THE MAGAZINE OF THE HAAS SCHOOL OF BUSINESS AT THE UNIVERSITY OF CALIFORNIA, BERKELEY University of California, Berkeley Nonprofit Organization Haas School of Business U.S. Postage 545 Student Services #1900 Paid Berkeley, CA 94720-1900 University of California, Berkeley BerkeleyHaasSummer 2017 2 HIRING TRENDS 8 AN INTELLECTUAL REVOLUTION 18 IN PROFILE Silicon Valley’s top firms turn to UC Berkeley Haas marks 30 years of trailblazing the Alumni from Shazam, IDbyDNA, Honda for talent more than to any other school discipline of behavioral economics Innovations, Nevada Supreme Court & more Haas Homecoming Cal Parents & Reunion Weekend Saturday, Oct. 21 Haas School of Business These’s something for everyone before the Cal Bears take on the Arizona Wildcats: Mexican fiesta tailgate party Students or Athletes: Can You Be Both? with Lecturer Steve Etter, BS 83, The Berkeley MBA 89 Winners & Losers 2017 talk by Scott Advantage Galloway, MBA 92, founder & chairman, Berkeley Leaders challenge L2; NYU clinical prof. of marketing convention, offering new thinking Face painting for the new economy haas.berkeley.edu/alumni/homecoming Question the Status Quo Confidence Without Attitude Summer 2017 EXECUTIVE EDITOR FEATURES AND DEPARTMENTS The Berkeley Leader Issue Students Always Ute Frey UP FRONT MANAGING EDITOR Beyond Yourself Amy Marcott DESIGN Cuttriss & Hambleton, Berkeley-Haas alumni enjoy 30% off Berkeley their first program, then 15% off STAFF WRITERS Laura Counts, Valerie Gilbert, every program thereafter. Kim Girard, Pamela Tom Contact us for more details: [email protected] Q@Haas co-founders Ben CONTRIBUTING WRITERS Burbridge and Adrienne Torf, Eric Butterman, Charles Cooper, both MBA 92, flank co-president Krysten Crawford, Andrew Lucas Vital, MBA 18 Faught, Diane Fraser, Kate Madden Yee, Mike Rosen, 2 Haas List Upcoming Programs Sam Zuckerman Celebrating 25 years of LGBTQ community PHOTOGRAPHY 4 Haas News Noah Berger, Jim Block, Haas MBA students work Tiffany Brown Anderson, to unite youth cyclists Aaron Clamage, Bruce Cook, Charles Cherney, Keegan R 6 Power of Ideas Houser, Joe Larese, Leigh An applicant’s country of origin Madeira, Genevieve Shiffrar can cause hiring bias ILLUSTRATOR IN THE BACK John Hersey BerkeleyHaas magazine is published by the Haas School PHOTO: GENEVIEVE SHIFFRAR PHOTO: of Business, University of Nobel Laureates and top economists enjoyed a gelato break at the conference celebrating California, Berkeley. For Berkeley-Haas’ influence on behavioral economics. Shown: Nobelist Daniel Kahneman with further information, contact: Haas Professor Ulrike Malmendier. Page 8 BerkeleyHaas Magazine Editor Haas School of Business University of California, Berkeley Nevada Supreme Court Justice 2001 Addison St., Ste. 240 Lidia Stiglich, BS 92 Berkeley, CA 94704 8 An Intellectual Revolution [email protected] Berkeley-Haas marks the 30-year milestone of trailblazing the discipline 18 Haas Network Venture Capital Executive Program The Berkeley Executive of behavioral economics. Alumni from the Nevada BerkeleyHaas Summer 2017, Number 95. September 11–15, 2017 Leadership Program Supreme Court, MIT, IDbyDNA, Honda Innovations, Byte For change of address, email November 6–10, 2017 Gain exclusive insights to unlock value from venture capital, generate 12 The Berkeley Advantage Foods, and Shazam [email protected]. deal structuring, and develop a road map for success. During this Become the leader you’re meant to be with our five-day leadership 24 Worldwide Events five-day program, Professor Jerry Engel will guide a comprehensive Berkeley Leaders challenge convention, offering new thinking for the program. Professor Maura O’Neill, along with other distinguished Annual HaasX talks inspire overview of the venture capital investing cycle and provide insights new economy. UC Berkeley faculty, will help you create a personalized plan to and delight on the latest practices and trends in the venture capital world. obtain innovation and growth, create energy and urgency, and 26 Accolades Ideal for: Entrepreneurs considering venture funding, executives drive results. 22 Rethinking Education 26 leading corporate M&A and business development, institutional Ideal for: Senior executives who want to expand their leadership Alumni Notes Online education pioneer John “Jack” Larson, BS 73, supports budding asset managers, and international economic development officials. capabilities to drive growth, performance & culture. 35 In Memoriam business leaders and data scientists. 36 Personal View Dean Rich Lyons, BS 82, on making every employee a Interested in a custom program for your company? Together with our Chief Purpose Officer esteemed faculty, we’ll work with you to create programs that fit your organization’s distinct needs. executive.berkeley.edu | CONTACT: +1.510.642.9167 Summer 2017 1 Up Front Haas List Alumni Diversity Reputation Built 25 Years of 5 Education pioneer Patrick Awuah, MBA 99, has been named Q-mmunity among the world’s 100 2New Building Faculty most reputable people Twenty-five years ago, Ben Burbridge, What's New The Personality by Reputation Poll, a MBA 92, had a hard time finding a Research with Chou? of Success South African global community of gay students at Haas. performance-manage- Floors one through five Do you have what it takes ment consulting com- Then he met Adrienne Torf and Garrett The Wisdom of the new Connie & to start an entrepreneurial pany. Awuah, founder of Hornsby, MBA 92s. “I realized how Kevin Chou Hall, which empire? In Wall Street Ghana’s Ashesi University, alone we were when we arrived here, house classrooms, are Journal bestseller Built for of After-Hours joins fellow Ghanaian slated to open by late Growth (Harvard Business and we didn’t want the subsequent and former UN Secretary July. Select summer Review Press), Lecturer classes to have the same experience General Kofi Annan, Trading courses will begin John Danner identifies Bill and Melinda Gates, that we did,” Burbridge says. So the Paying attention to overnight stock market returns enjoying the new space four distinct “builder the Obamas, Sena- trio formed a small club. may help investors develop profitable trading strate- this summer. The personalities” of highly tor Elizabeth Warren, Today, Q@Haas is a dynamic commu- gies, says a new study co-authored by Haas Asst. Prof. sixth-floor events space, successful founders— Desmond Tutu, Nobelist Omri Even Tov. He found that overnight market activity Spieker Forum, will open Driver (Apple’s Steve Jobs), nity of 380 lesbian, gay, bisexual, trans- Malala Yousafzai, and provides a gold mine of information about investor in the fall. View the Explorer (Facebook’s Mark singer Adele on the list. gender, and queer students, as well as sentiment at the firm level, pertaining to specific building’s progress two Zuckerberg), Crusader straight allies. It hosts personal storytelling stocks rather than the broader market. ways: via the live (Twitter’s Jack Dorsey), or nights, speakers, panels, and film nights. Even Tov measured how much returns moved after webcam, haas.org/ Captain (Alibaba’s Jack the market closed and found that in the short term, NorthAcademicBuilding, Ma). Via research and Q@Haas Co-president Lucas Vital, up to 12 weeks, prices continued to trend in the same or the Instagram personal interviews, the MBA 18, who helped organize a celebra- direction—what financiers called price “persistence.” account, whats_new_ book, co-authored with tion of the group’s milestone, said of the The effect was even stronger for firms that are typically with_chou. Also visit Princeton University’s more difficult to value. Hiring Trends the Berkeley-Haas Chris Kuenne, guides founders’ experiences: The findings, forthcoming in the Journal of Financial website for the timeline readers to unlock their “Hearing their story and Quantitative Analysis, likely reflect investor senti- and floor plans: own builder personality. and understanding ment because private investors are more likely to trade haas.org/chou-hall. haas.org/danner-book after hours. They also rely more on sentiment and less Pipeline for Patrick Awuah, MBA 99 how far we have come on underlying fundamentals (a firm’s intrinsic, not is a way to understand market, value) when making their trading decisions. Rankings and value what we Even Tov also studied how stocks performed overnight Tech Talent have today.” over 12 months. High overnight returns underperformed High while those with low overnight returns outperformed. When Silicon Valley’s top firms need tech Marks Q@Haas co-founders Ben Burbridge Buying and selling stocks based on overnight returns and Adrienne Torf, both MBA 92, flank yielded a premium of 7.4 percentage points. talent, they turn to UC Berkeley more than to All Around co-president Lucas Vital, MBA 18. All three Berkeley MBA any other school. A report by online recruiting company Hir- Faculty ingSolved shows that Berkeley alumni—overall and in 2017— programs earned top- 3 10 status in the U.S. Innovation get hired more than grads of any other school at the top 25 tech News & World Report’s companies by revenue. In both cases, Berkeley beat out 2018 Best Business Pioneer Alumni Benefits Schools ranking. The Honored Stanford (#2) and Carnegie Mellon (#3). Neither MIT nor any On-Demand Insights Evening & Weekend Ivy League schools made the top ten. The study aggregated Berkeley MBA Program Henry Chesbrough, PhD 97, faculty One of the benefits of being a Berkeley-Haas alum is held its #1 ranking director of the Garwood Center for data from over 10,000 public profiles for tech workers hired or access to lifelong learning opportunities, like the among part-time MBA Corporate Innovation, was honored promoted to new positions in 2016 and the first two months Facebook Live streams we’ve been hosting of every- programs for the fifth with a medal from the Industrial Re- Henry Chesbrough thing from the Dean’s Speaker Series to the annual straight year. The Full- search Institute (IRI) for his standout work in innova- of 2017. For new grads, business development consultant, Alumni Conference.