Janet Yellen spoke to a crowd at Stern on Nov. 21 as part of the “In Conversation with Lord Mervyn King” series
Federal Reserve Chair Janet Yellen Steps Down, Speaks At Stern
News from NYU Stern School of Business
“On Nov. 21, Janet Yellen, chair of the Board of Governors of the Federal Reserve System, spoke at the Stern School of Business as part of Stern’s ‘In Conversation with Mervyn King’ series.
“The series, which is hosted by Stern professor Mervyn King, Baron King of Lothbury and former Governor of the Bank of England, began in the fall of 2016 and has featured discussions with other notable figures like author Michael Lewis and MSNBC host Rachel Maddow.
“The talk came one day after Yellen announced she will step down from her position in the Federal Reserve when Jerome Powell is confirmed as her replacement, making it one of her last appearances in her current role as chair of the Federal Board of Governors. The announcement followed President Donald Trump’s decision to not select Yellen, the first woman to head the central bank, for a second four-year term. Yellen is the first Fed chair to not be selected for a second term in almost four decades.”
CBC host Matt Galloway speaks with Canadian Prime Minister Justin Trudeau about social policy issues at the University of Toronto. Photo by Laura Pedersen
Justin Trudeau Talks Sexual Harassment At Toronto Rotman
News from University of Toronto Rotman School of Management
“Prime Minister Justin Trudeau made an appearance today at University of Toronto’s Rotman School of Management, where he talked to CBC Metro Morning host Matt Galloway about a number of social issues including housing and sexual harassment.
“The event, ‘Looking Ahead: Preparing For the Next 25 Years of Social Policy,’ was organized by the Maytree Foundation and Caledon Institute of Social Policy, both public policy organizations that tackle poverty reduction.
“Last week, when unveiling the Liberal government’s $40 billion national housing strategy, Trudeau called housing a human right, which elicited a round of applause from the audience at Rotman. The 10-year plan would include repairs and construction of social housing and support for families in need.”
Let’s Talk About The 0.01%
News from University of Chicago Booth School of Business
“Since the Great Recession, America’s wealthiest 1% have been demonized as fat cats who have grown ever richer while the middle class has stagnated. While protesters have called for the 1% to be taxed more heavily, economists have been digging into data to develop a better understanding of who the top earners are.
“These economists have been seeking to measure income inequality and wealth inequality, and to understand the nature of the 1%’s income and assets. And views differ. Some say the 1% are predominantly entrepreneurs and the ‘working rich,’ people who made their money by starting and running successful businesses. Other economists note that a significant proportion of the 1% are the heirs of wealth accumulated over time.
“But the data also reveal disparities within the 1%. The 1%, it turns out, have their own 1%.”
Lorene Trickey, a Meals on Wheels Columbia driver for 45 years, was honored by the organization in October
Meals On Wheels: The Spirit Of The Driver
News from Columbia Business School
“One evening in 1972, Lorene Trickey was flipping through the newspaper. She was 40 at the time, married with kids, and kept a busy volunteer schedule through her church, mostly working with homebound seniors. She felt fulfilled. She wasn’t looking to add much to her life.
“’I came across a sheet that said “Volunteers,”‘ Trickey remembers. ‘Usually, I’d ignore that, cause I’m already doing a lot in my church, school. But somehow or another, that caught my eyes, and it said they were wanting to have a meeting to organize a Meals on Wheels program for Columbia.’
“Trickey hadn’t heard of it — Meals on Wheels America, the largest MOW organization in the country, wouldn’t be founded for another two years — but it seemed to fit her interests. And she likes meeting people. ‘I admired them for thinking of this and for doing this, but I told them right off: I wanted to be a part, but I wanted to drive.’”
A new honors management and human organization program will be available May 2018 in the Liberal Arts and Management Program building. Photo by Rose Bythrow
New Major Bridges Gap Between Business, Liberal Arts
News from Indiana University Kelley School of Business
“The College of Arts and Sciences will offer a new major stemming from the Liberal Arts and Management Program, which is an existing honors program that connects liberal arts with the Kelley School of Business.
“The management and human organization major, which will be available for registration in May 2018, provides students more access to these classes than the selective program, which only accepts 60-80 students to work toward the honors certificate, LAMP Director Rebecca Spang said.”
Harvard Business School Professor Anita Elberse is leading a new program that pairs NBA players with MBA student mentors to help young athletes up their business game
The NBA-HBS Career Connection
News from Harvard Business School
“Years ago, when children were asked what they wanted to be when they grew up, they often answered firefighter, astronaut, or teacher. Today, they’d likely say pop star, tech entrepreneur, or professional athlete.
“And why not be a pro athlete? Famous and admired, many get paid a lot of money to have fun playing sports. They devote years to perfecting their skills and competing to become the best. And given the long odds of making it, getting drafted by a pro team, signing a contract, or a getting a sponsorship deal can feel like winning the lottery.
“But for every savvy athlete-business whiz like basketball stars Magic Johnson or LeBron James, there are hundreds more who squander their earnings by getting involved in sketchy investment schemes, bankrolling risky ventures like restaurants, hiring family and friends for nonessential jobs, or simply living beyond their means.”
Etinosa Obanor, representing global youth constituencies, addressed the high-level segment at COP23 on Nov. 16
Cornell Student Tells COP23 Delegates: ‘Face Up To Reality’
News from Cornell University Johnson Graduate School of Management
“On the world stage, Etinosa Obanor ’18 minced no words. Representing global youth constituencies at the high-level segment at the Conference of the Parties (COP23) in Bonn, Germany, Nov. 6-17, the student delivered a strong statement to the convention delegates as they negotiated and wrestled with climate change.
“’In the past, you’ve never stopped promising action,’ Obanor said. ‘But there is no need to keep talking endlessly in closed rooms, if you don’t face up to reality and act accordingly. Distinguished delegates, it is your choice if you want future generations to remember you as heroes of the century.’”
How Attention From Top Managers Impacts Innovation
“Licensing outside knowledge is now a factor in the way that we innovate. More and more firms are moving from doing everything themselves to bringing in ideas from the outside through purchasing wholesale packages of knowledge. Two different licensing options are common – either standard licences, in which knowledge is bought without further engagement from the data/knowledge creator, or partnership/embedded licences, which establish a relationship with the provider.”
Executives Step Ahead Of The Curve With The Latest Insights
News from London Business School
“The full-day LBS Live event offered global executives from diverse backgrounds and industries a taster of the hot topics taught on the School’s Executive Education programs, as well as time away from their organizations to reflect and refocus.”
“Mark Wilson, finance director of family-owned group Squire’s Garden Centres and former vice president of corporate strategy at Unilever, attended the event. He said: ‘I saw this as an opportunity to get exposure to the bright lights of strategy.'”
Part of the Baker Library collection: Account book of the Monte di Pietà (a charitable credit institution) in Rome, 1574-1643
How To Succeed In Business (According To A 15th-Century Trade Merchant)
News from HBS
“In what could be considered the first business how-to book, an Italian merchant from the 1400s advises leaders to be charitable, ethical, and treat people fairly; be modest; look for the right qualities in a wife; be selective in deals; and retire at 50, when ‘natural fervor abates, his blood calms down, his intelligence dims and his memory becomes less quick, so that he risks committing many errors in his business.’
“’In a sense, these are very early concepts of corporate social responsibility,’ says Harvard Business School professor of management practice Dante Roscini. ‘He’s addressing the issue of responsibility to the community and who you are as a person.’
“Written in 1458 in Venice by trade merchant Benedetto Cotrugli, The Book of the Art of Trade has just received its first English translation. Baker Library at HBS and the HBS Business History Initiative recently hosted a reception celebrating the new release. The library’s late medieval and early Renaissance Italian business records housed in HBS’s Historical Collections in Baker Library are among the largest and most important collections in the world outside of Italy.”
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