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Archives for: August 2007

Associated Content, 8/2/2007
Lerrick urges Senate to demand greater accountability from World Bank
Adam Lerrick, The Friends of Allan H. Meltzer Chair in Economics and Director of the Gailliot Center for Public Policy, appeared before a subcommittee of the U.S. Senate to argue that the World Bank is becoming an ineffective institution. Lerrick urged the United States to demand greater accountability and transparency from the bank.

Pittsburgh Tribune-Review, 8/7/2007
Spatt: Late trading, market timing big issues for SEC
Late trading practices and mutual-fund market timing were huge issues at the Securities and Exchange Commission during the tenure of Chester Spatt, Mellon Bank Professor of Finance and Director, Center for Financial Markets. Spatt, who recently returned to the Tepper School from his post as the SEC’s chief economist, created economic models to assess the extent of financial damage to investors from rules violations, devised penalties, and drafted rules to protect investors.

BusinessWeek, 8/8/2007
Fed shouldn’t change policy to bail out Wall Street
It would be a mistake for the Federal Reserve to change its policy to rescue Wall Street failures, advises Allan H. Meltzer, The Allan H. Meltzer University Professor of Political Economy. In fact, Meltzer argues, speculator losses could clean out the financial markets and make them healthier.

Inside Product Strategy, 8/8/2007
SaaS becoming increasingly significant to companies
The fast-growing Software as a Service business model, or SaaS, will become increasingly significant to companies that make consumer electronics and other devices, according to Robert Monroe, Visiting Lecturer, Information Technology and Computer Science. Monroe says the significance lies in deciding how periodic connections to the Internet could add value to the product.

Los Angeles Times, 8/10/2007
Meltzer: Capitalism needs a little failure now and then
The Federal Reserve should not load up on high-risk bonds to solve problems for investors, because that runs counter to the principles of capitalism, some experts say. As Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, phrases it: “Capitalism without failure is like religion without sin.”

Pittsburgh Business Times, 8/10/2007
Networking events foster business growth
Networking is an essential ingredient to entrepreneurial success, according to Arthur A. Boni, John R. Thorne Chair of Entrepreneurship; Associate Teaching Professor of Entrepreneurship; Director, Donald H. Jones Center for Entrepreneurship. Networking groups are common in Silicon Valley, but would be a smart venture for nearly any company, he notes.

Political Animal, 8/12/2007
Fed’s purchase of mortgage-backed securities unusual, but not shocking
The Federal Reserve’s purchase of several billion dollars in mortgage-backed securities was unusual, “but not tremendously so,” says Stephen Spear, Professor of Economics. Spear writes that the Fed’s action was unusual in the quantity of reserves lent out and the way collateral was handled, but the general operating procedure, including the type of collateral accepted, was completely standard.

Pittsburgh Post-Gazette, 8/13/2007
Cutting garages’ taxes won’t provide immediate parking rate relief
Cutting the tax that garages pay will not immediately result in reduced parking rates for commuters in Pittsburgh, says Stephen Spear, Professor of Economics. Over several years, the cuts might encourage garages to expand, which could eventually impact the market price, as could a tax increase that would result in some parking facilities closing, he says.

MBA Universe, 8/13/2007
Balachandran reflects on his career
Three years ago, Professor Bala Balachandran decided to set up his own business school, the Great Lakes Institute of Management, after decades of teaching at the Kellogg School of Management. Balachandran, who earned an MSIA from the Tepper School in 1972 and a PhD in 1973, has earned numerous scholastic honors, awards, and fellowships and serves as a consultant to both industry and the U.S. Air Force.

CBS Evening News, 8/15/2007
Allan Meltzer comments on CBS Evening News
Allan H. Meltzer, The Allan H. Meltzer University Professor of Political Economy, was interviewed for the CBS Evening News in a piece by Anthony Mason on the stock market. Optimists believe the stock market is still in a correction after the Dow dropped below 13,000 points, but investors worry about home sales and credit.

Omaha World-Herald, 8/16/2007
MBA grad returns to the game he loves
Tepper School alumnus Joe Randolph says while he considered going into the medical field, he just couldn’t get away from the game he loves: football. Randolph, who earned an MBA in 2004, is the new tight ends coach for the University of Nebraska.

Associated Press, 8/16/2007
Fed, other central banks may fade into background
In earlier decades, the Federal Reserve was responsible for a greater share of fluctuations in employment and inflation than it is now, says Marvin Goodfriend, Professor of Economics. Goodfriend believes the Fed and other world central banks may fade into the background within the next several months.

U.S. News & World Report, 8/17/2007
Tepper School undergraduate program rises in rankings
The Tepper School’s undergraduate business program was ranked seventh overall by U.S. News and World Report, up slightly from its eighth-place finish last year. The school also ranked first in MIS, second in Operations, and second in Quantitative Methods.

Bloomberg, 8/17/2007
Monetary side probably affected credit squeeze in Great Depression
Federal Reserve Chairman Ben Bernanke’s theory that a credit squeeze played a role distinct from that of money in the Great Depression is a plausible story, but probably doesn’t hold up under closer scrutiny, says Allan Meltzer, the Allan H. Meltzer University Professor of Political Economy. Meltzer says the monetary side brought the credit side down.

The American Daily, 8/17/2007
Lerrick: Billions in World Bank funds destined for Africa have gone offshore
Between $100 billion and $500 billion in World Bank funds intended for African development have been smuggled into offshore accounts, estimates Adam Lerrick, The Friends of Allan H. Meltzer Chair in Economics; Director of the Gailliot Center for Public Policy. Lerrick argues that the World Bank faces insurmountable problems in Africa because if anti-corruption standards were enforced, there would be no destination on the continent to which money could be shipped.

Pittsburgh Post-Gazette , 8/17/2007
Pittsburgh needs to make better use of diversity
Businesses and regions that have embraced diversity are thriving, says Sunil Wadhwani (MSIA 1976), chair and co-founder of iGate. Jim Rohr, a member of the Tepper School’s Board of Advisors and CEO of PNC Financial Services Group, says the Pittsburgh region needs to make better use of its diversity.

Pittsburgh Post-Gazette , 8/18/2007
Students roll up sleeves for ethics training
Approximately 240 first-year students from the Tepper School’s MBA and MSCF programs got their hands dirty as part of the ethics training during Orientation Week. The idea behind the program is that business relies on the community for its success, so it benefits students to improve their surrounds, says John Hooker, T. Jerome Holleran Professor of Business Ethics and Social Responsibility, Professor of Operations Research.

Washington Post, 8/19/2007
Fed’s actions expected, but much about mortgage crisis unknown
The actions taken by the Federal Reserve to address the current home mortgage crisis fits with what Professor of Economics Marvin Goodfriend expected, given what academics, central bankers, and economic historians believe. Goodfriend points out that much is unchartered territory because of the complicated new types of debt products that have been affected by market troubles.

Pittsburgh Tribune-Review, 8/24/2007
Meltzer: Too soon to say liquidity crisis is over
The liquidity crisis the country is in is the result of errors by regulators, banks, and other financial institutions, according to Allan H. Meltzer, the Allan H. Meltzer University Professor of Political Economy. Meltzer says those who made those loans had every reason to believe there would be large defaults, and it would be premature to say the crisis is over.

CNBC, 8/24/2007
Lerrick appears on CNBC
A battle is now waging in the currency market, and Adam Lerrick, The Friends of Allan H. Meltzer Chair in Economics and Director of the Gailliot Center for Public Policy, is weighing in. Lerrick appeared on CNBC as part of a discussion about the value of the Chinese yuan and the role of the International Monetary Fund.

Pittsburgh Business Times, 8/24/2007
Alumnus returns to teaching at Don Jones Center
Tepper School alumnus Chris Cynkar, who graduated in 1998, has acquired The Pennsylvania Rehab Group but does not envision committing to more individual investments anytime soon. Cynkar is returning to the Donald H. Jones Center for Entrepreneurship to teach a course he introduced last year for members of the business community.

United Press International, 8/28/2007
Today’s decisions could influence how we meet tomorrow’s energy needs
The choices U.S. officials make today could limit how the nation’s future energy needs are met, according to a study by the Green Design Institute. The research team says such decisions also could cost consumers billions of dollars in idle power plants and associated infrastructure systems.

Pittsburgh Tribune-Review, 8/29/2007
Gradual deviations lead to unethical behavior, according to research
Enron and other big accounting scandals happen when people gradually deviate from normal behavior, says Francesca Gino, visiting assistant professor of organizational behavior. She says when people don’t perceive small changes, they don’t realize the consequences of what accumulates over time.

MSNBC/Financial Times, 8/31/2007
Bernanke learning in a pressure cooker
Thanks to the credit crunch and losses experienced by financial markets, Federal Reserve Chairman Ben Bernanke is learning how much pressure his job entails, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Policymakers’ reliance on the cooperation of big banks during prosperous times means they find themselves in conflict when the same banks hit hard times, Meltzer adds.

Marketplace (public radio), 8/31/2007
Investors looking for a signal from the Fed regarding interest rates
This year, investors will be watching for signs that the Federal Reserve might cut interest rates to relieve the recent credit crunch, says Adam Lerrick, The Friends of Allan H. Meltzer Chair in Economics; Director of the Gailliot Center for Public Policy. Fed chairman Ben Bernanke is in Jackson Hole, Wyoming, at an annual retreat of the world’s central bankers and leading economists.

Bloomberg, 8/31/2007
Clout diminishes at IMF
In the future, leading the International Monetary Fund will be a much more technical and less glamorous job, says Adam Lerrick, The Friends of Allan H. Meltzer Chair in Economics; Director of the Gailliot Center for Public Policy. Lerrick says heads of state no longer worry much about the approach of the IMF because they no longer need its money.

Pittsburgh Business Times, 8/31/2007
Precision Therapeutics plans IPO
Precision Therapeutics Inc. is planning an initial public offering aimed at raising up to $80.5 million. The Pittsburgh-based life sciences company is headed by Tepper School alumnus Sean McDonald.

The Telegraph (London), 8/31/2007
Workers storing less essential information in their minds
For years, Robert Kelley, Adjunct Professor of Organizational Behavior and Theory, has asked employees what percentage of the knowledge they need to do their jobs is stored in their brains. In the 1980s, it was about 75 percent; by the turn of the millennium, it was down to 15 percent.

Pittsburgh Post-Gazette, 8/31/2007
Precision Therapeutics could be a boon to the ’burgh
Precision Therapeutics Inc., a South Side-based company that develops and sells tests for managing cancer treatment, could prove to be a major boon for Pittsburgh, says Frank Demmler, Adjunct Professor of Entrepreneurship. Demmler suggests that the company could do for life sciences in Pittsburgh what Dell Computer did for information technology in Austin, Texas.

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