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Meet Today's Stern Undergrads SPRING/SUMMER 2007 the Alumni Magazine of NYU Stern STERNbusiness MEET TODAY'S STERN UNDERGRADS Citigroup's Head Honcho ■ What Makes Economies Grow ■ The Business of Interior Design ■ Measuring Clicks at Google ■ An Overlooked Financial Hero ■ Studying Entrepreneurship a letter fro m the dean Over the years, significant grant (p. 20) from the Kauffman researchers at universities Foundation, is spearheading a university initiative to have discovered and expli- make entrepreneurship a campus-wide object of study. cated formulas governing Important developments may not materialize everything from the speed overnight, but sometimes, as Bill Silber highlights (p. at which light travels to the 34), they can arrive quickly. In the summer of 1914, valuation of stocks. But is it when a quick-thinking Treasury Secretary shut down possible to develop and discover formulas that deal the New York Stock Exchange for four months and with broader phenomena, like the pre-conditions for helped the Federal Reserve get up and running, it economic growth? Or creating the conditions in which proved an important historical inflection point. New students can grow, learn, and achieve? York assumed financial leadership from London, a The contents of this issue of STERNbusiness sug- position it has yet to relinquish. gest that the answer to both questions is yes. In their While New York remains an important financial article (p. 26), George Smith, Richard Sylla, and and cultural center, every week brings news that Robert Wright look back through history and point out makes us realize that the world is a much bigger place the ways in which political, social, and cultural condi- than it was in 1914, or even 1984. At NYU Stern, tions serve as the foundation for economically success- globalization, an abstract term for many, is a way of ful societies. life. The horizons of today’s students – the places Of course, such a process takes a long time. In their they’ve been and the places they’ll go – are so much article (p. 22), Debanjan Mitra and Peter Golder point broader than they were in the past. Which means it is out that quality is also an attribute that demands our challenge to provide them with the experiences, patience. One of their chief findings: companies can tools, and mindsets not just to understand and negoti- improve both the objective quality of their products, ate the world as it is, but to help lead in the world as and, as important, the perceived quality of their prod- it will be. Spend some time with a group of today’s ucts in the marketplace. But it takes sustained effort, undergraduates (p. 14), and I think you’ll agree that energetic leadership, and a long-term vision. they are well on their way. Energetic long-term vision and leadership is pre- For today’s students, there may not be a single for- cisely what Zenas Block (p. 52) has provided in his mula for success. But at NYU Stern, we think we’ve hit quarter-century of service to NYU Stern. The program on an important combination: an unbeatable location, in entrepreneurial studies that Zenas pioneered in a commitment to excellence in research and teaching, 1981 has evolved into the widely recognized Berkley and a culture that allows students to explore, develop, Center for Entrepreneurial Studies, which through a and grow. Thomas F. Cooley Dean STERNbusiness A publication of New York University Stern School of Business contents SPRING/SUMMER 2007 President, New York University John E. Sexton 2 Public Offerings Dean, Stern School of Business Nell Minow on corporate governance, Fast Food Nation author Eric Thomas F. Cooley Schlosser discusses corporate responsibility, honoring Ed Altman, Nobel Vice Dean and Dean of the Laureate Edward Prescott debunks economic myths, and authors and Undergraduate College historians delve into the past and present of entrepreneurship Sally Blount-Lyon 9 Stern in the City Chairman, Board of Overseers 9 SeamlessWeb delivers, By Stephanie Sampiere William R. Berkley 11 Lisa Jackson brings MBA savvy to interior design, By Jenny Owen Chairman Emeritus, Board of Overseers 13 Successful Spin-off Henry Kaufman 13 8 questions for James Cracchiolo Associate Dean, Marketing 14 Cover Story – Lessons Learned and External Relations The only thing more impressive than how far today’s Stern Joanne Hvala undergraduates have come is how far they’ll go, By Daniel Gross Editor, STERNbusiness 18 Leading Indicators Daniel Gross Stern’s CEO Series: Charles Prince of Citigroup is banking on growth and globalization Managing Editors, STERNbusiness Stephanie Sampiere and Jenny Owen 20 Prospectus Stern professors win NSF grants and attend Davos, plus noteworthy Contributing Writers papers, awards, and honors Shana Carroll, Randy Cohen, Lisette Coviello, Lauren Furgione, Office Hours – Faculty Research Jessica Neville, Angela Parks, Carolyn Ritter, Susan C. Walsh 22 Quality Control How building a reputation for quality can pay dividends Contributing Photographers By Debanjan Mitra and Peter N. Golder Elena Olivo, Don Pollard, Leo Sorel, David Wentworth 26 The Diamond of Sustainable Growth Illustrations A study of history yields important clues about what helps economies enjoy sustained economic growth Michael Caswell, Robert O’Hair, By George David Smith, Richard Sylla, and Robert E. Wright Steven Salerno, Gordon Studer 30 Click, or Cheat? Design Esposite Graphics How well do Google’s click-fraud protections work? 34 The Triumph of 1914 Treasury Secretary William McAdoo’s decision to shut down the Letters to the Editor may be sent to: New York Stock Exchange helped pave the way for American NYU Stern School of Business financial leadership Office of Public Affairs 44 West Fourth Street, Suite 10-160 38 Peer to Peer New York, NY 10012 Student Life in Washington Square and Beyond: Profitable non- www.stern.nyu.edu profit experience, getting a head-start on corporate social responsibility, [email protected] research in China, and a summit on globalization 40 Alumni Affairs Alumni News and Events: The Alumni Ball, a new print directory, alumni in Italy, and class reunions 44 Class Notes 52 Past Performance Zenas Block: Pioneer of entrepreneurial studies, By Daniel Gross Public Offerings CORPORATE GOVERNANCE GURU NELL MINOW DELIVERS HAITKIN LECTURE Last fall, Nell Minow, who has been dubbed “the queen of good corporate governance” by BusinessWeek online, delivered the second annual Haitkin Lecture. Minow, co- founder and editor of The Corporate Library, a clearing- house for information on corporate governance, was intro- duced by NYU Stern Dean Thomas F. Cooley as “one of the most feared champions of good corporate governance.” The Haitkin Lecture, hosted by NYU Stern’s Markets, Ethics & Law Program, is made possible through the gen- erosity of alumnus Jeffrey Haitkin (BS ’68), president of J.P. Meredith, Inc., a real estate firm; whose commitment to ethics has fostered this dynamic forum to analyze and From left to right: Dean Thomas Cooley, Nell Minow, and Jeffrey Haitkin. debate issues of integrity in the practice of business. In her lecture, Minow illustrated several examples of replacement of an equal number of chief executive offi- corporate malfeasance, exorbitant executive pay, and irre- cers. The fund successfully employed guerilla tactics, such sponsible board behavior. She stressed that the essence of as placing an advertisement in The Wall Street Journal corporate governance is to make sure that the right ques- branding one firm’s board as “non-performing assets,” tions get asked, particularly when someone else’s money is and faxing a controversial corporate employment contract involved. Tyco’s board of directors clearly didn’t ask the to The New York Times. right questions when former CEO Dennis Kozlowski asked Minow advocates that executive pay be tied to per- for an employment contract that specifically included lan- formance, and that firms should always be focused on guage citing that a felony conviction was not grounds for getting returns on investments for shareholders. She cau- termination – while he was under investigation for tax tioned students and alumni to beware of the “seduction of fraud. At Hewlett Packard, board members did not ask the success” – no one wants to speak up when things are right questions before signing off on an investigation of going well – and reminded them of the importance of leaks that included “pre-texting,” illegal efforts to obtain asking good, analytical questions. private personal information. According to Minow, good governance is a matter of judgment, not rules. “It all boils down to the moment, not the structures,” she said. During her tenure at the Lens Fund – an investment fund that, by leveraging shareholder rights, agitated for change at companies that were not living up to their potential – Minow invested in 22 companies and helped spur the Nell Minow spoke to students about the importance of good corporate governance. 2 Sternbusiness LUBIN LECTURE SERIES FEATURES BEST-SELLING the face of conclusive evidence that that this example follows the pattern of AUTHOR ERIC SCHLOSSER tobacco causes cancer, the tobacco the aforementioned cases. industry responded by denying any Schlosser concluded his discus- Eric Schlosser, award-winning pal purpose is possible harm to smokers and stepped sion by urging students to make con- journalist and author of the internation- to increase its up marketing campaigns that lied about scious decisions when purchasing al best-seller Fast Food Nation: The profits. the safety of nicotine and its addictive products and to support companies Dark Side of the All-American Meal, Schlosser, qualities. Similarly, when the lead whose practices are socially responsi- offered undergraduates, MBA students, however, industry discovered the dangerous ble. “As future businesspeople, it is and alumni a great deal of food for advocates the effects of lead paint on children – unavoidable that you will deal with thought when he visited NYU Stern this second point including mental retardation – corpo- these critical moral issues at some past fall.
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