The long-blighted city of Newark, New Jersey, is undergoing its biggest economic growth period since the 1950s.
Ron Shapiro, the head of Rutgers University’s Center for Real Estate Studies, said Newark’s turnaround can be largely attributed to a few investors who’ve taken a risk on the city and paved the way for others.
“I think people were waiting on the sidelines, waiting for someone to lead them through the maze,” said Shapiro, who was also a former executive at several banks, including Union Center National Bank and Wells Fargo.
When Nasdaq OMX Global Indexes director David Krein was a business school student in the late 1990s, the term "exchange-traded fund" was little known to most of Wall Street, let alone a university classroom.
Now, Krein, who heads index research at Nasdaq, is teaching what he and his industry colleagues are calling a first-of-its-kind MBA course focused exclusively on indexing and ETFs - securities that often track an index or a basket of shares and can be traded in real time like stocks.
The course is a testament to the growing importance of the $2.2 trillion global market in ETFs, which has soared roughly 140-fold since 1998, when it was only $16 billion in size.
"Universities are starting to see a need to train their students to function in a world where ETFs are a key part of the investment process," said Scott Kubie, chief investment strategist at Omaha-based CLS Investments, LLC, which designs ETF portfolios.
Kubie, who himself used to teach portfolio management and securities analysis courses at the undergraduate and MBA level, said most core university investment courses are focused on securities analysis of individual stocks or other derivatives. These courses may dedicate only a lecture or two to ETFs rather than an entire semester.
"I haven't heard of anything like it," said Kubie, referring to Krein's course, which is in its first semester at Rutgers Business School in Piscataway, New Jersey.
In recent months, a number of incidents at department stores have come to light involving African-American shoppers who have been stopped by police after buying a high-ticket item — on the grounds that it was acquired by fraudulent means.
Both Barneys and Macy’s have denied that the stores had contact with the police. Additionally, both stores tell MarketWatch that they do not engage in discriminatory practices.
Nevertheless, the problem goes much deeper than these incidents, say legal advocates and criminal and business scholars. They argue that some department stores routinely engage in racial profiling of customers. “I think it’s fairly pervasive” in the industry, says Jerome D. Williams, a program director at the Rutgers Business School in New Jersey, even though “shoplifting and larceny come in all sizes and colors.” (Williams makes the point, however, that it’s important not to “paint every store with the same brush,” since problems can vary from store to store and chain to chain.)
“You find yourself watching black people. (The stealing) only happens once in a while, but it changes your perception.....Like it or not, I'm going to have a preconceived notion of races from my experiences.”
The above quote by a graduate student appeared in a nationally circulated story about the recent events currently engulfing Barneys, Macy's, and the New York Police Department regarding "consumer racial profiling (CRP)," "shopping while black," "shop and frisk," etc.
In fairness to this student, though . . . we cannot say precisely what the percentage of thefts by blacks were in the store where she worked.
However, what we can say precisely, based on our more than 20 years of research on CRP, multiple academic articles, papers, and book chapters using quantitative and qualitative data, numerous expert reports submitted to courts in cases involving allegations of CRP, etc., is that while blacks do engage in shoplifting, so do whites, Asians, Hispanics, and any other racial/ethnic groups you want to identify. Indeed, shoplifting does come in all sizes, shapes and colors, and in some instances, evidence suggests that other racial/ethnic groups actually are more likely to engage in shoplifting than blacks.
Across the Hudson River from New York City and atop the steep cliffs of the New Jersey Palisades, LG Electronics Inc. has drawn the ire of environmentalists, and a Rockefeller, over its new North America headquarters.
Englewood Cliffs Mayor Joseph Parisi said the town changed its height rules for any property of more than 25 acres because LG's building design relies on tall, narrow construction in order to maximize energy efficiency.
LG says the 143-foot-tall (43-meter) headquarters will meet the highest standards in sustainable architecture. Critics argue that the company is spoiling natural views and are begging LG for a shorter building.
"The things they've done show they recognize they have responsibility to the greater good," Abruzzo said, adding that he also treasures the uninterrupted tree line. "I'm glad the protesters are protesting, but on a moral ground, I guess this is a tie."
A Johnson & Johnson subsidiary will pay at least $2.47 billion to settle thousands of lawsuits over its recalled hip implants; it's a settlement that some estimate could reach as much as $4 billion.
But experts warn the loss of consumer confidence in the New Brunswick-based pharmaceutical giant could be bigger.
James Abruzzo, co-director of the Institute for Ethical Leadership at the Rutgers Business School, said J&J's actions did not meet their credo, which pledges to put "doctors, nurses, patients, mothers and fathers" above other stakeholders, including employees, communities and stockholders.
"I tried to match up what their actions have been over the last couple of years, at least what I have read, against their credo, and there seems to be a disconnect between the two," Abruzzo said.
Abruzzo said if J&J had "thought first and foremost about their patients, probably they would have not waited to be sued before they took some action."
Remarks By James Abruzzo, Institute for Ethical Leadership Co-founder, on Ethics and the Arts at closing symposium of Art, Poetry and the 2007 Subprime Crisis, an art exhibit by Jan Lourie displayed in Rutgers Business School.
"A decade ago, only the most intrepid of travelers embraced the city and everything it had to offer," recalls RADIUS publisher Paul Profeta. "Now, people all over the region are taking ownership of Newark as 'their city.' I cannot begin to express how pleased I am to see how attitudes have turned around. RADIUS will only accelerate that process."
Profeta is a longtime business leader in Newark, and a member of the Rutgers Business School's Board of Advisers. He is also the founder of the Profeta Urban Investment Foundation, which partnered with Rutgers Business School to launch or expand minority-owned businesses in Newark. Over the past few years, Profeta has both supported and spearheaded innovative business development initiatives in the city, creating powerful connections that led to the genesis of RADIUS.
"I can only say: I'm sorry, America. As a former Federal Reserve official, I was responsible for executing the centerpiece program of the Fed's first plunge into the bond-buying experiment known as quantitative easing. The central bank continues to spin QE as a tool for helping Main Street. But I've come to recognize the program for what it really is: the greatest backdoor Wall Street bailout of all time.
"Even when acknowledging QE's shortcomings, Chairman Bernanke argues that some action by the Fed is better than none (a position that his likely successor, Fed Vice Chairwoman Janet Yellen, also embraces). The implication is that the Fed is dutifully compensating for the rest of Washington's dysfunction. But the Fed is at the center of that dysfunction. Case in point: It has allowed QE to become Wall Street's new "too big to fail" policy."
Mr. Huszar, a senior fellow at Rutgers Business School, is a former Morgan Stanley managing director. In 2009-10, he managed the Federal Reserve's $1.25 trillion agency mortgage-backed security purchase program.
The competition will require the student teams to work on a marketing problem created by Rutgers faculty members. At least seven teams will spend a week reviewing an original case and then present their work to a panel of judges from the sponsoring companies.
Teams representing Carnegie Mellon, Boston University, Notre Dame, Penn State, Columbia and the University of Pennsylvania's Wharton School of Business are signed up to participate. Rutgers Business School will have a team of four students competing in the event.
As the case competition is occurring, Rutgers Business School will host Pharma Student Day, a day-long event featuring a series of speakers from the pharmaceutical and biotechnology industries. Pharma Student Day, which will be held from 11 a.m. to 4 p.m., is open to all students, alumni as well as industry professionals.
Both events highlight the strength of the Pharmaceutical Management Program and Rutgers Business School's close ties to the industry.
Rutgers Business School's nine-year-old Blanche and Irwin Lerner Center for the Study of Pharmaceutical Management Issues has strengthened the school's ties to some of the world's leading drug and device companies through symposiums, joint research and education programs designed to develop the next generation of leaders in the industry.
Mahmud Hassan, director of the Blanche and Irwin Lerner Center for the Study of Pharmaceutical Management Issues, said one of the biggest attractions for students at the case competitions is the potential to network.
The New Jersey Chapter of INFORMS named Laurens Smit of the Rutgers University Business School the winner of its 5th Annual Student Contest for his work on “Far-Reaching Successive Lumping Solutions for Stochastic Models.” This work is part of his Ph.D. research done under the supervision of professors Michael Katehakis of Rutgers and Flora Spieksma of the University of Leiden, the Netherlands. The New Jersey Chapter helped offset Laurens’ expenses so he could present his work at the INFORMS Annual Meeting in Minneapolis in October.
The usual scenario involves suspicious glances, inattentive clerks or rude service - not handcuffs.
Yet when a black teen said he was wrongly jailed after buying a $350 belt at a Manhattan luxury store, it struck a nerve in African-Americans accustomed to finding that their money is not necessarily as good as everyone else's. Shopping while black, they say, can be a humiliating experience.
Many people justify racial profiling by saying that black customers are more likely to steal. But one study has shown that white women in their 40s engaged in more shoplifting than other demographic groups, said Jerome Williams, a professor in the Department of Management and Global Business at Rutgers Business School.
"The reason they don't show up in crime statistics is because people aren't watching them," said Williams.
Statistics showing that black customers steal more "are not really an indication of who's shoplifting," Williams said. "It's a reflection of who's getting caught. That's a reflection of who's getting watched. It becomes a self-fulfilling prophecy."
The PhD Project, an award-winning program to increase diversity in management, announced the 2013 inductees into its PhD Project Hall of Fame. They are: Dr. David L. Ford, Jr., Professor of Organizational Studies, University of Texas at Dallas; Dr. dt ogilvie, Dean and Professor of Business Strategy at the Saunders College of Business at the Rochester Institute of Technology; Dr. Miriam Stamps, Chair of Marketing Department at University of South Florida (Emeritus).
Dr. ogilvie, Dean and Professor of Business Strategy at the Saunders College of Business at the Rochester Institute of Technology, has continually mentored, taught, recruited and collaborated with current and former members of The PhD Project since 1994. As a business professor, she has served as a beacon and role model for excellence in teaching, rigorous research and broad-based service that is a spur to action for many. She was formerly a Professor of Business Strategy & Urban Entrepreneurship at Rutgers Business School - Newark and New Brunswick. She was Founding Director of The Center for Urban Entrepreneurship & Economic Development (CUEED) and Founding Director of the Scholarship Training and Enrichment Program (STEP), which helps underprepared incoming freshmen succeed at Rutgers Business School.
Yesterday (10/26/2013) the business school held a ceremony with university dignitaries to officially open the building. Its design, which features two 6-story towers connected by a glass walkway, gives it a distinctly corporate feel.
This building "shows Rutgers' commitment to providing first-rate business education for students from New Jersey and around the world," said Rutgers Business School dean Glenn Shafer earlier this year.
A year after Superstorm Sandy sent more than six feet of ocean water into their ice cream store and destroyed everything inside, Brian and Michelle McMullin are still waiting to hear if they'll get grant money from New Jersey to help pay rebuilding costs.
But 60 miles away, in New York City, a $250,000 grant from a utility helped Madelaine Chocolate start its recovery after more than four feet of water flooded the factory and left mud, rust and mold covering walls, floors and more than 100 pieces of equipment.
Small business owners who applied for grants after the Oct. 29, 2012, storm are more likely to have gotten money by now from private sources like corporations, charities and chambers of commerce rather than the government. The problem: States must, by law, follow certain steps to give grants. But a lack of planning and negative attitudes about businesses also stand in the way of getting money quickly to companies that need it, according to people who study disaster recovery.
There's also resistance to giving small company grants because of the belief that business owners are well off, says Jeffrey Robinson, an assistant professor of entrepreneurship at Rutgers University in New Jersey.
"They think, 'they're making money, why should we give it to them?'" Robinson says. "But you don't know how much you rely on the local supermarket or the corner Dunkin' Donuts until it's gone."
There were times during Gregory Weaver’s career at Deloitte & Touche when a mentor’s advice convinced him to take an opportunity he did not immediately recognize on his own.
“I think developing relationships both internally and externally is very important,” Weaver said in an interview leading up to his visit to Rutgers Business School. “Taking advantage of opportunities is very important. Often, you don’t recognize what that opportunity really is. I know my inclination was to generally say no to things that actually had the biggest impact on my career.”
“Being open with those people who can help you with what you want to do is important,” he said. “Too often, I don’t think people are comfortable telling people what they want to do from a career standpoint.”
The CEO Lecture Series was established to provide students with access to leading CEOs, many of whom are also Rutgers alum, and the real-life insights they can share about the business world. In the past, the event has featured Sheri McCoy, a former Johnson & Johnson executive who is now leading Avon, Anne Whitaker, who leads the North America pharmaceutical business for Sanofi-Aventis and most recently, Keith Banks, president of U.S. Trust, Bank of America Private Wealth Management.
“I decided to go to the Rutgers program,” Weaver said. “It was absolutely terrific because for the first time since I started any kind of post-secondary education, I was actually focused on something that would support getting a job.”
Two groups of Rutgers Business School students have learned both the excitement and potential pitfalls of entrepreneurship while designing products they believe could find a niche in their respective markets.
The ideas, Zurge+, a touch-screen kiosk that would dispense a small portable cellphone charger for a fee, and CampusBord, a mobile app that condenses news and information on college-related events and activities into one place, will be promoted by Rutgers Business School as part of its FundSPARC initiative.
Through that initiative, supported by the business school's Center for Urban Entrepreneurship and Economic Development, the groups paired up with business professor Brett Gilbert, Department of Management and Global Business who mentored them through "crowdfunding" campaigns.
Gilbert, who teaches classes on innovation and creativity in entrepreneurship, said after she recognized the potential of the two ideas, crowdfunding through the website RocketHub.com seemed like a way to get the ideas off the ground.
"I thought the CampusBord concept was something anyone who lives or works on a college campus could relate to – if you've ever seen a bulletin board on campus, you know they can get messy really quickly," Gilbert said. "As for Zurge+, we've all been out and about and suddenly we see that our phone is out of battery. Their idea would allow you to simply walk up to a kiosk and keep going.”
Short Stories from the Stock Market uses case studies to illustrate the short selling framework in practice. It draws upon examples from past research by Artham Capital Partners as well as research contributed by Off Wall Street, a short-focused independent research firm, based in Cambridge, MA, with a strong track record that spans two decades. The book illustrates how successful short investment theses are not based on the premise of high valuations, but rather on the problems with a company’s business model and its accounting practices. While buying low and selling high usually works for long ideas, short selling expensive stocks based on high valuation alone usually does not work as well.
Marc Faber, author and publisher of The Gloom Bloom Doom Report, famous for his contrarian approach to investing, said of the book, "Mr. Kumar’s book is an excellent introduction into the controversial strategy of selling short stocks of companies whose fundamentals are likely to deteriorate."
“Amit’s book took me into the mind of a short seller", said Guy Spier, CEO of Aquamarine Capital.
Amit Kumar started Artham Capital Partners LLC, an independent research firm, in 2009, after working as a buy-side analyst at Swiss Re. He is also an adjunct professor of Finance at Rutgers Business School and NJIT School of Management.
Rutgers Business School will formally dedicate its new building on the Livingston Campus on Friday, Oct. 25, following the investiture of Professor Vikram Nanda as the inaugural Albert R. Gamper Jr. Chair in Business.
"Our new building at 100 Rockafeller Road provides, for the first time in decades, the facilities to meet the demand for business education at Rutgers in New Brunswick," Rutgers Business School Dean Glenn Shafer said. "The building will help us attract the most committed and qualified students at all levels and to retain and attract outstanding faculty and staff to work with them."
As Albert R. Gamper Jr. Chair in Business, Professor Vikram Nanda will focus his research on financial institutions, teach corporate finance, and guide PhD students and junior faculty members.
Nanda said he was honored to be chosen as the first recipient of the Gamper Chair. "The finance and economics department at Rutgers has some significant strengths," Nanda said. "My objective is to help the department build on these strengths and to enhance its reputation as a strong research and teaching group."
Albert Gamper, who retired as chairman and CEO of CIT Group in 2004, will be among the guests attending the investiture ceremony. CIT Group and Gamper, who currently sits on the Rutgers Board of Trustees, announced the establishment of the $2 million chair in 2004. In 1999, Gamper was inducted into the Rutgers Hall of Distinguished Alumni.
For Mr. Booker, a vegetarian and foodie who began courting the chain soon after his inauguration in 2006, the store helps fulfill a promise to bring more fresh food to the city.
"You have to convince the retailers that there is a market here," said Jeffrey Robinson, an assistant professor in the Department of Management and Global Business at Rutgers Business School-Newark, who said the city is working on attracting residents downtown.
Neighboring Halsey Street has filled with bars and restaurants frequented by office workers and college students. A $444 million Prudential corporate tower is being erected across the street, and the adjacent Military Park is undergoing a $3 million renovation by the developer who rehabilitated New York's Bryant Park.
Whole Foods could bring further change. The chain's move into an emerging neighborhood tends to cause other stores to follow and property values to rise, said Jerry Johnson of the land-use consultants Johnson Reid.
A specialty grocer locating in a neighborhood tends to boost property values by an average of 18%, according to a 2007 report by Johnson Reid.
Held for the first time in Sydney, Australia the conference centered around the theme of Bridging the Gap between Policy and Practice. The conference brought together scholars to present, argue, and discuss pertinent interpretational issues, different approaches to promoting academic integrity, and its dynamics with learning and teaching.
“Academic integrity has always been important in higher education, but now more so than before because of the competing demands on students’ time, and the role of the internet, which has made it harder for students to resist temptation,” says conference organizer Abhaya Nayak.
Jerome Williams, Department of Management and Global Business participated on a May 3, 2013 roundtable panel in New York City on Children and Food Advertising. The discussion was published in the current issue of Advertising and Society Review and available on Project Muse.
“If you go back to the 70s and the early 80s, there were some efforts to get the Federal Trade Commission to regulate advertising to children. And that didn’t really get traction. There was opposition in Congress and some other things that didn’t allow that to happen. Years went by when nothing was really done. So then when we did the Institute of Medicine report, which came out in 2005/2006, that again started to shine the spotlight on marketing and advertising being directed at children. So both from the industry standpoint and the public health viewpoint, everyone started paying more attention to it. I really think that’s what triggered almost everything else that’s come since then. In my opinion, that was really the watershed moment.”
The latest example of the fine line between business and bias is occurring in Marlboro, NJ, where one of the town's newest merchants, Hobby Lobby, found itself embroiled in a public clash over religious expression and its place in commerce.
The Oklahoma City-based behemoth of bric-a-brac carries just about everything, from burlap lamp shades to mustache stamp sets, but Marlboro residents learned late last week that the retailer, founded by devout Christian David Green, does not sell anything related to the Jewish faith.
Basic market research would show customer demand in the Marlboro area for Jewish-themed items, but Buchholtz said it wouldn't be surprising to learn that a company did not cover that basic step of learning the demographic of a new store location.
At Temple Rodeph Torah, Rabbi Donald A. Weber is stressing to congregants to recognize the distinction between discrimination and business practice, he said, because "freedom is messy."
In a statement about its global cost-cutting plan, Merck, the second-largest U.S. drugmaker said the cuts were part of an effort to sharpen “commercial and R&D (research and development) focus and reduce costs,” including the size of its workforce and global real estate footprint.
In a conference call, Merck Chief Executive Ken Frazier said the company will place more emphasis on developing drugs with the most sales potential, which means getting the business side to work more closely with researchers, he said. But Rutgers Business School professor Mahmud Hassan wondered what took so long. “Merck’s been limping along for the last several years, relying on one drug, Januvia,” he said. Sales of that blockbuster diabetes medication are now being threatened as several new competitors are in the final stages of development or scheduled to debut their own versions in the next two years.
Hassan added that Merck’s decision to lay off thousands of workers was a short-term fix, and that trying to sell off properties will be a difficult proposition in the current economy.
/PRNewswire-USNewswire/ -- After a competitive application process, a group of emerging leaders from 15 Greater Newark nonprofit organizations have been selected to participate in the second cohort of the Victoria Foundation Emerging Leaders Program (PDF) at the Institute for Ethical Leadership at Rutgers Business School. Over a twelve-month period, the group will meet once a month from September through August to take part in this unique and ground-breaking comprehensive approach to developing both personal and professional leadership skills and competencies.
"There are many critical nonprofit organizations in Newark. This program offers top-notch leadership training to the emerging leaders in our community," said Irene Cooper-Basch, executive officer of Victoria Foundation. "Not only will this education and experience enhance their professional growth, but it will build a network of skilled nonprofit professionals who can work together to strengthen their organizations and the communities they serve as well as solve authentic problems plagued by our city."
"This transformative curriculum-based training and leadership development program is expressly designed to help nonprofit emerging leaders achieve their full leadership potential. Emerging leaders are the future builders of this sector. They will fill the growing gap at the top and with Victoria Foundation's support and this program, these individuals will be better prepared to do so," said Alex J. Plinio, co-founder, Rutgers Institute for Ethical Leadership.
Under the new health care law about to take effect, all coverage plans will be required to offer a comprehensive set of essential health benefits to consumers — including drug plans. Yet the cost of those prescription benefits still remains a troubling unknown, especially for those who depend on expensive medications.
“The theory is that more people will be taking the drugs that are appropriate to them, which should lower overall health care costs,” said Michael Santoro, professor of management and global business at Rutgers Business School.
Behavioral finance has established that even the strongest and most dedicated of investors are prone to panic when markets get rough. As such, one of the greatest challenges financial advisors face is trying to keep their clients engaged in markets at all times.
That’s why advisors need to have at the ready a number of airtight investment strategies designed to keep their clients engaged while providing them with the peace of mind they need to actually stay engaged, according to John Longo, CIO at Acertus Capital Management and a finance professor at Rutgers in New Jersey.
Almost three years since Eric LeGrand was carted off the field at MetLife Stadium, five fraternities have banned together to create “PHI-ESTA,” a weeklong series of social events to raise money for Team LeGrand.
The mission of Team LeGrand and the Christopher and Dana Reeves Foundation is to help individuals living with spinal cord injuries and their families. They strive to support quality-of-life initiatives and emerging therapies, said Janelle LoBello, the communications coordinator for the Christopher and Dana Reeve Foundation.
Phi Delta Theta, Sigma Phi Epsilon, Phi Kappa Psi, Phi Kappa Tau and Phi Kappa Sigma began the planning process for PHI-ESTA in June, said Nick Mahtani, a Rutgers Business School junior and philanthropy chair of Phi Delta Theta.
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Senior executives from 14 New Jersey nonprofit organizations have been selected to participate in the second cohort of The Prudential Foundation Nonprofit Executive Fellows Program at the Institute for Ethical Leadership at Rutgers Business School. Over a two-year period, this group of executives meets once a month from September through June to take part in this comprehensive approach to developing both personal and professional leadership skills and competencies.
"We're delighted to continue our collaboration with Rutgers Institute for Ethical Leadership. Together, we are helping to prepare the next generation of executive leaders and making sure they have the business management skills and information they need to guide nonprofit organizations in the future," said Lata Reddy, vice president, Corporate Social Responsibility at Prudential and president of The Prudential Foundation.
Alex J. Plinio, co-founder of Rutgers Institute for Ethical Leadership, said, "We are pleased to continue this long-term program with the generous support of The Prudential Foundation to help nonprofit executives achieve their full leadership potential and better serve their organizations and the community."
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Five years after Lehman Bros. imploded, business schools have modified curricula to educate students on how to try to keep the financial crisis from happening again. Faculty are hoping that future auditors will help protect society from market meltdowns like the one in 2008 by protecting against abuse.
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It may be tough to get broad consensus among academics to agree on almost anything, especially about what lessons to draw from a complicated global crisis.
Also adding to the challenge to teach the crisis' lessons is the youth of today's students. The financiers of tomorrow may have been in high school when Lehman collapsed.
Kevin Chan was hoping to find a class at Rutgers Business School that would allow him to tap into his burgeoning entrepreneurial spirit. When he received a notice last semester about the Experiential Learning Program promising hands-on experience working with small companies, he signed up immediately. "It makes them bring to bear everything they've learned," said Daniel Stubbs, a clinical assistant professor of accounting and information systems.
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Campuses nationwide are cluttered with bulletin boards, but some think it is time to make outdated technology a thing of the past. Three Rutgers Business School students are creating a website, CampusBord, to update students on campus happenings. They are currently relying on crowd funding to get the project off the ground.
Campuses nationwide are cluttered with bulletin boards, but some think it is time to make outdated technology a thing of the past.
Three Rutgers Business School students are creating a website, CampusBord, to update students on campus happenings. They are currently relying on crowd funding to get the project off the ground.
Broadcast Music, Inc. (BMI), a global leader in music rights management, today announced that the Board of Directors has unanimously elected Michael O'Neill as Chief Executive Officer effective September 16, 2013. O'Neill will also become a member of the Board. O'Neill succeeds BMI's current President and CEO Del Bryant who announced his desire to step down earlier this year after almost 42 years of continuous service to the company. O'Neill will assume the title of President upon Bryant's retirement in June 2014.
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"I don't think there's any question that students have become more competitive, under more pressure and, as a result, tend to excuse more from themselves and other students, and that's abetted by the adults around them," Donald L. McCabe, a professor at Rutgers Business School who researches cheating, told the New York Times.
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Beginning in the 1980s, investment banks got into the business of trading for their own accounts. "The ethical problems came when proprietary trading began to overshadow customer services," Michael Santoro, professor of business ethics at Rutgers Business School, wrote in his book, "Wall Street Values."
Greedy Wall Street behavior—as captured by Michael Douglas's Gordon Gekko in "Wall Street"—benefited the rest of us, to a certain extent. "When you're serving clients, greed can work," Santoro said. "If your profit is based on the prosperity of the client, what's good for your client is good for society."
But in the new financial world order, Wall Street greed is about just that—Wall Street's interests. "The problem on Wall Street today is greed is no longer working for everyone else because the interest of Wall Street is separated from the interest of the rest of society," Santoro said.
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Looking for an academic direction with terrific growth potential? Some traditional fields are newly hot at the bachelor's level; in other cases, enterprising colleges are creating new majors in emerging fields. Rutgers Business School introduced a business analytics and information technology major for undergrads in 2011.
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In his Operations and Business Management article of September 9, Ron Shinkman writes: "During the course of research for FierceHealthFinance's most recent CEO compensation survey, it appeared Houston Methodist Hospital had shelled out more than $18 million in compensation to three of its highest-paid executives over 2010 and 2011, according to the tax returns of that city's largest acute care facility."
Shinkman contacted James Abruzzo, co-founder of the Institute for Ethical Leadership, and quotes: "Best practices would be for the organization to not only be transparent on the 990s [Return of Organization Exempt From Income Tax] but it should be transparent and proactive on its financial statements."
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Rutgers Business School student Chris Arthur and two of his enterprising pals have a possible solution for those missing events or learning about them too late.
It's an app – in development.
Arthur and his friends, RBS seniors Christopher Akparanta and Paul Aderinto, call their idea CampusBord and with the encouragement of Rutgers Business School Professor Brett Gilbert, they are using the crowdfunding platform RocketHub.com to raise $35,000 to begin the process of turning their idea into a marketable product.
"The mission of CampusBord is to maximize the collegiate experience by providing students and organizations with an efficient means of connecting to each other and what's happening on their campus," the students said in a description posted on RocketHub.
"Our vision is to make cluttered bulletin boards a thing of the past," the students explained, "and to build the leading digital bulletin board and social service."
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Jonathan Eckstein, a professor in the Department of Management Science and Information Systems said: “Our idea was ‘let’s not just have an MIS major again, let’s have a combination of MIS and business analytics — with more mathematical and statistical content than a regular MIS major would have or the [Information Technology and Informatics] major in the [School of Communication and Information].”
The major is divided into three levels of concentration, he said. The information technology level focuses on managing data and learning about databases and corporate computer systems.
The second level, data analytics, pays attention to both the management and sophisticated analysis of data. Eckstein said the ability to pinpoint patterns in data has become increasing more important in the industry.
Decision analytics, the final level, teaches students how to apply the patterns in their data to make a decision.
According to Eckstein, the creation of the undergraduate major in Business Analytics and Information Technology (BAIT) began when a group of faculty from the Department of Management Science and Information Systems began developing ideas for the major. They then assembled an advisory board from the industry, which included corporations like Accenture, Bloomberg, Citigroup, Deloitte Consulting LLP and Johnson & Johnson. The department brought the entire business school faculty to a meeting to vote on the final, polished curriculum for BAIT.
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Kelly Branter, the executive director of Rutgers Business School’s international EMBA programs in Asia, said that foreign students gain unique and valuable expertise at its Beijing, Shanghai and Singapore campuses. On average, classes are made up from students from 15 different nationalities, from places as far as Tanzania and Colombia. “The world is shrinking,” Branter said. “Organizations are looking for their next generation of global leaders, and things are going to continue to change as the focus turns even more to China and other important new markets.”
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Nancy DiTomaso, professor of Management and Global Business and vice dean for faculty and research at Rutgers Business School, has studied workforce diversity for more than 30 years. Her specialties include the management of diversity and change and of knowledge-based organizations. She's co-authored/co-edited several books and had articles published in numerous journals. In her latest text, The American Non-Dilemma, DiTomaso weaves together research on both race and class, along with life experiences of her interview subjects, in an exploration of racial inequalities in the workplace based on favoritism versus discrimination.
The $85 million building represents an expansion of Rutgers Business School’s presence and reflects its growing importance in the larger university community. It is also a dramatic sign of how a decades-old campus once perceived as an outlier continues to morph into one of the university’s most desirable places to live and study.
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At its 2013 Scholarship Dinner on August 7, Affinity Credit Union Scholarship Committee Member Mike Cirillo presented the Richard A. Romano Scholarship to Jasmine Lin, a rising sophomore at Rutgers University and resident of Warren.
The scholarship was established in honor of Richard A. Romano for his outstanding contributions and unwavering dedication throughout his many years of volunteer service on the Affinity Federal Credit Union Board of Directors along with his service as executive-in-residence and member of the Rutgers Business School Advisory Board.
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“For the people who have done well, they've had science backgrounds or experience in the healthcare industry,” says Mahmud Hassan, Director of the Rutgers MBA in Pharmaceutical Management, adding that “they may have worked not directly with the pharma industry, but indirectly, like as a consultant, or as a researcher.”
Graduates of the Rutgers program by and large go into “Big Pharma” firms – giants like Pfizer, Novartis, and GlaxoSmithKline, which, from a revenue standpoint, make up a large percentage of the industry. These companies are so large and sprawling that they can offer jobs for MBA graduates with an array of interests, from roles in research and development and drug delivery management to corporate finance and marketing.
Because the pharmaceutical industry is so large and complex, a huge variety of jobs await well-prepared MBA graduates. In the Rutgers MBA program, students who specialize in pharmaceuticals can also choose a second concentration, usually focusing on a functional area.
“Supply chain and marketing – those are the most popular combinations,” says Hassan, who notes that a good number of other pharma students
pursue a finance concentration.
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"It’s a very good idea,” said Ron Shapiro, director of the Center for Real Estate Studies at Rutgers Business School. “Clearly, it’s an idea the marketplace has had for some time.” But he emphasized the move should be made slowly, and with caution.
Fannie and Freddie hold between $9 trillion and $10 trillion in mortgages. Getting private investors to carry that load will take time.
“I don’t think there’s enough private capital out there today to take care of what government agencies are supposed to do,” said Shapiro. “And investors are still a little leery. It’s only been a few years since the economic crisis. It’s a great concept, but finding who in the private sector will want to take those risks may be a challenge.”
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The bank's infamous "London whale" trades involved complex financial products, but prosecutors alleged that a cover-up by former JPMorgan Chase & Co. employees involved simple lies.
The accusation was part of criminal charges filed against two mid-level JPMorgan employees accused of hiding massive trading losses, which ultimately cost the nation's largest bank more than $6 billion and rekindled fears of the financial crisis.
Critics were quick to complain the cases did not go far enough. No senior executives were named by either prosecutors or the U.S. Securities and Exchange Commission, which filed a parallel civil case against the former JPMorgan employees.
Michael Santoro, a professor of business ethics in the Department of Management and Global Business at Rutgers Business School, said authorities should have taken administrative or civil steps to hold executives accountable for failing to manage rogue employees.
"When are people who are responsible going to be held responsible?" Santoro said. "The government is missing an important opportunity to bring accountability to the banking system."
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Fabrice Tourre, the former Goldman Sachs Group Inc. vice president found liable for his role in a failed $1 billion investment, may have lost his case because jurors rejected his defense that as a junior employee he wasn’t primarily responsible for the transaction.
“Being 28 years old and one of several employees of Goldman Sachs isn’t a defense,” Tom Gorman, a former lawyer with the Securities and Exchange Commission’s Enforcement Division, who is now in private practice, said in an interview.
“This was one of the transactions that was building massive risk into the system,” said Michael Santoro, a lawyer and professor at Rutgers Business School Department of Management and Global Buisness who attended the trial and wrote a blog about it.
“While I think the public is unhappy about not getting a big fish, it’s important the message that young people entering Wall Street get.
Working on Wall Street comes with legal and ethical responsibilities.”
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“Supply chain management and logistics are hot areas right now and there are so many job opportunities in this region. This is a strong niche for us, and we’re seeing a 100 percent placement rate for our students in internships and jobs,” says Sharon Lydon, executive director for the MBA Program at Rutgers Business School – Newark and New Brunswick. “According to industry analysts, there is a growing need for the leadership skills we provide, as companies streamline their global supply chain processes and procedures to stay competitive.”
She adds, “Pharmaceutical Management is also hot, especially given the concentration of pharmaceutical firms, healthcare companies and hospitals in our region, as well as the expansions brought by the new healthcare law. We’ve had a Pharma MBA program for more than 10 years, and many New Jersey employers are alumni.”
Students are seeking credentials, including MBAs, to both jumpstart and advance their careers. Increasingly, they are pursuing specialized skill sets through customized degree programs.
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The personal ad might have read: “Inventors of innovative, marketable technology seek entrepreneurs. Experience with research grant writing a plus.”
In hopes of helping researchers find business partners who want to build a company around their technology, Rutgers Business School teamed up with the New Jersey Institute of Technology to host the first TechSPARC showcase last week.
The name stands for technology, students, partners, resources and community — all of which organizer Brett Gilbert says play a crucial role in bringing more collaboration to Newark.
“We have a lot of technology available for companies to take and build businesses around,” said Gilbert, a Rutgers professor of management and global business, “but that doesn’t happen because nobody knows about them.”
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