Berkeleyhaas Magazine Article on Janet Yellen
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THE MAGAZINE OF THE HAAS SCHOOL OF BUSINESS AT THE UNIVERSITY OF CALIFORNIA, BERKELEY BerkeleyHaasFall 2012 5 AMBITIOUS MBA FOR EXECS 13 AUDACIOUS MISSION IN AFRICA 16 AT THE FORE OF FINANCE The new Berkeley MBA for Executives Patrick Awuah, MBA 99, aims to transform Prof. Mark Rubinstein plays a crucial role in will begin classes in May 2013. a continent through higher education. understanding options. A Force at the Fed Vice Chair and Haas Prof. Janet Yellen Leads in Extraordinary Times The Berkeley-Haas Advantage Step outside of your day-to-day and return to one of the most stimulating business environments in the world. UPCOMING PROGRAMS Negotiations and Influence December 3-5, 2012 High-Impact Leadership December 3-4, 2012 Venture Capital Program December 3-7, 2012 Boot Camp for Experienced Managers December 10-13, 2012 Product Management January 28-February 1, 2013 Berkeley Advanced Global Management March 4-15, 2013 All Berkeley-Haas alumni enjoy special pricing for open-enrollment programs. To find the right opportunity for you, contact: Kristina Susac, Director of Marketing and Open Programs +1.510.642.9167 | [email protected] www.executive.berkeley.edu Fall 2012 FEATURES AND DEPARTMENTS The Leadership Issue EDITOR IN CHIEF Ronna Kelly, BS 92 UP FRONT EXECUTIVE EDITORS Richard Kurovsky Ute Frey DESIGN Cuttriss & Hambleton, Berkeley STAFF WRITERS Valerie Gilbert, Jennifer Ruppert, Pamela Tom CONTRIBUTING WRITERS Cari Carlson, Susan Chandler, 2 Haas List Victoria Chang, Deanna Duff, Top execs welcome Russ Mitchell, Jonathan new students. Rabinovitz, Stacie Stukin 4 Haas News PHOTOGRAPHERS An ambitious new Eric Don Arthur, Jim Block, Berkeley MBA for Cameron Davidson, executives. Alex Fradkin, Max Gerber, Joe Larese, Jeremy 6 Power of Ideas Sutton-Hibbert Spotlight on the Energy ILLUSTRATORS Institute@Haas. Doug Ross, Otto Steininger Berkeley-Haas magazine is published by the Haas School IN THE BACK of Business, University of California, Berkeley. For further information, contact: Berkeley-Haas Magazine Editor Federal Reserve Board Vice Chair Janet Yellen, a professor emeritus at Berkeley-Haas, chats before a Haas School of Business speech. page 8 University of California Berkeley, CA 94720-1900 510-643-0259 8 A Force at the Fed [email protected] Federal Reserve Board Vice Chair Janet Yellen, a professor emeritus at Haas, 16 Haas Network Berkeley-Haas Fall 2012, has been honored as the school’s 2012 Business Leader of the Year in recogni- Alumni in L.A., Tokyo, Number 91 tion of her intellectual leadership, dedication to teaching, and service to her Chicago, San Francisco, For change of address, email country during challenging economic times. Seattle, and Milwaukee. [email protected]. 20 Campaign for Haas Ralph Bahna, MBA 65, 11 Audacious Mission in Africa of Priceline.com shares Ashesi University Founder and President Patrick Awuah, MBA 99, has been innovation lessons. recognized with the Haas School’s Leading Through Innovation Award for going beyond himself and questioning the status quo with his bold mission to 22 Worldwide Events develop leaders with the courage to transform a continent. Returning to Memorial Stadium. 14 At the Forefront of Finance 24 Alumni Notes During his four decades on the Berkeley-Haas faculty, Professor Mark 35 In Memory Rubinstein has played a crucial role in developing the world’s understanding of options markets. 36 Personal View The “I” in CIO stands for “Innovation.” Cover photograph by Cameron Davidson. Fall 2012 1 Up Front Haas List Faculty Go West, Young Profs 2Students 1 Undergrads Cultivate Culture Undergrads are living and breathing the school’s Defining Principles in a whole new way thanks to a series of activities developed by the Haas Business School Association (HBSA), the undergraduate student government. Each month, HBSA Professors Toby Stuart, leaders are organizing an Ross Levine, and event related to a Defining Gustavo Manso Principle. In September, they launched a new finance case competition Haas kicked off the year with three new ship and the Administrative Science Quarterly’s to build Confidence Without Attitude. At least tenured professors from some of the Scholarly Contribution (best paper) Award. One of Stuart’s goals: teach students to think like half of each four-member East Coast’s top universities. entrepreneurs regardless of their fields. team was required to Toby Stuart, from Harvard, is the new Levine is the Haas School’s new Willis H. have no competition experience. More than Booth Chair in Banking and Finance. He co- Lester Center for Entrepreneurship 100 students signed up. faculty director. Professor Ross Levine, authored a new book, Guardians of Finance: “We wanted students from Brown, is one of the 10 most-cited Making Regulators Work for Us, which critiques without competition the role of U.S. and international regulators in experience to learn finance experts in the past decade. And causing global financial crises and proposes from students who Gustavo Manso, from MIT, already has strategies to improve their performance. have experience, won a teaching award since his arrival in Manso, an associate professor, received an which also gave those the spring. outstanding teaching award from Berkeley MBA with experience the students in his Corporate Finance class in the opportunity to apply “We continue to hire at the very top of the spring. Manso received the Swiss Finance Insti- leadership skills,” says faculty market,” says Dean Rich Lyons. “Great tute’s Outstanding Paper Award in 2010 and the HBSA President Tyler faculty attract great students and great staff a Review of Financial Studies Young Researcher Wishnoff, BS 13. “With virtuous circle.” Award in 2009. His research has revealed that so much participation, it Stuart researches social and venture capital combining tolerance for early failure with was an amazing learning networks and their role in the firm creation. reward for long-term success is effective in experience.” He received the 2007 Kauffman Prize Medal motivating both creativity and innovation. for Distinguished Research in Entrepreneur- 2 BerkeleyHaas Visit executive.berkeley.edu to learn more about executive education courses. Student Always HAAS DEFINING PRINCIPLE StudentsSt & Alumni Supercharged Welcome InnovationIn insights from IDEO General MManager Tom Kelley, MBA 83. A case StudentsSttuddeenntts sstudyt on Virgin America, with a surprise Women on 6 the Rise appearance by the airline’s CEO, David Executive A record num- Cush. And free iPads for PhD students. Education 3 ber of women Those were just some of the highlights enrolled in the Berkeley- Primer on Strategy Haas PhD and Full-time of orientation for the 850 new students The Center for Executive Education (CEE) is Berkeley MBA programs who joined the Haas community this fall. launching a new must-take strategy course in this fall. For the first time In addition to the talks by Kelley and June to train executives how to best respond ever, the incoming class Cush, alumnus Ralph Bahna, a pioneer to opportunities rapidly created and destroyed of Haas PhD students in today’s fast-paced, unpredictable business includes more women in the travel industry (see page 20), gave landscape. Led by Toby Stuart, the new Lester (8) than men (7). In the a rare public speech during Orienta- Center for Entrepreneurship faculty director Full-time MBA Program, tion Week for full-time Berkeley MBA (see #1 on preceding page), the Strategy the proportion of women for Competitive Markets course will teach broke the 30-percent students. Orientation for evening and practical methods for formulating and executing mark, with women com- weekend MBA students featured a talk by strategy for business units and multi-business prising 33 percent of the Annie’s Inc. CEO John Foraker, MBA 94, corporations. Alumni enjoy a 15 percent discount incoming class. on all CEE classes. For more information contact on successful teambuilding. Kristina Susac at [email protected]. New Haas undergrads got to know each other through an interactive game thatt inin- corporated Twitter, while the school’s 1155 new PhD students received iPads as partart of a pilot program to reduce paper use aandnd 4 printing costs. Rankings 7 Top of List FacultyFacult Haas placed #3 in the U.S. News & World Report BestBes Book September ranking of the nation’s business under- AwardAw graduate programs. The ProfessorProfes David Vogel Full-time Berkeley MBA hashas wonwon ththee AcAcademyaddemmy of MManagementanag Organization Program placed #2 in andand tthehe NNaturalatural EnvironmentEnvironment DiDivision Book Award Hispanic Business maga- for The Politics of Precaution: Regulating Health, zine’s August ranking of Safety, and Environmental Risks in Europe and the 5 United States. the business schools for Hispanic students. The In The Politics of Precaution (Princeton University Economist ranked the Press, April 2012), Vogel describes a shift toward Full-time Program #6 greater regulation to manage risk in Europe than in worldwide in October. the United States in the last five decades. And the Berkeley Master One Academy of Management judge called of Financial Engineer- Vogel’s book an “excellent historical explanation ing Program was named of what happened to environmental, social, and among the nation’s top health regulation in the U.S. and rest of world in 10 quantitative finance last 40 years.” programs by Advanced Trading magazine. Fall 2012 3 Virgin America CEO David Cush Up Front Haas News BY THE NUMBERS Record Sowing New Ideas Fundraising Professor David Teece takes helm at Institute for Business Innovation Alumni and friends As the new faculty director of the shattered several records Institute for Business Innovation with their donations to the (IBI), Professor David Teece is Haas Fund in the last fiscal setting his sights on launching new year, demonstrating their programs to support research on deep gratitude to the school. the management of intellectual Show your gratitude and property and the impact of break even more records information technology on this fiscal year by giving at business and the economy.