THE LATEST NEWS FROM THE ICF

Q: What might compel busy PhD students to attend summer school?
A: A chance to spend a week with the top researchers in an exciting field. The Yale School of Management completed its first summer school program in behavioral finance which ran from June 22-26, 2009.

Nicholas Barberis, Stephen & Camille Schramm Professor of Finance, directed the course with the help of Robert Shiller, the Arthur M. Okun Professor of Economics. Barberis explained the rationale for the program saying, "Behavioral finance is a vibrant and active field, but behavioral finance scholars tend to be concentrated in a small number of schools so relatively few universities offer a PhD-level course. Bob Shiller and I felt that there would be strong demand for a short, intensive course on this material. And Yale is a natural home for the program." Full Article

Faculty Insights: Fed Chairman Recommends a Paper on the Financial Crisis by Prof. Gary B. Gorton

When one of the key actors in the government response to the financial crisis recommends an academic paper and endorses its thesis, it’s clear evidence that the work of the academy can inform policy. A recent paper by Gary B. Gorton, Frederick Frank Class of 1954 Professor of Management and Finance, has been getting widespread attention. Read Full article

Why Home Prices May Keep Falling - Commentary by Professor Robert Shiller
Home prices in the United States have been falling for nearly three years, and the decline may well continue for some time.
Even the federal government has projected price decreases through 2010. As a baseline, the stress tests recently performed on big banks included a total fall in housing prices of 41 percent from 2006 through 2010. Their "more adverse" forecast projected a drop of 48 percent — suggesting that important housing ratios, like price to rent, and price to construction cost — would fall to their lowest levels in 20 years. Read more.

Yale School of Management Cosponsors NYC Roundtable Discussion on the Financial Crisis - Full Video Now Available

In response to growing concerns on the spread of the financial crisis, the Yale School of Management, in partnership with the Wall Street Journal and CNBC, organized a roundtable discussion in New York on September 23 that brought together business leaders and scholars from Yale, Wharton, NYU, and the Columbia and Harvard business schools to discuss the unfolding situation in the markets and the economy more broadly, as well as the proposed federal bailout plan.

Participating business leaders included Yale University alumni William Donaldson ’53 BA, 27th Chairman of the U.S. Securities and Exchange Commission and Founding Dean of the Yale School of Management; Allen & Company Managing Director Nancy Peretsman ’79 MPPM; investor Wilbur Ross ’59 BA; Scott Schoen ’80 BA, Co-President of Thomas H. Lee Partners; the Blackstone Group’s Stephen Schwarzman ’69 BA; and George Wyper ’84 MBA, Managing Partner of Wyper Capital Management, among a host of distinguished practitioners that included the former Executive Chairman of The Bank of New York Mellon Corporation; the President and CEO of Marsh & McLennan Companies; and the President and CEO of Credit Suisse Investment Banking.

The organizer of the event was Yale School of Management Senior Associate Dean Jeffrey Sonnenfeld. “We were inspired by the outpouring of interest and the quick response to this event. We started planning on Sunday night, and by Tuesday afternoon, we had everyone around the table to share their incredible insights. That we could get everyone together so quickly is a signal of both their leadership and their concern in this growing crisis. Peer-driven learning is what is required, as there is no clear map to follow for navigating this worst financial crisis in 80 years. Each day’s headlines defy predictions. This objective forum, pooling the cutting edge knowledge of expert scholars and experienced financial titans is just the sort of way this school and this university can help address major society challenges.”

Yale SOM Dean Joel Podolny, who presided over the roundtable, remarked, “We couldn’t have asked for a more distinguished and thoughtful group, with perspectives from both practice and academia. It was an extraordinary gathering by any measure, and a reflection of these extraordinary times. We are grateful to all of the participants for taking the time to take part, and especially grateful to the Wall Street Journal and CNBC for their support.”

View list of roundtable participants.

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