Message from the Dean
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MESSAGE FROM THE DEAN Since becoming Dean of New York We, therefore, are seeking students University’s Stern School of Business, who have the curiosity and creativity I have made it my mission to lead its to anticipate the pressing questions ascent to the next level of excellence and issues that will shape the future — into the handful of pre-eminent of business education. business schools in the nation. Our location is unmatched, within At the heart of this strategy is easy reach of Wall Street and the research and scholarship. headquarters of many major corpo- Today, the Stern School of rations, allowing us to use New York Business is continuing to build upon City as our laboratory for learning. its tradition of research by attracting Our research centers, which produce not only the best and brightest schol- theoretical insights that guide mana- ars of tomorrow. In this past year, gerial and public policy decision- I urge you to explore our program Professors Adam Brandenburger, making, promote a dynamic dialogue thoroughly and to consider what is Thomas Sargent and Russell Winer with the business and academic com- contained in this book very carefully. have joined our faculty, and we are munity. For example, the Center for Review the testimonials from alumni, determinedly pursuing other Law and Business and the Ross weigh the support provided and renowned scholars and teachers. Institute of Accounting Research track the career paths of those who A vital component of our mission have been in the forefront of research have gone before you. A PhD from is to expand the intellectual parame- and discussion surrounding the issue NYU Stern can open academic doors ters of a business education and of corporate governance. To further around the world. prepare the next generation of leverage our historical strength in If you find that Stern’s PhD pro- researchers and scholars to think international business, we have gram is right for you, I invite you to 1 critically about the issues of the established another academic forum, apply and become a vital part of our modern business world that they will the Global Business Institute. past and future excellence. inhabit. Our goal is to train people Our faculty, numbering over 200, who can carry forward an ambitious is known throughout the world for its Sincerely, research agenda that not only pushes teaching and research prowess. It is the frontiers of knowledge, but will our combination of award-winning also affect the way business people faculty, unrivaled location and our Thomas F. Cooley Dean learn and work. collective commitment to research NYU Stern School of Business that makes NYU Stern’s PhD pro- gram a truly exceptional opportunity. THE DOCTOR OF PHILOSOPHY A MESSAGE FROM THE DIRECTOR PROGRAM The doctoral program at New tion, yet the school’s size allows for a The heart of Stern's doctoral program is a commitment to research and knowledge creation. With nearly 200 full- York University Stern School of large number of specialized PhD time faculty members engaged in a broad array of research activities spanning nine academic areas, Stern offers its doctoral Business prepares students for faculty courses from which to choose. Stern’s students opportunities to work with distinguished scholars who are recognized as leaders in their fields. Based on a study positions at the finest universities in New York City location also has published in the December 2000 issue of the Academy of Management Journal, Stern ranked fourth out of more than 400 the world. In choosing among doc- special advantages for doctoral universities for faculty research productivity in top-tier journals. Five of Stern's disciplines placed in the top 10, including toral programs, the most important students. Through the faculty’s guished alumni are the present finance, which ranked third; management, which ranked fourth; marketing, which ranked sixth; information systems, which characteristics one should examine partnerships with the global busi- chairman of the Federal Reserve ranked ninth; and insurance, international business and real estate, which ranked tenth. are each school’s research environ- nesses located in New York, students Board, as well as faculty at universi- ment and research output. The size have unique access to comprehensive ties around the US and the world, The size of Stern's faculty and the depth of its research expertise enable doctoral students to pursue personalized and strength of Stern’s faculty ensure data unavailable anywhere else, an including Berkeley, Chicago, programs of study, and the PhD program's intimacy (approximately 20-25 candidates enroll each fall) ensures that students that whatever your research focus advantage that becomes crucial in Columbia, Cornell, Harvard, receive one-on-one attention from professors. In fact, many of Stern's PhD students will partner with faculty and publish in may be and however it may evolve in writing dissertations. In addition, Michigan, MIT, North Carolina, top journals even before they complete the program. the future, you will have distin- Stern’s location and large MBA Northwestern, Rochester, Stanford, Stern's location is another valuable resource for students. The School maintains close ties with New York's global guished faculty members who can student body keep faculty in close UCLA, USC, Wharton, Wisconsin, business community, giving doctoral candidates access to an unparalleled concentration of data located within nearby train you and share your interests. contact with real-world problems, Yale, INSEAD and the London This atmosphere is different from constraints and conditions, which is Business School. financial institutions and business firms. Stern's location in the nation's business capital also means that faculty members schools with small departments, helpful to students working on We welcome your interest in have connections to important industry practitioners and influential policy makers, ensuring that their academic expertise is where students’ research is dictated dissertations. Stern and invite you to explore our complemented by the latest knowledge of its real-world applications. by the special interests of the faculty Stern is proud of the placement doctoral program. Doctoral students focus their studies in one of the following areas - accounting, economics, finance, infor- in each area. Stern gives its doctoral record of its PhD program. In fact, mation systems, marketing, operations management, organizational behavior/organization theory, statistics and strategy. The 2 students the best of both worlds - according to the Financial Times’ 3 students receive personalized atten- 2003 MBA rankings, Stern placed doctoral program deepens a student's understanding of his or her chosen field of study and of the research methods cru- second among U.S. business schools, Edwin J. Elton cial to independent academic investigations. A student's main motivation for pursuing doctoral study should be the desire to following Wharton, in the doctoral Director of the Doctoral Program Nomura Professor of Finance feed curiosity and exercise intellectual abilities through a rigorous and comprehensive research regimen. rating category, a measure of both NYU Stern School of Business The primary purpose of Stern's PhD program is to prepare students for faculty positions at leading academic the quality and number of PhD institutions. Recent graduates have been placed in academic appointments at the University of Chicago, Stanford University placements. Among our distin- and the University of Pennsylvania’s Wharton School. (For more detailed placement information see page 44.) Other alumni have chosen to pursue research careers in the corporate or public sectors. For example, the World Bank, the banks of the Federal Reserve and AT&T Labs currently employ Stern PhD graduates. Read on to learn more about the expertise of Stern's principal doctoral faculty and their corresponding areas of academic specialization. LEADERS IN THEIR FIELD Commitment to research … a passion for teaching … global perspective. The bedrock of any and teaching skills are recognized worldwide. In addition, many of Stern's faculty members are on the academic institution is the quality of its faculty, and by this measure, Stern is at the forefront. As shown editorial boards of leading research journals. Stern's faculty is also one of the most international of the below and in the pages that follow, nearly 200 full-time members of Stern's faculty include current and leading business schools, broadening the scope of the PhD experience. past presidents of academic associations, award-winning authors and scores of scholars whose research 4 5 Martin Gruber Edwin Elton Thomas Cooley Roy Radner Thomas Sargent Russell Winer Jacob Jacoby James Ohlson Stephen Brown Elizabeth Morrison Robert Engle Richard Sylla William Starbuck Finance Finance Economics Economics and Economics Marketing Marketing Accounting Finance Management Finance Economics Management Information Systems Fellow and Past Fellow and Past Past President, Past President, Past Chairman, The Past President, Twice Recipient Past President, Past Recipient, Academy Nobel Prize in President, Economic Fellow and Past President, President, Society for Fellow, National Society for Economic Marketing College of Society for Consumer of the American Western Finance of Management’s Economics 2003 History Association President, Academy of American Finance American Finance Economic Dynamics Academy of Sciences Dynamics and The Institute