The three Sussex County Community College trustees who were paid by an engineering firm they also hired at the school weren’t aware of their ethical obligations required by state law and the school’s ethics code, an independent investigation found Monday.
But experts now say they doubt that finding.
“It would be unusual for three members to not know their responsibilities,” added Alex Plinio, co-founder of the Institute for Ethical Leadership at the Rutgers Business School. “Perception is as important as reality when it comes to these situations.”
An impressive slate of national and state speakers will headline the first of a series of solution-based Resilience Workshops that link resilience to competitiveness, preparedness to prosperity, and motivate companies and communities to think it terms of shared outcomes and collaborative solutions.
"A lot of effort was invested in organizing this high level, knowledge packed all-day seminar," said Brenda Hopper, NJSBDC CEO-State Director. "The topic of resilience and related best practices to prevent business operational disruptions are more important than ever and we think small business owners attending will take away a lot of valuable information they can utilize."
"We're encouraged that various size businesses at different levels of growth will participate in this thought provoking session," said Deborah Smarth, NJSBDC COO-Associate State Director. "Having business leaders at all levels sharing their experiences and operating procedures in relation to market disruptions or natural disasters will provide a good framework for other small businesses to follow.
Whether you’ve risen to the ALS Association’s Ice Bucket Challenge with enthusiasm, or its oversaturation on social media has turned you into a wet blanket, local marketing experts said the craze has undeniably become a game changer for fundraising campaigns. How to explain why things go viral? In many ways, said industry observers, it isn’t anything new. That bucket challenges surfaced on a grass-roots level and spread virally traces back to a business phenomenon as old as the hills: word of mouth, said Professor Ashwani Monga, chairman of the Marketing Department at Rutgers Business School in Newark. "As we know, word of mouth matters most in any successful product or method. So in that sense, it has definitely worked," he said.
Through a federal grant, small to midsize New Jersey businesses looking to institute or expand environmentally friendly practices can now get pro bono advice and technical assistance from experts in the green arena.
The New Jersey Small Business Development Center's new initiative, supporting sustainability and pollution prevention with free counseling, is being funded by the U.S. Environmental Protection Agency. The center's network is a non-profit, federal-state educational partnership based at the Rutgers Business School in Newark.
Business, education, government, and community representatives will gather to discuss strategies for creating sustainable, scalable business solutions for urban communities as part of the inaugural Urban Entrepreneurship Symposium in October.
The keynote speaker for the Symposium is Jeffrey Robinson from Rutgers Business School, Center for Urban Entrepreneurship and Economic Development. CUEED is the first center of its kind in the nation to integrate scholarly works with private capital, government, and non-profit sectors to develop citywide resources and bring renewed economic growth and vitality through urban entrepreneurship.
As academia attempts to create the accountant of the future, some programs are marching to the beat of their own drum.
Alexander Sannella, the director of the MBA in Professional Accounting program at Rutgers Business School, said the school has found a liberal arts background can make for the ideal accounting student.
“It's about those broader thinking skills,” Sannella said. “And definitely you find that the decision-making and communication skills are strong from that population.”
New research by a team that includes a finance expert at Southern Illinois University Carbondale suggests that some illegal insider trading is the result of information leaks from state and federal regulatory agencies.
Wanli Zhao, associate professor of finance, partnered with David M. Reeb, the Mr. and Mrs. Lin Jo Yan Professor in Banking and Finance at the National University of Singapore Business School, and Yuzhao Zhang, assistant professor at the Rutgers University Business School, for the study into insider trading involving supervised industries.
“Our findings are somewhat controversial in that we’re saying the presumed protectors of the shareholders and general public interests appear to be using their positions to their advantage,” Zhao said.
At Rutgers Business School, academic leaders hope to bring Newark’s diverse community of experts to the table by sparking collaboration among the city's businesses, faculty, and students of Rutgers-Newark, with an eye toward finding solutions to foster economic development in the greater Newark community. Through the Rutgers Center for Supply Chain Management, Nancy Cantor, chancellor of Rutgers University – Newark and her colleagues hope to “create an infrastructure of collaboration to really make change.”
Paul Goldsworthy, a professor at Rutgers' Department of Supply Management & Marketing Sciences, talked about the importance of a symbiotic relationship between business and education from the perspective of the community's universities.
Wayne Eastman, another Rutgers professor and chair of the third round table at the event, described this relationship between business and education as "an infrastructure of collaboration in the employment supply chain."
A new study finds that the emergency extensions of unemployment benefits during the recession went a long way toward preventing mortgage defaults, even more than government programs meant to prevent foreclosures by focusing only on reducing monthly payments.
The study’s findings also strengthen the case for foreclosure-prevention programs that enhance a borrower’s ability to pay. One such idea was pitched early in the recession by researchers from the Federal Reserve Bank of Boston and the Board of Governors but went nowhere. It called for providing homeowners at high risk of default — those who are both unemployed and underwater — with government loans or grants to help cover their mortgages.
In contrast, during the recession the Obama administration’s Home Affordable Modification Program, known as HAMP, only lowered monthly payments, which is not a solution for homeowners with significant income disruption and is a more costly way of preventing defaults, said Morris A. Davis, the academic director of the Center for Real Estate Studies at Rutgers Business School and a former advocate of the government loan proposal.
Efforts to investigate New York retailers that unlawfully profile minority shoppers may pare back the problem, but experts are doubtful prosecutors can strike at its heart unless lawmakers revise a statute that gives the industry a free hand to profit by demanding money from alleged thieves.
Lawyers who represent aggrieved shoppers and other experts were watching as New York Attorney General Eric T. Schneiderman entered into an agreement that will see Barneys New York Inc. revamp its loss-prevention policies, hire an anti-profiling consultant, and collect and share data.
Components of the deal with Barneys — especially the retailer's promise to collect data detailing loss-prevention incidents, police interventions, the goods allegedly stolen and information about alleged thieves — are impressive, according to Wigdor LLP founding partner Douglas H. Wigdor.
"These are steps in the right direction," said Wigdor, who filed shop-and-frisk class actions against Macy's and the New York City Police Department that recently were confidentially settled.
According to the attorney general's agreement with Barneys, the retailer kept poor data on such incidents in the past. But the data the retailer did have showed that Latinos and African-Americans were overwhelmingly targeted by its loss-prevention teams.
The aggregation of better data could prove to be a powerful weapon over the long-term, according to Rutgers Business School professor Jerome Williams, who has studied retail discrimination. "It's very important, moving forward, for companies to measure discrimination and monitor to make sure violations are not continuing to occur,” Williams said.
The country needs a large number of centres of higher learning which are world-class,” said Arun Jaitley, the Finance Minister while presenting the Union Budget in Parliament this year. Budget allocation for higher education saw a rise of 13 per cent. The twinning programme — a programme of study whereby students in an Indian college may complete their study partly in India and partly in foreign educational institutions — can be seen as an attempt in bringing the best of two worlds together, a way of getting world-class education at a price lesser than that of a conventional foreign degree.
In an attempt to regulate such twinning programmes and prevent private institutions from exploiting students, the University Grants Commission (UGC) enacted the Promotion and Maintenance of Standards of Academic Collaboration between Indian and Foreign Educational Institutions Regulations, 2012 on September 21, 2013. The guidelines apply to non-technical, private Indian colleges offering twinning programmes, already in collaboration prior to these regulations, or those intending to collaborate with foreign colleges/universities.
Recently the Directorate of Technical Education (DTE), Maharashtra initiated an inquiry against HR College of Commerce, Mumbai, for allegedly starting admissions to an MBA twinning programme launched this year with Rutgers Business School, Newark, US, without the UGC approval.
In an email correspondence with edex before the DTE order of inquiry, Shahani, who is also a Member, UGC, said, “The HR College and Rutgers Business School collaboration is completely in compliance with The Promotion and Maintenance of Academic Collaboration between Indian and Foreign Educational Regulations of September 2013.”
Rutgers is accredited with the highest grade in their homeland by the Middle States Commission on Higher Education and is ranked among the top 500 world class universities by Times Higher Education World University Rankings and the Academic Ranking of World Universities (ARWU) of Shanghai Jiao Tong University, China, another widely observed rankings system. Rutgers Business School is ranked among the top 25 EMBA programmes by the Wall Street Journal and ranked in top 25 programmes among US programmes in 2008 -13. The 20-month programme has Rutgers faculty fly into Mumbai, while the last two modules of the total of 18 are completed in Newark, New Jersey, US.
Asked if her students have to worry about their degrees not being recognised by Indian universities, Shahani said, “This is a full-fledged MBA degree from a leading American University and is widely accepted and recognised by all universities across the world.”
On the surface, balancing tight budgets with a steady stream of new demands for technology services sounds like an untenable challenge for higher ed IT managers.
Still, many tech leaders at colleges and universities across the country have found the answer: They're living lean, and liking it. Case in point: Rutgers Business School, which has seen undergraduate enrollment skyrocket by more than 40 percent over the past four years. Today, nearly 8,000 students are enrolled at the school's campuses, in New Brunswick and Newark, N.J.
Despite the rapid growth, the IT department has maintained its staff of eight, who deliver IT services and support two new, state-of-the-art facilities with 70 technology-enabled rooms and more than 1,400 computers that came online in recent years.
What's their secret? The team capitalizes on the expertise of professional IT services firms and takes advantage of cloud-based Infrastructure as a Service (IaaS) solutions.
"I would love to have a giant IT staff, but we can do a lot with a small group if we manage things right," says Kevin Dowlin, assistant provost for technology and learning spaces at Rutgers University-Newark.
Chrishan Wright, who has worked in government relations and marketing since 1996, was able to turn her first unemployment experience into media content on downsizing for MSNBC and a blog featured on CNN.
Four years and a divorce later, Wright’s company was again downsized — but instead of clawing her way back into the workforce, Wright continued her education by completing a mini-MBA in digital marketing at Rutgers University’s Center for Management Development in 2013 (now Rutgers Business School Executive Education).
Wright knew the mini-MBA would help her put her best self forward as a mother and an entrepreneur while launching her new startup Propel Media Group, a full-service boutique digital marketing and public relations firm, in March.
What she didn’t know is how she’d also connect with fellow graduate Jessica Federman, owner of Mindshuffle Marketing, via Twitter.
Together, Wright and Federman came up with the idea to create an interactive podcast community for women entrepreneurs attempting to juggle businesses and families.
Wright submitted their concept, Women Entrepreneur Biz (WE Biz), into the third annual “Start Something Challenge,” a statewide pitch competition and business-strengthening session organized by the nonprofit Rising Tide Capital.
Results of a new study released today show that the major automakers – in fact, most manufacturing companies – could significantly improve their profits simply by improving their supplier relations.
The new study titled OEM Profitability and Supplier Relations by John W. Henke, Jr., Ph.D., president and CEO of Planning Perspectives, Inc., Birmingham, MI, and Professor of Marketing at Oakland University, Rochester, MI and his co-researcher, Professor Sengun Yeniyurt at Rutgers Business School, New Brunswick, NJ, is based in part on data gathered over the past 13 years from Henke's annual Working Relations Index® Study, and breaks new ground in supplier relations and business performance analysis.
It establishes the fact that the economic value of the suppliers' non-price benefits can greatly exceed the economic benefit realized from suppliers' price concessions. On average, this can be up to 4-5 times greater, and often much more.
In the aftermath of the financial crisis, there have been relatively few individuals held responsible for the roles they played, or the bad mortgages they issued and bundled together to pass along to investors. However, a former employee of the mortgage lender Countrywide Financial was fined Wednesday as part of a civil fraud case.
Countrywide’s former CEO and CFO were also fined coming out of the financial crisis.
However, most individuals who have been targeted are typically lower-level employees who worked directly on the bad deals, says Michael Santoro, a professor in the Department of Management & Global Business at Rutgers Business School.
“It’s a little more difficult to present evidence against people who have set policies in motion or who might turned the other way or who may have winked at something,” he says.
"This Mini-MBA includes ethics and values, corporate social responsibility, compliance, crisis communication, and how to create and sustain an ethical culture. Participants will gain knowledge and experience in ethical leadership and critical decision-making skills,” said IEL Executive Director Judy Young.
Since Merck’s companywide restructuring last fall that included laying off thousands of workers, closing locations and sharpening its focus on research and development, Chief Executive Kenneth Frazier has maintained the sweeping changes would require time to pay off.
“In the longer term, we see some good things coming up from the research wing through alliances, through small acquisitions,” said Rutgers Business School professor Mahmud Hassan, who follows the pharmaceutical industry. “These will help put off all of Merck’s uncertainties, I hope.”
Merck’s recent strategy shift and drug rollout plans, Hassan said, have renewed his optimism in the company.
“They reorganized, took some bold steps and I think those are now starting to pay off.”
A new study concludes that Moody’s gave significantly higher ratings on bonds and derivatives issued by companies in the investment portfolios of its two largest shareholders, including Warren Buffett’s Berkshire Hathaway, and took longer to downgrade them than its rival Standard & Poor’s.
The study joins a large body of literature probing the effects of ownership on supposedly objective business decisions, including how managers cater to activist investors who buy large stakes in their companies.
In the study to be presented at the American Accounting Association meeting next week in Atlanta, Shivaram Rajgopal of Emory University’s Goizueta Business School, and coauthors Simi Kedia and Xing Zhou of Rutgers Business School examined Moody’s ratings over the 10 years after it went public on the New York Stock Exchange in 2000.
Rajgopal said: “there’s a lot of statistical smoke.”
As academia attempts to create the accountant of the future, some programs are marching to the beat of their own drum.
Alexander Sannella, the director of the MBA in Professional Accounting Program at Rutgers Business School, said the school has found a liberal arts background can make for the ideal accounting student. “It’s about those broader thinking skills,” Sannella said. “And definitely you find that the decision-making and communication skills are strong from that population.”
Roger Smeets of Rutgers Business School looked at R&D spending by small firms, comparing firms that were hit by extensive lawsuits to a carefully chosen comparable sample. The comparison sample allowed him to isolate the effect of patent lawsuits from other factors that might also influence R&D spending. Prior to the lawsuit, firms devoted 20% of their operating expenditures to R&D; during the years after the lawsuit, after controlling for other factors, they reduced that spending by 3% to 5% of operating expenditures, representing about a 19% reduction in relative R&D spending.
Professor Jerome Williams of Rutgers Business School discussed the ways the commercial marketplace caters to different racial groups—already a pervasive problem resulting in certain groups suffering disadvantages, often in subtle or obscure ways.
In one case Williams researched, one particular racial group represented only five percent of the total customers that entered the store but accounted for 95 percent of the customers stopped for suspicion of shoplifting. "What that suggests," Williams said, "is the security cameras only focus on that one group."
This could have amplified implications given the potential uses of facial-recognition technology, Williams said.
For many, a shopping trip is a simple experience. It certainly isn’t one where you expect to be followed and supervised by store employees who think you’re going to steal something.
In some cases, people not only acknowledge that this stereotyping exists but attempt to justify it as well. Racial profiling is often defended by claims that black shoppers are more likely to shoplift, but according to Jerome Williams, a business professor at Rutgers Business School, the facts don’t agree – in fact, according to statistics, white women in their 40s engage in more shoplifting than any other group.
"The reason they don't show up in crime statistics is because people aren't watching them," said Williams. He went on to say that statistics that say black customers steal more “are not really an indication of who's shoplifting. It's a reflection of who's getting caught. That's a reflection of who's getting watched. It becomes a self-fulfilling prophecy.”
"I'm very honored and excited to be the first real estate chair at Rutgers," Morris Davis said. "This is an opportunity to build a top real estate program in the middle of some of the top real estate in the world."
The faculty chair was created last year with a $1.5 million commitment from Paul V. Profeta who owns a national real estate investment, management and leasing business that bears his name. Profeta's contribution was matched by an anonymous donor who pledged a total of $27 million to Rutgers University as part of an Endowed Chair Challenge in 2011. The challenge, issued during the "Our Rutgers, Our Future Campaign” was intended to add 18 world class faculty members across the university.
"Professor Davis's appointment advances the stature of Rutgers Business School and will contribute significantly to strengthening the connections between our students and the business community of New Jersey and the metropolitan region," said Glenn Shafer, dean of Rutgers Business School. "We are very grateful to Paul Profeta and our anonymous donor for making this initiative possible."
The endowed chair also was the catalyst for the formation of the Center for Real Estate Studies (or CRES as it is known familiarly) at Rutgers Business School. Ronald Shapiro, a veteran real estate and banking executive, has served as the center's director since last summer.
Shapiro described the appointment of Morris Davis as "a major game changer" as Rutgers Business School continues "to advance and promote real estate as an integral part of its future academic curriculum, executive educational programs, and industry conferences."
Working with Shapiro, Davis will develop an undergraduate and MBA real estate program, forge connections with the industry and work to establish the Rutgers brand for real estate study. "That doesn't happen overnight," Davis said, "but with case competitions, through deep connections with the industry and by creating a pipeline to employment."
Professor Ivan Brick, who led the search for a professor to fill the Profeta Chair, said the committee believed he was the "perfect candidate" because of his research impact in the field and his administrative experience as the director of the real estate center in Wisconsin.
The National Institutes of Health has awarded a nearly $1 million grant to the Dr. Susan Love Research Foundation to continue development of a technology aimed at addressing breast cancer, a serious issue for women's health, especially young women, in low- and middle-income countries.
Survival rates in developing countries are less than half that of the United States mainly for lack of resources for diagnosis and treatment.
Proven pattern recognition technology, novel algorithms for ultrasound image enhancement, and computer-aided detection and diagnosis will be combined with real-time information generated by the live ultrasound scans to determine the probability of malignancy.
The device development and clinical validations will be performed in close collaboration between breast cancer expert and surgeon Dr. Susan Love, and breast imaging radiologist and clinical trial expert Dr. Wendie Berg (University of Pittsburgh School of Medicine, Magee-Womens Hospital of UPMC), medical software product development and commercialization expert Christine Podilchuk, PhD (ClearView Diagnostics), and technology and commercialization expert Richard Mammone (ClearView Diagnostics/Rutgers, The State University of New Jersey).
Mammone, who is a professor of electrical and computer engineering and a professor in the Rutgers Business School, invented the scanner technology and founded ClearView Diagnostics.
Davis, a real estate and urban land economics professor at Wisconsin School of Business, will hold the Paul V. Profeta Chair in Real Estate as part of Rutgers’ plan to establish a teaching and research platform in what is one New Jersey’s most important industries. An investiture ceremony is scheduled for Sept. 23 in Newark, according to a story on Rutgers’ media relations website.
The school’s Newark campus announced last year that it would launch an MBA concentration in real estate, thanks to a new $3 million endowment to establish a chair in the field. The position is named after Paul V. Profeta, president and owner of West Orange-based Paul V. Profeta and Associates Inc., who donated $1.5 million to the post.
“I’m very honored and excited to be the first real estate chair at Rutgers,” Davis told Rutgers media relations department. "This is an opportunity to build a top real estate program in the middle of some of the top real estate in the world.”
The Garden State Woman Education Foundation will host a Business and Leadership Academy in Florham Park from Aug. 11 through 15 to educate and inform high school girls about the importance of including business courses in their planning for college and a career.
Judy Chapman, co-founder of Garden State Woman Education Foundation and leader of the Academy also has invited college students studying business and/or economics from Harvard, the University of Pennsylvania, Tulane, Rutgers and more to assist in helping the high school students navigate college applications and choose courses.
“Rutgers was looking to attract more girls into their business program, and we were looking to inform and educate them to the fact that everything is business,” Chapman said.
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The Federal Reserve is set to end its economic stimulus program [quantitative easing] in October, bringing to an end the controversial five-year-old scheme even as officials said there were signs that the US economy was still in trouble.
Controversial from the outset, QE was designed to keep long-term interest rates down and encourage investors to back stocks or corporate debt in order to stimulate the economy. Stock markets have hit record highs under QE yet the unemployment rate remains high and there are continuing signs of weakness in the wider economy.
Last year, Andrew Huszar, a senior fellow at Rutgers Business School and a former manager of the Fed’s mortgage-backed security purchase programme, called for an end to QE in an article for the Wall Street Journal. He said it had helped Wall Street far more than Main Street. Critics in Congress and elsewhere have also worried that QE will create another financial bubble or excessive inflation.
Is it ethical for a venture capital investor to praise a product put out by a company he’s invested in without disclosing his financial interest?
James D. Robinson IV, a founder of RRE Ventures in New York City, which is currently investing from a $280 million fund raised this year, did just that. RRE is an investor in Quirky Inc., Palantir Technologies Inc. and OnDeck Capital Inc.
Ann Buchholtz, research director for the Institute for Ethical Leadership at Rutgers University says that, “as a private citizen, he certainly has a right to express his opinion. But,” she added, “he also has a responsibility to let people know any fact that would be appropriate for them to consider.”
July 4, 1776. The day the United States celebrates sending England’s King George III a legal brief: The Declaration of Independence.
It is a document that to this day inspires freedom-seeking men and women the world over, and instills panic in the hearts of authoritarian regimes.
“We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness,” begins the second paragraph of the document that formally notified George III he no longer had control over the 13 colonies.
“There are so many countries that aren’t even close to 1776 yet,” noted Bob Stern, a co-author of the law that created California’s Fair Political Practices Commission, or FPPC, which enforces state campaign finance laws.
“We need to celebrate our success.”
But while celebrating, said Ann Buchholtz, research director of the Rutgers University Business School’s Institute for Ethical Leadership, “we have to be willing, as a great nation, to still look at ourselves and see where we can make improvements.”