their firms, and seek to prepare for even

17 ulty as well as influential members of the and Palo Alto to study the dynamics of more about the program. For Open House corporate and financial communities. entertainment, telecommunications, and dates and further information, please • Small Classes—Approximately 55 stu- technology. call or write Executive Programs, Stern dents are carefully selected to begin each • An Exceptional Diverse Student Body— School of Business, New York University, program. This small-class format stimu- Participants in the program come from 44 West Fourth Street, Suite 10-66, New lates the high level of interaction between many backgrounds and include a number of York, NY 10012-1126; telephone: (212) faculty and program participants and thus international executives. Current class mem- 998-0789; fax: (212) 995-4222; E- enhances the learning process. bers include attorneys, engineers, entrepre- mail: [email protected]; Web site: www.stern.nyu.edu/execmba. • Convenient Class Schedule—To mini- neurs, financial professionals, communica- mize time spent away from the workplace tions executives, and public sector employees. PREPROGRAM WORKSHOPS and maximize classroom learning, classes • Program Services—To facilitate the meet one day each week on alternate balancing of professional and personal All students must demonstrate proficiency in Fridays and Saturdays, from 8:30 a.m. to responsibilities with the demands of inten- calculus, the use of computer systems, and 4:30 p.m. Beginning in January 2003, sive graduate study, the program provides all accounting. Workshops are held in the sum- Executive Programs plans to offer one pro- academic materials. The high level of inter- mer before the start of the programs. gram that meets on Friday and Saturday, action between faculty and class members Calculus proficiency is required for two weekends a month. Traditionally, pro- often extends into social functions: meals, effective performance in several M.B.A. grams begin in August. Executive Programs breaks, and late afternoon receptions. courses, particularly finance, economics, anticipates that the new weekend format • Global Business Perspective—The pro- and quantitative analysis. The workshop program will begin in January. Two one- gram includes a global business emphasis, reviews intermediate algebra and differential week residence sessions are held during which is fostered by the professional and per- calculus. Computer proficiency is essen- each of the two years. At least one residence sonal experience of both faculty and class tial for courses such as Managing session is held abroad. In 2001, manage- members. The international residence ses- Information Technology and Systems and is ment students traveled to Japan and China, sion, typically during the second year of the a useful tool in other courses. The workshop and finance students traveled to London program, features global strategy analysis introduces the personal computer, spread- and Paris. During 2001, the first-year through on-site meetings at both corpora- sheet analysis, and word processing. finance students traveled to Brazil to study tions and manufacturing plants. Accounting proficiency covers the basic Brazilian markets, and management Attendance at regularly scheduled Open concepts of accounting, especially the students made site visits to Los Angeles House events is recommended to learn accounting cycle.

Executive Participating executives come from diverse Programs. The committee considers aca- CONCENTRATIONS IN FINANCE firms and industries. They generally have demic and employment information and OR GENERAL MANAGEMENT M.B.A. approximately 6 to 10 years of experience, gives special attention to significant pro- and, typically, are in their mid-thirties. fessional development. Organization spon- Beginning with the entering class of fall Candidates are considered on an individual sorship and substantial work experience 2002, students can choose to major in basis. While undergraduate records and the (of 6 to 10 years) are prerequisites of the finance or general management. All stu- Graduate Management Admissions Test program. dents will continue to complete the (GMAT) score are part of the admissions fundamental curriculum and courses of Deadline—Since enrollment is limited advanced study. In addition, some advanced decision, other factors also receive high pri- and gaining sponsorship is sometimes a ority. These are as follows: study courses will be specifically prescribed lengthy process, applications should be sub- for students majoring in finance or general • Employment history and achievement mitted as early as possible. Competition for management. In addition to the required • Professional potential the program is quite keen, and applications fundamental curriculum, advanced studies, • Likely contribution to the class and to the are reviewed on a rolling admissions basis. and integrative courses, students select program The early admission deadline date is electives. Students majoring in finance or November 11, 2001; regular admission is • Ability to do graduate work in business general management will be able to pursue March 1, 2002. All other applications must subjects an elective course of study entirely in their be received by May 13, 2002. Fall program field of concentration. • Motivation and commitment of the classes begin on August 18, 2002. Spring student program classes are expected to begin FUNDAMENTAL CURRICULUM • Sponsorship by the firm January 2003. Understanding Firms and Markets pre- Admission Requirements and sents the major tools and concepts of eco- ADMISSION Fees—Details can be found in the nomic analysis and their application to Admission to the program is quite compe- Executive M.B.A. Programs’ brochures, both the making of business decisions and titive. Candidates are reviewed by the available through the offices at 44 West the formulation of policies. The course also Admission Committee for Executive M.B.A. Fourth Street, Suite 10-66. covers determinants of product demand,

18 decision making with different industry Foundations in Finance investigates busi- markets and global trade at different times structures, network economics, cost-benefit ness objectives; financial analysis, including in history. analysis, and government policies that affect cash budgeting and ratio analysis; capital Corporate Strategy focuses on the design of firms and markets. budgeting; portfolio analysis, including organization structures and management Statistics and Data Analysis introduces utility analysis, basic portfolio concepts, the processes needed to execute strategy and on quantitative methods applicable to the solu- capital asset pricing model, and efficient the role of organizational purpose in gain- tion of business problems. Topics include markets; and long-term financing strategies ing commitment to effective strategy imple- linear programming with applications to of the corporation, including the theory of mentation. The concept of “collective mind” optimal resource allocation; probability with valuation for corporate securities, capital is developed as the perspective from which applications to decision making in finance structure theory and policy, dividend theory to shape organization structures and man- and operations; and data analysis and statis- and policy, and analysis of overall cost of agement processes. This concept is com- tical inference with applications to total capital to the corporation. pared and contrasted with the still popular quality management, polling, employee atti- Electronic Commerce investigates how to metaphors of organizations, such as tude surveys, and market research. Discusses use emerging technologies, markets, and “machines” or as “biological entities strug- the use of regression and correlation analy- trading infrastructures to transform business gling against potential extinction,” which sis with applications to business problems in strategy, structures, and processes. It also underlay much of contemporary manage- accounting, economics, finance, manage- examines how managers can effectively ment practice. ment, marketing, and operations. Particular address dynamic pricing, direct-to-con- For students choosing to concen- applications include the measurement of sumer strategies, channel design and con- trate in finance: advertising effectiveness in market research; flicts, and new ventures for growth. It also Corporate Finance focuses on the financing the relationship between stock returns and considers what new capabilities companies of the firm’s operations in the context of index returns in investments; and the rela- require to succeed in the emerging network business and financial risk, valuation of tionship between production time and the economy, and how senior executives should assets, and corporate objectives. Topics cov- characteristics of a production process. conceptualize and respond to convergent ered include cash flows, liquidity manage- marketplaces. Professional Responsibility helps the stu- ment, investment analysis, capital structure dent to explore the place of the business Managing Organizations looks at the theory and analysis, and dividend policy. The leader in the broader economic, ethical, and fundamental questions of human behavior class also deals with the major financial legal community. Students begin by exam- within organizations and covers topics such management issues pertaining to a firm’s ining the intersection of ethics and econom- as leadership, motivation, performance operations. Students assess the risk and ics through cases and readings, including appraisal, and organizational design. return attributes of individual corporate excerpts from historically significant Operations Management provides a sys- projects and of the firm itself. Topic areas thinkers such as Adam Smith, John Ruskin, tematic approach to solving a wide range of include mergers and acquisitions; restruc- Gandhi and Jesus, among others. Students operating management problems. Topics turing and financial distress; corporate also review key aspects of U.S. law pertaining include planning, evaluation, and control of governance; financial statement analysis; to the role of senior management and direc- operations; inventory management; sched- forecasting financial requirements; valua- tors, including fiduciary duties and the uling; product design and management; tion of real and financial assets; financing Federal Sentencing Guidelines. From these resource allocation; and quality of work the firm’s operations, including capital activities, students start to build a conceptu- environment. The course is slanted toward structure policy, dividend policy, hedging of al model of the professional responsibilities services and the design, analysis, and man- financial risks; and the design of financial of business leaders, both to shareholders in agement of processes. instruments. the firm and to other stakeholders in society. Business Strategy focuses on developing International Treasury Management Financial Accounting and Reporting skill at the application of concepts and tools emphasizes managing the treasury function emphasizes the external data needs and for strategy formulation at both the business in international corporations and financial reports of users of accounting information. and corporate levels of analysis. Cases focus- institutions. Among the topics covered are The course highlights the strengths and ing on strategic issues facing managers of short-term asset and liability management, limitations of the accounting systems. firms impacted by the global economy are speculating in financial markets, and hedg- Marketing provides a working knowledge of used to develop skills at applying concepts ing against exchange rate and interest rate the marketing of goods and services. Areas of and tools presented in the readings assigned risks using derivatives including options. study include capturing value, identifying for the course. Also included is a two-day computerized and segmenting target audiences, consumer financial trading simulation known as the behavior, product positioning for competitive ADVANCED STUDY bourse game. advantage, distribution, advertising, promo- Global Perspective on the History of Global Investment Banking analyzes the tion, pricing, new product development, and Enterprise compares the rise and evolution competitive performance and strategic posi- marketing research. Study groups prepare of corporate enterprise in major industrial tioning of financial institutions in global and present a marketing plan for a product societies since the mid-19th century, and dis- capital markets. This course provides a or service of their choosing. cusses how and why different countries have framework for determining who will be the achieved competitive advantages in domestic winners and losers in the wholesale financial

19 services industry. Market and client segmen- event pits the best of the management teams chosen the electives in the second list below. tation concepts are applied to wholesale against the best of the finance teams, in pur- Class of 2000 Elective Courses banking activities such as syndicated lend- suit of the most compelling strategy for the Advanced Financial Derivatives ing, securities underwriting, mergers and company under study. Applications of Portfolio Analysis acquisitions, corporate structuring, and pro- Negotiation and Persuasion explores and Debt Instruments and Markets ject financing. The course considers interna- assesses individual strategies and tactics for tional aspects of raising capital in multina- successful negotiations. Group, individual, Electronic Commerce tional, multiregulatory settings. The discus- and video sessions are employed throughout. Equity Instruments and Markets sion includes strategic positioning and exe- Global Study Tour, a highlight of the sec- Financial Modeling cution in the wholesale banking industry. ond year of the program, is an overseas resi- Financial Statement Analysis This course includes the Global Study Tour. dency that enables the students to take a International Financial Management For students choosing to concen- firsthand look at how business is conducted Internet Marketing: Technology, Strategies, trate in general management: in other countries. In 2001, all of our stu- and Law Financial Statement Analysis describes dents will travel to Tokyo, Shanghai, and Intrapreneurship financial reporting objectives and methods Beijing to become familiar with business used by corporations. It focuses on the analy- and culture in China and Japan and to Mergers and Acquisitions sis of the information in corporate financial contrast the differences between the two Negotiations and Persuasion statements, including the impact of alter- countries. Real Estate Finance native accounting procedures and assump- Advanced Global Business Environment Restructuring Firms and Industries tions. The course offers ways to adjust for provides an understanding of the inter- Valuation selected reporting differences. national macroeconomic and financial Venture Capital Financing Industry Analysis and Corporate Strategy environment and how developments in this Class of 2001 Elective Courses is a small-group activity, in which teams of global environment drive key rates for busi- participants formulate corporate strategic ness and financial decision making. It sur- Advanced Financial Derivatives policy, giving consideration to global issues. veys the determinants of economic growth, Advanced Portfolio Analysis Participants develop and defend a strategic national production, unemployment, and Applied Financial Valuation plan for a specific company in a given indus- inflation, including the effect of government Bankruptcy and Reorganization try. The residence session held abroad fosters policy on growth and stabilization. The Electronic Commerce an international perspective. course uses macroeconomic and financial Financial Statement Analysis developments around the world to motivate INTEGRATIVE COURSES discussion of the topics, which include the Information Technology Strategic Thinking: An Integrative Exercise balance of payments; the relationships International Financial Management presents the class with a major case study among interest rates, exchange rates, and Investment Banking and analysis involving the multidisciplinary inflation rates; the role of central bank pol- Mergers and Acquisitions icy; the conduct of monetary policy; and the challenges faced by management in the Portfolio Analysis and Financial Modeling choice of an exchange rate regime. This global environment. Teams develop and pre- Restructuring Firms and Industries sent comprehensive strategic plans employ- course includes the Global Study Tour. Topics in Corporate Finance ing tools, terminology, and presentation skills acquired during the various first-year ELECTIVE COURSES Venture Capital Financing courses. Most of the first-year faculty mem- While electives are limited, students in the bers are engaged in the exercise in either class of 2000 chose from among the courses coaching or judging roles. The culminating in the first list, while the class of 2001 has

Global: The TRIUM Executive M.B.A. program is the and their firms are equipped to achieve the finance, international business, and e-busi- first executive M.B.A. program to deliver an critical competitive advantage needed to suc- ness to the curriculum, and HEC Paris incor- The TRIUM authentically global curriculum. TRIUM ceed in today’s increasingly global business porates its expertise in management and Executive M.B.A. blends the complementary strengths of three environment. operational implementation in today’s inte- Program premier universities—New York University Only TRIUM integrates international eco- grated, yet diverse, marketplace. Top-ranked Stern School of Business (NYU Stern), the nomic, political, and social policy into the faculty members teach the modules at their London School of Economics and Political business curriculum, as a result of the par- home campuses to ensure academic excel- Science (LSE), and HEC Paris, Graduate ticipation of LSE. These areas are critical to lence and are supported by local expertise Business School (HEC Paris)—and five successful global business but often are throughout the entire program. international learning locations to ensure neglected in the traditional M.B.A. curricu- global depth and focus. Graduates of TRIUM lum. NYU Stern brings its strength in

20 THE TRIUM EXECUTIVE M.B.A. Deadlines own companies. The team assignments The application deadline for the September facilitate cohesiveness and enhance the net- TRIUM is a rigorous program for high- 2001 class is May 31, 2001. TRIUM has a worked nature of the program. The program potential executives from around the world, rolling admissions policy, and applications concludes with a final team project that requiring intense concentration and a seri- will be reviewed as they are received. Ap- requires participants to demonstrate their ous commitment for 16 months. Admitted plicants will be notified within three months learning by developing a written strategy for participants benefit from the opportunity of submitting their formal application (writ- a firm of their choice. This strategic exercise, to pursue their M.B.A. in a cohort of peers ten or on-line). Applications received after which extends over the last several modules, from countries around the globe. A mini- the final deadline will be given consideration incorporates the concepts, perspectives, and mum of eight years of employment experi- only if positions remain available. If no posi- analytical skills participants have learned ence is required, although a waiver of this tions remain, applicants will be given the throughout the program. prerequisite may be considered in excep- option of having their application consid- tional cases. Typical applicants include ered for admission to the following class. MODULES executives with global responsibilities or professionals interested in pursuing inter- Admission Requirements and Fees London School of Economics and national positions within their firms. An A nonrefundable application fee of $US180 is Political Science earned undergraduate college degree or its required. The program fee for TRIUM is September 2001 (two weeks) equivalent is mandatory. Corporate financial US$87,500 and includes tuition, meals, The Political Economy sponsorship is expected. Additional factors lodging, books, and materials. This fee is due Globalization: What it is, why is there a on which the Admissions Committee bases before the start of the program; however, pay- debate? Competing capitalisms: Conver- its decision include the following: ment schedules can be arranged in cases of gence or continued divergence? Global necessity. Accepted applicants who enroll in • Record of professional success financial markets and corporate gover- TRIUM must deposit US$2,000 to reserve a nance. Globalization and social cohesion. • Employment profile and managerial place in the program. The deposit is nonre- potential Managing “deep” integration. Prospects for fundable, but it will be applied to the pro- a new international financial architecture. • International experience gram fee. For additional details, refer to the Foreign direct investment: an emerging • Results of Selection Interview TRIUM brochure and application packet, international regime. Integrating emerging • Written essays available through the TRIUM Program market countries: Triumph of the Wash- • Transcripts office at 44 West Fourth Street, Suite 10- ington consensus? International cooperation 90Aor visit the TRIUM Web site at www.tri- after the Cold War. • Recommendations from two or more umemba.org. professionals New York University Stern School of • TOEFL or IELTS (if applicable) CURRICULUM Business • Employer support January 2002 (two weeks) TRIUM’s curriculum includes 10 residential Global Strategies and Finance weeks, divided into six, one- or two-week ADMISSION Generating profit and creating shareholder intensive modules, conducted over a 16- value. Gaining competitive advantages at the The TRIUM Admissions Committee compris- month period. Modules are hosted at NYU product/market level. Managing a global es representatives from all three schools, and Stern (two modules), LSE, and HEC Paris, as portfolio of businesses. Relationships be- admissions decisions will be made jointly well as at two additional premier business tween performance and structure. Capital and must be unanimous. Applicants inter- schools in international locales chosen expenditures, debt versus equity, firm val- ested in obtaining further information about annually for their relevance to current busi- uation, restructuring, bankruptcy, and TRIUM prior to applying may request an ness issues. The first two “guest partner” corporate control. How types of organiza- informational interview or attend an infor- institutions are the Chinese University of tions are designed to achieve strategic mation session, which are held at various Hong Kong and Fundação Getúlio Vargas in goals. How internal systems are managed locations around the world. To apply, appli- São Paulo, Brazil. to implement designs. cants may submit a written application, To optimize classroom time, which fosters The Chinese University of Hong available in the brochure packet or in a PDF “active learning,” the TRIUM curriculum Kong file that can be downloaded from the features 500 live classroom hours. April 2002 (one week) TRIUM Web site at www.triumemba.org/ Approximately 300 hours of instructor- Corporate Governance and Ownership, admissions. Alternatively, applicants may supervised distance learning is also incorpo- Marketing choose to apply on-line through the TRIUM rated into the program to facilitate prepara- How different types of owners orient and con- customized, interactive, on-line application tion, follow-up, and individual and team trol their business. The relationships between system, also found at the TRIUM Web site project work between the modules. stockholders, board members, and execu- above. Only applicants who submit a formal Between the modules, participants con- tives. How top power is exercised on key deci- application will be eligible for an invitation tinue to work on individual and team sions. Different forms of corporate gover- to a selection Interview at the discretion of assignments via E-mail, on-line bulletin nance in various countries. Consumer the Admissions Committee. boards and chat rooms, and other distance- behavior from a multicountry/multicultural learning methods. Individually, participants experience. Global brand management as a apply the concepts of the program to their

21 current key component for the firm’s strate- International reporting, legal and fiscal New York University Stern School of gic positioning. Changes in marketing prac- constraints. Managing change. Corporate Business tices and thinking due to the e-commerce culture and identity. January 2003 (two weeks) revolution. Fundação Getúlio Vargas Competing in a New Era and Conclusion HEC Paris Graduate Business October 2002 (one week) The impact of technology on biotechnology, School Managing Diversity, Managing Risk media and entertainment, and other indus- July 2002 (two weeks) Managing economic, legal and cultural tries. Branding in an on-line world. Pricing Strategy and Implementation Control dynamics in diverse markets. The impact of and competition in the e-economy. Mergers, acquisitions, and alliances as tools different cultures and regulatory environ- Leadership and management in an era of for global strategy. Structures and control ments. Consumer behavior in emerging change and upheaval. Ethical and philo- systems in multinational, multiproduct countries. Creating consistent global stan- sophical questions. Completion of the final companies. Headquarter-business unit dards. Turning contextual and cultural project, with full-scale presentation to three- relations. Strategic cost analysis methods diversity into an advantage. Operating in school board and faculty, outside academics, (A.B.C., A.B.M., etc.). Organizational and unstable and unpredictable markets. Growth and industry experts. cultural problems. Managing excellence opportunities through privatization and and knowledge across the company. deregulation.

Corporate In today’s increasingly competitive business programs. Professionals who pursue their missions committee will review all appli- Degree environment, corporations are exploring M.B.A. through an employer-sponsored cations received and determine candidates innovative strategies to develop and retain custom program are held to the same rigor- qualified for enrollment in the program. Programs their top talent. To help firms meet this ous academic standards and application For more information, please contact increasingly challenging objective, Execu- requirements that constitute the Stern the Executive Programs office at 44 West tive Programs selectively work with top- educational experience. Similar to other Fourth Street, Suite 10-66. tier corporations to design corporate degree degree programs offered at Stern, an ad-

Nondegree OPEN ENROLLMENT tion and are offered both in New York and develops and delivers a custom program that abroad. For more information on the latest will equip the firm’s employees with the For working professionals interested in gain- Programs open-enrollment course offerings, contact knowledge and tools needed to achieve cor- ing up-to-the-minute knowledge on issues the Executive Programs office at 44 West porate goals. Executive Programs actively that affect them daily in the business world, Fourth Street, Suite 10-66. collaborates with companies on the design, Executive Programs offer a diverse set of rel- level, focus, method, and schedule that best evant, rigorous courses in flexible formats. CUSTOM suits the target group within the organi- World-class faculty members teach courses zation. A custom program is an efficient in disciplines including finance and For companies interested in providing exec- way to communicate to a team or develop accounting; management and strategy; utive education for their employees that is a team-oriented focus on a particular cor- leadership and communication; e-business; uniquely tailored to address specific needs porate objective. For more information and entrepreneurship. Select courses are and interests, Executive Programs also offers on custom nondegree programs, contact jointly sponsored by Stern and other leading custom nondegree programs. Working the Executive Programs office at 44 West international institutions of higher educa- closely with each client, Executive Programs Fourth Street, Suite 10-66.

22 Master of Science (in Information Systems) Director: Alexander Tuzhilin • Program Office: KMC, 44 West Fourth Street, 9th Floor • Telephone: (212) 998-0810

he Master of Science (in Informa- tion Systems) is a collaborative program between the Stern School and Tthe Department of Computer Science at the Courant Institute of Mathematical Sciences, Graduate School of Arts and Science (GSAS). It is designed to meet the urgent need of industry for people with expertise in both information technology and management. Graduates from this program are equipped to take leadership roles in the development and use of leading- edge computer applications in industry.

Summary of A candidate must be admitted to the Master within four years. Students must have a for both M.B.A. and M.S. degree programs. of Science (in Information Systems) B average or better in order to graduate Admission to one program, however, does Requirements Program either through the Stern School or with the M.S. (in I.S.) degree. not guarantee admission into the other the Department of Computer Science of the The program consists of 10 required program. Graduate School of Arts and Science. core courses, two electives, and the project Note: Students must apply to and begin Students taking their degree at GSAS will course. Specified courses might be waived the M.B.A. first. After commencing the meet the GSAS requirements for the master’s from a student’s program in consultation M.B.A. Program, students may apply to the degree, while those at the Stern School will with the adviser. If a core course is waived, M.S. Program. If accepted, students must meet its requirements. A student’s program the student must select a substitute course complete the entire M.B.A. Program will be approved by an advisement commit- from the list of permissible elective courses. (60 credits) before commencing the M.S. tee comprising representatives from the This list may be supplemented from time to For more information about the M.S. Department of Computer Science and the time by special topics courses and newly (in I.S.) Program and the admissions Stern School. developed courses. procedures, refer to the Master of Science The Master of Science (in Information To complete the program, students must in Information Systems publication avail- Systems) consists of 39 points (12 courses take at least five courses in Computer Science able from the Department of Informa- plus a required master’s project). Full-time and five courses in the Stern School. The tion Systems or visit the Web site at students are expected to complete the remaining courses include two that may be http://krypton.stern.nyu.edu/~ms-is. requirements over a 12-month period; part- taken in either school, and the required pro- Interested students can contact the time students should complete the program ject course. In addition, students may apply department directly at (212) 998-0810.

Core Courses The Stern School: General Business (two Managing Organizations Marketing Concepts: Delivering courses required) B01.1302 Value to Customers and Businesses Financial Accounting and Students with prior background in these B01.2310 Reporting areas may, with the approval of the adviser, B01.1306 substitute more advanced general business Foundations of Finance courses, such as the following: B01.2311 Understanding Firms and Markets The Stern School: Department of Infor- B01.1303 mation Systems (three courses required)

23 Managing the Digital Firm Data Mining and Knowledge Programming Languages B20.2314 Systems G22.2110 B20.3336 or Design of Operating Systems or G22.2250 Information Technology and Strategy Electronic Commerce Data Communications and B20.2318 B55.3338 Networks G22.2262 Design and Development of Courant Institute of Mathematical Sciences: Web-Based Systems Department of Computer Science (five Internet and Intranet Protocols B20.3322 courses required) and Applications G22.3033 Fundamental Algorithms G22.1170

Elective Courses Financial Information Systems Advanced Data Distributed Computing B20.3350 Communications and Networks G22.2631 G22.2263 Risk Management Systems Introduction to Multimedia B20.3351 Computer Graphics G22.3033 G22.2270 Business Process Design and Internet and Intranet Protocols Implementation Database Systems and Applications B20.3356 G22.2434 G22.3033 Current Topics Artificial Intelligence Programming for the WWW B20.3362 G22.2560 G22.3033.02 Unix Tools G22.2245

Master’s Project The master’s project involves the analysis, dent takes the Design and Development of course, Internship in Computer Science/ design, and implementation of a software Integrated Information Systems and Information Systems Research, G22.3812. system in a business environment. The pro- Software Engineering courses and is super- ject will typically be carried out as the stu- vised in the context of a required internship

24 Master of Science (in Mathematics/Statistics and Operations Research) Program Director: Edward L. Melnick • Program Office: KMC, 44 West Fourth Street, 8th Floor • Telephone: (212) 998-0440 • Web site: www.stern.nyu.edu/sor

he Master of Science (in Mathematics/ Statistics and Operations Research) trains students in applied mathematics with a Tconcentration in statistics or operations research. A student’s program of study consists of graduate courses from both the Department of Mathematics at the Courant Institute of Mathematical Sciences, Graduate School of Arts and Science (GSAS), and the Stern School’s Department of Statistics and Operations Research. Graduates from this program seek employment in such diverse areas as financial analysis, financial engineering, market research, biostatistics, production management, econometrics, and forecasting.

Summary of Students should have a sound foundation in Twelve courses of 3 credits each are guarantee admission to the Stern M.B.A. mathematics, including at least three semes- required for the degree. Of these, eight are Program. Students interested in transferring Requirements ters of calculus and one semester of linear or required core courses and four are electives. to the M.B.A. Program must submit a new matrix algebra. More advanced students can waive core application and meet all admission criteria A candidate must be admitted to either course requirements. and application deadlines. the Stern School or GSAS as a candidate for Students taking their degree at GSAS will For more information about the M.S. (in a master’s degree. A student’s program will meet the GSAS requirements for the master’s Mathematics/Statistics and Operations be approved by an advisement committee degree, while those at the Stern School will Research) Program and the admissions pro- comprising one representative from Courant meet its requirements. cedures, please contact the program office at and one from the Stern School. Admission to the M.S. Program does not (212) 998-0440.

Core Courses Eight courses are required as follows: Either Statistical Inference and Regression Analysis Linear Algebra I Introduction to Mathematical B90.3302 G63.2110 Analysis II (Stern) (Courant) G63.1420 (Courant) Statistical Computing and Introduction to Mathematical Sampling Methods Analysis I or B90.3314 G63.1410 (Courant) Numerical Methods I Introduction to Stochastic G63.2010 Processes I Scientific Computing (Courant) B90.3321 G63.2043 (Stern) (Courant) Introduction to the Theory of Probability Note: Students with a limited back- B90.3301 ground in mathematical analysis should (Stern) take Multivariable Calculus, G63.1002 (Courant) before taking G63.1410.

25 Electives The remaining elective courses can be taken Topics in Applied Probability Mathematical Finance II at either the Stern School or Courant. G63.2936 G63.2792 Courses other than those listed here may be Note: Equivalent to B90.3323. taken as electives with the approval of the Introduction to Computers and Both cannot be taken for credit. advisement committee. Computation Some courses at Courant and the Stern G22.1110 THE STERN SCHOOL School cover similar topics. Students cannot DEPARTMENT OF STATISTICS receive credit for taking these courses at both Fundamental Algorithms AND OPERATIONS RESEARCH schools. Exceptions to this rule may be made G22.1170 by the advisement committee. The elective Regression and Multivariate courses are as follows: Data Analysis Programming Languages B90.2301 G22.2110 COURANT INSTITUTE OF MATHEMATICAL SCIENCES Advanced Programming Forecasting of Time Series Data Multivariable Calculus Languages B90.2302 G63.1002 G22.2111 Statistical Quality Control Linear Algebra II Database Systems I B90.2303 G63.2120 G22.2433 Applied Stochastic Processes for Introduction to Mathematical Financial Models Database Systems II B90.2308 G22.2434 Analysis II Note: Equivalent to G63.2791. G63.1420 Both cannot be taken for credit. Design of Operating Systems Complex Variables I G22.2250 Mathematics of Investment G63.2450 B90.2309 Advanced Design of Operating Complex Variables II Systems Introduction to Operations G63.2460 G22.2251 Research B90.2310 Ordinary Differential Equations Probability: Limit Theorems G63.2470 (First Term) Multivariate Statistical Analysis G63.2911 Numerical Methods I B90.3303 G63.2010 Probability: Limit Theorems Advanced Theory of Statistics (Second Term) B90.3304 Numerical Methods II G63.2912 G63.2020 Bayesian Inference and Advanced Topics in Probability Statistical Decision Theory Advanced Numerical Analysis: (First Term) B90.3305 Nonlinear Optimization G63.2931 G63.2031 Time Series Analysis Advanced Topics in Probability B90.3306 Mathematical Modeling (Second Term) G63.2781 G63.2932 Introduction to Stochastic Processes Mathematical Statistics Computing in Finance B90.3321 G63.2962 G63.2045 Data Mining in Finance: Applied Mathematics I Mathematical Finance I Computer and Data Intensive G63.2701 G63.2791 Methods in Statistical Financial Note: Equivalent to B90.2308. Engineering Applied Mathematics II Both cannot be taken for credit. B90.3355 G63.2702

26 Categorical Data Experimental Design Stochastic Models in Finance II: B90.3307 B90.3309 Fixed Income Instruments B90.3323 Sampling Techniques Stochastic Models in Finance I: B90.3308 Equity and Currency Markets B90.3322

27 Master of Science (in Statistics and Operations Research) Program Director: Edward L. Melnick • Program Office: KMC, 44 West Fourth Street, 8th Floor • Telephone: (212) 998-0440 • Web site: www.stern.nyu.edu/sor

he Master of Science (in Statistics and Operations Research) is dedicated to producing highly skilled statisticians Tand operations analysts with an in-depth knowledge of issues from a functional area. Students may take graduate courses from the Department of Mathematics at the Courant Institute of Mathe- matical Sciences, the Graduate School of Arts and Science (GSAS), and departments within the Stern School, in addition to the courses offered by the Department of Statistics and Operations Research. Graduates from this program now work in such diverse areas as consulting, finance and banking, insurance, market research, medical and pharmaceutical research, and the management of operations.

Summary of Students must complete the equivalent of 12 M.S. (in Statistics and Operations Re- Admission to the M.S. Program does not semester courses. Classes meet twice a week search) Program. guarantee admission to the Stern M.B.A. Requirements for one hour and 20 minutes; a semester is Upon admission to the program, students Program. Students interested in transferring about 14 weeks. must select their courses in consultation to the M.B.A. Program must submit a new Full-time students can complete this with an M.S. adviser in the Department of application and meet all admission criteria program in three semesters. Statistics and Operations Research. A pro- and application deadlines. For more infor- Students must have the equivalent gram consists of 12 courses: a minimum of mation about the M.S. (in Statistics and of two semesters of undergraduate cal- seven courses in statistics and operations Operations Research) Program and the culus and one semester of linear or research and a minimum of three courses in admission procedures, please contact the matrix algebra in order to enter the another area of study. program office at (212) 998-0440.

Joint M.S.-M.B.A. Students who are interested in pursuing an total of 87 points of graduate study at Stern Research. For details, please consult the M.B.A. as well as an M.S. can consider a joint with a minimum of 27 points in the chairman of the department. Program program. This program would require a Department of Statistics and Operations

Advanced Candidates must take a minimum of seven suggestions only, and candidates are not Multivariate Statistical Analysis advanced courses in statistics and/or opera- restricted to choosing from among them. B90.3303 Courses in tions research. Statistics and A student must elect an area of applica- 1. STATISTICS SPECIALIZATION Introduction to Stochastic Operations tion such as actuarial science, financial Introduction to the Theory of Processes Research modeling, marketing research, or operations Probability B90.3321 management. B90.3301 Six examples of representative programs, Time Series Analysis B90.3306 each consisting of seven advanced courses, Statistical Inference and are given below. They are presented as Regression Analysis B90.3302 28 Stochastic Models in Finance I: Data Mining in Finance: Global Business Environment Equity and Currency Markets Computer and Data Intensive B01.2303 B90.3322 Methods in Statistical Financial Engineering 4. MARKET RESEARCH Stochastic Models in Finance II: B90.3355 SPECIALIZATION Fixed Income Instruments Regression and Multivariate B90.3323 Students should also consult the Department Data Analysis of Finance for suggested electives. Advanced Probability Theory B90.2301 B90.3352 3. ACTUARIAL SCIENCE Introduction to the Theory of SPECIALIZATION Probability 2. FINANCIAL MODELING Statistics and Operations B90.3301 Applied Stochastic Processes for Research Courses Financial Models Statistical Inference and B90.2308 Forecasting Time Series Data Regression B90.2302 Introduction to the Theory of B90.3302 Probability Mathematics of Investment Multivariate Statistical Analysis B90.3301 B90.2309 B90.3303 Introduction to Stochastic Introduction to Operations Processes Categorical Data Research B90.3307 B90.3321 B90.2310 Stochastic Models in Finance II: Sampling Techniques Fixed Income Instruments Introduction to the Theory of B90.3308 B90.3323 Probability B90.3301 Experimental Design Stochastic Processes I: Equity B90.3309 and Currency Markets Life Contingencies B90.3322 B90.3335 Students should also consult the Department Statistical Inference and Finance Courses of Marketing for suggested electives. Regression Analysis Foundations of Finance TIME LIMIT FOR M.S. (IN B90.3302 B01.2311 STATISTICS AND OPERATIONS Time Series Analysis RESEARCH) PROGRAM B90.3306 Corporate Finance B40.2302 All degree requirements of the M.S. (in Statistics and Operations Research) Program Students should also consider the following Economics Courses must be completed within six years, provided computer intensive courses as electives for continuous matriculation is maintained. this specialization: Understanding Firms and Markets Statistical Computing and B01.1303 Sampling Methods with Applications to Finance B90.2314

29 Doctor of Philosophy Program Director: Edwin J. Elton • Program Office: Tisch Hall, 40 West Fourth Street, Suite 8-11 • Telephone: (212) 998-0740

n emphasis on research and knowledge creation distinguishes the Ph.D. from other degrees offered at Stern. The Ph.D. Pro- Agram deepens a student’s understanding of a field of study and research methods and prepares the student to conduct independent investigations. Each Ph.D. dissertation makes an original and significant contribution to knowledge. The Doctor of Philosophy Program is primarily intended to prepare students for faculty positions at major academic institutions. Business schools have a continuing demand for Ph.D. graduates. Eighty-five percent of the recent Stern School Ph.D. graduates have taken academic jobs. Recent placement has been in U.S. universities including Brown, Carnegie Mellon, Columbia, Cornell, Harvard, Massachusetts Institute of Technology, Michigan, North Carolina, Stanford, University of California at Berkeley, University of California at Los Angeles, University of Pennsylvania (Wharton), Wisconsin, and foreign universities such as INSEAD, London Business School, and University of Toronto. The Ph.D. Program is also appropriate for students seeking highly specialized research positions in government or agencies such as the Federal Reserve Board or the Securities and Exchange Commission. For example, recent graduates have been placed in research institutions at the Federal Reserve, the World Bank, and the Indian government. Those students interested in industry employment should examine master’s degree programs discussed elsewhere in the bulletin.

Life of a A faculty member has two major responsibil- tremendous freedom in choosing research Great teaching is first of all an attitude, a ities: research and teaching. areas that interest them and in how they feeling that imparting knowledge is impor- Faculty Member Research requires self-discipline, intellec- allocate their time. Successful faculty mem- tant. Great teachers enjoy the intellectual give tual curiosity, creativity, and technical skills. bers enjoy this freedom and thrive in an and take of the classroom and are excited Thus, students admitted to the Doctor of unstructured environment. The hours a fac- when students grasp difficult concepts. Philosophy Program will have demonstrated ulty member works in a week are as many as Successful teaching also requires the time these qualities in their academic perfor- those in any other high energy profession, and effort to make the classroom exciting mance, high scores on standardized tests, but faculty members have the freedom to and productive. and through former teachers recognizing select what to work on, and they have great these qualities. Faculty members have control over their schedule.

How Should a The most important characteristic of a Stern ranked fourth out of more than Stern’s faculty, which number over 200, school that a prospective student should 400 universities for faculty research pro- include current and past presidents of aca- Student Select a examine is the research environment. In ductivity in top-tier academic journals. demic associations, members of the National Ph.D. Program? a study published in the December 2000 Five of Stern’s areas of study were ranked Academy of Arts and Sciences, award-win- Academy of Management Journal, in the top 10. ning authors, and dozens of scholars whose

30 research and teaching skills are recognized NYU’s faculty members have broad theo- analyze is within business firms or finan- worldwide. In addition, 71 of Stern’s faculty retical interests and strong technical skills. cial institutions. Because of our strong members serve on the editorial boards of Moreover, our location means that the facul- ties to New York City’s global business leading research journals. ty members also have great institutional community, Stern doctoral students have The size of Stern’s faculty means that no knowledge and access to important industry greater access to this data than do stu- matter what your research interest is, or what practitioners and influential policy makers. dents elsewhere. it becomes, you will have distinguished pro- Thus, Stern students develop real-world Finally, Stern’s faculty is one of the fessors who can train you and share your smarts as well as strong analytical and con- most international of any major busi- interests. This is a great advantage in com- ceptual tools. ness school, broadening the scope of the parison to schools with a limited number of NYU’s location has another advantage. Ph.D. experience. faculty members in each area. Much of the data that is interesting to

Majors The Stern School offers majors in eight fields • Finance (corporate finance and • Operations Management of study. Additionally, students may choose to investments) • Statistics and Operations Research comajor in international business with any • Information Systems of the majors listed below: • Management (corporate strategy, organi- • Accounting or Taxation zational behavior, organization theory) • Economics • Marketing

Admission More than any other program, Ph.D. admis- promise as shown on standardized tests and ativity, and intellect and a clear career goal. sion places emphasis on past academic transcripts. Ph.D. students need a high We look for evidence of these qualities in Criteria accomplishments and on evidence of degree of technical competence, energy, cre- applicants’ essays and résumés.

Procedures An application may be obtained through our GMAT scores are required. While we prefer February 1. Check with Educational Testing Web site at www.stern.nyu.edu/phd; by the GMAT, we will accept GRE scores. For Service (ETS) to find out the last date by writing to the Doctoral Office, Stern School applicants whose native language is not which to register to ensure that your test of Business, New York University, 40 West English, the Test of English as a Foreign scores reach us in time. The ETS reporting Fourth Street, New York, NY 10012-1118; Language (TOEFL) scores are required in code for the GMAT and TOEFL is 2586; the or by calling the Doctoral Program Office at addition to GMAT scores. You must plan to reporting code for the GRE is 2582. (212) 998-0740. take these tests so that we have results by

Admission The deadline date for submitting the application is FEBRUARY 1. We admit one class Deadline a year, which starts in September. We admit full-time students only.

Prerequisites Prerequisites are calculus, matrix algebra, ogy or accounting during the first year of admission requirement. When appropriate, basic economics (microeconomics and study, but every student should satisfy the credit may be given for past academic work macroeconomics), financial accounting, prerequisites in calculus, economics, and in meeting part of the course requirements. and psychology or sociology. A student can matrix algebra before starting doctoral correct a deficiency in psychology or sociol- study. Previous graduate work is not an

Financial Aid A Ph.D. student need not apply separately for nize merit rather than need. Funding is offered by other high-ranking doctoral financial aid because the Ph.D. Admission guaranteed for five years with satisfactory programs. The current financial aid Committee assumes that every doctoral stu- academic progress. package is listed on our Web site. dent wishes to receive aid. Awards consist of The Stern School makes every effort to stipends and tuition scholarships and recog- offer financial aid similar to packages

31 Web Site For the most complete and current informa- site contains links to the Web pages of each other information of interest to prospective tion on the doctoral program, please visit our our major areas, listings of faculty and stu- students. We regularly update the Ph.D. Web Web site at www.stern.nyu.edu/phd. This dent papers, recent dissertation titles, and site, so we encourage you to check it often.

Doctoral Doctoral study begins with three research three research skills methodology courses, After completing all course work, each skills methodology courses. The student four courses in international business, six student takes a comprehensive examination. Program of must demonstrate competence at the Ph.D. courses in a comajor field, one course to be The doctoral program concludes with a stu- Study level in probability, statistics, and microeco- approved by the area coordinator, and 18 dent’s writing and defending a dissertation. nomics. Each program of study must incor- points of dissertation seminars. Two doctoral The student works with a dissertation com- porate the three research skills methodology seminars are required, and students must mittee consisting of a chairperson and at courses, seven courses in the major field, present a research paper in a formal interna- least two other faculty members. Usually, the four electives, and 18 points of dissertation tional business seminar at least once before chairperson and one committee member seminars. The program of study for an inter- the end of the third year. represent the major field, and one member national business comajor must include the represents an outside field.

Rules and Course requirements, time limits, and other procedures are thoroughly explained Regulations in the doctoral handbook. Each enrolled doctoral student must obtain a copy and use it as a reference.

Time Limits and Students complete the program on average in 1. Pass the comprehensive examination There are other rules that govern time limits. four to five years. A student should pursue the before starting the third year of the pro- They are explained in the doctoral hand- Residency doctoral program with a strong commitment. gram. book. All students should obtain a copy and A student who extends the doctoral program 2. Successfully defend a thesis proposal by be careful to follow these limits. Students not becomes less likely to complete it. More the end of the fourth year. meeting these limits are asked to leave the importantly, courses taken several years ago program. 3. Complete all degree requirements within often represent knowledge that has grown six years. obsolete. Therefore, every student must do the following: 4. Maintain continuous matriculation.

Computing All doctoral students have personal com- computers in offices, computer labs, on 2000, Netscape Navigator, Minitab, Lindo, puters and desks assigned to them. About 20 E-mail stations, and electronic classrooms. and many other course-related applications Facilities new machines are bought each year for doc- Space on sales is available to all students for are available to the Stern community. All toral student use. Each Stern student receives publishing Web pages. Sales also provides Stern computers are networked and provide a Novell account, an E-mail account, and an access to applications software, including access to the Internet, E-mail, Unix (Sales), account on Sales (Unix time-sharing sys- SAS and SPSS for statistical analysis. and laser printers. For more information, see tem). Novell accounts provide access to the Microsoft Windows NT/98, Microsoft Office page 123, Computing at Stern.

32 Accounting, Taxation, and Business Law

he accounting, taxation, and business law curriculum is intended for the business professional who wishes to gain Ta deeper understanding of accounting systems and their role in decision making within and outside of the business entity. It offers an attrac- tive second major for students in finance who wish to specialize in financial statement analysis, as well as courses of specific interest for managers in various fields.

Chairman: Paul R. Brown Associate Professors: Eli Bartov, Paul R. Carol Marquardt, Partha Mohanram Professors: Kashi R. Balachandran, John Brown, Alex Dontoh, Haim Dov Fried, Teresa Department Office: Tisch Hall, 40 West S. Bildersee, Frederick D. S. Choi, Seymour John, April Klein, Ajay Maindiratta, James R. Fourth Street, 3rd and 4th Floors Jones, Baruch Lev, Joshua Livnat, James Ratliff, Stephen Ryan, Jeremy Wiesen, Paul M.B.A. Program Adviser in Account- Ohlson, Joseph Rebovich, Joshua Ronen, Zarowin ing: Ajay Maindiratta George H. Sorter Assistant Professors: Jeanne Calderon, Dan Gode, Richard Hendler, Rachel Kowal,

Accounting The graduate program in accounting offers Financial Accounting and Auditing elective courses in the areas of financial Reporting B10.3313 statement analysis, financial accounting, B01.1306 managerial accounting, business law for Topics in Corporate Strategies managers, and strategic business planning Financial Reporting and and Financial Disclosures and taxation. These courses are intended to Analysis B10.3320 aid students in gaining a deeper understand- B10.2302 ing of accounting reports, the construction Analysis of Financial of an accounting information system to An Integrated Approach to Institutions and Financial strengthen the firm’s competitive advantage, Financial Statement Analysis Instruments the opportunities available in minimizing B10.2303 B10.3321 tax payments, and the implications of the legal system for managers. To major in accounting, the student may E-Commerce: Accounting, Accounting for Mergers, take any 12 credits of B10 or B95 course work Control, and Valuation Acquisitions, and Related as described in the courses below. Students B10.3150 Matters interested in the CPA Professional Program B10.3330 track should contact the M.B.A. Aca- Information Analysis for demic Advising Office. In addition, students Managerial Decisions International Accounting and should visit the department’s Web site, B10.3305 Financial Statement Analysis www.stern.nyu.edu/acc, for information B10.3335 on current course offerings and how they relate to various fields. 33 Accounting and use to prepare them, and why they use those bases, and computer-based assignments may Valuation Issues in the assumptions and concepts. Uses simple be used. An understanding of basic financial Entertainment, Media, and examples to provide students with a clear concepts is recommended. Telecommunications Industries understanding of accounting concepts. It B10.3355 stresses the ability to apply these concepts to E-Commerce: Accounting, real-world cases, which by their very nature Control, and Valuation Accounting, Tax, and Legal are complex and ambiguous. In addition to B10.3150 Issues for Entrepreneurs text-oriented materials, the classes also Prerequisite: B01.1306. 1.5 credits. include cases so that students can discuss B10.3360 This course addresses a set of unique finan- applications of basic concepts, actual financial reporting and managerial control issues cial reports, and articles from newspapers. In that result in e-commerce firms having val- Entertainment Law addition to traditional introductory topics, B95.2120 uations seemingly different from most other other topics may include mergers and acqui- firms. Financial reporting issues affecting Taxation of Individuals and sitions, purchase and pooling, free cash flow, firms in the digital economy include how and financial statement analysis. and when revenue is recognized, how Business Income expenses are recognized for the granting and B95.2302 Financial Reporting and exercising of employee and director stock Analysis options, and the treatment of expenditures Strategic Business Planning B10.2302 required to build important assets such as and Taxes Prerequisite: B01.1306. Not to be taken software and brand recognition. Unique B95.2305 by students who have taken B10.3320. aspects of managerial control in e-com- 3 credits. Fall and spring terms. merce firms include security of systems and Business Law for Managers The course uses tools learned in Financial transactions, integrity of record keeping, B95.2314 Accounting and Reporting, such as ratio and employee compensation, and considerations accounting analysis, to discuss, in depth, provided to suppliers. The course also exam- Taxation of Mergers, financial reporting principles, emphasizing ines market valuation of e-commerce firms. Acquisitions, and Related the link between the reporting principles and Matters the financial statements. Students learn Information Analysis for B95.3336 how management uses financial reporting Managerial Decisions decisions to influence reported income and B10.3305 Tax Aspects of International asset and liability values, and they gain Prerequisite: B01.1306. 3 credits. Business the tools necessary to analyze the impacts This course complements courses addressing B95.3343 of alternative reporting decisions on finan- operational management, marketing, and cial statements. strategy. Cost management plays a key sup- Doctoral Courses Ideal for students who wish to pursue porting role in the creation of more value to Seminar on Accounting Thought careers in investment banking, investment the consumer of a firm’s products and ser- B10.4110 management, and consulting as well as vices, thus enhancing its competitiveness. public accounting. In addition to being a Any organization can benefit from cost man- Doctoral Seminar in Accounting required course for CPA-track accounting agement systems that accurately provide majors, it is a highly recommended course B10.4111 information and facilitate integration of ini- for majors in finance, economics, market- tiatives such as total quality, new product Theory and Research in ing, and information systems. and service design, cost reduction, and busi- Managerial Accounting ness process improvement, which enhance An Integrated Approach to their competitiveness and profitability. B10.4302 Financial Statement Analysis Topics include design and implementa- B10.2303 tion of cost measurement systems for pro- COURSE DESCRIPTIONS Prerequisite: B01.1306. 3 credits. duction and strategy choice; management Financial Accounting and Describes financial reporting objectives and control; enhancement of quality; timeliness Reporting methods used by corporations. Focuses on and the measurement of customer, product, B01.1306 the analysis of the information in corporate and market regional profitability; and the 3 credits. financial statements, including the impact use of cost information during design and Accounting reports are an important means of alternative accounting procedures and production stages. Learn to cost products, of communication with investors. This assumptions. Offers ways to adjust for select- services, and strategies in manufacturing, course focuses on the development, analysis, ed reporting differences. Discusses applica- financial, and service industries with accu- and use of these reports. It provides an tions using cross-sectional and time series racy. Activities that do not contribute value to understanding of what these reports contain, analysis. Case studies (including firms with the firm and those that increase efficiency of what assumptions and concepts accountants international operations), computer data- operations are discerned, facilitating intelli-

34 gent strategic budgeting processes. Efficient Analysis of Financial EMT industries. The first part of the course cost reduction approaches, monitoring of Institutions and Financial describes financial economic phenomena performance, quality enhancement projects, Instruments that are common to these industries, such as and strategies to increase profitability of the B10.3321 the nature and importance of tradeoffs firm are components of the course. Learn to Prerequisite: B10.2303. 3 credits. between fixed and variable cost structures; measure outcomes through performance Focus is on consolidations, mergers and significant contingent aspects of compensa- measures such as deviations from standard acquisitions, foreign currency translation, tion and financing contracts; and the ten- norms, return on investment, economic and other timely accounting issues. Includes sion between accelerating and delaying value added, and balanced score card tech- financial statement analyses of specialized investments given potential first mover niques. Tools such as activity-based costing, service industries such as utilities, commu- advantages but high uncertainty. The second target costing, Kaizen, and customer prof- nications, insurance, and financial services. part of the course discusses special rules that itability analysis are discussed using appro- Case studies of selected firms, cross-sectional, govern financial accounting in these indus- priate case studies from companies. and time-series analysis may be used. tries. Emphasis is placed on the limitations of accounting numbers given the largely Auditing Accounting for Mergers, intangible nature of the economic assets B10.3313 Acquisitions, and Related (e.g., subscriber bases, libraries, and brands) Prerequisite: B01.1306. 3 credits. Matters in these industries. The third part of the course is devoted to case and financial Fall and spring terms. B10.3330 analyses of firms in specific EMT industries. An intensive study is made of fundamental Prerequisite: B01.1306. Not to be taken concepts and principles underlying the by students who have taken B10.3320. examination of the financial statement by 3 credits. Fall and spring terms. Accounting, Tax, and Legal the independent public accountant. Auditing This course focuses on four major issues in Issues for Entrepreneurs and reporting standards and the responsibil- financial reporting: accounting for mergers B10.3360 ities assumed by the auditor in the attest and acquisitions; preparation of consoli- 3 credits. function are analyzed within the broad dated financial statements; the translation The course offers students an opportunity to framework of the code and principles of proof foreign currency financial statements be exposed to the actual accounting, tax, fessional conduct. Emphasis is placed on the and foreign currency transactions; and and legal issues confronted by entrepreneurs. evaluation of evidential matter and the sys- accounting for derivatives including the This is partcularly useful for students who tem of internal control. Current literature is use of derivatives in hedging transactions. intend to start their own business and those examined, including the publications of the Recommended for both accounting and who either wish to be part of the manage- AICPA Auditing Standards Board. finance majors. ment of entrepreneurial businesses or who intend to incubate new businesses within the Topics in Corporate Strategies International Accounting and structure of major corporations. Provides and Financial Disclosures Financial Statement Analysis practical business tools to start, develop, and maintain new entrepreneurially managed B10.3320 B10.3335 businesses and to understand the psychology Prerequisite: B10.2303. 3 credits. Prerequisite: B10.2303. 3 credits. and sound financial business practices of the Fall and spring terms. This course focuses on policy issues of for- entrepreneurial world in order to be a suc- The course focuses on analysis of the eign currency translation, global inflation, cessful entrepreneur. accounting methods and issues arising in transnational reporting and disclosure, connection with business combinations; international accounting and auditing mergers and acquisitions; the debate that standards. Financial statements of multina- Entertainment Law has been and still is raging about the pur- tional and foreign firms are used for finan- B95.2120 chase vs. pooling methods in the press; the cial statement analysis. May include case 1.5 credits. SEC and the FASB deliberations; and on the studies, computer-based assignments, and Focuses on the entertainment aspects of capital market impacts of these methods. research projects. mass media. Major topics include the limits The classes address related accounting and of a free press and the balance between the disclosure issues as these impinge on combi- Accounting and right to publish and the right to privacy, nation decisions by companies and the Valuation Issues in the torts, and other laws. resulting market reaction. Academic litera- Entertainment, Media, and ture reporting on empirical or analytical Taxation of Individuals and studies of business combinations is occa- Telecommunications Industries B10.3355 Business Income sionally discussed. Active participation by B95.2302 Prerequisite: B01.1306. 3 credits. students in the form of project presentations Prerequisite: B01.1306. 3 credits. This course examines accounting and valu- is part of the course. The purpose of this course is to develop, on ation issues that are distinctive to the various a sound conceptual base, a basic under-

35 standing of federal income taxation to divestitures; and preservation of tax attrib- from international transactions. Explores provide tools for a practical application to utes in reorganizations. Classroom discus- the significant U.S. tax considerations that business and nonbusiness situations. sions include problems and case studies. confront foreign business participating in Includes such topics as capital asset and the U.S. economy and U.S. business deriving property transactions, business and personal Business Law for Managers income abroad. The objective is to give stu- deductions, depreciation, depletion, B95.2314 dents tools necessary to identify and resolve accounting methods and periods, retirement 3 credits. Fall and spring terms. the pitfalls and opportunities of cross-border plans, tax credits, and the alternative mini- Focus is on elements of business law that are activities. Classroom discussions include mum tax system. While the emphasis is on essential for basic management of business problems and case studies. Students are business income of individuals, the course operations. Topics include the law of con- assigned a group project requiring the solu- also provides an introduction to the taxation tracts, sales, partnerships, corporations, tion of a case study in the area of interna- of corporations and partnerships. During the securities, and accountants’ legal liability. tional taxation. fall semester, the students are required to Cases are included in the course. enter the annual tax tournament scheduled Doctoral Courses for late November. Students in the spring Taxation of Mergers, Seminar on Accounting Thought semester are required to complete a group Acquisitions, and Related B10.4110 take-home project similar to the tax tourna- Matters 1.5 credits. ment case study. B95.3336 Examines social science methodology and Prerequisite: B01.1306. 3 credits. contemporary accounting theory to provide Strategic Business Planning A study of the income tax rules relating to the a framework for analyzing the evolution of and Taxes formation and operation of business corpo- accounting thought. Examines works of B95.2305 rations. Includes such topics as the organ- classic theorists (Sprague, Hatfield, Paton, Prerequisite: B01.1306. 3 credits. ization of the corporation, redemptions, Canning, and Vatter) and isolates pivotal The objective of this interdisciplinary course liquidations, reorganizations, divisions, concepts in theory development. Examines is to consider the tax environment, institu- multiple corporations, corporate tax attrib- issues of current interest in a historical tional constraints, legal procedures, and the utes and carryovers, state income taxation, perspective. organizational structure in arriving at opti- and U.S. taxation of foreign source income. mal business decisions. Modern economic The emphasis is, however, on the tax aspects Doctoral Seminar in Accounting theory of tax planning is used to analyze of mergers and acquisitions. Classroom dis- B10.4111 decision making, explain institutional cussions include problems and case studies. 1.5 credits. arrangements, and predict the effects of Students are assigned a group project requir- An in-depth doctoral course examining one changing tax environments for businesses. ing the solution of a case study in the area of or two areas of current accounting research. Concepts are applied to compensation and corporate reorganizations and divisions. Content may vary from year to year. pension planning; employee stock ownership plans; multinational tax planning; cap- Tax Aspects of International Theory and Research in ital structure and dividend policy; debt Business Managerial Accounting financing to eliminate corporate level taxes; B95.3343 B10.4302 repackaging ownership rights through joint Prerequisite: B01.1306. 3 credits. 3 credits. ventures and partnerships; mergers and Considers the determination and adminis- An in-depth course dealing with current acquisitions; tax-free reorganizations and tration of U.S. income tax liabilities resulting research topics in managerial accounting.

36 Economics

eventy years ago, John Maynard Keynes put it succinctly: “The ideas of economists . . . are S more powerful than is commonly understood. Indeed the world is ruled by little else.” The Department of Economics at the Stern School stresses the development of tools, concepts, and techniques useful in problem solving and is thus uniquely suited to serve the needs of the business and financial communities. Economics is the cornerstone of any academic program in business. Economic theory provides the foundation for virtually every discipline in the business school curriculum. Without a theoretical framework, problem solving is only an ad hoc procedure. The Stern School’s economics faculty is composed of specialists and generalists who cover a wide range of economic thought and applications. Economics can be divided into two broad areas: microeconomics and macroeconomics. Microeconomics focuses on the theory and activities of individual consumers and businesses. It studies market structures, pricing policies, business strategies, and, generally, optimal decision making by economic agents. Macroeconomics is concerned with aggregate economic activity and its determinants. It studies inflation, unemployment, and output and how monetary and fiscal policy affect all of them. Studying economics provides an invaluable perspective to anyone choosing a career in business or in areas of government involved with business.

Chairman: William H. Greene Ryuzo Sato, William Silber, George Smith, Adjunct Faculty: Joseph Dziwura, Seth Professors: David Backus, Thomas Marti Subrahmanyam, Richard Sylla, Paul Freeman, David Friedman, Michael Cooley, George Daly, Daniel Diamond, Wachtel, Ingo Walter, Lawrence White Niemira, James Orr, Bruce Skoorka, Edward Nicholas Economides, William H. Greene, Associate Professor: Nouriel Roubini Steinberg, Michael Tindall John Guilfoil, Barbara G. Katz, Robert Assistant Professors: Alessandra Fogli, Department Office: KMC, 44 West Fourth Kavesh, Rita Maldonado-Bear, Thomas Fabrizio Perri, Vincenzo Quadrini Street, 7th Floor Pugel, Roy Radner, Rama Ramachandran,

Courses in CORE COURSES this course. This enhances students’ under- Global Business Environment Economics Understanding Firms and standing of the business environments in B01.2303 which they will work and the important 3 credits. Markets strategic issues (including pricing and prod- B01.1303 What are the key elements of open economy uct choice) that will arise. Strategy is a recur- macroeconomics and international trade 3 credits. ring theme. An issues-oriented approach is added to the and policy? This course introduces the tools traditional perspective of microeconomics in and frameworks needed to analyze the major

37 features of the global business environment, these benefits. In order to verify whether mainly on the entrepreneurial forces that and examines key opportunities and chal- these conditions are satisfied, students study shaped the rise and evolution of the modern lenges facing a firm in contemporary the productive and competitive structure of economy and business system. Takes into business. An exploration of international these economies and analyze how this struc- account business strategy and structure, macroeconomic policy and an examination ture is likely to evolve as a consequence of finance, management, labor organization, of the sources of growth, exchange rate global and regional integration. Special technology, transportation, communi- determination, currency crises, and related attention is given to the analysis of the cations, and public policy. Discusses the issues are also incorporated. opportunities and/or challenges that a large broader economic, cultural, and political unified market creates for entrepreneurial constraints within which American enter- COURSES PRIMARILY FOR initiatives and more generally for firms that prise has been shaped. The goal is to impart MASTER’S DEGREE CANDIDATES directly or indirectly operate in these mar- a long-term perspective from which contem- kets. Regulation issues raised by the process porary business can be understood and to Entrepreneurial Leadership: of economic integration and the need of pol- introduce students to historical ways of Patterns and Processes icy coordination are also studied. Another thinking about economic development. B30.2305 objective of the course is to examine how the 3 credits. economic and monetary integration of a Comparative Analysis of the Entrepreneurship is the introduction of sig- particular area affects business relations with Japanese and U.S. Economies nificant change into economic life. This the United States. In this part of the course, B30.2337 course examines the manifold aspects of special attention is paid to the way in which Prerequisites: B01.1303 and B01.2303. entrepreneurship and its impacts on eco- the creation of large integrated markets 3 credits. nomic development, primarily through the affects the strategies of nonmember firms to Examines the Japanese economy as an close examination of biographies of rep- gain access to these markets. application of modern macro- and micro- resentative “actors,” to illuminate our economics. Provides a comparative analysis understanding of some basic economic and Monetary Policy, Banks, and of the Japanese economy, in particular, with historical theories about entrepreneurship. the U.S. economy. Topics include historical Addresses such questions as the following: Central Banks B30.2333 perspective and modernization, postwar eco- What is the relationship between entrepre- The structure of the financial system and the nomic growth and technical change, indus- neurial undertakings, on the one hand, and role of central banks are often in the news as trial structure, public finance and tax sys- culture and institutions, on the other? How various countries cope with banking crises or tem, financial liberalization, political econo- can society and its organizations enhance chronic inflation. This course examines the my of trade friction, exchange rate, and entrepreneurship? Are there typical problems structure of financial systems from both per- Japanese management style. that every entrepreneur must confront and spectives. Emphasis is given to topics that are solve to be successful? Can we discern com- relevant in current policy making, such as Global Perspectives on the mon personality traits or behavioral attri- dollarization, the European Monetary History of Enterprise butes among the various entrepreneurs in Union, deflation in Japan, and inflation tar- B30.2338 our study? geting. Central bank structures such as the 3 credits. Federal Reserve and the European Central This course compares the rise and evolution Economic Regulation and Bank are studied and frameworks for under- of modern corporate enterprise across Global Integration standing the tools of policy are developed. nations. Considers the social and economic B30.2315 The conduct of monetary policy and its contexts for and the patterns of creation, Prerequisite: B01.2303. 3 credits. effects on the macroeconomy are examined. growth, and change in industrial organiza- Several areas in the globe are undergoing a The causes of financial crises are also exam- tion from the “first industrial revolution” to process of economic integration involving ined, with emphasis on policies designed to the present day. Discusses how and why dif- the creation of free-trade areas, custom prevent them, such as the new capital ade- ferent societies have achieved competitive unions, and currency unions. This process quacy regulations, deposit insurance, and advantages in domestic markets and global has crucial implications not only for the the lender of last resort function of central trade at different times. Examines the effects macro performance of the global and banks. Students are asked to suggest topics of culture, technology, finance, and govern- national economies, but also for businesses and to report on specific events and issues. ment on the economies of England, Ger- working within this dynamic environment. many, Japan, the United States, and the East The goal of the course is to examine the fac- Economic and Business History Asian “tigers,” as well as newly developing tors that motivate the process of economic and lagging economies around the world. and monetary integration, with special of the United States B30.2336 attention devoted to the study of integration Prerequisites: B01.1303 and B01.2303. Current Economic and within particular regions, namely Europe, 3 credits. Financial Problems: Rhetoric, North America, and Asia. The course This course examines the historical develop- Reality, and Remedies explores the benefits of trade and monetary ment of American enterprise since the begin- B30.2342 integration and analyzes the conditions that nings of the industrial revolution. Its focus is 3 credits. need to be satisfied for countries to enjoy

38 Provides an overview of a broad range of metric methods. Since forecasting involves International Macroeconomic issues and problems confronting the busi- both art and science, a key objective of this Policy: Theory and Evidence ness and financial communities. Topics course is to provide some guidelines as to from Recent Financial Crises include the outlook for the world economy; which forecasting technique may be best B30.2380 interest rates and stock prices; the balance suited for the process under study. Various Prerequisite: B01.2303. 3 credits. of payments problem; the changing struc- forecasting techniques are discussed along This course is an introduction to interna- ture of the money and capital markets; the with numerous forecasting examples. tional macroeconomics, and a review and issue of inflation/deflation; governmental Examples come from the real estate markets, analysis of current international macroeco- regulation and deregulation; and the cur- the stock market, the bond market, foreign nomic and financial issues, policies, and rent fiscal and monetary scene. Problems exchange rates, and the real side of the econ- events, including interest rates, exchange are approached on both domestic and omy. Students, in teams, have hands-on rates, and asset prices in the global economy; international bases. The goal is to provide experience analyzing data and making and causes and consequences of trade deficits a sense of perspective and interdependence presenting a forecast. and external imbalances; the Asian and the in dealing with forces and factors that global financial crisis of 1997-1999 and the influence decision makers. Strategic Use of Incentives and policy response to it; causes of currency, Information: An Experimental banking, and financial crises; short- and Telecommunications Approach long-term effects of monetary and fiscal pol- Economics and Digital B30.2364 icy; the drive to reform the international Convergence 3 credits. financial architecture; the debate on IMF B30.2345 Modern corporations face a number of and World Bank reform; emerging markets 3 credits. problems, including motivating employees external debt and attempts to restructure it This course analyzes the economics of to work productively, motivating profit (the “bail-in/burden sharing” debate); and telecommunications and related services, centers to cooperate, and matching workers the globalization of financial markets. These including cable television. We study the evo- with appropriate jobs. Recent research topics are integrated into a theoretical lution of the telecommunications industry, on these problems uses a combination of framework that stresses international factors paying special attention to the crucial experimental and theoretical techniques. from the start. Examples from the United antitrust intervention that resulted in the This course introduces the concepts of States, Europe, Japan, and emerging market 1984 breakup of AT&T and to the reform incentives, information, and strategy, with economies are used to enhance knowledge of attempted by the Telecommunications Act of applications to double auctions and related the world economy. 1996. We study in-depth the economics of markets, matching of workers to jobs, indi- monopoly and oligopoly as applied to net- vidual and group compensation schemes, Post-Soviet Economies in work industries, and, in particular, to bargaining, transfer pricing, cost allocation, Transition telecommunications markets. We apply this and fair division. Students participate as B30.2383 knowledge to the analysis of traditional subjects in a series of laboratory experi- Prerequisites: B01.1303 and B01.2303. telecommunications markets, including long ments designed to enhance the learning 3 credits. distance, local, and international; “new” process, and examine related theories, More than 10 years after the fall of the Berlin telecommunications markets, including cel- applications, and published experimental Wall, the economies in transition report var- lular and PCS; and “emerging” telecommu- research. Grades are based on analyses of ied experiences. Generally, the Eastern nications and electronic commerce markets in-class experiments and a final examina- European countries are faring better than based on the Internet. We analyze the current tion. Enrollment is limited to 36 students. Russia and the other successor states to the wave of mergers and consolidation in the former Soviet Union. With few exceptions, industry from the perspective of “digital con- Information in the Marketplace however, the performances of these countries vergence” and predict the framework and B30.2368 are problematic and sometimes poor. Why direction of industry change. Prerequisite: B01.1303. 3 credits. has it proven so difficult for these former Discusses the role of information in business communist countries to replace their failed Economic and Financial decisions and the marketplace. Focuses on centrally planned economies with market Forecasting three major areas: (1) information as intel- economies? In large measure, the answers B30.2361 lectual property; patent, copyright, and can be traced to aspects of the discredited Prerequisites: B01.1303 and B01.2303. trademark law; research and development centrally planned mechanism and the eco- 3 credits. and its relationship to U.S. industrial pro- nomic environment it engendered. Initially, This is an application-oriented course blend- ductivity; (2) the role of information in it was anticipated that if the old system were ing economic reasoning and judgment with game theory and strategic interactions; (3) dismantled and capitalism given a chance to statistical methods. After an initial discus- problems of incomplete (asymmetric) infor- begin, that capitalism would flourish, thus sion of “background tools,” the course mation, its effect on the marketplace, and accomplishing the transition. Due to the per- explores some formal forecasting methods, the types of responses by firms and individu- sistence of the deep distortions created by time-series forecasting methods, and econo- als that arise in the marketplace. central planning in the communist environ-

39 ment, however, this has not proven to be economics—“liberalism” and “conser- lusion, and creation and stability of cartels; enough. While ownership may no longer be vatism.” Traces major forces and trends in first mover’s advantage and disadvantage; in the hands of the state, effective market the formulation of policy in an environment nonlinear pricing; economics of networks, economies have rarely been forged. Income of power blocs and pressure groups. including financial statement; and innova- levels have fallen, income inequality has tion. We also discuss existence and optimal- risen, many transitions take place outside Financial History ity of general equilibrium in a perfectly com- the normal economic channels, and there is B30.2392 petitive economy. substantial capital flight. In many cases Prerequisites: B01.1303 and B01.2303. crony capitalism has been the outcome. This 3 credits. Macroeconomic Analysis course provides a framework for understand- Study of the historical development of finan- (Macroeconomics I) ing the process of transition by furnishing a cial institutions and markets. Covers mone- B30.3325 basic knowledge of both Soviet economic tary, banking, central banking, and capital 3 credits. Ph.D. core course. Fall. history and the administrative-command market history. Topics include the compo- A course in dynamic macroeconomic theory mechanism identified with Soviet central sition, growth, and fluctuations of money; with emphasis on the connections between planning. Against this background, the eco- evolution of banking systems and their regu- theory and aggregate time series data. nomics of transition are explored. Particular lation; development and rationale of central Includes a development of the tools of attention is devoted to the following issues: banking; and major trends and fluctuations dynamic, stochastic analysis; a review of evi- the appropriate speed of transition, privatiza- in stock, bond, and money markets. dence on business cycles and asset prices; tion, restructuring, corporate governance, Attention is given to international influences and a description of current research strate- banking and financial markets, and growth and comparisons, as well as to major gies for explaining aggregate phenomena. and macroeconomic stability. instances of financial instability. Advanced Topics in International Competition and Economic Regulation and Macroeconomics the Multinational Enterprise Managerial Decision Making (Macroeconomics II) B30.2385 B30.3313 B30.3332 Prerequisites: B01.1303 and B01.2303. Prerequisite: B01.1303. 3 credits. Prerequisite: B30.3325 or the equivalent. 3 credits. Explores the economics of regulation, law, 3 credits. This course addresses several questions and public policy and their applications to Topics in recent years have included search involving a firm’s international activities. It business activity. The economic principles theory, multiple equilibria, dynamic tax pol- begins by examining aspects of the interna- underlying regulation and other laws affect- icy, unit roots and other interactions between tional economic environment of a firm. ing businesses are discussed. Analysis of the macroeconomics and econometric time First, building on the international concepts applications of regulation, governing both series methods, and endogenous growth. The developed in the core courses, the course its intended and unintended effects, and its emphasis is on understanding and critically examines trade policy in both perfectly com- legal and institutional framework, are evaluating recent work in macroeconomics, petitive and imperfectly competitive indus- explored. Emphasis is placed on developing broadly defined, and in producing a piece of tries. Next, it examines recent changes in the practical understanding for business deci- original research. international competitive environment with sion making. an emphasis on regional commercial inte- Microeconomic Decisions gration; the operations of fixed exchange COURSES PRIMARILY FOR (Microeconomics I) rate systems, such as the European Monetary PH.D. CANDIDATES B30.3334 System; and the impacts of international 3 credits. Ph.D. core course. Fall. borrowing and lending. The course then Advanced Microeconomic A course covering the foundations of micro- takes an in-depth look at multinational Theory (Microeconomics II) economics. It presents standard consumer’s enterprises, examining the economic forces B30.3312 and firm’s theory and extends the analysis to that give rise to multinationals and the Prerequisite: B30.3334 or the equivalent. allow for uncertainty. It also introduces gen- impact of multinational enterprises on 3 credits. eral equilibrium theory, information eco- international trade, product, and factor As a sequel to Microeconomics I, this course nomics, and game theory. Lectures rely on markets and on the economies of the home covers the basics of game theory and oligop- constrained optimization and comparative and host countries. oly theory. The main focus of this course is on strategic interactions, where few agents static techniques throughout. The Social Setting of Business have to take into account the effect of their B30.2389 actions on others. We discuss simultaneous Microeconomics: Theory and 3 credits. Not open to students who have and sequential games in extensive and nor- Applications B30.3335 already taken B30.2342. mal forms and apply noncooperative and 3 credits. Ph.D. core course. Fall. Deals with the relevance of major economic, cooperative equilibrium concepts. We then For doctoral students whose programs do historic, political, social, and cultural factors go to applications in the choice of price, vari- not include advanced courses in economics. to the problems of the American business ety, and quality in oligopoly and monopolis- Emphasizes concepts and techniques of eco- community. Analyzes rival philosophies of tic competition; strategic coordination, col-

40 nomic analysis that are likely to be useful in econometrics. Covers finite sample results international business cycles; models of fixed the students’ doctoral dissertation research. for the classical linear model, as well as exchange rates, target zones, and speculative Develops key concepts and techniques of asymptotic results for single equation mod- attacks on fixed exchange rate regimes; the microeconomics and then applies them els. Topics include linear and nonlinear role of open economy factors in macroeco- to a number of current research issues in least squares, generalized least squares, nomic stabilization; and the optimal cur- accounting, information systems, manage- panel data, instrumental variable tech- rency area and policy coordination debate. ment, and marketing (and possibly other niques, and generalized method of moment areas, depending on the students enrolled). estimation. Heavy emphasis is given to Dissertation Seminar In each case, the course explores the relevant empirical applications. (Economics) microeconomic theory and some of the B30.9900 empirical literature. This course is an alter- Theory of International Trade Open only to doctoral students ready to native to B30.3334 as the core requirement B30.3384 write a dissertation in economics. 9 cred- in microeconomics. Prerequisite: B30.3334 or the equivalent. its per semester. 3 credits. Individual meetings with the dissertation Economic Growth and A survey of the economic analysis of the adviser and members of the tentative reading Technical Change determinants and effects of international committee on the dissertation. B30.3340 trade and government policies toward Prerequisite: B30.3334 or the equivalent. trade. Develops both the Ricardian and Managerial and Organizational 3 credits. Heckscher-Ohlin theories of trade, as well Cognition The course discusses the trends in economic as theories of intraindustry trade. Discusses B55.3380 growth and the factors that influence them. other theories and empirical tests of the An interarea course in management, Descriptive and optimal models are consid- determinants of the trade patterns. Presents information systems, and economics. ered after a discussion of the appropriate analysis of the effects of tariffs, quotas, and 3 credits. analytical techniques. Consideration of other government policies toward trade, as The rapid progress of information tech- empirical studies that indicate the impor- well as analysis of distortions arising from nology has had tremendous impact on tance of technical change in determining market failures. organizations. Data, analyses, and forecasts the growth rate leads to a discussion of that required substantial efforts a decade microeconomic and growth theoretical International Macroeconomics ago are now at the fingertips of managers. models of technical change. Specific topics B30.3386 How do these developments affect manager- include techniques for estimation of produc- Prerequisite: B30.3325 or the equivalent. ial cognition and decision making? What tion functions and technical change; opti- 3 credits. is the role of managerial cognition in the mal control methods and their application This course provides a broad overview of filtering, interpretation, and sharing of in growth theory; group theoretic methods in modern international macroeconomics such vast amounts of information? How can economics dynamics; innovation and public and finance examining intertemporal ap- firms transform the vast amounts of infor- policy; and international trade and R&D. proaches to the determination of the current mation into knowledge? How can such account and foreign debt accumulation; knowledge be used for organizational inno- Econometrics I theoretical models and empirical evidence vation and change? B30.3351 on the determinants of nominal and real An interdepartmental student-faculty Prerequisites: Ph.D. core courses in statis- exchange rates under flexible and sticky workshop open to doctoral students and to tics and operations research or the equiv- prices; asset pricing and portfolio choice in advanced M.B.A. students with the consent of alents. 3 credits. open economies; empirical evidence on the the instructors. Participants are expected to The theory of estimation and inference in efficiency of the foreign exchange market; attend the workshop regularly.

41 Entrepreneurship and Innovation: A Multidisciplinary Program

he Entrepreneurship and Innovation area at the Stern School is an interdisciplinary academic unit that focuses on new enter- Tprise development and entrepreneurial initiatives in ongoing businesses. The Entrepreneurship and Innovation area brings together faculty with interest and expertise in the entrepreneurial components of organizational behavior, strategy, finance, marketing, accounting, economics, operations management, and information systems. These faculty members are recognized internationally for their research and teaching accomplishments and their ties to the business community. Entrepreneurial processes involve the discovery and fulfillment of opportunity. In addition to boldness, imagination, resourcefulness, and constant learning, successful entrepreneurship requires the acquisition of the knowledge and skills that are needed to move an idea to a commercial reality. Stern’s M.B.A. program concentration in Entrepreneurship and Innovation offers a broad menu of courses for the Stern student who wishes to develop an understanding of the entrepreneurial process and the knowledge and skills that are required to be a successful entrepreneur, an entrepreneurial manager, or an investor in entrepreneurial ventures. Specific courses develop topics ranging from financing of new ventures to managing growth in embryonic firms, to stimulating innovation in mature organizations. In addition to a broad portfolio of courses and outstanding faculty, entrepreneurial education at Stern is enhanced by cocurricular activities that are offered through the Berkley Center for Entrepreneurial Studies (see pages 91-92). These activities provide students with the opportunity to interact with, and learn from, entrepreneurs, service providers (including venture capitalists, accountants, lawyers, and bankers), and faculty in highly interactive events.

Area Chairman: Ari Ginsberg Associate Professors: Fernando Alvarez, Ljungqvist, Melissa Schilling, Chris Tucci, Professors: Yakov Amihud, Ari Ginsberg, Kim Corfman, Michael Darling, Raghu Batia Wiesenfeld Seymour Jones, Kose John, Joshua Livnat, Garud, Al Lieberman, Eli Ofek Adjunct Faculty: Scott Perlin, Kenneth Robert Shoemaker, George Smith, Roy Assistant Professors: Michelle Gittelman, Preston, Irwin Tantleff Smith, Richard Sylla, Lawrence White Gregory Janicik, Michael Lenox, Alexander

42 Requirements The Entrepreneurship and Innovation area take prescribed entrepreneurship courses in For the M.B.A. degree with a comajor in offers an M.B.A. comajor with the Depart- other fields as electives. All comajors must entrepreneurship, three courses (9 credits) for the M.B.A. ments of Accounting, Economics, Finance, take the entrepreneurship core course, which are required in addition to the core course. Degree with a Information Systems, Operations Manage- analyzes the entrepreneurial process and key These courses can be taken in major or elec- Comajor in ment, Management, and Marketing. Stu- issues faced by entrepreneurs who start and tive areas. The total requirement is four Entrepreneurship dents completing comajor requirements are grow new businesses. courses (12 credits), including the entrepre- also eligible for the Harold Price Award, The comajor contains two components: neurship core course. Students interested in given at Pre-Commencement. taking an introductory course in entrepre- • The entrepreneurship and innovation Students taking the proposed entrepreneurship should take the Foundations of core course—Foundations of neurship and innovation comajor must ful- Entrepreneurship course. Students wishing Entrepreneurship, B65.3335 fill all the requirements for a major in one of to focus their M.B.A. program around entre- the basic functional fields (finance, man- • Electives oriented to entrepreneurship and preneurship and innovation can take a port- agement, marketing, etc.), including entre- innovation folio of courses that are listed under their preneurship courses in that field; they also respective departments and cross-listed here.

Entrepreneurship Accounting, Tax, and Legal cern common personality traits or behav- different societies have achieved competitive Courses Issues for Entrepreneurs ioral attributes among the various entrepre- advantages in domestic markets and global B10.3360 neurs in our study? trade at different times. To that end, the 3 credits. course examines the effects of culture, tech- The course offers students an opportunity to Economic and Business History nology, finance, and government on the be exposed to the actual accounting, tax, of the United States economies of England, Germany, Japan, the and legal issues confronted by entrepreneurs. B30.2336 United States, and the East Asian “tigers,” as This is particularly useful for students who Prerequisites: B01.1303 and B01.2303. well as newly developing and lagging intend to start their own business and those 3 credits. economies around the world. who either wish to be part of the manage- This course examines the historical development of entrepreneurial businesses or who ment of American enterprise since the begin- Telecommunications intend to incubate new businesses within the nings of the industrial revolution. Focusing Economics and Digital structure of major corporations. Provides on the entrepreneurial forces that shaped the Convergence practical business tools to start, develop, and rise and evolution of the modern economy B30.2345 maintain new entrepreneurially managed and business system, the course takes into 3 credits. businesses and to understand the psychology account business strategy and structure, This course analyzes the economics of and sound financial business practices of the finance, management, labor organization, telecommunications and related services, entrepreneurial world in order to be a suc- technology, transportation, communica- including cable television and the evolution cessful entrepreneur. tions, and public policy. Interlacing the of the telecommunications industry. Special course is a fundamental examination of the attention is paid to the crucial antitrust Entrepreneurial Leadership: broader economic, cultural, and political intervention that resulted in the 1984 Patterns and Processes constraints within which American enter- breakup of AT&T; to the reform attempted by B30.2305 prise has been shaped. The goals of the the Telecommunications Act of 1996; and to 3 credits. course are to impart a long-term perspective the economics of monopoly and oligopoly as Entrepreneurship is the introduction of sig- from which contemporary business can be applied to network industries, and, in partic- nificant change into economic life. This understood and to introduce students to his- ular, to telecommunications markets. The course examines the manifold aspects of torical ways of thinking about economic course also reviews the current wave of entrepreneurship and its impacts on eco- development. mergers and consolidations in the industry nomic development, primarily through the from the perspective of “digital conver- close examination of biographies of repre- Global Perspectives on the gence” and covers the framework and direc- sentative “actors,” to illuminate our under- History of Enterprise tion of industry change. standing of some basic economic and histor- B30.2338 ical theories about entrepreneurship. Among 3 credits. Venture Capital Financing the questions this course addresses are the This course compares the rise and evolution B40.3173 following: What is the relationship between of modern corporate enterprise across Prerequisite: B01.2311. 1.5 credits. entrepreneurial undertakings on the one nations. It considers the social and economic Fall and spring. hand, and culture and institutions on the contexts for and the patterns of creation, This course provides institutional back- other? How can society and its organizations growth, and change in industrial organiza- ground and detail necessary to deal with the enhance entrepreneurship? Are there typical tion from the “first industrial revolution” to venture capital and new issues markets. problems that every entrepreneur must con- the present day. A major goal of the course is Examines basic valuation issues, appropri- front and solve to be successful? Can we dis- to help students understand how and why ate capital structure, the value of liquidity,

43 and the value of control. Also considers the funds and college endowments), and stock- more difficult) time bringing a new product intangible aspects of entrepreneurship and market investors at the IPO. The course is to market and appropriating profits from it? venture capital forms of financing. not open to students who are currently tak- The course also provides frameworks to ing or who have taken Entrepreneurial assess new technological and business FinDotCom Finance (B40.3361). Although the two opportunities. Students are expected to ana- B40.3342 courses cover similar ground in some lyze and evaluate technological opportuni- Prerequisite: B01.2311. 3 credits. Fall. lectures, New Venture Financing focuses ties using the frameworks and techniques This course integrates both an academic and more heavily on start-ups and the workings presented in the course. a practitioner view of financial analysis for of the venture capital industry than does new economy companies. Lectures alternate Entrepreneurial Finance. Corporate Venturing between two major topics: (a) corporate B65.2130 finance for the new economy and (b) the Electronic Commerce 1.5 credits. Internet company from idea through IPO. B55.3338 Managers in large, mature corporations Among the corporate-finance-related topics 3 credits have become increasingly aware of the discussed in the course are valuation of new The Internet and the emerging “information important role of entrepreneurship in economy businesses, with a comparison to superhighway” are dramatically altering the responding to the competitive challenges of “old economy” valuations; the financing of way we transact goods and services. This a fast-changing marketplace. This process of the new economy; IPO strategies for dotcom course examines how new information tech- entrepreneurship, referred to as “corporate firms; and the role mergers and acquisitions nologies and networks will affect the venturing,” is one that generates and should play in the new economy. Faculty lec- exchange of goods and services between buy- exploits new technologies, products, or busi- tures are coupled with lectures by outside ers and sellers in the 21st century. How will nesses under the organizational umbrella of speakers who are leaders in new economy advertising, purchasing, customer service, an established firm. This course seeks to pro- and Internet businesses. and trade settlement processes change? What vide an understanding of this process and are the economics of different electronic the knowledge and skills that are required to Entrepreneurial Finance commerce models for these processes? The manage organizations so that innovations B40.3361 course combines critical evaluation of busi- and new businesses are generated and Prerequisite: B01.2311. 3 credits. Fall. ness strategies with hands-on experience in growth is sustained. The course should be of This course identifies and follows the building supporting electronic commerce interest to those who wish to work as a mem- “wealth creation cycle” that begins with systems. It evaluates key corporate strategies ber of a corporate venture team, as the gen- company start-ups and passes through suc- and initiatives in electronic commerce and eral manager of a corporate venture or as a cessive stages of private equity financing and the enabling network and user interface member of senior management overseeing “harvesting” through a merger or sale, or an technologies that will redefine business as we the venture within the corporation. IPO. Emphasis is placed on how entre- know it. These technologies include the preneurial firms adapt financing and finan- Internet, interactive television, virtual reality, Negotiation for Entrepreneurs cial contracts to the information asymmetry digital cash, etc. Next, using the capabilities B65.2158 problems, the high degree of uncertainty, of the World Wide Web infrastructure on the 1.5 credits. and the conflicts of interest associated Internet, students learn how to develop and Negotiation is the art and science of securing with start-ups. implement Internet servers and applications agreements between two or more interdepen- for supporting electronic commerce. Finally, dent parties. The risk involved with starting New Venture Financing the course considers the economics of elec- one’s own company forces individuals to B40.3373 tronic commerce and the costs of organizing develop skills that will be necessary to secure Prerequisite: B01.2311. 3 credits. and implementing different models of elec- significant revenue opportunities. When Not open to students who have taken tronic trading. individuals are working for themselves, the B40.3361. stakes of a negotiation are high. Further- This course focuses on financing entrepre- Technological Innovation and more, entrepreneurs must be able to craft neurial companies, especially start-up and New Product Development agreements with multiple stakeholders. early-stage ventures. The overall aim of the B60.3356 Whether addressing complex issues regard- course is to understand how entrepreneurs 3 credits. ing the rights and obligations of investors, or and their financial backers can spot and cre- This course offers perspectives and frame- merely establishing the payment terms of ate value. This involves learning about the works that seek to understand technological legal or consulting fees, entrepreneurs rely topics that trace out the venture capital cycle, innovation and new product development at on their own strategies to resolve the situa- such as opportunity recognition, valuation different levels of analysis, including the tion. There are no established policies or pro- and evaluation, negotiating funding, and firm, industry, and national levels. The cedures to utilize as an organizational safety managing the investment. The course course addresses issues pertaining to the dis- net. The purpose of this course is to under- explores the new venture finance from a covery, development, and diffusion of tech- stand the theory and processes of negotiation number of different perspectives: the entre- nological advances and innovations in both as it is practiced in entrepreneurial settings. preneur’s, the venture capitalist’s, that of the start-up and established firms. For example, This course is designed to complement the investors backing the VC (such as pension when do established firms have an easier (or technical and diagnostic skills learned in

44 other courses at Stern. A basic premise of this Family Business Management and mid-size venture consultancies to the course is that while entrepreneurs need ana- B65.2328 new fast venturing launch centers run by the lytic skills in order to discover optimal solu- 3 credits. large consulting firms in conjunction with tions to problems, they also need a broad The course is directed to students who will entrepreneurial innovators and equity array of negotiation skills in order to get enter into the management of family busi- investors. Through interactive dialogue, these solutions accepted and implemented. nesses, either their own family’s or someone cases, and guest speakers, the course pro- else’s, and students who will do business vides students with a practical real-world New Business Planning with family firms or consult to them. The view and broad knowledge of how consul- Practicum focus is on small and mid-size firms in the tancies, whether large or small, are creating B65.2326 $10-$250 million annual revenue ranges. new entreprenuerial business models, inno- Prerequisite: B01.1302. 3 credits. The course explores the managerial, strate- vative strategies, alliances, intellectual capi- This practical applications course is gic, and behavioral complexities found in tal, careers, and wealth, both for themselves designed to facilitate the start-up process of a family-owned and -managed companies, and their clients in the on-going race to new venture for students who have a new including entrepreneurial behavior of bring innovation to market. business concept they wish to develop as part founders and entrepreneurship require- of a team. The objective is to guide students ments of successor generations. Through Business Start-Up Practicum by focusing on the skills needed to identify case studies and guest speakers, we consider B65.3333 and resolve critical issues and alternatives questions of ownership, succession, sibling 3 credits. vital to the start-up. Utilizing milestone rivalry, attracting and retaining nonfamily This course serves to link theory with practice deliverables, small group partnership teams talent, and estate planning. by integrating entrepreneurship theories and develop a business plan as the case study for concepts with the realities of initiating, a start-up scenario for their own business Managing Change developing, and growing a real-world, start- concept. Class sessions, meetings with the B65.2353 up business. Students work in small teams, instructor, invited guests, and readings are Prerequisites: all required core courses. together with entrepreneurs and business used to provide guidance and evaluation, as 3 credits. Fall and spring. development experts who are at the forefront each team’s business plan develops through Contemporary business environments con- of developing and commercializing new and designated milestones. Applicants must sub- tain challenges that demand an increasing innovative technologies and products. The mit a one-page outline identifying: (1) con- pace, volume, and complexity of organiza- experiential learning process is shaped cept feasibility, by briefly identifying the con- tional changes. Most organizations, whether through participation in start-up and incu- cept and “need” for the product/service; (2) they are entrepreneurial start-ups or long- bation activities and through the completion intended positioning, including market(s) established Fortune 500 firms, find that they of specific assignments, including written to be served and unique selling benefit or must change or wither. This course is geared reports and oral presentations. A team of value; (3) perceived entry strategy; and (4) toward deepening students’ understanding Stern faculty, experienced entrepreneurs, and core competencies, required for competitive of the challenges, the techniques, and the business development experts guide, super- advantage. Students enrolling in this course burdens associated with initiating and vise, and evaluate student learning and per- typically have taken Foundations of implementing major change in an organi- formance. Applicants must submit an essay Entrepreneurship, are second-year, full-time zation. The objective is to prepare managers, that summarizes their motivation for partic- students or part-time M.B.A. candidates who or their consultants and advisers, to meet the ipating in a business start-up or incubation have completed core course requirements. challenges of organizational change suc- process and be interviewed by members of cessfully. As such, the course is especially use- the business start-up or incubation team. Managing the Growing ful for students who plan careers in manage- Company ment consulting, general management Foundations of B65.2327 (whether in line or staff positions), and Entrepreneurship Prerequisites: all required core courses. 3 entrepreneurship or corporate venturing. B65.3335 credits. Fall and spring. Prerequisite: B01.2311. 3 credits. This course exposes students to the unique Entrepreneurship for This course offers a framework for under- challenges of managing the growth of small Consultants standing the entrepreneurial process and businesses. It is designed for students who B65.3315 exposes the student to most problems and are interested in understanding the opportu- 3 credits. issues faced by entrepreneurs who start new nities and problems involved in the start-up, Entrepreneurship is a critical factor for mar- businesses. Case study is the principal teach- management, or operation of their own ket entry, growth, and positioning in the ing method, supplemented by lectures, a business. In addition, the course is also competitive world of consulting. This course business planning exercise, and guest designed for students who are considering provides an understanding of how entrepre- speakers. Major objectives are for students employment in a smaller firm. The differ- neurship drives the creation of economic to learn how to identify and evaluate market ences between small firms and large organi- opportunity as it applies to the spectrum of opportunities, develop a business concept zations, management needs, practices, and consulting entities. Students explore the crit- and marketing plan, assess and obtain the financial resources are examined. ical entrepreneurial issues faced by the range required resources, and manage the growth of firms from the elite start-ups, think tanks, of the new venture. This course can count as

45 a marketing elective and fulfill part of the Brand Planning for New the new “electronic” economy by taking requirements of the marketing major. It can and Existing Products advantage of Stern School’s unique location be counted only as a marketing elective or as B70.2365 in the middle of the Silicon Alley. Students a management elective, but not both. Prerequisite: B01.2310 or equivalent. participating in this course (1) acquire an 3 credits. Fall and spring. understanding of the changing supplier/cus- The Business of Producing: This course is designed to be of immediate tomer deliverables and relationships evolv- Entrepreneurship in practical value to students interested in ing in the new economy; (2) identify the Entertainment and Media brand management of new and existing changing issues faced by companies operat- B70.2116 products. Focuses on the application of mar- ing in this environment; (3) learn how cus- Prerequisite: B01.2310 or equivalent. keting concepts, principles, and tools to the tomers operating in this environment are 1.5 credits. development of operating brand plans. coping with these rapidly evolving changes; The course is designed to provide students Covers the collection, analysis, and interpre- and (4) develop a framework for identifying with a framework for understanding the tation of information required to assess mar- success factors for these companies, along dynamics of producing a finished creative ket opportunity and competitive threat in a with comparisons to factors found elsewhere product in the entertainment and media product category, and development of mar- in the economy. industries. Covers the process of feature pro- keting objectives, strategies, and tactical duction from the initial concept of the story, action programs using that information. Business Transactions Planning through script development to completion of Particular emphasis is placed on issues L03.3501 (offered through the School the project. Explores all the facets of the proof importance to new product planning, of Law) duction process including script selection, such as concept generation and screening, This course is a simulation-based transac- finance, budgeting, timetable development, perceptual mapping, preference analysis, tional seminar. It involves the organization team building, talent selection, contract and product testing and test marketing, and of a new business enterprise, following that union negotiation, regulation and tech- risk assessment. business through its first outside financing. nology. Guest speakers include producers Students are required to engage in several on independent movies, network TV, cable, Marketing High-Tech Products intense negotiation cycles, including plan- syndicated TV, radio, and TV commercials. B70.2390 ning the negotiation, conducting the negoti- Prerequisite: B01.2310 or equivalent. ation, and reflecting on the process of its out- Strategy and Entrepreneurship 3 credits. come. In addition, students draft and revise, in the Media and Entertainment Increasingly, markets are affected by as necessary, the documents that result from Industry technology. Often, these markets are very the negotiations. B70.2117 dynamic and are characterized by uncer- 1.5 credits. tainty. These challenging environments Colloquium on From digital distribution to broadband require a new mind-set from managers. This Innovation Policy Internet access, rapid and exciting changes course focuses on the decision problems L12.3534 (offered through the School are driving fundamental shifts and realign- faced by managers in creating, developing, of Law) ments in the media and entertainment and commercializing and managing tech- Topics for discussion are determined on a industry. These shifts are creating unparal- nology-based products. The objective is semester-by-semester basis. Examples of top- leled opportunities and risks for current and to provide the conceptual frameworks and ics include the law and economics of compe- prospective media players. In some cases new analytical tools required for managing tition in the patent and copyright industries; entrants are seizing the opportunity to enter fast-paced technology business. Uses a incentive structures; innovation in develop- new industries and markets, while in others, combination of texts, articles, lectures, ing economies; the influences of nonintel- established players may be better positioned discussions, and cases. lectual property laws on innovation; and to gain share. The course examines these issues raised by advances in telecommunica- issues as they apply to motion pictures, Field Studies in the tions. The colloquium has two components: television, music, and publishing. The New Economy a seminar and a course. The seminar creates Internet will be addressed both as an influ- B70.3330 an opportunity to study the topics for presen- ence on traditional media sectors and as a 3 credits. tation in greater depth and to write and pre- sector on its own. This course offers a firsthand examination of sent independent projects.

46 Finance

he Department of Finance curriculum provides an understanding of the finance decision-making process and offers insight Tinto how financial markets function. The department provides part of the necessary education for students seeking finance positions in industry, in financial institutions, or in government or nonprofit institutions.

Courses in finance are divided into two broad Chairman: Anthony categories. One category focuses on microfi- Saunders nance issues—corporation finance and Deputy Chairman: investments. The second category focuses on Michael Keenan macrofinance issues—financial markets Professors: William and the international financial system. All Allen, Edward Altman, finance courses apply economic analysis, Yakov Amihud, Menachem Brenner, Stephen Adjunct Faculty: Jeffrey Barclay, Roberts accounting, and quantitative methods to the Brown, Aswath Damodaran, Edwin Elton, Brokaw, Allan Brown, Sinan Cebenoyan, financial problems encountered. Robert Engle, Stephen Figlewski, Kenneth Thomas Dooley, David Ellner, Brian The Department of Finance faculty is the Froewiss, Martin Gruber, Joel Hasbrouck, Gendreau, Ian Giddy, Barry Gold, Peter largest and one of the most distinguished Kose John, Robert Kavesh, Michael Keenan, Goodson, Robert Gordon, Max Holmes, finance faculty groups in the world. Mem- Richard Levich, Rita Maldonado-Bear, Fred Richard Levine, Lawrence Longua, Arjun bers of our faculty are leaders in research Renwick, Matthew Richardson, Anthony Mathrani, Charles McGill, Roger Mesznik, and in textbook publication in their fields. Saunders, William Silber, Roy Smith, Marti Frederick Militello, Charles Murphy, Paul We hold as our mission the great tradition Subrahmanyam, Ingo Walter Noglows, Kenneth Parkinson, Scot Perlin, started by the founders of New York Uni- Harvey Poniachek, Avri Ravid, Arthur versity: to have a department that is recog- Associate Professors: Jacob Boudoukh, Rosenbloom, Gerald Rosenfeld, Nancy nized both nationally and internationally as Jarl Kallberg, Crocker Liu, Jianping Mei, Rosenfeld, Martin Siegel, Tad Smith, a leader in scholarship, and to transmit that Eli Ofek, Rangarajan Sundaram, Robert William Sonnenreich, Robert Stovall, scholarship in a professional way to students Whitelaw, David Yermack Frank Sullivan, Kishore Tandon, Ashok and those in industry with whom we work. Assistant Professors: Heitor Almeida, Vora, Jacob Worenklein, Arthur Zeikel, We have faculty members who have won Jennifer Carpenter, Matthew Clayton, Qiang Lawrence Zicklin teaching awards on every continent. Some of Dai, Alexander Ljungqvist, Anthony Lynch, our faculty serve as government advisers, Holger Müller, Lasse Pederson, Gideon Department Office: KMC, 44 West Fourth consultants to firms and government agen- Saar, Alex Shapiro, Jessica Wachter, Daniel Street, Suite 9-190 cies, journal editors, trustees, and directors of Wolfenzon, Jeffrey Wurgler Web site for new courses, seminar schedules, and other information: corporate and nonprofit firms. Our size (and Instructors: Deepak Agrawal, Sreedhar www.stern.nyu.edu/fin the corresponding size and diversity of our Bharath, Olga Filipenko, Christopher Mann, student body) permits us to offer a broader David Weinbaum spectrum of courses than is usually available to students at other institutions.

The Finance The Department of Finance core course for and instruments that are the tools for Foundations of Finance Core Course M.B.A. students is Foundations of Finance. modern financial management. Founda- B01.2311 This course provides the necessary theo- tions of Finance is a prerequisite for all other Prerequisites: B01.1306, B01.1303, retical foundation for most of the other finance courses. and B01.1305. Note that B01.2311 is a courses in finance and introduces students prerequisite for other finance courses. to the broad spectrum of financial markets 3 credits. Fall and spring.

47 This is a rigorous quantitative course intro- are present value, option value, risk/diversi- of financial markets, portfolio selection, and ducing the fundamental principles of asset fication, and arbitrage. These tools are used risk management. valuation within the framework of modern to value stocks, bonds, options, and other portfolio theory. The key analytical concepts derivatives, with applications to the structure

Nonmajors in Those students who are not finance majors, issues in corporate financial management; also several professional half-course electives or who are undecided about their major, Equity Instruments and Markets, offered each semester by distinguished Finance may want to consider the following courses B40.3331—a traditional course in equity adjunct faculty that may be of interest. as electives that develop some of the key analysis and selection useful for both profes- Since the courses vary depending on the issues of the core course without becoming sionals and individuals in personal portfolio availability of these adjunct professionals, too specialized: Corporate Finance, management; International Financial check the registration packets for each B40.2302—this course (which is also Management, B40.3388—a course that semester’s offerings. strongly recommended for finance majors) develops the key concepts associated with introduces students to most of the major international financial decisions. There are

Majors in Finance majors must take four finance For students seeking advice on how to and Ph.D. finance courses. For a broader courses (12 credits) beyond the core course. select their major courses, we offer the fol- perspective, sample from among some of the Finance Students may elect to take fifth and sixth lowing suggestions. First, remember that you groups; for a more focused set of courses, courses in finance if they so desire. Majors are in an M.B.A. program and not a special- consider selecting within a group. may select their four courses from the port- ized degree program in finance. Think Students with a strong interest in highly folio of Department of Finance courses broadly and consider courses where you will quantitative, financial-engineering-type offered each semester. not be receiving parallel training in your finance electives, should consult with the Although it is not a requirement, we firm’s own educational programs over the Department of Finance “Q” course adviser. strongly urge all finance majors to take next five years. Second, note that we have That faculty person can help you select Corporate Finance, B40.2302. It is a neces- tried to organize the courses below according the most appropriate electives from among sary course for many types of work in finance, to four general themes: (1) corporate current M.B.A. and Ph.D. offerings at and we believe that it is one of the best corpo- finance courses, (2) financial instruments Stern or at the Courant Institute of rate finance courses currently being offered and markets courses, (3) international Mathematical Sciences. in business schools around the country. finance courses, and (4) advanced theory

Outside Electives With respect to electives for finance majors tives that have more than normal finance International Financial for M.B.A. outside the Department of Finance, it would content. Some finance major students may Statement Analysis be useful to remember that the fields most want to consider these courses when select- B10.3335 Finance Majors closely related to finance, and on which ing nonmajor electives. finance draws for its methods and tech- Current Economic and niques, are economics and quantitative Economic and Financial Financial Problems: Analyses, analysis. For its “applications,” finance Forecasting Philosophies, and Forecasts draws on accounting, information systems, B30.2361 B30.2342 marketing, and corporate strategy frames of reference. Below, we list some current outside Financial History Applied Stochastic Processes for electives that have more than normal B30.2392 finance content. But as managers, you may Financial Models B90.2308 want to consider the full range of the school’s Financial Information Systems electives available to you. The good news is B20.3350 that education does not stop with this partic- Management Communication ular degree. You will have the opportunity to (with an emphasis in Finance) An Integrated Approach to B45.2300 take many of these courses in future years Financial Statement Analysis and future programs as your career evolves. B10.2303 We have placed in this section a list of some of the current other department elec-

48 Courses in In each group, full-semester 3-credit courses Working Capital Management the entertainment industry. Explore how Finance are listed first, followed by half-semester 1.5- B40.3325 creative projects such as movies, plays, or credit courses. Prerequisite: B01.2311. 3 credits. Fall music productions can be financed and eval- and spring. uated. Topics include entertainment industry CORPORATE FINANCE Acquaints students with the modern tech- special characteristics related to incentive Corporate Finance niques and practices of short-term corporate contracts and to complex revenue/profit- sharing agreements. Cases and class dis- B40.2302 finance. The primary focus is on the man- Prerequisite: B01.2311. 3 credits. Fall agement of the firm’s liquid assets: cash and cussion also look at how entertainment and spring. securities, accounts receivable, and invento- companies interact with the financial markets, and how novel financing arrangements This course presents the theory and practice ries. The importance of good forecasting such as the securitization of receipts are of corporate finance. Topics include concepts technique and comprehensive information changing the industry. of corporate valuation; financial statement systems is discussed. Cases and examples analysis and forecasting; the evaluation of illustrate the variety of short-term financing capital investments under differing assump- sources and the complications on multina- Law and Business of Investment tions about risks and the state of the world; tional working capital flows. Banking the financing choice for capital projects; the B40.3345 effects of debt, equity, and derivative finan- FinDotCom Prerequisite: B01.2311; for second-year cial instruments on the value of the firm; B40.3342 M.B.A. and School of Law students. dividend policy and other stakeholder forms Prerequisite: B01.2311. 3 credits. Fall. 3 credits. Spring. of payment; corporate restructuring, bank- This course integrates both an academic and This course focuses on the legal and finan- ruptcy, and merger; issues in corporate con- a practitioner view of financial analysis for cial aspects of three of the most commonly trol and compensation. new economy companies. Lectures alternate encountered forms of transactions in which between two general notions: corporate investment bankers and lawyers guide client Restructuring Firms and finance for the new economy and the interests: (1) the pricing, due diligence prac- Internet company from idea to IPO. Topics tices, negotiation, and documentation of Industries merger agreement or acquisition transac- B40.2304 covered include valuation of new economy tions; (2) the legal and financial issues asso- Prerequisite: B01.2311. 3 credits. Fall firms compared to old economy businesses, ciated with initial public offerings; (3) issues and spring. the financing of the new economy, IPO associated with the private placement of This course presents a comprehensive analy- strategies for dot firms, and the role mergers securities. Legal and financial issues are sis of asset and liability restructuring. Topics and acquisitions should play in the new given equal attention. include industrial organization economics; economy. Faculty lectures are coupled with mergers and acquisitions; divestitures; cor- lectures by outside speakers who are leaders porate recapitalization; bankruptcy and in new economy and Internet businesses. Legal Foundations of Applied reorganization in and out of court workouts; Finance legal, political, and tax impacts on indus- Business of Music and Films B40.3346 Prerequisite: B01.2311; for second-year tries; multinational competition. Agency B40.3343 M.B.A. and School of Law students. theory issues and corporate governance are Prerequisite: B01.2311. 3 credits. Fall. 3 credits. Spring. also considered. The focus of this course is the business side of the music and film industry. Specifically, the This course provides an introduction to how Investment Banking course emphasizes the characteristics of the laws of contracts, property, and other areas influence financial markets and trans- B40.2334 deals, cash flows, and project and firm valu- actions. Topics include contract formation; Prerequisite: B01.2311. 3 credits. Fall ation within this highly dynamic and uncer- damages or breach of contract; fiduciary and spring. tain environment. While the core material is duties; property rights; the growth and A broad overview of the role of investment corporate finance, the issues encompass importance of intellectual property; tort banking in modern societies. What functions accounting, marketing, economics, and liability; and the role of litigation in corpo- are performed; how are these tasks carried strategy. Outside professionals help lead rate governance. Some introduction to the out in competitive and noncompetitive envi- many of the discussions. Student evaluations structure of the United States legal system ronments. Concepts such as origination, are based on class participation, short cases, syndication, distribution of security issues. and class projects. and comparisons with other countries are Pricing of new issues and the management also included. of issues in the after markets. The role of Entertainment Finance investment bankers in restructuring indus- B40.3344 Entrepreneurial Finance try, financing governments, and facilitating Prerequisite: B01.2311. 3 credits. Spring. B40.3361 saving and investment. Ethical issues invest- A course designed to demonstrate how the Prerequisite: B01.2311. 3 credits. Fall ment bankers must face are considered. basic principles of finance can be applied to and spring.

49 This course identifies and follows the wealth Corporate Finance in EMT Firms ment and payment; financial electronic data creation cycle that begins with company B40.3125 interchange models that integrate trading start-ups, passes through successive stages of Prerequisite: B01.2311. 1.5 credits. Fall. partners and financial institutions; payment various kinds of private equity financing, The chief financial officers of firms in the models for business-consumer payments; and ends with the harvesting of the created entertainment, media, and technology business-to-business electronic procurement wealth through a sale or merger or initial (EMT) industries face many of the chal- models; and Web-enabled credit manage- public offering. Emphasis is placed on how lenges that would be encountered in more ment. Case studies and extensive Web “visit- entrepreneurial firms adapt financing and traditional industries. But often in EMT the ing” are part of this course. financial contracts to the information asym- risks are different and the way standard metry problems, the high degree of uncer- finance tools are applied is different. This Venture Capital Financing tainty, and the conflicts of interest associated course explores these unique aspects from B40.3173 with start-ups. the perspective of a corporate finance officer Prerequisite: B01.2311. 1.5 credits. Fall in such a company. Topics include raising and spring. New Venture Financing capital, project selection, forecasting earn- Provides institutional background and detail B40.3373 ings, contracting, and external valuation of necessary to deal with the venture capital Prerequisite: B01.2311. 3 credits. firms. Combines lectures with outside indus- and new issues markets. Examines basic Fall and spring. try speakers and case studies. valuation issues, appropriate capital struc- Not open to students who have taken ture, the value of liquidity, the value of B40.3361. Topics in Corporate Finance control. Also considers the intangible aspects The focus in this course is on financing B40.3160 of entrepreneurship and venture capital entrepreneurial companies, especially start- Prerequisite: B01.2311. 1.5 credits. Fall forms of financing. up and early-stage ventures. The overall aim and spring. is to understand how entrepreneurs and their Topics vary from semester to semester; check Mergers and Acquisitions financial backers spot and create value. How registration packets and department bulletin B40.3196 do you tell a great opportunity from a mere boards for current offerings. Advanced topics Prerequisite: B01.2311. 1.5 credits. Fall good idea? How do you evaluate such ideas of current interest are offered that illustrate and spring. and then negotiate funding and new venture current theory and empirical findings in Examines selected topics in mergers and financing contract details on compensation actual case settings. Topics might focus on acquisitions from the viewpoint of finance. and other issues? What needs to be done in such issues as corporate control, initial Basic theory and empirical findings form the terms of managing such investments or pro- public offerings, investment banking, man- base for discussing such issues as merger viding exit strategies? To understand how agerial compensation, pension and health strategy; defensive measures in merger; the venture capital creates value, it is necessary planning, share repurchase, ethical issues in valuation of firms as a whole under differing to examine the goals and strategies of the finance. Students may only elect this course management strategies; impact of financing entrepreneurs, venture capitalists, the once in their degree program. considerations on various stakeholders. investors backing venture capital funds, and the securities firms and public who become Cases in Corporate Finance Legal Risk Issues in Mergers and involved at the initial public offering stage. B40.3161 Acquisitions Prerequisite: B01.2311 and B40.2302. B40.3197 Managing Financial Businesses 1.5 credits. Spring. Prerequisite: B01.2311. 1.5 credits. B55.2310 This course covers advanced material in cor- Spring. Prerequisite: core courses. 3 credits. Spring. porate finance as the topics are revealed to This course is designed to equip M.B.A. stu- For second-year students; may be count- students in various case studies. Class ses- dents with basic knowledge necessary to ed as a finance or nonfinance elective. sions consist primarily of case presentations evaluate advice received respecting various This course looks at the management of and discussions, with occasional lectures on kinds of legal risks in mergers and acquisi- financial service organizations during peri- background theoretical material. Topics tions. Topics include acquisition motiva- ods of rapid regulatory, cultural, and techni- include valuation issues, mergers and acqui- tions; corporate law basics on alternative cal change. The focus is on issues as per- sitions, corporate restructuring, financing legal structures for acquisitions (with tax ceived by top executives. Particular indus- strategies, and bankruptcy avoidance. implications); the legal roles of the board, tries and firms are selected for case study management, and shareholders in M&A exploration. Three main themes are exam- Financial E-Commerce transactions; documentation issues (includ- ined: strategy and its execution, managing B40.3162 ing secrecy requirements); negotiating culture, and managing technology. Classes Prerequisite: B01.2311. 1.5 credits. strategies including poison pills, fiduciary are a combination of lectures, case studies, Spring. outs, and deal protection provisions; pooling and outside speakers. This course focuses on the transactions and and purchase accounting issues; securities payment side of Web-based electronic com- law regulation, and federal and state regula- merce. Topics include electronic bill present- tory roles related to antitrust issues.

50 Bankruptcy and Reorganization the mortgage derivatives explored are mort- mines ultimate success. The intent is to B40.3198 gage pass throughs, interest only and prin- provide an unbiased forum for the presen- Prerequisite: B01.2311. 1.5 credits. Fall cipal only strips, floaters and inverse tation of different investment styles, while and spring. floaters, and various types of collateralized supplying tools and empirical evidence to Practical and theoretical implications of mortgage obligations. enable students to make their own judg- bankruptcy and distressed restructuring. ments about the relative value of these vari- Focus is primarily on corporate form organi- Investment Philosophies in ous philosophies. zations ranging from banks to retail firms to Real Estate manufacturers. Topics include valuation B40.2341 Topics in Investments effects of bankruptcy; workout strategies; the Prerequisites: B01.2311 and B40.2339. B40.3176 bankruptcy-reorganization process from the 3 credits. Spring. Prerequisite: B01.2311. 1.5 credits. Fall viewpoint of different participants; the impli- A course designed to expose students to a and spring. cations of bankruptcy for banks, workers, wide range of investment philosophies in the Topics vary from semester to semester; check and state and national industrial policy. special context of real estate investing. Each registration packets and department bulletin week, leading professionals or academics boards for current offerings. Topics cover FINANCIAL INSTRUMENTS AND speak on a particular approach to real estate professional issues in the design and use of MARKETS investing, how it is put into practice, and the financial instruments or in developing extent to which it is successful. financial markets. Recent offerings have Real Estate Finance ranged from applying arbitrage strategies to B40.2339 Investment Strategies high-technology investing, to investing for Prerequisite: B01.2311. 3 credits. Fall B40.3122 pension funds, to municipal securities mar- and spring. Prerequisite: B01.2311. 1.5 credits. Fall kets. Students may only elect this course This course is designed for students who and spring. once in their degree program. have little or no prior knowledge of real Subjective approach to security analysis. estate. Different aspects of real estate analysis Topics include industry selection, market Topics in Real Estate Finance are covered, including finance, taxation, timing, interpretation of market history and B40.3177 appraisal, investment analysis, development, cycles. Illustrations range from applications Prerequisite: B01.2311. 1.5 credits. Fall and property management. A central focus of the Dow theory to interest rate analysis to or spring. of the course is on the risk and return ele- contrary opinion theories. Goal is to blend Topics vary from semester to semester; ments in commercial real estate financing current market, political, and economic fac- check registration packets and department and on how to modify the principles of cor- tors in with standard firm financial data to bulletin boards for current offerings. Cov- porate finance and investment theory to fit make better investment decisions. ers topical issues in real estate finance the specialized needs of real estate analysis. ranging from mortgage-backed securities, Topics include liquidity problems, buyer or to regional planning factors in commercial seller informational asymmetries, and Risk Planning and Insurance B40.3113 real estate development, to innovations interrelatedness of financing and investment Prerequisite: B01.2311. 1.5 credits. Fall in syndicating development activities. decisions. The growing role of international or spring. Students may only elect this course once in considerations, the importance of securitized This course looks broadly at how firms and their degree program. instruments, and the changing roles of individuals should evaluate risk and man- brokers are considered. age their insurance programs. Topics may Applications of Portfolio range from the organization of insurance Analysis Mortgage Backed Securities risks to asset and liability risk management B40.3181 B40.2340 to personal financial planning. Illustrations Prerequisite: B01.2311. 1.5 credits. Fall Prerequisites: B01.2311 and B40.2339. are drawn from examples in business and and spring. 3 credits. Fall or spring. personal use of insurance; from tax and Advanced professional strategies for manag- This course is designed to introduce students accounting considerations; and from changing portfolios and evaluating financial to mortgage-backed securities, primarily as ing regulatory pressures on insurance firms. instruments. Topics range from arbitrage an important application of fixed income trading strategies to contrarian investing to theory. Mortgages are explored with respect issues in public pension fund management. to differences in their cash flows, prepay- Investment Philosophies B40.3124 Taught by leading Wall Street professionals ment, and default probabilities. The dynam- Prerequisite: B01.2311. 1.5 credits. and senior faculty members. ics of mortgage prepayments and pricing Spring. of embedded call options in a mortgage A course designed to expose students to a are discussed, followed by real-world appli- Policy Making in Financial wide range of investment philosophies. cations using spreadsheets to create and Institutions Each week leading professionals or aca- value mortgage derivatives using such tech- B40.3312 demics speak on a particular philosophy, niques as option adjusted spreads. Among Prerequisite: B01.2311. 3 credits. Fall or how it is put into practice, and what deter- spring.

51 Analyzes the financial management of siderations. The role of financial futures and analyst, trader, portfolio manager, market financial institutions. Focus is primarily on options on bond portfolio strategies is strategist and economist, compliance officer, asset/liability management of bank-type analyzed, as well as more traditional ap- public relations manager, accountant, and institutions. Issues include regulatory con- proaches to debt portfolio strategies. the other activities that real funds must straints; credit risk management; liquidity undertake. There are occasional lectures and interest rate considerations; securitiza- Futures and Options from faculty or outside speakers on special tion; financing on or off balance sheet activ- B40.3335 topics of interest, but the primary activity ities. Macro issues related to financial system Prerequisite: B01.2311. 3 credits. Fall is the management of these endowment stability, information flows, and regulatory and spring. funds. This showcase opportunity is avail- capital requirements and guarantees are Covers derivative securities and markets. The able to a limited number of students also considered. primary focus is on financial futures and each year. Formal application is required options, but there is also reference to the (see the fund Web site for details at Equity Instruments and Markets extensive markets in commodity market www.stern.nyu.edu/~mpsif). Students B40.3331 instruments. Topics include market institu- participate over a two-semester period Prerequisite: B01.2311. 3 credits. Fall tions and trading practices, valuation mod- for the 3 credits. and spring. els, hedging and risk management tech- Covers the valuation of equity securities and niques, the application of contingent claims INTERNATIONAL FINANCE investment strategies utilizing them. Topics analysis to contracts with option-type char- International Investments include the mathematics of equity valuation, acteristics. The material is inherently more Analysis history of stock returns, varieties of equity quantitative than in some other courses. B40.3103 instruments, and the many varieties of Prerequisite: B01.2311. 1.5 credits. common stock risk. Reviews professional Equity Markets: Trading and Spring. portfolio strategies and forecasting tech- Structure Focus is on fundamental and technical niques; the evaluation of mutual funds and B40.3349 security analysis applied to foreign security pension funds; the role of equity options and Prerequisite: B01.2311. 3 credits. Spring. markets. Topics include the structure and futures in stock portfolio strategies; the role This course takes a comprehensive overview operation of foreign stock markets, account- of technical analysis; and ethical issues in look at how markets are organized and how ing/information constraints in evaluating developing and using information that trading occurs. The course establishes a foreign securities, and the impact of multi- impacts stock prices. framework for understanding how existing national flows on market liquidity. Portfolio markets are set up, how trading occurs in management practices and constraints Advanced Portfolio Analysis them, and how these markets evolve over in various countries are examined and eval- B40.3332 time. While the course concentrates on secu- uated against free market strategies. Prerequisite: B01.2311. 3 credits. Fall or rities markets and trading practices, most of spring. the principles developed are also applicable International Treasury Builds on the conceptual foundations to other kinds of markets—markets for Management of the portfolio material introduced in products, service, and information. Course B40.3150 Foundations of Finance. Course focuses on requirements include some limited comput- Prerequisite: B01.2311. 1.5 credits. Fall. methods of constructing and evaluating erized trading simulations and a course Not open to students who have taken portfolios in a variety of settings. Topics paper related to some aspect of a new B40.3350. include complex portfolio objectives, alter- trading market. Emphasizes the professional operating native implementation strategies, measure- aspects of managing the treasury function ment of portfolio performance, the role of Managing Investment Funds of international corporations and banks. computers and asset allocation schemes in B55.3320 Topics include short-term asset and liability risk management, and the macromarket Prerequisite: B01.2311. 3 credits. Fall management given interest rate and impacts of portfolio strategies. and spring. exchange rate volatility, and the mechanics Formal application required; may be and instruments of the international Debt Instruments and Markets counted as a finance or nonfinance treasury function. B40.3333 elective. Prerequisite: B01.2311. 3 credits. Fall This course is the administrative vehicle International Treasury Risk and spring. for operating the Michael Price Student Management Covers the valuation of fixed income securi- Investment Fund (MPSIF). This is a real two B40.3152 ties and investment strategies utilizing million dollar endowment fund that is man- Prerequisites: B40.3150 and B01.2311. them. Topics include the mathematics of aged by students. Students serve as portfolio 1.5 credits. Spring. bond valuation, immunization, history of managers in one of the subfunds. Each par- Analyzes the risks and returns in interna- interest rate structures, varieties of debt ticipant must be prepared to take on more tional treasury operations. Topics include instruments, default, and country risk con- than one role in this activity—research

52 price risk and return, various kinds of credit Financial investments considered range Financial Theory II risks, and liquidity risk. The strategies of lia- from stocks to bonds to derivatives to real B40.2332 bility diversification and asset securitization estate. Class discussion and reading focus on Prerequisites: permission of the depart- in international settings are considered. The both the theoretical background and the mental Ph.D. program adviser and multicultural aspects of ethical issues for practical knowledge necessary to deal effec- B30.3351. 3 credits. Spring. firms and individuals are also discussed. tively with the risks and opportunities that The second course in the theory of financial are a part of emerging financial markets. decision making. Focus is primarily on Topics in International Finance methods of empirical financial economics. B40.3188 Global Banking and Capital Standard econometric procedures and the Prerequisite: B01.2311. 1.5 credits. Fall Markets newest techniques in estimating procedures or spring. B40.3387 are studied in the context of applications to Topics vary from semester to semester; check Prerequisite: B01.2311. 3 credits. Fall financial asset pricing and to corporate registration packets and department bul- and spring. finance issues. letin boards for current offerings. Covers Analysis of the competitive performance and topical issues in international finance. strategic positioning of financial institutions Financial Theory III Issues may vary from the development of in multinational capital markets. Market B40.2333 financial institutions in Eastern European segmentation theories are applied to markets Prerequisites: permission of the depart- economies, to the impact of technology on for syndicated lending, trade finance, project mental Ph.D. program adviser and multinational capital flows, to the move- financing. Considers international aspects B40.2331. 3 credits. Fall. ments of secret money around the world. of raising capital in multinational, multi- The third course in the theory of financial Students may only elect this course once in regulatory settings. Examples may include decision making. The first half of this course their degree program. mergers and acquisitions, joint venture deals with issues in corporate finance. capital projects, and government or private Topics include agency theory, signaling and International Fixed Income partnership projects. asymmetric information models, taxes, div- B40.3380 idends, and capital structure. The second Prerequisite: B01.2311. 3 credits. Fall or International Financial half of the course focuses on the pricing of spring. Management options, futures, and other derivative securi- This course describes major international B40.3388 ties instruments. fixed income securities and their markets, Prerequisite: B01.2311. 3 credits. Fall and develops tools for valuing these securi- and spring. Seminar in Financial Markets ties and managing interest rate and Analysis of key international financial mar- B40.3318 exchange rate risks. It includes a number kets including discussion of pricing, effi- Prerequisites: permission of the depart- of special topics including such issues as ciency, and institutional features of these mental Ph.D. program adviser and theoretical and empirical relationships markets. Markets covered may include for- B40.2332. 3 credits. Fall or spring. among term structures for several world eign exchange markets, currency futures, Prepares advanced doctoral students for the sectors; asset allocation strategies in the options and swaps, and Eurocurrency and comprehensive examination and for inde- international fixed income arena; the use Eurobond markets. Focus is on techniques pendent research. Focus is on current and valuation of international-based for evaluating multinational risks and research topics in macrofinance and in the derivatives such as interest rate futures, return shifting factors such as international structure of financial markets. currency swaps, and exotics; and analysis tax codes, and applying such concepts to the of emerging market debt. financial management of currency, capital, Seminar in Corporate Finance and capital projects. B40.3328 Emerging Financial Markets Prerequisites: permission of the depart- B40.3384 ADVANCED THEORY AND PH.D. mental Ph.D. program adviser and Prerequisite: B01.2311. 3 credits. Fall or FINANCE COURSES B40.2333. 3 credits. Spring. spring. Prepares advanced doctoral students for the The perspective in this course is that of an Financial Theory I B40.2331 comprehensive examination and for inde- investment manager who may be responsible Prerequisite: permission of the depart- pendent research. Focus is on current for investment portfolios at a bank, an insur- mental Ph.D. program adviser. 3 credits. research topics in corporate finance. ance company, a pension or endowment Fall. fund or personal trust, a mutual fund. The first course in the theory of financial Quantitative Modeling in Emerging financial markets around the decision making. Focus is primarily on indi- Finance world are examined. Problems considered vidual decision making under certainty and B40.3334 include political risk, currency risk, excess uncertainty. Topics include valuation theory, Prerequisites: permission of the depart- speculation or market manipulation, differ- asset selection, general portfolio theory, asset mental Ph.D. program adviser and ing accounting rules and standards, and per- pricing theory, general equilibrium in finan- B40.2332. 3 credits. Fall or spring. formance measure comparison standards. cial markets. A course that focuses on mathematical and

53 econometric topics in finance. Topics may International Finance an opportunity to work individually with a range from the use of stochastic models and B40.3389 faculty member on a current research pro- diffusion processes in financial modeling, to Prerequisites: permission of the depart- ject. The project includes fieldwork, written the newest econometric estimating proce- mental Ph.D. program adviser and reports, and oral presentations. Students are dures, to studies of how such procedures B01.2311 or equivalent. 3 credits. expected to attend some of the Department have been applied. Fall or spring. of Finance research seminars and to read Theory and analysis of international finan- current research on the topic selected. Very Seminar in Investments cial markets. Topics include valuation of limited enrollment. B40.3338 assets under global theory assumptions; Prerequisites: permission of the depart- pricing of foreign exchange risk; foreign cur- Dissertation Seminar mental Ph.D. program adviser and rency options and futures; and international B40.9901-9918 B40.2332. 3 credits. Fall. financial intermediation. Topics in corporate Prerequisites: permission of the depart- Prepares advanced doctoral students for the finance are also considered. There is an mental Ph.D. program adviser at or comprehensive examination and for inde- emphasis on evaluating empirical evidence beyond comprehensive examination pendent research. Focus is on current related to each of the topics covered. stage in the doctoral program. 18 credits. research topics in financial instruments and Fall and spring. in portfolio theory analysis and testing. Honors Project Course Students register for this course once they B40.3390 reach the comprehensive examination stage Prerequisites: B01.2311, final semester in in their doctoral program. Individual meet- program, and permission of the depart- ings with the dissertation adviser and mem- mental deputy chairman. 3 credits. Fall bers of the reading committee. and spring. A restricted course primarily for advanced master’s program students, giving a student

54 Information Systems

pproximately 50 percent of all new capital investment in America is in the area of information technology (IT). Computers Aand communication systems are revolutionizing organizations and changing the structure of markets on a global scale. Every manager deals with technology on a daily basis and needs to understand how it can be used to increase effectiveness, to restructure organizations, and to gain a strategic advantage.

The information systems (IS) curriculum Students may construct a program to meet Adjunct Associate Professors: Adrian provides courses that explain information their own needs, whether they are interested Bowles, Kevin Brabazon, Allan Grody, technology and how it can be used effec- in majoring in IS or in taking one or two Marion Morgenthal, Ken Marr tively. The emphasis is on understanding courses as electives outside their major field. Adjunct Assistant Professors: Dan concepts and developing analytical skills Acting Chairman: Jon A. Turner Barrish, Ernie Campbell, Jonatan Jelen that permit recommending proper tech- Professors: Kenneth C. Laudon, Roy Director of the M.S. Program in nology policies. Radner, Lee Sproull, Edward A. Stohr, Information Systems: Alexander An IS major is especially appropriate for Myron Uretsky Tuzhilin students seeking careers in management consulting, in Internet technology com- Associate Professors: Yannis Bakos, Department Office: KMC, 44 West Fourth panies, in the information systems depart- Patricia Barron, Vasant Dhar, Arthur Street, 9th Floor ments of major organizations, and in Goldberg, Jon A. Turner, Alexander Tuzhilin, Web site for Department of Infor- general management or sales with “high- Norman H. White mation Systems: www.stern.nyu.edu/is tech” companies. Assistant Professors: Abraham Web site for M.S. Program in Infor- The curriculum contains introductory Bernstein, Michael Davern, Bing Jing, mation Systems: http://is-2.stern.nyu. courses for students with little or no back- Natalia Levina, Foster Provost, Arun edu/~ms-is ground in IT, as well as advanced applied Sundararajan, Vasilis Vassalos, Shinkyu technology and managerial courses for prac- Yang ticing information systems professionals.

Master of The Master of Science (in Information Mathematical Sciences, Graduate School of cialists capable of applying information Systems) degree program is a cooperative Arts and Science. Combining courses in both technology to business problems without the Science (in program between the Department of the Departments of Computer Science and broad requirements of the M.B.A. Program. Information Information Systems at the Stern School of Information Systems, together with a gener- For detailed requirements, see pages 23-24. Systems) Business and the Department of Computer al business component, the program is Science of the Courant Institute of intended to create information systems spe-

55 Courses in REQUIRED CORE COURSE FOR Information and Internet analyze their strategies and activities, and Information MAJORS AND NONMAJORS Technologies then prepare case studies or analyses based B20.2317 on these companies. These cases and reports Systems Fundamentals of Information (1) identify the changing issues being faced Technology and Electronic Corequisite: B01.2119. 3 credits. This course introduces the technical con- by companies operating in this environ- Commerce cepts underlying current and future infor- ment, (2) demonstrate how customers oper- B01.2119 mation systems, with an emphasis on ating in this environment are coping with 1.5 credits. Internet-related technologies. The course rapidly evolving changes, and (3) present a Information technology is transforming begins with the fundamentals of computer framework for identifying success factors for products, organizations, and markets. Firms systems, databases, and networking. Then these companies compared with counter- are using information technology not just to special emphasis is given to technologies parts elsewhere in the economy. Teams of solve isolated problems, but also as a catalyst that underlie the World Wide Web and faculty and business executives guide and for organizational change and as an inte- e-commerce, including HTML, XML, emerg- assess student activities. grating force that can span functions, time, ing interoperability standards, security, and space. At the same time, virtually every search, information retrieval, agent tech- Designing and Developing internal and external business process is nologies, data warehousing, and data min- Web-Based Systems becoming dependent on computers. In fact, ing. This course provides both a refresher to B20.3322 it has been estimated that more than half of basic concepts as well as coverage of cutting- Corequisite: B01.2119 and B20.2317 or all new capital investment in the United edge technologies. It assumes no prior equivalent background as well as the States goes toward information technology. knowledge of technology or programming, ability to program in some program- This technology has become a critical ele- beyond experience with personal computers. ming language. 3 credits. ment in the success, and even survival, of Course requirements include homework This course covers the management and organizations. For example, the emergence assignments and a term paper. development of Web-based information sys- of the Internet and the increasing role of tems. Students analyze, design, and develop electronic commerce have propelled compa- Information Technology Web-enabled database applications using nies like Cisco and Yahoo! to success, while several different approaches. Emphasis is on some traditional intermediaries, like travel and Strategy B20.2318 concepts and architecture of new technolo- agents, may face extinction unless they gies. Topics include the CGI processing respond to the emergence of electronic coun- Corequisite: B01.2119. Not open to students who have taken B65.3332. model and its alternatives, Java applets, Java terparts. This course (1) provides an intro- servlets, JDBC; application service providers; duction to the fundamentals of information Counts toward a major in information systems or management. 3 credits. multitier client-server computing; object- technology and (2) discusses its effects on oriented models; active server pages and modern business. The course explores the role of information technology (IT) in corporate strategy with other server-based processing alternatives; distributed databases; distributed business ELECTIVE COURSES IN specific attention paid to the Internet. Different Internet business models are iden- objects such as CORBA; text processing appli- NFORMATION YSTEMS I S tified and are used to explain competitive cations (PERL, awk, etc.); and platform Managing the Digital Firm practices. Cases and lectures are used to show options (Windows NT versus Unix). B20.2314 how technology is used to gain and sustain a Corequisite: B01.2119. 3 credits. competitive advantage. The course also Data Mining and Knowledge This course focuses on the use of both tradi- describes different Internet technology infra- Systems tional and Web-based information technolo- structures and identifies issues in managing B20.3336 gies to manage the firm. These technologies a firm’s technology as a strategic asset. Corequisite: B01.2119. 3 credits. make possible new business models, new Data mining is the process of converting the organizational structures, and new manage- Field Studies in the Digital raw data into useful information or knowl- ment processes. Topics covered include new Economy edge required to support decision making. It technology infrastructure and architecture, B20.3330 automates the process of knowledge discov- major functional applications of IT within Corequisite: B01.2119. 3 credits. ery, making us orders of magnitude more the firm, new IT-based business models, This course offers a firsthand examination of productive in our search for useful informa- enterprise systems, knowledge management, business challenges in the digital economy tion than we would be otherwise. It also multinational systems, managerial deci- by taking advantage of the Stern School’s increases the confidence with which we can sions about technology, and new organiza- unique location in the middle of Silicon make business decisions. The course focuses tional forms. Alley. Students participating in the course on two subjects simultaneously: (1) the visit New York area digital commerce firms, essential data mining and knowledge rep-

56 resentation techniques used to extract intel- ing-edge applications of systems, and to providers, workflow management systems, ligence from data and experts and (2) develop skills in implementing computer- knowledge management systems, and enter- common problems from the fields of based financial analysis and models. prise systems. Students learn how to analyze finance, marketing, and operations/service a business problem, design new business that demonstrate the use of the various tech- Risk Management Systems processes, and manage the implementation niques and the tradeoffs involved in choos- B20.3351 process. They also gain an understanding of ing from among them. The areas explicitly Prerequisites: B01.2119 and B01.2311. the technology support structure required for covered in the course are OLAP, neural net- 3 credits. successful implementation of organizational works, genetic algorithms, rule induction, The concepts of risk management have and interorganizational processes. fuzzy logic, case-based reasoning, and rule- taken on new meaning and importance as based systems. financial assets, energy, and raw material Advanced Technologies for prices have become more volatile in an age Business Applications Electronic Commerce of deregulated global markets. In response, B20.3362 B55.3338 risk management systems have taken on an Prerequisite: B20.2317, its equivalent, or Corequisite: B01.2119. 3 credits. all-pervasive, systematic presence in corpo- permission of the instructor. 3 credits. The Internet and the emerging “information rations and financial firms, not unlike the This course provides a thorough examina- superhighway” are dramatically altering the earlier era concept of management infor- tion of several key technologies that enable way we transact goods and services. This mation systems. This course examines the major advances in e-business and other course examines how new information tech- various tools, methods, and approaches to high-tech industries, and explores the new nologies and networks will affect the managing risk as viewed from an enterprise business opportunities that these technolo- exchange of goods and services between buy- perspective. It focuses on the latest tech- gies create. For each of these technologies, ers and sellers in the twenty-first century. niques and the practical implications of the course provides an overview of the How will advertising, purchasing, customer their implementation in departmental and “space” corresponding to this class, exam- service, and trade settlement processes corporate-wide information processing sys- ines who the major players are, and how they change? What are the economics of different tems, with a particular emphasis on finan- use these technologies. Students then study electronic commerce models for these cial institutions. The required readings focus the underlying technologies; examine the processes? The course evaluates key corporate primarily on the risk management systems business problems to which they can be strategies and initiatives in electronic com- used by firms engaged in financial asset applied; and discuss how these problems merce and the enabling network and user trading, hedging, and portfolio manage- are solved. Key companies in the “spaces” interface technologies that are redefining ment. The readings and class lectures created by these technologies are also stud- business as we know it. These technologies provide a broad view of risk management ied: what these companies do; which tech- include the Internet, digital media, elec- principles and theories across the wide nologies they use; how these technologies tronic payments, etc. Finally, the course com- dimension of financial institutions. Risk support their critical applications; and how bines the study of the economic and business management systems between financial these companies compete and collaborate strategy principles of e-business with an institutions and industry-wide risk manage- among themselves. Moreover, the course applied look at specific companies and ment institutions are studied as well. examines possible future directions and industries, such as on-line financial services, trends for the technologies being studied; on-line retailing, and electronic publishing. Business Process Design and novel applications that they enable; and how Implementation high-tech companies can leverage applica- Financial Information Systems B20.3356 tions of these technologies. This is an B20.3350 Corequisite: B01.2119. 3 credits. advanced course, and it is intended for the Corequisites: B01.2119. 3 credits. This course focuses on the design, manage- students who have already acquired basic This course investigates the role of informa- ment, and implementation of IT-supported knowledge of technical concepts and who tion technology (IT) in financial market business processes. The evolution of infor- want to advance their knowledge of tech- operations and in enhancing the competitive mation technology and the near ubiquity of nologies beyond the basics and further devel- performance of financial services firms. It the Internet give business firms the opportu- op an understanding of the dynamics of the examines the development and use of finan- nity to completely redesign their business “spaces” associated with these technologies. cial information systems such as trader processes, to develop systems faster, and to workstations, electronic payments mecha- implement systems in entirely new ways. Managing Financial Businesses nisms, funds transfer networks, and securi- Topics covered include business process B55.2310 ties market trading and back-office process- analysis and design, implementation, Corequisites: B01.2311, B01.2119, and ing systems. The objectives are to build an change management, and performance B01.1302. An interarea course in understanding of the IT impacts on banking measurement systems. Relevant technolo- finance, information systems, and and markets, to gain knowledge of the lead- gies include Web-based application service management. 3 credits.

57 This course covers cross-departmental issues important management requirements for rience for students majoring in finance, such as financial analysis of competitive per- the financial services industry, and provides a information systems, or management and formance, global economic and regulatory framework for understanding how these are is cotaught by professors from these issues, business strategy, human behavior in implemented and carried out in successful departments. complex organizations, and information and unsuccessful firms. This interarea technology. It encourages awareness of course forms an integrative learning expe-

Minicourses Knowledge Management and Technology Project Management number of people participating in large, Decision Systems B20.3131 Internet-enabled groups outside the work B20.3130 Corequisite: B01.2119. 1.5 points. context. Many are organized around recre- Corequisite: B01.2119. 1.5 credits. This minicourse equips students to manage ation and entertainment; some are orga- The focus of this course is a blend of theories, large-scale information technology projects nized around civic and political issues; some approaches, and technologies for manageri- that have a significant impact on the organi- around personal needs for support or advice; al problem solving and knowledge manage- zation. Technical topics include project spec- and some around technical topics. With the ment. The course reviews common fallacies ifications, risk analysis, cost estimation and publication of Net Gain in 1997 and the and pitfalls in decision making and seeks to budgeting, time and resource scheduling growth in Linux and other open-source tech- equip students with the knowledge of man- using critical path methods, and implement- nologies came the realization that these agerial techniques and information tech- ing a project control system. Managerial top- groups could be shaped into a source of busi- nologies for effective organizational decision ics include stakeholder analysis, building ness value. The goals of this course are to making. Students are exposed to methods partnerships in the organization, change introduce students to varieties of electronic and technologies for leveraging intellectual management, work redesign, and perfor- communities; to provide frameworks for capital, both at an individual and firm level. mance measurement systems. evaluating their usability and sociability; Major topics of the course include “decision and to evaluate alternative business and traps,” problems in dynamic decision mak- Electronic Communities technology models for electronic communi- ing, systems thinking, decision support, and B20.3135 ties. Students complete individual assign- technologies that facilitate knowledge shar- 1.5 credits. ments based on the readings and complete a ing, knowledge management, and organiza- Substantial increase in household Internet group assignment based on an analysis of tional learning. connections has led to a dramatic rise in the electronic communities.

Information Technical Foundations of Organizations Strategy and The second part of the course takes a strate- Systems Courses Information Systems Technology gic perspective to the firm’s concern with B20.3386 B20.3387 adaptation. The class explores how environ- for Doctoral Open only to doctoral students. 3 credits. Open only to doctoral students. Co-offered ments propel managers to formulate busi- Students The goal of the course is to provide students by the Departments of Information ness, corporate, and collective strategies, as with sufficient background in a variety of Systems and Management. 3 credits. well as to design structures and control topics in computer science to enable them to This course introduces students to the princi- systems to enhance their firms’ effectiveness. understand and possibly conduct research in pal theoretical frameworks, methodological technical areas of information systems (IS). approaches, and empirical findings Research Methods One of the immediate goals of the course is researchers use to explain the relationship B20.3388 to develop sufficient technical skills so that between environments and organizations. Open only to doctoral students. Co-offered the students can read—intelligently and The first part of the course develops the four by the Departments of Information critically—technical IS papers they may principal paradigms on which organization Systems, Management, and Marketing. encounter in other technical IS courses and theorists rely to explain how organizations 3 credits. later on in their professional lives. To accom- adapt to their environments. These para- This course covers selected topics in behav- plish this goal, the course covers a broad set digms encompass now popular neoinstitu- ioral science research, including research of topics in computer science, including set tional theory, organizational ecology, and design, model building, measurement, data theory, computability, finite automata, contingency theory, as well as resource, net- gathering, and interpretation. Students read Turing machines, analysis of algorithms, work, and cognitive perspectives. Special and discuss research papers and prepare elements of logic, databases, and software topic sessions are devoted to the role of tech- written and oral presentations. Students engineering. nology and the conduct of planned change. identify a research question and prepare a

58 research proposal, then execute their Decision Making and Special Topics: Strategy and research with the objective of producing a Organizational Behavior Strategizing (Spring 2002) journal-quality paper. B20.3390 B55.3365 Open only to doctoral students. Co-offered Open to all Stern faculty and doctoral Seminar on Current Research by the Departments of Information students, and to advanced M.B.A. stu- Topics Systems and Marketing. 3 credits. dents with permission of the instructor. B20.3389 Commences with a survey of normative 3 credits. Spring. Open only to doctoral students. 3 credits. and descriptive models of individual and This is an interdepartmental faculty-student In-depth study of major research topics in group decision making in a world that workshop, supported in part by the Center for the field of information systems, led by is characterized by conflicting objectives, Digital Economy Research. The weekly members of the faculty. Topics include data- different risk-taking attitudes, uncertain meetings are devoted mainly to presenta- base and knowledge-based systems, commu- outcomes, and limited computational tions by Stern faculty, although some visitors nications/networks and coordination tech- resources. The course then examines how may be scheduled. Participants are expected nologies, decision theory, economics of the organizational context may influence to attend the workshop regularly. Students information systems, advanced systems individual and group decision processes. taking the workshop for credit are also analysis and design, and software engineer- This part also examines models of group expected to write a term paper. ing. Topics are revisited on a two-year cycle. composition, motivation, and leadership. In addition to exploring key models in decision theory and organizational behavior, the course demonstrates how these models can be used to support empirical and normative research in such areas as management, marketing, finance, and information systems.

59 International Business: A Multidisciplinary Program

he International Business Area of the Stern School offers an extensive program for students planning careers in multinational Tfirms, internationally oriented financial institutions, and national and international agencies dealing with global business. Stern’s program in international business was one of the first offered by a major business school and continues to be one of the best.

The International Business Area serves as a ing international courses in that field; they Associate Professors: Jacob Boudoukh, catalyst for Stern’s focus on global business. also take prescribed international courses in Jianping Mei, Nouriel Roubini, James Myles The area brings together faculty with interest other fields as electives. All comajors must Shaver and expertise in international dimensions of take an international business core course Assistant Professors: Juan Alcacer, management, finance, marketing, account- analyzing foreign environments and inter- Ya-Ru Chen, Wilbur Chung, Alessandra ing, and economics. They have an internal national management problems. Students Fogli, Xavier Martin, Fabrizio Perri, reputation for quality teaching and an exter- cannot major in international business. Vincenzo Quadrini, Rachelle Sampson nal reputation for innovative research. The Area Chairman: Thomas Pugel Instructors: Mikelle Calhoun, Christopher popular “IB” comajor provides students with Professors: David Backus, Frederick Mann, Robert Salomon an international perspective that comple- D. S. Choi, Thomas Cooley, C. Samuel ments a functional specialization. Specific Adjunct Professors: Anindya Bhatta- Craig, Susan Douglas, Richard Levich, courses develop topics ranging from multi- charya, Ian Giddy, Arjun Mathrani, Frederick Durairaj Maheswaran, Rita Maldonado- national corporate strategy to international Militello, Harvey Poniachek, Heinz Riehl, Bear, Thomas Pugel, George Smith, Roy C. capital markets. Students taking this co- Jeffrey YuQing Shen, Martin Siegel, Venka- Smith, Marti G. Subrahmanyam, Ingo major must fulfill all the requirements for a taramani Srivatsan, Kishore Tandon Walter, Bernard Yeung major in one of the basic functional fields Area Office: KMC, 44 West Fourth Street, (finance, marketing, etc.), possibly includ- 7th Floor

Requirements The program contains two components: 2. INTERNATIONALLY ORIENTED Students who participate in the Inter- ELECTIVES national Management Program (IMP) for the M.B.A. 1. THE INTERNATIONAL receive 6 credits of internationally oriented For the M.B.A. degree with a comajor in Degree with a BUSINESS CORE electives if they choose to pursue a comajor Comajor in international business, three internationally in international business. For a suitable Multinational Business oriented courses (9 credits) are required in course, 3 of these 6 credits can substitute for International Management addition to the core course. These courses Multinational Business Management. Business B65.2340 can be taken in major or elective areas. The total requirement is four courses (12 credits), including the international core course.

60 Courses in International Accounting and International Treasury International Marketing International Financial Statement Analysis Management Management Business B10.3335 B40.3150 B70.2385 Subjects For description, see page 35. For description, see page 52. For description, see page 71. Economic Regulation and International Treasury Risk Tax Aspects of International Global Integration Management Business B30.2315 B40.3152 B95.3343 For description, see page 38. For description, see pages 52-53. For description, see page 36. The Comparative Analysis of the Topics In International Finance World Debt and Emerging Japanese and U.S. Economies B40.3188 Markets B30.2337 For description, see page 53. B50.2132 For description, see page 38. Prerequisites: B01.2303 or the International Fixed Income equivalent. 1.5 credits. International Macroeconomic B40.3380 Examines the roots of world debt problems Policy: Theory and Evidence For description, see page 53. and their implications for the international from Recent Financial Crises monetary system, as well as the roles and B30.2380 Emerging Financial Markets interests of the different players, such as sov- For description, see page 39. B40.3384 ereign borrowers, commercial banks, and For description, see page 53. supranational institutions. Special attention Post-Soviet Economies in is devoted to business opportunities in Transition Global Banking and Capital “emerging markets.” Literature on the sub- B30.2383 Markets ject is reviewed, and practical examples are For description, see pages 39-40. B40.3387 provided, with special emphasis on Mexico For description, see page 53. and South America. International Competition and the Multinational Enterprise International Financial Western European Business B30.2385 Management B50.2310 For description, see page 40. B40.3388 3 credits. For description, see page 53. Analyzes the business systems of a variety of Financial History Western European nations as well as the influence of environmental factors (geo- B30.2392 International Finance graphic, economic, political, social, cultur- For description, see page 40. B40.3389 Ph.D. level. For description, see page 54. al) and internal forces on their development. Emphasizes the European Union and the Theory of International Trade forces of integration operating in Europe. B30.3384 Multinational Business Ph.D. level. For description, see page 40. Management B65.2340 Asian Business B50.2114 For description, see page 64. International Macroeconomics 1.5 credits. B30.3386 Analyzes the environmental, managerial, Ph.D. level. For description, see page 41. The Global Manager and and functional aspects of conducting mul- Negotiator tinational corporate business in Asia. B65.2360 Global Perspectives on the Encompasses economic issues as well as For description, see page 64. History of Enterprise sociocultural factors that affect corporate B30.2338 strategies for doing business in Asia. For description, see page 38. Globalization of the Examines the business implications of Asian Entertainment Industry regional groups (APEC, ASEAN, and SAARC). International Investments B70.2112 Analysis For description, see page 72. B40.3103 For description, see page 52.

61 China’s Economic System: Emerging Markets Initiative Workshop in International Doing Business in China B50.3312 Business and Economics B50.2116 3 credits. B50.3350 1.5 credits. The purpose of this course is to study busi- Open only to doctoral candidates or by Provides an overview of the Chinese econo- nesses within the context of an emerging permission of the instructor. 3 credits. my and business in China since 1980. country, including its economy, its culture, An advanced, intensive interdisciplinary Examines the transition from plan to market and its position within the global business workshop for doctoral students pursuing dis- in the industrial sector, the opening of environment. The course combines class- sertation topics. Students present research in China, and the roles of joint ventures and room sessions with a study tour of a chosen progress and dissertation proposals. Guests foreign corporations. Emphasizes structural country. Faculty and regional experts provide and faculty members also present original changes, including the reform of state- classroom instruction while the study tour is research papers. owned enterprises, the development of primarily student organized. Groups of stu- town/village enterprises, the emergence of dents work on projects sponsored by corpora- Multinational Firm Economics capital markets, and underlying financial tions, alumni, or Stern School. B50.3381 and legal reforms. Develops a political, eco- Open only to doctoral candidates or by nomic, and legal framework for analyzing Research Methods in permission of the instructor. 3 credits. ongoing changes in China. International Business Surveys research on the multinational firm. B50.3183 Focuses on economic analysis, but also Emerging Economies Open only to doctoral candidates or by examines analysis of management and pub- B50.2335 permission of the instructor. 1.5 credits. lic policy issues. Topics include the basis for 3 credits. Provides a strong foundation for critical foreign direct investment modes of entry, Provides an understanding of the process of thinking in the area of global business oper- choice of location, taxation of multinational development, the significant elements of ations. Examines topics primarily in the area firms, effects on labor, and the relationship development strategies and policies, and the of cross-national business operations that to economic growth. problems encountered in implementation. have managerial applications. Focuses on Links policy choices to their consequences cross-cultural psychology and developing a Dissertation Seminar for growth, economic instability, and income strategic framework and capabilities for (International Business) distribution, so that students are in a better global business research. B50.9901 position to appreciate the risks and opportu- Open only to doctoral students with the nities in emerging markets. The emphasis is International Management permission of the instructor-in-charge. on practical aspects of development. B50.3184 9 credits per term. Fall and spring. Open only to doctoral candidates or by Individual meetings with the dissertation MDL—International permission of the instructor. 1.5 credits. adviser and members of the tentative com- Management Simulation Addresses the managerial issues associated mittee on the dissertation. B50.2397 with the formation, governance, strategic 3 credits. management, and performance of multi- Provides an opportunity to run $60-100 national corporations. Modes of entry into million companies involved in interna- foreign markets and hybrid forms of inter- tional business. Participants identify and national corporate organizations are also analyze domestic and international opportu- addressed. Emphasizes the integration of nities, negotiate with counterparts in other international business research with current companies, implement decisions, and ana- developments in related disciplines includ- lyze results as well as report to a board of ing managerial economics, sociology, and directors comprised of executives from lead- strategic management. ing companies.

62 Management and Organizational Behavior

rganizations must be able to compete in environments marked by complex interactions and rapid change. The ODepartment of Management and Organizational Behavior offers courses and conducts research on how organizations can better manage internal and external interactions and changes. The content ranges from organization-wide topics, such as competitive positioning, managing new technologies, and shaping organizational cultures, to the skills needed by individual managers, such as negotiating and building commitment.

All courses emphasize (1) applying relevant socialization processes, and diversification King, Michael Lenox, Xavier Martin, Rachelle theory to the analysis of complex organiza- and globalization strategies. Sampson, Kimberly Wade-Benzoni, Amy tional problems; (2) experiential learning Chairman: Richard D. Freedman Wrzesniewski (through cases and exercises); and (3) a Professors: Sally Blount-Lyon, Roger Visiting Faculty: Chao Chen general management focus. Our main inter- Dunbar, Charles J. Fombrun, Richard D. Clinical Faculty: Fernando Alvarez, Terri est is in managerial practice, and we regard Freedman, Ari Ginsberg, William D. Guth, Kurtzberg, Robert B. Lamb our primary task as applying relevant theory Elizabeth W. Morrison, David Rogers, Zur in ways that enhance students’ ability to Adjunct Faculty: George Buckley, Helen Shapira, William H. Starbuck diagnose and manage more effectively com- Carter, Seth Freeman, Neal Goldsmith, Raja plex organizational situations. Associate Professors: Raghu Garud, Kabaliswaran, Mitchell Langbert, Anat The department’s faculty have published Theresa Lant, Stephen Mezias, Frances Lechner, David Liebeskind, Michael widely on such diverse subjects as strategic J. Milliken Mazzarese change, managerial cognition, organ- Assistant Professors: Juan Alcacer, Department Office: Tisch Hall, 40 West izational learning, innovation and new Caroline Bartel, Ya-Ru Chen, Wilbur Chung, Fourth Street, 7th Floor technologies, knowledge management, Michelle Gittelman, Gregory Janicik, Andrew

Electives Corporate Venturing required to manage organizations so that designed to facilitate the start-up process of a B65.2130 innovations and new businesses are gener- new venture. Students learn by working in 1.5 credits. ated and growth is sustained. The course small team partnerships to develop a busi- Managers in large mature corporations should be of interest to those who wish ness plan and start-up scenario for their own have become increasingly aware of the to work as a member of a corporate ven- new business concept. Class sessions, read- important role of entrepreneurship in ture team, as the general manager of a cor- ings, invited experts, and meetings with the responding to the competitive challenges of porate venture, or as a member of senior instructor are used to provide guidance and a fast-changing marketplace. This process management overseeing the venture within evaluation as each team’s plan develops of entrepreneurship, referred to as “corpo- the corporation. through designated milestones. Applicants rate venturing,” is one that generates and must submit a one-page short form identify- exploits new technologies, products, or busi- New Business Planning ing their new business concept, indicating its nesses under the organizational umbrella of Practicum feasibility by briefly outlining the “need” for an established firm. This course seeks to B65.2326 the product/service; its unique selling benefit provide an understanding of this process Prerequisite: B01.1302. 3 credits. or value; market(s) to be served; and the per- and the knowledge and skills that are This practical applications course is ceived strategy, along with the core compe-

63 tencies required for competitive advantage. organization, and management. Examines sive negotiation that continues for six hours Students who wish to enroll in this course building of strategic capabilities, collaborat- on a Friday (or a Saturday for night classes should have taken Foundations of ing across boundaries, developing coordina- only). All students must participate in this Entrepreneurship and have a new business tion and control, and managing activities negotiation to receive a grade in the course. concept they wish to develop. and tasks, as well as challenges of worldwide functional management, geographic sub- The Global Manager and Managing the Growing sidiary management, and top-level head- Negotiator Company quarters management. (This course must be B65.2360 B65.2327 taken by all students comajoring in interna- 3 credits. Fall and spring. Prerequisites: all required core courses. tional business.) Aims to expand awareness, enhance under- 3 credits. Fall and spring. standing, and facilitate development of a set This course exposes students to the unique Managing Change of managerial competencies essential for a challenges of managing the growth of small B65.2353 successful career in international business. businesses. It is designed for students who Prerequisites: all required core courses. Focuses on issues involved in working in are interested in understanding the opportu- 3 credits. Fall and spring. multinational settings, managing foreign nities and problems involved in the start-up, Contemporary business environments con- assignments, and coping with the complexi- management, or operation of their own tain challenges that demand an increasing ties of cross-cultural negotiation. Examines business. In addition, the course is also pace, volume, and complexity of organiza- leadership, motivation, decision making, designed for students who are considering tional changes. Most organizations, whether communication, power and influence, con- employment in a smaller firm. The differ- they are entrepreneurial start-ups or long- flict management, group dynamics, and ences between small firms’ and large organi- established Fortune 500 firms, find that they stress management in an intercultural con- zations’ management needs, practices, and must change or wither. This course is geared text. A variety of teaching methods are financial resources are examined. toward deepening students’ understanding employed, including lectures, negotiation of the challenges, the techniques, and the exercises, role-playing simulations, video- Family Business Management burdens associated with initiating and tapes, computer simulations, and experien- B65.2328 implementing major change in an organi- tial exercises. (Elective offering with credit 3 credits. zation. The objective is to prepare managers, toward international business comajor.) The course is directed to students who will or their consultants and advisers, to meet the enter into the management of family busi- challenges of organizational change suc- Analysis of Organizations nesses, either their own family’s or someone cessfully. As such, the course is especially use- B65.2370 else’s, and students who will do business ful for students who plan careers in manage- Prerequisite: B01.1302. 3 credits. Fall with family firms or consult to them. The ment consulting, general management and spring. focus is on small and mid-size firms in the (whether in line or staff positions), and This course develops student skills at diag- $10-250 million annual revenue ranges. entrepreneurship or corporate venturing. nosing organizations and developing pre- The course explores the managerial, strate- scriptions to improve their effectiveness. It is gic, and behavioral complexities found in Conflict and Negotiations appropriate for those interested in organiza- family- owned and -managed companies, B65.2358 tional performance from a managerial or including entrepreneurial behavior of Prerequisite: B01.1302. 3 credits. Fall external perspective (e.g., management con- founders and entrepreneurship requirements and spring. sultants, investment bankers, and financial of successor generations. Through case stud- This course is concerned with the manage- analysts). Examines organizations’ attempts ies and guest speakers, we consider questions ment of conflicts that arise from differences to adapt as open systems in competitive envi- of ownership, succession, sibling rivalry, in interests such as goals or priorities or ronment. We consider the major factors attracting and retaining nonfamily talent, competition for limited resources. It focuses influencing organization design, e.g., strate- and estate planning. on negotiation as a primary process for set- gy, environment, and technology. Then we tling disputes between individuals and with- analyze the major internal processes affect- Multinational Business in and between organizations. The course ing organizational performance, e.g, control Management examines and interrelates the key variables systems, politics, and conflict. Then we probe B65.2340 in a negotiation. These include stakes, how organizations can improve their ability Prerequisite: B01.1302. 3 credits. Fall power, interdependence, trust, coalitions, to adapt in increasingly dynamic environ- and spring. communication, the use of time, one’s per- ments. The course includes domestic and Provides an understanding of the cultural, sonal style of negotiation, and the consis- international examples. The main learning political, competitive, technological, legal, tency of a settlement with the firm’s business methods are case analyses and a study of the and ethical environment in which multina- strategy. Makes extensive use of negotiation organizations of the central competitors tional firms operate. Surveys a range of tools simulations to encourage students to apply in an industry or industries that the class and techniques of environmental analysis negotiation principles and to develop diag- chooses. Particular emphasis is placed for use in assessing foreign and global con- nostic and behavioral skills that increase on organizational-level problems facing ditions, opportunities, and threats. Then their negotiation repertoire and competence. senior management. focuses on multinational corporate strategy, Near the end of the course, there is an inten-

64 Management Consulting: Foundations of In addition to decision skills, negotiations Practicum Entrepreneurship skills are often needed to ensure that deci- B65.3306 B65.3335 sions are accepted and implemented. This 3 credits. Fall. For full-time students only. Prerequisites: B01.1306 or equivalent. course allows students the opportunity to This practicum involves students as “associ- 3 credits. Fall and spring. Marketing develop such skills and to understand nego- ates” of Stern Management Consulting, a majors can count this course toward tiations in a useful analytical framework. pseudo-consulting firm with paying clients their marketing course requirement. Many elements in actual negotiations, such from the New York metropolitan area. This course offers a framework for under- as goals of different parties and chances for Students work on an engagement in teams standing the entrepreneurial process and cooperation, may be ambiguous and often supervised by faculty “managing partners.” exposes the student to most problems and do not have “right” answers. In such cases, They also meet regularly to participate in issues faced by entrepreneurs who start new understanding the negotiation process may workshops and interactive sessions with businesses. Case study is the principal teach- prove useful in selecting competitive or practicing consultants from our advisory ing method, supplemented by lectures, a cooperative strategies. The course uses exer- board. The long-term engagements culmi- business planning exercise, and guest speak- cises and simulations to provide experience nate in mock orals and feedback sessions ers. Major objectives are for students to learn and understanding of negotiation. Both with clients. how to identify and evaluate market oppor- judgmental and decision skills are then inte- tunities; develop a business concept and grated and applied to cases of strategic Competitive Analysis marketing plan; assess and obtain the decision making. B65.3328 required resources; and manage the growth Prerequisites: B01.2310, B01.2311, of a new venture. This course can count as a Power and Politics in and all required core courses. 3 credits. marketing elective and fulfill part of the Organizations Fall and spring. requirements of the marketing major. B65.3366 Globalization and the quickening pace of However, it can only be counted as either a Prerequisite: B01.1302. 3 credits. Spring. technological, demographic, and political marketing elective or a management elec- This course considers the way political changes have produced major shifts in the tive, but not both. processes and power structures influence way firms compete. To prosper in a business decisions and choices made within and by environment marked by complex compe- Judgment and Negotiation Skills organizations. Analyzes the sources, distrib- titive dynamics, companies will need to for Strategic Decision Making ution, and use of influence in relation to be run by managers who possess finely B65.3351 resource allocation, organizational change tuned skills in competitive analysis. To help 3 credits. Spring. and performance, management succession, develop such skills, this course focuses on Many business decisions, such as developing procedural justice, policy formulation, and developing proficiency in (1) evaluating an a new product or investing in an overseas social movements within organizations. industry’s economic prospects; (2) selecting operation, are made under uncertainty. Develops skills in diagnosing and using the scope of competition; (3) acquiring While there are analytical procedures for power and politics in organizational settings. distinctive resources and capabilities; making such decisions, they often depend A basic assumption underlying the course is (4) developing sustainable advantage; on the decision maker’s judgment, espe- that managers need well-developed skills in (5) predicting and preempting competitors’ cially when there is a need to estimate acquiring and exercising power to be effec- responses; (6) choosing competitive options probabilities for uncertain events. However, tive. The course is designed to (1) improve that create economic value; and (7) exe- evidence shows that people often employ students’ capacity to diagnose organization- cuting competitive decisions. The course is judgmental heuristics that may lead to al issues in terms of their political dimen- concerned with strategic leadership and biases. This course attempts to make sions and (2) enhance their effectiveness in should be of interest to those pursuing a students aware of such biases and develop their jobs and careers as a result of that career in strategy consulting. corrective procedures. improved capacity.

Doctoral The following courses are designed primarily This course presents the philosophy, basic Advanced Course in Research Courses for students enrolled in the doctoral program concepts, and techniques that doctoral stu- Methods of the Stern School. The Department of dents need to conduct scientific research in B65.3302 Management and Organizational Behavior the social sciences. Students discuss theory- This course focuses on advanced topics in offers both core courses and advanced building, the scientific method, and alterna- research design and data analysis. Students electives. The content of advanced electives tive concepts of measurement, research design an empirical study and collect data varies and will depend on the instructor design, sampling, and statistical inference. to test the study’s hypotheses. Data analy- delivering the course. They also discuss questions of objectivity, val- sis techniques such as multiple regression ues, ethics, and politics in scientific research. and simultaneous equations are discussed Research Methods: Introduction Primary emphasis is placed on developing a and practiced. B65.3301 solid conceptualization of the research 3 credits. Fall. process, the uses to which research may be put, and its practical implications.

65 Individual and Group Behavior perspectives, such as resource dependence tion-environment relationships. The content in Organizational Settings theory, institutional theory, organizational of the seminar varies depending on the B65.3371 ecology, and industrial organization eco- particular interests of the faculty and partic- Prerequisite: a prior course in psychology nomics. The seminar stresses the competitive ipating students. or sociology. 3 credits. Fall. and mutualistic dimensions of environ- This course introduces doctoral students to ments that propel managers to enact busi- Advanced Research in Corporate scientific theories of individual and organi- ness, corporate, and collective strategies, Strategy zational behavior. It reviews processes of structures, processes, and systems to enhance B65.3393 perception, judgment, attribution, choice, their firms’ effectiveness. Both theoretical Prerequisite: B65.3341 or permission of motivation, and decision making. Since and empirical research are examined to the instructor. 3 credits. Spring. organizational behavior occurs mostly in illustrate how different theoretical perspec- This seminar provides a forum for students social settings, the course introduces the tives require different empirical research and faculty to explore current research social psychological effects on individual methodologies. Although the course empha- approaches to the study of strategic man- behavior with regard to motivation, perfor- sizes the state of the art in theory develop- agement and business policy. The content mance, and group processes. Attention is ment and empirical research, the historical of the seminar varies depending on the par- given to the effects of social contexts on roots of current research are also examined. ticular interests of the faculty and partici- information processing and inference with pating students. regard to such topics as performance evalu- Advanced Research in ation, job satisfaction, and organizational Organization Behavior DISSERTATION SEMINAR justice. Theories of individual and group B65.3381 Dissertation Seminar Prerequisite: B65.3371 or permission of behavior are applied to topics, such as lead- B65.9900 the instructor. 3 credits. Fall. ership, managerial risk-taking, organiza- Open only to doctoral students with This seminar provides a forum for students tional culture, and change processes. the permission of the professor in charge. and faculty to explore current research Senior members of the management approaches to the study of individual and Introduction to Organization staff. 9 credits per semester. Fall group behavior in organizational settings. and Strategy and spring. The content of the seminar varies depending B65.3372 Individual meeting with the dissertation on the particular interests of the faculty and Prerequisite: a prior course in psychology adviser and members of the tentative reading participating students. or sociology. 3 credits. Spring. committee on the dissertation. Organizations operate in dynamic environments. This course introduces doctoral stu- Advanced Research in MANAGEMENT COLLOQUIUM dents to the principal theoretical perspectives Organization Theory SERIES and empirical findings used to explain rela- B65.3387 tionships between environments, organiza- Prerequisite: B65.3372 or permission of Departmental faculty and distinguished tional strategies, designs, and performance. the instructor. 3 credits. Fall. visitors regularly present reports on Students are expected to develop expertise in In this seminar, students and faculty explore research in progress or recently completed. the analysis of environments, organizations, current research approaches to the study Open to Ph.D. candidates and advanced and strategies from several theoretical of organizational structures and organiza- M.B.A. students.

Management Effective communication is vital for success how to select appropriate media, and how to Clinical Associate Professors: Michael Communication both at Stern and in the business world. sell products and ideas to a wide range of J. Capek, Sana Reynolds Management Communication courses em- audiences. Management Communication Clinical Visiting Associate Professor: Courses phasize developing the full range of com- courses prepare professionals for the skills Patricia Cooley munication strategies required to become a required to compete in business today. Adjunct Faculty: Susan Becker, Cheryl successful manager. Chairman: Richard D. Freedman Fleisher, Lynn Kearney, Susan Mach, Susan These courses develop a level of knowl- Codirector (Graduate) and Clinical McClive, Roberta McKeon, Katherine Mosby, edge about communication that managers Associate Professor: Irv Schenkler Bill Page, Celia Seupel, Rick Spreyer, Susan need in order to succeed in today’s business Stehlik environment—how to manage new elec- Codirector (Undergraduate) and tronic communication technologies, how to Clinical Associate Professor: Aline Program Office: Tisch Hall, 40 West share information with off-site employees, Wolff Fourth Street, Room 202 how to persuade others to accept proposals, Clinical Professor: C. Christine Kelly

66 Communication All business students will want to take Corporate Communications Communication Consulting Management Communication, B45.2300, Public Relations Training and Development Careers regardless of major. The course will funda- Public Information Human Resources mentally change the student’s ability to explain an idea and persuade an audience Management Consulting Investor Relations by either written or spoken means. Students Marketing Communications Arts Management will find that this course will have applica- Strategic Communications Planning tion to a range of careers in the communication field, including the following:

New Media Management Communication courses pro- ized slide presentations. The Web site, vides electronic “chat rooms” for each of our vide support to students interested in www.stern.nyu.edu/mc, contains on-line courses and useful links to on-line writing working with new media, including as- versions of most course materials for our labs and tutorials at other universities. sistance with creating homepages for the 3-credit electives, making them accessible to World Wide Web, E-mail, and computer- students from any location. The site also pro-

Integrative Strong selling skills are a vital component to been discussed in their Corporate Strategy questions, defend their logic, and make a so many aspects of business life. From invest- course. The teams are then faced with the compelling case for their team’s recommen- Strategy ment banking to advertising, from entrepre- task of communicating their recommenda- dations. These skills are critical to any busi- Exercise (ISE) neurship to corporate gamesmanship, tions. By linking the theoretical components ness career, and while they can be acquired knowing the techniques of persuasion can be of Corporate Strategy to a real-time, dead- over time in the work place, the ISE offers an invaluable addition to the Stern student’s line-based project proposal, students come to students the opportunity to hone these skills portfolio of knowledge. In the ISE, students understand why ideas, data, and advocacy under the guidance of management com- learn how to apply these techniques and must all be combined for a professional, munication faculty. Full-time students gain make them work. As a result, they complete persuasive presentation. a competitive edge in their summer intern- their first year of study with a platform of The course introduces students to the ship where such projects are common; part- communication capabilities. basics of communication strategy and per- time students gain further experience and During the ISE, students work in teams, suasion: audience analysis, communicator receive guided feedback as they apply the attempting to solve strategic issues facing a credibility, message construction, and chan- techniques of persuasion and presentation. major company, based on a case that has nel choice. They learn how to field tough

Course B45 courses may not be applied to a Management Communication communication within a multicultural Descriptions management major. B45.2300 environment; and work with new communi- Prerequisite: satisfactory completion of cation technologies. Group discussions, Intercultural Communication the writing proficiency requirement. workshops, and written and oral assign- B45.2110 3 credits. ments develop and refine writing and speak- 1.5 credits. Recommended for all students, this course ing. Writing receives feedback; oral presenta- Communicating effectively across cultural provides intensive development of commu- tions are videotaped and individually boundaries is a major challenge for multi- nication techniques for all business execu- reviewed. Topics include achieving credibil- national organizations worldwide. The tives. Develops the ability to write effectively ity as a speaker, analyzing the audience, success of global communication has a and to speak persuasively. Stresses strategic exploring leadership styles, and organizing significant impact on an international implications of communication for man- material coherently and persuasively. company’s profits and competitive edge. agers. Students test theory and practice and This course examines the dynamics of examine problems raised by business cases Management Communication: communicating across national borders and readings. Students learn how to prepare Alternative Delivery with the aim of enhancing analytical and and deliver effective business presentations; B45.2300.0A personal skills in this subtle and complex design group and independent projects that Prerequisite: satisfactory completion of area. It also counts as an International develop communication strategies for the writing proficiency requirement. Business comajor course. selected audiences; understand the roles 3 credits. played by effective team leaders; manage This course integrates strategies for managing oral and written communication using

67 the case method, with intensive development munication, and conflict resolution. Business Writing of communication techniques. Introduces Extensive coaching and feedback; video- B00.2099 concepts of electronically mediated, persua- taped evaluation and review. Pass/Fail. sive, cross-cultural, and managerial com- Helps students improve their writing. munication in a number of business set- Media and Management Required for those who do not achieve tings. Students receive individual feedback B45.2302 a score of 4.0 or above on the writing section on written and oral presentations. Prerequisite: satisfactory completion of of the GMAT and recommended for those the writing proficiency requirement. who wish to refine their skills. Focuses Sales and Communication 3 credits. on communication strategy, persuasion Strategies The course examines the relationship techniques, information organization, B45.2301 between business and the media. Starting audience analysis, and the writing process. Prerequisite: satisfactory completion of with an overview of corporate communica- Other topics include effective style and the writing proficiency requirement. tion, students devise strategies and test theo- expression, sentence structure, and business 3 credits. ries of managing internal and external com- vocabulary. Assignments include letters, Recommended for students who plan to munication. The changing role of media in memos, reports, and case analyses. The class enter management consulting, human the Internet age and its affect on constituen- is conducted as a communication workshop. resource management, and training and cies is examined. Students develop a perspec- Students analyze their writing strengths and development. Supports growth of all man- tive for communication with various con- weaknesses and participate in one-on-one agement and leadership skills. Emphasizes stituencies, especially employees, sharehold- conferences and tutorials. Class size is lim- the interpersonal communication required ers, and the media. In this way, they deter- ited to 15 students. to work effectively in organizations every day. mine how communication strategy supports The success or failure of managers often organizational strategy. The course features Business Writing for depends on their ability to work with others guest speakers from the fields of journalism, International Students in developing options that will create com- corporate communication, and communi- B00.2055 mitment and agreement. Students analyze cation consulting. Course work includes Pass/Fail. communication strategies and develop a readings, case analyses, and oral and written Covers the same material as Business framework for idea generation, influencing, reports. Selected topics include issue Writing, B00.2099, but is especially designed and mediation. Individual and group oral response and the Internet; managing outside for international students. Approaches writ- presentations, coaching employee perfor- pressure; communicating and managing in ing and oral communication through prob- mance, negotiation, and media interviews. crises. The course is recommended as one of lems of language and emphasizes how Topics include persuasion, active listening, the management consulting track courses. American business culture influences the group decision making, interpersonal com- form and content of writing.

68 Marketing

arketing is the proactive part of any organization. At the broadest level, it is responsible for determining consumer Mneeds, translating those needs into products and services the firm can profitably offer, and effectively delivering and promoting those offerings to the marketplace. Marketing’s activities are both strategic and tactical. At the strategic level, it bears primary responsibility for determining the product/market choices the firm makes based on analyses of demand, competition, economics, and the firm’s unique ability to secure a competitively defensible position in the marketplace. At the tactical level, it plans for and implements such activities as marketing research, distribution, pricing, advertising, and sales promotion, which ensure the day-to-day success of the firm and its offerings in the marketplace.

The Department of Marketing curriculum mix (products, services, distribution, adver- Associate Professors: Kim Corfman, prepares students for careers in product tising, and pricing) to the demand of market Peter Golder, Eric Greenleaf, Geeta management, consulting, marketing man- segments within the context of competitors, Menon, Vicki Morwitz agement, and advertising. It is also training intermediaries, facilitators, mass media, Assistant Professors: Yuxin Chen, for careers in allied fields, such as finance, and government. Skander Essegaier, K. Sudhir, Tom Meyvis international business, and information sys- Chairman: Joel H. Steckel Clinical Associate Professors: Michael tems. Furthermore, it prepares students to Professors: Henry Assael, Bruce Darling, Al Lieberman perform marketing functions in a wide Buchanan, C. Samuel Craig, John Czepiel, range of industries, including financial Department Office: KMC, 44 West Fourth Susan Douglas, Avijit Ghosh, Jacob Jacoby, services and entertainment industries. Street, 8th Floor Durairaj Maheswaran, Robert Shoemaker, Marketing’s perspective involves problem- Joel Steckel solving approaches for matching the market

Courses in All courses in marketing build on the is excellent career preparation. The listing ANALYTICAL MARKETING foundation established by the core course, also includes six minicourses (1.5 credits) COURSES Marketing Marketing Concepts: Delivering Value to that have very strong managerial and Customers and Business (B01.2310). While industry focus. Craft and Commerce of Cinema the only requirement for the marketing B70.2313 major is to take four courses beyond the core Marketing Concepts: Delivering Prerequisite: B01.2310. 3 credits. course, all majors are urged to take Intro- Value to Customers and This specialized EMT course is designed to duction to Marketing Research (B70.2327). Businesses provide students with a framework for understanding the dynamics of the film The course offerings are grouped ac- B01.2310 industry, including the complete process cording to whether they are managerial Prerequisites: B01.1303 and B01.1305. from crafting the idea for a film script; hir- or analytical in their focus. A combination 3 credits. ing or becoming a producer; financing the of managerial and analytical courses For description, see page 15.

69 project; selling it to a studio or independent brand management decisions in today’s Marketing of Financial Services production company; building a team; pro- information-rich environment. Decisions B70.2321 duction elements; and postproduction. related to prices and sales promotion are Prerequisite: B01.2310 or equivalent Postproduction includes music acquisition, emphasized. The course stresses the practical (can be taken concurrently). 3 credits. marketing, distribution, and exhibition— application of recent conceptual and Spring. Not open to students who have international and domestic. The course methodological developments, such as scan- taken B70.2121. includes learning about distribution and ner data, controlled marketing experiments, Explores the application of basic principles exhibition, marketing and building audi- and mathematical and behavioral models. of marketing management to the marketing ence awareness, research applications, inter- Focuses on extensive reviews of past empiri- activities of financial service enterprises, national licensing, and preparation for a cal research cases, and the development and such as stock exchange firms, banks, invest- career in the industry. It is offered during application of simple models and concepts. ment companies, and insurance companies. spring break and involves a trip to the West Considers the new competitive environment Coast. In addition to tuition, students have to Analytic Marketing for resulting from deregulation. Examines the pay travel and living expenses. Management Consulting marketing strategies of financial institu- B70.2354 tions, especially emphasizing innovation in Introduction to Marketing Prerequisites: B01.2310 and B01.1305 new product services. Attention is paid to Research or equivalent. 3 credits. Spring. research, planning, and strategic decision B70.2327 In problem solving, tools are better than making and to preparing marketing plans Prerequisites: B01.2310 and B01.1305 answers. Give a man a chair, and he can sit for a financial service. or equivalent. 3 credits. Fall and spring. down; give him a toolbox, and he can not Emphasizes the organization, processes, and only build a chair, but a bed and a house to Entertainment, Media, and applications of marketing research in mak- live in, as well. With this as a premise, this Technology: Institutions, ing marketing decisions. Topics include steps course emphasizes many of the analytic Economics, and Strategy in marketing research, questionnaire con- marketing tools commonly used in the B70.2341 struction, experimental design, sampling management consulting industry, many of Prerequisite: B01.2310 or equivalent. 3 methods, tests of hypotheses, data analysis, them developed by the industry. The focus of credits. evaluation of research costs to results the course is on using the analytic market- This new course serves as a foundation for achieved, and applications of research to ing toolbox (in the form of state-of-the-art those interested in Stern’s Entertainment, marketing decision areas. Requires a software) to structure and solve problems, Media, and Technology (EMT). Students research project involving data collection keeping in mind that the purpose of the tools who intend to have a concentration in EMT and analysis. is to produce qualitative insights from quan- should take this course first. The course pro- titative analyses. Problems addressed include vides a framework for understanding the key Consumer Behavior new product forecasting, assessing market marketing, economic, and strategic issues B70.2347 potential, uncovering competitive structure, facing organizations in the entertainment Prerequisite: B01.2310 or equivalent. market segmentation, product positioning, industry. Covers key sectors of the entertain- 3 credits. Fall and spring. and pricing. Tools introduced include ment industry focusing on film, television, Studies the consumer as a decision maker. conjoint analysis, voice-of-the-customer home video, cable, music, publishing, sports, Examines social and psychological influ- analysis, diffusion models, and brand- and new media. Develops an understanding ences on purchasing decisions, emphasizing switching analyses. of the underlying financial and economic their implications for marketing strategy. issues that impact performance such as Topics include the consumer as a decision MANAGERIAL MARKETING intellectual property, switching costs, infor- maker; motivation concepts and their effect COURSES mation asymmetry, economies of scale and on behavior; images, attitudes, and their Advertising Management scope, and network externalities. Strategic measurement; social and cultural influences B70.2309 and managerial issues are addressed in on purchasing behavior; models of con- Prerequisite: B01.2310 or equivalent. terms of appropriate strategies for shaping sumer behavior; and applications to adver- 3 credits. Fall and spring. and evolving the media and entertainment tising, product, and segmentation strategies. Develops a framework for managing the industries, as well as responding to develop- Selected cases and projects. advertising function. Surveys advertising as ments in technology. The course utilizes lec- it relates to the advertiser, the agency, and the tures, case studies, and guest speakers. Analysis and Management of media. Considers the creative approach, Pricing and Sales Promotion strategy, and tactics as related to the total Advanced Marketing Planning Decisions marketing program. Covers the selection of for Strategic Advantage B70.2352 target markets, establishing advertising B70.2350 Prerequisites: B01.2310 and B01.1305. objectives, budgeting, media planning, and Prerequisites: B01.2310 (Marketing: 3 credits. Spring. the evaluation of advertising effectiveness. Delivering Value to Customers and Seeks to provide the student with the analytic Business), and at least one of the background necessary for making effective following: B65.3328 (Competitive

70 Analysis), B65.2326 (New Business strategies that gain competitive advantage pretation of information required to assess Planning Practicum), B70.2360 for products and businesses. It does this by market opportunity and competitive threat (Competitive Marketing Strategy), giving students a deep understanding of the in a product category, and the development B70.2365 (Brand Planning for New laws of pure strategy as applied to the com- of marketing objectives, strategies, and and Existing Products). 3 credits. petitive game of economic exchange. The tactical action programs using that informa- This project-based, integrative, capstone course examines the ideas of strategy and tion. Emphasis is also placed on issues of marketing course provides the opportunity to competitive advantage in economic compe- particular importance to new product plan- work intensively in small teams to develop tition. It considers the sources and measure- ning, such as concept generation and and defend a marketing plan for a specific ment of value in product offerings as well as screening, perceptual mapping, preference brand. Students use the skills they have the roles of technology and operations in analysis, product testing and test marketing, developed in their other courses to (1) assess creating value and competitive advantage. and risk assessment. industry attractiveness and potential for Examines the ways that technological, competitive advantage; (2) develop strategies social, and environmental changes coupled International Marketing for achieving sustainable competitive advan- with competitive actions make the game a Management tage in a product category; (3) design a mar- dynamic one. Finally, it establishes a frame- B70.2385 keting plan to facilitate the implementation work to use planning and strategizing tech- Prerequisite: B01.2310 or equivalent. of the recommended strategy; and (4) per- niques to create, plan, and evaluate strategy. 3 credits. Fall and spring. suasively communicate management’s Examines the development of international strategic vision and strategies for the brand Competitive Strategy in the marketing programs, from determining to internal and external stakeholders. Marketplace objectives and evaluating international To accomplish these goals, students refine B70.2361 market opportunities through coordinating their competence in the following areas: Prerequisites, B01.1101 and B01.2310. strategies in world markets. Emphasizes analysis of the industry, competitors, cus- 3 credits application of marketing principles in the tomers, and company to identify opportuni- This is a rigorous advanced course in com- multinational environment. ties and constraints; use of the situation petitive strategy set at the level of the business analysis to identify strategic alternatives; and as it faces competitors at the product market Marketing High-Tech Products development of a detailed marketing plan. level. In structure, the first half of the course B70.2390 The great majority of the class time is de- consists of lectures, the second half of formal Prerequisite: B01.2310 or equivalent. voted to presentations and critiques. Students case presentations recommending strategic 3 credits. work in groups between class meetings using actions by student teams to counterpart Increasingly markets are affected by technol- Web-based collaborative tools, and, if they teams representing senior managers respon- ogy. Often, these markets are very dynamic wish, in-person meetings. While students are sible for approving their recommendation. and are characterized by uncertainty. These not required to meet in person other than to Topics covered include both the process and challenging environments require a new attend class, they must do all work for the content of strategic action and interaction; mind-set from managers. This course course in groups of five to six students. strategic models; brands as a source of com- focuses on the decision problems faced by Assembling an effective, multitalented petitive advantage; methods for comparing managers in creating, developing, and com- team is the first assignment. Each group competitive offers and strategies; scenario mercializing and managing technology- then develops a plan of action for the course analysis; competitive signaling; and compet- based products. The objective is to provide project; selects an industry and brand; con- itive intelligence. The course is an advanced the conceptual frameworks and analytical ducts the required analysis; prepares and version of Competitive Marketing Strategy tools required for managing fast-paced tech- presents interim reports; prepares a final for students who have taken Business nology business. Uses a combination of texts, report; and makes a final formal presenta- Strategy Analysis and Marketing: Delivering articles, lectures, discussions, and cases. tion at the end of the semester. The final pre- Value to Customers and Businesses. sentations are intended to pull together Electronic Commerce everything the group has done and learned. Brand Planning for New and B55.3338 The group’s grade is based almost exclu- Existing Products Corequisite: B01.2119. 3 credits. sively on what happens during the day of the B70.2365 The Internet and the emerging “information final presentation. Prerequisite: B01.2310 or equivalent. superhighway” are dramatically altering the 3 credits. Fall and spring. way we transact goods and services. This Competitive Marketing Strategy This course is designed to be of immediate course examines how new information B70.2360 practical value to students interested in technologies and networks will affect the Prerequisite: B01.2310 or equivalent. brand management of new and existing exchange of goods and services between buy- 3 credits. Fall and spring. Not open to products. Focuses on the application of ers and sellers in the twenty-first century. students who have taken B01.1101. marketing concepts, principles, and tools to How will advertising, purchasing, customer Focuses on what marketing managers and the development of operating brand plans. service, and trade settlement processes executives need to know in order to create Covers the collection, analysis, and interchange? What are the economics of different

71 electronic commerce models for these ing business as we know it. These technolo- with an applied look at specific companies processes? The course evaluates key corpo- gies include the Internet, digital media, elec- and industries, such as on-line financial rate strategies and initiatives in electronic tronic payments, etc. Finally, the course services, on-line retailing, and electronic commerce and the enabling network and combines the study of the economic and publishing. user interface technologies that are redefin- business strategy principles of e-business

Minicourses Globalization of the and literary agents, and publicity and adver- The Business of Producing: Entertainment Industry tising specialists. The course examines the Entrepreneurship in B70.2112 range of skills required to complete a project, Entertainment and Media Prerequisite: B01.2310 or equivalent. finance a product, or negotiate sponsorships B70.2116 1.5 credits. Fall. successfully in movies, home video, sports, 1.5 credits. Provides students with a framework for cable, music, theatre, new media, and pub- The course is designed to provide students understanding the dimensions of globaliza- lishing. Cases and projects are used. with a framework for understanding the tion achieved by the entertainment and dynamics of producing a finished creative media companies and their systems for The Business of Sports product in the entertainment and media expansion worldwide. Analyzes the strategy Marketing industries. Covers the process of feature proof several of the leading multinational enter- B70.2114 duction from the initial concept of the story, tainment conglomerates and the develop- Prerequisite: B01.2310 or equivalent. through script development to completion of ment of various leisure-time businesses 1.5 credits. Spring. the project. Explores all the facets of the pro- within the world economic zones, including The business of sports has become a per- duction process, including script selection, Europe, Pacific Rim, Latin America, Middle sistent and integral part of our economy, finance, budgeting, timetable development, East, and North America. Compares the local specifically in the multimedia and entertain- team building, talent selection, contract and entertainment business with products ex- ment arena. This is a specialized course for union negotiation, regulation, and technol- ported by multinationals. Examines emerg- the M.B.A. student interested in expanding ogy. Guest speakers include producers on ing markets, including Eastern Europe, knowledge of the sports industry as a busi- independent movies, network TV, cable, syn- South Africa, and Russia. Selectively covers ness and as a world economic force. It pro- dicated TV, radio, and TV commercials. movies, home video, network broadcast in vides students with a framework for television and radio, music, cable, live enter- understanding the scope of the sports busi- Strategy and Entrepreneurship tainment, and theme parks as they have ness across the various leagues, the venues, in the Media and Entertainment developed in major countries worldwide. the athletes, and their relationship to inter- Industry Uses case studies and projects. nal and external factors, the infrastructure, B70.2117 the professional support system, and the 1.5 credits. Professional Management: marketing applications that drive this From digital distribution to broadband Entertainment and Media complex and growing multibillion dollar Internet access, rapid and exciting changes B70.2113 industry. Through lectures by leading exec- are driving fundamental shifts and realign- Prerequisite: B01.2310 or equivalent. utives within the sports industry and pro- ments in the media and entertainment 1.5 credits. Spring. fessionals who provide the support system, industry. These shifts are creating unparal- Provides students with an opportunity to along with selected readings, videos and case leled opportunities and risks for current and learn about the specialized services provided histories, the student will understand how prospective media players. In some cases new by professional managers and advisers, both the various parts of this complex process entrants are seizing the opportunity to enter inside and outside entertainment and media interface and interact. new industries and markets, while in others, companies. Examines the nature of the ser- established players may be better positioned vices provided, how these services are being to gain share. The course examines these implemented through collaboration with issues as they apply to motion pictures, industry creative and business executives, television, music, and publishing. The and how to evaluate the services. Lectures Internet is addressed both as an influence and informal discussions with entertain- on traditional media sectors and as a ment and media lawyers, accountants, talent sector on its own.

72 Seminars in Special Research Topics in market behavior. In particular, utility theory, of this course is not only to impart knowl- Advanced Study Marketing discrete choice models, stochastic models, edge about a body of research but also to B70.4372 multidimensional scaling, and hierarchical help the individual develop his or her own 3 credits. decision making are studied. These models interests and preferences in consumer An extensive literature review of two research are examined in the context of how con- behavior-related issues. topics identified by the instructor. Students sumers and the market react to marketing write papers that review the relevant litera- stimuli. The readings are drawn from lead- Behavioral Applications in ture and develop a research design to ing marketing journals. Marketing II describe data sources, hypotheses, and B70.4382 research methodology. A pilot study may be Quantitative Applications in 3 credits. Fall. appropriate in some cases. General areas Marketing II The first part of this course covers communi- include consumer choice models, diffusion B70.4392 cation and public policy issues in consumer of innovations, cross-national market struc- 3 credits. Fall. behavior. It examines recent theory and tures, information processing models, loca- Acquaints students with the state of the art in research bearing on how communications tional analysis, attitude theory, and mathematical marketing models. The focus and situational factors affect consumer applications of quantitative methodologies is on managerial models of advertising allo- behavior. In the process, students also and models. cations, channel design, sales force alloca- become familiar with some related public tion, sales promotion, pricing, product policy issues, including deceptive and Research Implementation design, test markets, and competitive posi- corrective advertising, and trademark- B70.4374 tioning. The readings are mainly drawn related matters. 3 credits. Spring. from leading marketing journals. Students The second part of the course introduces Students define and investigate a research develop their own models and papers on a students to behavioral decision research. interest and complete a publishable paper. topic of interest. Topics covered include judgment under Students define the problem, formulate uncertainty, risk taking, and conflicting hypotheses, develop a research methodology Behavioral Applications in values. to test hypotheses, specify an analytical Marketing I design, and propose possible implications B70.4381 Ph.D. Dissertation Seminar of the research. 3 credits. Spring. (Marketing) This course is designed to provide a strong B70.9901-9918 Quantitative Applications in foundation for critical thinking in the area Open only to Ph.D. candidates. Staff. Marketing I of consumer behavior. It examines topics 1 to 18 credits. B70.4391 primarily in the area of social psychology Individual meetings with the dissertation 3 credits. Spring. that have marketing applications. The adviser and members of the dissertation This course acquaints students with the state primary focus is on how consumers process committee. of the art in mathematical marketing mod- and integrate information such as adver- els. The focus is on models of consumer and tising to form or change attitudes. The goal

73 Operations Management: A Multidisciplinary Program

irtually every sector of the economy has been shaken by revolutionary changes in V the ways firms provide customers with goods and services. Effectively managing operations enables firms to gain a competitive advantage by creating cost leadership, quality superiority, flexible response to customer needs, and getting products and services to market quickly. Our mission is to equip 21st century managers with the ability and analytical skills to lead and manage complex and dynamic operating systems.

Our faculty is known for cutting-edge about the system that produces the firm’s If you are interested in an Operations research on critical emerging operations and product, the better they are able to design, Management (OM) major or would like strategy issues. This research is reflected not market, finance, or manage the activities of more information, visit the OM department only in the foundation core course, but also the organization. offices, Tisch Hall, Room 700 or our Web site in the six advanced electives offered. We are Working knowledge of today’s key opera- at www.stern.nyu.edu/om. You can also a multidisciplinary group with expertise in tions issues provides the ability and skills to call (212) 998-0280 or e-mail us at mass customization, business process build successful careers and contribute to the [email protected], and make an appoint- design, service operations, value chain man- firm in many fields. As firms restructure in ment to speak with a faculty representative. agement, environmental management, response to global challenges, ample oppor- Chairman: Michael Pinedo quality, distribution channel management, tunities exist for managers in every field to Professors: Manfred Padberg, Michael risk analysis, manufacturing systems design, excel by analyzing and improving business Pinedo, Eitan Zemel and global operations strategy. operations. For example, an operations con- Associate Professors: Ravi Anupindi, We consult and conduct research on real- sultant or manager would acquire the skills Michael Moses, Praveen Nayyar, Sridhar world problems in a variety of industries and necessary to undertake business process Seshadri, Harry Chernoff (Visiting) governmental agencies. These include bank- improvements, total quality management Assistant Professors: Mor Armony, ing, automobiles, telecommunications, initiatives, and customer service improve- Vishal Gaur, Andrew King, Christopher electronics, machine tools, cosmetics, chem- ments. A financial analyst or management Tucci, David Juran (Visiting) icals, pollution control, waste management, consultant would be in a better position to consumer goods, airlines, health care, steel, evaluate a firm’s strengths, weaknesses, and Adjunct Associate Professor: Fred retailing, computers, utilities, and NASA. valuation by understanding how operations Silverman We emphasize learning through expe- affect the firm’s competitive position and Adjunct Assistant Professor: Vipul riential exercises, real-world cases, guest long-term cash flow. A marketing manager, Agrawal speakers, field visits, and hands-on field who understands operations would be better DEPARTMENT CORE COURSE projects. We constantly stress the rela- positioned to take multiple, simultaneous tionships between analytic and strategic product development projects from concep- Competitive Advantage from Operations perspectives. tion through delivery, on time and on ADVANCED DEPARTMENT Our business students envision them- budget. This would allow firms to bring selves working in the fields of finance, products to market more quickly, cheaply, COURSES accounting, marketing, information sys- and with better quality. A chief information Operations Strategy tems, product design, or human resources. officer or logistics director who understands Supply Chain Management All of these areas are closely involved with the operations would be in a better position to Service Operations and Strategy production and distribution of goods and design and implement state-of-the-art man- Technological Innovation and New Product services, and the more managers know ufacturing and service delivery systems. Development

74 Operations Consulting: Design of Operations Decision Models Managing for Quality Operations in Operations Consulting: Resource Environmental Assessment Management Financial Services Management and Strategy

Majors and The Department of Operations Management COURSE OFFERINGS AND This minicourse serves as an introduction to at NYU, Stern School of Business, has been MAJOR REQUIREMENTS Operations Management. We approach the Nonmajors in upgraded to full department status and reg- discipline from the perspective of the gener- Operations istered as a full major program by the New A major in operations management requires al manager, rather than the functional spe- Management York State Education Department. We have completing the first-year core course and cialist. The coverage is intense and very developed a program that allows students to choosing four additional advanced courses selective, concentrating on a small list of emphasize operations as a major field. The from the list of advanced department powerful themes that have emerged as the curriculum has been designed to provide an courses. central building blocks of world-class orga- understanding of how effective management nizations. The course also provides tools and of the operations function of a business cre- DEPARTMENT CORE COURSE concepts from operations management that ates competitive advantage for the firm. Competitive Advantage from have proven extremely useful over the years. Operations The topics discussed are equally relevant in B01.2114 the manufacturing and service sectors. 1.5 credits.

Advanced Managing for Quality management. The emphasis is on methods road to successful implementation. These Department B60.2310 with wide application across diverse indus- studies are particularly useful for students 3 credits. tries and organizations, including recent who look forward to careers where the actu- Courses This course introduces the basic principles developments in information technology al implementation of models in an impor- and techniques of managing for quality. and electronic commerce. tant job component. Students learn the most important principles and tools by which organizations create Operations Consulting: Supply Chain Management value for their customers, including quality Resource Management (Business Logistics) measurement and assessment, quality plan- B60.2127 B60.2306 ning, quality control, quality improvement, 1.5 credits. 3 credits. and quality strategy. Students learn to This course has been designed to explore The function of supply chain management • Understand the historical development advanced scheduling problems and schedul- is to design and manage the flow of materi- of modern quality methods, including ing approaches and techniques that have al and information, starting from the raw the unrivalled contributions of New York been developed in practice. The main objec- materials until finished goods reach cus- University to this field. tives are to (1) improve student skills in tomers. Typically, logistics-related costs advanced scheduling problems and (2) account for 20 to 25 percent of firms’ total • Analyze systems with respect to quality, understand the different scheduling costs. On the revenue side, the supply chain using such tools as Six Sigma, Pareto approaches and techniques that have been decisions have a direct impact on market analysis, statistical process control, quality implemented in practice. The first part of the penetration and customer service. With the function deployment, reliability analysis, course describes a number of standard tech- globalization of the economy and advances and design of experiments. niques for modeling typical scheduling in information technology, supply chain • Apply different philosophies and problems that occur in practice. The prob- design and coordination have become approaches to quality intelligently, lems considered are project scheduling, important tools for gaining competitive including those of Deming, Hackman resource scheduling, workforce scheduling, advantage. Therefore, the objectives of the and Oldham, Ishikawa, Juran, Shewhart, and reservation systems used in services. A course are to (1) develop an understanding and Taguchi. special computer-based modeling package is of individual components of the supply • Make use of the Malcolm Baldrige utilized. The second part of the course chain (such as order management, trans- National Quality Award criteria, as well describes a number of standard and generic portation, network design, distribution as those of other quality examination, solution techniques for dealing with all these channel management, after-sales service, certification, and evaluation tools. problems. The last part of the course and customer service strategy) and their The focus is on management planning and describes how to implement the solution interrelationships with other functions of decision making, not advanced statistical technique in an information system frame- firms, such as marketing, manufacturing, inference. This course is aimed at M.B.A. stu- work. Several firms that have implemented and accounting; (2) impart analytical and dents who have already completed the core these techniques make in-class presentations problem-solving skills necessary to develop requirements in operations, marketing, and of their triumphs and tragedies along the solutions for a variety of logistics problems;

75 (3) understand the complexity of interfirm • Translate descriptions of decision prob- ize how operations strategies can and must and intrafirm coordination in implement- lems into formal models and investigate be linked to overall business strategies, as ing programs such as “quick response” those models in an organized fashion. well as the financial and marketing strate- and “vendor managed inventories;” and • Identify settings in which models can be gies; and (5) highlight effective examples (4) develop the ability to design logistics used effectively, and apply modeling con- involving continuous improvement and systems and formulate integrated supply cepts in practical situations. implementation of operations strategies. chain strategy, so that all components are • Strengthen their computer skills, focusing not only internally synchronized but also on how to use the computer to support deci- Technological Innovation and tuned to fit corporate strategy, competitive sion making. New Product Development realities and market needs. B60.3356 The emphasis is on model formulation and 3 credits. Operations Consulting: Design interpretation of results, not on mathemati- Technological innovation and new product of Operations cal theory. This course is aimed at M.B.A. stu- development are critically important to the B60.2307 dents with little prior exposure to modeling creation of business opportunities and suste- 3 credits. and quantitative analysis, but it is appropri- nance of wealth. This course offers perspec- Enhancing the effectiveness and productivity ate for all students who wish to strengthen tives and frameworks that seek to understand of operations is a major goal of most organi- their quantitative skills. The emphasis is on technological innovation and NPD at differ- zations. Designing the operations of a firm models that are widely used in diverse indus- ent levels of analysis, including the firm, will be critical to achieving this goal. This tries and functional areas, including industry, and national levels. It addresses course aims to develop an understanding of finance, operations, and marketing. issues pertaining to the discovery, devel- the components that make up an integrated opment, and diffusion of technological ad- operating system and to impart modeling Operations Strategy vances. For example, we attempt to skills for understanding the design tradeoffs. B60.3355 understand the innovation process in both The objectives of the course are 3 credits. start-up and established firms, and when There is an increasing awareness that opera- • To develop skills for designing and established firms have an easier (or more tions should contribute to the global com- improving operations. difficult) time bringing a new product to petitive stance of a business and not merely market and appropriating profits from it. We • To demonstrate the wide applicability be a place where the firm’s products or also provide frameworks for assessing new of modeling methodology to different func- services are produced. This can be done by technological and business opportunities. tional areas, with emphasis on manufactur- contributing distinctive competence or capa- Students are expected to analyze and evalu- ing and service operations. bility to the business, and continually ate technological opportunities using the • To provide insights into actual business improving the products and process of the frameworks and techniques presented in the practices and outline the scope for applying business. In the department core course, course. The course is complementary to the modeling and design ideas developed in Competitive Advantage from Operations other course offerings at the Stern School this course. B01.2114, students study the basic aspects of and builds on the emerging interest in tech- • To develop optimization and simula- how firms produce their products and ser- nology, innovation, and change within the tion modeling skills. vices to gain a competitive advantage, and management department, the operations take a tactical or short-term look at opera- management department, the Stern School, Decision Models tions. This course, Operations Management, and the outside business world. Most stu- B60.2350 is a natural follow-up to the core course. dents who take the course have career 3 credits. Students examine the strategic and long- interests in consulting (operations or man- This course introduces the basic principles term policies of the firm, and learn how the agement), general management, entre- and techniques of applied mathematical operations strategies and policies are devel- preneurship, technology/new media, or modeling for managerial decision making. oped to be consistent with corporate and marketing, but students from all disciplines Students learn to use some of the more overall business strategies. To do this effec- are welcome. important analytic methods (e.g., spread- tively, students examine, through case stud- sheet modeling, optimization, Monte Carlo ies, how firms’ operations play an important Service Operations and Strategy simulation) to recognize their assumptions role in building and shaping their competi- B60.3357 and limitations and to employ them in deci- tive posture. This course helps students to 3 credits. sion making. Students learn to (1) recognize the strategic and policy impli- This course is designed to prepare students cations that can be gained from managing • Develop mathematical models that can be to manage service businesses and/or service operations; (2) develop a framework for allo- operations in manufacturing firms. The used to improve decision making within an cating resources and managing the opera- organization. objective is to focus attention on some tions function in ways that distinguish firms unique aspects of service businesses and • Sharpen their ability to structure problems from their competitors; (3) analyze, develop, relate these aspects to service operations and and to perform logical analyses. and formulate operations strategies to strategy. For example, some of the issues this exploit competitive opportunities; (4) visual- course covers include the following:

76 • What impact does intangibility have on • Strategic issues: product selection, process growing practices in environmental man- corporate and business strategy and opera- design, cross-selling, service strategy. agement. This course teaches students how tions in service businesses? • Design of distribution channels: the to analyze and manage environmental • What is the impact of simultaneous pro- interactions and synergies between the issues in business. Students learn how to duction and consumption of services on how different distribution channels (branch integrate environmental issues into opera- service delivery systems are designed and offices, salespeople, call centers, ATM tional and financial decisions; how to devel- managed? networks, on-line banking, etc.), channel op business strategies that minimize both environmental and financial risk; and how • What impact do customers have on service coordination. firms can benefit from corporate greening. quality and productivity of service firms? • Design of trading processes: capacity and The course emphasizes cases, computer product mix. • What unique organizational designs are simulations, and negotiation exercises to needed to manage a service business? • Assessment of operational risk: statistical teach game theory, strategic planning, and Consistent with the need to emphasize an analysis of operational risk breakdowns, other management skills. It employs integrative multidisciplinary perspective on characteristics of effective controls, case analytic and simulation models to explore service operations and strategy, students are studies of major operational breakdowns. common property resource problems, to asked to undertake a project assignment to • Impact of information technology on explore industrial and environmental design a complete service business, starting operations: dependencies and interactions change, and to predict the impact of govern- from idea to incorporation. between operations and information mental regulation. technology. Finally, the course covers unresolved Operations in Financial issues in environmental science and man- Services Environmental Assessment agement, and reviews potential future envi- B60.3360 Management and Strategy ronmental problems. This course counts 3 credits B60.3379 towards a major in management, operations This course is designed to prepare students 3 credits. management, or international business. to structure, organize, and manage opera- Modern firms must manage their impact on Students should have taken microeconomics. tions in financial services firms, such as the natural environment to maintain access retail and investment banks, brokerage to valuable resources and to avoid conflict houses, and insurance companies. Topics with communities or government. Modern covered include the following: strategic consultancies now have large and

77 Statistics and Operations Research

ourses offered in the Department of Statistics and Operations Research are divided into three categories: (1) statistics, C(2) operations research, and (3) actuarial science. Statistics courses cover theory and techniques relating to the application of the mathematical theory of probability to decisions that must be made in the face of uncertainty. Statistical theory is used in a variety of applications, such as sampling, data analysis, design of market research studies, quantitative methods in cost accounting, statistical control of quality of manufactured products, economics forecasting, and financial modeling. Statistical computing algorithms are used for analyzing data and statistical estimation. Operations research courses cover the theory and application of mathematical modeling techniques for analyzing and simulating business functions. Courses emphasize applications in economics, finance, operations management, marketing, and other functional areas in business and administration. The courses cover theoretical developments and mathematical techniques integrated with the computer to solve deter- ministic and stochastic problems in resource allocation, short-term and long-term finance, transportation, routing, scheduling, inventory, and related areas. Operations research methods are used extensively on applications to the field of operations management. For more details, see the description of the Department of Operations Management on page 74. Actuarial science courses prepare students for an actuarial career, which enables them to apply probability and statistics to the fields of insurance and pensions. The courses in actuarial science and related fields of probability, statistics, economics, and finance cover all of the material that appears in the first two examinations jointly sponsored by the Society of Actuaries and the Casualty Actuarial Society. Other courses at Stern cover portions of examinations three and four. Students may wish to develop quantitative skills from a tailored track of statistics and operations research courses that produce a major or double major with a functional area. The most popular tracks are quantitative finance and in particular financial engineering, market research, and management consulting. The programs in the Department of Statistics and Operations Research offer students the theory and techniques to solve business problems. Each course emphasizes the application of statistical and operations research methods to actual business problems. The applied courses make extensive use of computers. The Department of Statistics and Operations Research faculty has won world-wide recognition for its scholarship. Esquire Magazine (November 1999), for example, selected the department as one of the 20 centers of genius for the next millennium. Faculty members have won international awards for their research and for their skill as teachers. Their activities include government advisers, consultants to industry, and journal editors.

78 Students may select statistics and operations research as a major field for the M.B.A. and the Ph.D. degrees. In addition, an M.S. (in Statistics and Operations Research) is offered. The M.B.A. and M.S. (in Sta- tistics and Operations Research) degrees may also be taken with a specialization in actuarial science. A student considering courses in the Department of Statistics and Operations Research beyond the basic core should speak to a faculty member about prerequisites and career objectives before designing and registering for an academic program. In certain instances, instructors may waive prerequisites for an advanced course. The Department of Statistics and Operations Research offers courses for students without a rigorous mathematical background. These are generally but not exclusively computer intensive courses that develop skills in quantitative techniques. For the most part, the only prerequisite for these courses is Statistics and Data Analysis B01.1305. These courses are open to students majoring in any department. They can be found from the Web page, www.stern.nyu.edu/sor, under the heading M.B.A. Electives for Majors in All Departments. In addition to the curricular program, the department offers an extensive array of extracurricular activities that offers students additional exposure to problem solving with mathematical models. Student- sponsored clubs include the actuarial science club and the financial engineering association. Weekly department seminars and all-day symposia are dedicated to special topics where speakers come from both industry and academe. Further, the department runs a Professor-in-Residence Program where high-profile academics visit and present a series of lectures on their special area of research.

Chairman: Edward L. Melnick Associate Professors: Halina Frydman, Adjunct Associate Professors: Paul Professors Emeriti: Gerald Glasser, Peter Lakner Hoppe, Hans Levenbach, Jeffrey Shaw Ernest Kurnow, Melvin Shakun Assistant Professors: Xianghui (Sean) Department Office: KMC, 44 West Fourth Professors: Richard Brief, Samprit Chen, Rohit Deo Street, 8-160, 8th Floor Chatterjee, Clifford Hurvich, Edward Adjunct Professors: Cyrus Mohebbi, Web Site: www.stern.nyu.edu/sor Melnick, Joel Owen, Gary Simon, Jeffrey Richard Tashjian Simonoff, Aaron Tenenbein

RECOMMENDED ELECTIVES FOR of its applicability. For detailed requirements, related fields of probability, statistics, eco- STUDENTS IN OTHER MAJORS see pages 28-29. nomics, and finance cover all of the material that appears in the first two examinations Students who major in other departments MASTER OF SCIENCE jointly sponsored by the Society of Actuaries and wish to take electives in statistics (IN MATHEMATICS/STATISTICS and the Casualty Actuarial Society. Other and operations research can choose among AND OPERATIONS RESEARCH) courses at Stern cover portions of examina- any of the courses listed in the catalog tions three and four. and department Web site under the sug- This is a cooperative program between the gested programs. Department of Statistics and Operations SPECIALIZATION IN MARKETING Research of the Stern School and the Depart- RESEARCH MASTER OF SCIENCE ment of Mathematics of the Courant Insti- (IN STATISTICS AND OPERA- tute of Mathematical Sciences, Graduate M.B.A. students who are interested in market TIONS RESEARCH) School of Arts and Science. It provides stu- research should take courses both in market- dents with a foundation in both mathemat- ing and in statistics and operations research. The Master of Science (in Statistics and ics and statistics and operations research. For For more information, consult the depart- Operations Research) Program is for stu- details, see pages 25-27. ment chairman. dents wishing greater concentration in statistics or operations research without the SPECIALIZATION IN ACTUARIAL COURSES IN STATISTICS AND broad requirements of the M.B.A. Program. SCIENCE OPERATIONS RESEARCH Because at least seven of the 12 courses required in this program are taken in the Students enrolled in the M.B.A. or the M.S. Core Course Department of Statistics and Operations (in Statistics and Operations Research) Programs may specialize in actuarial sci- Statistics and Data Analysis Research, students develop a deeper under- B01.1305 standing of the subject and a broader sense ence. The courses in actuarial science and

79 Department of Statistics and Operations models are used in estimating and forecast- on securities. Applications include bond Research staff. 4.5 credits. ing the volatility of series like stock returns evaluation, mortgages, capital budgeting, For description, see page 14. and exchange rate returns. Students analyze depreciation methods, and insurance. data sets of their own choice in projects. M.B.A. ELECTIVES FOR MAJORS Additional topics of interest covered in the Introduction to Operations IN ALL DEPARTMENTS course are methods of testing for nonstation- Research ary (Dickey-Fuller tests) as well as models for The Department of Statistics and Operations B90.2310 capturing seasonality as seen for example in Research offers courses for M.B.A. students Prerequisites: B01.1305 and one series of monthly sales figures. The low-cost interested in applications of quantitative semester of undergraduate calculus or forecasting method of exponential smooth- methods to various phases of business activ- permission of the instructor. 3 credits. ing is discussed and its connection to the ity. These courses may also be taken by sta- Spring. RiskMetricsTM methods of J. P. Morgan and tistics and operations research majors to This is an introductory course that trains stu- GARCH models is explored. If time permits, meet major course requirements. The only dents to use the basic tools in operations we also study methods of forecasting multi- prerequisite for these courses is B01.1305, research. Students are exposed to a variety of variate time series, where information from with the exception of B90.2309 and managerial situations requiring them to for- several series is pooled to forecast a single B90.2310. B90.2XXX courses emphasize mulate operations problems and to select series. The concept of co-integration or co- applications and present the theory with and implement appropriate solution movement of multivariate series is discussed intuitive arguments. B90.3XXX courses methodologies. Topics include optimization (interest rates being a prime example) along emphasize methodology that are illustrated techniques such as linear programming, with their implications for forecasts. Other with applications. network models, inventory management, potential topics in the course include the use waiting-line analysis, and dynamic pro- Regression and Multivariate of ARCH models in value at risk (VAR) analy- gramming. Students are required to use sis and in option pricing. computer software to solve typical problems Data Analysis and analyze the outputs. B90.2301 or B90.3311 Applied Stochastic Processes for Prerequisite: B01.1305. 3 credits. Fall Financial Models and spring. Stochastic Models for Finance B90.2308 A data-driven, applied statistics course focus- II: Fixed Income Instruments Prerequisite: B01.1305. 3 credits. Fall ing on the twin subjects of regression and B90.3322 and spring. multivariate data analysis. This course Prerequisite: B90.3323. 3 credits. The purpose of this course is to present emphasizes applications to the analysis of This class is devoted to a detailed study of mathematical background for the stochastic business data and makes extensive use of probabilistic and financial aspects of model- processes that are widely employed as model- computer statistical packages. Topics include ing of fixed-income instruments. The mod- ing tools in finance. The emphasis is on the the analysis and management of data, mul- ern martingale theory, widely used in intuitive approach and examples rather than tiple linear and nonlinear regression, selec- financial engineering, is the main modeling on proofs or mathematical rigor. The course tion of variables, residual analysis, model tool. The class evolves around the second includes the following topics: random walks, building, autoregression, and multi- part (Chapters 11-17) of the text Martingale martingales, Brownian motion, Geometric collinearity. Topics in multivariate data Methods in Financial Modelling by M. Brownian motion. The relevance of the con- analysis include principal components, Musiela and M. Rutkowski. References are sidered processes to financial modeling is analysis of variance, categorical data analy- also made to some recent papers in the area stressed throughout. In particular, the Cox, sis, factor analysis, cluster analysis, discrim- of term structure modeling. The main build- Ross and Rubinstein, and the Black-Scholes inant analysis, and logistic regression. All ing blocks of the class are a survey of the Models for pricing stock options are dis- topics are illustrated on data sets obtained instruments most commonly traded on cussed. In addition, the Ho and Lee, Black- from the financial markets, market research financial fixed income markets; a survey of Derman and Toy, and the ox-Ingersoll-Ross studies, and other scientific inquiries. financial rates; a survey of short-term inter- Models for pricing interest rate derivative est rate models; a study of the HJM model of Forecasting Time Series Data securities are discussed. the instantaneous forward rate; a study of an abstract bond market model; a study of for- B90.2302 or B90.3312 Mathematics of Investment ward LIBOR and forward swap rates models; Prerequisite: B01.1305. 3 credits. Fall B90.2309 a study of spot and futures options under sto- and spring. Prerequisite: One semester of under- chastic interest rates models; a survey/study Presented in this course are practical time graduate calculus or permission of the of pricing/hedging models for caps/floors; series forecasting techniques with emphasis instructor. 3 credits. Fall. and swaptions within various term structure on the Box-Jenkins (ARIMA) method and The course discusses mathematical and models. Relationships between various conditional volatility (ARCH/GARCH) mod- technical aspects of investments. Topics approaches to term structure modeling are els. Provided is a mix of practical data analy- include measurement of interest and dis- investigated. From the technical standpoint, sis as well as an introduction to the relevant count rates, accumulated value and present an emphasis is put on modeling techniques theory. The ARIMA models are used to fore- value, annuities, sinking funds, amortiza- involving change of numeraire. In particu- cast series like interest spreads while ARCH tion of debt, and determination of yield rates lar, a detailed analysis is made of the con-

80 cepts of spot martingale measure, forward ELECTIVES IN STATISTICS, mathematical prerequisites (two semesters martingale measure, spot LIBOR measure, OPERATIONS RESEARCH, AND of calculus and one semester of matrix alge- forward swap measure. We analyze the rela- ACTUARIAL SCIENCE bra at the graduate or undergraduate level). tionships between them, as well as their use Typically students who majored in engineer- in fixed-income modeling. These electives are open to all students (M.S., ing or mathematics would automatically M.B.A., and Ph.D.) who have the required satisfy this requirement.

Courses in Introduction to the Theory of vector for one and several populations are made with the classical approaches to Statistics Probability leading to Hotelling’s T2 statistic and typical problems. Business case studies are B90.3301 MNOVA; techniques of multiple compar- used to illustrate both components. Prerequisites: two semesters of calculus. isons; mutivariate linear regression models; 3 credits. Summer, fall, and spring. principal components; factor analysis; Time Series Analysis This course covers the basic concepts of canonical correlations; discrimination and B90.3306 probability. Topics include the axiomatic classification; clustering, graphical displays Prerequisite: B90.3302. 3 credits. definition of probability; combinatorial the- of mutivariate data. A course in the Fourier analysis of time orems; conditional probability and indepen- series. The frequency domain approach cov- dent events; random variables and Advanced Theory of Statistics ered here provides a complementary outlook probability distributions, expectation of B90.3304 on time series to the usual time domain Box- functions of random variables; special dis- Prerequisite: B90.3302. 3 credits. Jenkins approach. Topics include periodicity crete and continuous distributions, includ- The course covers topics in statistical estima- (cycles) in time series data; the periodogram ing the chi-square, t, and F distributions; tion and hypothesis testing. Topics on esti- and its distribution; linear filters and transfer joint distributions with emphasis on the mation include sufficiency; exponential functions; spectral density; spectral represen- bivariate normal distribution; law of large family; Pitman Koopman Theorem; criteria tations of autocovariances and stationary numbers, central limit theorem; and mo- for choice of estimators; lower bounds for processes; ARMA models and their spectra; ment generating functions. The theory of variance of estimators; sufficiency and com- model selection; the linear forecasting prob- statistical estimation is introduced with a pleteness; maximum likelihood estimation; lem; and spectral estimation. We also discuss discussion on maximum likelihood theorems on limiting distributions; and long memory models, including fractional estimation. robust estimation. Topics on hypothesis ARIMA and nonlinear time series (including testing include theory of optimum tests; ARCH models and chaos), as time permits. Statistical Inference and Neyman-Pearson Lemma; M.P. and U.M.P. Regression Analysis tests; unbiased tests; composite hypotheses, Categorical Data B90.3302 Neyman structure; likelihood principle; and B90.3307 Prerequisites: B90.3301 and one semes- likelihood ratio tests. Prerequisite: B90.3302. 3 credits. ter of linear algebra. 3 credits. Fall and Discrete random variables are the subject of spring. Bayesian Inference and this course, with most of the emphasis going The course has two distinct components: sta- Statistical Decision Theory to the bivariate and multivariate situations. tistical inference and regression analysis. B90.3305 The major topics are the chi-squared statis- Topics included in statistical inference are Prerequisite: B90.3302. 3 credits. tic; Fisher’s exact test; odds ratio estimates principles of statistical estimation and infer- This course has two components: statistical and intervals; sets of tables; the log-linear ence, Neyman-Pearson Lemma, testing of decision theory and the Bayesian paradigm model; model fitting; and logit analysis. The means, variances, tests of independence, for statistical inference. Statistical decision fundamental paper by Leo Goodman in the nonparametric methods. Regression analy- theory is concerned with the problem of 1970 issue of the Journal of the American sis focuses on the general linear regression making decisions in the presence of relevant Statistical Association is discussed. M.B.A. model; least squares estimation, departures statistical knowledge. Topics include deci- and undergraduate students registering for from standard assumptions; autocorrelation, sion rules, utility, risk functions, admissibili- this course are evaluated primarily on their multicollinearity; analysis of residuals; ty, consistency, expected loss, randomized, ability to formulate and analyze data-based choice of variables; nonlinear models. minimax, and Bayes decision rules. Game problems. All other students are evaluated theory. Both Frequentist and Bayesian con- primarily on their understanding of method- Multivariate Statistical Analysis cepts are considered. The Bayesian paradigm ological and theoretical issues associated B90.3303 is the approach to statistics that formally with the analysis of categorical data. Prerequisite: B90.3302. 3 credits. seeks to utilize prior information. Topics Definition of properties of multivariate include the notion of subjective probability, Sampling Techniques distributions with focus on the multivariate the specification of prior information, credi- B90.3308 normal; geometric principle of sampling; bility sets, predictive distributions, empirical Prerequisite: B90.3302. 3 credits. Fall. multivariate asymptotics; principles of and heirarchical Bayes analysis, Bayesian Considers commonly used sampling multivariate inference; tests of the mean robustness and computation. Comparisons schemes, such as simple, random, stratified,

81 multistage, and double sampling and Forecasting Time Series Data (first component) and what can be done in studies their efficiency. Studies methods of B90.3312 practice (third component). The goals of the estimation, including ratio and regression. For doctoral students only. 3 credits. course are modest so that a full treatment of Other topics include poststratification, mul- Fall and spring. all major topics can be achieved. tivariate surveys, analytic studies, problems Same as B90.2302. For description, see of nonresponse, nonsampling errors, and page 80. Advanced Theory of Probability randomized response technique. Theory is B90.3352 illustrated with examples from diverse fields. Statistical Computing and Prerequisites: B90.3301 plus 2 semesters Sampling Methods with of calculus. 3 credits. Spring. Experimental Design Applications to Finance This course is designed for M.S. students in B90.3309 B90.3314 statistics and Ph.D. students in all disci- Prerequisite: B90.3302. 3 credits. Prerequisite: B90.3302. 3 credits. plines. The aim of the course is to establish a This course develops the analysis of variance This course covers most of the classical and comprehensive foundation of the theory of model in detail through the “one-way” and modern Monte Carlo methods for statistical probability. The topics covered are basic “two-way” designs, including partitioning estimation. In particular, the fast growth of measure theory, random variables, and sums of squares, orthogonal polynomials, Monte Carlo Markov Chain (MCMC) meth- induced measures and distributions; inde- interactions, multiple comparisons, and ods has enabled the use of Bayesian infer- pendence of random variables; integration fixed and random effects. The concepts of ence in many applied fields. Methodologies in a probability space with emphasis on randomization and blocking lead to discus- are illustrated with financial applications Conditional Expectation and martingales; sions of design strategy. Further topis, cov- such as estimation of implied volatility and modes of convergence of random variables, ered if time permits, are the higher-order risk measures. Examples are drawn from including almost sure convergence, conver- designs, split-plot designs, and fractional published research and survey papers in cur- gence in LP, convergence in probability, and factorials. The material of this course is vital rentliterature(Risk Magazine, J. P.Morgan’s convergence in distribution; characteristic to those performing designed experiments, Risk Metrics). The course integrates three functions and the inversion formula; and the information can also be helpful in basic components of statistical analysis in the central limit theorem for independent observational studies. financial areas: modeling and inference identically distributed random variables and (with emphasis on Bayesian methodology); also for martingale differences. If time Regression and Multivariate computing and sampling methods for statis- permits, additional topics will include Data Analysis tical estimation (with emphasis on MCMC); functional central limit theorems and their B90.3311 and applications to financial data (with applications. For doctoral students only. 3 credits. emphasis on volatility and risk). The focus is Fall and spring. placed on the second component, bridging Same as B90.2301. For description, see the gap between what can be said in theory page 80.

Courses in Introduction to Stochastic continuous time martingales. A significant Stochastic Models for Finance I: Stochastic Processes portion of the course is devoted to the study Equity and Currency Market B90.3321 of the Brownian motion process, as well as to B90.3323 Processes Prerequisite: B90.3301. 3 credits. Fall. study of the Ito stochastic calculus. In partic- Prerequisite: B90.3321. 3 credits. Spring. This is an introductory course in stochastic ular, the concepts of the Ito stochastic This is a course on mathematical methods processes. Its purpose is to introduce students integral, Ito differentiation rule, and Ito for modeling financial markets with empha- into a range of stochastic processes, which stochastic differential equation are dis- sis on valuation of financial derivatives. The are used as modeling tools in diverse fields of cussed. Presents various applications of the topics include concepts of arbitrage, equiva- applications, especially in the business appli- underlying theoretical concepts with empha- lent martingales measures, price systems cations. Introduces the most fundamental sis on the application to financial modeling with finite and infinite state space, Black- ideas in the area of modeling and analysis of and financial engineering. Scholes valuation formula, Girsanov’s theo- real-world phenomena in terms of stochastic rem, general contingent claims pricing, processes. Covers different classes of stochas- valuation of European and American tic processes, such as discrete and continu- options, and estimation of the volatility of ous-time Markov chains, discrete and the asset prices.

82 Dissertation Dissertation Seminar Individual meetings with the dissertation Seminar B90.9900 adviser and members of the tentative reading Open only to doctoral students with the committee on the dissertation. Occasional permission of the instructor-in-charge. group meetings. 9 credits per term. Fall and spring.

Specialization Students completing either the M.B.A. or STATISTICS AND OPERATIONS FINANCE COURSES M.S. (in Statistics and Operations Research) RESEARCH COURSES in Actuarial Program with a specialization in actuarial Foundations of Finance B01.2311 Science science will be prepared for the actuarial Forecasting Time Series Data For description, see pages 15, 47-48. examinations of the Society of Actuaries and B90.2302 the Casualty Actuarial Society. For description, see page 80. The M.B.A. Program meets the needs of Corporate Finance students wishing to specialize in actuarial Mathematics of Investment B40.2302 science and to obtain a broad background in B90.2309 For description, see page 49. applied business areas that interest the actu- For description, see page 80. ary (such as information systems, account- ECONOMICS COURSES ing, finance, economics, marketing, and Introduction to Operations Understanding Firms and management). Research Markets The M.S. (in Statistics and Operations B90.2310 B01.1303 Research) Program meets the needs of the For description, see page 80. For description, see page 14. students wishing to specialize in actuarial science and to apply the methods of statistics Introduction to the Theory of Global Business Environment and operations research to actuarial and Probability B01.2303 insurance problems. B90.3301 For description, see pages 37-38. A student enrolled in the M.S. (in For description, see page 81. Statistics and Operations Research) or the M.B.A. Program should complete the courses Life Contingencies listed below. B90.3335 Prerequisites: B90.2309 and B90.3301. 3 credits. Applies probability and mathematics of investment to problems of premiums and reserves on annuities and insurance policies. Topics include probabilities of mortality, laws of mortality, joint life probabilities and annuities, multiple decrement theory. Appli- cations to pension plans is discussed.

83 M.B.A. Program Initiatives

mong the most innovative and popular study options at Stern are the ever-evolving program initiatives. These collections of Acourses are based on educational and research activities issues that do not fall naturally into an existing discipline but rather cross several different academic areas. These industry-oriented program initiatives, unique to Stern, further focus your course work and give you a distinctive edge if you pursue a career in one of these fields or even if you are only interested in developing additional skills in a nontraditional area.

Digital Economy The development and spread of networked Accounting and Valuation in Corporate Finance for the New computing technology is creating unparal- Entertainment, Media, and Economy leled opportunities and challenges for busi- Technology Industries B40.3342 ness, the economy, and society today. The B10.3355 combination of new technologies and new Equity Markets: Trading and business models is creating entirely new Managing the Digital Firm Structure markets, industries, and work practices. At B20.2314 B40.3349 the same time, these developments raise increasing challenges for privacy, security, Information and Internet Entrepreneurial Finance and intellectual property. The Stern School Technologies B40.3361 digital economy initiative offers exception- B20.2317 ally strong educational programs building directly on the most recent faculty research Technology Innovation and New and on our close ties with e-commerce firms. Electronic Communities Product Development For M.B.A. students, we offer a certificate B20.3135 B60.3356 for students interested in specializing in the digital economy. In order to complete Design and Development of Consumer Behavior on the Net the certificate, in addition to the M.B.A. core Web-Based Systems B70.2348 and a departmental major, students must B20.3322 take the digital economy required core Marketing of Technology-Based course, B55.3338, Electronic Commerce and Data Mining and Knowledge Products 6 additional credits of course work (not Systems B70.2390 including B55.3338) from the following B20.3336 set of courses: Supply Chain Management Current Topics in New B60.2306 Accounting, Control, and Technologies For information about the Digital Valuation in E-Commerce B20.3362 Economy Initiative or the M.B.A. Digital Firms Economy Certificate Program, contact B10.3150 Telecommunications [email protected]. Economics and Digital Convergence B30.2345

84 Entertainment, The Stern School of Business has estab- ness relationships is also studied. Students Business of Producing: Media, and lished a leading-edge program initiative that have the opportunity to analyze business Entrepreneurship in the EMT focuses on the entertainment, media and cases, often with professors who have exten- Industries Technology technology (EMT) industries. The EMT sive EMT experience and who continue to B70.2116 (EMT) initiative allows students to examine busi- maintain important ties with the industries. ness in these critical industries, including At various times, the EMT courses analyze Strategy and Entrepreneurship film, TV, cable, music, publishing, as well the leading companies in the industry, in the Entertainment and as various forms of new media. Its goal is including Disney, SONY, News Corporation, Media Industries to train students for challenging and reward- AOL/Time-Warner, Vivendi, Bertelsmann, B70.2117 ing careers in this group of interrelated and Viacom. The Stern School’s proximity to businesses. This program initiative is Silicon Alley and the entertainment and Marketing Hi-Tech Products designed to prepare the next generation of media giants headquartered in New York B70.2390 leaders to take these dynamic and growing City enables us to create a truly exciting and businesses well into the 21st century. dynamic program initiative. Advertising Management Students in Stern’s EMT initiative gain a Students in the EMT initiative take a B70.2309 framework for understanding the strategy major such as marketing, finance, manage- and operating principles that drive the indi- ment, and then select from among the vari- Accounting and Valuation in vidual components or sectors of the enter- ous EMT courses to develop an in-depth the EMT Industries tainment industry, the financing of start-ups understanding of the industries and the B10.3325 and product development, the marketing skills necessary to be successful. The EMT and management of the companies, and the courses being offered at Stern are listed Electronic Commerce relevant technology connecting the product below. For more information, visit the EMT B55.3338 with the consumer. While the primary Web page at www.stern.nyu.edu/emt. emphasis of EMT initiative is on the business Telecommunications: activities that support content creation and Entertainment, Media, and Economics and Digital the media used to deliver content, students Technology: Institutions, Convergence also study the technology employed to create Economics, and Strategy B30.2345 and deliver content. B70.2341 Stern’s EMT initiative is unique within a Strategy and Finance in EMT business school. With a focus on both the Globalization of the Companies business and content aspects of the enter- Entertainment Industry B40.3160 tainment industries, Stern’s EMT initiative B70.2112 has grown rapidly and now offers students a The Business of Music and Film range of different courses that cover key Professional Management: B40.3343 aspects of the EMT industries. In addition to Entertainment and Media a structured curriculum, the initiative relies B70.2113 on industry speakers to augment the class- Entertainment Finance B40.3344 room experience. Top executives from entertainment com- The Business of Sports panies are frequent visitors to classes. They Marketing Mergers and Acquisitions in the B70.2114 provide firsthand insights into content devel- Entertainment Industry opment, deal making, and the impact of B40.3196 technology and globalization on the diverse Craft and Commerce of Cinema sectors of the EMT industries. The role of new B70.2313 Technological Innovation and entrepreneurial ventures in changing busi- New Product Development B60.3356

Quantitative The quantitative finance program initiative ments in financial markets and products areas. The financial instruments taught pre- prepares students for careers in finance that requires a degree of sophistication not only pare students to enter the financial world Finance are more mathematically demanding than in finance, but also in stochastic processes, with knowledge of still-developing assess- (Financial the typical M.B.A. paths. In recent years we statistics, and applied economics. Courses ment techniques. Substantial knowledge of Engineering) have seen an increase in the demand for within both the finance and the statistics and calculus and matrix algebra is required for analytical skills in the financial service operations research departments allow stu- this increasingly popular area of study. industries. Understanding recent develop- dents to pursue advanced work in these

85 Law and As young people prepare to participate in the its mission to enrich the curriculum of both coming years. New courses, just like our beneficial and stimulating world of econom- NYU’s School of Law and its Stern School of existing ones, will focus on the intersection Business ic and business activity, they seek training to Business by creating new courses and work- of law and business. help them act effectively. Whether these ing to encourage broader access to cross-dis- Courses include the Law and Business of young people ultimately act as entrepreneurs ciplinary studies. Joint-degree programs in Investment Banking (cotaught by William or as members of large organizations, law and business are more than most stu- Allen, Professor of Law, Clinical Professor of whether they practice as legal or finance pro- dents need, but a core of courses that permit Business and Arthur Rosenbloom, Stern fessionals or use their training and educa- law and business students to learn essential Adjunct Faculty, Managing Director, CFC tion elsewhere, they will be better able to aspects of each other’s fields, and to learn Capital Corp.); Restructuring Firms and understand and act effectively in the together in joint classes, enrich and improve Industries/Agency Problems and Corporate world—both as businesspeople and as citi- professional education for both business and Governance (taught by David Yermack, zens—if they critically understand the ways law. The first offerings have been innovative, Stern Assistant Professor of Finance); and in which law can and does affect the form jointly taught courses focused on such Entrepreneurial Finance (cotaught by and the content of potential transactions. things as mergers and acquisitions, the pub- Roy C. Smith, Kenneth Langone Professor That is why teaching students about the lic raising of capital, corporate governance, of Entrepreneurship and Finance and a interaction of law and business is one of the and private contract negotiations. These ini- Limited Partner of Goldman, Sachs & Co. primary focuses. To this end, the Center for tial courses provide a model for the develop- and Helen Scott, Professor of Law at NYU Law and Business is leading the charge with ment of a broader teaching curriculum in School of Law).

Real Estate The real estate finance program initiative at Well-established programs in real estate ance companies as real estate analysts, as Stern has been designed for students interest- are a feature of other leading business loan workout specialists, and in the struc- Finance ed in pursuing a career in real estate finance. schools. However, few programs have quite tured finance area. Rating agencies also Students can obtain a comprehensive review the locational advantage that Stern has in need specialists in real estate investment of all aspects of real estate finance through the midst of a vibrant New York City real trust divisions, and in both residential and the basic real estate sequence offered at estate economy. In addition, a distinguishing commercial structured finance. There is a Stern, supplemented by advanced courses feature of our initiative is its tight integration large demand among pension funds for real offered elsewhere within the University. The into our well-regarded finance curriculum. estate portfolio managers and asset man- courses are taught using a combination of It also has more of an international focus agers, as well as analysts in real estate. Final- lectures and intensive case study analyses by than programs offered elsewhere. This initia- ly, each of the big six accounting firms have faculty members at Stern in cooperation tive therefore represents an opportunity for real estate divisions, and our students would with outstanding practitioners in the field. excellence. It complements the high-quality be prime candidates for positions in their This new initiative at Stern builds on programs already being offered within NYU, management consulting divisions. established expertise in Stern’s Department both in the Real Estate Institute and as a The real estate finance sequence consists of Finance and the International Business concentration in the School of Law. of one foundation course, Real Estate Area to offer a sequence of courses that The focus of the initiative is to prepare Finance B40.2339, and a variety of electives emphasize the importance of new financial students for entry-level positions in a variety that assume knowledge of the material instruments and quantitative techniques in of financial institutions, all of which have covered in this course and for which it is the real estate field. As the initiative develops, lately developed real estate specializations. a prerequisite. In addition, there are two we will develop high-level courses in associ- In investment banking, there is a significant courses offered in the School of Law open ation with faculty currently teaching in other demand for specialists in real estate capital to Stern students that supplement the offer- areas of Stern. In this way, we can develop markets, real estate investment trusts, mort- ings at Stern. the next generation of leadership in an area gage originations, mortgage backed security For further information, contact the real that is of great student interest and is of great trading and structuring, and in real estate estate finance initiative Web site at importance to the local New York economy. portfolio/asset management. Students can www.stern.nyu.edu/~sbrown/realestate. We are also in a position to advance knowl- expect to find positions in banks and insur- edge and understanding in this area.

86 COURSES International Real Estate RELATED LAW SCHOOL Real Estate Finance B40.2342 COURSES B40.2339 Prerequisite: B09.2316. 3 credits. Taxation of Property Prerequisite: B09.2316. 3 credits. Transactions Real Estate Market Analysis L11.3027 B40.2343 Mortgage-Backed Securities 3 credits. B40.2340 Prerequisites: B09.2316, B40.2339. Prerequisites: B09.2316, B40.2339. 3 credits. Land Use Regulation 3 credits. L10.3020 Equity Financing of Real Estate 3 credits. Investment Philosophies in Real B40.3179 Estate Prerequisites: B09.2316, B40.2339. B40.2341 1.5 credits. Prerequisites: B09.2316, B40.2339. 3 credits.

Program Additional information on the M.B.A. program initiatives can be obtained as indi- Contacts cated below:

Program Initiative Program Contact E-Mail Web Site Academic Advisers Digital Economy [email protected] www.stern.nyu.edu/dei Professor Lee Sproull Entertainment, Media, and Technology [email protected] www.stern.nyu.edu/emt Professor C. Samuel Craig Law and Business www.stern.nyu.edu/clb Professor William Allen Quantitative Finance Professor Joel Hasbrouck Real Estate Finance www.stern.nyu.edu/realestate Professor Stephen Brown

87 Research Centers and Institutes

aculty members at Stern are expected to do research as part of their academic responsibility. Faculty and students conduct a wide Fvariety of theoretical and empirical investigations into problems concerning business management as well as national and international public policy formation.

New York Sidney Homer Director: Ingo Walter studies and conferences, in the expectation United States and abroad. These corporate Vice Director: Edward I. Altman that a better understanding of the issues will sponsors are called Center Associates. University lead to a healthier financial environment. Salomon Center Office: KMC, 44 West Fourth Street, Seed Grants. A portion of the Center’s Suite 9-160 4. To present state-of-the-art executive semi- funds is reserved for seed grants made to Center nars in its Frontiers of Finance series. These faculty members for research on topics of The Salomon Center is now the nation’s include market risk control; risk manage- interest to the Center and for generating foremost independent academic research ment in banking; derivatives; portfolio man- external funding. organization for the study of problems and agement; credit risk; foreign exchange risk issues related to the U.S. and global financial Center Fellowships. These grants stimu- management; mergers and acquisitions; structure. It focuses on (1) supporting objec- late basic financial research at the Stern corporate valuation; and risk control in tive analyses of the continuing evolution of School by providing substantial, untied emerging markets. financial institutions and markets and (2) funding for the School’s most productive serving as a forum for critical discussion on 5. To support teaching on financial institu- middle-rank scholars/ teachers and for visit- public policy issues surrounding the evolu- tions at the Stern School by sponsoring case ing faculty members and researchers. tion of financial systems and performance of writing and curriculum development. Applied Research. Stern School faculty firms in the financial services sector. associated with the Salomon Center under- SALOMON CENTER RESEARCH take applied research and/or executive edu- SPECIFIC OBJECTIVES AND ITS FINANCING cation projects, often in response to invita- 1. To conduct applied academic studies A founding grant in 1971 from the partners tions from outside sponsors. using conceptual and empirical techniques of the financial firm of Salomon Brothers Sponsored projects have covered a broad to evaluate evolving financial instruments provides a permanent endowment for the range of financial topics funded by various and markets, as well as their use in risk Center’s essential operations. Dr. Henry Kauf- institutions, such as Aetna Life; Banco management by financial institutions and man contributed additional funds (1981 and Santander; Bankers Trust Company; Bank business corporations. 1989) to establish a Center directorship in Julius Baer; Citicorp; Exxon Corporation; Ford Foundation; Merrill Lynch; J. P. 2. To sponsor conferences that bring togeth- honor of Sidney Homer and an academic chair in honor of Charles Simon, both of Morgan; National Science Foundation; er academics, practitioners, regulators, and New York State Bankers Association; Sam- legislators to discuss new developments in whom were partners of Salomon Brothers. The Center solicits operating funds from sung; the Sloan Foundation; Standard & finance and various aspects of the financial Poor’s Corporation; Union Bank of Switzer- services industry related to public policy. banks, securities firms, exchanges, and insurance and investment companies, as land; the U.S. Department of Housing and 3. To disseminate, through working papers, well as from nonfinancial companies in the Urban Development; and the U.S. Office of monographs, and books, the results of these Technology Assessment.

88 CONFERENCES Saunders); the Journal of International financial economics, from the highly theo- Financial Management and Accounting retical to the rigorously applied. The Center conducts several conferences (edited by Professor Frederick D. S. Choi); The Center’s Annual Report contains each year, at which academics, business and the Journal of Derivatives (edited by information on the Center’s research, confer- executives, and government officials Professor Stephen Figlewski), are published ences, and publications to a mailing list of exchange ideas. Recent conferences have by the Salomon Center. The first of these over 9,000. It also reports on the faculty’s included Universal Banking; Call Markets; contains research papers in economics and research in finance and economics. Rethinking Emerging Markets; Dynamics of finance too long or complex for scholarly Up-to-date listings of all Center publica- Bank Mergers; Governance of Pension Funds journals or business periodicals. The second tions are available in Suite 9-160 of the and Mutual Funds; Small Business Finance; covers articles of importance to the finance Kaufman Management Center or by calling and Executive Compensation and Share- function of the international firm and finan- (212) 998-0713. holder Value. cial markets. The third journal is devoted to futures and options markets. SPONSORING CENTER PUBLICATIONS Occasional Papers in Business and ASSOCIATES AND SUBSCRIBERS In addition to the books that evolve from Finance provides circulation of important Business firms and financial institutions conferences and research projects, the papers and small books on current financial provide annual support of Center activities Salomon Center produces the following and economic problems. and participate in formulating Center regular publications: three journals, The Center’s Working Papers Series pro- plans by becoming corporate associates Financial Markets, Instruments, and vides quick access to research-in-progress in Institutions (edited by Professor Anthony of the Center.

The L.Glucksman Director: William L. Silber M.B.A. students. In their second year, these financial economics. The Institute also Institute for The Institute, endowed by a grant from Lewis fellows receive cash stipends and are paired awards an annual $5,000 prize for the best Glucksman, offers faculty and student grants with full-time faculty members on research research paper in finance by a Stern faculty Research in to support research on equities, bonds, projects in securities markets. Participating member. These programs, as well as the Securities futures, options, and other financial instru- faculty members receive unrestricted grants Gluckman Institute’s other activities, are Markets ments and on the markets where they are as well. The program exposes some top coordinated with the Salomon Center. traded. Five Glucksman Fellows are desig- M.B.A. students to the rigors of formal aca- nated yearly from among first-year, full-time demic research in the practical areas of

The Center for Director: Ryuzo Sato CONFERENCES, PUBLIC around the country. Through the policy Japan-U.S. Center Office: KMC, 44 West Fourth Street, LECTURES, POLICY DEBATES, debate program, scholars are invited to pre- Suite 7-190 AND SEMINARS pare papers on topics of current interest and Business and to participate in a panel discussion, at which The Center is one of the first university-based Economic Center-sponsored events bring together aca- time they summarize their research. organizations in the world to promote demic, business, and government leaders greater cooperative efforts between Japan Studies to discuss issues in micro- and macroeco- PUBLICATIONS and the United States through research, edu- nomics, finance and investment, and inter- cation, publications, and conferences. A national trade and financial transactions as The Center disseminates the results of its Board of Advisers, made up of prominent they affect Japan and the United States. studies and conferences through working academic, government, and business experts International conferences, panel discus- papers, occasional papers, and public lecture from Japan, provides guidance and gener- sions, public lectures, and policy debates are transcripts. The collected papers from past ates financial support for Center activities. held in New York and in Tokyo to elucidate conferences and research projects are pub- Many prominent Japanese and American these issues. The M.B.A. Public Lecture Series lished in books: Fragile Interdependence; academicians are affiliated with the Center features Shinsei Bank Visiting Professor of Recent Developments in Japanese Eco- as research associates. Political Economy Paul A. Samuelson. Pub- nomics; Beyond Trade Friction; and lic lectures and seminars are conducted Japan, Europe, and International Finan- RESEARCH throughout the academic year. The Japan- cial Markets. The Sanwa Monograph Series published by Cambridge University Press The Center conducts academic studies U.S. Forum Series is offered on a regular includes International Financial Integra- that use theoretical and empirical methods basis for students to discuss topics of interest tion; Financial Markets and European to evaluate major business and eco- with local business representatives in an Monetary Cooperation; and two volumes in nomic issues important to Japan and the informal setting. Japan-U.S. research semi- press. With North Holland (a division of United States. See page 90 for a list of nars present the latest research on issues Elsevier Science Publishing Co.), the Center contributors to the Center’s endowments affecting the two countries presented by publishes a quarterly academic journal and research grants. scholars from NYU and other universities

89 entitled Japan and the World Economy: institutions. This support is in the form of The C. V. Starr Foundation—Endowment International Journal of Theory and research grants, endowments, and ongoing and Challenge Grant Policy. The Center’s research associates in grants listed in this section. In addition, the Takeshi Iizuka and TKC Corporation— Japan have compiled a book edited by Ryuzo Center has the endorsement and support Endowment for Research in Accounting, Sato, Hajime Hori, and Rama Ramachan- of the Keidanren (Japan’s Federation of Auditing, and Data Processing dran, entitled Organization, Performance Economic Organizations) and the Japan The following corporations and organiza- and Equity: Perspectives on the Japanese Foundation. tions have provided research grants: All Economy, which was published by Kluwer Nippon Airways Co., Ltd.; Goldman, Sachs Academic Publishers; other technical vol- ENDOWMENTS AND ONGOING and Co.; Hasegawa Shoten, Ltd.; Hayakawa umes from the same publisher are Conser- GRANTS Co., Ltd.; IBM; ITOCHU Corporation; vation Laws and Symmetry: Applications The Center’s Board of Advisers in Japan Japanese Certified Public Tax Accountants to Economics and Finance and Symmetry works with various corporations and organi- and Customers Association; Kodansha, Ltd., and Economic Invariance. The English zations to provide endowments, including Publishers; Maeta Concrete Industry Ltd.; language edition of The Chrysanthemum the following: Ministry of International Trade and Industry and the Eagle, Professor Sato’s award- (MITI); Mitsui Trust and Banking Company, winning commentary on Japan-U.S. rela- The Asahi Bank, Ltd.—Endowment for Ltd.; National Institute for Research tions, published by NYU Press, is available International Research Advancement (NIRA); Nihon Kenko Zoushin in bookstores. Endowment for the W. Edwards Deming Kenkyukai Corp.; Nippon Life Insurance Co.; Chair in Quality and Productivity Ohmori Management Advisory Office Inc.; COURSES Mrs. Fumiko Hosoda—Shinbashi-Hosoda Okasan Economic Research Co., Ltd.; RCA; The Center assists the economics, finance, Endowment for Business Research and Sakura Bank; Salomon Brothers, Inc.; and marketing departments in the develop- Education Sanwa Bank; Tohoku Electric Power ment of courses that provide Stern School Shinsei Bank—Endowment for the Visiting Company Inc.; U.S.-Japan Friendship students with the opportunity to concentrate Professor of Political Economy, Professor Commission. in the area of Japan-U.S. business and eco- Paul A. Samuelson nomics. A grant from the Japan-U.S. Friend- NEC Corporation—Endowment for NEC CORPORATE ASSOCIATES ship Commission has provided much of the Faculty Fellows Program The Center’s corporate associates include support for this course development. Sangyo Kenkyujo Foundation— firms that have their employees enrolled at the Stern School. They provide modest FINANCING FOR THE CENTER Endowment for Study of U.S.-Japan Economic Relations annual support for the Center’s activities. Financial contributions have come from The Sanwa Bank, Ltd.—Endowment for American and Japanese companies and Study of International Financial Markets

The Vincent C. Director: Baruch Lev Series Analysis,” by Jeffrey Callen; “The • Disseminating research results through Ross Institute Acting Associate Director: Market Valuation of R & D Expenditures,” by conferences, journals, the working paper Seymour Jones Paul Zarowin; “Financial Disclosures and series, and over the Internet. of Accounting the ‘Informativeness’ of Stock Prices,” by Center Office: Tisch Hall, 40 West Fourth • Editing and publishing the Journal of Paul Zarowin; “Operations and Valuation of Research Street, Room 300, (212) 998-4143 Accounting, Auditing, and Finance Internet Related Firms,” by Joshua Livnat; (JAAF). In 1971, Vincent C. Ross established and “Legal Liability Rules, Auditor Reputation, • Organizing the annual JAAF/KPMG endowed this institute. He wished to create and Audit Quality,” by Teresa John; and Peat Marwick Conference, sponsored by an environment where research would flour- April Klein’s “Board Structure, Committees, KPMG Peat Marwick. The conference brings ish and where financial executives, profes- and Organizational Efficiency,” “An together young academics with leaders in sional accountants, government officials, Empirical Analysis of the Relation Between the research area, on a major topic on the and academicians might advance account- Board Directors’ Composition, Firm economics of financial statements. The con- ing principles and practices. Over the years, Performance, and the Degree of CEO ference in August 1999 covered theoretical the Vincent C. Ross Institute has organized Domination of the Board of Directors,” and and applied aspects of equity valuation and funded many activities for developing “Economic Determinants of Audit Com- (Ohlson) models. The conference in August and exchanging ideas about accounting and mittee Composition and Activity.” related disciplines, including the following: 2000 was devoted to several aspects of • Maintaining a research library for Stern managing earnings expectations. The next • Research projects on topics of interest to School faculty and Ph.D. students interested JAAF-KPMG Conference will be held in producers and users of accounting informa- in accounting, finance, economics, man- January 2002, under the leadership of tion. Recent research projects undertaken agement, and decision making. The library Professor Stephen Ryan, on the topic of con- with Ross Institute funding include “The also houses a unique collection of historical servatism in accounting. Valuation of R & D Expenditures: A Time corporate annual reports.

90 • Organizing and sponsoring programs and Reporting, may be found at The Institute initiated the Corporate and events to facilitate the exchange of infor- www.stern.nyu.edu/~blev. The report cov- Earnings Research Project in June 1999, mation and ideas between the business and ers questions such as, What are intangible under the leadership of Paul R. Brown, academic communities, including distin- assets? Why the heightened interest in these chair, Department of Accounting, Taxation, guished lectures, executive education pro- assets? Who should be concerned about and Business Law and Baruch Lev, director of grams, and professional conferences and intangibles? It presents the unique attributes the Ross Institute and Bardes Professor of roundtables. Ross Roundtables provide a of intangible assets that distinguish them Accounting and Finance. The Corporate forum for “public opinion shapers”— from physical and financial assets, and out- Earnings Research Project aims to both business writers, financial analysts, edu- lines an economic framework to analyze observe the effectiveness of corporate earn- cators, policy makers, and accounting issues relating to intangibles. The report ings as a signal of firm performance and to professionals—to discuss important devel- compiles and analyzes empirical research on improve the measurement and disclosure opments in the accounting and capital the impact of intangible assets on operations of corporate earnings. The project sponsors markets areas. Recent Roundtable topics and growth of business enterprises as well as and conducts research, disseminates infor- have included The Internet and Electronic on investors in capital markets. It then out- mation, and facilitates interchange between Commerce: Financial Reporting and lines harm done by the current deficient dis- interested parties, such as financial exec- Auditing Challenges; The Demand for closure of information about intangibles, utives, financial analysts, professional and Supply of Accounting Professionals and surveys the economic and political rea- accountants, government officials, aca- in the Year 2000 and Beyond; Earnings sons for the lack of disclosure. It concludes demics, and the financial press. Management and Auditor Responsibility; by proposing a comprehensive and coherent The Corporate Earnings Research Project and Earnings Management, Expectations information system that can be used inter- is linked to the Intangibles Research Project Management, and Equity Valuation. nally and externally to value intangibles and by overlapping personnel and interest in • Actively cooperating with other institu- to reflect investment consequences. research related to earnings usefulness and tions to develop research, programs and The project also facilitates interchange economic value-added disclosures for firms events, including the NYU Center for Law between parties in intangibles, through con- employing high-levels of corporate intangi- and Business, the NYU School of Law, and ferences, events, and a Web site. With the ble assets in their operations. outside organizations, such as the Brookings Ernst and Young Center for Business Inno- Under the direction of Paul Brown, the Institute or the Big Five accounting firms, vation, the Institute’s Intangibles Research project is developing a “quality of earnings” and regulatory bodies, such as the Project developed an electronic clearing- database, documenting cases where GAAP is Independence Standards Board. house for information on intangible assets at not violated, but where management www.stern.nyu.edu/ross/ProjectInt/. appears to have used subjectively applied In the fall of 1996, the Institute sponsored a The Intangibles Conference held each reporting techniques to meet targeted num- major research initiative known as the year in May presents academic research to bers. The study analyzes systematic aspects of Intangibles Research Project, under the an audience consisting approximately these cases and surveys research literature on direction of Professor Baruch Lev. The equally of practitioners and academics. earnings management. A study, under the Intangibles Research Project sponsors PricewaterhouseCoopers LLP sponsored all direction of Eli Bartov, investigates the man- research and disseminates information on the Intangibles Conferences. The fourth con- ner by which firms meet or beat earnings the valuation and disclosure of corporate ference in May 2001 focuses on new expectations (MBE), and measures the intangible assets. Intangible assets include advances in measuring intellectual capital. rewards to MBE. The evidence supports that human development and intellectual capital The first conference (May 1998) addressed MBE is obtained through both earnings (which have never been recorded in corpo- the relationship between intangibles and management and expectation manage- rate balance sheets), as well as purchased capital markets and the second conference ment. More important, the evidence shows goodwill and other intangible assets that (May 1999) looked at the managerial and that after controlling for the overall earnings have traditionally appeared on the corporate organizational aspects of intangible invest- performance in the quarter, firms that man- balance sheets. ments. The May 2000 conference focused on age to meet or beat their earnings expecta- A recent report by Baruch Lev for the management, measurement, and orga- tions enjoy an average quarterly return that the Brookings Institute, entitled Intan- nization of knowledge. is higher by almost 3 percent than their peers gibles: Management, Measurement, that fail to do so.

The Berkley Director: Ari Ginsberg practitioners; engages in specialized execu- the desire among Stern students to create Center for Center Office: KMC, 44 West Fourth Street, tive education; and produces a variety of economic enterprise through new ventures, Suite 8-180 publications that contribute to understand- either in start-up or established businesses. Entrepreneurial ing the entrepreneurial process and the pub- The Berkley Center for Entrepreneurial lic policy and educational issues associated RESEARCH Studies Studies is dedicated to conducting and sup- with encouraging new enterprise develop- porting entrepreneurship research and edu- The Berkley Center focuses its research mis- ment. The Center also offers cocurricular cation. The Center underwrites research sion on three primary areas: programs that are designed to complement grants for faculty members and doctoral stu- course-related learning and to encourage 1. The entrepreneurial process, from dents; conducts conferences for scholars and idea conception to establishing and

91 growing a new business. This includes help set the research agenda in entrepre- participants share venture ideas among analysis of the process of opportunity as- neurship by defining and clarifying key themselves as well as with faculty, recent sessment and new venture creation; the policy making and managerial issues; and alumni, service providers, and entrepre- markets that support entrepreneurial activi- (3) to provide a vehicle for disseminating neurs. The retreat provides an extraordinary ties; and the legal, financial, and informa- current academic thinking and managerial educational and feedback opportunity for tional infrastructures associated with those prescription to the business community. students operating their own businesses or markets. The Berkley Center also maintains a planning to start them. 2. Public policy issues shaping the working paper series and a case series that 2. Entrepreneur-in-Residence. This nature of entrepreneurial activity. showcase research papers and case studies program brings a distinguished entrepre- These issues span areas of financial system written by Stern faculty or students on vari- neur on campus four days a month to meet architecture, tax policy, trade policy, securi- ous entrepreneurship and innovation issues. individually with students who need advice ties, and corporate law, to name just a few. Current research by Stern faculty is regularly on starting or growing their own business. published in books and leading academic 3. Assessment of educational pro- This program gives Stern students an oppor- journals. Cases are used in the Stern School’s grams influencing entrepreneurial tunity to get focused feedback and guidance Entrepreneurship and Innovation program career aspirations and new enter- through direct interaction with a seasoned and are also available to outside educators. prise development among students entrepreneur. Examination copies can be downloaded and alumni. This includes investigation of 3. Entrepreneurship Lunch and from the Berkley Center Web site. For more the knowledge and skill sets required by Learn Program. Sponsored in conjunc- information on available cases and work- entrepreneurs and how those can best be tion with TANG, Entrepreneurs’ Exchange ing papers, please visit our Web site at delivered in curricular and extracurricular (EE), and Entrepreneurial Exchange Group, www.stern.nyu.edu/ei/bces/research. programs at the undergraduate, graduate, this program features several series of and executive education levels. lunchtime sessions in which students can COCURRICULAR PROGRAMS The Berkley Center supports and promotes exchange ideas with and learn from success- research in these areas by providing grants In addition to its research program initia- ful entrepreneurs and business professionals. and seed money for research proposals and tives, the Berkley Center offers a variety of 4. The Stern Maximum Exposure case development, and by organizing confer- events and activities that provide both grad- Plus Business Plan Competition. ences and seminars that offer a forum for uate and undergraduate students with real- Organized in conjunction with the scholarly interaction. world exposure to current entrepreneurs and Entrepreneurs Exchange student club, this entrepreneurial issues. In this way the program promotes the business launch aspi- CONFERENCES, SEMINARS, Berkley Center is a catalyst in creating a new rations of entrepreneurial Stern students by generation of business leaders who are dedi- AND PUBLICATIONS exposing students and their ideas to poten- cated to the idea of creating new enterprise tial investors. Nationally renowned venture Berkley Center sponsored conferences and and to fostering innovation and new venture capitalists, angels, and entrepreneurs attend seminars are organized to achieve several creation within existing firms. Cocurricular and evaluate business ideas. objectives: (1) to provide an opportunity for programs sponsored by the Berkley Center the academic practitioner and policy- include the following: For more information on Berkley Center pro- making communities to discuss cutting- grams and activities, please visit our Web site 1. Entrepreneurial Training Retreat. at www.stern.nyu.edu/ei/bces. edge research on entrepreneurship and This program provides an off-campus inter- innovation; (2) to provide an opportunity to active learning atmosphere in which the

Center for Director: Norman H. White of information; decision making and prob- The Center’s Affiliates Program, open to Digital Economy Center Office: KMC, 44 West Fourth Street, lem solving; electronic commerce; the industry, provides a forum for the discussion 9th Floor implementation of change in organizations; of issues concerned with the management Research new approaches to systems analysis and and use of technology. Major corporations The Center for Digital Economy Research design; databases and their management; participate in the program, which includes a promotes research on the effective use of organizational modeling; networks and seminar series, joint research studies, a information and information technologies their management; and technical support career evening, awards for outstanding stu- in organizations. for group work. dents, student club speakers, and other activ- Working with all academic departments During the year, the Center conducts sem- ities that foster closer relations with industry. in the School, the Center focuses on man- inars in both research and practice. An For more information, visit our Web site agement policy and planning for technol- extensive list of working papers and other at www.stern.nyu.edu/ciio. ogy; the alignment of business and publications is available from the Center technology strategies; the use and economics office, and an annual report is published.

92 New York Director: William T. Allen those students at either school who have The Center draws on the legal and financial University Center Office: KMC, 44 West Fourth Street, a special interest in the interaction of law expertise of both the NYU School of Law and Suite 9-53 and business. the Leonard N. Stern School of Business to Center for improve research and teaching and to stim- The NYU Center for Law and Business was 2. Scholarship: To facilitate professional ulate a better understanding of the relation- Law and established in the fall of 1997 as a joint ven- interaction and joint scholarly work be- ship between legal system regulation and ture of the Leonard N. Stern School of tween faculty who share an interest in the Business how well individuals and organizations are Business and the NYU School of Law. The structure, regulation, and function of the able to accomplish economic interac- central aim of the Center is to bring together market economy. tions—that is to do business. Through legal scholars, thoughtful professionals, and 3. Policy and Professionalism: To innovative curriculum and creative pro- experts in business behavior. The Center’s contribute to the public welfare through gramming, which reaches out beyond the mission has three principle parts: programs of professional education and classroom to the professional community, development, and through the support 1. Professional Education: To enrich the Center has already begun to serve as a of scholarship that assists governmental the teaching curriculum of both the law and catalyst for that better understanding. business schools through the development and private policy makers in fashioning of a unique set of new courses offered to change that contributes to enhanced business productivity.

93 Admission–Master of Business Administration

he M.B.A. Admissions office is responsible for enrolling classes of full- and part-time students during each fall term and a class Tof part-time students in the spring term. Admission to the M.B.A. Program at the Stern School is open to any qualified man or woman who holds a bachelor’s degree or its international equivalent from an accredited undergraduate institution. A number of factors are considered in evaluating M.B.A. applications, including the applicant’s intellectual capacity, as evidenced by previous academic work and the Graduate Management Admission Test (GMAT) score, the nature and extent of previous work experience, personal essays, and letters of recommendation. The Stern School uses a self- managed application process, and the applicant is responsible for gathering and completing all required information and submitting it at one time. The Admissions Committee has the right to make a decision on an incomplete application. For current admission information or to request application materials, please contact M.B.A. Admissions at

New York University Telephone: (212) 998-0600 Please note: Unless admitted to a formal Leonard N. Stern School of Business Fax: (212) 995-4231 joint-degree program, New York University M.B.A. Admissions E-mail: [email protected] students may not pursue two degree pro- 44 West Fourth Street, Suite 10-160 Web site: grams simultaneously at different schools of New York, NY 10012-1126 www.stern.nyu.edu/mba/admissions the University.

The Graduate Required of all degree applicants, this test is GMAT Note: GMAT scores are valid for five years given by the Educational Testing Service. An Educational Testing Service prior to the beginning semester for which an Management application for the test and a bulletin about P.O. Box 6101 applicant seeks admission. (See the M.B.A. Admission its administration are available from the Princeton, NJ 08541 application booklet for acceptable dates.) Test (GMAT) following: (609) 921-9000 (800) GMAT-NOW www.gmac.com

Test of English All applicants whose native language is not TOEFL Note: TOEFL scores are valid for two years English and who have not received a univer- Educational Testing Service prior to the beginning semester for which an as a Foreign sity degree in an English-speaking country P.O. Box 6151 applicant seeks admission. (See the M.B.A. Language must take the Test of English as a Foreign Princeton, NJ 08541 application booklet for acceptable dates.) (TOEFL) Language (TOEFL) in addition to the GMAT. (609) 771-7760 Applicants may also take the English Information about the TOEFL test may be www.toefl.org proficiency test of New York University’s obtained from the following: American Language Institute (ALI) in lieu of the TOEFL. 94 Students who are anxious about their We urge students concerned about American Language Institute English skills may choose to have their their command of English to contact ALI School of Continuing and Professional proficiency evaluated by ALI. The Institute for more information. Studies offers a diagnostic test and, based on the New York University score, will direct students to appropriate 48 Cooper Square, Room 200 English courses. New York, NY 10003-7154 (212) 998-7040

Application The Stern School uses a self-managed appli- M.B.A. Admissions before the application TIMING OF ADMISSIONS cation for the full- and part-time M.B.A. Pro- deadline. Stern cannot accept faxed DECISIONS Procedure for grams. The applicant has responsibility for credentials. Full-time M.B.A. students are admitted for the M.B.A. gathering and completing all required infor- 5. International applicants must take mation, obtaining supporting documents, the fall term only. Part-time M.B.A. students Program the TOEFL and request that their scores are admitted for the fall and spring terms. and submitting all materials in a single be sent directly to M.B.A. Admissions. envelope to M.B.A. Admissions. The Admissions Committee begins its Stern cannot accept faxed copies review of applications in December for full- Upon the deadline, applications of the TOEFL. received incomplete without all time applicants to the fall term, in April for 6. If seeking financial aid, complete the supporting credentials (other than part-time applicants to the fall term, and in Free Application for Federal Student Aid official GMAT and TOEFL scores) September for the spring term. Applications (FAFSA), which may be obtained from cannot be guaranteed a review for submitted before the Admissions Committee the federal processing agency at (800) the intended semester of enroll- begins its review for that term will be consid- 4FED-AID or from the Web site at ment and will cause significant delay ered after the appropriate decision period www.ed.gov/offices/OPE/express.html. in processing time. By adhering to commences. Applicants receive a decision The priority deadline for submitting the these procedures, candidates can be sure approximately 10 to 12 weeks after Stern FAFSA for the academic year 2002-2003 is their applications will receive proper receives a completed application. Applica- January 15, 2002. consideration: tions received on or near the deadline may take longer to process. 1. Obtain application materials from the APPLICATION DEADLINES FOR If your application or any part of it is following: FALL TERM: received by Admissions after the deadline for Leonard N. Stern School of Business December 1 Full-time M.B.A. applicants the desired term, it may be considered for the New York University seeking scholarship subsequent term. M.B.A. Admissions consideration 44 West Fourth Street, Suite 10-160 ENROLLMENT DEPOSITS January 15 Full-time M.B.A. applicants New York, NY 10012-1126 (NONREFUNDABLE) seeking to complete the Telephone: (212) 998-0600 application and interview Each admitted applicant must submit a Fax: (212) 995-4231 process in time to attend nonrefundable enrollment deposit of (U.S.) E-mail: [email protected] Stern’s Pre-View Day in $1,000. The deposit deadline will be specified Application forms can also be down- early April in the offer of admission letter. The loaded from our Web site at www.stern.nyu. March 15 Full-time M.B.A. applicants deposit guarantees a place in the edu/mba/admissions. final deadline class only for the term and program 2. Take the Graduate Management for which the applicant was admit- May 15 Part-time M.B.A. applicants Admission Test and request that your ted. Anyone who does not notify us of his or score be sent to Stern M.B.A. Admissions. her intention to enroll by submitting a APPLICATION DEADLINE FOR Stern cannot accept faxed copies of deposit by the specified deadline will not be the GMAT. SPRING TERM (PART-TIME permitted to register and may lose the offer of The ETS reporting codes for the GMAT and STUDY ONLY): admission. The Stern School does not offer TOEFL at Stern is 2852. deferral of admission to a future term. Stu- September 15 Part-time M.B.A. applicants 3. Use the forms in the application materials dents must apply for the term in which they Executive M.B.A. applicants: See to request that official transcripts and intend to enroll. Executive Programs, pages 17-22. required letters of recommendation be sent directly to you. Ph.D. applicants: See Doctor of Philosophy Program, pages 30-32. 4. Send all completed application forms, the appropriate application fee, essays, a M.S. applicants: See individual résumé, and the sealed envelopes contain- program descriptions, pages 23-29. ing transcripts and recommendations to

95 CHANGE OF PROGRAM BEFORE ments in the additional time allowed follow- al student populations among the leading MATRICULATION ing readmission, forego the opportunity to graduate business schools. Many students receive an M.B.A. from New York University. come from developing countries, and many Prior to enrolling for the first time, students are sponsored by their governments or who wish to change from the full-time pro- ADMISSION TO JOINT DEGREE home-based corporations; upon returning to gram to the part-time program, or vice versa, PROGRAMS their homelands, they will assume responsi- must petition the chairperson of the ble positions in government and business. All joint degree programs follow the same Admissions Committee in writing. Petitions International applicants may contact basic application procedures: are reviewed after all regular applications to M.B.A. Admissions if they have questions the program that were received by the appli- • Applicants must submit separate applica- regarding their academic eligibility. A partial cation deadline are evaluated. Permission to tions to the Stern School and the other par- list of acceptable undergraduate degrees is change status is not guaranteed, is rarely ticipating school. They will compete with listed on the M.B.A. Admissions Web site. granted, and requires forfeiting the original regular applicants at each school and must International applicants must meet the offer of admission (i.e., students whose peti- be admitted to both schools. Applicants same admission criteria as all other stu- tions for a change of program are rejected, should write the name of the joint program dents. All international students must have are not guaranteed places in the program to across the top of each school’s application. a command of English commensurate with which they were originally admitted). • Full-time students seeking financial aid the rigorous standards of the Stern School must submit the financial aid application to programs. In addition to the GMAT, inter- APPLICATION PROCEDURE the school they will be attending for most of national applicants whose native language FOR READMISSION TO THE that academic year. is not English must submit their score M.B.A. PROGRAM • Detailed information on program schedul- from the Test of English as a Foreign Lan- Applicants must submit a new application ing and structure is available on the Web at guage (TOEFL). for admission to M.B.A. Admissions and www.stern.nyu.edu/mba/advising. Overseas applicants must submit their compete with the current pool of applicants. applications and all required supporting The application must include all materials INFORMATION FOR materials by the published deadlines. All required by the Admissions Committee at the INTERNATIONAL STUDENTS documents in languages other than English time of reapplication, including current must be accompanied by original certified AND OTHER APPLICANTS English translations. Stern requires original standardized test scores. WITH FOREIGN ACADEMIC Applicants readmitted to the M.B.A. transcripts from all colleges or universities CREDENTIALS Program must fulfill all program require- attended. As this is often a lengthy process, ments in effect at the time of their readmis- The Stern School welcomes applicants from students should plan to obtain these materi- sion, which may mean that additional other countries. During the past year, als well in advance of application deadlines. course work will be required. approximately one-third of our students Applications cannot be processed until all Only one readmission is allowed. Those were from countries outside of the United supporting documents are received. unable to complete the remaining require- States. This is one of the largest internation-

96 Financial Aid

ecause a graduate business degree will afford students the opportunity for significant personal growth and career Badvancement, obtaining that degree will require a considerable investment of resources. Many students will need assistance in meeting the costs of business school. This section is designed to guide you through the financial aid process.

New York University participates in the Loans with various repayment terms Please direct all correspondence and Stafford Student Loan Program. Stern also are also available. Part-time employment inquiries about financial aid to M.B.A. offers competitive awards based on merit. may also be available within the University Financial Aid for proper handling: In addition, private and federal educational and in the local community. Students may New York University loans are available to assist with school also apply for graduate assistantships and Leonard N. Stern School of Business expenses. Please note that student loans teaching fellowships as indicated later in M.B.A. Financial Aid are the primary source of assistance for this section. 44 West Fourth Street, Suite 10-160 most students. Part-time students are eligible to apply New York, NY 10012-1126 Full-time students meeting the December for loans and generally must enroll in at www.stern.nyu.edu/mba/finaid 1 admission application deadline will be least 6 credits (half-time) per semester to E-mail: [email protected] considered for merit-based scholarships. be eligible.

Application All eligible students applying for financial federal loans, you must be a U.S. citizen for timely receipt of funds. Students must aid must submit a Free Application for or U.S. permanent resident. Students may take additional steps to confirm the awards Procedure Federal Student Aid (FAFSA) to the fed- complete an electronic FAFSA located on based on the results of the FAFSA. Specific eral processor listing New York University www.fafsa.ed.gov. All students must com- instructions will accompany the award letter. (federal code 002785). To be eligible for plete and forward their FAFSA by January 15

Notification Stern begins to mail financial aid awards to academic year only (fall and spring) and ed number of donor scholarships to first-year admitted students on April l. For students may not be deferred. Typically awards and second-year students who meet specific admitted after March 15, Stern will mail include eligibility for loans for all students donor award criteria. award decisions about three weeks after the and scholarships for students with excep- admission decision. Awards are made for one tional credentials. Stern also awards a limit-

Doctoral Stern offers research assistantships to all stu- do not require the submission of a financial Fellowships and dents admitted to the full-time doctoral pro- aid application. Assistantships gram. These awards are not need-based and

97 Scholarships Many individuals and leading business and The Anne Hudson and Frank J. year M.B.A. students who intend to major in philanthropic organizations, recognizing Berlin Scholarship Fund. This scholar- finance and to pursue a career in the indus- and Fellowships the value of investing in the future of busi- ship fund was created through the generosi- trial rather than private sector. ness professionals, provide fellowships and ty of Anne Hudson Russell Berlin in memory C.I.T. John Vogel Scholarship. This scholarships for outstanding students. Most of her husband, Frank J. Berlin. These schol- scholarship was established by the C.I.T. of the fellowships and scholarships listed are arships are awarded to financially needy stu- Financial Corporation in recognition of John reserved for continuing students who have dents pursuing the M.B.A. degree. Vogel, a former director and Stern M.B.A., for demonstrated their academic potential at Beta Gamma Sigma Alumni Scholar- a student who has worked through under- Stern. To be considered for Stern scholarship. The Beta Gamma Sigma Alumni graduate and graduate programs. ships, candidates must submit their applica- Scholarship awards $100 annually to a grad- Consortium Fellowships. The Stern tion for admission by December 1. uate student in Beta Gamma Sigma who will School participates in the Consortium for Dean’s Scholars. Stern awards a limited be enrolled for at least one additional year Graduate Study in Management, an effort number of highly selective, merit-based and needs financial assistance. that facilitates the entry of underrepresented scholarships to admitted applicants with Zenas Block Scholarship. This scholar- minorities into managerial positions. exceptional academic credentials, pro- ship was established by Deputy Dean Avijit Fellowships cover full tuition and fees and fessional accomplishments, and leader- Ghosh to honor Professor Zenas Block, a pro- are based on the applicant’s desire to study ship potential. fessor of management at Stern for over 20 business management, as well as proven Amerada Hess Scholarship. Scholar- years and a prominent teacher at the Berkley aptitude, ability, and scholarship. Applica- ships are awarded to one first-year M.B.A. Center for Entrepreneurial Studies. It is tion for the fellowship is made directly to the student and one second-year M.B.A. student awarded to an M.B.A. student interested in Consortium; applications and information who have two or more years of work expe- entrepreneurship. are available from the following: rience in energy or manufacturing, or with Jules Bogen Fellowship. This award Consortium for Graduate Study in a public accounting firm. Candidates honoring the memory of Dr. Jules I. Bogen, Management should have an undergraduate degree in the professor of finance at the Stern School, is 200 South Hanley Road, Suite 1102 engineering field, earth sciences, or available to an exceptional student concen- Saint Louis, MO 63105-3415 accounting/finance. trating in finance. This fellowship is offered Telephone: (888) 658-6814 American Home Products Scholar- to an advanced candidate for the Ph.D. www.cgsm.org/ ship. This scholarship is to be given to a degree. The Bogen Fellow receives tuition Deming Fellowship. This doctoral fel- first-year M.B.A. student majoring in mar- plus a cash stipend for the academic year. lowship is funded through the generosity of keting, accounting, or information systems. Mary, Catherine, and Julius Brick- Professor W. Edwards Deming. It is awarded Jorge Ignacio Anwandter Scholar- man Meyers Fund. This scholarship to an outstanding doctoral student in statis- ship. This scholarship was established by comes from a bequest from the estate of tics and operations research. Geoffrey Gold (M.B.A. ’91) and Americo Da Evelyn B. Meyers in memory of Mary, Mildred Elperin Scholarship Fund. Corte in memory of their late friend, Jorge Catherine, and Julius Brickman and Evelyn This scholarship was established through a Ignacio Anwandter. It was created to provide Brickman Meyers. It is intended for worthy bequest of Mildred Elperin. The funds assist tuition assistance to M.B.A. students from M.B.A. students who should feel morally M.B.A. students with an interest in retailing. Latin America who demonstrate academic obligated to repay the money, when they are merit as well as financial need. financially able to do so, so that the fund Belmont A. Freiwald Fellowship. This award, for second-year M.B.A. students, is a The Alex S. Auerbach Scholarship. may increase and benefit future students. result of a gift from Belmont A. Freiwald to The family and friends of the late Alex S. Dorcas E. Campbell Memorial support a marketing major who has demon- Auerbach have established this annual $300 Scholarship. This scholarship was estab- strated academic excellence and needs scholarship for a student demonstrating lished to honor and perpetuate the memory financial aid. financial need and academic excellence. of Dorcas E. Campbell. It is for a woman Armando John Garville Memorial Grace and Jules Backman Scholar- candidate for the M.B.A. degree majoring Scholarships. This scholarship program ship. One full tuition and fees scholarship in finance with an interest in the field of was established to help fund part-time stu- is offered to an outstanding entering student public relations. dents who are either not company-funded or who shows high academic and personal Chase Fellowships. Chase Manhattan receive only limited company sponsorship. achievement. This scholarship is renewable Foundation provides fellowships to outstand- Preference is given to students with both for a second year based on the student’s sat- ing minority students demonstrating aca- financial need and academic merit. isfactory academic progress. demic excellence and leadership skills. The Dorothy Glasser Scholarship. This Bank of New York Scholarship. This students will be eligible for paid internships scholarship was established by Rita Glasser scholarship was established to reward an at Chase Manhattan Bank. to support a student in advertising studies. M.B.A. student with outstanding academic Chevron Minority Fellowship. This qualifications and financial need. The Bank scholarship was funded by a generous con- Gerald J. Glasser Scholarship. This of New York participates in the selection of tribution from the Chevron Corporation. scholarship was established with a gift from these scholars. Candidates for this award should be first- Professor Gerald J. Glasser, a Stern graduate

98 who taught at the School until his retire- Money Marketeers of New York year of study for the purpose of providing ment in 1983. Two scholarships are awarded University Scholarships. The Money financial support to a student as he or she to graduate students with financial need. Marketeers of New York University provide pursues an M.B.A. with particular emphasis Harold Goldberg Scholarship. This several scholarships annually to full- or part- in entrepreneurial studies. scholarship was established by the friends of time students who have demonstrated high Resident Assistantships. Resident assis- Harold Goldberg (B.S. ’51). It is awarded to a academic achievement and show financial tants live in undergraduate dormitories and part-time M.B.A. student who is interested in need. These awards are available to students are responsible for organizing, implement- entrepreneurship. who have completed at least half of the ing, and evaluating social and educational requirements for the Stern M.B.A. Glucksman Fellowship Program. The activities. Assistants also serve as peer coun- L. Glucksman Institute for Research in The Municipal Bond Club of New selors and sources of information for dormi- Securities Markets at the Stern School spon- York/Albert J. Milloy Scholarship. tory residents. Candidates must be single, sors five Glucksman Fellows selected from The Municipal Bond Club of New York estab- full-time students with a current cumulative the first-year class to receive a stipend and lished this award in honor of Albert J. Milloy, grade point average of at least 2.5. They conduct research with a faculty member one of Stern’s early distinguished professors. should also possess qualities that support the during their second year of studies. Selected The scholarship is awarded to a second-year social and intellectual development of outstanding first-year students are invited to M.B.A. student in tax and finance. undergraduate students and should be will- apply for the five positions. The Marcus Nadler Fellowships. The ing to assume responsibility for managing crises. Compensation includes room and Harry A. Hopf Memorial Fellow- Marcus Nadler Fellowships are awarded board for two semesters. ships. The Harry A. Hopf Memorial annually to outstanding doctoral candidates To obtain applications and further infor- Fellowship Fund provides fellowships of extraordinary professional competence. mation, contact the following: to honor and perpetuate the memory of The fellowships were established by the Harry A. Hopf and the contributions he Money Marketeers, in memory of Dr. Marcus Office of Housing and Residence Life made to the field of management. Hopf Nadler. These awards provide financial assis- New York University Fellows are selected annually from out- tance to qualified students interested in 33 Washington Square West, 1st Floor standing M.B.A. candidates pursuing studies doing financial research as preparation for New York, NY 10011-9154 in management. careers in teaching, research, or business. (212) 998-4311 George Kellner Scholarship. This NASDAQ Doctoral Fellowship. The Samuel Revits Memorial Scholar- scholarship is designed to provide financial NASDAQ Stock Market Educational ship. The family and friends of the assistance to students with a parent Foundation, Inc. set up this dissertation fel- late Samuel Revits have established this employed by a not-for-profit educational lowship to support research in the area of memorial scholarship fund as a lasting trib- institution, including research institutions. finance or economics. ute in recognition of his efforts on behalf of the Stern School. It is intended to assist a Joseph Kolodny Scholarship. The National Doctoral Fellowships. One worthy M.B.A. student who demonstrates National Association of Tobacco Distributors or two fellowships are awarded annually to financial need. established this scholarship in honor of exceptional first-year doctoral students hold- Joseph Kolodny. It is awarded to a candidate ing American or Canadian citizenship. Milton Reynolds Scholarship. This in the M.B.A. Program who specializes in the These awards provide stipends and tuition. scholarship was established by the Rey- field of market distribution. C. W. Nichols Foundation Fellow- nolds Family Foundation in honor of Milton Reynolds for a student majoring Abraham and Julienne Krasnoff ship. The Nichols Foundation has estab- in marketing. Scholarship. This scholarship is designed lished a graduate fellowship for an outstand- to support semester-abroad study experiences ing doctoral degree candidate who partici- Milija Rubenzanin Fellowship. This for students enrolled in Stern School’s pates in doctoral workshops. fellowship, in memory of Mr. Rubenzanin, is International Management Program. A Paul Bailey Pizzitola Memorial Fund awarded for academic excellence to a stu- committee of faculty and administrators will Scholarship. This scholarship has been dent pursuing graduate work in banking select recipients. established in memory of Paul Bailey and finance, and in need of financial aid. C. Erick and Phyllis S. Larson Pizzitola, who attended the Stern School Schering-Plough Scholarship. This Scholarship. This scholarship is to proof Business. It is offered to a worthy M.B.A. scholarship was created through a generous vide assistance to a part-time student who is student who has survived a life-threatening grant from the Schering-Plough Founda- working full time and not receiving full disease; a dyslexic student; or a student tion, Inc. The scholarship is awarded to an company or other financial scholarship. who graduated from Brown University or M.B.A. student with proven achievement and St. Ignatius Loyola High School in New interest in the marketing and pharmaceuti- The Benjamin J. Levy Fellowship. York City. cal industries. This fellowship was established at the Stern School by the partners of Salomon Brothers Price Institute for Entrepreneurial Barbara E. Smith Scholarship. This to honor Benjamin J. Levy. The award is Studies Fellowship. This fellowship is scholarship is named in honor of Barbara made annually to an academically superior sponsored by the Price Institute for Smith, past president of the Alumni Associa- full-time M.B.A. or doctoral candidate with Entrepreneurial Studies. It is awarded to an tion and former associate dean of develop- an interest in finance. outstanding M.B.A. candidate in the second ment. Awards are made to M.B.A. students,

99 with preferences to students interested in Barbara Parker-Thompson Scholar- Morton Weiss Scholarship. This schol- careers in marketing. ship. This scholarship has been established arship was established to support a student Martin T. Sosnoff Fellowship Fund. to fund students with disabilities who are interested in the securities field. This fellowship is made annually to a deserv- enrolled at the Stern School of Business. Paul I. Willensky Fellowships. These ing M.B.A. student. William P. Umbs Memorial Scholar- fellowships have been made possible Stern Scholarships. The Stern School ship. This scholarship has been established through the generosity of Paul I. Willensky. provides a limited number of tuition schol- by Bank Leumi Trust Company of New York They are awarded to outstanding advanced arships to entering students with exceptional to honor and perpetuate the memory of the doctoral candidates pursuing dissertation merit and demonstrated financial need. first president of BLT Leasing Corporation research. First priority is given to candidates Subsidiary, William P. Umbs. An award is in economics, finance, or statistics and oper- Sumitomo Bank Global Foundation made to an M.B.A. candidate majoring in ations research. Scholarships. The Sumitomo Bank finance and banking who has demonstrated Global Foundation, Inc. established this David Wood Memorial Fellowship. superior academic achievement and is inter- scholarship through a special grant to Stern. The officers and members of the Municipal ested in a career in banking or leasing. The funds are awarded to M.B.A. students, Bond Club of New York and the Municipal preferably from Asian countries. Unilever Scholarship. This scholar- Forum of New York, to honor and perpetuate ship is awarded to a first-year M.B.A. the memory of David M. Wood, have estab- Joseph H. Taggart Fellowships. These student who demonstrates financial need. lished this scholarship at the Stern School. It fellowships, established to honor the former Unilever participates in the selection process is awarded to an outstanding M.B.A. or doc- dean of the Stern School, are awarded annu- of this scholar. toral student in finance who desires a career ally to outstanding doctoral candidates. United Parcel Service Scholarship. in municipal finance. The stipend awarded Texaco/Stern M.B.A. Program Grant. This scholarship was established to encour- under this scholarship is up to $1,500 tuition This fund was established through a special age young men and women with exception- assistance for the academic year. grant from Texaco Inc. The scholarship is al potential to specialize in retailing at the Larry and Carol Zicklin M.B.A. Merit awarded to second-year M.B.A. students with graduate level. Scholarships are awarded to Scholarship. This scholarship fund was exemplary academic records. Preference is students who promise to make constructive created through the generosity of Larry and given to undergraduate majors in engineer- contributions to retailing through research Carol Zicklin. It provides tuition assistance to ing, computer science, geosciences, and and writing. M.B.A. students based on academic merit. accounting/finance.

Graduate The Stern School of Business offers graduate of work per week for 15 weeks, provides par- fellows must pay any portion of tuition and assistantships and teaching fellowships to tial tuition credit during the semester in fees not covered by tuition remission by Fellowships qualified M.B.A. students who have complet- which the student is employed, and is the payment deadline, are not permitted and Teaching ed at least 24 credits, are registered for at applied directly to the student’s tuition. to use the Deferred Tuition Plan (50/50), Fellowships least 6 credits, have grade point averages of Students who wish to serve as graduate assis- and may have their loan eligibility affected.) 2.5 or above, and are in good academic tants or teaching fellows are responsible for For a complete set of policies and standing. These positions are limited in securing these positions by contacting guidelines, please visit our Web site at number and competitive. A fellowship or departments that have approved positions. www.stern.nyu.edu/deans/gradjobs. assistantship involves an average of 10 hours (Note that graduate assistants and teaching

New York State TAP awards are subject to funding from New the HESC Web site at www.hesc.com. Return 25 West Fourth Street, for further informa- York State. Contact either M.B.A. Financial the completed application as instructed. tion. Students may receive TAP assistance for Tuition Aid at 44 West Fourth Street, Suite 10-160, or Do not send the forms to NYU. a maximum of four years of undergraduate Assistance the University Office of Financial Aid at 25 If you receive a TAP award for the fall or study (or five years in an approved five-year Program (TAP) West Fourth Street for current information. spring semester, you will be given a credit on baccalaureate program) and four years of Legal residents of New York State enrolled in your Bursar Statement of Account. Credit is graduate study, but not for more than eight a full-time degree program of at least 12 not extended for the summer term because years of combined graduate and undergrad- credits, or the equivalent, per semester may the state of New York defers payment on these uate study. They must also fulfill all state be eligible for awards under this program. awards. Students who are registered as half requirements for award eligibility, including The award varies depending on income and time for the summer will receive their TAP attendance, academic progress, program tuition costs. award at the end of the following year, if eli- pursuit, and income analysis. For further Students applying for TAP must do so via gible. Students registered as full time will information, write to the following: a FAFSA application, or they may contact the receive payment at the end of the fall semes- Division of Awards and Loan Services New York State Higher Education Services ter of the same year. New York State Higher Education Services Corporation (HESC) at 1-888-NYS-HESC A student who has tuition remission Corporation (1-888-697-4372) for an express TAP appli- privileges from the University may be eligible 99 Washington Avenue cation. TAP change forms are available at for TAP funds. Consult the Bursar’s Office, Albany, NY 11225 100 Student Loan Subsidized Stafford Student Loan Lenders must disburse all loans in two Private Educational Loans. Some stu- Program (SSL). This is a long-term, low- equal installments. The federal government dent may find it necessary to borrow through Programs interest loan. Private lenders (banks, savings charges a 3-percent origination fee that is private loan programs to meet a portion of and loan institutions, credit unions) provide deducted from each disbursement. The typi- their educational expenses. Note that all pro- Stafford Loans guaranteed by state and fed- cal repayment period is 10 years. grams require applicants to have a good eral government based on certification of Unsubsidized Stafford Student Loan credit history and may require a creditworthy eligibility by New York University. The subsi- Program. The terms of this loan are the cosigner. International student loans, which dized limit is $8,500 per year, and eligibility same as the subsidized Stafford except that do not require U.S. citizen cosigners, are also is based on financial need. eligibility is not based on financial need available. These loans were exclusively Repayment is deferred until six months and interest accrues during the deferment designed for New York University students. after students graduate or cease to be period. Interest begins accruing as soon as For more information on the terms of vari- enrolled at least half time (6 credits). the lender disburses the loan. Students may ous programs, visit our Web site at No interest accrues during this deferment choose to have the accrued interest capital- www.stern.nyu.edu/mba/finaid. period. (For all borrowers, the interest rate ized (added to the principal balance) or to For those who are eligible for federal will be variable with a cap of 8.25 percent.) make periodic payments. The total subsi- loans, students will receive award letters that Students who previously borrowed under the dized and unsubsidized Stafford limit is will include private loan eligibility. However, Federal Stafford/GSL program should stay $18,500 per year. students may choose another private loan with the same bank for their graduate loans, program. Applicants must contact the alter- if possible. nate private loan program directly to request more information and an application.

101 Registration and Matriculation

efore attending classes, all students must register through the Office of Records and Registration at designated registration Bperiods. Students must register separately for each term and pay their tuition and fees according to the payment schedule as outlined by the Stern Bur- sar’s Office. Students are required to familiarize themselves with course prerequisites and program requirements and may be asked to withdraw if they have improperly registered.

Things to Know DECODING COURSE NUMBERS About Courses Course Number: BXX.CDEE.FF (e.g., B40.2334.10) B = School (B = Stern School Graduate Division) XX = Department or area (see below) C = Course level (2 = beginning or intermediate; 3 = advanced or specialized) D = Number of credits (3 = 3 credits; 1 = 1.5 credits) EE = Number assigned by department to differentiate courses FF = Section number (indicates time, day, year, etc.; see below)

Course Designator (BXX): Section Number (FF): B00 = Noncredit Workshop 10-19 = Evening class, fall B01 = Core 30-39 = Evening class, spring B02 = Capstone Core 50-79 = Evening class, summer B10 = Accounting 01-09 = Day class, fall B20 = Information Systems 20-29 = Day class, spring B30 = Economics 40-49 = Day class, summer B40 = Finance 00, 0P = Weekend class (any semester) B45 = Management Communication 1A-1D = Alternate delivery, fall semester B50 = International Business 2A-3D = Alternate delivery, spring semester B55 = Interarea 5A-7D = Alternate delivery, summer semester B60 = Operations Management 0A-0F = Alternate delivery, weekend (any semester) B65 = Management and Organizational Behavior S1-S4 = Alternate delivery, spring break minisemester B70 = Marketing T1-T4 = Alternate delivery, May minisemester B85 = International Management Program U1-U9 = Alternate delivery, August minisemester B90 = Statistics and Operations Research W1-W9= Alternate delivery, winter break, January minismester B95 = Taxation and Business Law

102 CLASS MEETING TIMES Alternate Delivery Classes SCHEDULE AND FACILITY M=Monday; T=Tuesday; W=Wednesday; Minisemester Courses CHANGES R=Thursday; F=Friday; S=Saturday; Meet intensively when regular semester Any change in the schedule or the assigned U=Sunday classes are not in session. instructor will be posted on the bulletin 3-Credit Weekday Classes* Distance Enhanced Courses boards at the Stern School and on-line at 80 minutes, twice a week Meet during regular semester for reduced www.stern.nyu.edu/registrar. Students 3-Credit Evening and Weekend number of 160 minutes and include who have registered for a class in which there Classes* distance-learning elements. is a change, will be notified by E-mail. 160 minutes, once a week * Noncore courses are open to all Stern graduate students, regardless of meeting time, when space is 1.5-Credit Classes (Minicourses) available. Full-time students have priority for weekday 80 minutes, once a week for semester or 160 classes and part-time students have priority for evening, minutes, once a week, for first or second weekend, and minisemester classes within a gradua- half-semester tion cohort.

INTERAREA (B55) AND SWING COURSES Interarea and swing courses can count ments through an adviser. Only one inter- major. Swing courses are included in the toward any one of the majors designated for area course or swing course with a nonma- maximum of 18 credits per course designa- that course, if a student makes arrange- jor designator may be applied to any one tor, as indicated in bold. Course Course May Count Toward Major Number Title in the Following: B20.3336 Data Mining and Knowledge Systems Information Systems, Statistics and Operations Research B20.2318 Information Technology and Strategic Management Information Systems, Management B40.3349 Equity Markets: Trading and Structure Finance, Information Systems B40.3101 Stabilization and Growth in Emerging Markets Economics, Finance B60.2127 Operations Consulting: Resource Management Operations Management, Statistics and Operations Research B50.2397 Management Simulation Management, (International Business) B60.2306 Supply Chain Management Marketing, Operations Management, Statistics and Operations Research B60.2307 Operations Consulting: Design of Operations Operations Management, Statistics and Operations Research B60.3355 Operations Strategy Management, Operations Management B60.3356 Tech Innovation and New Product Development Management, Operations Management B60.3357 Service Operations and Strategy Management, Operations Management B60.3379 Environmental Assessment, Management, and Strategy Management, Operations Management B65.3309 Global Business Consulting Management, other majors by permission of instructor B65.3331 Competitive Advantage from Technology Information Systems, Management B65.3335 Patterns of Entrepreneurship Management, Marketing B70.2325 Advanced Internet Marketing and Entrepreneurship Information Systems, Marketing B90.2306 Supply Chain Management Marketing, Statistics and Operations Research B90.3355 Data Mining in Finance Finance, Information Systems, Statistics and Operations Research B55.2305 Prospects for Economic Growth Any Stern major B55.2310 Managing Financial Businesses Economics, Finance, Information Systems, Management B55.2350 Models of Leadership Any Stern major B55.3310 Stern First: Internal Consulting Program Information Systems, Management, Marketing, Operations Management B55.3320 Managing Investment Funds Accounting, Finance, Management B55.3330 Field Studies: The New Economy Information Systems, Marketing B55.3338 Electronic Commerce Information Systems, Marketing B55.3380 Managerial and Organizational Cognition Economics, Information Systems, Management

103 Immunization New York State law now requires students will be required to do so before registering. admissions material and are also available attending colleges and universities within Proof of immunity or immunization must in the Office of Records and Registration. the state to have immunity or be immunized be provided to the New York University Students who do not have proof of immu- against measles, mumps, and rubella (Ger- Health Center, 726 Broadway, 4th Floor, nity must be immunized. Immunizations man measles). The law applies to all stu- New York, NY 10003-9580. Proof may be may be provided at a number of sources, dents born after December 31, 1956. provided by submitting the required form or including the University Health Center. Immune status will be checked as part a letter or other documentation from a For further information, call the University of the registration process. Students who doctor or health care provider. Forms Health Center at (212) 443-1199. have not provided proof of proper immunity are mailed to all new students in their

For Continuing The Office of Records and Registration (http:/ais.stern.nyu.edu), prior to the during the late registration period at the mails registration materials to all contin- beginning of each term according to the beginning of each term. (Dates to be M.B.A. Students uing degree and certificate candidates. calendar specified in the registration announced in the registration mailing.) Continuing M.B.A. students are expected instructions. If they miss the deadline, con- Langone Program students who are not able to register using the Web registration system tinuing students may also register in person to use the Web system may register by mail.

For New M.B.A. The Office of Records and Registration sends New students in the Langone Program announced in the registration mailing.) All registration material to all new students. and students in other programs who prefer students who have been admitted must indi- Students New students in the full-time block program not to register in advance may register cate their intention to enroll by paying an must register by mail by July 13. during the in-person registration period at enrollment deposit. They should be prepared There is no option to register later. the beginning of the term. (Dates to be to show proof of this when they register.

Program M.B.A. and M.S. students must com- • All requirements for the degree within the Students who are unable to maintain Progress plete the following: following number of years from initial this pace are not permitted to con- • At least one course in the semester for enrollment in the program specified: tinue in their degree program. Note Requirements which they are admitted; those who do not, - M.B.A.: a maximum of six years. that although students are required to meet must reapply for admission in a subsequent - M.S., Statistics and Operations only these minimums to remain in the pro- semester. Research: a maximum of five years. gram, it is not possible to complete the - M.S., Information Systems, part time: M.B.A. degree requirements within the six- • At least 6 credits each academic year. a maximum of three years. year limit at the minimum rates of progress. • At least 24 credits within the first three - M.S., Information Systems, full time: years. a maximum of one year.

Scholastic Students must maintain a minimum grade • 60 credits completed: if GPA less than 2.5, with low averages are urged not to register Requirements point average while matriculated in degree student is not eligible to graduate. for the next term if there is any chance their programs. (For information on computing When grades are available after each semes- grade point average will fall below these the gradepoint average, see the Examina- ter, students who do not meet the minimum minimums when all the current semester’s tions and Grades section.) The following are requirements are notified by their program’s grades are in.) minimums students must meet: advising office, on behalf of the Academic Doctoral candidates must maintain at • 1-14 credits: if GPA is less than 2.1, student Standing Committee, that they are on least a 3.0 average. For complete details, see is placed on academic probation. academic probation or that they may not the Ph.D. handbook. Pass/No Credit grades do not affect a stu- • 15-29 credits: if GPA is less than 2.1, stu- continue in the program. Students who dent’s academic average. For information on dent is dismissed from the program. are dismissed from the program and who have registered prior to receiving these computing the grade point average, see • 30 or more credits: if GPA is less than 2.3, letters are withdrawn from their courses Examination and Grades section. student is dismissed from the program. and given a full tuition refund. (Students

104 Maintaining Degree candidates must maintain continu- leave of absence. If a leave of absence is Maintaining continuous matricula- ous matriculation throughout the duration granted, students must register and pay a fee tion (a) reserves a student’s place in the Continuous of the program. Students are required to maintain matriculation. (See Tuition and degree program as a continuing student; Matriculation/ to register each fall and spring Fees section.) The fee is calculated on a per- (b) ensures that the student will continue Leaves of semester, whether or not they are semester basis and must be paid at the time to receive registration materials and any taking courses. (Summer semesters the leave is granted. Leaves of absence are other mailings to enrolled students; Absence are optional.) included in the time limit for completion of (c) allows access to University facilities and Students who have taken courses toward all degree programs. Students are not eligi- services, such as the library and health the Stern M.B.A. for at least one semester ble to continue in their degree programs services; and (d) enables application for must apply in writing (letter or E-mail) for a unless a leave of absence has been granted student health insurance, if needed. leave of absence from their program’s advis- and the matriculation fee has been paid. Leaves of absence are not granted to ing office, in advance of any fall or spring Ph.D. and M.S. students who will not be students who find they cannot begin the semester for which they are unable to enroll enrolled for courses must seek approval from program in the semester for which they or during which they drop or withdraw from their degree program office. When approval were admitted. M.B.A. students who wish to all courses. The application for a leave of is granted, students must maintain matricu- defer their first enrollment must contact absence must include (a) the reason a leave lation by paying a fee calculated on a semes- M.B.A. Admissions for information on an of absence is necessary; (b) the semester in ter basis (see Tuition and Fee section). abbreviated reapplication process for a sub- which enrollment is expected to resume; and Paying a matriculation fee does not extend sequent semester. Students on other degree (c) a detailed academic action plan for the time limit required for completion of the programs should consult their respective degree completion upon return from the degree program. program office.

Doctoral Students in the Ph.D. Program must have signature of a Doctoral Office staff member Students their registration approved by obtaining the (40 West Fourth Street, Room 8-11).

Students in Students in joint degree programs should degree students must have their registration When registering through other schools for register through the NYU school in which the card reviewed and approved by the Stern Stern classes, or making changes to the Stern Joint Degree majority of credits will be taken that semes- joint degree adviser before submitting them course selection, students must notify the Programs ter. When registering through Stern, joint to the Office of Records and Registration. Stern joint degree adviser of their intentions..

Block After the enrollment deposit is received, all they have been authorized to substitute. The year of study. Block students may take this new students in the full-time M.B.A. Pro- daytime sections of the core courses are course in either semester of the second year Scheduling gram will be sent a list of fall term core reserved for first-year block students, and the of study and in the daytime sections reserved for Full-Time courses and the block sections for which they evening sections of these courses are reserved for full-time block students. M.B.A. Students must register. They must register for all for part-time students only. Additionally, one courses on the list except those for which core course is required during the second

Core Group When part-time M.B.A. students register for Markets in the first semester. In the second participate with them in workshops. In the their first semester at Stern, they become part semester, they have the option of remaining first week of classes, students elect core group Scheduling for of a core group—the group of students with with their core group to take another core leaders, and, during the semester, have the Langone Program whom they take a section of either Managing course. During Pre-Term, students meet opportunity to socialize, study, network, and Students Organizations or Understanding Firms and their core groups, form study groups, and plan events with their core groups.

Class Hours FALL AND SPRING TERMS 1:30-3:50 p.m. Evening classes generally SUMMER TERM meet for 160 minutes, from 6-8:50 p.m., A 3-credit day course customarily meets for A 3-credit course during the summer term once a week. Classes reserved for part-time 80 minutes twice a week. Classes generally meets for 200 minutes once a week from students meet on Saturdays, 9-11:50 a.m. meet Monday and Wednesday or Tuesday 6-9:20 p.m., Monday through Thursday. and 12:20-3:10 p.m. and Thursday. Course meetings are general- The maximum number of credits a student ly from 9-10:20 a.m., 10:30-11:50 a.m., and can register for in the summer is 9.

105 Credit Loads FULL-TIME BLOCK M.B.A. gram of study at Stern. To be considered and a maximum of 9 credits in the summer. STUDENTS for acceleration, a student must have com- Classes taken during minisemesters do not pleted all core courses (except B02.3101 count toward the maximums. Students who Full-time block students generally carry a Professional Responsibility) and submit wish to take more than the maximum num- course load of 13.5 to 15 credits per semester a formal “Application to Accelerate the ber of credits in a semester must submit a for the 4 consecutive semesters (fall and Part-Time M.B.A. Program,” which contains formal request for a credit overload in writ- spring only) to complete the 60 credits to the following: ing (E-mail preferred) to the Langone meet the degree requirements. The only 1. A statement of the circumstances prompt- Program Academic Review Committee, prior exception is the first semester when the stu- ing the request. to registering. The credit overload request dents carry 16.5 credits. Students who wish to 2. The student’s current GPA and why it will must contain the following: take additional credits must meet with an not be compromised by acceleration. 1. A statement of the circumstances prompt- academic adviser. 3. A detailed plan of study for completion of ing the request. the remainder of the program, including the 2. The student’s current GPA and why it will LANGONE PROGRAM STUDENTS number of credits requested. not be compromised by an overload. WHO ENTERED SPRING 2000 4. A career development plan that includes 3. A detailed plan of study for completion of OR LATER short and long term career goals and a the remainder of the program, including the Langone Program students who entered in detailed plan for achieving them. number of credits requested. spring 2000 or later, may register for up to The application must be submitted in writ- 4. A statement of understanding that if the 9 credits per semester (fall, spring, and ing (E-mail preferred) to the Langone credit overload is approved (a) the School is summer). Classes taken during minisemes- Program Academic Review Committee, no making an exception due to unusual cir- ters do not count toward the 9-credit maxi- later than two months prior to the beginning cumstances; (b) the workload will be very mum. On rare occasions, part-time students of the term for which an accelerated course challenging; (c) the standard tuition refund face unusual personal or professional cir- load is requested. Approval to accelerate is and scholastic standing policies continue to cumstances that may justify accelerating the granted for a single semester. apply; and (d) tuition will be charged at the pace of course completion for a semester. applicable per credit rate. Students who feel they are in such a situation LANGONE PROGRAM STUDENTS should schedule an appointment with an WHO ENTERED PRIOR TO M.S., PH.D. AND EXECUTIVE academic adviser and may then petition SPRING 2000 M.B.A. STUDENTS to accelerate their programs. In excep- Please consult with your program office tional cases, they will be granted permission Part-time students who entered the program prior to January 2000, may take a maximum about the applicable per-semester credit load to take more than 9 credits for a single maximum. semester during completion of their proof 15 credits each fall and spring semester,

Maximum The maximum number of credits an M.B.A. purposes of this limit, swing courses are tor, they will not be considered student is permitted to take within any counted in the departments by which they among the 60 credits required Credits in departmental course designator is 18, are offered, as indicated by their course des- for the M.B.A. degree, but will be a Major regardless of substitutions. (This maximum ignators. If more than 18 credits are counted in the cumulative grade does not apply to core courses.) For the earned in a single course designa- point average.

Transfer Effective September 1, 1998, the Stern School enrolled in another NYU division or a Stern after matriculation. (Students who pass pro- M.B.A. Program does not accept transfer master’s degree program prior to admission ficiency exams may substitute electives for Credits credits earned before matriculation in the to the Stern M.B.A. program, must complete those core courses.) M.B.A. Program at Stern. Students who were all 60 credits of the Stern M.B.A. Program

106 Core Course M.B.A. students who demonstrate proficiency B01.2125 Global Business Environment II: Substitution is not available for other core in the following core course subjects may International Macroeonomics courses and is by exam only, except in the Substitutions substitute elective credits for those courses: and Finance case of Financial Accounting and Reporting. and Proficiency B01.1303 Understanding Firms and B01.2310 Marketing Concepts Substitution for Financial Accounting and Examinations Markets B01.2311 Foundations of Finance Reporting may also be granted to students B01.1305 Statistics and Data Analysis B01.2114 Competitive Advantage from who show proof of having passed the AICPA’s B01.1306 Financial Accounting and Operations exam for certified public accountants. Reporting B01.2119 Fundamentals of Information Sample proficiency exams are available on B01.2123 Global Business Environment I: Technology/E-Commerce the Web advising pages. Proficiency exams Trade and Direct Investment may be taken only once and grades may not be appealed.

Definitions of CERTIFICATION OF FULL-TIME two semesters. Students are block-scheduled exclusively for Langone Program students. AND HALF-TIME STATUS for core courses. Daytime core courses are (Part-time students have priority for Student Status reserved exclusively for full-time M.B.A. stu- evening, weekend, and minisemester classes, Certification of full-time or half-time status dents. (Full-time students have priority for and full-time students have priority for may be necessary for students for reasons weekday elective classes, and part-time stu- weekday elective classes, within a graduation including (a) calculation of tuition and fees; dents have priority for evening, weekend, cohort.) Students in the Langone Program (b) eligibility for financial aid; (c) deferral of and minisemester classes, within a gradua- have access to most Office of Career student loan repayment; (d) renewal of a tion cohort.) Students in the Full-Time Development services for the purposes of student visa; or (e) eligibility for University- Block M.B.A. Program attend classes during securing a new full-time job after gradua- sponsored medical insurance. To be certified fall and spring semesters, take a summer tion. (See section on Office of Career as full time for these purposes in a given internship, and graduate at the end of their Development for details.) semester, a student must register for at least second spring semester. They have access to Policies and procedures applying to 12 credits of course work. To be certified as all Office of Career Development services for Langone Program students can be found on half time, a student must register for at least the purposes of securing a summer intern- the Web at www.stern.nyu.edu/Langone/ 6 (but fewer than 12) credits of course work ship and a full-time employment after grad- advising. in a semester. Ph.D. candidates may be certi- uation, with the exception of programs fied as full-time students through a combi- designed for the Langone Program. (See CHANGE IN M.B.A. nation of full-time research, preparation, section on Office of Career Development PROGRAM STATUS graduate or research assistantships, intern- for details.) Prior to First Enrollment. Prior to ships, and course work totaling 40 hours Part-time employment for students in enrolling for the first time, students who per week (the equivalent of 12 credits). the full-time program is considered sec- wish to change programs must petition the International students taking English profi- ondary to academic work at the Stern chairperson of the Admissions Committee in ciency courses in addition to course work at School, is strongly discouraged during the writing. Petitioners will be reevaluated by the the Stern School may also be certified as full first year, and in no case should exceed 10 to M.B.A. Admissions Committee, and an inter- time. A student may not be employed full- 15 hours per week. view may be requested. Petitions are reviewed time and request full-time student status. Policies and procedures applying to after all regular applications to the program full-time block M.B.A. students can be found that were received by the application dead- DESIGNATION OF PROGRAM on the Web www.stern.nyu.edu/mba/ line are evaluated. Permission to change STATUS advising. status is not guaranteed, is rarely granted, For purposes of program structure, time, and requires forfeiting the original offer of THE LANGONE PROGRAM: and credit load limits, some program poli- admission (i.e., students whose petitions for cies and procedures, and access to some A PART-TIME M.B.A. FOR a change of program are rejected are not classes and services, student status is deter- WORKING PROFESSIONALS guaranteed places in the program to which mined by the program to which the student Students who matriculated in the Langone they were originally admitted). was admitted and in which the student was Program typically take 6 credits per semester, matriculated. After first enrollment. Because there is in the evening and on weekends, and addi- no way to incorporate them in the full-time tional courses during minisemesters. Most FULL-TIME BLOCK M.B.A. block program once the first semester in the students graduate in three to four years. Core program has begun, Langone Program ROGRAM P courses should be completed within the first students cannot change from the part-time Students who matriculated in the Full-Time two years in the program and must be com- program to the Full-Time Block M.B.A. Block M.B.A. Program take 16.5 credits in the pleted or in progress before students take Program once they have enrolled. Students first semester, 15 credits in the second semes- advanced courses. Evening, weekend, and in the full-time block program may petition ter, and 13.5 credits or 15 credits in the final minisemester core courses are reserved to the Academic Review Committee for a

107 change to the Langone Program for any In addition, only full-time block program veterans and in-service personnel, subject to semester after their first in the M.B.A. pro- first-year students will be eligible to partici- certain restrictions. Under most programs gram. The petition must include (1) a state- pate in on-campus recruitment for summer the student pays tuition and fees at the time ment of the circumstances prompting this intern positions. of registration but will receive a monthly request; (2) a proposed plan of study for All other services of the Office of Career allowance from Veterans Affairs. completion of the remainder of the program; Development (OCD), including individual Veterans with service-connected disabili- (3) a detailed career management plan; and career counseling, job postings, and access ties may be qualified for educational benefits (4) for international students, confirmation to OCD publications and the Career under Chapter 31. An applicant for this proof either an H- or other applicable visa to Resources Center, are available to students in gram is required to submit to the Depart- replace the F-1 visa status (a F-1 visa is the part-time program. ment of Veterans Affairs a letter of acceptance granted to only full-time block students). from the college he or she wishes to attend. The Committee will review the petition WITHDRAWAL FROM STERN On meeting the requirements for the Depart- and the student’s academic record, and the Students considering withdrawal for any rea- ment of Veterans Affairs, the applicant will be student will be notified of the decision in son are encouraged to discuss their circum- given an Authorization for Education (VA writing. stances and options with a program adviser. Form 22-1905), which must be presented to Once the request is granted, the student Stern is anxious to do all it can to assist stu- the veterans coordinator, Office of Records becomes a Langone Program student with dents having difficulty and to facilitate their and Registration, 44 West Fourth Street, 10th all attendant privileges, responsibilities, and continuing in the program. Floor, before registering for course work. restrictions indicated in the section on the Students who have begun to take courses The VA usually sends allowance checks Definitions of Student Status including but and then decide to withdraw from their directly to the veteran. Veterans and eligible not excluded to restricted enrollment and program should send formal notification of dependents should contact the veterans coor- revised OCD services. Once transferred, the their intent, in writing, to their program’s dinator in the Office of Records and Regis- student may not revert to the full-time block advising office. This will result in appro- tration each term they want VA certification program again. priate adjustments to the student’s records of enrollment. For additional information, please visit and will eliminate future mailings. Please All veterans should reach the educational www.stern.nyu.edu/mba/advising. refer to page 112 regarding refunds and objective (bachelor’s or master’s degree, doc- Eligibility for Office of Career page 96 regarding readmission policies and torate, or certificate) authorized by the VA Development Services. Effective Sep- procedures. with the minimum number of credits tember 1, 1996, a student in the part- required. The VA may not authorize pay- time program is eligible to participate in AUDITING CLASSES ments for credits that exceed scholastic on-campus interviewing for full-time posi- requirements, that are audited, or that Students may audit classes by request at the tions ONLY in the year of graduation. The receive grades without a numerical value. time of registration or within the first five part-time student must have a minimum of Veterans may obtain an application or weeks of the semester. (Auditor status cannot 30 credits by September of the academic year assistance in filing for educational benefits be revoked once it has been requested.) Full in which he/she will graduate. Part-time stu- in the Office of the University Registrar, 25 tuition and fee charges apply. dents who are eligible for on-campus inter- West Fourth Street, 1st Floor. viewing must attend a series of career man- Since interpretation of regulations gov- ETERANS TATUS AND agement workshops and other prescribed V S erning veterans’ benefits is subject to activities. BENEFITS change, veterans should keep in touch with Effective September 1, 1997, any per- Various Department of Veterans Affairs (VA) the Department of Veterans Affairs or with son who enrolls in the part-time M.B.A. programs provide educational benefits for NYU’s Office of the University Registrar. Program is ineligible to participate in the spouses, sons, and daughters of deceased or bidding process for open (noninvitational) permanently disabled veterans as well as for on-campus interview schedules.

Required Students must notify the Office of Records 3. Complete withdrawal from school (giving Students who fail to comply with the last Notifications and Registration of the following: date of last lecture attended). three requirements may lose certain matric- 1. Any change of address. 4. Any apparent error in reported grades, ulation rights. 2. Withdrawal from any course (giving date registration, or credit. of last attendance).

108 Tuition and Fees

ll fees must be paid upon registration. New students who register by mail must remit payment in full with their registration material.A Students who register in person must make payment in full at the Stern Bursar’s Office, located at 44 West Fourth Street, 10th Floor. Checks, drafts, or money orders are to be made payable to New York University for the exact amount due. Continuing students who register via the Web or by mail must submit payment by designated dates set by the Stern Bursar’s Office: December 1 for spring, May 1 for summer, and August 1 for fall. Students are responsible for meeting payments promptly and without notice from the University or the Stern Bursar’s Office. Students are responsible for making full financial arrangements for payment of tuition and fees before registering each semester. Students who are in NYU housing must include their housing charges with the tuition payment. The unpaid balance of a student’s account is subject to an interest charge of 12 percent per annum from the due date until payment is received. The Board of Trustees of New York University reserves the right to alter the schedule of tuition and fees (see page 111) without notice. There are several ways to pay your tuition and fees in addition to cash, check, or money order.

Scholarship Students receiving an NYU scholarship must the scholarship shall remain the responsi- inform the Stern Bursar’s Office of such bility of the student, payable in full upon scholarship. Any balance not satisfied by registration.

Tuition Students receiving NYU tuition remission www.nyu.edu/hr) and enclose a check must submit a properly completed and or credit card authorization for any por- Remission approved Application for Tuition Remis- tion of the charges not covered by tuition sion Form (available on the Web at remission.

Employer Students sponsored by an “employer tuition employer for such student’s tuition and fees; course or minimum grade requirement, plan,” which is not remitting payment in and unequivocally and unconditionally will not be acceptable to the Stern Bursar’s Tuition Plans full upon registration, must submit a letter promising payment in full upon receipt of Office as payment equivalent—the stu- from the sponsoring employer authorizing a bill. Those tuition reimbursement plans dents must make full payment upon regis- NYU to process the named student’s registra- that have conditions attached, such as but tration and seek reimbursement from their tion; authorizing NYU to bill the sponsoring not limited to successful completion of employer on their own.

109 Deferred Degree candidates may participate in this Under the Deferred Tuition Plan, financial The second payment of 50 percent Tuition Plan plan under the following conditions: aid awards, student loan credits, and any of tuition is due in full by the date specified • Not in arrears (past due) for any NYU other type of credits given by NYU or an out- on the deferment form. A 12 percent interest (50/50) charge or loan. side agency cannot be used as part of the ini- fee per annum (1 percent per calendar tial payment. To calculate this initial pay- month or any part of) will be charged on • Without a previously unsatisfactory NYU ment, subtract the financial aid and student the unpaid balance. Failure to meet pay- credit record. loan credits and any other type of credits ment on time will result in a penalty charge • Matriculated and registering for 6 credits given by NYU or an outside agency from the of $25. or more. TOTAL CHARGES and divide this NET Under the Deferred Tuition Plan, an initial BALANCE in half. THIS IS THE INITIAL payment of 50 percent of tuition, plus all 50-PERCENT PAYMENT. special fees, are due in full upon registration.

Federal Student Students who are certified by the Stern Office All student loan funds are sent directly to Use of a loan credit to offset tuition pay- of Financial Aid as eligible for the federal the Office of the Bursar in the form of either ment does not relieve students of their under- Loans Subsidized or Unsubsidized Stafford Student a two-party check made out to both the stu- lying obligation to pay their tuition and fees. Loan Program (SSL) will receive a loan dent and New York University or by electron- It is the students’ responsibility to ensure that credit pro rata, on a semester basis, from ic funds transfer (EFT). When we receive the loan checks are actually remitted to the the M.B.A. Financial Aid Office within two your check, we will write to you, notifying Stern Bursar’s Office, with all the correct (2) weeks from certification. This loan credit you that your check is awaiting endorse- information to ensure proper crediting; it is will enable students to register without the ment. After you sign the check, it will be the students’ responsibility to endorse the actual loan check, which takes approxi- applied to your account. When we receive loan checks in a timely manner; and it is the mately 8 to 12 weeks to arrive. your EFT, we will automatically credit your students’ responsibility to check on the status If a loan has been certified and a account, if you meet the eligibility require- of their loan directly with their bank if they loan credit is not in the Stern Bursar’s ments. If there is a credit balance after have not received any correspondence Office, the student should go to the Stern all bills are paid, a refund will be mailed regarding their loan after four weeks from Office of Financial Aid, 44 West Fourth Street, directly to the student in a reasonable time. the time that the Stern Office of Financial Aid Room 10-160. certifies their eligibility.

Private Loan Students who have an approved loan from a Payment Form. Proceeds from the private neither a guarantee nor an approval of a private lender or other financial resources loan shall be applied to the tuition pro rata loan from the private lender. It is the stu- must attach a copy of the commitment or on a semester basis. dents’ responsibility to apply for and comply approval letter to the Stern Bursar’s Office Students are reminded that a loan certifi- with the application and credit requirement Tuition and Fees Worksheet and Charge Card cation by the Stern Office of Financial Aid is of the private lenders.

Enrollment A nonrefundable $1,000 deposit is required This deposit is credited toward tuition for Deposit upon acceptance for all full-time and part- the term of application. (Nonrefundable) time degree applicants.

Late Payment All late tuition payments will result in A fee will be charged if payment is The University reserves the right not to a penalty charge of $25 plus a 12 percent not made by the due date on the stu- accept tuition or fee payments beyond the of Fees interest fee per annum (1 percent per calen- dent’s statement. official due date for such. dar month or any part thereof) on the unpaid balance.

Returned Any student who submits a check to the bur- check, money order, or cash payment certified check, money order, cash, or credit sar that is subsequently returned by the bank (including all penalty fees accrued). All cards (Visa, Discover, MasterCard, AMEX). Checks must replace that check with a certified ensuing payments to NYU must be made by

110 Arrears Policy The University reserves the right to deny Tuition and Related Fees registration and withhold all information Application fee (nonrefundable) ...... $150.00 regarding the record of any student who is Enrollment deposit, new students (nonrefundable) ...... 1,000.00 in arrears in the payment of tuition, fees, Tuition per term for 13 to 15 credits (part-time students) ...... 14,300.00 loans, or other charges (including charges Tuition per term for 13 to 15 credits (second year full-time block program 1 for housing, dining, or other activities or students) ...... 14,500.00 Tuition per term for 13 to 15 credits (new full-time block program students)1. . . . 14,900.00 services) for as long as any arrears remain. Tuition per credit (1 to 12.5)...... 1,100.00 Registration and services fee per term for 13 to 15 credits (nonrefundable) Fall term2 ...... 666.00 Spring term3 ...... 680.00 Registration and services fee for the first credit each term (nonrefundable) Fees and No candidate may be recommended for a Fall term2 ...... 210.00 degree until all outstanding bills have been Spring term3 ...... 224.00 Graduation paid, including fines and/or charges on Summer term4 ...... 98.00 overdue or lost library materials and hous- Registration and services fee for each additional credit ing fees. The University cannot be responsi- (1.5 to 12.5) (nonrefundable) ...... 38.00 ble for the inclusion in the current official Business Writing noncredit course (B00.2099 or B00.2055) (nonrefundable) ...... 250.00 graduation list any candidate who pays fees Data Analysis Workshop (nonrefundable)—for Langone students ...... 250.00 after the first day of January, May, or Septem- Other Fees Basic Health Insurance Benefit Plan (full-time students, registered for 12 credits ber for degrees in those months, respectively. 5,6 Following payment, and on approval of the or more, automatically enrolled, all others can select): Fall term...... 463.00 faculty, the candidate will be recommended Spring term (coverage for the spring and summer terms) ...... 696.00 for the degree as of the date of the next regu- Summer term (for students who did not register in the preceding term)...... 290.00 lar University Board of Trustees meeting at Comprehensive Health Insurance Benefit Plan (international students with F or J which the awarding of degrees is part of the Visa automatically enrolled,5,6 all others can select): order of business. Fall term...... 539.00 Spring term (coverage for the spring and summer terms) ...... 809.00 Summer term (for students who did not register in the preceding term)...... 337.00 UHC Only Health Insurance Benefit Plan6 (any student can select, but must Information Full-time students who hold New York State maintain other insurance): Fellowship Awards and Tuition Assistance Fall term...... 222.00 to Holders of Program Awards will receive credit toward Spring term (coverage for the spring and summer terms) ...... 334.00 New York State tuition in the amount of their entitlement, Summer term (for students who did not register in the preceding term)...... 139.00 provided they attach the Award Certificate for Maintaining matriculation per year (all degrees): Fellowships Fall term ...... 200.00 and Tuition the applicable term to their Stern Bursar’s Spring/summer term ...... 200.00 Office Tuition and Fees Worksheet and Late registration fee (nonrefundable)7 ...... 25.00 Assistance Charge Card Payment Form. Late registration fee for summer session (nonrefundable) ...... 25.00 Program Awards Students receiving awards after registra- Late payment of fees ...... 25.00 tion will get a check from the University after All returned checks ...... 10.00 the Stern Bursar’s Office has received the New Doctoral dissertation microfilming and copyright ...... 113.00 York State payment and the Office of Records 1 First term M.B.A. students in the full-time block program may register for 16.5 credits without additional and Registration has confirmed eligibility. charges. Flat-rate tuition charges apply only to the 60 credit program. Courses taken beyond 60 credits will be charged at an additional per credit rate. 2 Includes mandatory emergency illness and accident plan coverage for the fall term. 3 Includes mandatory emergency illness and accident plan coverage for spring and summer term. 4 For a student registering for the first time in summer, a mandatory $21.00 charge will be added to the registration and services fee. 5 Waiver option available. 6 Students automatically enrolled in the Basic Plan can switch to the Comprehensive Plan, waive the plan entirely (and show proof of other acceptable health insurance), or can select the UHC Only Plan if they have other insurance. 7 No registration or change of classes will be permitted after the third week of classes except for withdrawals.

111 Refund Schedule REFUND SCHEDULE begins. The Business Writing Workshop fee considered a cause for an exception. Travel is never refunded. required for a job or other job-related issues This schedule is based on the total applicable and Refund are not reasons for an exception to the charge for tuition excluding nonrefundable Policy (Tuition REFUND POLICY refund policy. fees and deposits. Only) Full-Time Block Program student Withdrawal before or within the first The refund period is the first four calendar weeks (28 days including the first day of requests should be submitted to M.B.A. Aca- calendar week1 from the opening demic Advising, Stern School of Business, date of the term 100% classes) of the term for which application for withdrawal is filed. No application filed after New York University, Kaufman Management Withdrawal within the second the fourth week will be considered. Refund Center, 44 West Fourth Street, Room 10-160, calendar week from the opening processing takes about two weeks. New York, NY 10012-1126. date of the term 70% Students who drop their courses during Part-Time Langone Program stu- Withdrawal within the third the above stated schedule periods will dent requests should be submitted to the calendar week from the opening be refunded according to the stated refund Langone Program Office, Stern School of date of the term 55% percentage. The effective date of any drop Business, New York University, Kaufman Management Center, 44 West Fourth Street, Withdrawal within the fourth or withdrawal is the date the student Suite 1-72/5, New York, NY 10012-1126. calendar week from the opening drops the course on-line, submits date of the term 25% the add/drop form in person, the letter is postmarked, or the fax is Withdrawal after completion of received (fax: [212] 995-4424). the fourth calendar week of term NONE Students wishing an exception to the pub- Refunds granted for credit card charges lished refund schedule may appeal to the will be credited to those accounts. Refund Committee in writing and document 1 The first calendar week consists of the first seven (7) Registration and service fees calendar days starting with the official opening date the circumstances warranting consideration. of the term. (Note: not the first day of the class are nonrefundable once the term Serious illness or military service may be meeting.)

112 Examinations and Grades

inal examinations are given at the end of each term. Students must pass the examination or its substitute to receive credit for any Fcourse. Students unable to take the final examination because of serious illness should request the instructor to give an “incomplete” grade and grant permission to take a makeup examination. A makeup examination must be taken within five months from the date the course ended and may not be used to raise a final grade.

Computing To determine grade point average, divide not computed into the grade point average. Grades and Honor the total number of credits completed into A grade of “F” remains in the calculation, Credits Grade Point the total number of honor credits granted. even if the student retakes the course and Average For example, a student completing 20 receives a passing grade. Courses offered in The Stern School Grading System credits with 50 honor credits would have a other divisions of NYU, taken through and is as follows: grade point average of 2.5. The grade point approved by the program advising office, are Grade Honor Description average includes grades in all courses taken included in the grade point average calcula- Points Value while registered in a particular program, tion. Courses taken outside of NYU that have whether or not they fulfill any program been approved for transfer credit purposes A 4.0 Excellent requirements. Grades of “P,” “W,” or “N” are are not included in the grade point average. A- 3.7 B+ 3.3 B 3.0 Good Stern Scholar A student in the M.B.A. Program will be des- age of 3.7 or above. (The student becomes B- 2.7 ignated “Stern Scholar” in the term that he eligible only once in his or her career— C+ 2.3 or she completes at least the first 30 credits of during the semester when he or she first C 2.0 Fair Stern Graduate Division courses with no completes at least 30 credits.) C- 1.7 grades of incomplete and a grade point aver- D+ 1.3 D 1.0 Work satisfying minimum Incomplete There are two “incomplete” grades indicat- students who receive incomplete grades requirements Grades ing that the student has not completed must complete all requirements and have for credit required course work but can do so outside of a final grade submitted to the Office of F .0 Failing class with permission and guidance of the Records and Registration by the second original instructor. “Sitting in” during the Friday of the month within which they following semester is not permitted. Incom- applied to graduate. For most doctoral plete grades lapse if the required work is not seminars, incomplete grades lapse if the finished in one semester from the end of the required work is not completed within one semester in which the “incomplete” is year. However, doctoral students majoring issued, i.e., by June 1 for courses taken in the in finance must finish incomplete courses fall and by January 1 for courses taken in within six months. The two “incomplete” the spring and summer terms. Graduating grades are as follows:

113 IP—Course Work Incomplete. Stu- submitted. This grade becomes an “F” if the Incomplete Grade form before the last day of dent was passing at the time the grade was work is not made up. class. Forms are available in the Office of submitted. This grade becomes an “N” (no Only the instructor has the authority to Records and Registration. credit) if the work is not made up. grant incomplete grades. Students must IF—Course Work Incomplete. Stu- specifically request incomplete grades from dent was failing at the time the grade was the instructor and fill out the Request for

Other Grades The following grades also have no numeri- “R” is granted. Auditor status should be a refund) and received no credit. Students cal value and are not included in the grade noted at the time of registration on the regis- may drop any course for which they are reg- point average. tration card or within the first five weeks of istered and automatically receive a “W” by P—Pass. Indicates the course was passed. class. Auditor status cannot be revoked once processing a program change form at the “P” is used for grades received while in the it has been requested. Students must pay full Office of Records and Registration any time International Management Program and for tuition for a course taken as a registered through the last day of the ninth week of Business Writing Workshops only. auditor. A grade of “R” is also assigned for class for the semester. (See exact dates in the noncredit, pre-term workshops. Calendar on the inside front cover.) Students S—Satisfactory. The grade “S” is used for The next two administrative grades can who receive a “W” may retake the course for dissertation seminars or to indicate that a be issued only through official procedures: credit, provided they reregister and pay to final grade is pending for a yearlong course. W—Withdrawal. Means the student vol- take the course again. R—Registered Auditor. Students may untarily and officially withdrew from the N—No Credit. Used to indicate that an not retake a course for credit in which an course (after the deadline for dropping with “IP” has lapsed.

Grades for The Business Writing Workshop is graded on a Pass/No Credit basis. The Data Noncredit Analysis Workshop is assigned a grade of Workshops “R” (Registered Auditor).

Grades in the Grades received while in the International Management Program (IMP) are not fac- International tored into the student’s overall grade point Management average. A total grade of “P” is listed on the Program student’s transcript, for the number of credits successfully passed while abroad.

Repeating Grades of “F” (including those received remain on a student’s record even after repeat courses in which they have previously from incomplete—“IF”—lapses) are in- the student has repeated the course and re- received passing grades. Courses cluded in the grade point average and ceived a passing grade. Students may not

Grade Reports At the end of each term, grades are posted on the Web site, and a grade report is mailed to each student.

Transcripts Academic transcripts will be issued free of address of the official to whom the material has begun, no transcript will be forwarded charge on a student’s written request and is to be mailed. for any currently enrolled student until all of Records authorization. Applications for transcripts, Under the general practice of colleges the student’s final grades have been received certifications, and other statements should and universities, complete official transcripts and recorded. Please notify the Office of be addressed to the Stern School of Business and certifications are sent directly by the Records and Registration immediately of Office of Records and Registration with cor- University, not the applicant. No partial any change of address. rect information on years of attendance, all transcripts of University records may be NYU schools attended, and the name and issued. Once a final examination period

114 Arrears Policy The University reserves the right to deny in arrears in paying tuition, fees, loans, or or services) for as long as any arrears registration and withhold all informa- other charges (including charges for remain. tion regarding the record of any student housing, dining, library, or other activities

Family Annually, New York University informs stu- otherwise in violation of the student’s rights the requirements of FERPA and the FERPA dents of their rights under the Family Edu- of privacy; (c) the University will obtain the regulations; and (e) each student may Educational cational Rights and Privacy Act (FERPA) student’s written consent prior to disclosing obtain a copy of the University’s Guidelines Rights and and the regulations relating to FERPA pro- personally identifiable information about for compliance with the Family Educational Privacy Act mulgated by the Department of Education. the student from his or her education Rights and Privacy Act. These Guidelines are Together, FERPA and the FERPA regulations records, unless such consent is not required available from the Office of Academic Pro- provide that (a) each student has a right to by FERPA and the FERPA regulations; (d) gram Review, Bobst Library, Room 1106. inspect and review his or her education each student has a right to file a complaint Assistant Chancellor Barnett W. Hamberger, records; (b) each student may request that with the Family Policy Compliance Office of director of that office, is responsible for any such record be amended if he or she the Department of Education if he or she administering FERPA at New York University. believes that it is inaccurate, misleading, or feels the University has failed to comply with His telephone number is (212) 998-2310.

Access to Records Requests for record reviews at the Graduate who wish to review their records must com- ed. Students will be notified when the records Division of the Stern School of Business plete a record request form in the Office of are available for inspection. should be directed to Beth Rubin, KMC, 44 Records and Registration. The request West Fourth Street, Suite 10-80. Students should specify what records are to be inspect-

Amendment of If a student believes that any of the education PL 93-3803, available from the appropriate to challenge the contents of an educational records relating to her or him contain infor- record review officer. The reasons for the record may not be used to question substan- Records mation that is inaccurate, misleading, or in request should be set forth on the form and tive educational judgments that have been violation of her or his rights of privacy, she or should clearly identify the part of the record correctly recorded. For example, a hearing he may ask the University to correct or delete the student wants changed and specify why it may not be requested to contest the assign- such information. The student may also ask is inaccurate or misleading. There is no ment of a grade. Grades given in the course of that additional explanatory material be obligation on the part of the University to study include written evaluations that reflect inserted in the record. Requests for amend- grant such a request. If the University institutional judgment of the quality of a stu- ment of a record or the addition of explana- declines to amend the records as requested by dent’s academic performance. Information tory material should be submitted at the the student, it will so inform the student, and concerning hearing procedures is outlined in conclusion of the record review on form the student may request a hearing. The right the University’s FERPA Guidelines.

Disclosure of Among other exceptions authorized by legitimate educational interest include any records to the officials of another institution FERPA, prior consent of the student is not University employee acting within the scope (a) in which a student seeks or intends to Personally needed for disclosure of directory informa- of her or his University employment and any enroll if that institution requests such Identifiable tion (see next section) or for disclosure to duly appointed agent or representative of the records, or (b) if the student is enrolled in, or Information school officials with a legitimate education- University acting within the scope of her or receiving services from, that institution while al interest in access to the student’s educa- his appointment. In addition, the University she or he is attending NYU. tional record. School officials having a may, in its sole discretion, forward education

Notice Pursuant to FERPA and FERPA regulations, Category I Name, dates of attendance, Category II Past and present participation New York University hereby designates the NYU school or college, class, in officially recognized sports Designating following categories of student information previous institution(s) attend- and activities, physical factors Directory as “directory information.” Such informa- ed, major field of study, (e.g., height, weight of ath- Information tion may be disclosed for any purpose, at the degree(s) conferred (including letes), date and place of birth discretion of the University, except as pro- dates), honors and awards Currently enrolled students may refuse to vided below.* (including dean’s list) permit disclosure of this information. To do

115 so, a student should complete a form close directory information may apply to above, the University assumes that he or she requesting nondisclosure at the Office of the Category I, to Category II, or to both, but approves of the disclosure of such informa- Records and Registration. A hold will be there cannot be selective exclusion of items tion. The University disclaims any and all lia- placed on the release of directory informa- within either Category. bility for inadvertent disclosure of directory tion filed with the Registrar, which will If a student does not specifically request the information designated to be withheld. remain in effect until the student files a writ- withholding of directory information by filing * Under federal law, address information, telephone ten request to remove it. A request not to dis- the appropriate University form, as indicated listings, and age are also considered directory information for military recruitment purposes.

M.B.A. Honor M.B.A. students, faculty, and administrators gram, each student is asked to commit to the For a copy of the M.B.A. Honor Code and are committed to promoting principles of principles of the Honor Code and the Code of the Code of Conduct, please visit the Web site Code and Code honesty, integrity, and trust among Stern stu- Conduct, and by signing them, agrees to at www.stern.nyu.edu/mba/mjc. of Conduct dents. Therefore, prior to beginning the pro- abide by the codes.

Student Code On May 31, 1988, the faculty of the taking of exams, and use of resource facili- Stern School of Business approved a Stu- ties. All students are required to sign and of Conduct for dent Code of Conduct. This code covers abide by this code. Ph.D. and Master guidelines regarding submission of work, of Science Programs

Discipline Students are expected to familiarize them- School. If, pursuant to such rules, regula- made according to the standard schedule for selves and to comply with the rules of con- tions, or practices, the withdrawal of a stu- refunds (see page 112). duct, academic regulations, and established dent is required before the end of the term for practices of the University and of the Stern which tuition has been paid, a refund will be

University Students offered research opportunities are the University’s Statement of Policy on Policy on reminded that inventions arising from par- Patents, available in the Faculty Handbook Patents ticipation in such research are governed by or from the Office of Professional Programs.

116 Graduation Requirements

re-Commencement is the Stern School’s own graduation ceremony to be held on May 15, 2002, the day before the University PCommencement exercises. Pre-Commencement activities include speakers, presentation of candidates for graduation, and conferring of prizes and awards. A reception follows. Invitations for the 2002 Pre- Commencement will be sent to those graduating in September 2001 and January 2002 and those who file to graduate in May 2002. Commencement is the University’s graduation ceremony at Washington Square to be held on May 16, 2002. The ceremony includes a major address, a student valedictory, the awarding of honorary degrees to distinguished individuals, and the conferring of degrees for all 14schools and colleges of New York University. One ceremony a year is held for September, January, and May graduates. The Stern School hosts a reception for alumni, graduates, and guests after Commencement.

Declared Major The major requested on the student’s change their declared major may do System (http://ais.stern.nyu.edu) under application is considered his/her declared so using the Stern Web Information Change Major. major. M.B.A. students who wish to

Maximum The maximum number of credits an M.B.A. purposes of this limit, swing courses are ignator, they will not be consid- student is permitted to take within any counted in the departments by which they ered among the 60 credits required Credits in a departmental course designator is 18, are offered, as indicated by their course for the M.B.A. degree, but will Major regardless of substitutions. (This maximum designators. If more than 18 credits be counted in the cumulative grade does not apply to core courses.) For the are earned in a single course des- point average.

Expected The expected graduation date of a student is part-time students. Students who expect the Stern Web Information System Graduation calculated as two years after matriculation to graduate either earlier or later should (http://ais.stern.nyu.edu) under Change Date for full-time students and four years for make the change in their records using Bio Information.

Application for Candidates for graduation in January February 1 of the year they expect to gradu- have completed the required 60 credits of must file an application for degree can- ate; for September graduation, the filing course work. Registration will not be allowed Degree didacy in the Office of Records and Regis- deadline is June 1. beyond the semester in which the 60-credit Candidacy tration not later than October 1 in the year Note: M.B.A. students should file for gradu- requirement is met, unless approved by an before their expected graduation. Candidates ation during the semester in which they will academic adviser. for May graduation must file no later than

117 Minimum To be eligible to graduate, M.B.A. candi- complete a minimum of 33 credits at courses or 30 credits at the Stern School. dates must complete a minimum of 45 the Stern School. Master of Science (in Mathematics/Statistics Residency credits at the Stern School. Students are All candidates for the Master of Science and Operations Research) candidates Requirement expected to complete the full M.B.A. (in Statistics and Operations Research) must complete 10 courses or 30 credits Program at Stern. Ph.D. candidates must degree must complete a minimum of 10 in residence.

Taking Courses Students may take up to 15 Stern credits non-Stern courses. A 4-credit course taken approved list. The course syllabus and an of nonmajor elective courses in other NYU in another graduate division receives 3 explanation of how the course will enhance in Other NYU divisions. Non-Stern courses must cover Stern credits; a 2-credit course receives 1.5 or complement the student’s program and Divisions material related to business and manage- Stern credits. A list of preapproved courses advance the student’s goals must be includ- ment and should fit clearly into an M.B.A. appears on the advising pages of the pro- ed with the petition. program (e.g., language courses do not gram’s Web site. Students may petition their Note: Students are not permitted to be qualify). Students must receive a “B-” or program’s advising office for approval of a registered for courses through two divisions better to receive credit toward the M.B.A. for course that does not appear on the pre- of the University at the same time.

Finishing Your In extreme circumstances, students may find 1. Accredited School. The institution the the content of each course and confirm that they need to complete the final 15 credits student is planning to attend must be an the course meets for an appropriate number Degree at of course work toward the M.B.A. degree AACSB-accredited graduate business school. of hours for the number of credits that will Another AACSB at another AACSB-accredited (American For a complete list of AACSB schools by area, be transferred. (To transfer as 3 Stern credits, School Assembly of Collegiate Schools of Business) visit the AACSB Web site (www.aacsb.edu) a course must meet for approximately 37 graduate business school and may petition or call their office at (314) 872-8481. credit hours.) their program’s advising office for permis- 2. Acceptance Letter. The student must 4. Maintained Matriculation. The stu- sion. Approval is rarely granted and only if submit a letter of acceptance from the host dents must maintain continuous matricula- (a) the student has been transferred outside institution. tion at Stern until the degree program is a 200-mile radius of New York City; (b) has 3. Course Description: For course completed, as indicated in the section on a grade point average of at least 2.5; and approval, the student must provide a detailed Maintaining Continuous Matriculation/ (c) has met all core and major requirements course description (preferably a syllabus), Leaves of Absence. (in exceptional cases, a maximum of 3 which includes the total number of contact 5. Minimum Grade. To receive transfer credits toward the major may be fulfilled hours, for every course the student intends to credit, the student must receive a grade of B at another institution). The following con- take for credit toward the Stern M.B.A. The or better (B- is not sufficient) and submit an ditions must also be met for a petition to student should review his or her Remaining official transcript. (Note that grades earned be considered seriously and for transfer Requirements pages before selecting a trans- in courses transferred from non-NYU pro- credit to be granted upon completion of the fer course, to make certain it can be applied grams are not included in the grade point course work: to the remaining credits required for the average calculation.) degree. The advising office must approve

Payment of Fees Grades for all courses must be submitted to the Office of Records and Registration, and and Course all financial obligations must be satisfied, by Completion the second Friday of the month within which Deadline you applied to graduate.

Minimum Grade In order to graduate, Ph.D. and M.S. 3.0. M.B.A. and other degree program (in Information Systems) students must students must achieve a minimum grade Point Average have a minimum grade point average of point average of 2.5.

118 Graduation The Stern School recognizes outstanding per- “with distinction” to students in the top 10 gram) are not included in the grade point with formance by awarding the Master of Business percent of their graduating class. Courses in average or in the calculation for distinction Distinction Administration and Master of Science degrees the IMP (International Management Pro- (see section under grading on page 114).

Beta Gamma The highest national honor a student in accredited institution can achieve is to be Sigma. Students in the top 20 percent of Sigma business or management at an AACSB- elected to membership in Beta Gamma their graduating class are invited to join.

Prizes The Alex S. Auerbach Award. The fam- tion and has presented an outstanding has completed the curriculum required for ily and friends of the late Alex S. Auerbach doctoral dissertation. admission to the New York CPA examination have established this annual memorial The Ernest Kurnow Award. Given to a with the highest general average in accounting. award for a student, not yet graduating, who graduating M.S. student in statistics and The New York University Alumnae has shown a high degree of service to the operations research who has demonstrated Club Award. The Alumnae Club of the School and the community. excellence in the field of statistics. University awards annually certificates of Beta Gamma Sigma Alumni in New The Kenneth G. Langone Award. appreciation for high scholarship and gen- York City Award. An award is presented Established by means of a generous gift by eral participation in extracurricular affairs annually to a graduating student from each Kenneth G. Langone, this award is given to successful women candidates for an of the metropolitan area collegiate schools of annually to two students in the Langone advanced degree. business. It recognizes outstanding charac- Program, not yet graduating, to recognize The New York University Tax Society ter, scholastic achievement, participation in exemplary service to the Stern School and Prize. The New York University Tax Society collegiate affairs, and potential in civic, NYU community while working full time. presents an annual award to a candidate business, or professional leadership. The Hector Lazo Memorial Award in with the highest scholarship in the field The Dean’s Award. Each year, awards are Marketing. Friends and former students of of taxation. given for outstanding scholarship to candi- the late Professor Hector Lazo established The Harold Price Entrepreneurship dates who have completed all the require- this annual memorial award for a full-time Award. Established by the Price Institute for ments for an advanced degree. marketing student who has completed Entrepreneurial Studies, for a student pursu- W. Edwards Deming Award. Given requirements of the M.B.A. with highest ing an entrepreneurial career who has annually by Delta Pi Sigma, New York promise and scholarship. attained outstanding achievement in studies University’s statistics honor society, to a The Harold W. MacDowell Award. and student leadership. graduating M.B.A. student who has demon- Established to honor the memory of the School Service Awards. The dean of the strated excellence in statistics. long-time director of the Stern School’s Stern School recognizes with awards gradu- The John W. Harriman Award. Mrs. doctoral program, a citation is awarded ating students who have performed meritori- Harriman has established a prize and a annually to the Ph.D. candidate who best ous service to the School and the University. medal in memory of John W. Harriman and exemplifies qualities of and dedication The Society for Information his contribution as vice dean in starting the to scholarship. Management Award. This award is pre- day program at the Stern School. The award The Money Marketeers Interna- sented by the Greater New York Chapter of goes to a graduating full-time student tional Award. The Money Marketeers the Society for Information Management to judged to have an outstanding record and award annually a prize to an international a graduating student majoring in informa- potential in the fields related to internation- student who has completed requirements for tion systems who has demonstrated out- al business. an advanced degree with the highest standing scholarship. The Shigekumi Kawamura (M.B.A. scholastic rating in banking and finance. The Leonard N. Stern School of ’58) Award. Established in memory of our The Money Marketeers Marcus Business Alumni Association Award. distinguished alumnus, member of the Stern Nadler Award. The Money Marketeers This award is given to the student of the Board of Overseers, and NYU trustee, for out- award annually the Marcus Nadler key and a graduating class who ranks highest in standing academic achievement in the area prize to a graduate student who has com- achievement and scholastic attainment. of international business. pleted requirements for an advanced degree The Joseph H. Taggart Award. The The Joseph Kolodny Prizes. The with the highest scholastic rating in banking alumni of the Stern School have established National Association of Tobacco Distributors and finance. the Joseph H. Taggart Award to be conferred has established these prizes to honor Joseph The Money Marketeers Prize. The annually to a graduating student whose Kolodny, its founder and managing director. Money Marketeers award annually a prize to contributions and service to the School and These prizes are awarded to outstanding stu- a graduate who has completed requirements University have been significant. dents majoring in marketing and management. for an advanced degree with excellence in Westchester-Fairfield Alumni Award. The Herman E. Krooss Award. Given the fields of banking and finance. An engraved pen set is awarded to the student in memory of Professor Herman E. Krooss The New York State Society of Cer- with the highest grade point average in the to the Ph.D. graduate who has com- tified Public Accountants Award. Westchester M.B.A. Program. pleted the course of studies with distinc- Given to the advanced degree candidate who

119 Career Development and Placement

he Office of Career Development (OCD) invites graduate business students to join in partnership with our staff to ensure you receiveT the maximum career benefits from your education. Of students who use our services, about 60 percent will likely find employment upon graduation through on-campus interviews and other activities connected with our office. The remaining 40 percent of our students find work as a result of a more proactive off-campus job search. Stern M.B.A. students seek opportunities in a diversity of industries and functions from investment banking to consulting to consumer products marketing and management careers in entertainment. Your relationship with OCD is a reciprocal one. We provide the tools and resources for effective job search planning and you provide the networking initiative and enthusiasm.

Office of Career Development The Office of Career Development offers a Please note: Effective September 1, 44 West Fourth Street wide range of services to help M.B.A. students 1997, any student who enrolls in the part- Suite 5-100 in career planning and job placement. time program is ineligible to participate in (212) 998-0623 OCD’s formal on-campus recruitment pro- the bidding component of on-campus www.stern.nyu.edu/ocd gram requires completion of a series of recruitment. In addition, part-time students Office Hours workshops and other prescribed activities. are not eligible to garner summer intern- Monday, Thursday 8:30 a.m.-7 p.m. Once a student has graduated, he or ships through the on-campus recruitment. Tuesday, Wednesday 8:30 a.m.-6 p.m. she is ineligible to participate in on- OCD services can be divided into three Friday 8:30 a.m.-5 p.m. campus recruitment. broad categories: recruiting and job place- Any person who enrolls in the part-time ment; career counseling; and the Career Career Resources Center M.B.A. Program is eligible to participate in the Resources Center. Office Hours on-campus recruitment once (for full-time Monday-Thursday 9 a.m.-8 p.m. employment only) and in the year of their Friday 9 a.m.-5 p.m. graduation (provided they have fulfilled all Saturday noon-5 p.m. requirements).

Recruiting and Students who use the services under the for full-time employment; also in the spring, their firms’ corporate cultures. Cosponsored recruiting and job placement umbrella they interview first-year, full-time M.B.A. by Stern student clubs, these presentations Job Placement find their desired jobs through on-campus students for summer intern positions. Most are particularly useful for helping students interviews, job postings, and other proac- of these companies host corporate pre- to develop a sharper career focus through tive processes. sentations in the early fall in order to share networking opportunities. Each year corporate representatives come information about their firms’ activities and To ensure that corporate recruiters have to NYU Stern during the fall and spring strategies and to discuss the essential work the opportunity to review the résumés of semesters to interview graduating students skills and lifestyle considerations unique to Stern students, OCD publishes résumé

120 books that are indexed by students’ areas and other categories. Students résumés After on-campus recruiting is over, OCD of interest, language skills, international are also available on-line in a password provides résumé collections in order to fulfill work authorization, professional licenses, protected site. a company’s individual hiring needs.

Career Through individual career counseling, stu- are comprised of a skills and values assess- process outside of on-campus recruiting. dents receive personalized assistance in ment/career goal definition, alumni and/or One of the most valuable services run by Counseling developing their career goals and job search student discussion panels; workshops cover- OCD, the Career Advisory Program (CAP) is strategies; writing résumés and cover letters ing résumé writing; informational inter- designed to provide M.B.A. students an as marketing documents; and preparing viewing and networking; the proactive job opportunity to meet with successful corpo- for interviews. search; and interviewing skills. rate representatives and Stern alumni for an Through the Career Management Series Career Connections is a valuable program informational meeting. These corporate rep- (CMS), for full-time students and the Part- created by the counseling staff in order to resentatives share their knowledge, insight, Time Career Management Series (PTCMS) assist those students who do not obtain a and experiences with students, helping to for part-time students, the counseling staff full-time or summer placement through bridge the gap between classroom theory and instructs students on how to conduct a formal recruitment. Students attend a series the realities of the business world. successful job search. The CMS and PTCMS of strategy meetings to explore the job search

The Career The Career Resources Center (CRC), located a job postings binder; videotapes of most cor- OCD, in conjunction with the NYU Stern on the sixth floor of the Kaufman Manage- porate presentations; and the Career Man- computing department, has provided a Resources ment Center, houses a Bloomberg terminal; agement Series and other OCD-sponsored career search terminal in Stern School’s Center annual reports and recruiting literature on workshops. The CRC continually updates computing lab, UC-70 and in the CRC. hundreds of companies; volumes of job- and increases subscriptions and business ref- search and industry-related reference books; erences to reflect students’ career interests.

121 School and University Facilities and Services

he Stern School of Business and NYU provide a range of services and facilities that support grad- uateT education and enhance student life.

Library Services Elmer Holmes Bobst Library and Study ter. A schedule of these tours is posted areas of the world are covered, and Western Center several weeks in advance. There is Europe is particularly well represented. 70 Washington Square South also a “virtual” Web tour available at The Center is a depository for both U.S. Business and Social Sciences/Documents www.nyu.edu/library/vrtour/welcome.htm. and UN documents and other international Center, 6th Floor For Stern School students, Bobst Library organizations (IMF, World Bank, OECD, www.nyu.edu/library/bobst provides a wide variety of information ILO). These two collections contain a wealth Library resources and services for the Stern resources intended to support the School’s of information that supports domestic and School of Business are provided within the instructional and research program. Located international business research. Library fac- context of the main University library, the on the 6th Floor of Bobst, the Business and ulty with special expertise in business are Elmer Holmes Bobst Library and Study Social Sciences/Documents Center houses a available by appointment in the Center. Center, located at 70 Washington Square general and international business reference They offer research guidance to students South. During the regular academic year collection of over 5,000 volumes as well as a working on papers, projects, or other normal reference hours in the Center are collection of annual reports and 10-K state- research assignments. as follows: ments (in most cases dating back to 1974) The Center has four group study rooms, for all New York and American Stock numerous study tables, and a special area Monday-Thursday 10 a.m.-9:45 p.m. Exchange companies. For company and that supports laptop Internet connections. Friday 9 a.m.-7 p.m. industry information, students may use There are individual study carrels and lock- Saturday 11 a.m.-6 p.m. over 20 electronic services, including Dow ers available to graduate students on a Sunday 1-7 p.m. Jones News Retrieval service, Bloomberg, semester basis. Hours for special units within Bobst and DataStream, and Disclosure Global Access. Stern students have access to all nine of hours during vacation and holiday periods All sectors of the financial services indus- the distinct libraries at the University as well may vary. For current library hours, consult try are covered including the stock and bond as the NYU-affiliated libraries at the New Bobst Library Information Bulletin 1 or call markets, futures, options, banking, and School, Cooper Union, and Parsons. The (212) 998-2520. insurance. The Center includes an interna- holdings of the University library system Orientation tours of Bobst Library are tional business collection with particular alone total over 4.4 million volumes. scheduled at the beginning of each semes- emphasis in marketing and finance. All

122 Computing at A broad spectrum of computing services and (212) 998-0180. Among other things, access providers, such as America Online. facilities is available to Stern faculty, stu- support is provided for general account The user can browse the World Wide Web Stern dents, and staff. questions and problems, notebook com- (WWW), telnet to computers on the Internet puters, and podium notebooks. Stern IT (including the SUN servers at Stern), transfer ELECTRONIC MAIL AND STERN HelpDesk hours of operation are the follow- files to and from a home PC to computers on SCHOOL ON-LINE INFORMATION ing: Monday-Friday; 8 a.m.-10 p.m. and the Internet via FTP, and access Usenet news. Stern students are able to access electronic Saturday-Sunday, 8 a.m.-6 p.m. mail from the labs and E-mail terminals POLICY SUMMARY FOR throughout the Kaufman Management RECOMMENDATIONS FOR STERN STUDENTS Center (KMC), Tisch Hall, and from a remote STERN STUDENTS Access to Stern computing and networking location. Stern students automatically Much of the PC work that you will do as a resources, including hardware, software, receive Web-based E-mail accounts. Login business student will consist of text process- computer-based files and data, the Stern net- authorization by username (NetID found ing, spreadsheets applications, and statistical work, and other networks reached via Stern on NYU ID card) and password (NYU ID analysis. These activities will be greatly facil- facilities, is limited to authorized users and is number) is required. A students E-mail itated by owning a computer. This will allow for approved purposes only. Copying of soft- address is their username, followed by you to be independent of the microcomputer ware, unauthorized installation of software, @stern.nyu.edu. labs, especially during periodic peak periods and unauthorized reconfiguration of sys- A Stern School homepage on the World and holidays when access to facilities tems are expressly forbidden. Each student is Wide Web (WWW) provides information may be limited. expected to use Stern’s computing resources about academic and administrative depart- All M.B.A. students must have access to a in an ethical and legal manner and has the ments. Its URL is www.stern.nyu.edu/. personal computer. Stern makes the follow- following responsibilities: Specific information about computing ing recommendations on PC ownership. • to preserve the quality of computing and at Stern can be found on the Infor- If you already have a PC, you can use it. If networking facilities. mation Technology (IT) Web site at you are planning to buy a PC, or if you want • to utilize the computer resources for the www.stern.nyu.edu/it. to upgrade to take advantage of more mod- sole purpose of facilitating his or her own ern technology, we strongly recommend a work as a Stern student. STERN COMPUTER LABS notebook computer, which you can carry M.B.A. students have access to three com- with you and use both at Stern and else- • to respect the privacy and reasonable pref- puter labs: KMC UC-70, Tisch UC-49, and where. The recommended minimum config- erences of other users, including the privacy Tisch L-101. All labs are equipped with uration for purchase of a notebook computer of their accounts and data and any confi- Pentium computers and laser printers. running MS Windows 98 is as follows: dential or privileged information to which the student may have access. The computers in the labs are connected • Pentium Processor running at 300MHz to the Stern Novell network and offer access or faster • to maintain the integrity and security of to Windows NT, Microsoft Office 2000, the the systems and network, including the safe- • 4GB or larger hard drive Internet, E-mail, laser printing, personal guarding of passwords, codes, and other network storage space (h: drive), and various • 64 MB or more RAM memory privileged information. course-related software applications. • 3Com Etherlink, LAN+ 56K modem Access to Bloomberg (an on-line finan- PC card OTHER FACILITIES AND cial information service) and Lexis/Nexis (a Stern’s software recommendation is SERVICES diverse on-line information service for Microsoft Office 2000 Professional (Word, Stern has 40 “smart” classrooms. Each podi- course assignments) are available in the Excel, PowerPoint, Access). In addition, a um has a networked notebook computer and KMC computer lab and the KMC 5th floor printer is recommended. projection equipment. Microsoft Office 2000 reading room. Information regarding student discounts Professional is installed on each, so faculty Lab hours of operation are the following: on computer hardware and software is avail- and students can easily use PowerPoint for Monday-Thursday, 7:30-12 a.m.; Friday, able from the NYU Computer Store at 242 presentations during class. 7:30 a.m.-9 p.m.; Saturday, 9 a.m.-9 p.m.; Greene Street, (212) 998-4672. Stern’s Sun services provide a variety Sunday; 9-12 a.m. Lab hours are extended of application software, including SAS and at the end of the fall and spring semes- WORKING FROM HOME SPSS for statistical analysis, C, C++, ters to accommodate the increase in student If you want to access the Internet or the Stern and FORTRAN. workload. Sun servers from home, you must own a Research databases available at the Login authorization by username (NetID modem with at least 56K speed and v.90- Stern School include Basic Economics, found on NYU ID card) and password (NYU compliancy. With a modem, you can dial in Compustat, CRSP, Global Vantage, DRI ID number) is required on all lab computers. to the NYU modem pool to connect to the Pro, and Research Insight. Stern systems. IT also prepares how-to guides, available TERN NFORMATION S I NYU’s Information Technology Services on the IT Web site, about various computer- TECHNOLOGY (IT) HELPDESK (ITS) provides all NYU students with Direct related topics. For additional information, The Stern IT HelpDesk is located in the Tisch Internet Access Link (DIAL) connections. visit the IT Web site at www.stern.nyu.edu/it. UC-49 computer lab and can be reached at There are also several commercial Internet 123 Residence University-owned housing for graduate stu- standing in a Stern School degree program. OFF-CAMPUS HOUSING OFFICE dents consists of unfurnished studio space New students for the fall term who submit NYU’s Off-Campus Housing Office, under the Accommodations and leased apartments in Greenwich Village, their tuition deposits by May 1 have an opti- auspices of the Department of Housing and furnished graduate and professional space mal chance of securing housing. Most apart- Residence Life, assists members of the NYU adjacent to the NYU dental and medical cen- ments are available for September community in their search for information ters in midtown, and a graduate/undergrad- occupancy although some openings may about non-University housing options. The uate residence on Third Avenue between East become available for those students begin- office is open only to current and newly 9th and East 10th Streets. Every student living ning the program in January or June. admitted NYU students. in graduate housing is assigned a roommate. Admitted full-time students who wish to be Located at 4 Washington Square Village M.B.A. candidates may remain in hous- considered for University housing should on the corner of Mercer and Bleecker Streets, ing for two years, while Ph.D. candidates request that housing information be sent to the office is open daily from 9 a.m.-5 p.m., may remain up to three years. Residency them when they submit the tuition deposit. Monday-Friday; (212) 998-4620. Web site: contracts may be signed for nine months or Applications must be returned by July 1 for www.nyu.edu/housing/offcampus. one year, with nine-month or one-year those enrolling in September, and December renewal options to follow, provided that the 15 for those enrolling in January. Assignments student maintains full-time status in good will be made soon after these deadline dates.

Campus Safety The safety of its students is of the utmost con- cle, and in vehicles. Residence halls have Student Life, 240 Greene Street, New York, NY cern to New York University. The University 24-hour security or doormen. The trolley 10003-6675; (212) 998-4953. This report has a comprehensive safety program that and escort van service provides safe transport includes campus crime statistics for the includes training, protection, and education. to residence hall locations and off-campus previous three years and also contains in- As part of the overall plan, the NYU Protec- University facilities. stitutional policies concerning campus tion and Transportation Services Department In accordance with federal regulations, security and crime prevention, alcohol and provides a force of 220 uniformed officers New York University annually publishes its drug abuse, and sexual harassment. who are on duty at campus facilities Campus Security Report. A copy of this and patrol 24 hours a day by foot, by bicy- report is available by contacting the Office of

NYU Guest Prospective students and their families visit- Financial District, the hotel offers concierge in a landmark building that is close to ing New York are invited to stay in Club services, a health club, and room service, shopping, Broadway theatres, and Rocke- Accommodations Quarters, a private hotel convenient to the among other amenities. If space is available, feller Center. For information and reserva- University. Located in a renovated turn-of- weekend University guests may also stay tions, call (212) 443-4700. the-century building in New York’s historic at the midtown Club Quarters, located

Campus Dining Keeping up with the ever-changing food Students can choose from 13 distinctive Rubin Dining Room, 35 Fifth Avenue Services trends, NYU’s Really Cookin’! has everything meal plans. On-campus and off-campus res- (at 10th Street) from traditional American cuisine, ethnic idents have the freedom to use their Third North Courtyard Café, 75 Third dishes, and popular brands like Burger NYUCard for meals, beverages, and snacks. Avenue (at 12th Street) King® and Pizza Hut Express®. Also avail- For more information on dining loca- University Hall Atrium Dining Room able are low-fat, vegan, and vegetarian din- tions and hours of service, contact Campus and Java City®, 110 East 14th Street ing options at 12 different dining sites (listed Dining Services, (212) 995-3030. The Violet Café, 45 West Fourth Street below), including a restaurant, food court, Faye’s Café, 38 East Eighth Street outdoor café, five dining rooms, and two Weinstein Dining Room, Weinstein Founders Café, 50 West Fourth Street late-night snack bars, which make eating on Food Court, Java City®, and Kosher (at the NYU Information Center) campus convenient for all. Eatery (with meat and dairy options), Hayden Dining Room, 33 Washington 5 University Place Square West

124 University The mission of the New York University The general hours of operation are aca- Comprehensive Plan, and the UHC Only Health Center (UHC) is to provide and pro- demic year (September through May), Plan. Students enrolled in the NYU-spon- Health Center mote high-quality, accessible, and cost-effec- Monday-Friday, 8 a.m. to 8 p.m.; Saturday sored student health insurance program tive treatment, prevention, and education in and Sunday, 10 a.m. to 6 p.m. During the may switch from the Basic Plan to the support of the University’s goals and in summer (June through August), the hours Comprehensive Plan, or vice versa. Students response to the needs and concerns of its stu- are Monday-Friday, 8 a.m. to 6 p.m., and maintaining their own health insurance can dents. To this end, a comprehensive range of Saturday, 10 a.m. to 6 p.m. UHC is closed supplement their coverage by enrolling in services is offered in a facility with state-of- during certain University holidays. For the UHC Only Plan, or they can waive any of the-art equipment and highly qualified hours of individual departments and the optional student health insurance plans health care professionals. holiday schedules, please call UHC at (and corresponding charge) entirely. Also, Health care at UHC is available to all (212) 443-1000. students who otherwise are eligible for the registered NYU students. Students covered University Health Center is located at 726 program but who do not meet the credit-load under an NYU insurance plan must first seek Broadway, 3rd Floor. For more information, requirement for automatic enrollment may treatment at UHC, except in emergencies. please call, e-mail, or visit the UHC Web site: enroll in any NYU-sponsored student health Students covered under private health insur- (212) 443-1000; [email protected]; insurance plan voluntarily. ance may telephone Patient Accounts at www.nyu.edu/pages/health. To select, change, or waive coverage, stu- (212) 443-1010 to determine whether or not dents must submit a completed Student UHC has a billing relationship with their AFTER-HOURS CARE Health Insurance Selection/Waiver Form to insurance company. A scheduled appoint- In case of a life- or limb-threatening emer- Student Health Insurance Services before the ment is the preferred method for students to gency, please dial 911. For other health applicable enrollment/waiver deadline. receive services at UHC. Typically, a health emergencies, or when UHC is closed, please Doing so will ensure that students are care provider will be available to see you in call Protection Services at (212) 998-2222. enrolled in the plan of their choice. Primary Care Services based on appointment You will be connected with Tisch Hospital’s Except for medical emergencies and availability and your scheduling needs. emergency room, where a physician will when living outside the borough of Patients who cannot wait for an appoint- provide advice over the telephone and deter- Manhattan, students insured under any ment due to the nature of their illness or mine if you need to come to the emergency NYU-sponsored student health insurance injury will receive assistance through Urgent room or can wait to see a health care plan are required to first seek treatment and Care Services. provider at UHC the following day. be evaluated at the University Health Center UHC also offers a wide range of addition- (UHC) for any sickness or injury. A medical al services, including the following specialty INSURANCE emergency refers to an acute illness or injury services: allergy and immunization, derma- that is life- or limb-threatening or may tology, endocrinology, gastroenterology, New York University students in degree- permanently affect the quality of life. It is the gynecology/women’s health, men’s health, granting programs are required to maintain student’s responsibility to notify the plan minor surgery, neurology, occupational health insurance. Most students are enrolled administrator, Chickering Claims Admin- medicine, ophthalmology, orthopedics, automatically in an optional NYU-sponsored istrators, Inc., (800) 466-4148, of any emer- otolaryngology (ear, nose, and throat), student health insurance plan as part of gency or elective hospital admission. performing arts medicine, podiatry, the University’s registration process. The Detailed information about the NYU- pulmonology, sports medicine, and travel plan in which students are automatically sponsored student health insurance plans medicine. Appointments for specialty services enrolled varies according to school, credit is included in the Student Health Insurance may be made after a medically warranted load, and visa status. For more specific Handbook. To obtain a copy of the booklet referral from a UHC health care provider. information, please refer to the Student and/or the Student Health Insurance Additional programs and services include Health Insurance Handbook, e-mail Selection/Waiver Form, please visit or call Center for Health Promotion, Office of [email protected], or call Student Health Insurance Services at (212) Drug and Alcohol Addiction, HIV services, Student Health Insurance Services at 443-1020, located at UHC, 726 Broadway, laboratory, nutrition services, physical and (212) 443-1020. 4th Floor. You may also contact the office via occupational therapy, optometry, pharmacy, NYU sponsors three student health E-mail at [email protected]. and radiology. insurance plans: the Basic Plan, the

125 Office for For more than 10 years, the Office for African • Career Advantage Internship Program • Holiday Celebration American, Latino, and Asian American • Diversity Career Fair • Nia Awards Celebration African Student Services (OASIS) at New York • Making It in Media • University Commencement Reception American, University has sought to promote educational success by cultivating a community • OASIS in the Community Day Latino, and PERSONAL DEVELOPMENT AND for students of color. OASIS is dedicated to • Graduate Students of Color Socials Asian American LEADERSHIP helping students achieve excellence through • The Alumni of Color Network (AOC) Student Services addressing the intellectual, cultural, and • The OASIS Leadership Institute (OLI) social issues of African American, Latino, • Mentorship Program GENERAL RESOURCES AND and Asian American students. • OASIS Peer Ambassadors SERVICES EDUCATIONAL AND CULTURAL • Brothers for Success • OASIS On-Line Calendar PROGRAMS • Financial Aid Seminar Series (calendar.nyu.edu/oasis) • Scholarship/Grant Information • Educational and Cultural • The Culture Shop Institute/Under1Roof • The OASIS Spirit • OASIS Speaker Series ACADEMIC ENRICHMENT • Counselor-in-residence SERVICES • -ISM Project • OASIS Information Sessions • Strategic Networking for Academic • Diversity Day • The Official OASIS Web Site Performance (SNAP) (www.oasis.nyu.edu) GRADUATE AND PROFESSIONAL • Timbuktu Academic Resource Center The office, located at 240 Greene Street, 3rd INITIATIVES Floor, is open Monday, Tuesday, and Friday SOCIAL AND COMMUNITY from 9 a.m. to 5 p.m., and Wednesday and • Future Administrators Cultural Training PROGRAMS Thursday from 9 a.m. to 7 p.m. The main Seminar (FACTS) Program • Welcome Reception telephone number is (212) 998-4343. • Institute for the Recruitment of Teachers

Campus Store/ The New York University Main Bookstore, Book inquiry systems [TextTone: supplies are also available. At the start of located at 18 Washington Place, stocks (212) 443-4000 and the Web site: each semester, students can take advantage The NYU required and recommended course books, www.bookc.nyu.edu] are available two of a no-interest computer loan for up to Book Centers both new and used; a complete selection of weeks prior to the start of a new semester. $3,000 with deposit, with the deferred inter- hardcover and paperback general books; Registered students, using a Touch-Tone est computer purchase program. current best-sellers; children’s books and telephone or the Internet, can inquire about, clothing; study aids; and NYU sportswear, get a listing of, and purchase optional and PROFESSIONAL BOOKSTORE stationery, and gifts. Registered students can required course books 24 hours a day with a The Professional Bookstore, located at get a printout of required and recommended major credit card. Orders will be shipped via 530 La Guardia Place, (212) 998-4680, textbooks at the store on the text level. The UPS ground within two business days. or [email protected], serves the main telephone number is (212) 998-4667. Leonard N. Stern School of Business Regular store hours are 10 a.m. to 7:15 COMPUTER STORE (Graduate Division), the School of Law, and p.m., Monday-Thursday and 10 a.m. to 6 The Computer Store, located at 242 the Robert F. Wagner Graduate School of p.m., Friday and Saturday. Store hours are Greene Street, (212) 998-4672, or Public Service with course books, sportswear, extended beginning one week prior to the [email protected], offers educa- stationery, and gifts. start of classes and continuing through the tionally priced hardware and software. Forms of payment include MasterCard, first two weeks of classes. Call the store or Books, CDs, film supplies, accessories, small Visa, American Express, Discover, and NYU- check the Web site for more information. electronics, repair services, and computing Card Campus Cash.

The Jerome S. The Jerome S. Coles Sports and Recreation The Center provides the following facil- courts; a large, modern weight-training Center fills the recreational needs of the Uni- ities: a roof with a 1/6-mile, three-lane room, plus two annexes containing Uni- Coles Sports versity’s students, faculty, staff, and alumni. running track, plus a playing surface that versal and Nautilus machines, plus free and Recreation The Center’s operating schedule provides the will accommodate six tennis courts, soccer weights, StairMasters, VersaClimbers, Life- Center opportunity to participate in programs at practice, and intramural touch football; steps, Cybex hip machines, rowing varying skill levels—recreational courses, a natatorium with an NCAA regula- machines, and abductor/adductor ma- free play, intramural activities, and varsity or tion swimming pool and diving tank; six chines; individual rooms for wrestling/judo, club teams. squash courts and five handball/racquetball fencing, physical fitness/calisthenics,

126 dance, and exercise prescription instruction; Coles. Other members of the University an outdoor, multitiered golf driving range, and over 1,000 square feet of textured rock community may purchase memberships. batting cages, in-line skating rinks, ice-skat- wall—Cole Rocks. The Coles Sports and Recreation Center is ing rinks, rock-climbing walls, a 1/4-mile Lockers, recreational equipment, and the located at 181 Mercer Street (between indoor track, indoor sand volleyball courts, Pro-Shop are available to members. The Bleecker and West Houston Streets), (212) and many other facilities. Information Center sells tickets for home and away inter- 998-2020. The Center is barrier-free to facili- about discounted daily admission fees, collegiate events. tate access for persons with disabilities. registration for Chelsea Piers courses at Coles Center is available to all students reduced rates, and special monthly mem- who are registered for credit-bearing courses CHELSEA PIERS bership fees can be obtained by calling the and who hold currently valid ID cards. Special arrangements have been made for Coles Recreation Office at (212) 998-2028 Students who are maintaining matricu- New York University students to take classes or by picking up a brochure at the lation must pay an additional $60 per and join the sports and entertainment com- Coles Membership Office. term ($45 for summer) for the use of plex at Chelsea Piers. The complex includes

Students with The Henry and Lucy Moses Center for guage interpreters, readers, notetakers, and auspices. The center also sponsors numerous Students with Disabilities provides services other ancillary aides. The center works in programs and study skills workshops, as well Disabilities within the 14 schools and colleges of the conjunction with academic and administra- as the Career Enhancement Program, which University. Located at 240 Greene Street, 4th tive departments in providing assistance assists students in obtaining employment in Floor, the center provides services to popula- with registration, housing, and testing. the private sector. tions with hearing and visual impairments, Tuition aid is also available through a Telephone (212) 998-4980 (Voice and mobility impairments, and learning disabil- special application process. TTY) or visit our Web site (www.nyu.edu/ ities and to students with chronic conditions, Access to Learning, a comprehensive osl/csd) for more information. All contacts such as AIDS and psychiatric disorders. support program for students with learning with the center are strictly confidential. Services include the provision of sign lan- disabilities, functions under the center’s

Office for The Office for International Students and cial, personal, and cross-cultural concerns. trips to spots of local and regional cultural Scholars (OISS) coordinates services for inter- The OISS sponsors programs to facilitate interest; cross-cultural and educational sem- International national students and scholars. The OISS international students’ adjustment to their inars; and festivals celebrating U.S. and Students and issues certificates of eligibility for F-1 and J-1 new environment and to ensure continued world cultures. Scholars student visas, advises on all matters pertaining success during their studies at New York Uni- The office is located at 561 La to student immigration status, and serves as versity. Programs include a comprehensive Guardia Place and is open from 9 a.m. the University’s liaison to the United States orientation; a University-based friendship to 5 p.m., Monday through Friday; Immigration and Naturalization Service. program that provides international students telephone (212) 998-4720; E-mail: Advisers are available every day to assist stu- the opportunity to share common interests [email protected]; Web site: dents with immigration, employment, finan- with NYU faculty, staff, alumni, and friends; www.nyu.edu/osl/oiss.

The M.B.A. The main functions of the M.B.A. Student dent groups and administrators and to pro- Information Booklet, and the Stern School Activities Office revolve around the M.B.A. vide constructive ideas and feedback for stu- Student Directory. The M.B.A. Student Activ- Student student groups at Stern. The M.B.A. Student dent-run activities. Specific responsibilities ities Office is located at 44 West Fourth Street, Activities Office Activities Office is a resource for student range from playing a large role in planning Suite 6-50, New York, NY 10012-1126; Web groups that provides guidance as it relates to Pre-Term for new students to details such as site: www.stern.nyu.edu/mba.stud-act; their activities and helps facilitate interac- assigning lockers to full-time block students. telephone: (212) 998-0930; and E-mail: tion with various constituents at NYU. One of Publications produced by the M.B.A. Student [email protected]. the goals of the M.B.A. Student Activities Activities Office include the M.B.A. Student Office is to increase dialogue between stu- Leaders’ Handbook, the Student Group

M.B.A. Student Stern Student Corporation (SCORP) The Asian Business Society (ABS) pro- The Association of Hispanic and is Stern’s M.B.A. student government for both motes interest in U.S. and Asian business and Black Business Students (AHBBS) Groups full-time and part-time M.B.A. students. cultural interaction through a wide array of serves as the primary link between the SCORP oversees student organizations and programs for M.B.A. students, faculty, staff, Hispanic and Black student body and the acts as the liaison between students, faculty, alumni, and the corporate community. academic and professional communities. and administration. [email protected] [email protected] [email protected]

127 The Association of Investment The Latin American Business The Stern Journal is a publication Management (AIM) provides resources Association (LABA) promotes and facili- written by M.B.A. students that is devoted to for M.B.A. students who are interested tates cultural and professional exchange showcasing the unique perspectives and in researching and pursuing either buy- between Latin America and the Stern com- strengths of the M.B.A. candidate regarding side or sellside career opportunities. munity. [email protected] the compelling business issues of the day. [email protected] The Lesbian and Gay Business [email protected] The Emerging Markets Association Association (LGBA) brings Stern’s les- The Stern Opportunity is a student (EMA) provides a forum for students to dis- bian and gay community together as a pro- produced publication that strives to achieve cuss the economic, financial, and business fessional network. LGBA is a social, educa- a working balance between serious infor- issues in emerging market countries. tional, and career development resource for mation and entertainment. Each issue fea- [email protected] gay and lesbian students, alumni, faculty, tures stories ranging from student group The Entrepreneurs’ Exchange (EE) administration, and the broader LGBA com- activities to job market influences to dating. fosters entrepreneurial curiosity by providing munity. [email protected] [email protected] an environment conducive to pursuing The Management Consulting Asso- Stern Partners was founded to enhance entrepreneurial paths and by providing ciation (MCA) assists students in their the social lives of Stern students’ significant focused resources, education, networking pursuit of management consulting careers others by offering social diversions both at opportunities, and career guidance. by raising awareness of career opportunities Stern and outside of the NYU campus. [email protected] in this industry and educating members on Activities include wine tastings, museum The European Business Society (EBS) the responsibilities of management consul- trips, and outings to local sporting events. is a common-interest social and profession- tants. [email protected] The Stern Rugby Club provides a social al student and alumni network. EBS The Media and Entertainment Asso- environment in a sporting context where provides a forum for discussion of EU/EC- ciation (MEA) educates members about a broad mix of M.B.A. students from related issues and how they relate to the U.S. careers in media and entertainment by act- all nationalities and backgrounds economy and American business. EBS is an ing as a link to alumni, industry, academic, can meet current students and alumni international career-driven recruitment and career resources. [email protected] and take part in an exciting team sport. connection for predominantly multinational Net Impact is an international network [email protected] firms seeking to hold events for or with Stern with chapters at major business schools. Net Stern Women in Business (SWIB) business students. [email protected] Impact provides career development oppor- promotes female students’ personal and pro- The Financial Engineering Associ- tunities for students interested in socially fessional development by providing network- ation (FEA) educates students about responsible business and fosters discussion ing and social interaction opportunities with opportunities in financial engineering by regarding the environment, community Stern students, faculty, administrators, and organizing discussions on relevant financial development, and corporate responsibility. alumni as well as the outside business com- engineering topics and maintaining a [email protected] munity. [email protected] Web site with current trends and career Net Present Vocals (NPV) is Stern’s Strategic Operations Club (SOC) possibilities in financial engineering. very own a capella group. Various per- promotes operations management careers, [email protected] formances include Pre-Commencement, fosters interaction between students and The Graduate Finance Association Stern Follies, and the MBA2 Farewell. operations faculty outside the classroom, (GFA) works closely with both the school [email protected] and provides a bridge between current and the financial community to educate and The Real Estate Club brings together stu- students and Stern alumni working in oper- prepare students for finance related careers, dents interested in all aspects of this business ations careers. [email protected] including investment banking, investment segment by sponsoring events that foster job The Technology and New Media management, sales and trading, commer- search contacts, meaningful discussion on Group (TANG) is the home for new media cial banking, and general finance. industry trends, and valuable skill-set devel- and technology-focused M.B.A. students at [email protected] opment. [email protected] Stern. The club provides a valuable forum The Graduate Marketing Association The Sales and Trading Club educates for dialogue between M.B.A.’s and the leaders (GMA) explores the marketing of products members about the sales and trading in- of the rapidly evolving technology landscape. and services across a wide variety of busi- dustry and prepares them for the M.B.A. [email protected] nesses and industries. GMA is a comprehen- interview process through mock inter- The Wine Cellar Club provides Stern sive resource and source of support for Stern views, recruiting events, and guest speakers. students with the opportunity to broaden students in their transition from the class- [email protected] their knowledge of wines and interact room to the corporate world of marketing. SpeechMasters was founded with the with students, alumni, faculty, and cor- [email protected] objective of helping students become better porations in an informal setting. The Japan Business Association oral communicators. The club helps sharp- [email protected] (JBA) offers the Stern community the en and refine students’ communication opportunity to experience Japanese culture skills in order to complement the analytical and the chance to learn about Japanese busi- and quantitative skills developed in the class- ness and economy. [email protected] room. [email protected]

128 Community Service

tradition of service is deeply rooted in the institutional life of New York University. Through community service, one can enhanceA leadership skills, build new relationships, and find self-fulfillment. Consistent with our mission to foster volunteerism, the Leonard N. Stern School of Business offers numerous community service projects for its students. Full-time M.B.A. students participate in Stern School’s Community Action Challenge, a program that encourages them to assist local social service organizations. Their efforts have included mentoring children; tutoring adults who were formerly homeless or are studying for a GED; and working in shelters and soup kitchens. The Community Service Committee, a subcommittee of the Student Corporation, organizes a wide variety of service activities. Those interested in consulting, entrepreneurship, or economic development may join other groups, such as the Urban Business Assistance Corporation (UBAC). Students participating in UBAC provide education and consultation services for minority and women-owned businesses. Participants gain valuable business experience and have a chance to earn some extra money while providing a service to small business clients in manufacturing, retail, and service industries. UBAC is a registered not-for-profit corporation governed by an external board of directors. Many other service activities initiated by students draw the attention of the Stern community. To obtain more information concerning your participation in community service projects at the Stern School of Business, please contact the Stern Student Corporation at [email protected].

129 Development and Alumni Outreach

he Office of Development and Alumni Outreach serves as the primary link between theT Stern School and its graduates. It is our goal to create an environment that stimulates continued interest on the part of our alumni to be proud and sup- portive of their school, to participate in sponsored activities, and to contribute resources that enable the School to pursue excellence. Stern Development and Alumni Outreach serves 58,000 alumni in 98 countries who remain connected today more easily than ever before thanks to the many resources that Alumni Outreach provides: the Alumni Association’s numerous alumni chapters worldwide; local and regional events; a new interactive alumni database with E-mail forwarding for life; career resources and job postings; the Alumni Advisors program; and publications such as Stern Alumni and Stern Business are all tools to help alumni stay in touch with Stern and with each other. The office also works with the Office of the Dean, the faculty, and other administrative offices to provide opportunities for students to interact with alumni and friends of the School in informal meetings and in larger, more formal settings. Examples are as follows:

• The Dean’s Leadership Series, in have included Paul Volcker, former Merck; and Felix G. Rohatyn, General which small groups of students meet with Chairman of the Federal Reserve Board; Alan Partner of Lazard Freres and Co. business leaders such as William R. Berkley, Greenspan, current Chairman of the Federal • Student groups, such as the Asian Chairman and President of W. R. Berkley Reserve Board; Henry Kaufman, President of Business Society and Stern Women Corporation; Philip R. Cowen, Chairman, Henry Kaufman & Co.; and William H. in Business, which frequently consult and CEO of Cowen Capital Corporation; Donaldson, former Chairman and CEO of with the Alumni Outreach Office on the Steve Florio, President and CEO of Condé the New York Stock Exchange. involvement of alumni leaders in their activ- Nast Publications; Abby F. Kohnstamm, • The “Meet the Chief Executive” ities and events. Senior Vice President of Marketing at IBM; Series, which has brought students into The Office of Development seeks to raise and Harvey Golub, Chairman and CEO of contact with John Welch, Chairman and funds to provide the necessary resources for American Express Company. CEO of General Electric; Harvey Golub, one of the nation’s premier business schools. • The Charles Waldo Haskins Award, Chairman and CEO of American Express; The contributions received from individuals, Stern’s most prestigious award, is presented Shelly Lazarus, CEO of Ogilvy & Mather; and corporations, and foundations enable Stern annually at the Haskins Award Dinner. Jon Corzine, Chairman and Senior Partner to continue building its academic and pro- Named for the founding dean of the Stern of Goldman, Sachs. grammatic resources, to enhance research School, the award recognizes individuals • The Nichols Award, which is presented and student contact among faculty mem- whose careers have been characterized by the annually to such individuals as John Reed, bers, and to fund scholarships to recruit the highest level of achievement in bridging the Chairman and CEO of Citibank; P. Roy highest quality of students. business and public sectors. Past recipients Vagelos, former Chairman and CEO of

130 It is the goal of the Office of Alumni base of all known alumni in order to provide The Office of Development and Alumni Outreach to make the department and them with information on the School’s Outreach is located at 40 West Fourth Street, alumni visible to current students and progress, activities, accomplishments, and New York, NY 10012-1118. to create opportunities for alumni to inter- goals and to create a strong and positive Development: (212) 998-0383 act with students, laying the groundwork image of the School. Alumni Outreach: (212) 998-4040 for a continuous, lifelong relationship with Web site: www.stern.nyu.edu Stern. The office maintains a reliable data- E-mail: [email protected]

131 Administration and Faculty

Administration ADMINISTRATIVE DEANS Jeanne Marano, B.A., M.A. DEVELOPMENT AND Director of Alumni Affairs George Daly, B.A., M.A., Ph.D. CORPORATE FOUNDATION Dean, Leonard N. Stern School of Business; M.B.A. ADMISSIONS AND Kerry Kruckel-Gibbs, B.A. Dean Richard R. West Professor of Business; STUDENT SERVICES Director of Corporate and Professor of Economics Foundation Relations Frederick D. S. Choi, B.B.A., M.B.A., Ph.D. Mary Miller, B.G.S., M.A. Associate Dean for M.B.A. Admissions and Robert Rosch, B.A., J.D. Dean, Leonard N. Stern School of Business, Director of Research Undergraduate College; Vice Dean, Leonard Student Services N. Stern School of Business; Professor of Julia Min, B.A., M.A. DOCTORAL PROGRAMS Accounting and International Business Director of Admissions Edwin Elton, B.A., M.S., Ph.D. David Backus, B.A., Ph.D. Director Vice Dean of Academic Affairs; Heinz Riehl BUDGET Professor of Finance and Economics Paul Affuso, B.A., M.A. EXECUTIVE PROGRAMS Richard D. Freedman, B.S., M.B.A., Ph.D. Associate Dean for Finance and Facilities Associate Dean for M.B.A. Programs; Rosemary Mathewson, B.A, J.D., LL.M. Associate Dean Chairman, Department of Management BERKLEY CENTER FOR and Organizational Behavior; Professor of ENTREPRENEURIAL STUDIES Kenneth Froewiss, B.A., Ph.D. Management Academic Director Ari Ginsberg, B.H.L., M.A., M.B.A., Ph.D. Jennifer Spry, B.S. Mary Miller, B.G.S., M.A. Director Associate Dean for M.B.A. Admissions and Administrations Director Student Services CENTER FOR JAPAN-U.S. HUMAN RESOURCES AND Paul Affuso, B.A., M.A. BUSINESS AND ECONOMIC PAYROLL Associate Dean for Finance and Facilities STUDIES Rosemary Mathewson, B.A., J.D., LL.M. Grace Glessing, B.A., M.A. Ryuzo Sato, B.A., Ph.D. Associate Dean for Executive Development Director Director Programs INFORMATION TECHNOLOGY Gary Fraser, B.S., M.B.A. CENTER FOR LAW AND Assistant Dean of Career Development BUSINESS George Tabback, B.S., M.S., M.B.A. George Tabback, B.S., M.S., M.B.A. Chief Information Technology Officer William Allen, B.S., J.D. LL.D. Chief Information Technology Officer Hilda Au, B.S. Director Joanne Hvala, B.A., M.B.A. Director of Administrative Information Services Associate Dean of Marketing and External CENTER FOR MEDIA, Relations ENTERTAINMENT, AND Melissa Anderson, B.A., M.A., M.B.A. Director of Distance Learning TECHNOLOGY ADMINISTRATIVE SERVICES Sam Craig, B.A., B.S., Ph.D. Barbara Albrecht, B.A., M.B.A. INTERNATIONAL PROGRAMS Director Director Mary Miller, B.G.S., M.A. Associate Dean CENTER FOR DIGITAL ALUMNI AFFAIRS ECONOMY RESEARCH Joanne Hvala, B.A., M.B.A. THE LANGONE PROGRAM: A Associate Dean for Marketing and External Norman H. White, B.A., M.S., Ph.D. PART-TIME M.B.A. FOR Relations Director WORKING PROFESSIONALS Mary Miller, B.G.S., M.A. DEAN’S OFFICE Kim P. Corfman, B.A., M.B.A., Ph.D. Associate Dean for M.B.A. Admissions and Academic Director Student Services Suzette Lemson, B.A., M.A. Director of Dean’s Office Administration

132 M.B.A. PROGRAM IN RECORDS AND ENROLLMENT UNDERGRADUATE COLLEGE WESTCHESTER SERVICES Victor Mullins, B.A., M.A. Regine Goldberg, B.A., M.A. Beth Rubin, B.A. Director of Academic Services Associate Director Director of Enrollment Management Carolyn Magnani, B.A., M.A. Nora Lane, B.S., M.S. Director of Advising and Student Services OFFICE OF CAREER Director of Records and Registration DEVELOPMENT VINCENT C. ROSS INSTITUTE Gary Fraser, B.S., M.B.A. SALOMON CENTER OF ACCOUNTING Assistant Dean Ingo Walter, B.A., M.S., Ph.D. Baruch Lev, B.A., M.B.A., Ph.D. Director Director PUBLIC AFFAIRS, MARKETING, AND SPECIAL EVENTS Joanne Hvala, B.A., M.B.A. Associate Dean

Faculty of the PROFESSORS Menachem Brenner C. Samuel Craig Professor of Finance Professor of Marketing; Director, William T. Allen Stern School of B.A. 1969, Hebrew; M.A. 1971, Ph.D. 1974, Entertainment, Media, and Technology Clinical Professor of Business; Adjunct Business Cornell B.A. 1965, Westminster College; M.S. 1967, Professor of Law; Director, Center for Law Rhode Island; Ph.D. 1971, Ohio State and Business Richard P. Brief B.S. 1969, NYU School of Commerce; J.D. Professor of Statistics and Accounting John A. Czepiel 1972, Texas Law B.A. 1955, M.B.A. 1958, Dartmouth College; Professor of Marketing Ph.D. 1964, Columbia B.S. 1964, M.S. 1969, Illinois Institute of Edward I. Altman Technology; Ph.D. 1972, Northwestern Max L. Heine Professor of Finance Stephen J. Brown B.A. 1963, City College; M.B.A. 1965, Ph.D. David S. Loeb Professor of Finance George Daly 1967, California (Los Angeles) B.S. 1971, Monash; M.B.A. 1974, Ph.D. Dean Richard R. West Professor of Business; 1976, Chicago Professor of Economics; Dean, Leonard N. Yakov Amihud Stern School of Business Research Professor; IRA Rennert Professor Bruce Buchanan B.A. 1962, Miami (Ohio); M.A. 1965, Ph.D. of Entrepreneurial Finance C. W. Nichols Professor of Business Ethics; 1967, Northwestern B.A. 1969, Hebrew; M.S. 1973, Ph.D. 1975, Director, Markets, Ethics, and Law Program New York B.S. 1977, Massachusetts Institute of Aswath Damodaran Technology; Ph.D. 1983, Columbia Professor of Finance Henry Assael B.Com. 1977, Madras; M.S. 1979, Indian Professor of Marketing Luís Cabral Institute of Management; M.B.A. 1981, B.A. 1957, Harvard; M.B.A. 1959, Professor of Economics Ph.D. 1985, California (Los Angeles) Pennsylvania; Ph.D. 1965, Columbia B.A. 1983, Catholic University of Portugal; M.S. 1985, New University of Lisbon; Ph.D. Daniel E. Diamond David K. Backus 1989, Stanford Professor of Economics Heinz Riehl Professor of Finance and B.A. 1951, Massachusetts; M.B.A. 1953, Economics; Vice Dean of Academic Affairs Samprit Chatterjee Boston; Ph.D. 1958, New York B.A. 1975, Hamilton College; Ph.D. 1981, Professor of Statistics Yale B.S. 1960, M.S. 1962, Calcutta; Ph.D. 1967, Susan P. Douglas Harvard Professor of Marketing and International Kashi R. Balachandran Business; Research Professor Professor of Accounting Frederick D. S. Choi B.A. 1962, M.A. 1964, Manchester; Ph.D. B.E. 1962, Madras; M.S. 1964, Ph.D. 1968, Professor of Accounting and International 1969, Pennsylvania California Business; Dean, Leonard N. Stern School of Business, Undergraduate College; Vice Roger L. Dunbar Lawrence Bear Dean, Leonard N. Stern School of Business Professor of Management Visiting Professor of Business Ethics B.B.A. 1965, M.B.A. 1968, Hawaii; Ph.D. B.Com. 1963, M.Com. 1966, Otago; Ph.D. B.A. 1949, Duke; J.D. 1953, Harvard; LL.M. 1972, Washington 1970, Cornell 1967, Columbia Thomas Cooley Nicholas S. Economides John S. Bildersee Paganelli-Bull Professor of Global Business; Professor of Economics Professor of Accounting Professor of Economics and International B.S. 1976, London School of Economics; B.A. 1966, Princeton; M.B.A., Ph.D. 1971, Business M.A. 1979, Ph.D. 1981, California (Berkeley) Chicago B.S. 1965, Rensselaer Polytechnic Institute; M.A. 1969, Ph.D. 1971, Pennsylvania

133 Edwin J. Elton William D. Guth Robert B. Lamb Nomura Professor of Finance; Director, Professor of Management Clinical Professor of Management Doctoral Programs B.S. 1953, Washington; M.B.A. 1954, B.A. 1963, Chicago; M.B.A. 1976, Columbia; B.A. 1961, Ohio Wesleyan; M.S. 1965, Ph.D. Indiana; D.B.A. 1960, Harvard Ph.D. 1970, London School of Economics 1970, Carnegie Mellon Joel Hasbrouck Kenneth C. Laudon Robert Engle Professor of Finance Professor of Information Systems Michael Armellino Professorship in the B.S. 1974, Haverford; M.A. 1980, Ph.D. B.A. 1966, Stanford; Ph.D. 1972, Columbia Management of Financial Services 1981, Pennsylvania Baruch I. Lev B.S. 1964, Williams; M.S. 1966, Ph.D. 1969, Aaron Hipscher Philip Bardes Professor of Taxation; Cornell Visiting Professor of Accounting Director, Vincent C. Ross Institute Stephen C. Figlewski B.A. 1965, M.B.A. 1966, Rutgers B.A. 1962, Hebrew; M.B.A. 1967, Ph.D. 1968, Professor of Finance Haym Hirsh Chicago B.A. 1969, Princeton; Ph.D. 1976, Visiting Professor of Information Systems Richard M. Levich Massachusetts Institute of Technology B.S. 1983, California (Los Angeles); M.S. Professor of Finance and International Charles J. Fombrun 1985, Ph.D. 1989, Stanford Business Professor of Management John Hull B.A., M.B.A. 1971, Ph.D. 1977, Chicago B.S. 1974, B.A. 1975, Queen’s (Kingston, Visiting Professor of Finance Joshua Livnat Ontario); Ph.D. 1980, Columbia B.A. 1968, M.A. 1972, Cambridge; M.A. 1969, Professor of Accounting Richard D. Freedman Lancaster; Ph.D. 1977, Cranfield (England) B.Sc. 1973, Hebrew; M.A. 1978, Ph.D. 1978, Associate Dean for M.B.A. Programs; Clifford M. Hurvich New York Professor of Management; Chairman, Professor of Statistics and Operations Henry C. Lucas, Jr. Department of Management and Research; Research Professor Professor of Information Systems Organizational Behavior B.A. 1980, Amherst College; M.A. 1982, B.S. 1966, Yale; M.S. 1968, Ph.D. 1970, B.S. 1961, M.B.A. 1962, Ph.D. 1967, New York Ph.D. 1985, Princeton Massachusetts Institute of Technology Kenneth C. Froewiss Jacob Jacoby Durairaj Maheswaran Clinical Professor of Finance; Academic Merchants Council Professor of Retail Professor of Marketing Director, Executive Programs Management and Consumer Behavior B.Tech. 1973, Madras; M.B.A. 1976, Indian B.A. 1967, Harvard College; Ph.D. 1977, B.A. 1961, M.A. 1963, Brooklyn College; Institute of Management; Ph.D. 1987, Harvard Ph.D. 1966, Michigan State Northwestern Avijit Ghosh Kose John Rita Maldonado-Bear Kenneth Langone Professorship in Business; Charles William Gerstenberg Professor of Professor of Finance and Economics Vice Dean, Professional Programs Banking and Finance B.B.A. 1960, Auburn; Ph.D. 1969, New York B.S. 1970, Calcutta; M.B.A. 1974, Xavier B.S. 1970, India; M.S. 1974, Florida Edward L. Melnick Labor Relations Institute (India); M.A. Institute of Technology; Ph.D. 1978, Florida Professor of Statistics; Chairman, 1977, Ph.D. 1979, Iowa Seymour Jones Department of Statistics and Operations Ari Ginsberg Clinical Professor of Accounting Research Harold Price Professor of Entrepreneurship B.A. 1952, City College; M.B.A. 1954, New York B.A. 1960, Lehigh; M.S. 1963, Virginia and Management; Director, Berkley Center Barbara G. Katz Polytechnic Institute; Ph.D. 1970, George for Entrepreneurial Studies; Area Chairman, Professor of Economics Washington Entrepreneurship and Innovation B.A. 1968, M.A. 1969, Ph.D. 1973, John Merrick B.H.L. 1975, Israel; M.A. 1977, Columbia; Pennsylvania Visiting Professor of Finance M.B.A. 1982, Ph.D. 1985, Pittsburgh Robert A. Kavesh B.A. 1976, LaSalle; Ph.D. 1981, Brown William H. Greene Marcus Nadler Professor of Economics James Ohlson Professor of Economics; Chairman, and Finance Leonard N. Stern Professor of Business; Department of Economics B.S. 1949, New York; M.A. 1950, Ph.D. 1954, Professor of Accounting and Taxation B.S. 1972, Ohio State; M.A. 1974, Ph.D. Harvard M.B.A. 1968, Ph.D. 1972, California 1976, Wisconsin W. Michael Keenan (Berkeley) Martin J. Gruber Professor of Finance; Deputy Chairman, Joel Owen Nomura Professor of Finance Department of Finance Professor of Statistics B.S. 1959, Massachusetts Institute of B.S. 1960, Case Western Reserve; M.S. 1962, B.A. 1956, Yeshiva; M.A. 1957, Boston; Ph.D. Technology; M.B.A. 1961, Ph.D. 1966, Ph.D. 1967, Carnegie Mellon; CFA 1966, Harvard Columbia C. Christine Kelly Manfred Padberg John D. Guilfoil Clinical Professor of Management Professor of Operations Management; Professor of Economics Communication Research Professor B.A. 1956, City College; M.A. 1960, Ph.D. B.A. 1964, M.S. 1968, Emporia State; Ed.D. B.S. 1964, M.S. 1967, Westfälische Wilhelms 1964, New York 1992, Columbia (Münster); M.S., Ph.D. 1971, Carnegie Mellon

134 Michael Pinedo Anthony Saunders Joel H. Steckel Professor of Operations Management; John M. Schiff Professor of Finance; Professor of Marketing; Chairman, Research Professor; Chairman, Department Chairman, Department of Finance Department of Marketing of Operations Management B.S. 1971, M.S. 1972, Ph.D. 1981, London B.A. 1977, Columbia; M.B.A. 1979, M.A. M.S. 1973, Delft; M.S. 1975, Ph.D. 1978, School of Economics 1980, Ph.D. 1982, Pennsylvania California (Berkeley) Zur Shapira Edward A. Stohr Harvey A. Poniachek Professor of Management; Research Professor of Information Systems; Visiting Professor of Finance and Professor Research Professor International Business B.Sc. 1970, M.Sc. 1972, Hebrew; Ph.D. 1976, B.E. 1959, Melbourne; M.B.A. 1969, Ph.D. B.A., 1970, M.A. 1972, Ph.D. 1977, State Rochester 1973, California (Berkeley) University of New York Robert W. Shoemaker Marti G. Subrahmanyam Thomas A. Pugel Professor of Marketing Charles E. Merrill Professor of Finance Professor of Economics and International B.A. 1961, Amherst College; M.S. 1964, B.Tech. 1967, Indian Institute of Business; Area Chairman, International Massachusetts Institute of Technology; Technology; Dipl. 1969, Indian Institute of Business Ph.D. 1972, Carnegie Mellon Management; Ph.D. 1974, Massachusetts B.A.1974, Michigan State; Ph.D.1978, Harvard William L. Silber Institute of Technology Roy Radner Abraham Gitlow Professor of Finance and Richard Sylla Leonard N. Stern Professor of Business; Economics; Director, L. Glucksman Institute Henry Kaufman Professor of the History of Professor of Economics and Information for Research in Securities Markets Financial Institutions and Markets; Systems B.A. 1963, Yeshiva; M.A. 1965, Ph.D. 1966, Professor of Economics Ph.B. 1945, B.S. 1950, M.S. 1951, Ph.D. Princeton B.A. 1962, M.A. 1965, Ph.D. 1969, Harvard 1956, Chicago Gary A. Simon Aaron Tenenbein S. Abraham Ravid Professor of Statistics Professor of Statistics and Actuarial Science Visiting Professor of Finance B.S. 1966, Carnegie Mellon; Ph.D. 1972, B.S. 1965, Manitoba; M.A. 1966, Ph.D. 1969, B.S. 1975, Tel-Aviv; M.S. 1977, Ph.D. Stanford Harvard 1979, Cornell Jeffrey S. Simonoff Myron Uretsky Joseph W. Rebovich Professor of Statistics Professor of Information Systems Clinical Professor of Accounting and B.S. 1976, SUNY (Stony Brook); M.Phil. B.B.A. 1961, City College; M.B.A. 1962, Ph.D. Taxation 1978, Ph.D. 1980, Yale 1965, Ohio State B.A. 1956, M.B.A. 1960, Rutgers; Ph.D. George D. Smith Narayanan Vaghul 1972, New York; CPA Clinical Professor of Economics Visiting Professor of Economics and Fred B. Renwick B.A. 1968, Fairleigh Dickinson; M.A. 1970, International Business Professor of Finance Ph.D. 1976, Harvard B.Com. 1956, Loyola College B.S. 1950, Morehouse College; M.S. 1956, Roy C. Smith Paul A. Wachtel Harvard; M.B.A. 1965, Ph.D. 1966, New York Kenneth Langone Professorship of Professor of Economics; Research Professor Matthew Richardson Entrepreneurship; Clinical Professor of B.A. 1966, Queens College; M.A. 1968, Ph.D. Professor of Finance Finance and International Business 1971, Rochester B.A. 1984, M.A. 1984, California (Los B.S. 1960, U.S. Naval Academy; M.B.A. 1966, Ingo Walter Angeles); Ph.D. 1989, Stanford Harvard Charles Simon Professor of Applied Donald Richter George H. Sorter Financial Economics; Sidney Homer Professor of Statistics Vincent C. Ross Professor of Accounting; Director, New York University Salomon B.A. 1952, Bowdoin College; Ph.D. 1959, Professor of Law; University Professor Center North Carolina Ph.B. 1953, M.B.A. 1955, Ph.D. 1963, B.A. 1962, M.S. 1963, Lehigh; Ph.D. 1966, David Rogers Chicago; CPA New York Professor of Management and Sociology Lee Sproull Lawrence J. White B.A. 1953, Ph.D. 1960, Harvard Leonard N. Stern Professor of Business; Arthur E. Imperatore Professor of Joshua Ronen Professor of Information Systems and Entrepreneurial Studies Professor of Accounting Management B.A. 1964, Harvard; M.Sc. 1965, London B.A. 1959, M.S. 1963, Hebrew; Ph.D. 1969, B.A. 1967, Wellesley; M.A.T. 1969, Wesleyan; School of Economics; Ph.D. 1969, Harvard Stanford; CPA M.A. 1975, Ph.D. 1977, Stanford Bernard Yeung Ryuzo Sato William H. Starbuck Abraham Krasnoff Professor of Global C. V. Starr Professor of Economics; Director, ITT Professor of Creative Management Business Center for Japan-U.S. Business and B.A. 1956, Harvard; M.S. 1959, Ph.D. 1964, B.A. 1979, Western Ontario; M.B.A. 1981, Economic Studies Carnegie Institute Ph.D. 1984, Chicago B.A. 1954, Hitotsubashi; Ph.D. 1962, Johns Hopkins; Dr. of Ec. 1969, Hitotsubashi

135 Dale E. Zand Michael J. Capek Peter Golder Professor of Management Clinical Associate Professor of Management Associate Professor of Marketing B.E.E. 1945, Cooper Union; M.B.A. 1949, Communication B.S. 1984, Pennsylvania; M.S. 1988, Ph.D. 1954, New York B.A. 1962, M.A. 1963, Marquette; Ph.D. National; Ph.D. 1994, Southern California Eitan Zemel 1968, Wisconsin Eric Greenleaf W. Edwards Deming Professor Sinan Cebenoyan Associate Professor of Marketing B.S. 1970, Hebrew; M.S. 1972, Weizman Visiting Associate Professor of Finance B.S. 1977, New Hampshire; M.B.A. 1981, Institute of Science; Ph.D. 1976, Carnegie B.A. 1976, M.A. 1978, Bogazici (Turkey); Ph.D. 1986, Columbia Mellon M.Phil. 1982, Ph.D. 1986, New York Teresa A. John Chao Chen Associate Professor of Accounting ASSOCIATE PROFESSORS Visiting Associate Professor of Management B.S. 1975, 1976, Florida; Ph.D. 1986, Fernando Alvarez and International Business New York Clinical Associate Professor of Management M.A. 1987, Ph.D. 1992, SUNY (Buffalo) Jarl G. Kallberg and Entrepreneurship Harry G. Chernoff Associate Professor of Finance B.S. 1967, Nebraska; Ph.D. 1994, New York Visiting Associate Professor of Operations B.S. 1972, British Columbia; M.S. 1974, Ravi Anupindi Management Simon Fraser; Ph.D. 1979, British Columbia Associate Professor of Operations B.A. 1968, M.S. 1975, Ph.D. 1985, New York April Klein Management Navin Chopra Associate Professor of Accounting B.E. 1982, M.E. 1984, India; M.S. 1989, Visiting Associate Professor of Finance B.A. 1977, Pennsylvania; M.B.A. 1979, Ph.D. Ph.D. 1993, Carnegie Mellon B.Tech. 1974, Indian Institute of 1983, Chicago Yannis Bakos Technology; M.B.A. 1979, Indian Institute Peter Lakner Associate Professor of Information Systems of Management; Ph.D. 1990, Michigan Associate Professor of Statistics and B.S. 1980, M.S. 1984, Ph.D. 1988, Kim P. Corfman Operations Research Massachusetts Institute of Technology Associate Professor of Marketing; Director B.A. 1978, M.A. 1980, Eötvos Loránd Patricia Barron of the Langone Program (Budapest); Ph.D. 1989, Columbia Clinical Associate Professor of Information B.A. 1977, Princeton; M.B.A. 1982, Ph.D. Theresa K. Lant Systems 1985, Columbia Associate Professor of Management Teachers Diploma, 1963; M.B.A. 1972, Michael Darling B.A. 1981, Michigan; Ph.D. 1987, Stanford Harvard Business School Clinical Associate Professor of Marketing Alvin Lieberman Eli Bartov B.A. 1969, M.B.A. 1972, Sir George Williams Clinical Associate Professor of Marketing; Associate Professor of Accounting (Montreal) Executive Director, Initiative in B.A. 1977, Tel-Aviv; Ph.D. 1989, California Vasant Dhar Entertainment, Media, and Technology (Berkeley) Associate Professor of Information Systems B.S. 1960, Cornell; M.B.A. 1963, New York Jacob Boudoukh B.S. 1978, Indian Institute of Technology; Crocker H. Liu Associate Professor of Finance and Ph.D. 1984, Pittsburgh Associate Professor of Finance International Business Alex Dontoh B.B.A. 1976, Hawaii; M.S. 1980, Wisconsin; B.S. 1986, Israel Institute of Technology; Associate Professor of Accounting Ph.D. 1988, Texas Ph.D. 1991, Stanford B.Sc. 1973, Ghana; M.B.A. 1976, California Tina M. Lowrey Patricia Bower Cooley (Berkeley); Ph.D. 1984, New York Visiting Associate Professor of Marketing Visiting Associate Professor of Management Haim Dov Fried B.S. 1986, Houston; M.A. 1988, Ph.D. Communication Associate Professor of Accounting 1992, Illinois B.A. 1965, California; M.A. 1972, New York B.Com. 1971, Sir George Williams Ajay Maindiratta Paul R. Brown (Montreal); M.B.A. 1974, Ph.D. 1978, Associate Professor of Accounting Associate Professor of Accounting; New York B.Tech. 1975, Indian Institute of Chairman, Department of Accounting, Halina Frydman Technology; Ph.D. 1984, Carnegie Mellon Taxation, and Business Law Associate Professor of Statistics and Jian Ping Mei B.A. 1972, Franklin and Marshall College; Operations Research Associate Professor of Finance M.B.A. 1978, Ph.D. 1979, Texas (Austin) B.Sc. 1972, Cooper Union; M.A. 1974, B.S. 1982, Fudan; M.A. 1986, Shanghai; José Campa M.Phil. 1976, Ph.D. 1978, Columbia Ph.D. 1990, Princeton Associate Professor of Economics and Raghu Garud Geeta Menon International Business Associate Professor of Management Associate Professor of Marketing B.A. 1987, Ovedo (Spain); M.A. 1989, Ph.D. B.Tech. 1978, Indian Institute of B.A. 1981, M.A. 1983, Madras; Ph.D. 1991, 1991, Harvard Technology; M.B.A. 1980, Xavier Labor Illinois Relations Institute (India); Ph.D. 1989, Minnesota

136 Stephen Mezias Eugene Secunda Aline Wolff Associate Professor of Management Visiting Associate Professor of Marketing Clinical Associate Professor of Management B.A. 1980, Columbia; M.S. 1985, Ph.D. B.S. 1956, New York; M.S. 1962, Boston; Communication 1987, Stanford Ph.D. 1988, New York B.A. 1966, California (Berkeley); M.A. 1978, Frances J. Milliken Sridhar Seshadri Ph.D. 1981, Columbia Associate Professor of Management Associate Professor of Operations David Yermack B.A. 1978, Columbia; M.B.A. 1982, Ph.D. Management Associate Professor of Finance 1985, City College B.Tech. 1978, Indian Institute of B.A. 1985, J.D. 1991, M.B.A. 1991, M.A. Elizabeth W. Morrison Technology; P.G.D.M. 1980, Indian Institute 1993, Ph.D. 1994, Harvard Associate Professor of Management of Management; Ph.D. 1993, California Paul Zarowin B.A. 1984, Brown; M.S. 1988, Ph.D. 1991, (Berkeley) Associate Professor of Accounting Northwestern James Myles Shaver B.A. 1977, Pennsylvania; M.B.A. 1981, Ph.D. Vicki Morwitz Associate Professor of Management and 1985, Chicago Associate Professor of Marketing International Business B.S. 1983, Rutgers; M.S. 1986, Polytechnic; C.Comm. 1988, Alberta; Ph.D. 1994, ASSISTANT PROFESSORS M.S. 1989, Ph.D. 1991, Pennsylvania Michigan Heitor Almeida Michael A. Moses Larry J. Shrum Assistant Professor of Finance Associate Professor of Operations Visiting Associate Professor of Marketing B.A. (bus. admin.) 1992, UNA, Belo Management B.B.A. 1986, Houston; M.S. 1987, Ph.D. Horizonte-MG (Brazil); B.A. (econ.) 1992, B.S. 1962, Worcester Polytechnic Institute; 1997, Illinois UFMG-MG (Brazil); M.S. 1995, PUC-Rio M.S. 1964, Ph.D. 1967, Northwestern Venkataramani Srivatsan (Brazil); Ph.D. 2000, Chicago Praveen Nayyar Visiting Associate Professor of Management Richard J. Arend Associate Professor of Operations and International Business Assistant Professor of Management Management B.Tech. 1985, Indian Institute of B.A. 1986, Toronto; M.B.A. 1989, York; Ph.D. B.Tech. 1978, Indian Institute of Technology; Ph.D. 1992, Columbia 1995, British Columbia Technology; M.B.A. 1981, Indian Institute of Rangarajan K. Sundaram Mor Armony Management; Ph.D. 1988, Michigan Associate Professor of Finance Assistant Professor of Operations Eli Ofek B.A. 1982, Madras; M.B.A. 1984, Indian Management Associate Professor of Finance Institute of Management; M.A. 1987, Ph.D. B.S. 1993, M.S. 1996, Hebrew; M.S. 1997, B.A. 1986, Tel-Aviv; M.B.A. 1987, Ph.D. 1988, Cornell Ph.D. 1999, Stanford 1991, Chicago Jon A. Turner Caroline Bartel James R. Ratliff Associate Professor of Information Systems; Assistant Professor of Management and Associate Professor of Accounting Acting Chairman, Information Systems Organizational Behavior B.S. 1956, Marshall; M.B.A. 1958, Louisville; B.E. 1958, Yale; M.S. 1971, M.Phil. 1976, B.A. 1992, SUNY (Stony Brook); M.A. 1996, Ph.D. 1970, New York; CPA Ph.D. 1980, Columbia Ph.D. 1998, Michigan Oksanna Reynolds Alexander Tuzhilin Karen Becker Clinical Associate Professor of Management Associate Professor of Information Systems; Visiting Assistant Professor of Marketing Communications Director, M.S. Program in Information B.S. 1987, Cedar Crest College; M.S. 1989, B.A. 1966, Rutgers; M.A. 1967, Middlebury Systems Pennsylvania State; Ph.D. 1998, Lehigh College; Ph.D. 1971, Tulane B.A. 1980, New York; M.S. 1981, Stanford; Abraham Bernstein Ph.D. 1989, New York Nouriel Roubini Assistant Professor of Information Systems Associate Professor of Economics and Norman H. White B.S. 1992, Ecole Nationale de la Statistique International Business Clinical Associate Professor of Information et de l’Administration Economique; B.A. 1982, Bocconi (Milan); Ph.D. 1988, Systems; Director of CDER M.S. 1993, London School of Economics; Harvard B.A. 1966, Harvard; M.S. 1971, Ph.D. 1974, Ph.D. 2000, Massachusetts Institute of New York Stephen G. Ryan Technology Associate Professor of Accounting Robert F. Whitelaw Jeanne Calderon B.A. 1981, Dartmouth College; Ph.D. 1988, Associate Professor of Finance Clinical Assistant Professor of Business Law Stanford B.S. 1984, Massachusetts; Ph.D. 1993, B.A. 1975, Cornell; J.D. 1978, Georgetown Stanford Irving Schenkler Jennifer N. Carpenter Clinical Associate Professor of Management Jeremy L. Wiesen Assistant Professor of Finance Communication Associate Professor of Business B.S. 1987, M.A. 1993 (math.), M.A. 1994, B.A. 1975, M.A. 1976, M.Phil. 1978, Law/Accounting Ph.D. 1995, Pennsylvania Columbia B.S. 1963, Pennsylvania; J.D. 1966, Harvard

137 Xianghui Chen Michelle Gittelman Alexander Ljungqvist Assistant Professor of Statistics and Assistant Professor of Management and Assistant Professor of Finance Operations Research Organizational Behavior M.S. 1991, Lund (Sweden); M.Phil. 1994, B.E. 1989, B.S. 1989, Tsinghua; Ph.D. 1995, B.A. 1983, Tufts; M.B.A. 1989, Columbia; Ph.D. 1995, Oxford Harvard Ph.D. 2000, Pennsylvania Anthony W. Lynch Ya-Ru Chen Dhananjay Gode Assistant Professor of Finance Assistant Professor of Management and Assistant Professor of Accounting, Taxation, B.A. 1986, M.A. 1988, J.D. 1989, International Business and Business Law Queensland; Ph.D. 1994, Chicago B.A. 1986, Soochow; M.A. 1991, Ph.D. 1995, B.S. 1986, Banaras Hindu; M.B.A. 1988, Carol A. Marquardt Columbia Indian Institute of Management; M.S. 1990, Assistant Professor of Accounting Yuxin Chen 1992, Ph.D. 1994, Carnegie Mellon B.A. 1988, Wisconsin; M.A. 1990, Arizona; Assistant Professor of Marketing Jay Hartzell Ph.D. 1997, Cornell B.S. 1992, Fudan; M.S. 1994, Zhejiang; Assistant Professor of Finance Xavier Martin M.S.B.A. 1997, Washington B.S. 1991, Trinity; Ph.D. 1998, Texas Assistant Professor of Management and Wilbur C. Chung Richard Hendler International Business Assistant Professor of Management and Clinical Assistant Professor of Business Law B.S. 1981, Lycée Jean Prevost; M.A. 1986, International Business B.S. 1985, J.D. 1988, New York Lyon; M.B.A. 1989, York; Ph.D. 1996, B.S. 1986, M.S. 1990, Carnegie Mellon; Gregory Janicik Michigan Ph.D. 1997, Michigan Assistant Professor of Management and Partha Mohanram Matthew J. Clayton Organizational Behavior Assistant Professor of Accounting Assistant Professor of Finance B.S.E. 1988, Duke; M.B.A. 1997, Ph.D. 1998, B.Tech. 1990, Indian Institute of B.S. 1991, Carleton College; M.S. 1992, Chicago Technology; M.B.A. 1992, Indian Institute of Ph.D. 1996, Northwestern Raja Kabaliswaran Management; Ph.D. 1998, Harvard Qiang Dai Visiting Assistant Professor of Management Sunder Narayanan Assistant Professor of Finance B.Tech. 1975, Indian Institute of Visiting Assistant Professor of Marketing B.S. 1988, Peking; Ph.D. 1993, Stanford Technology; M.E. 1980, Manhattan College; B.Tech. 1980, Indian Institute of Michael Davern M.Phil. 1983, Ph.D. 1988, New York Technology; M.B.A. 1982, Indian Institute Assistant Professor of Information Systems Sudhir Karunakaran of Management; M.Phil., Ph.D. 1990, B.Com. 1989, 1992, Tasmania; Ph.D. 1998, Assistant Professor of Marketing Columbia Minnesota B.E. 1989, Anna (India); M.S. 1991, Indian Fabrizio Perri Rohit S. Deo Institute of Technology; Ph.D. 1998, Cornell Assistant Professor of Economics Assistant Professor of Statistics and Andrew A. King B.S. 1992, Bocconi (Milan); M.A. 1994, Operations Research Assistant Professor of Operations Ph.D. 1999, Pennsylvania B.S. 1988, Fergusson; M.S. 1990, Poona Management and Management Marco Protano (India); Ph.D. 1995, Iowa B.A. 1981, Brown; M.S. 1984, California Visiting Assistant Professor of Marketing Ronel Elul (Berkeley); Ph.D. 1994, Massachusetts B.S. 1985, Northeastern; M.B.A. 1994, Visiting Assistant Professor of Finance Institute of Technology Virginia B.A. 1987, California; Ph.D. 1995, Yale Rachel S. Kowal Foster Provost Skander Essegaier Clinical Assistant Professor of Business Law Assistant Professor of Information Systems Assistant Professor of Marketing B.A. 1977, Cornell; J.D. 1981, Yeshiva B.S. 1986, Duquesne; M.S. 1988, Ph.D. B.S. 1992, Ecole Nationale de la Statistique Sabine Kuester 1992, Pittsburgh et de l’Administration Economique; Visiting Assistant Professor of Marketing Vincenzo Quadrini M.S. 1993, London School of Economics; B.A. 1986, M.A. 1990, Cologne; Ph.D. 1995, Assistant Professor of Economics and Ph.D. 2000, Columbia London Business School International Business Zsuzsanna Fluck Terri Kurtzberg B.S. 1990, Ancona (Italy); M.A. 1991, Assistant Professor of Finance Visiting Assistant Professor of Management CORIPE-Piemonte, Turin (Italy); Ph.D. M.A. 1983, Budapest School of Economics; B.A., M.A. 1995, Chicago; M.S. 1997, Ph.D. 1996, Pennsylvania M.A. 1990, Ph.D. 1993, Princeton 2000, Northwestern Joshua Rosenberg Alessandra Fogli Michael Lenox Assistant Professor of Finance Assistant Professor of Economics and Assistant Professor of Management B.A. 1989, Oberlin College; Ph.D. 1996, International Business B.S. 1993, M.S. 1994, Virginia; Ph.D. 1999, California (San Diego) B.A. 1994, Bocconi; (Italy); M.A. 1995, Massachusetts Institute of Technology Gideon Saar Ancona (Italy); Ph.D. 2000, Pennsylvania Amnon Levy Assistant Professor of Finance Visiting Assistant Professor of Finance B.B.A. 1994, Baruch; M.A. 1996, Cornell B.A. 1994, California (Berkeley); Ph.D. 2000, Northwestern

138 Rachelle Sampson INSTRUCTORS John Fayerweather Assistant Professor of Management and Professor Emeritus of International Vishal Gaur International Business Business and Management Instructor in Operations Management B.B.A., LL.B. 1992, Queensland University of B.S. (Eng.) 1943, Princeton; M.B.A. 1948, B.Tech. 1993, M.B.A. 1995, Indian Institute Technology; Ph.D. 1999, Michigan Ph.D. 1954, Harvard of Management Alexander Shapiro Abraham L. Gitlow Jessica Wachter Assistant Professor of Finance Professor Emeritus of Economics; Adjunct Instructor in Finance B.S. 1989, Technion (Israel); M.B.A. 1992, Professor of Management B.A. 1996, Harvard College; Ph.D. 2000, Tel-Aviv; M.A. 1996, Ph.D. 1998, B.A. 1939, Pennsylvania; M.A. 1940, Ph.D. Harvard Pennsylvania 1947, Columbia Arun Sundarajan PROFESSORS EMERITI Gerald J. Glasser Assistant Professor of Information Systems Professor Emeritus of Business Statistics B.Tech. 1993, Indian Institute of Frank J. Angell B.S. 1953, M.B.A. 1954, Ph.D. 1957, Technology; M.S. 1995, D.Phil. 1997, Professor Emeritus of Finance New York B.S. 1941, New York; M.B.A. 1958, CUNY Rochester Alfred Gross Dara Szyliowicz Hector Anton Professor Emeritus of Marketing Visiting Assistant Professor of Management Professor Emeritus of Accounting B.B.A. 1936, M.B.A. 1939, City College; Ph.D. and International Business B.S. 1942, M.B.A. 1947, California (Los 1945, New York Angeles); Ph.D. 1953, Minnesota B.A. 1988, Barnard College, Columbia; Robert S. Holzman M.A. 1990, California (Berkeley); Ph.D. Lawrence D. Brennan Professor Emeritus of Taxation 1998, Illinois Professor Emeritus of Business B.S. (Econ.) 1929, Pennsylvania; M.A. 1947, Christopher L. Tucci Communication Ph.D. 1953, New York Assistant Professor of Operations B.C.S. 1937, M.A. 1947, Ph.D. 1951, New York Charles C. Hull Management Professor Emeritus of Business Writing B.S. 1982, B.A. 1983, M.S. 1983, Stanford; Julian Gerard Buckley B.C.S. 1918, New York M.S. 1991, Ph.D. 1997, Massachusetts Professor Emeritus of Finance J. Harold Janis Institute of Technology B.A. 1928, Harvard; M.B.A. 1937, Ph.D. 1952, New York; CFA Professor Emeritus of Business Vasilis Vassalos Communication Assistant Professor of Information Systems Lincoln H. Clark B.S. 1932, M.A. 1942, New York Diploma 1994, National Technical Professor Emeritus of Marketing Irwin Kabak (Athens); M.S. 1998, Ph.D. 1999, Stanford B.A. 1937, M.B.A. 1938, Ph.D. 1940, Chicago Professor Emeritus of Operations Research Kimberly Wade-Benzoni Arnold Corbin B.S. 1956, M.E. 1958, Ph.D. 1964, New York Assistant Professor of Management and Professor Emeritus of Marketing Joseph S. Keiper Organizational Behavior B.S. 1931, M.B.A. 1934, Harvard; Ph.D. Professor Emeritus of Economics B.S. 1989, Cornell; M.S. 1995, Ph.D. 1996, 1954, New York Ph.B. 1936, Muhlenberg College; M.B.A. Northwestern Peter F. Drucker 1937, Pennsylvania; Ph.D. 1947, New York Batia Mishan Wiesenfeld Professor Emeritus of Management; Harry M. Kelly Assistant Professor of Management Distinguished Visiting Lecturer Professor Emeritus of Finance B.A. 1988, Ph.D. 1996, Columbia J.D. 1931, Frankfurt; D.C.S. 1956, Pace; hon.: Dr.Econ. 1962, Nihon, Tokyo, 1970, B.A. 1933, LL.B. 1936, Columbia; J.S.D. Patricia Williams 1940, St. John’s Assistant Professor of Marketing St. Gallen, Switzerland; hon.: D.Phil. 1971, Ernest Kurnow B.A. 1989, Stanford; M.B.A. 1993, Ph.D. Bradford; L.H.D. 1973, Temple; hon.: Professor Emeritus of Business Statistics; 1999, California (Los Angeles) D.Soc.Sci. 1975, Brussels; LL.D. 1964, Scranton, Wayne State, 1975, Notre Dame Adjunct Professor of Statistics and Amy Wrzesniewski Operations Research Assistant Professor of Management and Peter Dubno Professor Emeritus of Behavioral Science B.S. 1932, M.S. (Educ.) 1933, City College; Organizational Behavior Ph.D. 1951, New York B.A. 1994, Pennsylvania; M.A. 1996, Ph.D. and Management Ely Kushel 1999, Michigan B.A. 1942, M.A. 1954, Brooklyn College; Ph.D. 1960, New York Professor Emeritus of Accounting Shinkyu Yang B.S. 1950, M.B.A. 1951, New York; CPA Assistant Professor of Information Systems Harold A. Eppston Benjamin Lipstein B.S. 1994, Seoul National; M.B.A. 1994, Professor Emeritus of Taxation Professor Emeritus of Marketing Massachusetts Institute of Technology B.C.S. 1918, M.C.S. 1920, B.S. 1924, New York; J.D. 1922, Fordham; CPA B.A. 1943, Brooklyn College; M.A. 1946, Ph.D. 1956, Columbia

139 Norman H. Martin ADJUNCT FACULTY Jeffrey A. Carr Professor Emeritus of Management M.B.A., Marketing One of the distinctive advantages of the Stern B.A. 1939, Wisconsin; M.A. 1949, Ph.D. School is the availability of many dis- Willa Chen 1954, Chicago tinguished practitioners in relevant fields to M.S., Statistics Benjamin Newman serve as adjunct faculty. Over the years, this Philip B. Chenok Professor Emeritus of Accounting tradition has enriched the School’s M.B.A., Accounting B.A. 1934, Brooklyn College; M.S. (Educ.) educational mission while lending a Elizabeth Crawford 1938, M.B.A. 1948, City College; CPA pragmatic dimension to its curriculum. The B.A., Marketing Alex W. Rathe adjunct faculty employed by the Stern Lawrence S. Dryer Professor Emeritus of Management School include the following: M.B.A., Accounting B.S.E.E. 1933, M.S.I.E. 1935, Dipl.Ing. 1935, Vipul Agrawal William Duggan Dr.Ing. 1936, Charlottenburg Institute of Ph.D., Operations Management Technology M.B.A., Marketing Franklin Allen Joseph R. Dziwura Lawrence Ritter Ph.D., Finance Professor Emeritus of Finance Ph.D., Economics Linda Allen B.A. 1943, Indiana; M.A. 1948, Ph.D. 1951, Alan Echtenkamp Ph.D., Finance Wisconsin M.A., Management Jeffrey A. Barclay Arnold Sametz David Ellner M.B.A., Finance Professor Emeritus of Finance M.B., Marketing Daniel Barrish B.A. 1940, Brooklyn College; M.A. 1942, Herbert Engelhardt M.S., Information Systems Ph.D. 1951, Princeton M.B.A., Management Susan Becker Michael Schiff Cheryl L. Fleisher M.B.A., Ph.D., Management Professor Emeritus of Accounting; Adjunct M.B.A., Management Communication Professor of Accounting Communication Seth Freeman B.B.A. 1936, M.B.A. 1939, City College; Ph.D. Francisco Benzoni J.D., Economics 1947, New York; CPA M.A., Management Henry D. Fuld Melvin F. Shakun Ronald E. Berenbeim B.B.A., Marketing Professor Emeritus of Statistics and M.A., J.D., Market Ethics, and Business Law Brian C. Gendreau Operations Research Michael Bettison M.A., Ph.D., Finance B.M.E. 1950, City College; M.S. 1951, M.S., Information Systems Eng.Sc.D. 1953, Columbia Arlene Gerwin Anindya Bhattacharya M.B., Marketing F. Robert Shoaf M.A., Ph.D., International Business Professor Emeritus of Marketing Ian H. Giddy Kenneth S. Bigel B.A. 1952, Dickinson College; M.S. 1955, Ph.D., Finance M.B.A., Markets, Ethics, and Law Ph.D. 1957, Purdue Barry Gold Zenas Block Egbert H. van Delden M.B.A., Finance B.S., Entrepreneurship Professor Emeritus of Management Neal Goldsmith Donna Bogatin B.A. 1928, M.A. 1930, Ph.D. 1933, New York Ph.D., Management M.B.A., Information Systems James D. Weinland Robert Gordon Adrian Bowles Professor Emeritus of Business Psychology Dipl., Finance B.A. 1917, Pomona College; M.A. 1922, Ph.D., Information Systems Allan Grody Ph.D. 1927, Columbia Kevin Brabazon B.S., Information Systems Richard R. West M.P.A., Information Systems David Hait Professor Emeritus of Finance; Dean Rodrigo K. Briones M.S., Finance Emeritus M.B.A., International Business Dexter Hinton B.A. 1960, Yale; M.B.A. 1963, Ph.D. 1964, Alan Brott B.S., Marketing Chicago M.B.A., Accounting Achim Max Holmes Ralph M. Zink Allan Brown M.B.A., J.D., Finance Professor Emeritus of Business M.A., Finance Communication Paul P. Hoppe George M. Buckley B.S. 1935, M.A. 1941, New York Ph.D., Statistics and Operations Research J.D., Management Jon Housman Ernest J. Campbell M.B.A., Marketing M.S., Information Systems

140 Jonatan Jelen Paul Noglows Thomas Smith Ph.D., Information Systems M.A., Finance M.B.A., Marketing David Juran William Page Ronald H. Smithies M.B.A., Ph.D., Operations Management Ph.D., Management Communication J.D., Ph.D., Market Ethics, and Business Law Edward Kass Michael A. Palley William F. Sonnenreich Ph.D., Management Ph.D., Information Systems M.B.A., Finance Eleni Kikiras Carter Kenneth Parkinson Valerie Spitler M.B.A., Management M.B.A., Finance M.B.A., Information Systems Harry Krensky Jennifer Parlamis Frederick Spreyer M.B.A., International Business B.A., Management M.A., Management Communication Ernest Kurnow R. Scot Perlin Susan Stehlik Ph.D., Statistics and Operations Research M.B.A., International Business M.S., Management Communication Mitchell Langbert Corey Phelps Miriam Stern M.B.A., Ph.D., Management M.B.A., Management J.D., Marketing Anat Lechner Harvey Poniachek Robert Stovall M.B.A., Management Ph.D., Finance M.B.A., Finance Hans Levenbach Dawn Porter Frank L. Sullivan Ph.D., Statistics B.A., Statistics M.B.A., Finance David Liebeskind Kenneth A. Preston Kishore Tandon Ph.D., Management B.S., Management Ph.D., International Business Pai-Chun Ma Heinz Riehl Abdullah Tansel Ph.D., Information Systems P.M.D., International Business Ph.D., Information Systems Arjun Mathrani Arthur H. Rosenbloom Irwin Tantleff M.A., Finance M.A., J.D., Finance M.B.A., Management Michael Mazzarese Gerald Rosenfeld Richard Tashjian Ph.D., Management Ph.D., Finance M.A., Statistics and Operations Research Susan McClive Souyma Roy Amy Taylor M.B.A., Management Communication Ph.D., Marketing Ph.D., Management and Organizational Kathleen McGarhan Richard Rubinstein Behavior Ph.D., Accounting M.B.A., Marketing Michael L. Tindall Charles McGill Tony Salinger Ph.D., Economics M.B., Finance B.A., Information Systems Jay Tremblay Roger Mesznik Rungson Samroengraja M.B., Marketing M.B.A., Ph.D., Finance Ph.D., Operations Management Richard Williams Frederick Militello Michael Schiff M.B.A., International Business M.I.A., International Business Ph.D., Accounting Ashok Vora Cyrus Mohebbi Celia Seupel Ph.D., Finance Ph.D., Statistics and Operations Research M.A., Management Communication Arthur Zeikel Marissa J. Moran Jeffrey S. Shaw M.B., Finance J.D., Accounting Ph.D., Statistics and Operations Research Lawrence Zicklin Marion Morgenthal Brian Shydlo M.B.A., Management M.B.A., Information Systems B.S., Statistics and Operations Research GRADUATE COMMISSION Katherine Mosby Martin Siegel M.A., Management Communication M.B.A., International Business The voting membership of the commission Charles Murphy Fred Silverman is composed of the dean and an elected fac- M.B.A., Finance Ph.D., Operations Management ulty member from each of the schools offering a graduate program as well as academic Michael P. Niemira Bruce Skoorka officers from the central administration. M.A., Economics Ph.D., Economics and International Each school is also represented by an elected Business member of its student body.

141 Degree and Certificate Programs 1

PROGRAM1 HEGIS NUMBER2 DEGREES CONFERRED1 Accounting 0502 M.B.A., M.Phil., Ph.D. Accounting (CPA Program)3 0502 M.B.A., M.S. Economics 0517 M.B.A., M.Phil., Ph.D. Executive M.B.A. 0506 M.B.A. Global Executive M.B.A. 0506 M.B.A. Finance 0504 M.B.A., M.Phil., Ph.D. Executive M.B.A. in Finance 0504 M.B.A. General Management4 0506 M.B.A. Information Systems 0701 M.B.A., M.Phil., Ph.D. Information Systems 0702 M.S. Management and Organizational Behavior 0506 M.B.A., M.Phil., Ph.D. Marketing 0509 M.B.A., M.Phil., Ph.D. Mathematics/Statistics and Operations Research 1799 M.S. Operations Management 0599 M.B.A. Statistics and Operations Research 0507 M.B.A., M.S., M.Phil., Ph.D.

Joint Degree Programs1

PROGRAM1 HEGIS NUMBER2 B.A.-M.S. (in Statistics and Operations Research) (with the College of Arts and Science) 0507 B.S.-M.S. (in Statistics and Operations Research) (with the Undergraduate College of the Stern School) 0507 J.D.-M.B.A. (with the School of Law) 14015 M.A. (in Politics)-M.B.A. (with the Graduate School of Arts and Science) 49995 M.A. (in French Studies)-M.B.A. (with the Graduate School of Arts and Science) 03125 M.P.A.-M.B.A. (with the Wagner Graduate School of Public Service) 2102/12025 M.S. (in Biology)-M.B.A. (with Graduate School of Arts and Science) 04015

1 As registered by the New York State Education Department, Office of Higher Education and the Professions, Cultural Education Center, Room 5B28, Albany, NY 12230; telephone: (518) 474-5851. 2 HEGIS: Higher Education General Information Survey. 3 Professional Licensure qualified. 4 Offered only at Manhattanville College campus. 5 M.B.A. portion registered under individual HEGIS codes depending upon M.B.A. major.

142 Travel Directions to the Stern School of Business*

Lexington Avenue Subway: Local to Seventh Avenue Subway: Local to Eighth Street Crosstown Bus: Astor Place Station. Walk west on Astor Place Christopher Street-Sheridan Square Station. Bus numbered 8 to University Place. Walk to Broadway, then south on Broadway to Walk east on West Fourth Street to south to Washington Square. Waverly Place, and west on Waverly Place to Washington Square. Broadway Bus: Bus numbered 6 to Washington Square. Port Authority Trans-Hudson Waverly Place. Walk west to Washington Broadway Subway: Local to Eighth Street (PATH): To Ninth Street Station. Walk Square. Station. Walk south on Broadway to Waverly south on Avenue of the Americas (Sixth Place, then west on Waverly Place to Avenue) to Waverly Place, then east to Washington Square. Washington Square. Sixth or Eighth Avenue Subway: To Fifth Avenue Bus: Buses numbered 2, 3, West Fourth Street-Washington Square 5, and 18 to Eighth Street and University Station. Walk east on West Fourth Street or Place. Walk south to Washington Square. Waverly Place to Washington Square. Bus numbered 1 to Broadway and Ninth Street. Walk south on Broadway to Waverly * See Washington Square Campus map and key for Place and west to Washington Square. specific addresses.

143 Washington Square Campus

North d 1 Washington Place 51 Wolf Center 23 Wagner Graduate School 39a Catholic Center at NYU Key to Buildings e 3 Washington Place 547 La Guardia Place of Public Service Room 11 39b Islamic Center 1 Carlyle Court f 5 Washington Place 52 Washington Square Village 23 Ehrenkranz School of 39b Protestant Campus Ministries Social Work Basement 25 Union Square West 30 University Health Center 53 530 La Guardia Place 2 Coral Towers 726 Broadway 54 Off-Campus Housing BURSAR STUDENT ACTIVITIES 131 Third Avenue 31 48 Cooper Square 4 Washington Square Village 34a Student Services Center 1st Floor AND AFFAIRS 3 145 Fourth Avenue 32 Hayden Residence Hall 55 University Plaza 28f Fraternity and Sorority Life 4 University Hall 33 Washington Square West 56 Silver Towers 28a Kimball Commons 110 East 14th Street 110 Bleecker Street CLASSROOM CENTER 33 Education Block 28f LGBT Office 3rd Floor 5 Palladium Residence Hall 57 Coles Sports and Recreation 34a Lower Concourse a Pless Hall 29f Operations 140 East 14th Street 82 Washington Square East Center 181 Mercer Street 29f Program Board (under construction) b Pless Annex DINING 6 7 East 12th Street 82 Washington Square East 20 Director Basement 29f Program Office 7 Casa Italiana Zerilli-Marimò (26 Washington Place) Key to Services and 16 Faye’s Café 28f Student Activities 1st Floor 24 West 12th Street c 18 Washington Place Activities 28b Torch Club 34b Student Life Center 2nd Floor 8 Third Avenue North d East Building 33f Violet Café 1st Floor 75 Third Avenue STUDENT SERVICES 239 Greene Street COLLEGES AND SCHOOLS 9 Rubin Residence Hall e Education Building STUDENT DINING 34b African American, Latino, and 35 Fifth Avenue 35 West Fourth Street 29c Tisch School of the Arts Asian American Student Services 32 Hayden Residence Hall 3rd Floor 10 Bronfman Center f Violet Café 27a College of Arts and Science 1st Floor 57 Athletics, Intramurals, and 7 East 10th Street 45 West Fourth Street 44, 46 Leonard N. Stern 43 Founders Café 1st Floor School of Business Recreation 11 Brittany Residence Hall g Goddard Hall 20 Food Court Entrance Level 55 East 10th Street 80 Washington Square East 34a School of Continuing and Professional Studies 9 Rubin Residence Hall 1st Floor 33c Book Center 12 Lillian Vernon Center for 34 Student Services Block International Affairs 33a The Steinhardt School of 8 Third Avenue North 29b Career Services 58 West 10th Street a 25 West Fourth Street Education 4 University Hall 39b Center for Music Performance 13 Alumni Hall b Student Life Center 29a Gallatin School of 20 Kosher Eatery 57 Coles Sports Center 240 Greene Street Individualized Study 33 Third Avenue 20 Weinstein Center Basement 34a Community Service 14 Barney Building c 242 Greene Street 23 Shirley M. Ehrenkranz 3rd Floor School of Social Work 34 Stuyvesant Street d Carter Hall FINANCIAL AID 21 Counseling and Advisement 10 Washington Place 23 Graduate School of Arts and (admissions) 15 19 University Place Science 34a Student Services Center 1st Floor 16 Cantor Film Center e 8 Washington Place 30 Counseling Service, University 37 School of Law 4th Floor 36 East Eighth Street f 14, 14A Washington Place HOUSING g 269 Mercer Street 23 Robert F. Wagner Graduate 34b Disabilities, Moses Center for Faye’s Café School of Public Service 34e Director, University Housing Students with, 4th Floor 38 East Eighth Street 35 Meyer Block Office 22 Graduate School of Arts and 17 Deutsches Haus a Meyer Hall INSTITUTES, CENTERS, 1st Floor Science 42 Washington Mews 4 Washington Place AND PROGRAMS 34f Summer Housing Office 1st Floor Graduate Enrollment and 18 Glucksman Ireland House b Psychology Building 31 American Language Institute 54 Off-Campus Housing Office Academic Services 1 Washington Mews 6 Washington Place 10 Bronfman Center for Jewish 30 Health Center, University 19 La Maison Française 36 Provincetown Playhouse Student Life UNIVERSITY RESIDENCES 3rd and 4th Floors 16 Washington Mews 43 Information Center 1st Floor 133 MacDougal Street 7 Casa Italiana Zerilli-Marimò 13 Alumni Hall 49 International Students and Institute of French Studies Lawyering Program 47 Courant Institute of 11 Brittany Residence Hall 15 Washington Mews 137 MacDougal Street Mathematical Sciences Scholars 1st Floor 1 Carlyle Court 20 Weinstein Center for 37 Vanderbilt Hall 17 Deutsches Haus 39b Judicial Affairs Student Living 40 Washington Square South 2 Coral Towers 34f Lost and Found 5 University Place 33g 80 Washington Square East 38 Judson Block Galleries 1st Floor 48 D’Agostino Residence Hall 34c NYU Computer Store 21 Undergraduate Admissions a Kevorkian Center 18 Glucksman Ireland House 33g Goddard Hall 53 NYU Professional Bookstore 22 Washington Square North 50 Washington Square South 27a Grey Art Gallery 1st Floor 32 Hayden Residence Hall 6 Photo ID Center 1st Floor 22 One-half Fifth Avenue b Skirball Department 33d Higher Education Opportunity 50 Mercer Street Residence 34f Protection 1st Floor 23 1-6 Washington Square North 53 Washington Square South Program 8th Floor 5 Palladium Residence Hall 28f Student Activities Center 24 Rufus D. Smith Hall c King Juan Carlos I Center 19 Institute of French Studies 9 Rubin Residence Hall 25 Waverly Place 8, 33, 34, 46, 47 Student 53 Washington Square South 38a Kevorkian Center 25 Seventh Street Residence Computer Terminal Centers: 25 Seventh Street Residence d Fuchsberg Hall 38c King Juan Carlos I of Spain 8 Third Avenue North 8 Third Ave. North, Level C 40 East Seventh Street 249 Sullivan Street Center 4 University Hall 33eEducation Bldg., 2nd Floor 26 111, 113A Second Avenue 39 a Catholic Center at NYU 19 La Maison Française 58 Washington Square South 20 Weinstein Center 34f 14 Washington Pl., 27 Main Block 38b Skirball Department of Hebrew Lower Concourse (non-University building) Broome Street Residence Hall a Main Building and Judaic Studies 400 Broome Street (not shown) 46 Tisch Hall, Lower Concourse 100 Washington Square East/ b Thompson Center 23 Urban Research Center (Wagner) 33 Washington Place 238 Thompson Street Lafayette Residence Hall 47 Courant, 2nd Floor Help Center 12 Lillian Vernon Center for 80 Lafayette (not shown) 40 Kimmel Center for 29f Student Events Center b Waverly Building International Affairs Twenty-sixth Street Residence 24 Waverly Place University Life 34b Student Life Center 60 Washington Square South 334 East 26th Street (not shown) c Brown Building UNDERGRADUATE ADMISSIONS 29f Student Employment and 29 Washington Place/ (under construction) Water Street Residence Internship Center 21 22 Washington Square North 245 Greene Street 41 Bobst Library 200 Water Street (not shown) 34a Student Services Center: 51 Wolf Center 28 Kimball Block 70 Washington Square South Bursar, Financial Aid, and 42 Schwartz Plaza 3 School of Continuing and UNIVERSITY APARTMENTS University Registrar a Kimball Hall Professional Studies, Mc Ghee 28e Ticket Central 246 Greene Street 43 Shimkin Hall Division 56 Silver Towers 34a Veterans Information 1st Floor b Torch Club 50 West Fourth Street 52 Washington Square Village 18 Washington Place 44 Kaufman Management Center 44 West Fourth Street GRADUATE ADMISSIONS MISCELLANEOUS c Commuter Commons 29c Tisch School of the Arts 8th Floor LIBRARIES 16 Washington Place 45 Gould Plaza 34a Alumni Relations 5th Floor 22 Graduate School of Arts and 41 Bobst Library d 285 Mercer Street 46 Tisch Hall Science 34g Institutional Facilities and 40 West Fourth Street 47 Courant Institute Library Administrative Services e Mercer Lounge 44 Stern School of Business 12th Floor 48 Law Review Offices Subbasement 283 Mercer Street 47 Courant Institute 10th Floor 37 Law Library 1st Floor 251 Mercer Street f Student Activities Center 3 School of Continuing and 48 Law Journals Offices Subbasement 244 Greene Street 48 D’Agostino Hall Professional Studies 51 NYU Mail Services 110 West Third Street UNIVERSITY REGISTRAR 29 Broadway Block 33a The Steinhardt School of 34a Student Services Center 1st Floor 38d School of Law, Clinical and 49 561 La Guardia Place Education Advocacy Programs a 715 Broadway 2nd Floor b 719 Broadway 50 Mercer Street Residence 240 Mercer Street 29a Gallatin School 6th Floor RELIGIOUS ORGANIZATIONS c 721 Broadway 48 School of Law 2nd floor 10 Bronfman Center for Jewish Student Life 7 East 10th Street Index

Accounting Research, Vincent C. Calculus proficiency ...... 13 Digital Economy Research, Ross Institute of ...... 90-91 Calendar ...... inside front cover Center for...... 92 Accounting, Taxation, and Campus Safety...... 124 Dining Services, Campus...... 124 Business Law ...... 33-36 Campus Store/NYU Book Centers . . . . . 126 Directory...... inside back cover courses ...... 33-36 Career Counseling...... 121 Disabilities, students with ...... 127 CPA...... 33 Career Development and Discipline...... 116 Accreditation ...... 7 Placement ...... 108, 120-21 Dissertation, doctoral...... 32 Actuarial science, Career Resources Center ...... 108, 121 Doctor of Philosophy Program . . . . . 30-32 specialization in ...... 79, 83 Center for Digital Double majors ...... 15 Administration Economy Research ...... 92 See also course descriptions for New York University ...... 7 Center for Entrepreneurial each academic department Stern School ...... 132-33 Studies, Berkley ...... 91-92 Admission Center for Japan-U.S. Business and Economics ...... 37-41 Economic Studies...... 89-90 Doctor of Philosophy Program . . . 30-32 courses, M.B.A...... 37-40 Center for Law and Business, M.B.A. Program...... 94-96 doctoral courses ...... 40-41 New York University...... 93 Advisers, Department/Area...... 16 proficiency ...... 13 Certificate Programs Registered Affirmative action policy ...... 7 by the New York State Education Emerging Markets Association ...... 128 African American, Latino, and Department ...... 142 Employer Tuition Plans...... 109 Asian American Student Services, Chelsea Piers ...... 127 Employment Office for ...... 126 Class Hours ...... 105 Career Development and Alumni Outreach, Placement ...... 108, 120-21 Development and...... 130-31 Code of Conduct, Student ...... 116 English proficiency ...... 94-95 American Language Institute...... 94-95 Coles Sports and Recreation Center...... 126-27 Entertainment, Media, and Technology Arrears policy...... 111, 115 Commencement and Program (EMT) ...... 85 Asian Business Society...... 127 Pre-Commencement ceremonies . . . . . 117 Entrepreneurial Studies, Assistantships...... 97, 99 Community Service ...... 129 Center for, Berkley ...... 91-92 Association of Hispanic and Computing at Stern...... 32, 123 Entrepreneurs’ Exchange ...... 128 Black Business Students ...... 127 Core Courses Entrepreneurship and Innovation . . . 42-46 Association of Investment comajor requirements ...... 43 Management ...... 128 Required (M.B.A.)...... 13-15 courses ...... 43-46 Auditing classes ...... 108 Substitutions and Proficiency Examinations...... 107 European Business Society ...... 128 CPA Professional Program...... 33 Examinations Berkley Center for Entrepreneurial Studies ...... 91-92 Credit Loads...... 106 comprehensive (doctoral) ...... 32 Beta Gamma Sigma ...... 119 Credits, Maximum in a Major...... 117 and grades...... 113-16 Block scheduling...... 105 proficiency ...... 107 Board of Overseers...... 4 Data analysis proficiency...... 13 Executive Programs ...... 17-22 Bobst Library ...... 122 Deadlines, Application...... 95 Corporate ...... 22 Executive M.B.A...... 18-20 Book Centers, NYU, Campus Store. . . . . 126 See also Calendar Nondegree ...... 22 Deferred Tuition Plan ...... 110 Business Law, see Accounting, Taxation, TRIUM Executive ...... 21-22 and Business Law Degree, Certificate, and Joint Degree Business Writing Programs Registered by the New York Facilities and Services, School and (noncredit course)...... 11, 12, 68 State Education Department ...... 142 University ...... 122-28 Business Writing for Development and Alumni Faculty ...... 133-41 International Students Outreach ...... 130-31 (noncredit course)...... 11, 12, 68 Digital Economy ...... 84 Family Educational Rights and Privacy Act (FERPA) ...... 115 Federal Student Loans...... 110

146 Fees ...... 111 courses ...... 56-59 Management Consulting Association . . 128 Fellowships...... 97-100, 111 doctoral courses ...... 58-59 Manpower management, see Management Finance ...... 47-54 minicourses ...... 58 and Organizational Behavior courses ...... 49-54 Insurance, health ...... 125 Map, Washington Square Campus ...... 144-45 nonmajors ...... 48 International Business ...... 60-62 Marketing...... 69-73 Ph.D. courses ...... 53-54 comajor ...... 60 courses ...... 69-73 Financial aid ...... 97-101 courses ...... 61-62 minicourses ...... 72 Ph.D...... 31, 97 See also course descriptions for each seminars...... 73 Financial Engineering, Quantitative academic department Finance ...... 85 International Management Program Marketing research, specialization in ...... 79 Financial Engineering Association . . . . 128 (IMP) ...... 16 Master’s degree programs Foreign credentials, applicants with . . . . 96 International Programs ...... 16 M.A.-M.B.A. Programs ...... 9, 96, 105 French studies, joint M.A.-M.B.A. in . . . . . 9 grades...... 114 M.B.A. Program...... 10-16 Full-Time Block Program ...... 11, 105-8 International students, admission...... 96 Full-Time Block ...... 11, 105-8 Full-time status, International Students and Scholars, Office for ...... 127 Langone (part-time) . . . . . 12-13, 105-8 change of ...... 96, 107 (M.B.A.) Program(s), Executive . . 17-22 definition of ...... 107 Japan Business Association ...... 128 M.B.A. Program Initiatives ...... 84-87 Japan-U.S. Business and M.S. (in Information Glucksman, L., Institute for Economic Studies, Center for ...... 89-90 Systems)...... 23-24, 55-59 Research in Securities Markets ...... 89 J.D.-M.B.A. Program ...... 9 M.S. (in Mathematics/Statistics Grade Point Average, Minimum ...... 118 Joint degree programs ...... 9, 96, 105 and Operations Research). . . . 25-27, 79 Grades ...... 113-16 Joint Degree Programs Registered M.S. (in Statistics and Graduate Commission ...... 141 by the New York State Education Operations Research) ...... 28-29, 79 Graduate Finance Association ...... 128 Department ...... 142 M.S. (Statistics and Operations Graduate Management Research)-M.B.A. Program. . . 28, 79, 96 Admission Test (GMAT)...... 94 Langone Program: A Part-Time M.B.A. Mathematical methods in operations Graduate Marketing Association ...... 128 for Working Professionals. . . . 12-13, 105-8 research, see Statistics and Operations Research Graduation Late payment of fees ...... 110, 111 Mathematics for business, see Statistics application for ...... 117 Latin American Business Association . . 128 and Operations Research date...... 117 Late registration and late fee . . . . . 110, 111 Matriculation, continuous...... 105 with distinction ...... 119 Law and Business ...... 86 Maximum Credits in a Major ...... 106 and fees ...... 111 Law and Business, Media and Entertainment New York University Center for ...... 93 prizes ...... 119 Association...... 128 Leaves of absence, see Matriculation, requirements for ...... 117-19 Minicourses, see under individual continuous Guest Accommodations, NYU ...... 124 department course listings Lesbian and Gay Business Association...... 128 Health Center, University...... 125 Net Impact...... 128 Library Services ...... 122 Honor Code ...... 116 Net Present Vocals ...... 128 Loan programs, student...... 101, 110 Housing, see residence accommodations New York State Fellowships and and off-campus housing office Tuition Assistance Program...... 100, 111 Major and Elective Courses, Human resource management, see New York University Doctor of Philosophy Management and Organizational administration ...... 7 Behavior Program...... 32, 105 Board of Trustees ...... 8 M.B.A. Program...... 15-16, 105, 117 deans ...... 7 Immunization...... 104 Management and introduction to ...... 5-7 Incomplete grades ...... 113-14 Organizational Behavior/ Management Communication...... 63-68 New York University Center for Industrial relations and manpower Law and Business ...... 93 management, see Management and courses ...... 63-66 Organizational Behavior doctoral courses ...... 65-66 New York University Salomon Center ...... 88-89 Information Systems...... 23-24, 55-59 Management Communication Courses ...... 66-68

147 Noncredit courses, see Business Writing, Requirements Stern Student Corporation...... 127 Business Writing for International for graduation...... 117-19 Stern Women in Business ...... 128 Students, and Stern Pre-Term for M.B.A. Program...... 10-16 Strategic Operations Club ...... 128 NYU Guest Accommodations...... 124 Progress, Program ...... 104 Strategy and administration, see Scholastic ...... 104 Management and Organizational Off-Campus Housing Office...... 124 Research centers and institutes . . . . . 88-93 Behavior Office of Career Development. . 108, 120-21 Residence accommodations ...... 124 Student Activities Office, M.B.A...... 127 Operations Management ...... 74-77 Resident Assistantships ...... 99 Student Code of Conduct...... 116 advanced courses ...... 75-77 Residency Student Corporation, Stern ...... 127 core course ...... 75 for doctoral students...... 32 Student Groups, M.B.A...... 127-28 majors and nonmajors ...... 75 minimum requirements ...... 118 Student loan programs ...... 101, 110 Operations research, mathematical Returned Checks ...... 110 Student records, access to ...... 115 methods in, see Statistics and Ross, Vincent C., Institute of Student status Operations Research Accounting Research ...... 90-91 change of ...... 107-8 Organizational behavior, see Management definitions of...... 107-8 and Organizational Behavior Sales and Trading Club ...... 128 Overseers, Board of ...... 4 Salomon Center, New York Taxation, see Accounting, Taxation, University ...... 88-89 and Business Law Part-Time M.B.A., Langone Scholarships and fellowships . . . . . 98-100 Technology and New Media Group . . . . 128 Program ...... 12-13, 105-8 Scholastic Requirements...... 104 Test of English as a Foreign Part-time status Sequencing, course ...... 11-13 Language (TOEFL) ...... 94-95 change of ...... 96, 107 Services, School and Time limits definition of ...... 107 University Facilities and...... 122-28 for doctoral students...... 32 Patents, University policy on ...... 116 SpeechMasters ...... 128 for the M.B.A...... 104 Personal computers, proficiency Sports and Recreation Center, for the M.S. (in Statistics and in the use of...... 13 Jerome S. Coles...... 126-27 Operations Research)...... 29 Ph.D. Program ...... 30-32 Statistics and Operations Transcripts of records...... 114 Placement, Research...... 78-83 Transfer credits ...... 106 career development and...... 108, 120-21 actuarial science, Travel directions ...... 143 Prerequisites, Program (M.B.A.) ...... 13 specialization in...... 79, 83 TRIUM Executive M.B.A...... 21-22 Prizes...... 119 courses ...... 79-83 Trustees, Board of ...... 8 Proficiency examinations ...... 107 marketing research, Tuition Assistance Program, Program Initiatives, M.B.A...... 84-87 specialization in...... 79 New York State (TAP) ...... 100, 111 Programs, Overview of...... 9 M.S. (in Mathematics/Statistics and Tuition and fees ...... 109-12 Progress Requirements, Program . . . . . 104 Operations Research) ...... 25-27, 79 arrears policy ...... 111 M.S. (in Statistics and Operations Research) ...... 28-29, 79 deferred tuition plan ...... 110 Quantitative Finance deposit ...... 110 (Financial Engineering)...... 85 M.S. (Statistics and Operations Research)-M.B.A. Program. . . 28, 79, 96 refund of...... 112 Stern Journal ...... 128 tuition remission ...... 109 Readmission, application procedure. . . . 96 Stern Opportunity ...... 128 Real Estate Club ...... 128 Stern Partners ...... 128 Veterans benefits ...... 108 Real Estate Finance ...... 86-87 Stern Pre-Term Records, Access to ...... 115 (noncredit course)...... 11, 12, 13 Washington Square Records, Transcripts of ...... 114 Stern Rugby Club ...... 128 Campus map ...... 144-45 Recruitment and Job Placement ...... 120 Stern Scholar...... 113 Wine Cellar Club ...... 128 Refund of tuition...... 112 Stern School of Business Withdrawal ...... 108 Registration and matriculation . . . . . 102-8 administration ...... 132-33 from Stern ...... 108 Required Core Courses (M.B.A.). . . . . 13-15 faculty ...... 133-41 refund of tuition after...... 112 Required notifications ...... 108 introduction ...... 3 Women in Business, Stern...... 128 travel directions to ...... 143 Writing proficiency requirement . 11-12, 68

148 Directory of Principal School Offices and Services

Office/Service Building Floor/Room No. Telephone No. Admissions KMC* 10-160 998-0600 Advising (Full-Time M.B.A.) KMC 10-160 998-0585 Alumni Outreach Tisch† 534 998-4040 Bookstore (Professional Schools) 530 La Guardia Place 998-4680 Bursar KMC 10-78 998-0630 Computing and Information Technology Tisch 512 998-0170 Dean, Office of the KMC 11-160 998-0900 Development Tisch 531A 998-4161 Doctoral Program Office Tisch 8-11 998-0740 Executive Development Programs KMC 4-51 998-0270 Executive M.B.A. Programs KMC 10-66 998-0789 Financial Aid KMC 10-160 998-0790 Langone Program Office KMC 1-72 998-0590 Library Bobst Library 6th Floor 998-2600 Office of Career Development KMC 5-100 998-0623 Records and Registration KMC 10-80 998-0660 Student Activities KMC 6-50 998-0930 Student Corporation KMC 6-51 995-4411

* Henry Kaufman Management Center—44 West Fourth Street † Tisch Hall—40 West Fourth Street