Phd Newsletter Fall 2008 C

STERNPhDalumni NEWS FOR ALUMNI OF THE DOCTORAL PROGRAM OF NYU STERN SCHOOL OF BUSINESS fall 2008 WORLD-RENOWNED ECONOMIST: VOLUME 3 / ISSUE 1 ALUMNI SPOTLIGHT ON HENRY KAUFMAN For world renowned economist greatness, both because of Henry’s success in the and philanthropist Henry financial world and his family’s broad and generous Kaufman (PhD ’58, Banking philanthropic work. He and his wife of 51 years, INSIDE and Finance; BA ’48), one of the Elaine, have donated millions to various arts and most influential forces to hit cultural causes. In 1998, Kaufman made a major gift THIS ISSUE Wall Street in the last century to Stern that made possible the renovation and and a cornerstone of the NYU expansion of the School’s graduate building, which Stern community, reading the is now the Henry Kaufman Management Education markets is “like standing in the Center. He also endowed a chair in financial history ALUMNI middle of the block and trying to estimate what’s at Stern, the Henry Kaufman Professor of the SPOTLIGHTS ON coming around the corner,” he explains. The trick, History of Financial Institutions and Markets, he believes, is deciding how future patterns will be currently held by economics professor Richard HENRY KAUFMAN different from historical ones. Sylla. Matthew Richardson, a finance professor, holds the Charles Simon Chair in Finance and the & MANJU PURI Kaufman, who BusinessWeek has called “one of the Sidney Homer Directorship of the Salomon Center greatest financial thinkers of our time,” is perhaps for the Study of Financial Institutions, both best known for his gloomy but accurate financial endowed by Kaufman. And he recently established PHD ALUMNI forecasts during the bearish, fearful economic the Henry Kaufman Visiting Professorship to climate of the 1970s and 80s when he was chief econ- provide Stern’s first permanent fund to support REUNION omist and senior partner at Salomon Brothers. His visiting scholars and practitioners. Past visiting dismal predictions about climbing interest rates scholars include former Federal Reserve Chairman earned him the respectful nickname “Dr. Doom.” Paul Volcker and former Finance Minister of Once interest rates soared into the double digits, he Argentina Domingo Cavallo, and one of our current DIRECTOR’S became known as the official oracle of Wall Street. visiting professors is Dr. Ralph Gomory, who, LETTER “The role of an economist is to say what will be, not during his career as research director at IBM, what should be,” said Kaufman when asked about oversaw research that went on to garner two his historic role in the US financial markets. During Nobel Prizes. his career, he has been particularly concerned about CLASS NOTES the risk of negative political change that comes with His commitment to Stern and education is strong harsh and uncertain times, a lesson he learned both because of his experience at NYU and his belief in from history and personal experience. the importance of education and research. “Any RESEARCH REVIEW good university has to have basic research,” says Kaufman grew up in post-WWI Germany, in an Kaufman. But the trick, he feels, is to find a balance economic environment characterized by hyperinfla- between basic research and good teaching. He ALUMNI BALL & tion and a struggling and demoralized German believes that the former enhances a university’s middle class that paved the way for Hitler’s rise to image worldwide, while the latter attracts and GLOBAL ALUMNI power. His family fled his hometown of Wenings retains outstanding students and local attention. after Nazi troops raided their home and anti-Jewish CONFERENCE protests flooded the streets. “Economic and finan- Kaufman’s experience at NYU Stern launched him cial systems shouldn’t go to extremes,” cautions into the world of finance and kept him in touch with Kaufman, “because this can lead to political changes what was going on in the business community. “I that are detrimental in the long-term.” Kaufman’s benefited greatly from NYU,” explains Kaufman. unique experience has given him a distinctive “The school had a profound influence on my career, vantage point from which to observe, as well as particularly the teachers, whom I admired greatly.” appreciate, US cultural and economic systems. “The He was particularly impressed with Marcus Nadler, US is built on diversity,” he explains. “Our demo- because of his exceedingly organized and straight- cratic roots run deep, and this is something that forward approach to teaching, his ability to trans- most Americans can’t appreciate. Only someone form highly complex material into understandable who has come from abroad can see such greatness.” terms, and because he had earned a place as a highly regarded advisor and consultant in the markets, The Kaufman name itself has become a thing of which was rare for a professor Continued on page 3 SAVE THE DATE PHD ALUMNI REUNION CONFERENCE: MAY 8, 2009 Join us for our first School-wide gathering of fellow NYU Stern PhD alumni, faculty, and current PhD students. The conference will take place at Stern's campus and include paper presentations VISIT US ON THE WEB on timely business topics, an update on the School, opportunities to mingle, and more. www.stern.nyu.edu/alumni Event details will be posted soon at www.stern.nyu.edu/phd. IMPORTANCE OF A PHD CLASS NOTES PROGRAM TO A B-SCHOOL Louis M. Spadaro (PhD ’55, Economics) James J. Kennelly (MBA ’88; PhD ’96, A LETTER FROM THE DIRECTOR died on May 3rd, 2008, in Syracuse, Management/OB), associate professor NY. He was a student of the late of international business at Skidmore Ludwig von Mises, a libertarian, Dear Alumni, College, Saratoga Springs, New York, free-market theorist and former visiting and Finbarr Bradley (PhD ’89, As I begin my second year as director of professor at NYU. Spadaro taught at Finance/IB) of Dublin, Ireland, will NYU Stern’s PhD program, I want to Fordham University and, in 1969, launch their joint book, Capitalising on thank those of you with whom I have became the first dean of its Graduate Culture, Competing on Difference crossed paths over the past year for all School of Business, located at Lincoln (Blackhall Publishing) in Dublin in your kind words and good wishes. And, Center. He had four children, seven September. The book examines yes, I am still having fun. grandchildren, and 13 great innovation, learning, and a sense of We have just enrolled what looks to be our strongest class grandchildren. place in a globalizing Ireland and will ever. Part of this is due to the strength of all our programs. Rita Maldonado-Bear (PhD ’69, be launched by the Taoiseach (Prime Another factor is that we have been able to increase our Finance) of New York, NY, was a Minister) of Ireland, Brian Cowen. stipends to a more competitive level, thanks to the work of professor of finance at NYU Stern Dean Thomas Cooley and former Vice Dean Lee Sproull, Gina O’Connor (PhD ’91, Marketing) from 1975 to 2005 and has since retired as well as the generosity of some of our faculty who have of Latham, NY, just published the book with the title of Professor Emerita of contributed both their own money and money from their Grabbing Lightning: Building a Capability research budgets. Indeed, I will be asking you to contribute Finance. Nevertheless, she has often for Breakthrough Innovation (Jossey to our efforts in the near future. The deans fully realize how been at Stern helping with the School’s Bass, 2008), with three co-authors. important the Stern PhD program is to the School as a Capital Campaign, which ended on She is currently associate professor of whole and why it is an important investment for the August 31 with $180 million, surpassing marketing at Rensselaer Polytechnic School. I want to make sure that you do too. the $150 million goal. She has become Institute and director of the Executive an avid gardener and says she will MBA program. Major universities and the business schools they parent always stay in close touch with Stern. fulfill both research and teaching missions. Obviously, the Sanjiv Das (PhD ’94, Finance) of Richard E. Sorensen (MBA ’69, PhD PhD program structures the teaching of PhD students, but Moraga, CA, is now chair of the finance ’73, Management) of Blacksburg, VA, the program also enhances the School’s research mission department at Santa Clara University. in several ways, some of them not so obvious. has been dean and professor of busi- His wife, Priya Raghubir (PhD ’94, ness information technology at the First, successful PhD graduates add luster to the School’s Marketing), recently moved back to Pamplin College of Business at Virginia reputation. The ability to train and acculturate doctoral NYU Stern as full professor of Polytechnic Institute and State Univer- students into becoming successful research academics is marketing. Their son, Shikhar, recently sity (Virginia Tech) since July 1982. one dimension of research productivity. Placing our gradu- graduated from high school and is now Earlier, he served nine years as dean of ates at peer institutions also increases the School’s influ- going to study pre-med at the Univer- ence in the research community and the academic world. the John A. Walker College of Business at Appalachian State University. He sity of California at San Diego in the Second, the School benefits from the research doctoral recently served as chair of AACSB School of Biology and Neuroscience. students produce, both individually and with other faculty. International and chairs the nominating David Ahlstrom (PhD ’96, Doctoral students are now publishing more than they ever and accreditation coordinating commit- Management) of Hong Kong, China, have; indeed, the pressures of the job market are forcing tees and board champion for the was recently appointed senior editor of them to do so.

Load more