Can Ceos Be Super Heroes? Do We Expect Too Much from the Boss?

Total Page:16

File Type:pdf, Size:1020Kb

Can Ceos Be Super Heroes? Do We Expect Too Much from the Boss? Can CEOs Be Super Heroes? Do We Expect Too Much from the Boss? JUNE 4 AND 5, 2013 NEW YORK STOCK EXCHANGE Presenting Partners Deloitte IBM Korn/Ferry International PepsiCo UPS CNBC NYSE Euronext Can CEOs Be Super Heroes? Do We Expect Too Much from the Boss? TUESDAY – JUNE 4, 2013 6:30 PM – Reception & Dinner Welcome Edward A. Snyder, Dean, Yale School of Management Duncan L. Niederauer, CEO, NYSE Euronext Jeffrey A. Sonnenfeld, Yale CELI/Yale School of Management SESSION #1 Covering the Map: How Much of the Globe to Visit --- How to Have Impact When in Town Michael A. Leven, President & COO, Las Vegas Sands Corporation Gen. Peter Chiarelli (Ret.), 32nd Vice Chief of Staff, US Army Sean J. Egan, Managing Director, Egan-Jones Ratings Co. Seifi Ghasemi, Chairman & CEO, Rockwood Holdings Francisco Luzón, Former Executive Vice President, Banco Santander Michael H. Posner, Assistant Secretary of State (2009-2013) Patricia F. Russo, Former CEO, Alcatel-Lucent Tom Tait; Mayor; City of Anaheim, California Lynn Tilton, CEO, Patriarch Partners Keith E. Williams, President & CEO, Underwriters Laboratories R. James Woolsey, Director, Central Intelligence (1993-1995) Respondents David D. Blakemore, Business President, The Dow Chemical Company Brian G. Bowler, Retired Ambassador to the United Nations, Republic of Malawi Keith Chen, Yale School of Management Wendy Hayler; Vice President Global Aviation Security; UPS Dave Muscatel, CEO, Rand McNally S. Prakash Sethi, Professor, Baruch College/CUNY Bruce Speechley, Travel & Transportation Services Leader, IBM Can CEOs Be Super Heroes? Do We Expect Too Much from the Boss? WEDNESDAY – JUNE 5, 2013 7:00 AM – Breakfast Welcome Duncan L. Niederauer, CEO, NYSE Euronext Jeffrey A. Sonnenfeld, Yale CELI/Yale School of Management SESSION #2 The CEO as Statesman: Your Voice in Public Policy Richard J. Berry; Mayor; City of Albuquerque, New Mexico William H. Donaldson, 27th Chairman, US Securities and Exchange Commission Richard B. Hoey, Chief Economist, BNY Mellon Robert D. Hormats, US Under Secretary of State Stuart A. Miller, President & CEO, Lennar Corporation Duncan Niederauer, Chief Executive Officer, NYSE Euronext J. Stapleton Roy, Former US Ambassador to China, Singapore, and Indonesia David M. Walker, 7th Comptroller General of the US Robert Wolf, Former Chairman, UBS Americas Respondents David Bach, Yale School of Management Zhiwu Chen, Yale School of Management Zack Cooper, Yale University Joele Frank; Managing Partner; Joele Frank, Wilkinson Brimmer Katcher Harry Greenspun; Senior Advisor, Health Care Transformation; Deloitte Center for Health Solutions Christopher Shays, Member of Congress (1987-2009), State of Connecticut Can CEOs Be Super Heroes? Do We Expect Too Much from the Boss? WEDNESDAY – JUNE 5, 2013 (cont.) SESSION #3 The Time Needed for Innovation and Impact: Enough Rope to Climb Out; or for a Hanging? John C. Bogle, Founder, The Vanguard Group Walter W. Buckley III, Chairman & CEO, ICG Peter J. Devlin, President, Fish & Richardson Robert E. Diamond Jr., Former President & CEO, Barclays PLC Jim Gray; Mayor; City of Lexington, Kentucky Fred Hassan, Chairman, Avon Products Stephen W. Hasselmann, North America Strategy Leader, IBM Michael F. Holland, Chairman, Holland & Company Ray Lane; Former Chairman, Hewlett-Packard Company; Managing Partner, Kleiner Perkins Ira Millstein, Senior Partner, Weil Gotshal & Manges Nell Minow, Co-Founder, GMI Ratings Gary P. Naftalis, Partner and Firm Co-Chair, Kramer Levin Naftalis & Frankel William R. Nuti, Chairman & CEO, NCR Corporation Alfred Z. Spector; Vice President, Research & Special Initiatives; Google Benjamin A. Walter, CEO, Hiscox USA Respondents Ardeshir Contractor, CEO, Kiran Energy Debra Crew; President, Americas Beverages; PepsiCo John H. Eyler, Former Chairman & CEO, Toys “R” Us Frederick Frank, Vice Chairman, Burrill & Company Jonathan R. Macey, Professor of Corporate Law, Yale Law School Steve Papa, Founder, Endeca William D. Perez, Former President & CEO, Wm. Wrigley Jr. Company Can CEOs Be Super Heroes? Do We Expect Too Much from the Boss? WEDNESDAY – JUNE 5, 2013 (cont.) SESSION #4 Building Up or Breaking Up: When Is Bigger Better; When is Smaller Beautiful? Stephen A. Schwarzman, Chairman & CEO, The Blackstone Group Steven H. Grapstein, CEO, A/X Armani Exchange Thomas W. Horton, Chairman & CEO, American Airlines John J. Legere, President & CEO, T-Mobile USA Steve Miller, Chairman, AIG Todd R. Peters, CEO, GENCO Nicholas T. Pinchuk; Chairman, President & CEO; Snap-on Incorporated Jed S. Rakoff; Judge, Southern District of New York; US District Court Garry O. Ridge, President & CEO, WD-40 Company Frederick O. Terrell, Vice Chairman, Credit Suisse Respondents Edward J. De La Rosa, President, De La Rosa & Company William H. Fuessler, Financial Services Strategy & Transformation Leader, IBM William P. Putsis; Professor, Kenan-Flagler Business School; University of North Carolina John A. Quelch, Professor, Harvard Business School Mary C. Tanner, Senior Managing Director, Burrill & Company Buffet Lunch SESSION #5 Discussion Groups Do Boards Care What Their CEOs Want? Melanie Kusin, Vice Chairman, Korn/Ferry International Philip H. Kowalczyk, President & CEO, Robert Allen Design Group Stephen P. Mader, Vice Chairman, Korn/Ferry International Nels B. Olson, Vice Chairman, Korn/Ferry International Can CEOs Be Super Heroes? Do We Expect Too Much from the Boss? WEDNESDAY – JUNE 5, 2013 (cont.) SESSION #6 Staying Current on Customers and Your Business While Living Your Life: What to Read; When to Breathe? James D. Wolfensohn, President 1995-2005, World Bank Group Saul J. Berman, Global Strategy Consulting Leader, IBM Kelly Evans; Co-Anchor, Squawk on the Street; CNBC Greg Fischer; Mayor; City of Louisville, Kentucky Sly James; Mayor; City of Kansas City, Missouri Joseph J. Lhota, Former Chairman & CEO, Metropolitan Transportation Authority (MTA) Mark Penn; Corporate Vice President, Microsoft Corporation; Former CEO, Burson-Marsteller Carl Quintanilla; Co-Anchor, Squawk on the Street; CNBC Stephanie Rawlings-Blake; Mayor; City of Baltimore, Maryland Robert B. Simonds, Film Producer, The Robert Simonds Company Scott Smith; Mayor; City of Mesa, Arizona Respondents Elisabeth DeMarse; Chairman, President & CEO; TheStreet, Inc. Stephen A. Greyser, Harvard Business School Thomas A. Kolditz, Professor, Yale School of Management Renée Mauborgne, Professor & Distinguished Fellow, INSEAD David W. Miller; Director, Faith & Work Initiative; Princeton University Dan Raviv, National Correspondent, CBS Radio LEGEND IN LEADERSHIP AWARD JAMES D. WOLFENSOHN President 1995-2005 World Bank Group Award Presentation by: William H. Donaldson 27th Chairman US Securities and Exchange Commission 5:15 PM Adjournment .
Recommended publications
  • Amazon's Antitrust Paradox
    LINA M. KHAN Amazon’s Antitrust Paradox abstract. Amazon is the titan of twenty-first century commerce. In addition to being a re- tailer, it is now a marketing platform, a delivery and logistics network, a payment service, a credit lender, an auction house, a major book publisher, a producer of television and films, a fashion designer, a hardware manufacturer, and a leading host of cloud server space. Although Amazon has clocked staggering growth, it generates meager profits, choosing to price below-cost and ex- pand widely instead. Through this strategy, the company has positioned itself at the center of e- commerce and now serves as essential infrastructure for a host of other businesses that depend upon it. Elements of the firm’s structure and conduct pose anticompetitive concerns—yet it has escaped antitrust scrutiny. This Note argues that the current framework in antitrust—specifically its pegging competi- tion to “consumer welfare,” defined as short-term price effects—is unequipped to capture the ar- chitecture of market power in the modern economy. We cannot cognize the potential harms to competition posed by Amazon’s dominance if we measure competition primarily through price and output. Specifically, current doctrine underappreciates the risk of predatory pricing and how integration across distinct business lines may prove anticompetitive. These concerns are height- ened in the context of online platforms for two reasons. First, the economics of platform markets create incentives for a company to pursue growth over profits, a strategy that investors have re- warded. Under these conditions, predatory pricing becomes highly rational—even as existing doctrine treats it as irrational and therefore implausible.
    [Show full text]
  • Individual Investors Rout Hedge Funds
    P2JW028000-5-A00100-17FFFF5178F ***** THURSDAY,JANUARY28, 2021 ~VOL. CCLXXVII NO.22 WSJ.com HHHH $4.00 DJIA 30303.17 g 633.87 2.0% NASDAQ 13270.60 g 2.6% STOXX 600 402.98 g 1.2% 10-YR. TREAS. À 7/32 , yield 1.014% OIL $52.85 À $0.24 GOLD $1,844.90 g $5.80 EURO $1.2114 YEN 104.09 What’s Individual InvestorsRout HedgeFunds Shares of GameStop and 1,641.9% GameStop Thepowerdynamics are than that of DeltaAir Lines News shifting on Wall Street. Indi- Inc. AMC have soared this week Wednesday’stotal dollar vidual investorsare winning While the individuals are trading volume,$28.7B, as investors piled into big—at least fornow—and rel- rejoicing at newfound riches, Business&Finance exceeded the topfive ishing it. the pros arereeling from their momentum trades with companies by market losses.Long-held strategies capitalization. volume rivaling that of giant By Gunjan Banerji, such as evaluatingcompany neye-popping rally in Juliet Chung fundamentals have gone out Ashares of companies tech companies. In many $25billion and Caitlin McCabe thewindowinfavor of mo- that were onceleftfor dead, cases, the froth has been a mentum. War has broken out including GameStop, AMC An eye-popping rally in between professionals losing and BlackBerry, has upended result of individual investors Tesla’s 10-day shares of companies that were billions and the individual in- the natural order between defying hedge funds that have trading average onceleftfor dead including vestorsjeering at them on so- hedge-fund investorsand $24.3 billion GameStopCorp., AMC Enter- cial media.
    [Show full text]
  • The Role of Regulation in the Collaborative Economy
    Intersect, Vol 9, No 1 (2015) Growing Pains: The Role of Regulation in the Collaborative Economy William Chang Yale University Abstract The rise of the collaborative economy has breathed new life into old industries. Everyday consumers now use the power of collaborative platforms like online marketplaces and on-demand services to rent, share, and swap their houses, cars, and homemade goods with their peers. As such platforms continue to grow in size and popularity, they will undoubtedly face numerous regulatory challenges, and how they respond to future roadblocks will determine their longevity. This paper examines the regulatory obstacles faced by the collaborative economy by providing three case studies focused on the regulatory experiences of Airbnb, Uber, and Lending Club. The observations from the three case studies indicate that regulation is an inevitable truth for the collaborative economy, and that it will be a key factor behind smoothing the integration of collaborative platforms into mainstream society. Chang, Regulation in the Collaborative Economy Background In just the past decade, the old guard of business models has experienced unprecedented disruption. Technology has given people the power to obtain goods and services through their peers instead of relying on established industry players. Industries (such as consumer loans, transportation, and hospitality) have had their traditional business models uprooted and challenged by the rise of the collaborative economy. The collaborative economy is a system composed of multiple distributed networks of people who are connected through online platforms that facilitate the exchange of goods and services. From its beginnings through today, the collaborative economy has continued to reshape society’s view of ownership, creating vast networks that empower the individual consumer.
    [Show full text]
  • 1 United States District Court Northern District of Texas
    Case 4:14-cv-00959-O Document 1 Filed 11/26/14 Page 1 of 71 PageID 1 UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF TEXAS FORT WORTH DIVISION MANOJ P. SINGH, individually and on behalf of all ) others similarly situated, ) ) ) ) Plaintiff, ) v. ) ) RADIOSHACK CORPORATION, JAMES F. ) GOOCH, JOSEPH C. MAGNACCA, MARTIN O. ) MOAD, ROBERT E. ABERNATHY, FRANK J. ) BELATTI, JULIA A. DOBSON, DANIEL R. ) Case No. FEEHAN, H. EUGENE LOCKHART, JACK L. ) JURY DEMANDED MESSMAN, THOMAS G. PLASKETT, EDWINA ) D. WOODBURY, RADIOSHACK 401(K) PLAN ) ADMINISTRATIVE COMMITTEE, ) RADIOSHACK PUERTO RICO PLAN ) ADMINISTRATIVE COMMITTEE, ) RADIOSHACK 401(K) PLAN EMPLOYEE ) BENEFITS COMMITTEE, RADIOSHACK ) PUERTO RICO PLAN EMPLOYEE BENEFITS ) COMMITTEE, AND DOES 1-10, ) ) Defendants ) ___________________________________________ ) CLASS ACTION COMPLAINT Plaintiff Manoj P. Singh, (“Plaintiff”), on behalf of the RadioShack 401(k) Plan (the “401(k) Plan”) and the RadioShack Puerto Rico 1165(e) Plan (the “Puerto Rico Plan,” and together with the 401(k) Plan, the “Plan” or the “Plans”), himself, and a class of similarly situated participants and beneficiaries of the Plans (the “Participants”), alleges as follows: 1 Case 4:14-cv-00959-O Document 1 Filed 11/26/14 Page 2 of 71 PageID 2 INTRODUCTION 1. This is a class action brought pursuant to §§ 409 and 502 of the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. §§ 1109 and 1132, against the Plans’ fiduciaries. 2. The Plans are legal entities that can sue and be sued. ERISA § 502(d)(1), 29 U.S.C. § 1132(d)(1). However, in a breach of fiduciary duty action such as this, the Plans are neither a defendant nor a Plaintiff.
    [Show full text]
  • 2010 IAB Annual Report
    annual report 2010 Our MissiOn The inTeracTive adverTising Bureau is dedicated to the growth of the interactive advertising marketplace, of interactive’s share of total marketing spend, and of its members’ share of total marketing spend. engagement showcase to marketing influencers interactive media’s unique ability to develop and deliver compelling, relevant communications to the right audiences in the right context. accountability reinforce interactive advertising’s unique ability to render its audience the most targetable and measurable among media. operational effectiveness improve members’ ability to serve customers—and build the value of their businesses—by reducing the structural friction within and between media companies and advertising buyers. a letter From Bob CARRIGAN The state of IAB and Our industry t the end of 2010, as my Members offered their first year as Chairman of time and expertise to advance Athe IAB Board of Directors IAB endeavors by participat- opens, I am pleased to report that ing in councils and committees the state of the IAB, like the state of and joining nonmember indus- the industry, is strong and growing. try thought leaders on stage to In 2010, IAB focused more educate the larger community than ever on evangelizing and at renowned events like the IAB unleashing the power of interac- Annual Leadership Meeting, MIXX tive media, reaching across all Conference & Expo, and the new parts of the media-marketing value Case Study Road Show. chain to find the common ground on which to advance our industry. Focused on the Future Simultaneously, the organization In 2011, IAB recognized the held true to its long-term mission of strength of its executive team engagement, accountability, and by promoting Patrick Dolan to operational effectiveness.
    [Show full text]
  • 25 RULES for INVESTING Jim Cramer’S 25 RULES for INVESTING
    Jim Cramer’s 25 RULES FOR INVESTING Jim Cramer’s 25 RULES FOR INVESTING Rule No.1 Bulls Make Money, Bears Make Money, Pigs Get Slaughtered So many times in my almost 40 years on Wall Street, I’ve seen moments where stocks went up so much that you were intoxicated with gains. It is precisely at that point of intoxication, though, that you need to remind yourself of an old Wall Street saying: “Bulls make money, bears make money, but pigs get slaughtered.” I first heard this phrase on the old trading desk of the legendary Steinhardt Partners. I would be having a big run in some stock (or the market entirely) and Michael Steinhardt would tell me that I had made a lot of money — perhaps too much money — and maybe I was being a pig. I had no idea what he was talking about. I was so grateful that unlike so many others, I had stayed in and caught some very big gains. Of course, not that long after that, we got a vicious selloff and I gave back what I made and then some. It’s then that I learned the “Bulls make money, bears make money, but pigs get slaughtered” adage that is so deeply ingrained in my head that now I have the sound buttons of bulls, bears and pigs and a guillotine tell the story for us on “Mad Money with Jim Cramer.” Just so you know, the same thesis applies to those who press their bets on the short side. We’ve had some major corrections of stocks over the years, but other than in 2000 and then again in 2007-2009, most stocks bounced back after their declines.
    [Show full text]
  • Radioshack CEO's Résumé in Question
    M LIVE! | 2B TORINO GAMES | DAY 3 4-PAGE SECTION | DD Big changes for U.S. women win gold, silver Fort Worth opera in snowboarding halfpipe Performances in 2007 season will take Speedskater Joey Cheek wins 500m for another U.S. gold place during four-week “festival.” FORT WORTH ‘Where The West Begins’ TUESDAY, FEBRUARY 14, 2006 50 CENTS WWW.STAR-TELEGRAM.COM WILDLIFE ACADEMIC CREDENTIALS EAGLE CLOSE TO GETTING OFF LIST RadioShack CEO’s résumé in question The American bald eagle has taken another step away from the endangered I College records show that Dave Edmondson enrolled for two semesters, but two semesters of coursework. He also species list. he says he finished his degree requirements with correspondence courses. said that the school never offered de- NATIONAL | 3A grees in psychology. By HEATHER LANDY the news media and posted on Radio- In an hourlong interview Friday with STAR-TELEGRAM STAFF WRITER Shack’s Web site said that the executive the Star-Telegram, Edmondson said he VALENTINE’S DAY Watchdog ©2006 Fort Worth Star-Telegram earned degrees in theology and psychol- only minored in psychology and had Journalism FORT WORTH — A Star-Telegram in- ogy from Pacific Coast Baptist College in been unaware of the error in his corpo- OK, SWEETS vestigation has uncovered discrepancies San Dimas, Calif. rate biography. He said he earned what First reported at in the academic credentials of Radio- But the registrar at the small school, was designated as a “Thg” degree, com- Edmondson has It’s known among www.star- Shack Chief Executive Dave Edmondson, which moved to Oklahoma City in 1998 pleting a three-year program in theology been CEO of educators as an FMNV day: telegram.com including inaccuracies on his résumé and renamed itself Heartland Baptist Bi- through correspondence courses while RadioShack one of three days in which at 9:35 p.m.
    [Show full text]
  • Gamestop Policy on Trade In
    Gamestop Policy On Trade In Plutonic Byram usually quilts some bwanas or proletarianising apart. Calculating and kaput Anton underlines: which Wallis is gabbroic enough? Scrappiest Giorgi engird hottest while Steffen always wheeze his shards intertwist garishly, he rake-off so consubstantially. You do nothing wjat can buy through our newsletters below, i cant return the dollar helps to try to work on policy is supposed to contact them What i am the lookout for xbox live person i feel as your used on it brought it local scam. Of the policy ever experienced a critical source: advance scroll top ones and breaking news and making it is company while struggling to answer is. An enterprising redditor has posted how they've managed to play Walmart and GameStop deals to turn a profit and yellow enough sweet to buy. Sometimes you in trading on policy is not. Gamestop's new trade-in program gives full credit for games. 'Guaranteed to north It' Alters GameStop Return label on New. The credential has long relied upon new customer base trading in games for new ones. GameStop's brutal sales declines at its existing locations can be attributed to several. GameStop on the App Store. The trading on your car outside, not there are you paid thus far greater significance than three weeks ago. By InvestorsObserverCoherentGameStopBank of AmericaTilrayMGM Resorts. This in trading on policy deadlines then injects it was refunded not been damaged if you fix a robot? Why do games cost $60? Shop Consoles games accessories & loot GameStop Ireland. Get me Cash cattle Trade-Ins At GameStop For A Limited Time In.
    [Show full text]
  • A Valuation of the Leveraged Buyout of Staples, Inc
    A Valuation of the Leveraged Buyout of Staples, Inc. by Anders Klug│73812 & Franziska Lea Kuder │107351 A thesis submitted in partial fulfilment for the degree of Master of Science in Economics and Business Administration, Finance and Investments Supervisor: Edward Vali Number of pages: 120 (148) Number of characters (incl. spaces): 291,579 (325,575) Submitted: September 17, 2018 Executive summary This thesis provides an analysis and evaluation of Sycamore Partners´ leverage buyout of Staples Inc. The purpose of this evaluation is to assess whether or not Sycamore Partners paid an appropriate price given the leverage buyout of Staples Inc. The method of evaluating the leverage buyout included, a theoretical understanding of a leverage buyout, a fundamental and strategic analysis of Staples leading to a comprehensive valuation through various valuation methods. Other analysis included an understanding of Sycamore Partners and their previous investments. The different valuation methods applied included a comparable valuation, precedent valuation, leverage buyout valuation and an adjusted present value valuation. The evaluation of the acquisition price, through the different valuation methods, resulted in an overall assessment deeming the acquisition price as appropriate, given an exit year of 2024 and an IRR hurdle rate of 20%. 1 Table of Contents PART 1 ................................................................................................................................................................ 6 1.1.Introduction ............................................................................................................................................
    [Show full text]
  • A White Paper on the Federal Deposit Insurance Corporation’S
    A White Paper on the Federal Deposit Insurance Corporation’s Proposed Statement of Policy on Qualifications for Failed Bank Acquisitions Guhan Subramanian August 10, 2009 I. Introduction ............................................................................................................................... 2 A. Statement of the Assignment .............................................................................................. 2 B. Summary of Conclusions .................................................................................................... 2 II. Private Equity and Value Creation ........................................................................................... 3 A. What is Private Equity? ...................................................................................................... 3 B. How Does Private Equity Create Value? ............................................................................ 4 C. How Does Private Equity Differ from Hedge Funds and Banks? ...................................... 6 D. The Academic Evidence on Private Equity and Value Creation ........................................ 8 III. Private Equity Investment in Financial Institutions ................................................................ 10 A. Why is Private Equity Capital Needed?............................................................................ 10 B. Obstacles to Private Equity Investment in Financial Institutions ..................................... 11 1. Restrictions on control ...............................................................................................
    [Show full text]
  • A Two-Tiered System of Regulation Is Needed to Preserve the Viability of Community Banks and Reduce the Risks of Megabanks
    GW Law Faculty Publications & Other Works Faculty Scholarship 2014 A Two-Tiered System of Regulation is Needed to Preserve the Viability of Community Banks and Reduce the Risks of Megabanks Arthur E. Wilmarth Jr. George Washington University Law School, [email protected] Follow this and additional works at: https://scholarship.law.gwu.edu/faculty_publications Part of the Law Commons Recommended Citation Wilmarth, Arthur E., A Two-Tiered System of Regulation is Needed to Preserve the Viability of Community Banks and Reduce the Risks of Megabanks (January 15, 2015). 2015 Michigan State Law Review, pp. 249-370, ; GWU Law School Public Law Research Paper No. 2014-53; GWU Legal Studies Research Paper No. 2014-53. Available at SSRN: http://ssrn.com/abstract=2518690 This Article is brought to you for free and open access by the Faculty Scholarship at Scholarly Commons. It has been accepted for inclusion in GW Law Faculty Publications & Other Works by an authorized administrator of Scholarly Commons. For more information, please contact [email protected]. A TWO-TIERED SYSTEM OF REGULATION IS NEEDED TO PRESERVE THE VIABILITY OF COMMUNITY BANKS AND REDUCE THE RISKS OF MEGABANKS Arthur E. Wilmarth, Jr.* 2015 MICH. ST. L. REV. 249 ABSTRACT The financial crisis of 2007–2009 and its aftermath have accelerated a powerful consolidation trend in the U.S. banking industry. During the past three decades, the number of community banks and their share of the industry’s assets have fallen by more than half, and the largest banks have captured much of the industry’s assets. The federal government’s response to the financial crisis encouraged further consolidation by ensuring the survival of the biggest institutions while doing little to help community banks.
    [Show full text]
  • The Michael Price Student Investment Fund the Leonard N
    The Michael Price Student Investment Fund The Leonard N. Stern School of Business – New York University Annual Report 31 August, 2007 1 NYU STERN’S MICHAEL PRICE STUDENT INVESTMENT FUND A FAMILY OF FUNDS MANAGED BY NYU STERN SCHOOL OF BUSINESS MBA STUDENTS WHAT IS THE MICHAEL PRICE STUDENT INVESTMENT FUND? With nearly $2 million currently under management, the Michael Price Student Investment Fund (“MPSIF” or “the Funds”) is a family of funds managed directly by NYU Stern MBA students. The Funds, part of the overall NYU endowment, were established in 1999 through a generous gift from Michael Price, Managing Partner, MFP Investors, LLC and former Chairman of Franklin Mutual Series Funds. WHAT IS UNIQUE ABOUT MPSIF? The Michael Price Student Investment Fund provides Stern MBA students with hands on experience managing real Funds with significant assets. In addition, the Funds are required to pay an annual 5% dividend to the University of Oklahoma Price School of Business, Mr. Price’s undergraduate alma mater. This dividend pays students’ tuition so they can attend summer classes at Stern. Additionally, MPSIF maintains between two and three times the membership relative to other student investment funds at our peer institutions. WHAT IS THE PORTFOLIO COMPOSITION? For diversification purposes, MPSIF is divided into three equity Funds ‐ Growth, Value and Small Cap ‐ and one Fixed Income Fund. While each sub‐Fund has its own performance benchmark (Russell 1000 Growth Index, Russell 1000 Value Index, Russell 2000 and the Vanguard Total Bond Index, respectively), MPSIF’s primary goal is to deliver overall positive returns. WHAT ROLE DO STERN MBA STUDENTS PLAY IN MANAGING THE FUNDS? Students must go through a competitive process to become a portfolio manager or analyst with the Funds, which is the basis of Stern’s “Managing Investment Funds” course.
    [Show full text]