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- The size of Stern's faculty and the depth of its research expertise enable doctoral students to pursue personalized ment and research output. The size have unique access to comprehensive ties around the US and the world, programs of study, and the PhD program's intimacy (approximately 20-25 candidates enroll each fall) ensures that students and strength of Stern’s faculty ensure data unavailable anywhere else, an including Berkeley, Chicago, receive one-on-one attention from professors. In fact, many of Stern's PhD students will partner with faculty and publish in that whatever your research focus advantage that becomes crucial in Columbia, Cornell, Harvard, top journals even before they complete the program. may be and however it may evolve in writing dissertations. In addition, Michigan, MIT, North Carolina, Stern's location is another valuable resource for students. The School maintains close ties with New York's global the future, you will have distin- Stern’s location and large MBA Northwestern, Rochester, Stanford, business community, giving doctoral candidates access to an unparalleled concentration of data located within nearby guished faculty members who can student body keep faculty in close UCLA, USC, Wharton, Wisconsin, financial institutions and business firms. Stern's location in the nation's business capital also means that faculty members train you and share your interests. contact with real-world problems, Yale, INSEAD and the London have connections to important industry practitioners and influential policy makers, ensuring that their academic expertise is This atmosphere is different from constraints and conditions, which is Business School. complemented by the latest knowledge of its real-world applications. schools with small departments, helpful to students working on We welcome your interest in Doctoral students focus their studies in one of the following areas - accounting, economics, finance, infor- where students’ research is dictated dissertations. Stern and invite you to explore our mation systems, marketing, operations management, organizational behavior/organization theory, statistics and strategy. The by the special interests of the faculty Stern is proud of the placement doctoral program. in each area. Stern gives its doctoral record of its PhD program. In fact, doctoral program deepens a student's understanding of his or her chosen field of study and of the research methods cru-

2 students the best of both worlds - according to the Financial Times’ cial to independent academic investigations. A student's main motivation for pursuing doctoral study should be the desire3 to students receive personalized atten- 2003 MBA rankings, Stern placed feed curiosity and exercise intellectual abilities through a rigorous and comprehensive research regimen. second among U.S. business schools, Edwin J. Elton The primary purpose of Stern's PhD program is to prepare students for faculty positions at leading academic Director of the Doctoral Program following Wharton, in the doctoral institutions. Recent graduates have been placed in academic appointments at the University of Chicago, Stanford University Nomura Professor of Finance rating category, a measure of both NYU Stern School of Business and the University of Pennsylvania’s Wharton School. (For more detailed placement information see page 44.) Other alumni

the quality and number of PhD have chosen to pursue research careers in the corporate or public sectors. For example, the World Bank, the banks of the

placements. Among our distin- 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 of Psychology Accounting Association Cummings Scholar Management Association Association and Control and the American Control Management Sciences Association’s Notable Award Fellow, American Academy of Arts and Past President, Contribution to Academy of Arts Fellow, Econometrics Sciences Fellow, National Association for Accounting and Sciences Society Academy of Sciences Consumer Research Literature Award and the American Academy of Arts and Sciences ACCOUNTING

“My dissertation chairperson, Professor Eli Bartov, listened to all of my ideas and spent many hours discussing my dissertation with me. He also gave me valuable guidance on every aspect of my future academic career.”

Yonca Ertimur, Assistant Professor Stern’s accounting department, which consistently ranks among the top 10 programs in the U.S. News Stanford University Graduate School of Business & World Report’s graduate school rankings, consists of a diverse and distinguished group of faculty.Therefore, students Stern PhD Alumna, 2003 have the opportunity to pursue interests spanning all areas of accounting research and are trained by leaders in “The greatest strength of Stern’s accounting PhD program is the training provided by some of the best and most their field. Fields of specialization cover a wide range of topics including equity valuation and accounting data, renown researchers in the field. In my case, working with Professor Baruch Lev provided insight into cutting-edge quality of earnings analysis, earnings manipulation, valuation of intangible (knowledge) assets, and corporate research ideas which formed the base for my dissertation.” governance and accounting data. These topics are covered from both theoretical and empirical perspectives.

Shyam V. Sunder, Jacobs Scholar/Assistant Professor Leveraging its ties with New York City, the department maintains close relationships with the accounting Kellogg School of Management, Northwestern University profession and today’s industry leaders. In addition to co-sponsoring annual conferences with leading professional Stern PhD Alumnus, 2002 firms and organizations, the department also edits and publishes one of the top five academic accounting journals, the Journal of Accounting, Auditing and Finance. Members of Stern’s accounting faculty publish regularly in such leading academic journals as the Journal of Accounting Research, the Journal of Accounting and Economics and the Accounting Review. The Ross Institute of Accounting Research, a research center at Stern that is a leader in current accounting issues, provides students with access to leading thinkers and researchers. The PhD program in accounting has benefited from the department’s strong momentum and growth in recent years. It has developed into a very selective program with a nurturing environment where each student receives individualized attention and mentoring. These developments have translated into excellent recent place- ments of our graduates. Recent graduates are now on the accounting faculty at such schools as Northwestern University, Stanford University, University of California at Davis and Washington University in St. Louis.

PRINCIPAL DOCTORAL Eli Bartov Paul Brown Frederick D.S. Choi FACULTY Professor of Accounting Professor of Accounting; Vice Dean and Dean BA (1977), Tel Aviv CPA of the Undergraduate Kashi R. Balachandran University (Israel) AB (1972), Franklin and College; Professor of Accounting PhD (1989), University of Marshall College Dean Abraham Gitlow BE (1962), University of California, Berkeley PhD (1979), University of Professor in Accounting Madras (India) Research interests include Texas-Austin BBA (1965), MBA (1968), PhD (1968), University of market efficiency and Research interests include University of Hawaii 6 PhD (1972), University of 7 California, Berkeley accounting information, policy formation and Washington Research interests include earnings management and analysis, behavioral Research interests include managerial accounting for earnings expectation man- dimensions of accounting international financial firms with new manufac- agement, and international and auditing, financial reporting and control, turing processes, manage- accounting. statement analysis, and comparative accounting, ment science applications internal reporting stan- foreign exchange account- in accounting, information John Bildersee dards and practices. Editor ing and changing prices economics, transfer pricing Professor of Accounting of the Journal of Financial and capital market effects under uncertainty, stochas- AB (1966), Princeton Statement Analysis. of accounting/disclosure. tic processes and costs in University service centers. PhD (1971), University of Chicago Research interests include managerial and financial James Ohlson Baruch Lev accounting and corporate Eli Bartov finance. Serves on the edi- torial board of the Journal of Economics and Business. ECONOMICS

Alex Dontoh Teresa John Joshua Livnat Joshua Ronen Stern is one of a select few business schools to offer a concentration in the field of economics. Deputy Chair Associate Professor Professor of Accounting; Professor of Accounting; of the Accounting of Accounting; CPA CPA Course offerings are designed to provide students with a solid grounding in economic theory and the Department; CPA BSc (1973), Hebrew BA (1965), Hebrew analytical tools needed to do high-quality applied research. The department specializes in macroeconomics, Associate Professor of BS (1975), University of University (Israel) University (Israel) Accounting Florida PhD (1978), New York PhD (1969), Stanford international macroeconomics, industrial organization and applied microeconomics. Doctoral students BS (1973), University PhD (1986), New York University University of Ghana University Research interests include Research interests include may take complementary courses in related departments within Stern, such as in finance or marketing. PhD (1984), New York Research interests include financial accounting and financial and management University financial accounting and financial analysis. Serves accounting, accounting Additionally, students benefit from access to NYU's Courant Institute of Mathematical Sciences, a Research interests include accounting models of on the editorial board of regulation and standards, top-ranked applied mathematics program, and the economics department of the University's Graduate financial and managerial auditing and information. the Journal of Accounting, price of debt and equity accounting. Auditing and Finance. securities and entrepre- School of Arts and Sciences. April Klein neurship. Serves on the edi- Dov Fried Associate Professor Carol Marquardt torial boards of the Journal Associate Professor of Accounting Assistant Professor of Accounting Research, of Accounting BA (1976), University of of Accounting the British Accounting BCom (1971), Sir George Pennsylvania BA (1988), University of Review, the Journal of PRINCIPAL DOCTORAL David Backus Adam Brandenburger Thomas Cooley Williams University PhD (1984), University of Wisconsin Accounting and Public FACULTY Heinz Riehl Professor J.P. Vallès Professor Dean; (Canada) Chicago MS (1990), University of Policy, and the Journal of of Finance and Economics; of Business Economics and Paganelli-Bull Professor PhD (1978), New York Research interests include Arizona International Financial Mariagiovanna Baccara Professor of Economics Strategy of Economics University corporate governance, cor- PhD (1997), Cornell Analysis. Assistant Professor BA (1975), Hamilton BA (1981), MPhil (1982), BS (1965), Rensselaer Research interests include porate control and IPOs. University of Economics College PhD (1986), University of Polytechnic Institute managerial and financial Serves on the editorial Research interests include Stephen Ryan BA (1994), University of PhD (1981), Yale Cambridge MA (1969), PhD (1971), accounting. advisory review board of earnings management, Associate Professor Trieste (Italy) University Research interests include University of Pennsylvania the Accounting Review. voluntary disclosure and of Accounting MA (1997), PhD (2002), Research interests include game theory and business Doctorem Honoris Causa Dan Gode executive compensation. BA (1981), Dartmouth Princeton University international economics, strategy. Member of the (1987), Stockholm School Assistant Professor Baruch Lev College Research interests include with particular interests in editorial board of the of Economics of Accounting Philip Bardes Professor James Ohlson PhD (1988), Stanford applied microeconomic the- foreign exchange rate International Journal of Research interests include MBA (1988), Indian of Accounting and Finance; Chair of the Accounting University ory, industrial organization movements and interna- Game Theory. macroeconomic theory, Institute of Management, Director of the Vincent C. Department; Research interests include and financial economics. tional business cycles; monetary theory and policy Calcutta Ross Institute of Leonard N. Stern Professor accounting measurement, financial derivatives; risk Luis Cabral and the financial behavior 8 MS (1992), PhD (1992), Accounting Research of Business; accounting-based valuation 9 management; macroeco- Chair of the Economics of firms. Carnegie Mellon University Bac (1963), Hebrew Professor of Accounting and financial institutions. nomic policy in emerging Department; Research interests include University (Israel) MBA (1968), PhD (1972), markets and international Professor of Economics use of accounting numbers PhD (1969), University of University of California, Paul Zarowin pricing strategies of multi- BA (1983), Universidade in contracting and valua- Chicago Berkeley Associate Professor national firms. Catolica Portuguesa tion, design of markets, Research interests include Research interests include of Accounting (Portugal) automated trading, audi- the use of financial infor- financial accounting theory, BA (1977), University of PhD (1989), Stanford tors' legal liability, forms of mation in investment deci- financial statement analy- Pennsylvania University business organization and sions, corporate governance sis, equity valuation and PhD (1985), University of Research interests include accounting information issues, financial derivatives capital market theory. Chicago dynamic competition, systems. and corporate disclosure Twice recipient of the Research interests include learning curves, network and intangible (knowledge) American Accounting market-based research, effects and reputation. assets. Association’s Notable econometrics and corporate Contribution to Accounting finance. Literature Award. Nicholas Economides Professor of Economics BSc (1976), London School of Economics PhD (1981), University of California, Berkeley Research interests include networks, telecommunica- tions, industrial organiza- tion, oligopoly and the organization and structure of financial exchange markets. Editor of the International Journal of Industrial Organization and associate editor of the Journal of Regional Science.

Alessandra Fogli Assistant Professor of Economics BA (1994), Bocconi University (Italy) PhD (2000), University of Pennsylvania Research interests include macroeconomics, labor economics and the political economy.

10 11

Fabrizio Perri

Thomas Cooley Paul Wachtel Nouriel Roubini Adam Brandenburger Thomas Sargent William Greene Roy Radner William H. Greene Fabrizio Perri Vincenzo Quadrini Nouriel Roubini Thomas Sargent Ryuzo Sato Richard Sylla Lawrence J. White Professor of Economics; Assistant Professor Assistant Professor Associate Professor William R. Berkley C.V. Starr Professor Henry Kaufman Professor Arthur E. Imperatore Entertainment and Media of Economics of Economics of Economics Professor of Economics and of Economics; of the History of Financial Professor of Economics Faculty Fellow Laurea (1992), Bocconi Laurea (1990), Ancona BA (1982), Bocconi Business; Director of the Center for Institutions and Markets; BA (1964), PhD (1969), BS (1972), Ohio State University (Italy) University (Italy) University (Italy) Professor of Economics Japan-US Business and Professor of Economics Harvard University University MA (1994), PhD (1998), PhD (1996), University of PhD (1988), Harvard BA (1964), University of Economic Studies AB (1962), PhD (1969), MSc (1965), London PhD (1976), University of University of Pennsylvania Pennsylvania University California, Berkeley BA (1954), Dr. Economics Harvard University School of Economics Wisconsin, Madison Research interests include Research interests include Research interests include PhD (1968), Harvard (1969), Hitotsubashi Research interests include Research interests Research interests include international macro- macroeconomic theory and international macroeco- University University (Tokyo) the history of US state and include government regu- methods of estimation in economics, macroeconomic policy, financial contracts nomics, fiscal policy, politi- Research interests include PhD (1962), Johns local finance and the devel- lation of business, econometrics, production, theory, incomplete markets and firm dynamics and cal economy, economic macroeconomic and eco- Hopkins University opment of the US financial including financial regu- cost and efficiency estima- and international business entrepreneurship. growth and European nomic theory and is Research interests include system. Research associate lation and antitrust policy. tion, limited and qualita- cycles. monetary issues. Recipient known for work on coordi- theory of technical of the National Bureau of Former senior staff econ- tive dependent variable Roy Radner of the Stern Professor of the nating monetary and fis- change and entrepreneur- Economic Research. Past omist of the US Council models and models for Thomas A. Pugel Leonard N. Stern Professor Year Award in 1998. cal policy, stabilizing ship in the US and president of the Economic of Economic Advisers; credit scoring. Associate Professor of Economics of Business; inflation and fighting Japan. Editor of Japan History Association and former chief economist of editor of the Journal of BA (1974), Michigan State Professor of Economics and unemployment. Fellow of and the World Economy. trustee of the Business the Antitrust Division, Productivity Analysis and University Information Systems the National Academy of Served as associate editor History Conference. Served US Department of the Journal of Economic PhD (1978), Harvard BS (1950), PhD (1956), Sciences and the American of the Journal of as editor of the Journal of Justice; and former board Education. University University of Chicago Academy of Arts and Economic Literature and Economic History. member of the Federal Research interests include Research interests include Sciences. Adviser to the research associate of the Home Loan Bank Board. Barbara G. Katz the economics of interna- decentralization of infor- Federal Reserve Bank of National Bureau of Paul Wachtel Served as North Professor of Economics tional industrial competi- mation, decision and Minneapolis and a Economic Research. Jules Backman Faculty American editor of the BA (1968), MA (1969), tion, the economics of incentives in large firms, research associate for the Fellow; Journal of Industrial PhD (1973), University of multinational corporations bounded rationality, the National Bureau of Professor of Economics Economics. Pennsylvania and technology issues and managerial theory of the Economic Research. BA (1966), Queens Research interests include government policies toward firm, economic survival and Associate editor of the College, City University of Bernard Yeung the economics of transition, international trade and strategic analysis of global Review of Economics and New York Abraham Krasnoff privatization, applied industry. Recipient of the warming. Member of the Statistics, the Journal of PhD (1971), University of Professor of Global 12 microeconomic theory and Stern Professor of the Year US National Academy of Econometrics, the Journal Rochester Business; 13 international trade. Serves Award in 1991 and the Sciences and the American of Finance and the Research interests include Professor of Economics on the editorial board of University Distinguished Academy of Arts and Journal of Monetary central banking and the BA (Hons) (1979), Economics of Planning and Teaching Award in 1992. Sciences, and a distin- Economics. Awarded the transmission of monetary University of Western has served on the editorial guished fellow of the Mary Elizabeth Morgan policy, financial intermedi- Ontario board of the Journal of American Economic Prize for Excellence in ation, banking in transition MBA (1981), PhD (1984), Comparative Economics. Association and the Economics from the economies, inflation expec- University of Chicago Past member of the American Association for University of Chicago. tations and the determi- Research interests include Executive Committee of the the Advancement of nants of saving. Associate international corporate Association for Comparative Science. editor of Japan and the finance, empirical inter- Economic Studies. World Economy. national trade, foreign direct investment and Ingo Walter international corporate (See Finance) strategy. FINANCE

The finance PhD program at Stern is one of the finest and most competitive programs in the world. The program's ◆ Through the NYU Center for Law and Business, students have the opportunity to explore the intersection of law curriculum is designed to provide a world-class education in the theory of finance and the key issues concerning and business. The prestigious NYU School of Law houses faculty who specialize in the interaction financial management and financial markets. between law and finance. The center frequently offers joint seminars with the Finance Department. Stern’s finance program, ranked first in the world in the Financial Times’ MBA 2003 survey, consists of 40 ◆ Through the Berkley Center for Entrepreneurial Studies, students gain access to data and researchers in researchers who cover all major areas of finance. In addition to being the largest finance faculty in the country, it is the growing field of entrepreneurial finance, covering such areas as angel investing and venture also one of the most productive. Stern's finance faculty is highly rated in terms of research output, and faculty mem- capital, as well as corporate financial analysis of emerging growth companies. bers sit on the editorial boards of all the major finance journals. Because of the size of the faculty and resources ◆ Through related areas within Stern, particularly our highly ranked accounting department and Stern’s devoted to PhD students, the program is able to offer a wide array of courses across various research areas. As a Global Business Institute, finance students have the opportunity to take PhD courses and interact with result, Stern's PhD program is one of only a few that offers PhD-level courses in asset pricing, corporate theory and additional premier faculty, giving them an advantage in their study of corporate finance and international empirical finance, as well as advanced courses in particular sub-fields. finance over students at other schools. The program also has close affiliations with some of the top related departments in the country: We believe our faculty's deep commitment to basic research and their interest in current professional practice ◆ Stern's PhD students have access to the Courant Institute of Mathematical Sciences at NYU, a top-ranked make our program challenging. With exposure to all the different areas of finance, professor-mentors in your applied mathematics program. Because of its proximity to Wall Street, the Courant Institute has attracted area of interest, as well as a highly structured program, Stern offers one of the best finance PhD educations in top researchers in mathematical finance and offers a substantial number of courses in mathematical the country. applications for finance.

PRINCIPAL DOCTORAL Edward I. Altman Yakov Amihud Menachem Brenner FACULTY Max L. Heine Professor Ira Leon Rennert Professor Professor of Finance of Finance; of Entrepreneurial Finance; BA (1969), Hebrew Heitor Almeida Vice Director, NYU Professor of Finance University (Israel) Assistant Professor Salomon Center BA (1969), Hebrew PhD (1974), Cornell of Finance BA (1963), City University University (Israel) University BA (1991), UFMG of New York PhD (1975), New York Research interests include BA (1993), UNA PhD (1967), University of University capital markets issues and MA (1995), PUC, Rio De California, Los Angeles Research interests include futures and options valua- Janiero Research interests include securities markets tion theory. Member of the PhD (2000), University financial and credit analy- microstructure, the effect of board of directors of the of Chicago sis, bankruptcy prediction liquidity on asset prices Tel Aviv Stock Exchanges Research interests include and fixed-income markets. and return behavior, cor- and chairman of its corporate finance, corpo- Editor of the Journal of porate finance and the Options and Futures rate governance and deci- Banking and Finance and effect of ownership struc- Committee. Research advi- sion-making, and interac- serves on the editorial ture on corporate policies. sor to the Israeli Securities tions between investment 14 boards of the Financial Authority. 15 and financing decisions. Analysts Journal and the Journal of Business Strategy.

“ The finance PhD program offers a tremendous breadth of resources, both in terms of course offerings and faculty talent. No matter what your area of interest, you can find a leading expert who is interested and willing to guide you. The frequent formal and informal interactions with faculty and fellow students form professional relationships that allow for continued research collaboration, not just during the PhD, but also well after.”

Manju Puri, Associate Professor Stanford University Graduate School of Business Stern PhD Alumna, 1995 Matthew Richardson

Stephen Brown Kose John Anthony Saunders Stephen J. Brown Qiang Dai Robert Engle Stephen Figlewski Member of the New York Martin J. Gruber price formation, analysis of Kose John David S. Loeb Professor Assistant Professor Michael Armellino Professor of Finance Futures Exchange. Nomura Professor debt prices, cost of capital Charles William of Finance of Finance Professor of Finance; AB (1969), Princeton Founding editor of the of Finance and futures markets. Gerstenberg Professor BEcon (1971), Monash PhD in Physics (1993) and Nobel Prize in Economics University Journal of Derivatives. SB (1959), Massachusetts Elected fellow of the of Banking and Finance University (Australia) Finance (1998), Stanford (2003) PhD (1976), Massachusetts Associate editor of the Institute of Technology American Finance BS (1970), Kerala PhD (1976), University of University BA (1964), Williams Institute of Technology Financial Analysts Journal, PhD (1966), Columbia Association. Served as University (India) Chicago Research interests include College Research interests include Review of Futures Markets University president of the American PhD (1978), University Research interests include the term structure of inter- MS (1966), PhD (1969), futures and options mar- and Global Finance Research interests include Finance Association and of Florida portfolio theory, estimation est rates, financial risk Cornell University kets, volatility forecasting, Journal. Director of the portfolio construction and director of the European Research interests include issues and public utility management and asset Research interests include expectations formation and National Options and analysis, general equilibrium Finance Association. options and capital mar- pricing. Associate editor of pricing theories. financial volatility, risk information aspects of Futures Society. theory, expectations and Former editor of the kets theory, corporate the Journal of Finance and management, derivatives financial markets. Former their role in security Journal of Finance and financial theory and infor- editor of the Journal of Edwin J. Elton pricing and Batterymarch Scholar. associate editor of the mation economics, agency Financial and Quantitative Nomura Professor forecasting. Journal of Banking and theory and signaling mod- Analysis and the Journal of of Finance; Finance. Named els in corporate finance in Portfolio Management. Director of the Doctoral Distinguished Researcher a sequential game setting. Appointed an editor of the Program by the Eastern Finance Awards include Review of Financial Studies BA (1961), Ohio Wesleyan Association. Presidential Research in 1987. Past president of PhD (1970), Carnegie Fellowship from New York the Western Finance Mellon University Joel Hasbrouck University and the Association and past mem- Research interests include Kenneth Langone Professor Batterymarch Fellowship. ber of the Board of the bonds, equities, futures and of Business Administration; Associate editor of the American Finance portfolio theory. Associate Professor of Finance Journal of Banking and Association. editor of the Journal of BS (1974), Haverford Finance. Banking and Finance, the College Jennifer Carpenter Journal of Accounting, PhD (1981), University Jarl G. Kallberg Associate Professor Auditing and Finance, of Pennsylvania Associate Professor of Finance and Japan and the World Research interests include of Finance BSc (1987), PhD (1995), Economy. Former editor of inflation and capital mar- BSc Mathematics (1972), University of Pennsylvania the Journal of Finance. kets, utilization of survey PhD (1979), University Research interests include Named Distinguished data and market of British Columbia valuation of executive stock Researcher by the Eastern microstructures and econo- Research interests include

16 options, asset pricing and Finance Association. metrics. Associate editor of corporate finance, statisti- 17 continuous-time finance. Elected fellow (2000) the Journal of Finance, cal modeling, firm failure, and past president Review of Financial Studies valuation of natural of the American and the Journal of resources and the theory of Finance Association. Intermediation. risk. Former editor of the Journal of Cash Management.

Edwin Elton Yakov Amihud Martin Gruber Marti Subrahmanyam Martin Lettau Crocker H. Liu Anthony W. Lynch Lasse Pedersen Gideon Saar Roy Smith Rangarajan Sundaram Robert F. Whitelaw Assistant Professor Associate Professor Associate Professor Assistant Professor Assistant Professor Kenneth Langone Professor Associate Professor Professor of Finance of Finance of Finance of Finance of Finance of Finance of Entrepreneurship and of Finance BSc (1984), Massachusetts BSc (1990), University of BBA (1976), University of BA (1986), University of BS (1995), MS (1997), BA (1994), Baruch College, Finance; BA (1982), University of Institute of Technology Karlsruhe Hawaii Queensland (Australia) University of Copenhagen City University of New Professor of International Madras PhD (1993), Stanford MA (1992), PhD (1994), PhD (1988), University of PhD (1994), University of PhD (2001), Stanford York Business and Professional PhD (1988), Cornell University Princeton University Texas Chicago University MA (1996), PhD (2000), Responsibility University Research interests include Research interests include Research interests include Research interests include Research interests include Cornell University BS (1960), U.S. Naval Research interests include the predictability of stock asset pricing, macroeco- real estate finance, partic- asset pricing, econometrics asset pricing with imperfect Research interests include Academy agency and executive returns, asset pricing under nomics and the evolution of ularly topics related to and corporate finance. markets, liquidity, strategic market microstructure, MBA (1966), Harvard compensation, corporate stochastic volatility and the risk-return tradeoffs. market efficiency and valu- trading, economics of infor- information economics and University finance, and derivative effect of liquidity on securi- ation. Winner of the Jianping Mei mation, and agency theory institutional investors and Research interests include pricing. Co-Editor of the ties markets. Richard M. Levich AREUEA National Homer Associate Professor and contracting. trading. international finance, glob- Journal of Derivatives and Deputy Chair Hoyt Doctoral Dissertation of Finance al banking, entrepreneur- Associate Editor of the Daniel Wolfenzon Assistant Professor of the Finance Department; Award. One of the postdoc- BS (1982), Fudan Thomas Philippon Anthony Saunders ship and professional Journal of Economic of Finance Professor of Finance toral award winners of the University (China) Assistant Professor Chair of the Finance responsibility. Theory. BS (1994), Massachusetts AB (1971), MBA (1971), Weimer School of Advanced PhD (1990), Princeton of Finance Department; Institute of Technology PhD (1977), University of Studies in Real Estate and University BA (1997), Ecole John M. Schiff Professor of Marti G. Subrahmanyam Jessica Wachter PhD (1999), Harvard Chicago Land Economics. Serves on Research interests include Polytechnique Finance and Economics Charles E. Merrill Professor Assistant Professor University Research interests include the editorial board of the theories about variable MA (1999), London School BSc (1968), PhD (1981), of Economics and Finance of Finance Research interests include techniques and effective- Journal of Real Estate expected returns and the of Economics London School of BTech (1967), Indian AB (1996), PhD (2000), corporate finance, and law ness of exchange rate fore- Finance and Economics. origins of betas. PhD (2003), Massachusetts Economics Institute of Technology, Harvard University and finance. casting, efficiency and Institute of Technology Research interests include Madras Research interests include innovation in international Alexander Ljungqvist Holger Mueller Research interests include financial institutions, mon- PhD (1974), Massachusetts asset pricing and portfolio Jeffrey Wurgler capital and the impact of Assistant Professor Assistant Professor macroeconomics, corporate etary economics and capi- Institute of Technology choice. Assistant Professor accounting diversity on of Finance of Finance finance and labor eco- tal markets. Serves on the Research interests include of Finance capital markets. MS (1992), Lund BA (1993), PhD (1997), nomics. Board of Academic capital markets, corporate Ingo Walter BAS (1994), Stanford University University of St. Gallen Consultants of the Federal finance and international Seymour Milstein Professor University MPhil (1994), DPhil Research interests include Matthew P. Richardson Reserve Board of Governors finance. Serves on the edi- of Ethics and Corporate PhD (1999), Harvard (1996), Oxford University corporate finance, theory of Professor of Finance and the Federal Reserve torial boards of the Journal Governance and Strategy; University 18 Research interests include the firm and economics of BA, MA (1984), University Bank of New York. of Banking and Finance, Director of the Global Research interests include 19 financial contracting in organizations. of California, Los Angeles Research advisor to the Management Science, and Business Institute corporate finance, capital private equity, empirical PhD (1989), Stanford Federal National Mortgage Japan and the World AB (1962), MS (1963), markets, asset pricing and issues in IPOs, the role of Eli Ofek University; Association. Economy. Recipient of the Lehigh University behavioral finance. venture capital in the IPO Professor of Finance Director, NYU Salomon Stern Professor of the Year PhD (1966), New York process, and the intersec- BA (1986), Tel Aviv Center Alex Shapiro Award in 2000 University David Yermack tion of corporate gover- University (Israel) Research interests include Assistant Professor and the University Research interests include Associate Professor nance theories and primary PhD (1991), University derivative securities, fixed of Finance Distinguished Teaching competitive structure, con- of Finance equity. of Chicago income securities, asset MBA (1993), Tel Aviv Award in 2003. duct and performance of AB (1985), JD (1991), Research interests include returns and inflation and University (Israel) global banking and inter- PhD (1994), Harvard empirical and theoretical return predictability and PhD (1998), University of national investment, trade University issues in corporate finance. their implications for mar- Pennsylvania and monetary issues. Research interests include ket efficiency. Research interests include corporate governance, asset pricing, financial incentives, contracting and markets and risk manage- organizations, law and ment. economics. INFORMATION SYSTEMS

“ The PhD program in information systems at Stern is one of the best doctoral programs in the field. We were exposed to a wide variety of research areas and methodologies and given complete freedom to define our Founded in 1973, Stern's information systems (IS) department was one of the first such departments research agendas. The placement record of the department bears testimony to the efforts made by the faculty in a business school and has played an integral role in the development of the IS field. Stern's IS Department is to groom doctoral students into well-trained, productive researchers. As for New York City, there is no better one of the few to approach information systems from a multidimensional perspective, encompassing place to experience graduate student life – from parks to pubs to people.” the behavioral, economic and computer science aspects of the field. Stern PhD students have the advantage of working with faculty that have a broad range of technical and non-technical backgrounds and who keep current Ravi Aron, Assistant Professor The Wharton School, with the latest developments in industry through Stern's Center for Digital Economy Research. University of Pennsylvania Information systems is a multidisciplinary field that is growing in importance as the information tech- Stern PhD Alumnus, 1999

nology revolution dramatically impacts patterns of work and the way business is transacted. The IS Department Balaji Padmanabhan, is helping to shape the evolution of the digital economy through teaching and research on electronic commerce, Assistant Professor The Wharton School, virtual work and data mining. Highlights of research in the department include the development of various University of Pennsylvania Internet and World Wide Web applications, electronic commerce, databases, personalization, decision-support Stern PhD Alumnus, 1999 systems, work-flow modeling, the impact of technology and the use of IT in designing organizations. Students can collaborate with internationally recognized sociologist Lee Sproull, for instance, whose research centers on the implications of computer-based communication technologies for managers, organiza- tions, communities and societies. Alternatively, students can work with Roy Radner, a distinguished economist whose interests include decentralization of information, decisions and incentives, as well as other outstanding faculty in the IS area. A number of doctoral students have published papers with faculty members before completing the program. The department prides itself on its excellent placement record, with recent graduates securing academic appointments at top universities including MIT, The Wharton School, University of Pennsylvania, and the University of Texas, Austin.

PRINCIPAL DOCTORAL Abraham Bernstein Vasant Dhar mation can be coupled FACULTY Assistant Professor Deputy Chair with business processes in of Information Systems of the Information Systems order to design knowledge- Yannis Bakos 20 Diploma (1994), Swiss Group, Department intensive systems. Author of 21 Associate Professor Federal Institute of of Information, Operations more than 40 articles on of Information Systems Technology and Management Sciences; symbolic and mathematical BS, MS (1980), MS PhD (2000), Professor of Information ways of representing (1984), PhD (1988), Massachusetts Institute of Systems knowledge, reasoning, Massachusetts Institute of Technology BTech (1978), Indian search and other topics Technology Research interests include Institute of Technology, related to artificial intelli- Research interests include the computer supported Delhi gence. Member of the electronic commerce, pric- cooperative, agent-based PhD (1984), University of American Association for ing and competition in systems, system dynamics, Pittsburgh Artificial Intelligence, the electronic markets, pricing database management sys- Research interests include Association for Computing strategies for information tems and human/computer understanding how sym- Machinery, the Institute of Alex Tuzhilin goods, structure and scope interaction. bolic and mathematical Management Sciences and Lee Sproull Yannis Bakos of organizations and mar- techniques applied to large the Society for Information kets in the information volumes of data and infor- Management. economy. Bing Jing Natalia Levina Foster Provost Roy Radner Lee Sproull Arun Sundararajan Alex Tuzhilin Norman White Assistant Professor Assistant Professor Associate Professor Leonard N. Stern Professor Vice Dean of Faculty; Assistant Professor Associate Professor Acting Director of Information Systems of Information Systems of Information Systems of Business; Leonard N. Stern Professor of Information Systems of Information Systems of the Center for Digital BS (1992), Beijing BA (1994), MA (1994), BS (1986), Duquesne Professor of Economics and of Business; BTech (1993), Indian BS (1980), PhD (1989), Economy Research; Information Technology Boston University University Information Systems Professor of Information Institute of Technology, New York University Clinical Associate Professor Institute PhD (2001), Massachusetts PhD (1992), University of BS (1950), PhD (1956), Systems Madras Research interests include of Information Systems MBA (1996), Bentley Institute of Technology Pittsburgh University of Chicago BA (1967), Wellesley MS (1995) and PhD temporal databases, BA (1966), Harvard College Research interests include Research interests include Research interests include College (1997), University of knowledge discovery in University MS (1999), PhD (2001), understanding collabora- knowledge discovery, decentralization of infor- MA (1975), PhD (1977), Rochester databases and modeling PhD (1974), New York University of Rochester tive practices, the nature of machine learning, data mation, decision and Stanford University Research interests include business processes, includ- University Research interests include social boundaries and mining, customer profiling, incentives in large firms, Research interests include increasing returns and ing query-driven and Research interests include economic issues in informa- power dynamics in multi- activity monitoring and bounded rationality, the the implications of comput- information asymmetry in knowledge-based simula- electronic commerce, data tion systems and electronic party information systems knowledge systems for managerial theory of the er-based communication electronic markets, infor- tions and conceptual mod- mining, computer-aided commerce, Internet-based development settings, com- applications, such as intelli- firm, economic survival and technologies for managers, mation technology and eling of information systems. group creativity, distance mass customization, market munication patterns and gent electronic commerce, strategic analysis of global organizations, communities organization design, Serves on the editorial learning tools and B2B. segmentation for informa- product outcomes in cross- fraud detection and intelli- warming. Member of the and society. Former visiting process reengineering and board of the Journal of Served as the Acting Chief tion goods with network functional and multi-orga- gent information filtering. US National Academy of scholar at Xerox PARC, information economics. Data Mining and Technology Advisor to externalities and models of nizational environments. Serves on the editorial Sciences and the American Digital Cambridge Knowledge Discovery. Stern from 1998 to 2000. product differentiation. boards of Machine Learning Academy of Arts and Research Lab and IBM Jon A. Turner and the Journal of Machine Sciences, and a distin- Lotus Development Professor of Information Myron Uretsky Kenneth C. Laudon Learning Research. guished fellow of the Corporation. Author of Systems Professor of Information Professor of Information Currently editing a special American Economic eight books and more than BE (1958), Yale University Systems Systems issue of Data Mining and Association and the 60 articles. Member of the PhD (1980), Columbia BBA (1961), PhD (1965), BA (1966), Stanford Knowledge Discovery on e- American Association for Computer Science and University Ohio State University University commerce and data mining. the Advancement of Telecommunications Board Research interests include Research interests include PhD (1972), Columbia Program co-chair of the Science. of the National Research the design of work, particu- evaluating the impact of 2001 ACM SIGKDD University Council and the advisory larly changes in the task digital technologies on the International Conference on Research interests include board of MentorNet. content, structure and cog- changing media industries, Knowledge Discovery and the social and organiza- nitive load when computer- developing and using busi- Data Mining. tional impact of informa- based tools are used, and ness simulations for train-

22 tion systems and technolo- the interplay with features ing and research and 23 gies in both private and of these tools; the process examining the impact of public organizations, the of design; intelligent computers on business and occupational and structur- instruction systems and society. al impact of 40 years of methods of using technolo- computing on large federal gy competitively. His most agencies and the develop- recent work includes stud- ment of multimedia. ies of interorganizational systems, new forms of organizing work and out- sourcing, as well as the Living Case, an intelligent system for providing busi- ness case instruction. MANAGEMENT: ORGANIZATIONAL BEHAVIOR/ORGANIZATION THEORY

“I can say, without reservation, that NYU Stern is a tremendous institution, and an outstanding place for a doctoral student to receive an education. The atmosphere and environment at Stern is rich with Stern's management department features a large and multi-disciplinary group of faculty who are opportunity. First, Stern’s New York City location provides industry connections that few universities can active and well-known in their fields. Students can choose to major either in organizational behavior or organi- offer. Second, the variety of assistantships, fellowships, scholarships and other resources available to students zation theory. The research interests of Stern’s management faculty include topics such as decision-making in are second to none. Finally, Stern has accumulated top scholars in almost every discipline, providing the

organizations, teams and team processes, power, negotiation, time and its effects on behavior in organizations opportunity for students to interact with a broad range of dedicated faculty. In my opinion, Stern has found the recipe for success. And in large part, I owe my success as a professor to the training and guidance as well as topics such as identity formation, organizational learning and innovation. Students who are admitted that I received while at Stern.” to the doctoral program are encouraged to shape their own unique research identities and programs. Robert Salomon, Assistant Professor The management department's research places it among the top departments in the country. In fact, Marshall School of Business, University of Southern California Stern PhD Alumnus, 2002 a study published in the Academy of Management Journal ranked Stern's management department among the top

four in publishing productivity in leading management journals. Moreover, many professors serve as editors or

as editorial board members of leading journals and many have held, or currently hold, elected offices in the

Academy of Management, the international professional association for management professors. The department

has a strong research orientation and is a place where opportunities for intellectual stimulation are plentiful. As

a result of working with faculty in the department, most students graduate with extensive research and publish-

ing experience and a clear understanding of what it takes to succeed in an academic career. Students who are

interested in strategy should see page 38 to learn more about the doctoral program in strategy at Stern.

PRINCIPAL DOCTORAL Cameron Anderson Caroline Bartel Steven Blader FACULTY Assistant Professor Assistant Professor Assistant Professor of Management of Management and of Management Juan Alcacer BS (1994), University Organizational Behavior BA (1994), University Assistant Professor of Washington MA (1996), PhD (1998), of Pennsylvania of Management and MA (1998), University of University of Michigan MA (1999), PhD (2002), Organizational Behavior California, Berkeley Research interests include New York University Computer Engineer Research interests include social identification and Research interests include 24 (1993), Universidad Simon the psychology of power, social influence processes social and relational con- 25 Bolivar status hierarchies in in group and organiza- cerns in the work place, MBA (1993), IESA face-to-face groups, tional contexts, with a with a particular emphasis MA (1998), PhD (2001), group emotion, emotional special focus on factors on organizational justice University of Michigan expression in negotiations that promote interpersonal perceptions and reactions, Research interests include and disputes. coordination and group status issues in organiza- evolution of global indus- effectiveness. tions, and the motivating tries, geography and com- influence of social and petitiveness, foreign direct relational concerns on investment performance employee attitudes and and location, telecommuni- behavior. cations and financial serv- ices industries, and firm behavior in economies in transition. Sally Blount-Lyon Elizabeth Morrison William Starbuck Sally Blount-Lyon Christina Fang Ari Ginsberg Theresa Lant Elizabeth Wolfe Jeffrey Robinson Zur Shapira Batia Wiesenfeld Professor of Management; Assistant Professor Harold Price Professor Associate Professor Morrison Assistant Professor William R. Berkley Associate Professor Research Professor of Management of Entrepreneurship and of Management Chair of the Management of Management Professor of Management of Management BSE (1983), Princeton BA (1997), Nanyang Management; AB (1981), University Department; BABS (1995) Rutgers BSc (1970), MSc (1972), BA (1988), PhD (1995), University Technological University Director of the Berkley of Michigan Professor of Management; University Hebrew University (Israel) Columbia University MS (1991), PhD (1992) PhD (2003), University Center for Entrepreneurial PhD (1987), Stanford Research Professor MS (1995), Georgia PhD (1976), University Research interests include Northwestern University of Pennsylvania Studies University BA (1984), Brown Institute of Technology of Rochester individuals' reactions to Research interests include Research interests include MA (1977), Columbia Research interests include University PhD (2003), Columbia Research interests include organizational change and synchrony and asynchrony organizational learning, University organizational learning, PhD (1990), Northwestern University managerial risk taking, transformation (e.g., lay- in work interactions, causes technological innovation MBA (1982), PhD (1985), change and adaptation University Research interests include organizational decision- offs, outsourcing), self- of patience and impatience and strategic decision University of Pittsburgh and cognitive approaches Research interests include organizational theory, making, organizational processes in organizations in social interactions, and making. Research interests include to strategic decision- newcomer socialization, var- entrepreneurship, social learning and innovation. and emergent forms of ious ways in which employ- perceptions of fairness in management of corporate making. and organizational net- Serves on the editorial organization/employee negotiations. Recent recipi- growth and innovation, ees are proactive and take boards of the Journal of Richard D. Freedman initiative at work, mainte- works, and urban and relationships, such as con- ent of three-year NSF grant organizational learning Behavioral Decision Making, Vice Dean of MBA Stephen J. Mezias nance of psychological con- technology policy. tingent work. Serves on the to study time and interde- Programs; and adaptation, competi- Associate Professor the Journal of Management editorial board of the pendence. Serves on the edi- tracts and systemic barriers Professor of Management tive dynamics in emerging of Management Rachelle C. Sampson and Governance, and Administrative Science torial board of the Academy to employee voice within BS (1961), PhD (1967), firms and industries, and AB (1980), Columbia organizations. Serves on the Assistant Professor of Multivariate Behavioral Quarterly. of Management Review and cognitive mapping and editorial boards of the Research. former board member of the New York University University Management modeling. Journal of Management and Economic Science Research interests include PhD (1987), Stanford BBA (1992), LLB (JD) Amy Wrzesniewski the Journal of Organizational Association. organizational behavior University (1992), Queensland William H. Starbuck Assistant Professor and corporate strategy. Michelle Gittelman Research interests include Behavior. University of Technology ITT Professor of Creative of Management Assistant Professor of organizational learning, (Australia) Management; BA (1994), University Ya Ru Chen Raghu Garud Management change, entrepreneurial PhD (1999), University Professor of Management of Pennsylvania BA (1983), Tufts Goncalo Pacheco de Assistant Professor Associate Professor strategies, decision-making Almeida of Michigan AB (1956), Harvard PhD (1999), University of Management and of Management University processes and institutional Research interests include University of Michigan MBA/MIA (1989), Assistant Professor Organizational Behavior BTech (1978), Indian theory. Serves on the edito- of Management international R&D PhD (1964), Carnegie Research interests include Columbia University PhD (1996), Columbia Institute of Technology, rial board of Organization BA (1995), MBA (1996), alliances, the link between Mellon the meaning of work, par- PhD (2000), University University Bombay Science and is associate Universidade Nova de private governance and Research interests include ticularly the creation of of Pennsylvania Research interests include PhD (1989), University of editor of Management Lisboa (Portugal) performance, innovation in human decision-making meaning in challenging Research interests include cross-cultural differences, Minnesota Science. MS (1999), PhD (2002), multinational firms and and perception, bargaining, organizational contexts, university-firm spillovers similarities in intergroup Research interests include INSEAD intellectual property rights. organizational growth and the stability of work mean- and technological innova- relations, organizational strategic management and Frances J. Milliken Research interests include development, organizational ings over time and social tion, national innovation justice and negotiation. assessment of technologies, Professor of Management competitive strategy, strate- Melissa Schilling learning, social revolutions, valuing processes at work. systems, strategies for man- strategy and policy and BA (1978), Barnard gic investment under Assistant Professor computer simulation, com- aging knowledge resources, 26 Roger L. Dunbar inter-organizational rela- College uncertainty, technology of Management puter programming, 27 network theory and emerg- Bernard Yeung Professor of Management tions. Associate editor of PhD (1985), City strategy, and processes of BS (1990), University accounting, business strate- ing industries. (See Economics) BC (1963), University Management Science. University of New York resource accumulation such of Colorado gy and organizational of Otago (New Zealand) Serves on the editorial Research interests include as time compression and PhD (1997), University design. Serves on the edito- Gregory Janicik critical mass effects. rial boards of the Asian PhD (1970), Cornell boards of Organization Assistant Professor managerial decision-mak- of Washington University Science, the Journal of ing, organizational learn- Research interests include Case Research Journal, the of Management Joseph Porac British Journal of Research interests include Engineering Management BSE (1988), Duke ing, processes that promote technology strategy, modu- how executives interpret and Technology, and upward communication of Professor of Management lar systems, and learning, Management, Information University BS (1974), University and Organization, the and manage and how these Strategic Organizations. PhD (1998), University of information in organiza- insight and knowledge net- processes differ across cul- tions and the effects of of Pittsburgh works. International Journal of Chicago PhD (1979), University tures. group composition on Management Reviews, the Research interests include of Rochester group functioning. Serves Journal of Management examining the ability to Research interests include Inquiry, the Journal of coordinate organizational on the editorial board of product and organizational Management Studies, the activity through the informal the Academy of identities in market net- Journal of Socioeconomics, network of relations, how Management Review. works, sociopolitical and the Organization and people value time in organi- aspects of corporate gover- zations and the resolution of Scandinavian Journal of nance and knowledge pacing differences across Management. distribution and use across organizational actors. organizations. MARKETING

The marketing department at Stern offers a doctoral program that is widely recognized for the great “Doctoral students invest five years pursuing their PhD degrees. At the end of the day, there are two

success of its graduates. It has a large and distinguished faculty working in a diverse set of research areas from things that matter most – how much did you learn and what kind of experience did you have? I have met doctoral students from several top-tier business schools and my experience only reaffirms what I have both behavioral and quantitative perspectives. The department is highly ranked for its significant number of always believed – that the Stern doctoral program is among the few that are truly complete. The program publications in leading academic journals, according to a study in the Academy of Management Journal. prepares you for the rigors of academic life with excellent training. The faculty and my fellow classmates Stern's marketing PhD program is extremely selective and, once accepted, students benefit from the were tremendously supportive and provided a positive environment to study and work in. I think that’s the faculty's dedication to ensuring a productive and positive doctoral experience. The department fosters a nurturing hallmark of a top quality doctoral program.”

environment with close collaboration between doctoral students and faculty mentors. By the time students Suresh Ramanathan, Assistant Professor graduate, most have co-authored papers with faculty that are later published in leading journals such as the Graduate School of Business University of Chicago Journal of Consumer Research, the Journal of Marketing Research and Marketing Science. Although the primary Stern PhD Alumnus, 2002

focus of the program is the development of top researchers, Stern doctoral students also receive extensive train-

ing for teaching and begin their first academic appointments well prepared for the classroom. In recent years,

many have won awards for their teaching during the fourth year of the program.

Additionally, the marketing department exhibits a long-standing record of strong placements. Recent Paris Cleanthons Assistant Professor graduates are now on the marketing faculty at such schools as the University of California at Berkeley, the of Marketing University of Texas at Austin, the University of Chicago, and the University of Florida. Many alumni have received BS (1998), University of Michigan tenure at leading institutions including Columbia University, the University of Michigan, the University of PhD (2003), Yale University Southern California and Hebrew University in Jerusalem, Israel. Research interests include industrial organization, health and pharmaceutical economics, applied micro- econometrics, and interna- PRINCIPAL DOCTORAL Bruce Buchanan Amitav Chakravarti Yuxin Chen tional trade and development. FACULTY C.W. Nichols Professor Assistant Professor Associate Professor of Business Ethics; of Marketing of Marketing Kim Corfman Henry Assael Professor of Marketing BA (1994), University of BS (1992), Fudan Associate Dean for 28 Professor of Marketing BS (1977), Massachusetts Bombay University (China) Instructional Support; 29 BA (1957), Harvard Institute of Technology MBA (1997), Indian PhD (1999), Washington Associate Professor University PhD (1983), Columbia Institute of Foreign Trade University of Marketing PhD (1965), Columbia University PhD (2002), University of Research interests include BA (1977), Princeton University Research interests include Florida database and Internet University Research interests include business and professional Research interests include marketing, competitive PhD (1985), Columbia media analysis, consumer ethics, the self-regulation of determinants of considera- strategies, retailing and University pricing response, segmenta- business, ad claim substan- tion set composition, pre- experimental economics. Research interests include tion by response elasticity tiation and market choice screening strategies, group decision-making, bar- and information processing research methodology. effects of generic advertis- gaining, focus groups and strategies on the Web. Served on editorial review ing and consumer behavior competitive decision-making. Serves on the editorial boards including Marketing in network markets. Serves on editorial boards of review board of the Journal Science, the Journal of the Journal of Marketing of Advertising Research. Marketing and the Journal Research, the Journal of of Consumer Research. Consumer Research and Marketing Letters. Peter Golder Joel Steckel C. Samuel Craig Technology Initiative; innovation, international including the Journal of Susan P. Douglas strategic planning for Peter Golder Received best paper awards Catherine & Peter Kellner Professor of Marketing marketing and assessing Marketing Research and Paganelli-Bull Professor international markets, cross- Associate Professor from the Journal of Professor in BA (1965), Westminster communication effective- the Journal of Advertising of Marketing and national consumer behavior of Marketing Marketing Research, Entrepreneurship and Arts College ness. Recipient of the Research. International Business and international market BS (1984), University of Marketing Science and the and Media and PhD (1971), Ohio State Journal of Retailing Best BA (1962), University of research. Member of the edi- Pennsylvania Marketing Science Entertainment; University Article awards in 1991 and Manchester (United torial boards of the Journal PhD (1994), University of Institute. Awarded a 1993 Director of the Research interests include 1984. Served on several Kingdom) of International Business Southern California Richard D. Irwin Entertainment, Media and advertising, diffusion of editorial review boards PhD (1969), University of Studies and the Journal of Research interests include Foundation dissertation fel- Pennsylvania International Marketing. new-product markets and lowship and grants from Research interests include Elected fellow of the successful strategies for the Marketing Science Academy of International entering those markets. Institute and the US Business in 1991. Department of Education.

Eric A. Greenleaf Associate Professor of Marketing BS (1977), University of New Hampshire PhD (1986), Columbia University Research interests include consumer reactions to prices and promotions, auctions, response and context effects in marketing research, delay in con- sumer decision-making and investigation of consumers' aesthetic experiences. Winner of grant in 1994 Pricing Strategy Competition sponsored by the Marketing Science 30 Institute. 31

Robert Shoemaker Jacob Jacoby Durairaj Maheswaran Russell Winer Vicki Morwitz OPERATIONS MANAGEMENT

Jacob Jacoby Geeta Menon Leif Nelson Russell S. Winer Stern's operations management (OM) group has historically included faculty from two disciplines: Merchants’ Council Associate Professor Assistant Professor Deputy Dean; operations research, and management and organizational behavior. These two disciplines, along with economics Professor of Retail of Marketing of Marketing William Joyce Professor Management Consumer BA (1981), University of BA (1998), Stanford of Marketing and information systems, continue to have a significant influence on the teaching and research directions of the Behavior; Madras (India) University BA (1973), Union College operations management faculty. In today's business environment, there is a strong interest in combining strategy Professor of Marketing PhD (1991), University of PhD (2003), Princeton PhD (1977), Carnegie and industry structure with operations to yield a competitive advantage to organizations. BA (1961), MA (1963), Illinois University Mellon University Brooklyn College Research interests include Research interests include Research interests include Doctoral students in OM take courses in optimization theory, stochastic processes, probability models, PhD (1966), Michigan cognitive aspects of survey judgment and decision- advertising effectiveness, inventory theory, planning and scheduling theory, as well as game theory and economics. Based on the depart- State University methodology and the making, social perception, reference price effects, Research interests include application of models of and normative influence. group decision-making, ment's philosophy that developing a familiarity with an application industry is essential to long-term success, consumer decision-making, autobiographical memory brand choice modeling, students are encouraged either to assist faculty members who are actively working with industrial organizations public policy issues, to consumer behavior. Robert W. Shoemaker price endings, website or develop first-hand expertise through individual contacts with firms. research methodology and Professor of Marketing traffic and analysis of research ethics. Author of Tom Meyvis BA (1961), Amherst panel data. Past Chairman The faculty members focus their research on current and emerging themes in managing operations in more than 150 publica- Assistant Professor of College of the Marketing College of today’s economy. They use a combination of analytical, empirical and theory building methodologies to under- tions, including several Marketing PhD (1972), Carnegie the Institute of award-winning articles. Lic. (1996), Catholic Mellon University Management Sciences. stand: how to design operating systems, contracts and quality systems for the management of decentralized University Leuven Past president and fellow Research interests include supply chains; best practices in retailing; vehicle routing; call center management; task and workforce scheduling; of both the Society for (Belgium) the effectiveness of promo- Sha Yang Consumer Psychology and PhD (2001), University of tions, forecasting sales for Assistant Professor Internet business models and strategies; and how to forecast new product sales. Florida the Association for new products, buyer of Marketing Faculty members hold editorial positions on numerous journals and are active in the major societies Consumer Research. Served Research interests include behavior in the trial of new BA (1994), Renmin such as the Institute for Operations Research and Management Science. As a result of Stern's New York City on a number of editorial consumer information pro- products and estimation of University boards including the cessing, consumer decision- price elasticity. Served on PhD (2000), Ohio State location, the school and its OM faculty have strong ties with the world's financial organizations and chemical, making, and consumers’ Journal of Marketing the editorial board of the University computer, consumer goods and pharmaceutical companies in the tri-state area. Research, the Journal of responses to pricing and Journal of Marketing. Research interests include Consumer Research, branding strategies. consumer choice modeling, Computers in Human Joel H. Steckel consumer preference het- Vicki G. Morwitz Behavior and The Chair of the Marketing erogeneity, spatial models, PRINCIPAL DOCTORAL Associate Professor Mor Armony Rene Caldentey Vishal Gaur Trademark Reporter. Department; and Bayesian applications FACULTY of Marketing Assistant Professor Assistant Professor Assistant Professor Professor of Marketing and research methods. of Operations Management BS (1983), Rutgers of Operations Management of Operations Management 32 Durairaj Maheswaran BA (1977), Columbia Victor Araman BTech (1993), Indian University BS (1993), MS (1996), MA (1995), University of 33 Professor of Marketing University Assistant Professor Institute of Technology, PhD (1991), University of Hebrew University (Israel) Chile BTech (1973), University PhD (1982), University of Delhi Pennsylvania of Operations Management MS (1997), PhD (1999), PhD (2001), Massachusetts of Madras (India) Pennsylvania MBA (1995), Indian Research interests include BS (1996), Ecole Centrale, Stanford University Institute of Technology PhD (1987), Northwestern Research interests include Institute of Management, the relationship between Paris Research interests include Research interests include University managerial decision Ahmedabad purchase intentions and MS (1997), PhD (2002), control of stochastic pro- customer service, optimiza- Research interests include processes, group choice PhD (2001), University of purchase behavior, new Stanford University cessing networks, resource tion, probability statistics, consumer behavior and models and methodologies Pennsylvania product development, con- Research interests include allocation in information retail management and international advertising. for measuring consumer Research interests include cept testing and market stochastic modeling and systems and user profiling stochastic modeling. Winner of 1985 Marketing preference. President of the inventory control and logis- research/survey research queuing systems, supply in service operations. Science Institute disserta- Society for Marketing tics management issues in methods. Winner of chain management in the tion proposal competition. Science. Serves on editorial retailing. Current projects Marketing Science presence of spot markets review boards of Marketing are on retail performance Institute's 1994 Pricing and applied probability. Letters and the Journal of analysis, incidence of and Strategy competition Retailing. bankruptcy in retailing, and 1991 dissertation pro- inventory routing and posal competition. demand forecasting for short lifecycle products. Ganesh Janakiraman Michael L. Pinedo Sridhar Seshadri Eitan Zemel Assistant Professor Deputy Chair Associate Professor Chair of the Department of Operations Management of the Operations of Operations Management of Information, Operations BTech (1998), Indian Management Group, BTech (1978), Indian and Management Sciences; Institute of Technology, Department of Information, Institute of Technology, W. Edwards Deming Madras Operations and Madras Professor of Quality and MS (2001), PhD (2002), Management Sciences; PGDM (1980), Indian Productivity; Cornell University Julius Schlesinger Professor Institute of Management, Professor of Operations Research interests include of Business Administration; Ahmedabad Management stochastic inventory theory: Professor of Operations PhD (1993), University BS (1970), Hebrew analysis, algorithms and Management of California, Berkeley University (Israel) approximations, supply Ir (1973), Delft University Research interests include PhD (1976), Carnegie chain management and of Technology (The stochastic modeling, coor- Mellon University revenue management. Netherlands) dination issues in supply Research interests include PhD (1978), University of chains and decision mak- operations strategy, supply Michael A. Moses California, Berkeley ing under uncertainty. chain management, service Associate Professor Research interests include Serves on the editorial operations and incentives of Operations Management production planning and boards of Naval Research issues in operations man- BA (1962), Worcester Polytechnic Institute scheduling, stochastic mod- Logistics, Journal of agement. Serves on the edi- PhD (1968), Northwestern eling, supply chain man- Telecommunication torial boards of University agement in the process Systems, Operations Management Science, Research interests include industries and design of Research Letters, and MSOM, and Production determining the financial decision-support systems. Production and Operations and Operations return of non-financial Editor of the Journal of Management. Fellow of the Management. assets, the value of experts Scheduling. Associate edi- Institution of Engineers, for heterogeneous products, tor of Interfaces, MSOM, India. economic history of art Production and Operations prices and developing deci- Management, and Gustavo Vulcano sion support software for Management Science. Assistant Professor operations management of Operations Management problems. BS (1994), MS (1996), 34 University of Buenos Aires 35 Praveen R. Nayyar MPhil (2000), PhD (2003), Associate Professor Columbia University of Operations Management Research interests include BTech (1978), Indian application of auction the- Institute of Technology, ory to operations manage- Delhi ment, revenue management MBA (1981), Indian and optimization. Institute of Management, Sridhar Seshadri Ahmedabad Eitan Zemel Mor Armony Michael Pinedo PhD (1988), University of Michigan Research interests include corporate and competitive strategy, customer service, organizational design, serv- ice business and technology management. STATISTICS

As markets become increasingly more efficient and the world continues to drown in data, the Jeffrey S. Simonoff pricing of insurance and Edyth and George annuity benefits; risk understanding and application of statistics remain critical. Stern's doctoral program in statistics prepares Heyman Faculty Fellow; management within the researchers who can train people in the use of statistics and develop methodologies for resolving issues in Professor of Statistics insurance industry; fixed BS (1976), State income research with business and economics. Doctoral work in statistics provides a unique opportunity to combine the theoretical University of New York at application to mortgage Stonybrook refinance; and duration and methodological orientation of an arts and sciences discipline with the strong focus on applications that PhD (1980), Yale and convexity measures comes from being in a business school. Course work in statistics reflects aspects of both of these fields, and University for bonds. Fellow of the Research interests include American Statistical the typical thesis produced by a doctoral student is mathematically sophisticated while addressing real and categorical data analysis, Association and recipient outlier identification, of the University practical problems. robust estimation and Distinguished Teacher Doctoral students have the opportunity to work with top researchers in the field. Several faculty are smoothing methods. Award in 1993. Fellow of the American fellows of the American Statistical Association, one of the leading professional associations. The faculty received Statistical Association their degrees from such institutions as Columbia University, Harvard University, Princeton University, Stanford and the Institute of Mathematical Statistics. University and Yale University. Associate editor of Statistical Modeling: An International Journal and former associate editor PRINCIPAL DOCTORAL Halina Frydman Peter Lakner Gary A. Simon of the Journal of the FACULTY Associate Professor Associate Professor Deputy Chair Royal Statistical Society, of Statistics of Statistics of the Statistics Group, Series B. Rohit Deo BSc (1972), The Cooper BA (1978), Eätvös Lorand Department of Information, Peter Drucker Faculty Union University (Hungary) Operations and Aaron Tenenbein Fellow; PhD (1978), Columbia PhD (1989), Columbia Management Sciences; Professor of Statistics Associate Professor of University University Professor of Statistics and Actuarial Science Statistics Research interests include Research interests include BS (1966), Carnegie BS (1965), University BS (1988), Fergusson stochastic processes, mathematical finance and Mellon University of Manitoba (Canada) College (India) Markov processes, statisti- stochastic optimization and PhD (1972), Stanford PhD (1969), Harvard PhD (1995), Iowa State cal inference for stochastic control. University 36 University 37 University models in finance, survival Research interests include Research interests include Research interests include analysis and modeling the Edward L. Melnick statistics of spatial associa- sampling techniques of time series and survival evolution of bond ratings. Professor of Statistics tions, statistical maps and which applications analysis. BA (1960), Lehigh antebellum actuarial data. include the estimation of Clifford M. Hurvich University Recipient of the Stern the rating of a loan port- Research Professor PhD (1970), George Professor of the Year Award folio from a sample of of Statistics Washington University in 1995. loans; simulation method- BA (1980), Amherst Research interests include ology and regression College time series analysis, fore- analysis with applications PhD (1985), Princeton casting, theory of estima- to forecasting automobile University tion and information theo- insurance claims; mor- Research interests include ry. Associate editor of the tality rate estimation for time series analysis and Journal of Forecasting. model selection. Associate Recipient of the University Clifford Hurvich editor of the Journal of Distinguished Teaching Edward Melnick Time Series Analysis. Award in 1995. STRATEGY

Business strategy is an applied field that addresses research questions about how firms successfully

compete in the marketplace in a sustainable manner. Stern’s doctoral program in strategy aims to train students

who will become leading researchers in the field and serve as faculty at top-rated universities. The program

gives students training in a core discipline and exposure to the broader array of disciplines that inform the

study of strategy. At Stern, strategy extends from investigations of basic theory underlying the field, to devel-

opment of frameworks to guide managerial action, to issues of industrial and public policy. The program

welcomes students who wish to work in any of these areas.

The program is small and offers an intensely supportive environment. Students are assigned to faculty

mentors as soon as they arrive, and are viewed as full partners in intellectual dialogue and inquiry. Students

immerse themselves in the culture of the strategy field by attending seminars, colloquia and dissertation

defenses, in addition to doing their coursework. They are expected to develop their own research interests at the

beginning of their program and to present their work regularly both inside the school and at professional conferences.

Faculty involved in the program are drawn primarily from the management and economics

departments at Stern, but faculty in finance, information systems, marketing, operations management, and other

departments also have interests in strategy and have made important contributions in this area. Some examples

of topics in strategy that Stern faculty are currently working on include: strategic alliances; cognitive approach-

es to organizations and markets; contract theory; diversification; firm growth; firm location decisions;

organizational learning; foreign direct investment; game theory; market competition analyses; network

economics; innovation and knowledge regimes; the mutually causal relationship between the institutional

environment, market competition, financial markets, firm strategy, and economic growth; knowledge networks;

risk and decision making; and governance and executive compensation. A partial list of strategy faculty

is below.

Students who are interested in strategy should apply specifically to the strategy program and will

have their degrees awarded in either management or economics.

38 39

MANAGEMENT OB/OT: ECONOMICS:

Juan Alcacer Frances Milliken Mariagiovanna Baccara Roger Dunbar Goncalo Pacheco de Almeida Heski Bar-Isaac Christina Fang Joseph Porac Adam Brandenburger Raghu Garud Jeffrey Robinson Luis Cabral Ari Ginsberg Rachelle Sampson Nicholas Economides Michelle Gittelman Melissa Schilling William Greene Zur Shapira Bernard Yeung Joseph Porac Theresa Lant Zur Shapira Lawrence White Stephen Mezias William Starbuck Bernard Yeung GLOBAL BUSINESS

Stern was among the very first schools to recognize the importance of including the international

perspective in business teaching and research. It is our philosophy that the international dimensions of busi-

ness do not represent a separate area, but rather should be an important component of all areas of the academ-

ic portfolio. We believe that a student interested in global business should first be firmly grounded in one of the

key functional fields such as economics, finance, management or marketing, and then develop his or her global

interests by focusing the course of study and dissertation topic accordingly. Stern’s Global Business Institute

provides a coherent platform for leveraging Stern’s research in core disciplines into the global arena. It also

provides academic oversight and support for the School’s extensive activities in global business education.

Stern has a very large group of faculty that conducts research in the global aspects of business, and

this group has consistently been rated as providing one of the top programs in the country. A partial list of

faculty members focusing on international research is below.

A student interested in global business applies for admission in one of the functional areas, is trained

in that area as well as in appropriate international courses, and then works with internationally oriented faculty

on the dissertation. The student is encouraged to become an active member of Stern’s Global Business Institute.

ACCOUNTING: FINANCE: MARKETING:

Eli Bartov Edward Altman Samuel Craig Frederick Choi Richard Levich Susan Douglas Jianping Mei Peter Golder ECONOMICS: Anthony Saunders Durairaj Maheswaran David Backus Roy Smith Thomas Cooley Marti Subrahmanyam 40 Alessandra Fogli 41 Ingo Walter Fabrizio Perri Daniel Wolfenzon Thomas Pugel Vincenzo Quadrini MANAGEMENT: Ingo Walter ORGANIZATIONAL Nouriel Roubini BEHAVIOR/ORGANIZATION Paul Wachtel THEORY Bernard Yeung Juan Alcacer Ya Ru Chen Roger Dunbar Michelle Gittleman David Backus Stephen Mezias Rachelle Sampson RESEARCH CENTERS AND INSTITUTES

Quality research is a benchmark of excellence in the academic world. At Stern, state-of-the-art research is

conducted at four centers and three institutes, described below, whose cumulative work is second to none.

The centers sponsor frequent conferences that attract international scholars and practitioners and the

proceedings are widely disseminated in books, monographs and journals, both in the United States and abroad.

Vincent C. Ross Institute of Accounting Research Center for Digital Economy Research The institute conducts large-scale research studies on The center's faculty and doctoral students conduct applied topics of interest to financial and management accounting research on the use of computers and communications practitioners and researchers and holds an annual confer- systems in organizations. Much of the research is con- ence for academics. It also publishes the Journal of ducted in cooperation with affiliate member firms in the Accounting, Auditing and Finance and maintains a digital media and financial services industries, with an research library for Stern faculty and PhD students. emphasis on electronic commerce and electronic markets. Research topics include: information technology and Salomon Center for Research in Financial Institutions organizations; telecommunications and electronic and Markets commerce; knowledge discovery and data mining; systems The Salomon Center serves as an important link among development; decision support systems and modeling; and scholars, practitioners and policy makers investigating the information technology and education. structure and performance of US and global financial institutions and markets. It produces groundbreaking Global Business Institute research, publications and national conferences on such The institute, established in 2003, consolidates an array of issues as corporate governance; financial restructuring and academic activities to create a coherent platform for lever- bankruptcy; universal and specialized banking; technology aging Stern’s research strength in core disciplines into the and the regulation of financial markets; and financial global arena and to provide consistent academic oversight innovation. In addition, the center provides data and and support for the School’s activities in global business grants to faculty and doctoral students and awards education. The institute sponsors a regular seminar series annual prizes for student research in finance, financial as well as conferences and workshops. The Center for economics and international business. Japan-U.S. Business and Economic Studies, which focuses on understanding the spectrum of business and economic The L. Glucksman Institute for Research in Securities relationships between Japan and the U.S., is an integral

42 Markets part of the institute. 43 The institute provides grants to faculty and students to support research on equities, bonds, futures and options Center for Law and Business and other financial instruments and on the markets where The center, a joint venture of the Stern School and the they are traded. NYU School of Law, facilitates interaction and joint scholarly work between faculty at the two schools who Berkley Center for Entrepreneurial Studies share an interest in the structure, regulation and function The center promotes the study of innovation, entrepre- of the market economy. The center also provides a forum neurship and new venture creation, and advances the for professional and scholarly interactions among students, practice of entrepreneurial management through research, academics and legal and business professionals through education and publications. The center hosts conferences conferences such as the Directors’ Institute. for scholars and practitioners; produces publications that contribute to the understanding of the entrepreneurial process and the public policy issues associated with new enterprise development; offers co-curricular programs designed to complement course-related learning; and provides grants to faculty and advanced PhD students for data and field work support. Placement for the September 2003 entering class was 720, with most Timing of Admissions Decisions Placement Highlights 1995-2002 * Applicants for admission PLACEMENT HIGHLIGHTS 1995-2000 admitted students scoring above 700. As stated earlier, test The PhD Admissions Committee begins reviewing applica- Year Major Placement should know that the PhD is scores are only one of the elements we consider. We admit the tions in late January. Incomplete applications will not be primarily intended for peo- 2002 Accounting Northwestern applicants whom we feel have the aptitude, background and reviewed, nor will application fees be waived. ple interested in academic Finance University of Michigan, Ann Arbor motivation to produce first quality research in the future. Finance Cornell University careers or government or Prerequisites to Doctoral Study Finance Cornell University Previous graduate work is not an admission requirement. business careers involving Finance Yale University ◆ integral and differential calculus Students with bachelor’s degrees are eligible to apply. research and publication. Information Systems University of Texas, Austin ◆ matrix algebra or linear algebra Management/IB University of Southern California Doctoral level courses taken elsewhere, if equivalent to The academic job market for ◆ microeconomics and macroeconomics Marketing University of Chicago courses required by Stern, may be credited in accordance holders of doctoral degrees ◆ Marketing University of Florida, Gainesville with school and university regulations. Within the frame- financial accounting in business is strong. The ◆ 2001 Finance London Business School work of the general requirements, programs of study are psychology or sociology opportunities open to a par- Finance Georgetown University designed to fit individual interests. ticular candidate depend, of Finance Vanderbilt University Every student must satisfy the prerequisites of calculus, course, on that candidate's Management/OB University of Washington Doctoral Student Funding matrix algebra and economics (micro and macro) before field and personal qualifica- Statistics/OR Texas A&M University Statistics/OR Georgetown University Applicants to the doctoral program are not required to beginning doctoral study. An applicant need not have ful- tions. Depending on the field complete separate financial aid applications. Financial aid filled these requirements before applying. For those with 2000 Accounting Washington University in St. Louis of specialization, an average is merit-based, and all admitted students not receiving aid deficiencies in calculus, matrix algebra, microeconomics or new PhD can choose from Economics University of North Carolina, Chapel Hill Information Systems McGill University (Canada) elsewhere will receive funding through Stern. The normal macroeconomics, the normal procedure is to take courses two to 16 job openings in Marketing University of Southern California funding package consists of free tuition and individual to correct the deficiencies in the summer before enroll- American academic settings Marketing University of Texas, Austin health insurance as well as an annual stipend. Funding is ment. A student may correct a deficiency in accounting, and many more openings in Management/OB University of Minnesota, Twin Cities guaranteed for five years, assuming satisfactory academic Management/OB University of Wisconsin, Madison psychology or sociology during the first year of study. Each government and industry. Statistics/OR University of California, Los Angeles progress. Information about the current aid package and student must demonstrate competence in computer skills. Over 80 percent of the other program requirements are available online at recent PhDs from Stern have 1999 Accounting City University of Hong Kong www.stern.nyu.edu/phd/. All students need to obtain a high degree of computer lit- taken jobs at universities. Finance Georgetown University Finance Emory University eracy early in the program. They need to be familiar with Other recent graduates Doctoral students participate in research practica and Information Systems The Wharton School, University of Pennsylvania word processing and spreadsheet software before they work as researchers for the Information Systems Hong Kong University of Science and Technology work 10 hours per week for 11 months in their first year enter the program and have enough familiarity with com- I Information Systems University of California, Berkeley and 20 hours per week in subsequent years. We view the nternational Monetary Information Systems The Wharton School, University of Pennsylvania research practica as tutorials and try to arrange for stu- puters to enable them to learn quickly the specialized soft- Fund, the World Bank, the Management/IB University of Southern California dents to work with faculty members whose research is ware applications used early in the program. Statistics/OR Columbia University Board of Governors and the related to their specific areas of interest. Much of the doc- banks of the Federal Reserve 1998 Economics World Bank toral training takes place through the interaction between English Proficiency System. Finance Emory University research assistants and the professors with whom they International students whose native language is not Finance Vanderbilt University work, and doctoral students often formulate dissertation English must pass NYU's English proficiency test at the Information Systems Hong Kong University of Science and Technology Admission Criteria Finance/Int'l Business Harvard Business School topics and publish papers as a result of their experiences. time of admission to the doctoral program. NYU's The application deadline is Management University of Texas, Dallas American Language Institute administers the English pro- In the fourth year students teach during one semester. All 44 January 15, and we admit Statistics/OR A T & T Labs ficiency test and recommends remedial courses for those 45 students participate in a workshop to develop teaching for the fall semester only. students who do not receive passing grades. Students with 1997 Economics Korea Institute of Finance skills prior to teaching for the first time. Fifth year stu- Because of our focus on Economics Federal Reserve Bank of New York dents receive financial aid in the form of fellowships serious deficiencies in English must correct these before excellence, we admit a Finance University of North Carolina, Chapel Hill enrolling in courses at Stern, and students with moderate Finance Darden Graduate School of Business, University of Virginia and/or teaching. small number of students. deficiencies may take no more than nine credits of course We receive over 1,000 Finance University of North Carolina, Chapel Hill Management Hong Kong University of Science and Technology Application Procedure work until they reach the required standard. Students applications and enroll Marketing University of Michigan An application or further information may be obtained by should be proficient enough to teach an MBA course by the about 20-25 students each contacting: year. We look at the quality 1996 Economics Vanderbilt University end of the first year. Those unable to meet this requirement Doctoral Program of the undergraduate and Finance Copenhagen Business School, University of Denmark are unlikely to be admitted. Finance London Business School New York University graduate schools, grades Leonard N. Stern School of Business earned and courses taken, 1995 Finance Tulane University The Doctoral Program of Study Finance Harvard Business School 44 West Fourth Street, Suite 6-140 Doctoral study begins with three research skills methodol- letters of reference and test New York, NY 10012-1118 Finance Yale University ogy courses: each student must demonstrate competence at scores. In addition, we may Finance Stanford University Graduate School of Business interview accepted candi- Marketing University of Rochester Phone: (212) 998-0740 the PhD level in probability, statistics and microeconomics. dates to be sure that Stern is Marketing University of California, Berkeley E-mail: [email protected] Previous doctoral-level work may enable a student to the appropriate school for * There are no placements listed for the Operations Management department. This department is new www.stern.nyu.edu/phd/ waive or test out of the research skills methodology courses. them. The median GMAT and only began admitting PhD students in Fall 1999; these students are still enrolled in the program. Application forms may be downloaded from our website. Each program of study incorporates the three basic research skills methodology courses, seven courses in the Access to journal and business information is facilitat- major field, and four electives. If the director of the doc- ed by a collection of both current and retrospective toral program and the department doctoral coordinator business resources in electronic format, which are approve, a program of study may include previous work at available in the center and on the library's website NYU or other universities. (www.nyu.edu/library/bobst). Some of these resources are ABI-Inform, Dow Jones, EconLit, Global Access, Lexis- After completing all or nearly all course work, each stu- Nexis, The Wall Street Journal, Stat-USA, EIU Viewswire, dent must pass a comprehensive examination. Upon pass- Datastream and Bloomberg. ing the comprehensive examination and completing all required course work, a student may apply for and receive Computing at Stern a Master of Philosophy degree. The doctoral program con- All doctoral students have personal computers and desks cludes with a student's proposing, writing and defending a assigned to them. About 20 new machines are bought each dissertation. year for doctoral student use. Each Stern student receives a Novell account, an e-mail account and an account on Time Limits Sales (Unix time-sharing system). Novell accounts provide A student should pursue the doctoral degree with a strong access to the computers in offices, computer labs, on e- commitment. Students who extend the doctoral program mail stations and electronic classrooms. Space on Sales is are less likely to complete it. In addition, if several years available to all students for publishing web pages. Sales pass after the course work has been completed, it is likely also provides access to applications software, including that some knowledge will have become outdated. SAS and SPSS for statistical analysis. Microsoft Windows, Therefore, every student must pass the comprehensive Microsoft Office, Netscape Navigator, Minitab, Lindo and examination by the fall of the third year of the program, many other course related applications are available to the successfully present a dissertation proposal by May of the Stern community. All Stern computers are networked and fourth year and defend the dissertation and complete all provide access to the Internet, e-mail, Unix (Sales) and degree requirements by May of the sixth year, while main- laser printers. taining continuous enrollment. Although a few students have completed all requirements in as little as three to four University and Off-Campus Housing years, most students do so in five years. PhD students may apply to live in graduate housing for a limited period of time, and they may choose a nine-month Rules and Regulations or one-year contract. Many students choose to live off- Course requirements, time limits and other procedures are campus. The NYU Off-Campus Housing Office provides thoroughly explained in the PhD Handbook. Upon enroll- information about available apartments in the area. ment in the program, each doctoral student will receive a copy and should use it as a reference. Sports and Recreation Full-time Stern students have free use of the Jerome S. 46 Elmer Holmes Bobst Library and Study Center Coles Sports and Recreation Center, one of the largest, Library resources and services for the Stern School of most modern and best-equipped physical fitness facilities Business are provided within the context of the University in New York City. It offers an array of athletic facilities, library, the Elmer H. Bobst Library. Located on the sixth including Nautilus weightlifting equipment, six outdoor floor in the library is the Business and Social tennis courts, an NCAA regulation swimming pool and Sciences/Documents Center, which houses a general and diving tank, outdoor running track, five basketball courts, international business reference collection that includes fencing and wrestling rooms, six squash courts and five material on US and international business, investment handball/racquetball courts. The center teaches a wide services, periodical indexes and numerous electronic serv- variety of sports and other activities, including tennis, rac- ices. Additionally, the Center houses depository collections quetball, squash, swimming, aerobic dancing, weight of both US and UN documents which contain a wealth of training, basketball, martial arts and yoga. Students can business information. also participate in intramural sports and tournaments. Stern has clubs for skiing, running, golf, tennis, racquet- ball, volleyball and basketball.