message from the dean - nyuw4.stern.nyu.edu/phd/materials/phd_viewbook.pdf · 2003-12-11 ·...

Since becoming Dean of New YorkUniversity’s Stern School of Business,I have made it my mission to lead itsascent to the next level of excellence— into the handful of pre-eminentbusiness schools in the nation.

At the heart of this strategy isresearch and scholarship.

Today, the Stern School ofBusiness is continuing to build uponits tradition of research by attractingnot only the best and brightest schol-ars of tomorrow. In this past year,Professors Adam Brandenburger,Thomas Sargent and Russell Winerhave joined our faculty, and we aredeterminedly pursuing otherrenowned scholars and teachers.

A vital component of our missionis to expand the intellectual parame-ters of a business education andprepare the next generation ofresearchers and scholars to thinkcritically about the issues of themodern business world that they willinhabit. Our goal is to train peoplewho can carry forward an ambitiousresearch agenda that not only pushesthe frontiers of knowledge, but willalso affect the way business peoplelearn and work.

We, therefore, are seeking studentswho have the curiosity and creativityto anticipate the pressing questionsand issues that will shape the futureof business education.

Our location is unmatched, withineasy reach of Wall Street and theheadquarters of many major corpo-rations, allowing us to use New YorkCity as our laboratory for learning.Our research centers, which producetheoretical insights that guide mana-gerial and public policy decision-making, promote a dynamic dialoguewith the business and academic com-munity. For example, the Center forLaw and Business and the RossInstitute of Accounting Researchhave been in the forefront of researchand discussion surrounding the issueof corporate governance. To furtherleverage our historical strength ininternational business, we haveestablished another academic forum,the Global Business Institute.

Our faculty, numbering over 200,is known throughout the world for itsteaching and research prowess. It isour combination of award-winningfaculty, unrivaled location and ourcollective commitment to researchthat makes NYU Stern’s PhD pro-gram a truly exceptional opportunity.

I urge you to explore our programthoroughly and to consider what iscontained in this book very carefully.Review the testimonials from alumni,weigh the support provided andtrack the career paths of those whohave gone before you. A PhD fromNYU Stern can open academic doorsaround the world.

If you find that Stern’s PhD pro-gram is right for you, I invite you toapply and become a vital part of ourpast and future excellence.

Sincerely,

Thomas F. CooleyDeanNYU Stern School of Business

MESSAGE FROM THE DEAN

1

The heart of Stern's doctoral program is a commitment to research and knowledge creation. With nearly 200 full-

time faculty members engaged in a broad array of research activities spanning nine academic areas, Stern offers its doctoral

students opportunities to work with distinguished scholars who are recognized as leaders in their fields. Based on a study

published in the December 2000 issue of the Academy of Management Journal, Stern ranked fourth out of more than 400

universities for faculty research productivity in top-tier journals. Five of Stern's disciplines placed in the top 10, including

finance, which ranked third; management, which ranked fourth; marketing, which ranked sixth; information systems, which

ranked ninth; and insurance, international business and real estate, which ranked tenth.

The size of Stern's faculty and the depth of its research expertise enable doctoral students to pursue personalized

programs of study, and the PhD program's intimacy (approximately 20-25 candidates enroll each fall) ensures that students

receive one-on-one attention from professors. In fact, many of Stern's PhD students will partner with faculty and publish in

top journals even before they complete the program.

Stern's location is another valuable resource for students. The School maintains close ties with New York's global

business community, giving doctoral candidates access to an unparalleled concentration of data located within nearby

financial institutions and business firms. Stern's location in the nation's business capital also means that faculty members

have connections to important industry practitioners and influential policy makers, ensuring that their academic expertise is

complemented by the latest knowledge of its real-world applications.

Doctoral students focus their studies in one of the following areas - accounting, economics, finance, infor-

mation systems, marketing, operations management, organizational behavior/organization theory, statistics and strategy. The

doctoral program deepens a student's understanding of his or her chosen field of study and of the research methods cru-

cial to independent academic investigations. A student's main motivation for pursuing doctoral study should be the desire to

feed curiosity and exercise intellectual abilities through a rigorous and comprehensive research regimen.

The primary purpose of Stern's PhD program is to prepare students for faculty positions at leading academic

institutions. Recent graduates have been placed in academic appointments at the University of Chicago, Stanford University

and the University of Pennsylvania’s Wharton School. (For more detailed placement information see page 44.) Other alumni

have chosen to pursue research careers in the corporate or public sectors. For example, the World Bank, the banks of the

Federal Reserve and AT&T Labs currently employ Stern PhD graduates.

Read on to learn more about the expertise of Stern's principal doctoral faculty and their corresponding areas

of academic specialization.

THE DOCTOR OF PHILOSOPHY PROGRAM

3

The doctoral program at New

York University Stern School of

Business prepares students for faculty

positions at the finest universities in

the world. In choosing among doc-

toral programs, the most important

characteristics one should examine

are each school’s research environ-

ment and research output. The size

and strength of Stern’s faculty ensure

that whatever your research focus

may be and however it may evolve in

the future, you will have distin-

guished faculty members who can

train you and share your interests.

This atmosphere is different from

schools with small departments,

where students’ research is dictated

by the special interests of the faculty

in each area. Stern gives its doctoral

students the best of both worlds -

students receive personalized atten-

tion, yet the school’s size allows for a

large number of specialized PhD

courses from which to choose. Stern’s

New York City location also has

special advantages for doctoral

students. Through the faculty’s

partnerships with the global busi-

nesses located in New York, students

have unique access to comprehensive

data unavailable anywhere else, an

advantage that becomes crucial in

writing dissertations. In addition,

Stern’s location and large MBA

student body keep faculty in close

contact with real-world problems,

constraints and conditions, which is

helpful to students working on

dissertations.

Stern is proud of the placement

record of its PhD program. In fact,

according to the Financial Times’

2003 MBA rankings, Stern placed

second among U.S. business schools,

following Wharton, in the doctoral

rating category, a measure of both

the quality and number of PhD

placements. Among our distin-

guished alumni are the present

chairman of the Federal Reserve

Board, as well as faculty at universi-

ties around the US and the world,

including Berkeley, Chicago,

Columbia, Cornell, Harvard,

Michigan, MIT, North Carolina,

Northwestern, Rochester, Stanford,

UCLA, USC, Wharton, Wisconsin,

Yale, INSEAD and the London

Business School.

We welcome your interest in

Stern and invite you to explore our

doctoral program.

Edwin J. EltonDirector of the Doctoral ProgramNomura Professor of FinanceNYU Stern School of Business

A MESSAGE FROM THE DIRECTOR

2

and teaching skills are recognized worldwide. In addition, many of Stern's faculty members are on the

editorial boards of leading research journals. Stern's faculty is also one of the most international of the

leading business schools, broadening the scope of the PhD experience.

Richard SyllaEconomics

President, EconomicHistory Association

Robert EngleFinance

Nobel Prize inEconomics 2003

Fellow, AmericanAcademy of Artsand Sciences

Stephen BrownFinance

Past President,Western FinanceAssociation

James OhlsonAccounting

Twice Recipient of the AmericanAccountingAssociation’s NotableContribution toAccountingLiterature Award

Jacob JacobyMarketing

Past President, Society for ConsumerPsychology

Past President,Association forConsumer Research

William StarbuckManagement

Fellow and PastPresident, Academy ofManagement

Elizabeth MorrisonManagement

Past Recipient, Academyof Management’sCummings ScholarAward

5

Commitment to research … a passion for teaching … global perspective. The bedrock of any

academic institution is the quality of its faculty, and by this measure, Stern is at the forefront. As shown

below and in the pages that follow, nearly 200 full-time members of Stern's faculty include current and

past presidents of academic associations, award-winning authors and scores of scholars whose research

LEADERS IN THEIR FIELD

Martin GruberFinance

Fellow and PastPresident, American FinanceAssociation

Edwin EltonFinance

Fellow and PastPresident, American FinanceAssociation

Thomas CooleyEconomics

Past President,Society for Economic Dynamicsand Control

Fellow, EconometricsSociety

Roy RadnerEconomics and Information Systems

Fellow, NationalAcademy of Sciencesand the AmericanAcademy of Arts andSciences

Thomas SargentEconomics

Past President,Society for EconomicDynamics andControl

Fellow, NationalAcademy of Sciencesand the AmericanAcademy of Arts andSciences

Russell WinerMarketing

Past Chairman, TheMarketing College ofThe Institute ofManagement Sciences

4

PRINCIPAL DOCTORALFACULTY

Kashi R. BalachandranProfessor of AccountingBE (1962), University ofMadras (India)PhD (1968), University ofCalifornia, BerkeleyResearch interests includemanagerial accounting forfirms with new manufac-turing processes, manage-ment science applicationsin accounting, informationeconomics, transfer pricingunder uncertainty, stochas-tic processes and costs inservice centers.

Eli Bartov Professor of AccountingBA (1977), Tel AvivUniversity (Israel)PhD (1989), University ofCalifornia, BerkeleyResearch interests includemarket efficiency andaccounting information,earnings management andearnings expectation man-agement, and internationalaccounting.

John BilderseeProfessor of AccountingAB (1966), PrincetonUniversityPhD (1971), University ofChicagoResearch interests includemanagerial and financialaccounting and corporatefinance. Serves on the edi-torial board of the Journalof Economics and Business.

Paul BrownProfessor of Accounting;CPAAB (1972), Franklin andMarshall CollegePhD (1979), University ofTexas-AustinResearch interests includepolicy formation andanalysis, behavioraldimensions of accountingand auditing, financialstatement analysis, andinternal reporting stan-dards and practices. Editorof the Journal of FinancialStatement Analysis.

Frederick D.S. ChoiVice Dean and Dean of the UndergraduateCollege;Dean Abraham GitlowProfessor in AccountingBBA (1965), MBA (1968),University of HawaiiPhD (1972), University ofWashingtonResearch interests includeinternational financialreporting and control,comparative accounting,foreign exchange account-ing and changing pricesand capital market effectsof accounting/disclosure.

Stern’s accounting department, which consistently ranks among the top 10 programs in the U.S. News

& World Report’s graduate school rankings, consists of a diverse and distinguished group of faculty. Therefore, students

have the opportunity to pursue interests spanning all areas of accounting research and are trained by leaders in

their field. Fields of specialization cover a wide range of topics including equity valuation and accounting data,

quality of earnings analysis, earnings manipulation, valuation of intangible (knowledge) assets, and corporate

governance and accounting data. These topics are covered from both theoretical and empirical perspectives.

Leveraging its ties with New York City, the department maintains close relationships with the accounting

profession and today’s industry leaders. In addition to co-sponsoring annual conferences with leading professional

firms and organizations, the department also edits and publishes one of the top five academic accounting journals,

the Journal of Accounting, Auditing and Finance. Members of Stern’s accounting faculty publish regularly in such

leading academic journals as the Journal of Accounting Research, the Journal of Accounting and Economics and

the Accounting Review. The Ross Institute of Accounting Research, a research center at Stern that is a leader in

current accounting issues, provides students with access to leading thinkers and researchers.

The PhD program in accounting has benefited from the department’s strong momentum and growth

in recent years. It has developed into a very selective program with a nurturing environment where each student

receives individualized attention and mentoring. These developments have translated into excellent recent place-

ments of our graduates. Recent graduates are now on the accounting faculty at such schools as Northwestern

University, Stanford University, University of California at Davis and Washington University in St. Louis.

ACCOUNTING

7

“My dissertation chairperson, Professor Eli Bartov, listened to all of my ideas and spent many hours discussing my

dissertation with me. He also gave me valuable guidance on every aspect of my future academic career.”

Yonca Ertimur, Assistant ProfessorStanford University Graduate School of Business

Stern PhD Alumna, 2003

“The greatest strength of Stern’s accounting PhD program is the training provided by some of the best and most

renown researchers in the field. In my case, working with Professor Baruch Lev provided insight into cutting-edge

research ideas which formed the base for my dissertation.”

Shyam V. Sunder, Jacobs Scholar/Assistant ProfessorKellogg School of Management, Northwestern University

Stern PhD Alumnus, 2002

Baruch LevJames Ohlson

6

Eli Bartov


Mariagiovanna BaccaraAssistant Professor of EconomicsBA (1994), University ofTrieste (Italy)MA (1997), PhD (2002),Princeton UniversityResearch interests includeapplied microeconomic the-ory, industrial organizationand financial economics.

David BackusHeinz Riehl Professor of Finance and Economics; Professor of EconomicsBA (1975), HamiltonCollegePhD (1981), YaleUniversityResearch interests includeinternational economics,with particular interests inforeign exchange ratemovements and interna-tional business cycles;financial derivatives; riskmanagement; macroeco-nomic policy in emergingmarkets and internationalpricing strategies of multi-national firms.

Adam BrandenburgerJ.P. Vallès Professor of Business Economics andStrategyBA (1981), MPhil (1982),PhD (1986), University ofCambridgeResearch interests includegame theory and businessstrategy. Member of theeditorial board of theInternational Journal ofGame Theory.

Luis CabralChair of the EconomicsDepartment;Professor of EconomicsBA (1983), UniversidadeCatolica Portuguesa(Portugal)PhD (1989), StanfordUniversityResearch interests includedynamic competition,learning curves, networkeffects and reputation.

Thomas CooleyDean;Paganelli-Bull Professor of EconomicsBS (1965), RensselaerPolytechnic InstituteMA (1969), PhD (1971),University of PennsylvaniaDoctorem Honoris Causa(1987), Stockholm Schoolof EconomicsResearch interests includemacroeconomic theory,monetary theory and policyand the financial behaviorof firms.

Stern is one of a select few business schools to offer a concentration in the field of economics.

Course offer ings are designed to provide students with a sol id grounding in economic theory and the

analytical tools needed to do high-quality applied research. The department specializes in macroeconomics,

internat ional macroeconomics, industr ia l organizat ion and appl ied microeconomics. Doctoral students

may take complementary courses in related depar tments within Stern, such as in f inance or market ing.

Addi t ional ly, s tudents benef i t f rom access to NYU's Courant Inst i tu te of Mathemat ica l Sc iences, a

top-ranked appl ied mathematics program, and the economics depar tment of the Universi ty 's Graduate

School of Ar ts and Sciences.

ECONOMICS

9

Alex DontohDeputy Chair of the AccountingDepartment;Associate Professor ofAccountingBS (1973), University of GhanaPhD (1984), New YorkUniversityResearch interests includefinancial and managerialaccounting.

Dov FriedAssociate Professorof AccountingBCom (1971), Sir GeorgeWilliams University(Canada)PhD (1978), New YorkUniversityResearch interests includemanagerial and financialaccounting.

Dan GodeAssistant Professor of AccountingMBA (1988), IndianInstitute of Management,CalcuttaMS (1992), PhD (1992),Carnegie Mellon UniversityResearch interests includeuse of accounting numbersin contracting and valua-tion, design of markets,automated trading, audi-tors' legal liability, forms ofbusiness organization andaccounting informationsystems.

Teresa JohnAssociate Professor of Accounting;CPABS (1975), University ofFloridaPhD (1986), New YorkUniversityResearch interests includefinancial accounting andaccounting models ofauditing and information.

April KleinAssociate Professor of AccountingBA (1976), University ofPennsylvaniaPhD (1984), University ofChicagoResearch interests includecorporate governance, cor-porate control and IPOs.Serves on the editorialadvisory review board ofthe Accounting Review.

Baruch Lev Philip Bardes Professor of Accounting and Finance;Director of the Vincent C.Ross Institute ofAccounting ResearchBac (1963), HebrewUniversity (Israel)PhD (1969), University ofChicagoResearch interests includethe use of financial infor-mation in investment deci-sions, corporate governanceissues, financial derivativesand corporate disclosureand intangible (knowledge)assets.

Joshua LivnatProfessor of Accounting;CPABSc (1973), HebrewUniversity (Israel)PhD (1978), New YorkUniversityResearch interests includefinancial accounting andfinancial analysis. Serveson the editorial board ofthe Journal of Accounting,Auditing and Finance.

Carol MarquardtAssistant Professor of AccountingBA (1988), University ofWisconsinMS (1990), University ofArizonaPhD (1997), CornellUniversityResearch interests includeearnings management,voluntary disclosure andexecutive compensation.

James OhlsonChair of the AccountingDepartment;Leonard N. Stern Professorof Business;Professor of AccountingMBA (1968), PhD (1972),University of California,BerkeleyResearch interests includefinancial accounting theory,financial statement analy-sis, equity valuation andcapital market theory.Twice recipient of theAmerican AccountingAssociation’s NotableContribution to AccountingLiterature Award.

Joshua RonenProfessor of Accounting;CPABA (1965), HebrewUniversity (Israel)PhD (1969), StanfordUniversityResearch interests includefinancial and managementaccounting, accountingregulation and standards,price of debt and equitysecurities and entrepre-neurship. Serves on the edi-torial boards of the Journalof Accounting Research,the British AccountingReview, the Journal ofAccounting and PublicPolicy, and the Journal ofInternational FinancialAnalysis.

Stephen RyanAssociate Professor of AccountingBA (1981), DartmouthCollegePhD (1988), StanfordUniversityResearch interests includeaccounting measurement,accounting-based valuationand financial institutions.

Paul ZarowinAssociate Professor of AccountingBA (1977), University ofPennsylvaniaPhD (1985), University ofChicagoResearch interests includemarket-based research,econometrics and corporatefinance.

8

Paul Wachtel

Thomas Sargent William Greene Roy Radner

Nouriel Roubini

1110

Thomas Cooley

Fabrizio Perri

Adam Brandenburger

Nicholas EconomidesProfessor of EconomicsBSc (1976), LondonSchool of EconomicsPhD (1981), University ofCalifornia, BerkeleyResearch interests includenetworks, telecommunica-tions, industrial organiza-tion, oligopoly and theorganization and structureof financial exchangemarkets. Editor of theInternational Journal ofIndustrial Organizationand associate editor of theJournal of RegionalScience.

Alessandra FogliAssistant Professor ofEconomicsBA (1994), BocconiUniversity (Italy)PhD (2000), University ofPennsylvaniaResearch interests includemacroeconomics, laboreconomics and the politicaleconomy.

13

Thomas SargentWilliam R. BerkleyProfessor of Economics andBusiness;Professor of EconomicsBA (1964), University ofCalifornia, BerkeleyPhD (1968), HarvardUniversityResearch interests includemacroeconomic and eco-nomic theory and isknown for work on coordi-nating monetary and fis-cal policy, stabilizinginflation and fightingunemployment. Fellow ofthe National Academy ofSciences and the AmericanAcademy of Arts andSciences. Adviser to the Federal Reserve Bank ofMinneapolis and aresearch associate for theNational Bureau ofEconomic Research.Associate editor of theReview of Economics andStatistics, the Journal ofEconometrics, the Journalof Finance and theJournal of MonetaryEconomics. Awarded theMary Elizabeth MorganPrize for Excellence inEconomics from theUniversity of Chicago.

Ryuzo SatoC.V. Starr Professor of Economics;Director of the Center forJapan-US Business andEconomic StudiesBA (1954), Dr. Economics(1969), HitotsubashiUniversity (Tokyo)PhD (1962), JohnsHopkins UniversityResearch interests includetheory of technicalchange and entrepreneur-ship in the US andJapan. Editor of Japanand the World Economy.Served as associate editorof the Journal ofEconomic Literature andresearch associate of theNational Bureau ofEconomic Research.

Richard SyllaHenry Kaufman Professorof the History of FinancialInstitutions and Markets;Professor of EconomicsAB (1962), PhD (1969),Harvard UniversityResearch interests includethe history of US state andlocal finance and the devel-opment of the US financialsystem. Research associateof the National Bureau ofEconomic Research. Pastpresident of the EconomicHistory Association andtrustee of the BusinessHistory Conference. Servedas editor of the Journal ofEconomic History.

Paul WachtelJules Backman FacultyFellow;Professor of EconomicsBA (1966), QueensCollege, City University ofNew YorkPhD (1971), University ofRochesterResearch interests includecentral banking and thetransmission of monetarypolicy, financial intermedi-ation, banking in transitioneconomies, inflation expec-tations and the determi-nants of saving. Associateeditor of Japan and theWorld Economy.

Ingo Walter(See Finance)

Lawrence J. WhiteArthur E. ImperatoreProfessor of EconomicsBA (1964), PhD (1969),Harvard UniversityMSc (1965), LondonSchool of EconomicsResearch interestsinclude government regu-lation of business,including financial regu-lation and antitrust policy.Former senior staff econ-omist of the US Councilof Economic Advisers;former chief economist ofthe Antitrust Division,US Department ofJustice; and former boardmember of the FederalHome Loan Bank Board.Served as NorthAmerican editor of theJournal of IndustrialEconomics.

Bernard YeungAbraham KrasnoffProfessor of GlobalBusiness;Professor of EconomicsBA (Hons) (1979),University of WesternOntarioMBA (1981), PhD (1984),University of ChicagoResearch interests includeinternational corporatefinance, empirical inter-national trade, foreigndirect investment andinternational corporatestrategy.

12

William H. GreeneProfessor of Economics;Entertainment and MediaFaculty FellowBS (1972), Ohio StateUniversityPhD (1976), University ofWisconsin, MadisonResearch interests include methods of estimation ineconometrics, production,cost and efficiency estima-tion, limited and qualita-tive dependent variablemodels and models for credit scoring. Associateeditor of the Journal of Productivity Analysis andthe Journal of EconomicEducation.

Barbara G. KatzProfessor of EconomicsBA (1968), MA (1969),PhD (1973), University ofPennsylvaniaResearch interests includethe economics of transition,privatization, appliedmicroeconomic theory and international trade. Serves on the editorial board ofEconomics of Planning andhas served on the editorialboard of the Journal ofComparative Economics.Past member of theExecutive Committee of theAssociation for ComparativeEconomic Studies.

Fabrizio PerriAssistant Professor of EconomicsLaurea (1992), BocconiUniversity (Italy)MA (1994), PhD (1998),University of PennsylvaniaResearch interests include international macro-economics, macroeconomictheory, incomplete marketsand international businesscycles.

Thomas A. PugelProfessor of EconomicsBA (1974), Michigan StateUniversityPhD (1978), HarvardUniversityResearch interests includethe economics of interna-tional industrial competi-tion, the economics of multinational corporationsand technology issues andgovernment policies towardinternational trade andindustry. Recipient of the Stern Professor of the YearAward in 1991 and theUniversity DistinguishedTeaching Award in 1992.

Vincenzo QuadriniAssistant Professor of EconomicsLaurea (1990), AnconaUniversity (Italy)PhD (1996), University ofPennsylvaniaResearch interests includemacroeconomic theory and policy, financial contractsand firm dynamics andentrepreneurship.

Roy RadnerLeonard N. Stern Professorof Business;Professor of Economics and Information SystemsBS (1950), PhD (1956),University of ChicagoResearch interests includedecentralization of infor-mation, decision and incentives in large firms,bounded rationality, themanagerial theory of thefirm, economic survival andstrategic analysis of globalwarming. Member of theUS National Academy ofSciences and the AmericanAcademy of Arts andSciences, and a distin-guished fellow of theAmerican EconomicAssociation and theAmerican Association forthe Advancement ofScience.

Nouriel RoubiniAssociate Professor of Economics BA (1982), BocconiUniversity (Italy)PhD (1988), HarvardUniversityResearch interests includeinternational macroeco-nomics, fiscal policy, politi-cal economy, economicgrowth and Europeanmonetary issues. Recipientof the Stern Professor of theYear Award in 1998.

Anthony Saunders

Matthew Richardson

Kose JohnStephen Brown

◆ Through the NYU Center for Law and Business, students have the opportunity to explore the intersection of lawand business. The prestigious NYU School of Law houses faculty who specialize in the interactionbetween law and finance. The center frequently offers joint seminars with the Finance Department.

◆ Through the Berkley Center for Entrepreneurial Studies, students gain access to data and researchers inthe growing field of entrepreneurial finance, covering such areas as angel investing and venturecapital, as well as corporate financial analysis of emerging growth companies.

◆ Through related areas within Stern, particularly our highly ranked accounting department and Stern’sGlobal Business Institute, finance students have the opportunity to take PhD courses and interact withadditional premier faculty, giving them an advantage in their study of corporate finance and internationalfinance over students at other schools.

We believe our faculty's deep commitment to basic research and their interest in current professional practicemake our program challenging. With exposure to all the different areas of finance, professor-mentors in yourarea of interest, as well as a highly structured program, Stern offers one of the best finance PhD educations inthe country.

15

FINANCE

The finance PhD program at Stern is one of the finest and most competitive programs in the world. The program'scurriculum is designed to provide a world-class education in the theory of finance and the key issues concerningfinancial management and financial markets.

Stern’s finance program, ranked first in the world in the Financial Times’ MBA 2003 survey, consists of 40researchers who cover all major areas of finance. In addition to being the largest finance faculty in the country, it isalso one of the most productive. Stern's finance faculty is highly rated in terms of research output, and faculty mem-bers sit on the editorial boards of all the major finance journals. Because of the size of the faculty and resourcesdevoted to PhD students, the program is able to offer a wide array of courses across various research areas. As aresult, Stern's PhD program is one of only a few that offers PhD-level courses in asset pricing, corporate theory andempirical finance, as well as advanced courses in particular sub-fields.

The program also has close affiliations with some of the top related departments in the country:◆ Stern's PhD students have access to the Courant Institute of Mathematical Sciences at NYU, a top-ranked

applied mathematics program. Because of its proximity to Wall Street, the Courant Institute has attractedtop researchers in mathematical finance and offers a substantial number of courses in mathematicalapplications for finance.


Heitor AlmeidaAssistant Professor of FinanceBA (1991), UFMGBA (1993), UNAMA (1995), PUC, Rio DeJanieroPhD (2000), University of ChicagoResearch interests includecorporate finance, corpo-rate governance and deci-sion-making, and interac-tions between investmentand financing decisions.

Edward I. AltmanMax L. Heine Professor of Finance;Vice Director, NYUSalomon Center BA (1963), City Universityof New YorkPhD (1967), University ofCalifornia, Los AngelesResearch interests includefinancial and credit analy-sis, bankruptcy predictionand fixed-income markets.Editor of the Journal ofBanking and Finance andserves on the editorialboards of the FinancialAnalysts Journal and theJournal of BusinessStrategy.

Yakov AmihudIra Leon Rennert Professorof Entrepreneurial Finance;Professor of FinanceBA (1969), HebrewUniversity (Israel)PhD (1975), New YorkUniversityResearch interests includesecurities marketsmicrostructure, the effect ofliquidity on asset pricesand return behavior, cor-porate finance and theeffect of ownership struc-ture on corporate policies.

Menachem BrennerProfessor of FinanceBA (1969), HebrewUniversity (Israel)PhD (1974), CornellUniversityResearch interests includecapital markets issues andfutures and options valua-tion theory. Member of theboard of directors of theTel Aviv Stock Exchangesand chairman of itsOptions and FuturesCommittee. Research advi-sor to the Israeli SecuritiesAuthority.14

“ The finance PhD program offers a tremendous breadth of resources, both in terms of course offerings and

faculty talent. No matter what your area of interest, you can find a leading expert who is interested and

willing to guide you. The frequent formal and informal interactions with faculty and fellow students form

professional relationships that allow for continued research collaboration, not just during the PhD, but

also well after.”

Manju Puri, Associate ProfessorStanford University Graduate School of Business

Stern PhD Alumna, 1995

17

Martin GruberEdwin Elton

Member of the New YorkFutures Exchange.Founding editor of theJournal of Derivatives.Associate editor of theFinancial Analysts Journal,Review of Futures Marketsand Global FinanceJournal. Director of theNational Options andFutures Society.

Martin J. GruberNomura Professor of FinanceSB (1959), MassachusettsInstitute of TechnologyPhD (1966), ColumbiaUniversityResearch interests includeportfolio construction andanalysis, general equilibriumtheory, expectations andtheir role in security

price formation, analysis ofdebt prices, cost of capitaland futures markets.Elected fellow of theAmerican FinanceAssociation. Served aspresident of the AmericanFinance Association anddirector of the EuropeanFinance Association.Former editor of theJournal of Finance andassociate editor of theJournal of Banking andFinance. NamedDistinguished Researcherby the Eastern FinanceAssociation.

Joel HasbrouckKenneth Langone Professorof Business Administration;Professor of FinanceBS (1974), HaverfordCollegePhD (1981), University of PennsylvaniaResearch interests includeinflation and capital mar-kets, utilization of surveydata and marketmicrostructures and econo-metrics. Associate editor ofthe Journal of Finance,Review of Financial Studiesand the Journal ofIntermediation.

Kose JohnCharles WilliamGerstenberg Professor of Banking and FinanceBS (1970), KeralaUniversity (India)PhD (1978), University of FloridaResearch interests includeoptions and capital mar-kets theory, corporatefinancial theory and infor-mation economics, agencytheory and signaling mod-els in corporate finance ina sequential game setting.Awards includePresidential ResearchFellowship from New YorkUniversity and theBatterymarch Fellowship.Associate editor of theJournal of Banking andFinance.

Jarl G. KallbergAssociate Professor of FinanceBSc Mathematics (1972),PhD (1979), University of British ColumbiaResearch interests includecorporate finance, statisti-cal modeling, firm failure,valuation of naturalresources and the theory ofrisk. Former editor of theJournal of CashManagement.

Marti Subrahmanyam Yakov Amihud

16

Stephen J. BrownDavid S. Loeb Professor of FinanceBEcon (1971), MonashUniversity (Australia)PhD (1976), University ofChicagoResearch interests includeportfolio theory, estimationissues and public utilitypricing. Associate editor ofthe Journal of Finance andeditor of the Journal ofFinancial and QuantitativeAnalysis and the Journal ofPortfolio Management.Appointed an editor of theReview of Financial Studiesin 1987. Past president ofthe Western FinanceAssociation and past mem-ber of the Board of theAmerican FinanceAssociation.

Jennifer CarpenterAssociate Professor of FinanceBSc (1987), PhD (1995),University of PennsylvaniaResearch interests includevaluation of executive stockoptions, asset pricing andcontinuous-time finance.

Qiang DaiAssistant Professor of FinancePhD in Physics (1993) andFinance (1998), StanfordUniversityResearch interests includethe term structure of inter-est rates, financial riskmanagement and assetpricing theories.

Edwin J. EltonNomura Professor of Finance;Director of the DoctoralProgramBA (1961), Ohio WesleyanPhD (1970), CarnegieMellon UniversityResearch interests includebonds, equities, futures andportfolio theory. Associateeditor of the Journal ofBanking and Finance, theJournal of Accounting,Auditing and Finance,and Japan and the WorldEconomy. Former editor ofthe Journal of Finance.Named DistinguishedResearcher by the EasternFinance Association.Elected fellow (2000) and past president of the American Finance Association.

Robert EngleMichael ArmellinoProfessor of Finance;Nobel Prize in Economics(2003)BA (1964), WilliamsCollegeMS (1966), PhD (1969),Cornell UniversityResearch interests includefinancial volatility, riskmanagement, derivativespricing and forecasting.

Stephen FiglewskiProfessor of FinanceAB (1969), PrincetonUniversityPhD (1976), MassachusettsInstitute of TechnologyResearch interests includefutures and options mar-kets, volatility forecasting,expectations formation andinformation aspects offinancial markets. FormerBatterymarch Scholar.

Gideon SaarAssistant Professor of FinanceBA (1994), Baruch College,City University of NewYorkMA (1996), PhD (2000),Cornell UniversityResearch interests includemarket microstructure,information economics andinstitutional investors andtrading.

Anthony SaundersChair of the FinanceDepartment;John M. Schiff Professor ofFinance and EconomicsBSc (1968), PhD (1981),London School ofEconomicsResearch interests includefinancial institutions, mon-etary economics and capi-tal markets. Serves on theBoard of AcademicConsultants of the FederalReserve Board of Governorsand the Federal ReserveBank of New York.Research advisor to theFederal National MortgageAssociation.

Alex ShapiroAssistant Professor of FinanceMBA (1993), Tel AvivUniversity (Israel)PhD (1998), University ofPennsylvaniaResearch interests includeasset pricing, financialmarkets and risk manage-ment.

Roy SmithKenneth Langone Professorof Entrepreneurship andFinance;Professor of InternationalBusiness and ProfessionalResponsibilityBS (1960), U.S. NavalAcademyMBA (1966), HarvardUniversityResearch interests includeinternational finance, glob-al banking, entrepreneur-ship and professionalresponsibility.

Marti G. SubrahmanyamCharles E. Merrill Professorof Economics and FinanceBTech (1967), IndianInstitute of Technology,MadrasPhD (1974), MassachusettsInstitute of TechnologyResearch interests includecapital markets, corporatefinance and internationalfinance. Serves on the edi-torial boards of the Journalof Banking and Finance,Management Science, andJapan and the WorldEconomy. Recipient of theStern Professor of the YearAward in 2000 and the UniversityDistinguished TeachingAward in 2003.

Rangarajan SundaramAssociate Professor of FinanceBA (1982), University ofMadrasPhD (1988), CornellUniversityResearch interests includeagency and executive compensation, corporatefinance, and derivativepricing. Co-Editor of theJournal of Derivatives andAssociate Editor of theJournal of EconomicTheory.

Jessica WachterAssistant Professor of FinanceAB (1996), PhD (2000),Harvard UniversityResearch interests includeasset pricing and portfoliochoice.

Ingo WalterSeymour Milstein Professorof Ethics and CorporateGovernance and Strategy;Director of the GlobalBusiness InstituteAB (1962), MS (1963),Lehigh UniversityPhD (1966), New YorkUniversityResearch interests includecompetitive structure, con-duct and performance ofglobal banking and inter-national investment, tradeand monetary issues.

Robert F. WhitelawProfessor of FinanceBSc (1984), MassachusettsInstitute of TechnologyPhD (1993), StanfordUniversityResearch interests includethe predictability of stockreturns, asset pricing understochastic volatility and theeffect of liquidity on securi-ties markets.

Daniel WolfenzonAssistant Professor of FinanceBS (1994), MassachusettsInstitute of TechnologyPhD (1999), HarvardUniversityResearch interests includecorporate finance, and lawand finance.

Jeffrey WurglerAssistant Professor of FinanceBAS (1994), StanfordUniversityPhD (1999), HarvardUniversityResearch interests includecorporate finance, capitalmarkets, asset pricing andbehavioral finance.

David YermackAssociate Professor of FinanceAB (1985), JD (1991),PhD (1994), HarvardUniversityResearch interests includecorporate governance,incentives, contracting andorganizations, law andeconomics.

19

Martin LettauAssistant Professor of FinanceBSc (1990), University ofKarlsruheMA (1992), PhD (1994),Princeton UniversityResearch interests includeasset pricing, macroeco-nomics and the evolution ofrisk-return tradeoffs.

Richard M. LevichDeputy Chair of the Finance Department;Professor of FinanceAB (1971), MBA (1971),PhD (1977), University ofChicagoResearch interests includetechniques and effective-ness of exchange rate fore-casting, efficiency andinnovation in internationalcapital and the impact ofaccounting diversity oncapital markets.

Crocker H. LiuAssociate Professor of FinanceBBA (1976), University ofHawaiiPhD (1988), University ofTexasResearch interests includereal estate finance, partic-ularly topics related tomarket efficiency and valu-ation. Winner of theAREUEA National HomerHoyt Doctoral DissertationAward. One of the postdoc-toral award winners of theWeimer School of AdvancedStudies in Real Estate andLand Economics. Serves onthe editorial board of theJournal of Real EstateFinance and Economics.

Alexander LjungqvistAssistant Professor of FinanceMS (1992), LundUniversityMPhil (1994), DPhil(1996), Oxford UniversityResearch interests includefinancial contracting inprivate equity, empiricalissues in IPOs, the role ofventure capital in the IPOprocess, and the intersec-tion of corporate gover-nance theories and primaryequity.

Anthony W. LynchAssociate Professor of FinanceBA (1986), University ofQueensland (Australia)PhD (1994), University ofChicagoResearch interests includeasset pricing, econometricsand corporate finance.

Jianping MeiAssociate Professor of FinanceBS (1982), FudanUniversity (China)PhD (1990), PrincetonUniversityResearch interests includetheories about variableexpected returns and theorigins of betas.

Holger MuellerAssistant Professor of FinanceBA (1993), PhD (1997),University of St. Gallen Research interests includecorporate finance, theory ofthe firm and economics oforganizations.

Eli OfekProfessor of FinanceBA (1986), Tel AvivUniversity (Israel)PhD (1991), University of ChicagoResearch interests includeempirical and theoreticalissues in corporate finance.

Lasse PedersenAssistant Professor of FinanceBS (1995), MS (1997),University of CopenhagenPhD (2001), StanfordUniversityResearch interests includeasset pricing with imperfectmarkets, liquidity, strategictrading, economics of infor-mation, and agency theoryand contracting.

Thomas PhilipponAssistant Professor of FinanceBA (1997), EcolePolytechniqueMA (1999), London Schoolof EconomicsPhD (2003), MassachusettsInstitute of TechnologyResearch interests includemacroeconomics, corporatefinance and labor eco-nomics.

Matthew P. RichardsonProfessor of FinanceBA, MA (1984), Universityof California, Los AngelesPhD (1989), StanfordUniversity;Director, NYU SalomonCenterResearch interests includederivative securities, fixedincome securities, assetreturns and inflation andreturn predictability andtheir implications for mar-ket efficiency.

18

Alex TuzhilinLee Sproull Yannis Bakos

“The PhD program in information systems at Stern is one of the best doctoral programs in the field. Wewere exposed to a wide variety of research areas and methodologies and given complete freedom to define ourresearch agendas. The placement record of the department bears testimony to the efforts made by the facultyto groom doctoral students into well-trained, productive researchers. As for New York City, there is no betterplace to experience graduate student life – from parks to pubs to people.”

Ravi Aron, Assistant ProfessorThe Wharton School,

University of PennsylvaniaStern PhD Alumnus, 1999

Balaji Padmanabhan,Assistant Professor

The Wharton School, University of PennsylvaniaStern PhD Alumnus, 1999

21


Yannis BakosAssociate Professor of Information SystemsBS, MS (1980), MS(1984), PhD (1988),Massachusetts Institute ofTechnologyResearch interests includeelectronic commerce, pric-ing and competition inelectronic markets, pricingstrategies for informationgoods, structure and scopeof organizations and mar-kets in the informationeconomy.

Abraham BernsteinAssistant Professor of Information SystemsDiploma (1994), SwissFederal Institute ofTechnologyPhD (2000), Massachusetts Institute ofTechnologyResearch interests includethe computer supportedcooperative, agent-basedsystems, system dynamics,database management sys-tems and human/computerinteraction.

Vasant DharDeputy Chair of the Information SystemsGroup, Department of Information, Operationsand Management Sciences;Professor of InformationSystemsBTech (1978), IndianInstitute of Technology,DelhiPhD (1984), University ofPittsburghResearch interests includeunderstanding how sym-bolic and mathematicaltechniques applied to largevolumes of data and infor-

mation can be coupledwith business processes inorder to design knowledge-intensive systems. Author of more than 40 articles onsymbolic and mathematicalways of representingknowledge, reasoning,search and other topicsrelated to artificial intelli-gence. Member of theAmerican Association forArtificial Intelligence, theAssociation for ComputingMachinery, the Institute ofManagement Sciences andthe Society for InformationManagement.

Founded in 1973, Stern's information systems (IS) department was one of the first such departments

in a business school and has played an integral role in the development of the IS field. Stern's IS Department is

one of the few to approach information systems from a mult idimensional perspect ive , encompassing

the behavioral , economic and computer science aspects of the field. Stern PhD students have the advantage of

working with faculty that have a broad range of technical and non-technical backgrounds and who keep current

with the latest developments in industry through Stern's Center for Digital Economy Research.

Information systems is a multidisciplinary field that is growing in importance as the information tech-

nology revolution dramatically impacts patterns of work and the way business is transacted. The IS Department

is helping to shape the evolution of the digital economy through teaching and research on electronic commerce,

virtual work and data mining. Highlights of research in the department include the development of various

Internet and World Wide Web applications, electronic commerce, databases, personalization, decision-support

systems, work-flow modeling, the impact of technology and the use of IT in designing organizations.

Students can collaborate with internationally recognized sociologist Lee Sproull, for instance, whose

research centers on the implications of computer-based communication technologies for managers, organiza-

tions, communities and societies. Alternatively, students can work with Roy Radner, a distinguished economist

whose interests include decentralization of information, decisions and incentives, as well as other outstanding

faculty in the IS area. A number of doctoral students have published papers with faculty members before

completing the program. The department prides itself on its excellent placement record, with recent graduates

securing academic appointments at top universities including MIT, The Wharton School, University of

Pennsylvania, and the University of Texas, Austin.

INFORMATION SYSTEMS

20

Lee SproullVice Dean of Faculty;Leonard N. Stern Professorof Business;Professor of InformationSystemsBA (1967), WellesleyCollegeMA (1975), PhD (1977),Stanford UniversityResearch interests includethe implications of comput-er-based communicationtechnologies for managers,organizations, communitiesand society. Former visitingscholar at Xerox PARC,Digital CambridgeResearch Lab and IBMLotus DevelopmentCorporation. Author ofeight books and more than60 articles. Member of theComputer Science andTelecommunications Boardof the National ResearchCouncil and the advisoryboard of MentorNet.

Arun SundararajanAssistant Professor of Information SystemsBTech (1993), IndianInstitute of Technology,MadrasMS (1995) and PhD(1997), University ofRochesterResearch interests includeincreasing returns andinformation asymmetry inelectronic markets, infor-mation technology andorganization design,process reengineering andinformation economics.

Jon A. TurnerProfessor of InformationSystemsBE (1958), Yale UniversityPhD (1980), ColumbiaUniversityResearch interests includethe design of work, particu-larly changes in the taskcontent, structure and cog-nitive load when computer-based tools are used, and the interplay with featuresof these tools; the processof design; intelligentinstruction systems andmethods of using technolo-gy competitively. His mostrecent work includes stud-ies of interorganizationalsystems, new forms oforganizing work and out-sourcing, as well as theLiving Case, an intelligentsystem for providing busi-ness case instruction.

Alex TuzhilinAssociate Professor of Information SystemsBS (1980), PhD (1989),New York UniversityResearch interests includetemporal databases,knowledge discovery indatabases and modelingbusiness processes, includ-ing query-driven andknowledge-based simula-tions and conceptual mod-eling of information systems.Serves on the editorialboard of the Journal ofData Mining andKnowledge Discovery.

Myron UretskyProfessor of InformationSystemsBBA (1961), PhD (1965),Ohio State UniversityResearch interests includeevaluating the impact ofdigital technologies on thechanging media industries,developing and using busi-ness simulations for train-ing and research andexamining the impact ofcomputers on business andsociety.

Norman WhiteActing Director of the Center for DigitalEconomy Research;Clinical Associate Professorof Information SystemsBA (1966), HarvardUniversityPhD (1974), New YorkUniversityResearch interests includeelectronic commerce, datamining, computer-aidedgroup creativity, distancelearning tools and B2B.Served as the Acting ChiefTechnology Advisor toStern from 1998 to 2000.

2322

Bing JingAssistant Professor of Information SystemsBS (1992), BeijingInformation TechnologyInstituteMBA (1996), BentleyCollegeMS (1999), PhD (2001),University of RochesterResearch interests includeeconomic issues in informa-tion systems and electroniccommerce, Internet-basedmass customization, marketsegmentation for informa-tion goods with networkexternalities and models ofproduct differentiation.

Kenneth C. LaudonProfessor of InformationSystemsBA (1966), StanfordUniversityPhD (1972), ColumbiaUniversityResearch interests includethe social and organiza-tional impact of informa-tion systems and technolo-gies in both private andpublic organizations, theoccupational and structur-al impact of 40 years ofcomputing on large federalagencies and the develop-ment of multimedia.

Natalia LevinaAssistant Professor of Information SystemsBA (1994), MA (1994),Boston UniversityPhD (2001), MassachusettsInstitute of TechnologyResearch interests includeunderstanding collabora-tive practices, the nature ofsocial boundaries andpower dynamics in multi-party information systemsdevelopment settings, com-munication patterns andproduct outcomes in cross-functional and multi-orga-nizational environments.

Foster ProvostAssociate Professor of Information SystemsBS (1986), DuquesneUniversityPhD (1992), University ofPittsburghResearch interests includeknowledge discovery,machine learning, datamining, customer profiling,activity monitoring andknowledge systems forapplications, such as intelli-gent electronic commerce,fraud detection and intelli-gent information filtering.Serves on the editorialboards of Machine Learningand the Journal of MachineLearning Research.Currently editing a specialissue of Data Mining andKnowledge Discovery on e-commerce and data mining.Program co-chair of the2001 ACM SIGKDDInternational Conference onKnowledge Discovery andData Mining.

Roy RadnerLeonard N. Stern Professorof Business;Professor of Economics and Information SystemsBS (1950), PhD (1956),University of ChicagoResearch interests includedecentralization of infor-mation, decision and incentives in large firms,bounded rationality, themanagerial theory of thefirm, economic survival andstrategic analysis of globalwarming. Member of theUS National Academy ofSciences and the AmericanAcademy of Arts andSciences, and a distin-guished fellow of theAmerican EconomicAssociation and theAmerican Association forthe Advancement ofScience.

“I can say, without reservation, that NYU Stern is a tremendous institution, and an outstanding placefor a doctoral student to receive an education. The atmosphere and environment at Stern is rich withopportunity. First, Stern’s New York City location provides industry connections that few universities canoffer. Second, the variety of assistantships, fellowships, scholarships and other resources available to studentsare second to none. Finally, Stern has accumulated top scholars in almost every discipline, providing theopportunity for students to interact with a broad range of dedicated faculty. In my opinion, Stern hasfound the recipe for success. And in large part, I owe my success as a professor to the training and guidancethat I received while at Stern.”

Robert Salomon, Assistant ProfessorMarshall School of Business, University of Southern CaliforniaStern PhD Alumnus, 2002

Elizabeth MorrisonWilliam Starbuck

Sally Blount-Lyon

2524


Juan AlcacerAssistant Professor of Management andOrganizational BehaviorComputer Engineer(1993), Universidad SimonBolivarMBA (1993), IESAMA (1998), PhD (2001),University of MichiganResearch interests includeevolution of global indus-tries, geography and com-petitiveness, foreign directinvestment performanceand location, telecommuni-cations and financial serv-ices industries, and firmbehavior in economies intransition.

Cameron AndersonAssistant Professor of ManagementBS (1994), University of WashingtonMA (1998), University ofCalifornia, BerkeleyResearch interests includethe psychology of power,status hierarchies inface-to-face groups,group emotion, emotionalexpression in negotiationsand disputes.

Caroline BartelAssistant Professor of Management andOrganizational BehaviorMA (1996), PhD (1998),University of MichiganResearch interests includesocial identification andsocial influence processesin group and organiza-tional contexts, with aspecial focus on factorsthat promote interpersonalcoordination and groupeffectiveness.

Steven BladerAssistant Professor of ManagementBA (1994), University of PennsylvaniaMA (1999), PhD (2002),New York UniversityResearch interests includesocial and relational con-cerns in the work place,with a particular emphasison organizational justiceperceptions and reactions,status issues in organiza-tions, and the motivatinginfluence of social andrelational concerns onemployee attitudes andbehavior.

Stern's management department features a large and multi-disciplinary group of faculty who are

active and well-known in their fields. Students can choose to major either in organizational behavior or organi-

zation theory. The research interests of Stern’s management faculty include topics such as decision-making in

organizations, teams and team processes, power, negotiation, time and its effects on behavior in organizations

as well as topics such as identity formation, organizational learning and innovation. Students who are admitted

to the doctoral program are encouraged to shape their own unique research identities and programs.

The management department's research places it among the top departments in the country. In fact,

a study published in the Academy of Management Journal ranked Stern's management department among the top

four in publishing productivity in leading management journals. Moreover, many professors serve as editors or

as editorial board members of leading journals and many have held, or currently hold, elected offices in the

Academy of Management, the international professional association for management professors. The department

has a strong research orientation and is a place where opportunities for intellectual stimulation are plentiful. As

a result of working with faculty in the department, most students graduate with extensive research and publish-

ing experience and a clear understanding of what it takes to succeed in an academic career. Students who are

interested in strategy should see page 38 to learn more about the doctoral program in strategy at Stern.

M A N AG E M E N T: O R G A N I Z AT I O N A LBEHAVIOR/ORGANIZATION THEORY

Elizabeth WolfeMorrisonChair of the ManagementDepartment;Professor of Management;Research ProfessorBA (1984), BrownUniversityPhD (1990), NorthwesternUniversityResearch interests includenewcomer socialization, var-ious ways in which employ-ees are proactive and takeinitiative at work, mainte-nance of psychological con-tracts and systemic barriersto employee voice withinorganizations. Serves on theeditorial boards of theJournal of Management andthe Journal of OrganizationalBehavior.

Goncalo Pacheco deAlmeidaAssistant Professor of ManagementBA (1995), MBA (1996),Universidade Nova deLisboa (Portugal)MS (1999), PhD (2002),INSEADResearch interests includecompetitive strategy, strate-gic investment underuncertainty, technologystrategy, and processes ofresource accumulation suchas time compression andcritical mass effects.

Joseph PoracProfessor of ManagementBS (1974), University of PittsburghPhD (1979), University of RochesterResearch interests includeproduct and organizationalidentities in market net-works, sociopoliticalaspects of corporate gover-nance and knowledge distribution and use acrossorganizations.

Jeffrey RobinsonAssistant Professor of ManagementBABS (1995) RutgersUniversityMS (1995), GeorgiaInstitute of TechnologyPhD (2003), ColumbiaUniversityResearch interests includeorganizational theory,entrepreneurship, socialand organizational net-works, and urban andtechnology policy.

Rachelle C. SampsonAssistant Professor ofManagementBBA (1992), LLB (JD)(1992), QueenslandUniversity of Technology(Australia)PhD (1999), University of MichiganResearch interests includeinternational R&Dalliances, the link betweenprivate governance andperformance, innovation inmultinational firms andintellectual property rights.

Melissa SchillingAssistant Professor of ManagementBS (1990), University of ColoradoPhD (1997), University of WashingtonResearch interests includetechnology strategy, modu-lar systems, and learning,insight and knowledge net-works.

Zur ShapiraWilliam R. BerkleyProfessor of ManagementBSc (1970), MSc (1972),Hebrew University (Israel)PhD (1976), University of RochesterResearch interests includemanagerial risk taking,organizational decision-making, organizationallearning and innovation.Serves on the editorialboards of the Journal ofBehavioral Decision Making,the Journal of Managementand Governance, andMultivariate BehavioralResearch.

William H. StarbuckITT Professor of CreativeManagement;Professor of ManagementAB (1956), HarvardUniversityPhD (1964), CarnegieMellonResearch interests includehuman decision-makingand perception, bargaining,organizational growth anddevelopment, organizationallearning, social revolutions,computer simulation, com-puter programming,accounting, business strate-gy and organizationaldesign. Serves on the edito-rial boards of the AsianCase Research Journal, theBritish Journal ofManagement, Informationand Organization, theInternational Journal ofManagement Reviews, theJournal of ManagementInquiry, the Journal ofManagement Studies, theJournal of Socioeconomics,and the Organization andScandinavian Journal ofManagement.

Batia WiesenfeldAssociate Professor of ManagementBA (1988), PhD (1995),Columbia UniversityResearch interests includeindividuals' reactions toorganizational change andtransformation (e.g., lay-offs, outsourcing), self-processes in organizationsand emergent forms oforganization/employeerelationships, such as con-tingent work. Serves on theeditorial board of theAdministrative ScienceQuarterly.

Amy WrzesniewskiAssistant Professor of ManagementBA (1994), University of PennsylvaniaPhD (1999), University of MichiganResearch interests includethe meaning of work, par-ticularly the creation ofmeaning in challengingorganizational contexts,the stability of work mean-ings over time and socialvaluing processes at work.

Bernard Yeung(See Economics)

2726

Sally Blount-LyonProfessor of Management;Research ProfessorBSE (1983), PrincetonUniversityMS (1991), PhD (1992)Northwestern UniversityResearch interests includesynchrony and asynchronyin work interactions, causesof patience and impatiencein social interactions, andperceptions of fairness innegotiations. Recent recipi-ent of three-year NSF grantto study time and interde-pendence. Serves on the edi-torial board of the Academyof Management Review andformer board member of theEconomic ScienceAssociation.

Ya Ru ChenAssistant Professor of Management andOrganizational BehaviorPhD (1996), ColumbiaUniversityResearch interests includecross-cultural differences,similarities in intergrouprelations, organizationaljustice and negotiation.

Roger L. DunbarProfessor of ManagementBC (1963), University of Otago (New Zealand)PhD (1970), CornellUniversityResearch interests includehow executives interpretand manage and how theseprocesses differ across cul-tures.

Christina FangAssistant Professor of ManagementBA (1997), NanyangTechnological UniversityPhD (2003), University of PennsylvaniaResearch interests includeorganizational learning,technological innovationand strategic decisionmaking.

Richard D. FreedmanVice Dean of MBAPrograms;Professor of ManagementBS (1961), PhD (1967),New York UniversityResearch interests includeorganizational behaviorand corporate strategy.

Raghu GarudAssociate Professor of ManagementBTech (1978), IndianInstitute of Technology,BombayPhD (1989), University ofMinnesotaResearch interests includestrategic management andassessment of technologies,strategy and policy andinter-organizational rela-tions. Associate editor ofManagement Science.Serves on the editorialboards of OrganizationScience, the Journal ofEngineering Managementand Technology, andStrategic Organizations.

Ari GinsbergHarold Price Professor of Entrepreneurship andManagement;Director of the BerkleyCenter for EntrepreneurialStudiesMA (1977), ColumbiaUniversityMBA (1982), PhD (1985),University of PittsburghResearch interests includemanagement of corporategrowth and innovation,organizational learningand adaptation, competi-tive dynamics in emergingfirms and industries, andcognitive mapping andmodeling.

Michelle GittelmanAssistant Professor ofManagementBA (1983), TuftsUniversityMBA/MIA (1989),Columbia UniversityPhD (2000), University of PennsylvaniaResearch interests includeuniversity-firm spilloversand technological innova-tion, national innovationsystems, strategies for man-aging knowledge resources,network theory and emerg-ing industries.

Gregory JanicikAssistant Professor of ManagementBSE (1988), DukeUniversityPhD (1998), University ofChicagoResearch interests includeexamining the ability tocoordinate organizationalactivity through the informalnetwork of relations, howpeople value time in organi-zations and the resolution ofpacing differences acrossorganizational actors.

Theresa LantAssociate Professor of ManagementAB (1981), University of MichiganPhD (1987), StanfordUniversityResearch interests includeorganizational learning,change and adaptationand cognitive approachesto strategic decision-making.

Stephen J. MeziasAssociate Professor of ManagementAB (1980), ColumbiaUniversityPhD (1987), StanfordUniversityResearch interests includeorganizational learning,change, entrepreneurialstrategies, decision-makingprocesses and institutionaltheory. Serves on the edito-rial board of OrganizationScience and is associateeditor of ManagementScience.

Frances J. MillikenProfessor of ManagementBA (1978), BarnardCollegePhD (1985), CityUniversity of New YorkResearch interests includemanagerial decision-mak-ing, organizational learn-ing, processes that promoteupward communication ofinformation in organiza-tions and the effects ofgroup composition ongroup functioning. Serveson the editorial board ofthe Academy ofManagement Review.

“Doctoral students invest five years pursuing their PhD degrees. At the end of the day, there are two

things that matter most – how much did you learn and what kind of experience did you have? I have met

doctoral students from several top-tier business schools and my experience only reaffirms what I have

always believed – that the Stern doctoral program is among the few that are truly complete. The program

prepares you for the rigors of academic life with excellent training. The faculty and my fellow classmates

were tremendously supportive and provided a positive environment to study and work in. I think that’s the

hallmark of a top quality doctoral program.”

Suresh Ramanathan, Assistant ProfessorGraduate School of BusinessUniversity of ChicagoStern PhD Alumnus, 2002

Peter Golder Joel Steckel

29

Paris CleanthonsAssistant Professor of MarketingBS (1998), University of MichiganPhD (2003), Yale UniversityResearch interests includeindustrial organization,health and pharmaceuticaleconomics, applied micro-econometrics, and interna-tional trade and development.

Kim CorfmanAssociate Dean forInstructional Support;Associate Professor of MarketingBA (1977), PrincetonUniversityPhD (1985), ColumbiaUniversityResearch interests include group decision-making, bar-gaining, focus groups andcompetitive decision-making.Serves on editorial boards ofthe Journal of MarketingResearch, the Journal ofConsumer Research andMarketing Letters.

28

The marketing department at Stern offers a doctoral program that is widely recognized for the great

success of its graduates. It has a large and distinguished faculty working in a diverse set of research areas from

both behavioral and quantitative perspectives. The department is highly ranked for its significant number of

publications in leading academic journals, according to a study in the Academy of Management Journal.

Stern's marketing PhD program is extremely selective and, once accepted, students benefit from the

faculty's dedication to ensuring a productive and positive doctoral experience. The department fosters a nurturing

environment with close collaboration between doctoral students and faculty mentors. By the time students

graduate, most have co-authored papers with faculty that are later published in leading journals such as the

Journal of Consumer Research, the Journal of Marketing Research and Marketing Science. Although the primary

focus of the program is the development of top researchers, Stern doctoral students also receive extensive train-

ing for teaching and begin their first academic appointments well prepared for the classroom. In recent years,

many have won awards for their teaching during the fourth year of the program.

Additionally, the marketing department exhibits a long-standing record of strong placements. Recent

graduates are now on the marketing faculty at such schools as the University of California at Berkeley, the

University of Texas at Austin, the University of Chicago, and the University of Florida. Many alumni have received

tenure at leading institutions including Columbia University, the University of Michigan, the University of

Southern California and Hebrew University in Jerusalem, Israel.

MARKETING


Henry AssaelProfessor of MarketingBA (1957), HarvardUniversityPhD (1965), ColumbiaUniversityResearch interests includemedia analysis, consumerpricing response, segmenta-tion by response elasticityand information processingstrategies on the Web.Serves on the editorialreview board of the Journalof Advertising Research.

Bruce BuchananC.W. Nichols Professor of Business Ethics;Professor of MarketingBS (1977), MassachusettsInstitute of TechnologyPhD (1983), ColumbiaUniversityResearch interests includebusiness and professionalethics, the self-regulation ofbusiness, ad claim substan-tiation and marketresearch methodology.Served on editorial reviewboards including MarketingScience, the Journal ofMarketing and the Journalof Consumer Research.

Amitav ChakravartiAssistant Professor of MarketingBA (1994), University ofBombayMBA (1997), IndianInstitute of Foreign TradePhD (2002), University ofFloridaResearch interests includedeterminants of considera-tion set composition, pre-choice screening strategies,effects of generic advertis-ing and consumer behaviorin network markets.

Yuxin ChenAssociate Professor of MarketingBS (1992), FudanUniversity (China)PhD (1999), WashingtonUniversityResearch interests includedatabase and Internetmarketing, competitivestrategies, retailing andexperimental economics.

Russell Winer Vicki Morwitz

31

Susan P. DouglasPaganelli-Bull Professor of Marketing andInternational BusinessBA (1962), University ofManchester (UnitedKingdom)PhD (1969), University ofPennsylvaniaResearch interests include

strategic planning for international markets, cross-national consumer behaviorand international marketresearch. Member of the edi-torial boards of the Journalof International BusinessStudies and the Journal ofInternational Marketing.Elected fellow of theAcademy of InternationalBusiness in 1991.

Peter GolderAssociate Professor of MarketingBS (1984), University ofPennsylvaniaPhD (1994), University ofSouthern CaliforniaResearch interests includenew-product markets andsuccessful strategies forentering those markets.

Received best paper awards from the Journal of Marketing Research,Marketing Science and theMarketing ScienceInstitute. Awarded a 1993Richard D. IrwinFoundation dissertation fel-lowship and grants fromthe Marketing ScienceInstitute and the USDepartment of Education.

Eric A. GreenleafAssociate Professor of MarketingBS (1977), University of New HampshirePhD (1986), ColumbiaUniversityResearch interests includeconsumer reactions toprices and promotions,auctions, response andcontext effects in marketingresearch, delay in con-sumer decision-making and investigation of consumers'aesthetic experiences.Winner of grant in 1994Pricing StrategyCompetition sponsored bythe Marketing ScienceInstitute.

C. Samuel CraigCatherine & Peter KellnerProfessor inEntrepreneurship and Artsand Media andEntertainment;Director of theEntertainment, Media and

Technology Initiative;Professor of MarketingBA (1965), WestminsterCollegePhD (1971), Ohio StateUniversityResearch interests includeadvertising, diffusion of

innovation, internationalmarketing and assessingcommunication effective-ness. Recipient of theJournal of Retailing BestArticle awards in 1991 and1984. Served on severaleditorial review boards

including the Journal ofMarketing Research andthe Journal of AdvertisingResearch.

Jacob JacobyRobert ShoemakerDurairaj Maheswaran

30

Stern's operations management (OM) group has historically included faculty from two disciplines:

operations research, and management and organizational behavior. These two disciplines, along with economics

and information systems, continue to have a significant influence on the teaching and research directions of the

operations management faculty. In today's business environment, there is a strong interest in combining strategy

and industry structure with operations to yield a competitive advantage to organizations.

Doctoral students in OM take courses in optimization theory, stochastic processes, probability models,

inventory theory, planning and scheduling theory, as well as game theory and economics. Based on the depart-

ment's philosophy that developing a familiarity with an application industry is essential to long-term success,

students are encouraged either to assist faculty members who are actively working with industrial organizations

or develop first-hand expertise through individual contacts with firms.

The faculty members focus their research on current and emerging themes in managing operations in

today’s economy. They use a combination of analytical, empirical and theory building methodologies to under-

stand: how to design operating systems, contracts and quality systems for the management of decentralized

supply chains; best practices in retailing; vehicle routing; call center management; task and workforce scheduling;

Internet business models and strategies; and how to forecast new product sales.

Faculty members hold editorial positions on numerous journals and are active in the major societies

such as the Institute for Operations Research and Management Science. As a result of Stern's New York City

location, the school and its OM faculty have strong ties with the world's financial organizations and chemical,

computer, consumer goods and pharmaceutical companies in the tri-state area.

OPERATIONS MANAGEMENT


Victor AramanAssistant Professor of Operations ManagementBS (1996), Ecole Centrale,ParisMS (1997), PhD (2002),Stanford UniversityResearch interests includestochastic modeling andqueuing systems, supplychain management in thepresence of spot marketsand applied probability.

Mor ArmonyAssistant Professor of Operations ManagementBS (1993), MS (1996),Hebrew University (Israel)MS (1997), PhD (1999),Stanford UniversityResearch interests includecontrol of stochastic pro-cessing networks, resourceallocation in informationsystems and user profilingin service operations.

Rene CaldenteyAssistant Professor of Operations ManagementMA (1995), University ofChilePhD (2001), MassachusettsInstitute of TechnologyResearch interests includecustomer service, optimiza-tion, probability statistics,retail management andstochastic modeling.

Vishal GaurAssistant Professor of Operations ManagementBTech (1993), IndianInstitute of Technology,DelhiMBA (1995), IndianInstitute of Management,AhmedabadPhD (2001), University ofPennsylvaniaResearch interests includeinventory control and logis-tics management issues inretailing. Current projectsare on retail performanceanalysis, incidence ofbankruptcy in retailing,inventory routing anddemand forecasting forshort lifecycle products.

3332

Jacob JacobyMerchants’ CouncilProfessor of RetailManagement ConsumerBehavior;Professor of MarketingBA (1961), MA (1963),Brooklyn CollegePhD (1966), MichiganState UniversityResearch interests includeconsumer decision-making,public policy issues,research methodology andresearch ethics. Author ofmore than 150 publica-tions, including severalaward-winning articles.Past president and fellowof both the Society forConsumer Psychology andthe Association forConsumer Research. Servedon a number of editorialboards including theJournal of MarketingResearch, the Journal ofConsumer Research,Computers in HumanBehavior and TheTrademark Reporter.

Durairaj MaheswaranProfessor of MarketingBTech (1973), Universityof Madras (India)PhD (1987), NorthwesternUniversityResearch interests includeconsumer behavior andinternational advertising.Winner of 1985 MarketingScience Institute disserta-tion proposal competition.

Geeta MenonAssociate Professor of MarketingBA (1981), University ofMadras (India)PhD (1991), University ofIllinoisResearch interests includecognitive aspects of surveymethodology and theapplication of models ofautobiographical memoryto consumer behavior.

Tom MeyvisAssistant Professor ofMarketingLic. (1996), CatholicUniversity Leuven(Belgium)PhD (2001), University ofFloridaResearch interests includeconsumer information pro-cessing, consumer decision-making, and consumers’responses to pricing andbranding strategies.

Vicki G. MorwitzAssociate Professor of MarketingBS (1983), RutgersUniversityPhD (1991), University ofPennsylvaniaResearch interests includethe relationship betweenpurchase intentions andpurchase behavior, newproduct development, con-cept testing and marketresearch/survey researchmethods. Winner ofMarketing ScienceInstitute's 1994 Pricingand Strategy competitionand 1991 dissertation pro-posal competition.

Leif NelsonAssistant Professor of MarketingBA (1998), StanfordUniversityPhD (2003), PrincetonUniversityResearch interests includejudgment and decision-making, social perception,and normative influence.

Robert W. ShoemakerProfessor of MarketingBA (1961), AmherstCollegePhD (1972), CarnegieMellon UniversityResearch interests includethe effectiveness of promo-tions, forecasting sales fornew products, buyerbehavior in the trial of newproducts and estimation ofprice elasticity. Served onthe editorial board of theJournal of Marketing.

Joel H. SteckelChair of the MarketingDepartment;Professor of MarketingBA (1977), ColumbiaUniversityPhD (1982), University ofPennsylvaniaResearch interests includemanagerial decisionprocesses, group choicemodels and methodologiesfor measuring consumerpreference. President of theSociety for MarketingScience. Serves on editorialreview boards of MarketingLetters and the Journal ofRetailing.

Russell S. WinerDeputy Dean;William Joyce Professor of MarketingBA (1973), Union CollegePhD (1977), CarnegieMellon UniversityResearch interests includeadvertising effectiveness,reference price effects,group decision-making,brand choice modeling,price endings, websitetraffic and analysis ofpanel data. Past Chairmanof the Marketing College ofthe Institute ofManagement Sciences.

Sha YangAssistant Professor of MarketingBA (1994), RenminUniversityPhD (2000), Ohio StateUniversityResearch interests includeconsumer choice modeling,consumer preference het-erogeneity, spatial models,and Bayesian applicationsand research methods.

Ganesh JanakiramanAssistant Professor of Operations ManagementBTech (1998), IndianInstitute of Technology,MadrasMS (2001), PhD (2002),Cornell UniversityResearch interests includestochastic inventory theory:analysis, algorithms andapproximations, supplychain management andrevenue management.

Michael A. MosesAssociate Professorof Operations ManagementBA (1962), WorcesterPolytechnic InstitutePhD (1968), NorthwesternUniversityResearch interests includedetermining the financialreturn of non-financialassets, the value of expertsfor heterogeneous products,economic history of artprices and developing deci-sion support software foroperations managementproblems.

Praveen R. NayyarAssociate Professor of Operations ManagementBTech (1978), IndianInstitute of Technology,DelhiMBA (1981), IndianInstitute of Management,AhmedabadPhD (1988), University ofMichiganResearch interests includecorporate and competitivestrategy, customer service,organizational design, serv-ice business and technologymanagement.

Michael L. PinedoDeputy Chair of the OperationsManagement Group,Department of Information,Operations andManagement Sciences;Julius Schlesinger Professorof Business Administration;Professor of OperationsManagementIr (1973), Delft Universityof Technology (TheNetherlands)PhD (1978), University ofCalifornia, BerkeleyResearch interests includeproduction planning andscheduling, stochastic mod-eling, supply chain man-agement in the processindustries and design ofdecision-support systems.Editor of the Journal ofScheduling. Associate edi-tor of Interfaces, MSOM,Production and OperationsManagement, andManagement Science.

Sridhar SeshadriAssociate Professor of Operations ManagementBTech (1978), IndianInstitute of Technology,MadrasPGDM (1980), IndianInstitute of Management,AhmedabadPhD (1993), University of California, BerkeleyResearch interests includestochastic modeling, coor-dination issues in supplychains and decision mak-ing under uncertainty.Serves on the editorialboards of Naval ResearchLogistics, Journal ofTelecommunicationSystems, OperationsResearch Letters, andProduction and OperationsManagement. Fellow of theInstitution of Engineers,India.

Gustavo VulcanoAssistant Professor of Operations ManagementBS (1994), MS (1996),University of Buenos AiresMPhil (2000), PhD (2003),Columbia UniversityResearch interests includeapplication of auction the-ory to operations manage-ment, revenue managementand optimization.

Eitan ZemelChair of the Department of Information, Operationsand Management Sciences;W. Edwards DemingProfessor of Quality andProductivity;Professor of OperationsManagementBS (1970), HebrewUniversity (Israel)PhD (1976), CarnegieMellon UniversityResearch interests includeoperations strategy, supplychain management, serviceoperations and incentivesissues in operations man-agement. Serves on the edi-torial boards ofManagement Science,MSOM, and Productionand OperationsManagement.

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Eitan Zemel Mor Armony

Sridhar Seshadri

Michael Pinedo

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Clifford Hurvich

Edward Melnick

Jeffrey S. SimonoffEdyth and GeorgeHeyman Faculty Fellow;Professor of StatisticsBS (1976), StateUniversity of New York atStonybrookPhD (1980), YaleUniversityResearch interests includecategorical data analysis,outlier identification,robust estimation andsmoothing methods.Fellow of the AmericanStatistical Associationand the Institute ofMathematical Statistics.Associate editor ofStatistical Modeling: AnInternational Journal andformer associate editorof the Journal of theRoyal Statistical Society,Series B.

Aaron TenenbeinProfessor of Statistics and Actuarial ScienceBS (1965), University of Manitoba (Canada)PhD (1969), HarvardUniversityResearch interests includesampling techniques ofwhich applicationsinclude the estimation ofthe rating of a loan port-folio from a sample ofloans; simulation method-ology and regressionanalysis with applicationsto forecasting automobileinsurance claims; mor-tality rate estimation for

pricing of insurance andannuity benefits; riskmanagement within theinsurance industry; fixedincome research withapplication to mortgagerefinance; and durationand convexity measuresfor bonds. Fellow of theAmerican StatisticalAssociation and recipientof the UniversityDistinguished TeacherAward in 1993.

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Rohit DeoPeter Drucker FacultyFellow;Associate Professor ofStatisticsBS (1988), FergussonCollege (India)PhD (1995), Iowa StateUniversityResearch interests includetime series and survivalanalysis.

Halina FrydmanAssociate Professor of StatisticsBSc (1972), The CooperUnionPhD (1978), ColumbiaUniversityResearch interests includestochastic processes,Markov processes, statisti-cal inference for stochasticmodels in finance, survivalanalysis and modeling theevolution of bond ratings.

Clifford M. HurvichResearch Professorof StatisticsBA (1980), AmherstCollegePhD (1985), PrincetonUniversityResearch interests includetime series analysis andmodel selection. Associateeditor of the Journal ofTime Series Analysis.

Peter LaknerAssociate Professor of StatisticsBA (1978), Eätvös LorandUniversity (Hungary)PhD (1989), ColumbiaUniversityResearch interests includemathematical finance andstochastic optimization andcontrol.

Edward L. MelnickProfessor of StatisticsBA (1960), LehighUniversityPhD (1970), GeorgeWashington UniversityResearch interests includetime series analysis, fore-casting, theory of estima-tion and information theo-ry. Associate editor of theJournal of Forecasting.Recipient of the UniversityDistinguished TeachingAward in 1995.

Gary A. SimonDeputy Chair of the Statistics Group,Department of Information,Operations andManagement Sciences;Professor of StatisticsBS (1966), CarnegieMellon UniversityPhD (1972), StanfordUniversityResearch interests includestatistics of spatial associa-tions, statistical maps andantebellum actuarial data.Recipient of the SternProfessor of the Year Awardin 1995.

As markets become increasingly more efficient and the world continues to drown in data, the

understanding and application of statistics remain critical. Stern's doctoral program in statistics prepares

researchers who can train people in the use of statistics and develop methodologies for resolving issues in

business and economics. Doctoral work in statistics provides a unique opportunity to combine the theoretical

and methodological orientation of an arts and sciences discipline with the strong focus on applications that

comes from being in a business school. Course work in statistics reflects aspects of both of these fields, and

the typical thesis produced by a doctoral student is mathematically sophisticated while addressing real and

practical problems.

Doctoral students have the opportunity to work with top researchers in the field. Several faculty are

fellows of the American Statistical Association, one of the leading professional associations. The faculty received

their degrees from such institutions as Columbia University, Harvard University, Princeton University, Stanford

University and Yale University.

STATISTICS

Joseph PoracZur Shapira Bernard Yeung

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MANAGEMENT OB/OT:

Juan Alcacer

Roger Dunbar

Christina Fang

Raghu Garud

Ari Ginsberg

Michelle Gittelman

Theresa Lant

Stephen Mezias

Frances Milliken

Goncalo Pacheco de Almeida

Joseph Porac

Jeffrey Robinson

Rachelle Sampson

Melissa Schilling

Zur Shapira

William Starbuck

ECONOMICS:

Mariagiovanna Baccara

Heski Bar-Isaac

Adam Brandenburger

Luis Cabral

Nicholas Economides

William Greene

Lawrence White

Bernard Yeung

STRATEGY

Business strategy is an applied field that addresses research questions about how firms successfully

compete in the marketplace in a sustainable manner. Stern’s doctoral program in strategy aims to train students

who will become leading researchers in the field and serve as faculty at top-rated universities. The program

gives students training in a core discipline and exposure to the broader array of disciplines that inform the

study of strategy. At Stern, strategy extends from investigations of basic theory underlying the field, to devel-

opment of frameworks to guide managerial action, to issues of industrial and public policy. The program

welcomes students who wish to work in any of these areas.

The program is small and offers an intensely supportive environment. Students are assigned to faculty

mentors as soon as they arrive, and are viewed as full partners in intellectual dialogue and inquiry. Students

immerse themselves in the culture of the strategy field by attending seminars, colloquia and dissertation

defenses, in addition to doing their coursework. They are expected to develop their own research interests at the

beginning of their program and to present their work regularly both inside the school and at professional conferences.

Faculty involved in the program are drawn primarily from the management and economics

departments at Stern, but faculty in finance, information systems, marketing, operations management, and other

departments also have interests in strategy and have made important contributions in this area. Some examples

of topics in strategy that Stern faculty are currently working on include: strategic alliances; cognitive approach-

es to organizations and markets; contract theory; diversif ication; f irm growth; firm location decisions;

organizational learning; foreign direct investment; game theory; market competition analyses; network

economics; innovation and knowledge regimes; the mutually causal relationship between the institutional

environment, market competition, financial markets, firm strategy, and economic growth; knowledge networks;

risk and decision making; and governance and executive compensation. A partial l ist of strategy faculty

is below.

Students who are interested in strategy should apply specifically to the strategy program and will

have their degrees awarded in either management or economics.

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David Backus

Ingo Walter

40

ACCOUNTING:

Eli Bartov

Frederick Choi

ECONOMICS:

David Backus

Thomas Cooley

Alessandra Fogli

Fabrizio Perri

Thomas Pugel

Vincenzo Quadrini

Nouriel Roubini

Paul Wachtel

Bernard Yeung

FINANCE:

Edward Altman

Richard Levich

Jianping Mei

Anthony Saunders

Roy Smith

Marti Subrahmanyam

Ingo Walter

Daniel Wolfenzon

MANAGEMENT:ORGANIZATIONALBEHAVIOR/ORGANIZATIONTHEORY

Juan Alcacer

Ya Ru Chen

Roger Dunbar

Michelle Gittleman

Stephen Mezias

Rachelle Sampson

MARKETING:

Samuel Craig

Susan Douglas

Peter Golder

Durairaj Maheswaran

GLOBAL BUSINESS

Stern was among the very first schools to recognize the importance of including the international

perspective in business teaching and research. It is our philosophy that the international dimensions of busi-

ness do not represent a separate area, but rather should be an important component of all areas of the academ-

ic portfolio. We believe that a student interested in global business should first be firmly grounded in one of the

key functional fields such as economics, finance, management or marketing, and then develop his or her global

interests by focusing the course of study and dissertation topic accordingly. Stern’s Global Business Institute

provides a coherent platform for leveraging Stern’s research in core disciplines into the global arena. It also

provides academic oversight and support for the School’s extensive activities in global business education.

Stern has a very large group of faculty that conducts research in the global aspects of business, and

this group has consistently been rated as providing one of the top programs in the country. A partial list of

faculty members focusing on international research is below.

A student interested in global business applies for admission in one of the functional areas, is trained

in that area as well as in appropriate international courses, and then works with internationally oriented faculty

on the dissertation. The student is encouraged to become an active member of Stern’s Global Business Institute.

Vincent C. Ross Institute of Accounting ResearchThe institute conducts large-scale research studies ontopics of interest to financial and management accountingpractitioners and researchers and holds an annual confer-ence for academics. It also publishes the Journal ofAccounting, Auditing and Finance and maintains aresearch library for Stern faculty and PhD students.

Salomon Center for Research in Financial Institutionsand MarketsThe Salomon Center serves as an important link amongscholars, practitioners and policy makers investigating thestructure and performance of US and global financialinstitutions and markets. It produces groundbreakingresearch, publications and national conferences on suchissues as corporate governance; financial restructuring andbankruptcy; universal and specialized banking; technologyand the regulation of financial markets; and financialinnovation. In addition, the center provides data andgrants to faculty and doctoral students and awardsannual prizes for student research in finance, financialeconomics and international business.

The L. Glucksman Institute for Research in SecuritiesMarketsThe institute provides grants to faculty and students tosupport research on equities, bonds, futures and optionsand other financial instruments and on the markets wherethey are traded.

Berkley Center for Entrepreneurial StudiesThe center promotes the study of innovation, entrepre-neurship and new venture creation, and advances thepractice of entrepreneurial management through research,education and publications. The center hosts conferencesfor scholars and practitioners; produces publications thatcontribute to the understanding of the entrepreneurialprocess and the public policy issues associated with newenterprise development; offers co-curricular programsdesigned to complement course-related learning; andprovides grants to faculty and advanced PhD students fordata and field work support.

Center for Digital Economy ResearchThe center's faculty and doctoral students conduct appliedresearch on the use of computers and communicationssystems in organizations. Much of the research is con-ducted in cooperation with affiliate member firms in thedigital media and financial services industries, with anemphasis on electronic commerce and electronic markets.Research topics include: information technology andorganizations; telecommunications and electroniccommerce; knowledge discovery and data mining; systemsdevelopment; decision support systems and modeling; andinformation technology and education.

Global Business InstituteThe institute, established in 2003, consolidates an array ofacademic activities to create a coherent platform for lever-aging Stern’s research strength in core disciplines into theglobal arena and to provide consistent academic oversightand support for the School’s activities in global businesseducation. The institute sponsors a regular seminar seriesas well as conferences and workshops. The Center forJapan-U.S. Business and Economic Studies, which focuseson understanding the spectrum of business and economicrelationships between Japan and the U.S., is an integralpart of the institute.

Center for Law and BusinessThe center, a joint venture of the Stern School and theNYU School of Law, facilitates interaction and jointscholarly work between faculty at the two schools whoshare an interest in the structure, regulation and functionof the market economy. The center also provides a forumfor professional and scholarly interactions among students,academics and legal and business professionals throughconferences such as the Directors’ Institute.

RESEARCH CENTERS AND INSTITUTES

Quality research is a benchmark of excellence in the academic world. At Stern, state-of-the-art research is

conducted at four centers and three institutes, described below, whose cumulative work is second to none.

The centers sponsor frequent conferences that attract international scholars and practit ioners and the

proceedings are widely disseminated in books, monographs and journals, both in the United States and abroad.

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for the September 2003 entering class was 720, with mostadmitted students scoring above 700. As stated earlier, testscores are only one of the elements we consider. We admit theapplicants whom we feel have the aptitude, background andmotivation to produce first quality research in the future.

Previous graduate work is not an admission requirement.Students with bachelor’s degrees are eligible to apply.Doctoral level courses taken elsewhere, if equivalent tocourses required by Stern, may be credited in accordancewith school and university regulations. Within the frame-work of the general requirements, programs of study aredesigned to fit individual interests.

Doctoral Student FundingApplicants to the doctoral program are not required tocomplete separate financial aid applications. Financial aidis merit-based, and all admitted students not receiving aidelsewhere will receive funding through Stern. The normalfunding package consists of free tuition and individualhealth insurance as well as an annual stipend. Funding isguaranteed for five years, assuming satisfactory academicprogress. Information about the current aid package andother program requirements are available online atwww.stern.nyu.edu/phd/.

Doctoral students participate in research practica andwork 10 hours per week for 11 months in their first yearand 20 hours per week in subsequent years. We view theresearch practica as tutorials and try to arrange for stu-dents to work with faculty members whose research isrelated to their specific areas of interest. Much of the doc-toral training takes place through the interaction betweenresearch assistants and the professors with whom theywork, and doctoral students often formulate dissertationtopics and publish papers as a result of their experiences.

In the fourth year students teach during one semester. Allstudents participate in a workshop to develop teachingskills prior to teaching for the first time. Fifth year stu-dents receive financial aid in the form of fellowshipsand/or teaching.

Application ProcedureAn application or further information may be obtained bycontacting:Doctoral ProgramNew York UniversityLeonard N. Stern School of Business44 West Fourth Street, Suite 6-140New York, NY 10012-1118

Phone: (212) 998-0740E-mail: [email protected]/phd/Application forms may be downloaded from our website.

Timing of Admissions DecisionsThe PhD Admissions Committee begins reviewing applica-tions in late January. Incomplete applications will not bereviewed, nor will application fees be waived.

Prerequisites to Doctoral Study◆ integral and differential calculus◆ matrix algebra or linear algebra◆ microeconomics and macroeconomics◆ financial accounting◆ psychology or sociology

Every student must satisfy the prerequisites of calculus,matrix algebra and economics (micro and macro) beforebeginning doctoral study. An applicant need not have ful-filled these requirements before applying. For those withdeficiencies in calculus, matrix algebra, microeconomics ormacroeconomics, the normal procedure is to take coursesto correct the deficiencies in the summer before enroll-ment. A student may correct a deficiency in accounting,psychology or sociology during the first year of study. Eachstudent must demonstrate competence in computer skills.

All students need to obtain a high degree of computer lit-eracy early in the program. They need to be familiar withword processing and spreadsheet software before theyenter the program and have enough familiarity with com-puters to enable them to learn quickly the specialized soft-ware applications used early in the program.

English ProficiencyInternational students whose native language is notEnglish must pass NYU's English proficiency test at thetime of admission to the doctoral program. NYU'sAmerican Language Institute administers the English pro-ficiency test and recommends remedial courses for thosestudents who do not receive passing grades. Students withserious deficiencies in English must correct these beforeenrolling in courses at Stern, and students with moderatedeficiencies may take no more than nine credits of coursework until they reach the required standard. Studentsshould be proficient enough to teach an MBA course by theend of the first year. Those unable to meet this requirementare unlikely to be admitted.

The Doctoral Program of StudyDoctoral study begins with three research skills methodol-ogy courses: each student must demonstrate competence atthe PhD level in probability, statistics and microeconomics.Previous doctoral-level work may enable a student towaive or test out of the research skills methodology courses.Each program of study incorporates the three basic

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PlacementApplicants for admissionshould know that the PhD isprimarily intended for peo-ple interested in academiccareers or government orbusiness careers involvingresearch and publication.The academic job market forholders of doctoral degreesin business is strong. Theopportunities open to a par-ticular candidate depend, ofcourse, on that candidate'sfield and personal qualifica-tions. Depending on the fieldof specialization, an averagenew PhD can choose fromtwo to 16 job openings inAmerican academic settingsand many more openings ingovernment and industry.Over 80 percent of therecent PhDs from Stern havetaken jobs at universities.Other recent graduateswork as researchers for theInternational MonetaryFund, the World Bank, theBoard of Governors and thebanks of the Federal ReserveSystem.

Admission CriteriaThe application deadline isJanuary 15, and we admitfor the fall semester only.Because of our focus onexcellence, we admit asmall number of students.We receive over 1,000applications and enrollabout 20-25 students eachyear. We look at the qualityof the undergraduate andgraduate schools, gradesearned and courses taken,letters of reference and testscores. In addition, we mayinterview accepted candi-dates to be sure that Stern isthe appropriate school forthem. The median GMAT

P L A C E M E N T H I G H L I G H T S 1 9 9 5 - 2 0 0 0

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2000 Accounting Washington University in St. LouisEconomics University of North Carolina, Chapel HillInformation Systems McGill University (Canada)Marketing University of Southern CaliforniaMarketing University of Texas, AustinManagement/OB University of Minnesota, Twin CitiesManagement/OB University of Wisconsin, MadisonStatistics/OR University of California, Los Angeles

1999 Accounting City University of Hong KongFinance Georgetown UniversityFinance Emory UniversityInformation Systems The Wharton School, University of PennsylvaniaInformation Systems Hong Kong University of Science and TechnologyInformation Systems University of California, BerkeleyInformation Systems The Wharton School, University of PennsylvaniaManagement/IB University of Southern CaliforniaStatistics/OR Columbia University

1998 Economics World BankFinance Emory UniversityFinance Vanderbilt UniversityInformation Systems Hong Kong University of Science and TechnologyFinance/Int'l Business Harvard Business SchoolManagement University of Texas, DallasStatistics/OR A T & T Labs

1997 Economics Korea Institute of FinanceEconomics Federal Reserve Bank of New YorkFinance University of North Carolina, Chapel HillFinance Darden Graduate School of Business, University of VirginiaFinance University of North Carolina, Chapel HillManagement Hong Kong University of Science and TechnologyMarketing University of Michigan

1996 Economics Vanderbilt UniversityFinance Copenhagen Business School, University of DenmarkFinance London Business School

1995 Finance Tulane UniversityFinance Harvard Business SchoolFinance Yale UniversityFinance Stanford University Graduate School of Business Marketing University of RochesterMarketing University of California, Berkeley

* There are no placements listed for the Operations Management department. This department is newand only began admitting PhD students in Fall 1999; these students are still enrolled in the program.

2002 Accounting NorthwesternFinance University of Michigan, Ann ArborFinance Cornell UniversityFinance Cornell UniversityFinance Yale UniversityInformation Systems University of Texas, AustinManagement/IB University of Southern CaliforniaMarketing University of ChicagoMarketing University of Florida, Gainesville

2001 Finance London Business SchoolFinance Georgetown UniversityFinance Vanderbilt UniversityManagement/OB University of WashingtonStatistics/OR Texas A&M UniversityStatistics/OR Georgetown University

Placement Highlights 1995-2002 *Year Major Placement

research skills methodology courses, seven courses in themajor field, and four electives. If the director of the doc-toral program and the department doctoral coordinatorapprove, a program of study may include previous work atNYU or other universities.

After completing all or nearly all course work, each stu-dent must pass a comprehensive examination. Upon pass-ing the comprehensive examination and completing allrequired course work, a student may apply for and receivea Master of Philosophy degree. The doctoral program con-cludes with a student's proposing, writing and defending adissertation.

Time LimitsA student should pursue the doctoral degree with a strongcommitment. Students who extend the doctoral programare less likely to complete it. In addition, if several yearspass after the course work has been completed, it is likelythat some knowledge will have become outdated.Therefore, every student must pass the comprehensiveexamination by the fall of the third year of the program,successfully present a dissertation proposal by May of thefourth year and defend the dissertation and complete alldegree requirements by May of the sixth year, while main-taining continuous enrollment. Although a few studentshave completed all requirements in as little as three to fouryears, most students do so in five years.

Rules and RegulationsCourse requirements, time limits and other procedures arethoroughly explained in the PhD Handbook. Upon enroll-ment in the program, each doctoral student will receive acopy and should use it as a reference.

Elmer Holmes Bobst Library and Study CenterLibrary resources and services for the Stern School ofBusiness are provided within the context of the Universitylibrary, the Elmer H. Bobst Library. Located on the sixthfloor in the library is the Business and SocialSciences/Documents Center, which houses a general andinternational business reference collection that includesmaterial on US and international business, investmentservices, periodical indexes and numerous electronic serv-ices. Additionally, the Center houses depository collectionsof both US and UN documents which contain a wealth ofbusiness information.

Access to journal and business information is facilitat-ed by a collection of both current and retrospectivebusiness resources in electronic format, which areavailable in the center and on the library's website(www.nyu.edu/library/bobst). Some of these resources areABI-Inform, Dow Jones, EconLit, Global Access, Lexis-Nexis, The Wall Street Journal, Stat-USA, EIU Viewswire,Datastream and Bloomberg.

Computing at SternAll doctoral students have personal computers and desksassigned to them. About 20 new machines are bought eachyear for doctoral student use. Each Stern student receivesa Novell account, an e-mail account and an account onSales (Unix time-sharing system). Novell accounts provideaccess to the computers in offices, computer labs, on e-mail stations and electronic classrooms. Space on Sales isavailable to all students for publishing web pages. Salesalso provides access to applications software, includingSAS and SPSS for statistical analysis. Microsoft Windows,Microsoft Office, Netscape Navigator, Minitab, Lindo andmany other course related applications are available to theStern community. All Stern computers are networked andprovide access to the Internet, e-mail, Unix (Sales) andlaser printers.

University and Off-Campus HousingPhD students may apply to live in graduate housing for alimited period of time, and they may choose a nine-monthor one-year contract. Many students choose to live off-campus. The NYU Off-Campus Housing Office providesinformation about available apartments in the area.

Sports and RecreationFull-time Stern students have free use of the Jerome S.Coles Sports and Recreation Center, one of the largest,most modern and best-equipped physical fitness facilitiesin New York City. It offers an array of athletic facilities,including Nautilus weightlifting equipment, six outdoortennis courts, an NCAA regulation swimming pool anddiving tank, outdoor running track, five basketball courts,fencing and wrestling rooms, six squash courts and fivehandball/racquetball courts. The center teaches a widevariety of sports and other activities, including tennis, rac-quetball, squash, swimming, aerobic dancing, weighttraining, basketball, martial arts and yoga. Students canalso participate in intramural sports and tournaments.Stern has clubs for skiing, running, golf, tennis, racquet-ball, volleyball and basketball.

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