Yale School of Management - Faculty Insights

Yale SOM faculty conduct research that generates new ideas, knowledge, and understanding that shapes business theory and real-world policy and practice. This page highlights the latest faculty insights through a selection of their working papers and commentaries, interviews, and news.

What if a Recovery Is All in Your Head? - Commentary by Robert J. Shiller
November 23, 2009
"Beyond fiscal stimulus and government bailouts, the economic recovery that appears under way may be based on little more than self-fulfilling prophecy," writes Robert Shiller in the New York Times.

Choi on Retirement Savings
November 9, 2009
James Choi describes his research into one simple way to raise participation rates in 401k plans: change the default.

New Database Captures Widespread Corporate Governance Changes of 1980s
October 28, 2009
Prof. Martijn Cremers tracks 30 years of governance’s effect on firm performance.

In Praise of Kenneth Feinberg - Commentary by Jeffrey Sonnenfeld

October 27, 2009
Prof. Jeffrey Sonnenfeld discusses why the Obama administration's pay czar may be the Walter Cronkite or King Solomon of resolving financial disputes.

Sunder on Accounting Regulation
October 14, 2009
Prof. Shyam Sunder describes how failures in accounting regulations contributed to the financial crisis.

A Bounce? Indeed. A Boom? Not Yet. - Commentary by Robert J. Shiller

October 12, 2009
In the NYT, Prof. Robert Shiller writes that the sudden rise in home prices "...probably reflects a new home-buyer emphasis on market timing."

Menu Calorie Labels Increase Awareness, But May Not Alter Food Choices
October 6, 2009
A study co-authored by Prof. Victoria Brescoll is the first to evaluate the effectiveness of the menu calorie-labeling policy mandated in New York City restaurants to fight obesity.

Banking Panics: Deja Vu All Over Again - Commentary by Gary Gorton
October 5, 2009
Prof. Gary Gorton is the first contributor to the New York Times' DealBook Dialogue, an online round table of experts examining the topic "Too Soon to Rethink? Assessing the Financial Crisis."

In Defense of Financial Innovation - Commentary by Robert Shiller
September 28, 2009
In the Financial Times, Robert Shiller writes that complex financial products have the potential to protect investors from risk and should not be discouraged in response to the financial crisis.

Meet the New Faculty: Kalin Kolev, Assistant Professor of Accounting
September 25, 2009
Kalin Kolev's research in empirical financial accounting has examined fair value accounting and the misuse of special items.

Meet the New Faculty: Constança Esteves-Sorenson, Assistant Professor of Management September 22, 2009
Constança Esteves-Sorenson is studying inertia in decision-making and wage discrimination between male and female physicians.

The Case for a Global Central Bank - Commentary by Jeffrey E. Garten

September 21, 2009
In BusinessWeek, Jeffrey Garten writes that "...a global central bank is becoming a necessity in today's complex, interconnected world economy."

Meet the New Faculty: Arthur Campbell, Assistant Professor of Economics

September 14, 2009
Arthur Campbell's recent work is on pricing and ad strategies in markets where consumers engage in word of mouth communication.

Meet the New Faculty: Olav Sorenson, Professor of Organizational Behavior
September 8, 2009
Yale SOM welcomed four new faculty members on July 1. This series highlights their research interests, which range from venture capital and social networks to financial accounting and behavioral economics. Olav Sorenson, professor of organizational behavior, has extensively studied economic geography, or why firms cluster.

An Echo Chamber of Boom and Bust - Commentary by Professor Robert Shiller
August 31, 2009
In the New York Times "Economic View" column, Robert Shiller writes that a social epidemic is supporting renewed confidence in the economy.

Fed Chairman Cites Research by Profs. Gorton and Metrick in Speech on Financial Crisis
August 25, 2009
Fed Chairman Ben Bernanke referenced research by Professors Gary Gorton and Andrew Metrick in remarks on the financial crisis delivered at the Federal Reserve Bank of Kansas City’s Annual Economic Symposium.

Executive Compensation on Wall Street
August 3, 2009
An ABC World News report featured the comments of associate professor Jonathan G.S. Koppell on bonus payments made by banks that accepted bailout funds from the federal government.

Evaluating Risk
July 31, 2009
Robert Shiller discussed the need for better risk management in markets and how human psychology drives the economy on Charlie Rose.

America Still Rules – Commentary by Jeffrey E. Garten
July 30, 2009
In Newsweek, Jeffrey Garten writes that “…America can lead the global recovery politically without having to do all the heavy lifting economically.”

Frank Fabozzi A Guide to Leveraged Finance (pdf)
July 28, 2009
Frank Fabozzi’s new book Leveraged Finance: Concepts, Methods, and Trading of High-Yield Bonds, Loans and Derivatives explains the instruments and markets used to finance much of corporate America. Read an excerpt. (pdf)

Conference Highlights Financial Crisis Research
July 28, 2009
This summer marks the two-year anniversary of the start of the financial crisis. The ICF at the Yale School of Management and the Review of Financial Studies assembled researchers to discuss what they have learned about the crisis and its causes.

Financial Invention vs. Consumer Protection - Commentary by Professor Robert Shiller
July 21, 2009
In the NYT, Robert Shiller writes "…Innovation often entails tension between safety and power. We need to foster [financial] inventions that better human welfare while incorporating safety mechanisms that protect the public."

In East Asian Business, Blood Thicker Than Water – A Commentary by Zhiwu Chen
July 15, 2009
Zhiwu Chen writes about family succession in China and Japan in the Global Times.

Q&A with Roger Ibbotson
July 15, 2009
In a Q&A with the CAIA Association’s AllAboutAlpha.com, Roger Ibbotson talked about quant fund strategy, the biggest market surprises of the year, and his views on hedge fund regulation.

Art Investing
July 15, 2009
William Goetzmann discussed the art market collapse and how the economic crisis will shift our taste in art in Art + Auction.

Fed Chairman Recommends a Paper on the Roots of the Financial Crisis by Gary B. Gorton June 18, 2009
Ben Bernanke, chairman of the Federal Reserve, recommended "Slapped in the Face by the Invisible Hand: Banking and the Panic of 2007," by Professor Gary B. Gorton, for its analysis of the role the “shadow banking system” played in the financial crisis.

Pay, Risk and Stewardship (pdf) June 16, 2009
The Millstein Center report “Pay, Risk and Stewardship” outlines policy recommendations in three critical areas raised in the financial crisis as issues for reform: pay for performance, risk oversight and management, and shareholder stewardship.

Agenda for Private Sector Reform (pdf) June 16, 2009
The Millstein Center report “Agenda for Private Sector Reform” is a governance reference for private sector players to use when considering reforms to restore pubic and regulatory confidence in the capital market.

Why Home Prices May Keep Falling – A Commentary by Professor Robert Shiller
June 8, 2009
In the New York Times, Robert Shiller outlines several factors that can explain long, steady declines in the real estate market.

Albert Gordon: Financial Leadership the Old-Fashioned Way – A Commentary by Professor Jeffrey Sonnenfeld May 29, 2009
Jeffrey Sonnenfeld remembers legendary Kidder Peabody financier Albert Gordon, who died on May 7 at age 107.

Consumers Neglect Opportunity Costs of Purchases
May 24, 2009
''Sellers of expensive goods should trivialize opportunity costs,'' said Nathan Novemsky in a New York Times story about research with Ravi Dhar and Shane Frederick that finds consumers make different choices when reminded about other ways purchase money could be spent or saved.

Class of 2009 will Suffer Lower Wages for Years
May 20, 2009
“They’re going to be earning much less money than their counterparts who graduated in better times,” said Lisa Kahn on ABC News. Kahn has studied the long-term effects of graduating in a bad economy. Watch the video.

E-Book Economics
May 16, 2009
Fiona Scott Morton discussed e-book pricing and competition in the New York Times: “I don’t think the content providers have to be in a worse position.”

Study: Hedge Fund Managers’ Reputation Concerns Influence Strategy April 28, 2009
“Many believe hedge funds are playing an important role in the current financial crisis. To fully appreciate the impact of this industry on the overall economy, one has to understand the reputation concerns of hedge fund managers,” says Professor Hongjun Yan.

Professor Robert Shiller Explains Role of Animal Spirits in Economic Crisis and Recovery in New Book April 14, 2009
In their new book Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism (Princeton University Press), Robert J. Shiller and co-author George A. Akerlof explain how the world economy fell into — and can recover from — the current crisis in terms of animal spirits, or the changing patterns of people’s feelings and ideas. Read the first chapter of the book online (pdf).

Discrimination and Credit April 3, 2009
SOM's Fiona Scott Morton and Yale Law School's Rick Brooks on barriers facing minorities in the credit and real estate markets.

Matthew Spiegel Wins Best Paper Award
March 12, 2009
Matthew Spiegel, professor of finance, has been named co-winner of the annual Ross Best Paper Award from the journal Finance Research Letters for "Patterns in Cross Market Liquidity." The paper, published in March 2008, was the journal’s inaugural "challenge" paper aimed at stimulating new areas for research.

Emerging Market Consumers March 9, 2009
A new YCCI research program studies changing patterns of consumer spending and saving in China and India’s rapidly growing economies.

Study Explains How Customers Customize Products March 4, 2009
Research by Professor Ravi Dhar explains how the methods companies like Dell and Nike use to help customers customize their products influence what customers buy and whether they will buy at all.

Professor Robert Shiller Writes about the Subprime Market in New Book
September 2008
In The Subprime Solution: How Today’s Global Financial Crisis Happened and What to Do about It, Shiller argues that the core problem of the subprime crisis is that we as a society do not understand, or know how to deal with, speculative bubbles. Read the first chapter of the book online.
Read an additional excerpt on the Qn Website.