NYU Stern Boosts Faculty Roster

Building its research and teaching faculty, NYU Stern added a dozen new professors to its fall roster and, last spring, welcomed as a research professor Ralph Gomory, whose 30-year tenure in research at IBM will enhance the School's information systems research.

Joining the finance department is Viral Acharya (PhD '01), who comes from London Business School, where he was professor of finance and academic director of the Private Equity Institute, a research affiliate of the Center for Economic Policy Research. An academic advisor to the Bank of England, he was appointed Senior Houblon-Normal Research Fellow there to study the efficiency of the inter-bank lending markets. His research focuses on regulation of banks and financial institutions, corporate finance, credit risk and valuation of corporate debt, and asset pricing with an emphasis on liquidity risk.

The finance department also added three assistant professors: Ashwini Agrawal, Marcin Kacperczyk, and Philipp Schnabl. Having earned his MBA in finance and PhD in economics from the University of Chicago, Agrawal studies empirical corporate finance and labor economics. Kacperczyk, who has a PhD in finance from the University of Michigan and taught at the University of British Columbia, studies institutional investors, mutual funds, socially responsible investing, and behavioral finance. Before joining Stern, Schnabl consulted for Boston Consulting Group in Europe, then earned his PhD in economics from Harvard University. His research interests are corporate finance, financial intermediation, and banking.

Three assistant professors have also joined the economics department. Joyee Deb earned her PhD in economics from Northwestern University's Kellogg School and earlier was a consultant in Accenture's strategy practice in India. Her research interests are microeconomic theory and game theory. Kim Ruhl joined Stern in 2006 as a visiting professor and has a PhD in economics from the University of Minnesota. His research centers on international economics, models of firm heterogeneity, and national income accounting. He has been awarded two National Science Foundation grants. Allessandro Gavazza is an applied economist with interests in industrial organization, contracting, and capital investment. Formerly, he was at Yale's School of Management and on the research staff of the Cowles Foundation. He earned his PhD in economics from New York University.

Priya Raghubir (PhD '94) joined the marketing department from the Haas School where she taught undergraduate and graduate courses in the US, China, and India. Her research interests are in the areas of consumer psychology, and include psychological aspects of prices and money; risk perceptions; and visual information processing. Joining the marketing department as an assistant professor is Sam Hui, who received his PhD from the Wharton School. His research centers on the interaction between marketing and statistics, the entertainment industry, and Internet retailing.

JP Eggers joined the management and organizations department as an assistant professor. He studies technological change, decision-making under uncertainty, and new product development, and earned his PhD in management from the Wharton School. Prior to joining Stern, Gabriel Natividad served as a strategy consultant. His research focuses primarily on how a firm's strategic and financial decisions are intertwined, especially in multidivisional companies. Natividad earned his PhD in management from UCLA.

Prasanna Tambe comes to Stern from the Wharton School, where he earned his PhD in managerial science and applied economics. As an assistant professor of information, operations, and management sciences, Tambe's research centers on how IT-related organizational change affects labor markets and human resource management.

In April, Stern welcomed as research professor Ralph Gomory, who served as president of the Alfred P. Sloan Foundation from 1989 to 2007. Prior to that, he had a 30-year career at IBM as head of its Research Division and then as Senior Vice President for Science and Technology. During his tenure, the firm's researchers invented RISC architecture and developed the concept, theory, and first prototype of relational databases, which resulted in two successive Nobel Prizes in Physics. Gomory earned his PhD in mathematics from Princeton University.






Professor of Economics and International Business Nouriel Roubini was one of 15 economists selected by Foreign Policy Magazine for its "Top 100 Public Intellectuals" list. Roubini was also a panelist in January at the World Economic Forum in Davos, and, in February, he testified on the economy before the House of Representatives' Financial Services Committee.

Edward I. Altman, Max L. Heine Professor of Finance, was inducted into the inaugural class of the Turnaround Management Association's Turnaround, Restructuring, and Distressed Investing Industry Hall of Fame.

Russell Winer, William Joyce Professor of Marketing and chair of Stern's marketing department, was recently named an inaugural fellow of the INFORMS Society for Marketing Science (ISMS). The ISMS Fellow Award recognizes cumulative long-term contribution to the mission of ISMS, which is to foster the development, dissemination, and implementation of knowledge, basic and applied research, and science and technologies that improve the understanding and practice of marketing. Winer is currently the executive director of the Marketing Science Institute (MSI), an academic organization dedicated to bridging the gap between marketing science theory and business practice.

William Greene, professor of economics and Jules I. Backman Faculty Fellow, was recently appointed the Toyota Motor Corporation Term Professor. In June, he organized the largest scholarly conference ever held at NYU Stern, the fifth North American Productivity Workshop, sponsored by Toyota. Three hundred researchers from more than 30 countries attended.

Natalia Levina, associate professor of information systems, was a featured speaker in June at the Financial Services Outsourcing Annual Summit, in New York, discussing leadership practices that enable the effective collaboration of onshore IT practitioners who manage offshore IT projects.




Nobel prize-winning economist Robert Engle, Michael Armellino Professor of Finance and director of the Center for Financial Econometrics, wrote Anticipating Correlations: A New Paradigm for Risk Management, to be published by Princeton University Press in January 2009. The book introduces a method for estimating correlations for large systems of assets. In addition, Engle was included in Condé Nast Portfolio's "Brilliant" list, which noted that his model for predicting risk in a financial portfolio is used virtually everywhere on Wall Street.

William Baumol, Harold Price Professor of Entrepreneurship, academic director of the Berkley Center for Entrepreneurial Studies, and professor of economics, co-authored with Carl Schramm and Robert Litan of the Kauffman Foundation, Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity, which was named one of the top 10 "Books that Drive the Debate 2008" by the National Chamber Foundation, a public policy think tank affiliated with the US Chamber of Commerce. Baumol was recently made an honorary professor of Zhejiang Gongshang University (ZJGSU) and senior adviser of ZJGSU's William Baumol Center for Entrepreneurship Research. Another entrepreneurship research center in China was also recently named in his honor: the Wuhan Baumol Center.

Robert Wright, clinical associate professor of economics, published One Nation Under Debt: Hamilton, Jefferson, and the History of What We Owe in March with McGraw-Hill. The book explores the untold history of America's national debt. Wright shows how America's financial system supported the country's meteoric growth while amassing a stupendous level of debt.

A grant from the National Science Foundation was awarded to Marti Subrahmanyam, Charles E. Merrill Professor of Finance, and Sridhar Seshadri, Toyota Motor Term Professor of Operations Management and Information Systems, for "Collaborative Research on Risk Management in Supply Chains Using Market Information," co-authored with Professor Vishal Gaur from Cornell University and Xiuli Chao of the University of Michigan. The grant will provide financial support for three years. In addition, "Hedging Inventory Risk through Market Instruments," by Seshadri and Cornell's Gaur, was awarded the best paper in Manufacturing & Service Operations Management, the flagship journal of the Institute for Operations Research and the Management Sciences.

Laura Veldkamp, assistant professor of economics, was appointed a faculty research fellow at the National Bureau of Economic Research in April. Her co-authored paper, "Leadership, Coordination, and Mission-Driven Management," won the 2008 JP Morgan Prize for the best paper at the Utah Winter Finance Conference. In addition, two of her papers were recently accepted for publication: "Information Immobility and the Home Bias Puzzle," with Stijn Van Nieuwerburgh, assistant professor of finance and Charles Schaefer Family Fellow, at the Journal of Finance; and "Knowing What Others Know: Coordination Motives in Information Acquisition," with Christian Hellwig, at the Review of Economic Studies.

Robert Salomon, assistant professor of management and organizations, received the IABS (International Association for Business and Society) Best Article Award for 2006 for his article, "Beyond Dichotomy: The Curvilinear Relationship between Social Responsibility and Financial Performance," which was published in the Strategic Management Journal. Salomon also ran the first doctoral consortium at the 2008 Israel Strategy Conference, a joint effort of the three top Israeli universities — Hebrew University, Tel Aviv University, and Technion University — to promote the field of strategic management in Israel.

Research Professor of Marketing Vicki Morwitz and Associate Professor of Marketing Amitav Chakravarti were awarded the Best Overall Conference Presentation at the 2008 American Marketing Association Advanced Research Techniques Forum for their paper, "The Effect of Exposure to Fine versus Broad Survey Scales on Subsequent Decision Making," co-authored with NYU Stern alumnus Gulden Ulkumen (PhD '07) of the University of Southern California.

Professor of Marketing Eitan Muller was the recipient of the 2007 Best Paper Award of the European Marketing Academy, International Journal of Research in Marketing, for his co-authored article, "The NPV of Bad News." Muller also co-authored the paper, "The Role of Within-Brand and Cross-Brand Communications in Competitive Growth," forthcoming in the Journal of Marketing.

Thomas Philippon, assistant professor of finance and Charles Schaefer Family Fellow, and Heitor Almeida, assistant professor of finance, published their co-authored paper, "The Risk-Adjusted Cost of Financial Distress," in the Journal of Finance in December 2007 as the lead paper. The piece was awarded the 2005-2006 Honorable Mention for Best Working Paper in Finance from Stern's Glucksman Institute.

Assistant Professor of Accounting Daniel Cohen's co-authored paper, "Real and Accrual-Based Earnings Management in the Pre- and Post-Sarbanes-Oxley Periods," was published in May in The Accounting Review.

Anindya Ghose, assistant professor of information, operations, and management sciences, co-authored the paper, "Competition between Local and Electronic Markets: How the Benefit of Buying Online Depends on Where You Live," forthcoming in Marketing Science.