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A Letter from the Dean

Public Offerings
Economists and other experts discuss how to shore up confidence in credit markets; The Haskins Award goes to former Treasury chief John Snow; Amazon CEO Jeffrey Bezos talks strategy; advice for board members during volatile times; Nathan Myhrvold's deep think on competitive industries for the long term; the economic health of Asian nations; IBM's Joe Dzaluk and leading academics dissect global outsourcing; Moody's Chairman Raymond McDaniel holds forth on the credit crisis

Stern in the City
CEO Theresa Bischoff's American Red Cross serves nine million New Yorkers, By Rika Nazem
Former Knicks forward Cal Ramsey now plays for the larger New York community, By Jenny Owen

Keep Your Seat Belts Fastened, the Ride's Not Over
8 questions for Richard Bernstein

Cover Story — It's Time for a Broader View of Risk Two NYU Stern professors say that the strategic consideration of risk — and the risk management function — demand re-evaluation in the wake of the past 18 months, By Marilyn Harris

Special Feature — "A Look to the Future" Some 300 alumni gathered in New York for the 2008 Alumni Business Conference, with provocative panels led by NYU Stern faculty and alumni and a first-class collection of thought leaders, By Marilyn Harris

Leading Indicators
Stern's CEO Series: John Hofmeister, recently retired president of Shell Oil, debunks some myths about oil supplies and the energy business

Prospectus
New faculty appointments, noteworthy papers, awards, and honors

Office Hours –
Faculty Research

After Hurricane Katrina
The response to the disaster may have been shaped by the amount of power of the various players, and what that could mean to you, By Frances J. Milliken, Joe C. Magee, Nancy Lam, and Daniel Menezes

The Home Court Advantage
Why investors still weight their portfolios to local equities in a boundary-less market,
By Stijn Van Nieuwerburgh and Laura Veldkamp

Think Again
Going with your first instinct? You may be proceeding under a faulty assumption, By Derrick Wirtz, Justin Kruger, Dale T. Miller, and Pragya Mathur

Peer to Peer
Student Life in Washington Square and Beyond: Studying in Shanghai, the "mentee" experience, talking new media to executives of the Tribeca Film Festival, the global study tour goes Latino

Alumni Affairs
Alumni News and Events: Linking in with LinkedIn, hotel discounts, reunion celebrations, the 2009 Global Alumni Conference in Barcelona

Class Notes

Past Performance
Dr. Robert Kavesh, beloved teacher of generations of Stern students, is honored with an endowed professorship in his name, By Marilyn Harris

 

 

 

 

The World Belongs to Optimists

 

By Marilyn Harris

 

 

The World Belongs to Optimists
By Dr. Robert Kavesh

"The world belongs to optimists."
That's all you have to say.
Just keep your eyes on those blue skies
And you will find the way...

To climb the mountain of success-
Now here's the magic key:
That while you earn, you have to learn
To help humanity.

 

(Above) Bob Kavesh speaks at an event in May celebrating the establishment of a professorship in his name at NYU Stern.

(Right) Kavesh is honored by co-hosts (from left to right) Henry Kaufman, Paul A. Volcker, and Alan Greenspan with NYU Stern Dean Thomas F. Cooley.

Mr. Chips had nothing on Dr. Robert Kavesh (BS '49). You know the type: The much-beloved poetry-quoting teacher who inspires his students through nearly five decades of economic and political turmoil, and who, as a student himself — and here the similarities end — argued economics and baseball, hummed Mozart, and ogled girls in post-war Washington Square Park with his NYU schoolmate (and, later, thesis advisee) Alan Greenspan (BS '48, MA '50, PhD '77, Hon.'05).

Mr. Chips, of course, was just the fictional protagonist of a cherished 1934 novel. Dr. Bob is the real deal. He taught more than 15,000 students over his career, and their tributes, piling up on NYU Stern's special website (www.stern.nyu.edu/kavesh), prove it: "spellbinding," "inspiring," "mentor," "intellect," "warmth," "perspective," "ingenious," "supportive." For a professor with a passion for his subject, his profession, and the fullness of life, it doesn't get much better than that.

Marcus Nadler Professor of Finance and Economics Emeritus, Kavesh has long been a leader at the School. His scholarship on inflation and deflation, interest rates, and the stock market continues to be influential, and he is widely known for his work as a forecaster and analyst of economic and financial developments. He has served on numerous boards, has testified before Congress on economic issues, and has served on the Economic Advisory Board of the US Department of Commerce.

Equally, if not more, important are the relationships and careers he fostered during his own long career. Some 200 Kavesh fans attended a reception in May to honor Dr. Bob Kavesh that was hosted by two former chairmen of the Federal Reserve Bank, Greenspan and Paul A. Volcker (Hon. '83), and Wall Street sage Henry Kaufman (BA '48, PhD '58). They reminisced about their long associations with Kavesh, as students, friends, and comrades in the field of economics. Volcker, a self-described pessimist, praised the sunnier outlook affirmed in one of Dr. Bob's poems, "The World Belongs to Optimists" (above right).

With such a devoted following, it's no surprise that under Kavesh's early leadership and continued contribution, Stern's economics department has become one of the top programs in the country. In recognition, the School is establishing the Robert Kavesh Professorship in Economics to support the next generation of leadership in the department. The prestigious Robert Kavesh Professorship will attract the next generation of top scholars who possess the energy and vision to build upon his distinguished legacy.

Gifts to the Kavesh Professorship will be placed in a fund invested by the University, designed to exist in perpetuity. Income from the fund will support a top faculty member in his or her research and teaching. Special distinction is attached to such academic posts, which are supported by their own funds. Kavesh Professors will lead the School's economics department to even greater excellence. In a competitive market, endowed professorships are crucial to enabling Stern to attract this sort of visionary scholar, who possesses the kind of qualities that have made Dr. Bob a legend.

As one of his former students, Alan Levenson (MBA '84, PhD '87), chief economist at T. Rowe Price, wrote in appreciation: "Great teachers mold students as subject experts and as participants in larger human endeavors; I am privileged to be able to count Dr. Kavesh among my teachers."

Marilyn Harris is editor of Sternbusiness.