N E W Y O R K U N I V E R S I T Y B U L L E T I N2 0 0 2 - 2 0 0 3

Announcement for the 87th Session 44 West Fourth Street

New York, NY 10012-1126 Telephone: (212) 998-0100

Notice. The policies, requirements, course offerings, schedules, activities, tuition, fees, and calendarof the school and its departments and programs set forth in this bulletin are subject to change with-out notice at any time at the sole discretion of the administration. Such changes may be of anynature, including, but not limited to, the elimination of the school, programs, classes, or activities;the relocation of or modification of the content of any of the foregoing; and the cancellation ofscheduled classes or other academic activities. Payment of tuition or attendance at any classes shallconstitute a student’s acceptance of the administration’s rights set forth in the above paragraph.

New York University Bulletin (USPS-383620)Vol. CII, No. 6, April 8, 2002

Published weekly from the first Monday in March for 12 consecutive issues by New York University, 100 Washington Square East, New York, NY 10003-6688.

Periodicals postage paid at New York, NY, and at additional entry offices.

Postmaster: Send address changes to New York University Bulletin, 547 La Guardia Place, New York, NY 10012-1464.

THE LEONARD N. STERN SCHOOL OF BUSINESS

3

Calendar for the Academic Year 2002-2003.............................................inside front cover

The Leonard N. Stern School of Business ........5

The Board of Overseers.............................................6

An Introduction to New York University..........7

Overview of Programs .............................................11

Master of Business Administration Program....................12

Executive Programs...........................................................20

Doctor of Philosophy Program .........................................26

Courses, Areas, and Academic DepartmentsAccounting, Taxation, and Business Law .........................29

Economics .........................................................................33

Entrepreneurship and Innovation ....................................38

Finance ..............................................................................43

Information, Operations, andManagement Sciences .......................................................51

Information Systems Group..........................................52

Operations Management Group ...................................56

Statistics Group..............................................................60

International Business ......................................................65

Management and Organizational Behavior.....................68

Marketing...........................................................................73

M.B.A. Program Initiatives ................................................78

Research Centers and Institutes ........................81

Procedures for Admission, Financial Aid,Registration, Tuition and Fees, Graduation

Admission...........................................................................87

Financial Aid......................................................................90

Registration and Matriculation ........................................95

Tuition and Fees ..............................................................102

Examinations and Grades...............................................106

Graduation Requirements ..................................110

Career Development and Placement..............113

School and University Facilities and Services

Elmer Holmes Bobst Library and Study Center ..............115

Computing at Stern .........................................................116

Residence Accommodations............................................117

Campus Safety .................................................................117

NYU Guest Accommodations...........................................117

Campus Dining Services..................................................117

University Health Center..................................................118

Office for African American, Latino, and Asian American Student Services ....................................119

NYU Bookstores................................................................119

Jerome S. Coles Sports and Recreation Center ...............120

Chelsea Piers....................................................................120

Students with Disabilities ................................................120

Office of Lesbian, Gay, Bisexual, andTransgender Student Services..........................................121

Office for International Students and Scholars..............121

The M.B.A. Student Activities Office ................................121

M.B.A. Student Groups.....................................................121

Community Service ...............................................123

Development..............................................................124

Alumni Affairs ..........................................................125

Administration .........................................................126

Faculty ..........................................................................128

Degree, Certificate, and Joint DegreePrograms Registered by the New York State Education Department .............................138

Travel Directions to the Stern School of Business ..................................................139

Washington Square Campus Map.....................140

Index .............................................................................142

Directory of Principal School Offices and Services .........................inside back cover

Contents

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The Leonard N. Stern School of Business

he Stern School is located not in an academicenclave, but in the heart of New York City. Thiscapital of the business world is both our ex-

tended campus and a fundamental element of the learn-ing experience that we create. Our vibrant New York Citylocation, along with our broad portfolio of academicprograms, our talented student body, and our dedicatedfaculty, work together to create an educational experiencethat is relevant, enriching, and uniquely Stern.

We offer a complete business education portfolio,including an undergraduate program, a full-time M.B.A.program, a part-time M.B.A. program, and a wide range ofexecutive programs. Stern’s Executive Programs officeoffers degree programs such as the Executive M.B.A.Program, with concentrations in general management andfinance, and the TRIUM Executive M.B.A. Program—analliance between NYU Stern, London School of Economics and Political Science, and HEC School of Management,Paris—that offers an authentically global learning experience. Executive Programs also offers nondegree programs,including custom as well as open-enrollment programs.

We have put in place the building blocks of an intellectual architecture that, while assuring a solid foundationin business discipline and practice, responds to the evolving business environment. Dynamic program initiatives inthe digital economy; media, entertainment, and technology; quantitative finance; and law and business, as well ascomajors in entrepreneurship and innovation, and international business, complement the traditional M.B.A.curriculum. Stern’s centers and institutes, which undertake significant academic research, further enhance the stu-dent’s opportunity to keep pace with a rapidly changing business world.

Our student body comprises men and women from diverse backgrounds, who share high aspirations and theability to succeed. We are dedicated to producing graduates equipped not only with the most up-to-date tools andknowledge, but also with poise and perspective. To do so, we offer a broad selection of student organizations that fos-ter many opportunities for our students to learn from each other. An active calendar of activities brings the world ofbusiness to the campus. Moreover, with one of the largest enrollments of international students, representing morethan 50 countries, and an international student exchange program that is the most extensive offered by any U.S. busi-ness school, Stern offers students the chance to gain a deep understanding of global business.

The more than 200 teachers/scholars who comprise Stern’s full-time faculty combine superb academic credentialswith real-world experiences and knowledge, taking pride in their efforts both in the classroom and in research. Over halfof our faculty lives in Greenwich Village, within blocks of the School, allowing an unusual degree of access and colle-giality. Both our students and our faculty benefit from Stern’s location in New York City, home to Fortune 500 compa-nies as well as new start-up ventures.

If you are considering furthering your business education, we invite you to explore the Stern School of Business.The world of business is a meritocracy—it is based on knowledge, skill, and involvement. The Stern School is forpeople who appreciate this fundamental truth, embrace the challenge of excellence, and value personal achievement.

George DalyDean

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he business leaders whomake up Stern’s Boardof Overseers play a criti-

cal role in shaping the School’sprograms, policies, and proceduresand in directing its future course.Collectively, the Board ensures thatStern’s academic programs contin-ue to meet—and anticipate—theneeds of today’s business market-place. Individually, its membershelp to forge and enhance relation-ships between Stern and the busi-ness community.

Michael R. ArmellinoLimited Partner, Goldman, Sachs & Co.

Edward E. BarrChairman, Sun Chemical Corporation

Harvey BekerPresident, The Millburn Corporation

William R. Berkley, Chairman ofthe Board of OverseersChairman and Chief Executive Officer,W. R. Berkley Corp.

Richard A. BernsteinPrivate Investor

Russ M. BerrieChairman and Chief Executive Officer,Russ Berrie & Company, Inc.

Ronald E. BlaylockChairman and Chief Executive Officer,Blaylock & Partners, L.P.

Irene C. ChuExecutive Vice President, Eastbank

Jerry L. CohenTishman Speyer Properties

Deborah L. DuncanManaging Director and ChiefFinancial Officer, Fremont Group

Dr. Charles D. EllisThe Partners of ’63

Mary C. FarrellManaging Director, Senior InvestmentStrategist, UBS PaineWebber, Inc.

Barry FingerhutPresident, GeoCapital, LLC

Norman Freedman

Dale F. Frey

Richard A. GrassoChairman and Chief Executive Officer,New York Stock Exchange

John A. Hupalo, ex officio (as president of the Alumni Board)Managing Director, UBS PaineWebber,Inc.

Henry Kaufman, ChairmanEmeritus of the Board of OverseersPresident, Henry Kaufman &Company, Inc.

George A. KellnerChief Executive Officer, Kellner, DiLeo & Co.

Richard J. KoganChairman and Chief Executive Officer,Schering-Plough Corporation

Abby F. KohnstammSenior Vice President, Marketing, IBM Corporation

Kenneth G. Langone, ViceChairman of the Board of OverseersPresident and Chief Executive Officer,Invemed Associates, Inc.

Martin L. LeibowitzVice Chairman and Chief InvestmentOfficer, TIAA-CREF

Marshall LoebCBS MarketWatch.com

David I. Margolis

Howard M. MeyersPresident and Chief Executive Officer, Bayou Steel Corporation, Quexco Incorporated

Philip L. MilsteinPresident and Chief Executive Officer, Emigrant Savings Bank

Y. O. ParkChairman and Chief Executive Officer,The Doosan Group

William PescePresident and Chief Executive Officer,John Wiley & Sons Inc.

Ira Leon RennertChairman and Chief Executive Officer,The Renco Group, Inc.

Robert L. RosenPresident and Chief Executive Officer,RLR Services, Inc.

Gerald RosenfeldChief Executive Officer, Rothschild North America Inc.

Peter G. SachsSenior Director, Goldman, Sachs & Co.

Jane Dresner SadakaPrivate Investor

Peter M. SchoenfeldChairman and Chief Executive Officer,P. Schoenfeld Asset Management, LLC

David L. ShedlarzExecutive Vice President and ChiefFinancial Officer, Pfizer, Inc.

Thomas W. SidlikExecutive Vice President,DaimlerChrysler Corporation

Michael Jay SolomonChairman and Chief Executive Officer,Solomon Entertainment Enterprises

Robert E. StanskyVice President, Fidelity Investments

Leonard N. Stern, ex officioChairman and Chief Executive Officer,The Hartz Group, Inc.

Jean-Paul VallèsChairman Emeritus, MinéralsTechnologies, Inc.

John L. Vogelstein, Vice Chairmanof the Board of OverseersVice Chairman and President, E. M. Warburg, Pincus and Co., LLC

The Board of Overseers

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An Introduction to New York University

he founding of New York University (NYU)in 1831 by a group of eminent privatecitizens was a historic event in American

education. In the early 19th century, a major empha-sis in higher education was on the mastery of Greekand Latin, with little attention to modern or contem-porary subjects. The founders of NYU intended toenlarge the scope of higher education to meet theneeds of persons aspiring to careers in business, indus-try, science, and the arts, as well as in law, medicine,and the ministry. The opening of the University ofLondon in 1828 convinced New Yorkers that New York,too, should have a university.

The first president of NYU’s governing council wasAlbert Gallatin, former adviser to Thomas Jefferson and secretary of the treasury in Jefferson’s cabinet. Gallatinand his cofounders said that the new university was to be a “national university” that would provide a“rational and practical education for all.”

The result of the founders’ foresight is today a university that is recognized both nationally and inter-nationally as a leader in scholarship. Of the more than 3,000 colleges and universities in America, only 61private institutions are members of the distinguished Association of American Universities. New York Universityis one of the 61. Students come to the University from all 50 states and from 137 foreign countries.

The University includes 14 schools and colleges at six major centers in Manhattan. In addition, the Universityoperates branch campus programs in Westchester County at Manhattanville College and in Rockland Countyat St. Thomas Aquinas College. Certain of the University’s research facilities, notably the Nelson Institute ofEnvironmental Medicine, are located in Sterling Forest, near Tuxedo, New York. Although overall the Universityis large, the divisions are small- to moderate-sized units—each with its own traditions, programs, and faculty.

Enrollment in the undergraduate divisions ranges between 90 and 6,200. While some introductory classesin some programs have large numbers of students, many classes are small. More than 2,500 courses areoffered, leading to more than 25 different degrees.

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The College of Arts and Science offersthe Bachelor of Arts degree in a wide range ofprograms in the humanities, science, socialsciences, and foreign languages and litera-tures and, in some departments, theBachelor of Science degree.

Joint programs of study currently involveNYU’s Robert F. Wagner Graduate School ofPublic Service, Graduate School of Arts andScience, the Steinhardt School of Education,Shirley M. Ehrenkranz School of SocialWork, School of Medicine, and College

of Dentistry, as well as Stevens Institute of Technology.The School of Law is one of the oldestlaw schools in the United States. It offers acomprehensive first professional programleading to the degree of Juris Doctor and agraduate curriculum leading to the degreesof Master of Laws, Master of ComparativeJurisprudence, and Doctor of JuridicalScience.The School of Medicine and Post-Graduate Medical School offer the Doc-

tor of Medicine and Doctor of Philosophydegrees and courses for accreditation de-signed to meet the needs of physicians inpractice. Medical students and residents gainclinical experience through the NYU Hospi-tals Center, which includes the 726-bed TischHospital and the 174-bed Rusk Institute ofRehabilitation Medicine, both of which arepart of the Mount Sinai-NYU Medical Centerand Health System. The school also main-tains affiliations with select institutions for avariety of joint academic and clinical pro-

The Schools and Colleges of the University

grams. Most clinical teaching takes place atthe 1,232-bed Bellevue Hospital, where theSchool of Medicine supervises care. Otheraffiliated hospitals include the Hospital forJoint Diseases, NYU Downtown Hospital, andthe New York Department of Veterans AffairsMedical Center.

The Cooperative Care unit, housed in theArnold and Marie Schwartz Health CareCenter, offers an innovative health care pro-gram in which patients receive health careand educational services in a centralizedarea with the assistance of a live-in relativeor friend.

The school’s Skirball Institute of Biomo-lecular Medicine is one of the world’s leadingmedical research centers, with researchemphasizing the biomolecular roots of dis-ease. Specific areas of focus include develop-mental genetics, molecular pathogenesis,neurobiology, and structural biology.

The College of Dentistry is the thirdoldest and the largest private dental school inthe United States. It offers a predoctoral pro-gram leading to the Doctor of Dental Surgerydegree, as well as advanced education pro-grams in the dental specialties and alliedhealth programs in dental hygiene and den-tal assisting. The patient care clinics, labora-tories, and other teaching facilities that com-prise the College of Dentistry are housedwithin several buildings, including theArnold and Marie Schwartz Hall of DentalSciences and the K. B. Weissman ClinicalScience Building. The center is located onFirst Avenue, from East 24th Street to East25th Street, in the midst of one of thenation’s most renowned health sciencescomplexes, which extends from East 14thStreet to East 34th Street.

The Graduate School of Arts andScience offers the degrees of Master of Arts,Master of Science, Master of Fine Arts, andDoctor of Philosophy in most areas of thehumanities, social sciences, and natural sci-ences. Several certificate programs are alsooffered. The NYU in Paris and NYU in MadridM.A. programs are based in centers in Parisand Madrid. Dual degree programs of studycurrently involve the School of Law, theSchool of Medicine, the Leonard N. SternSchool of Business, and the Robert F. WagnerGraduate School of Public Service. Coursesare offered in the late afternoon and eveningas well as during the day.

The Steinhardt School of Educationoffers a broad range of innovative under-graduate preprofessional and professional

programs and advanced graduate study ineducation, health, communications, and thearts professions. Undergraduate programslead to the Bachelor of Science or Bachelor ofMusic degrees and combine a solid founda-tion in the liberal arts with specialized coursework and fieldwork, clinical practice, orinternships in a wide variety of settingsthroughout New York City. Graduate studentsmay enroll in master’s, advanced certificate,and doctoral programs in a wide variety ofdisciplines. Courses are given weekdays,evenings, weekends, and summers tofull-time, part-time, and special students.Study abroad is available for undergrad-uates during the academic year and forgraduate students during the summer.Applied research opportunities abound forall students.

The Leonard N. Stern School of Busi-ness Undergraduate College adminis-ters the undergraduate business program.This program offers an innovative cur-riculum that integrates liberal arts studieswith business studies. Through this course ofstudy, students are exposed in a distinctivemanner to the international dimensions ofbusiness; develop strong interpersonal andteam-building skills; gain a sense of profes-sional responsibility; and undertake cross-disciplinary course work while retaining astrong individualized component throughelective course work. The undergraduatecurriculum is a full-time course of study.

The School of Continuing andProfessional Studies for more than 60years has provided courses and credentialsdesigned to meet the cultural and careerneeds of today’s adult population. The schoolboasts a wide range of noncredit classes ininformation technologies and digital media;e-business; real estate and construction;publishing; marketing and management;film and video; creative writing; interna-tional affairs; foreign languages; hospitality;finance and law; and more. The VirtualCollege™, SCPS’s distance learning compo-nent, hosts a growing number of on-linecourses across a variety of disciplines. SCPSalso offers workshops for adults consideringa career change or returning to college, aswell as opportunities to study for an associ-ate’s, bachelor’s, or a master’s degree.

The Robert F. Wagner GraduateSchool of Public Service offers curric-ula in public administration, including non-profit management, financial management,public policy analysis, comparative and

development administration, and interna-tional administration; urban public policystudies; urban planning; and health policyand management. Master’s and doctoraldegree programs are offered. The AdvancedProfessional Certificate Programs and theMaster of Science in Management Programoffer career development opportunities forexperienced professionals, including theAdvanced Management Program for Clini-cians (AMPC). Joint degree programs areavailable with the College of Arts and Science,the School of Law, the Steinhardt School ofEducation, the School of Medicine, and theShirley M. Ehrenkranz School of SocialWork. Courses for full-time and part-timestudents are offered in the late afternoon andevening. Special Saturday programs areavailable in public and nonprofit manage-ment and in health services management.

The Shirley M. Ehrenkranz Schoolof Social Work offers Bachelor of Science,Master of Social Work, and Doctor ofPhilosophy degrees. The bachelor’s programprepares students for beginning social workpractice immediately on graduation and foradmission to graduate programs withadvanced standing. The master’s programprepares students for the core mission ofsocial work and provides an advancedconcentration in clinical social work. Thedoctoral program offers a concentration inclinical social work. It prepares graduates toassume leadership positions as researchers,advanced practitioners, and educators. Theschool also offers an Advanced Certificate inClinical Social Work and a Post-Master’sCertificate Program in the Treatment ofAlcohol- and Drug-Abusing Clients.

The Tisch School of the Arts providesundergraduate and graduate training inaspects of the performing and visual arts.Departments and programs offering profes-sional training are acting, dance, design,drama, performance studies, film and television, cinema studies, photography and imaging, dramatic writing, musical theatre, and interactive telecommunica-tions. Degrees conferred are the B.F.A., M.F.A.,M.P.S., and, through the Graduate School ofArts and Science, the M.A. and Ph.D.

The Gallatin School of IndividualizedStudy, organized to promote innovativedegree programs, combines flexible curricu-la and rigorous standards. It offers an under-graduate program, leading to the Bachelorof Arts degree, and the Master of Arts degreeprogram.

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The Mount Sinai School of Medicineoffers the M.D. and Ph.D. degrees in additionto a combined M.D./Ph.D. program in a rig-orous intellectual environment focused on

collaboration between faculty and students.The school is committed to training studentsto be not only outstanding clinicians andscientists but compassionate individuals who

also serve science and society. The school,founded in 1963, became affiliated with NewYork University on July 1, 1999.

Since its founding, New York University hasbeen a private university. It operates under aboard of trustees and derives its income fromtuition, endowment, grants from privatefoundations and government, and gifts fromfriends, alumni, corporations, and other pri-vate philanthropic sources.

The University is committed to a policy ofequal treatment and opportunity in everyaspect of its relations with its faculty, stu-dents, and staff members, without regard toage, citizenship status, color, disability, mar-ital or parental status, national origin, race,

religion, sex, or sexual orientation.Inquiries about the application of the fed-

eral laws and regulations on affirmativeaction and antidiscrimination policies andprocedures at New York University may bereferred to Sharon Weinberg, Vice Provost forFaculty Affairs, New York University, ElmerHolmes Bobst Library, 70 Washington SquareSouth, Room 1202, New York, NY 10012-1091; telephone (212) 998-2370. Inquiriesmay also be referred to the direc-tor of the Office of Federal ContractCompliance, U.S. Department of Labor.

New York University is a member of theAssociation of American Universities and isaccredited by the Middle States Association ofColleges and Schools [Commission onHigher Education of the Middle StatesAssociation of Colleges and Schools, 3624Market Street, Philadelphia, PA 19104; (215)662-5606]. Individual undergraduate, grad-uate, and professional programs and schoolsare accredited by the appropriate specializedaccrediting agencies.

A Private University

John E. SextonB.A., M.A., Ph.D., J.D., President

David W. McLaughlinB.S., M.S., Ph.D., Provost

Jacob J. LewB.A., J.D., Executive Vice President

Robert BerneB.S., M.B.A., Ph.D., Senior Vice Presidentfor Health

Richard FoleyB.A., M.A., Ph.D., Chair, UniversityCommittee on Academic Priorities; Dean,Faculty of Arts and Science

Harvey J. StedmanB.A., M.A., Ph.D., Vice Chancellor

Diane YuB.A., J.D., Chief of Staff and Deputy to thePresident

Norman DorsenB.A., LL.B., Counselor to the President

Debra LaMorteB.A., J.D., Senior Vice President forDevelopment and Alumni Relations

S. Andrew SchafferB.A., LL.B., Senior Vice President, GeneralCounsel, and Secretary of the University

Richard N. BingB.A., M.A., Ph.D., Vice President for Budgetand Resource Planning

Lynne P. BrownB.A., M.A., Ph.D., Vice President forUniversity Relations and Public Affairs;Acting Vice President for Student Affairs

Robert GoldfeldB.A., LL.B., Vice President for Administration

Farhad KazemiB.A., M.A., Ph.D., Vice Provost for GlobalAffairs

Cheryl MillsB.A., J.D., Counselor for Operations

Harold T. ReadB.S., M.B.A., Vice President for Finance

Mary SansaloneB.S., M.S., Ph.D., Vice President forPlanning; Vice Provost for AcademicInitiatives

Jeannemarie SmithB.A., M.B.A., Vice President for Fiscal Affairs

Richard StanleyB.A., Executive Vice Provost

Sharon L. WeinbergA.B., Ph.D., Vice Provost for Faculty Affairs

DEANSMichael C. AlfanoD.M.D., Ph.D., Dean, College of Dentistry

Jo Ivey BouffordB.A., M.D., Dean, Robert F. WagnerGraduate School of Public Service

Mary Schmidt CampbellB.A., M.A., Ph.D.; hon.: D.F.A., Ph.D.,Dean, Tisch School of the Arts

Mary J. CarruthersB.A., Ph.D., Dean for Humanities, Facultyof Arts and Science

Frederick D. S. ChoiB.B.A., M.B.A., Ph.D., Dean,Undergraduate College; Vice Dean,Leonard N. Stern School of Business

George DalyB.A., M.A., Ph.D., Dean, Leonard N. SternSchool of Business

George W. DownsB.A., Ph.D., Dean for Social Sciences,Faculty of Arts and Science

Suzanne EnglandB.S., M.S.W., Ph.D., M.B.A., Dean, ShirleyM. Ehrenkranz School of Social Work

David F. FinneyB.A., M.A., Ed.D., Dean, School ofContinuing and Professional Studies

Richard FoleyB.A., M.A., Ph.D., Dean, Faculty of Arts andScience

Robert M. GlickmanB.A., M.D., Saul J. Farber Dean, New YorkUniversity School of Medicine andPost-Graduate Medical School

Nathan KaseM.D., Interim Dean, Mount Sinai Schoolof Medicine (affiliated)

Peter LennieB.Sc. [Hull], Ph.D. [Cantab.], Dean forScience, Faculty of Arts and Science

Carol A. MandelB.A., M.A., M.S.L.S., Dean of Libraries

Ann MarcusB.A.; M.Sc. [London], Ed.D., Dean, TheSteinhardt School of Education

Richard L. ReveszB.S.E., M.S., J.D., Dean, School of Law

Matthew S. SantiroccoB.A.; M.A. [Cantab.], M.Phil., Ph.D., Dean,College of Arts and Science

New York University Administration

Martin LiptonB.S. in Econ., LL.B., Chair

Diane Belfer

Marc H. BellB.S., M.S.

William R. BerkleyB.S., M.B.A.

Richard A. BernsteinB.A.

Edward H. BersoffB.A., M.S., Ph.D.

Ronald E. BlaylockB.S., M.B.A.

Mrs. Elmer H. BobstB.A., M.A., M.P.H.; Hon.: L.H.D.

Leonard BoxerB.S., LL.B.

John Brademas (President Emeritus), B.A.; D.Phil.[Oxon.]; hon.: L.H.D., Litt.D., LL.D.

Kevin R. BrineB.A., M.B.A.

Arthur L. CarterB.A., M.B.A.

Barry Diller

Betty Weinberg EllerinB.A., J.D.

Mary C. FarrellB.A., M.B.A.

Laurence D. FinkB.A., M.B.A.

Paul E. FrancisB.A., J.D.

Paul J. FribourgB.A.

Jay M. FurmanB.S., J.D.

Eric J. GleacherB.A., M.B.A.

Norman GoodmanB.A., J.D.

Richard A. GrassoHon.: D.C.S., LL.D.

Alan C. GreenbergB.A.

H. Dale HemmerdingerB.A.

Richard D. KatcherB.A., LL.B.

Henry KaufmanB.A., M.S., Ph.D.; hon.: L.H.D., LL.D.

Richard Jay KoganB.A., M.B.A.

Kenneth G. LangoneB.A., M.B.A.

Brooke Garber NeidichB.A.

L. Jay Oliva(President Emeritus), B.A., M.A., Ph.D.;hon.: D.H.L., Litt.D., LL.D., Ph.D.

Herbert M. PaulB.B.A., M.B.A., J.D., LL.M.

Lester PollackB.S., LL.B.

Michael J. RosenbergB.A., M.B.A.

Robert RosenkranzB.A., J.D.

E. John Rosenwald, Jr.B.A., M.B.A.

Baron Edouard de RothschildM.B.A.

John E. SextonB.A., M.A., Ph.D., J.D.

Henry R. SilvermanB.A., J.D.

Larry A. SilversteinB.A., LL.B.

Joel E. SmilowB.A., M.B.A.

Sheldon H. Solow

Jay Stein

Joseph S. SteinbergB.A., M.B.A.

Michael H. SteinhardtB.S.

Henry TaubB.S.

Laurence A. TischB.S., M.B.A.

Preston Robert TischB.A.

Lillian Vernon

John L. Vogelstein

Anthony WeltersB.A., J.D.

Leonard A. WilfB.A., J.D., LL.M. (in Taxation)

Robert F. WrightB.A., M.B.A.

Martin J. WygodB.S.

William D. ZabelB.A., LL.B.

Mortimer B. ZuckermanB.A., M.B.A., LL.B., LL.M.

LIFE TRUSTEESMrs. W. Vincent AstorHon.: LL.D.

Geraldine H. Coles

John J. CreedonB.S., LL.B., LL.M.

Lewis L. GlucksmanB.A., M.B.A.

Maurice R. GreenbergLL.B.; hon.: J.D., LL.D.

George H. Heyman, Jr.B.B.A., M.B.A.

Helen L. KimmelB.A.

George A. MurphyB.A., M.B.A., LL.B.

Thomas S. MurphyB.S.M.E., M.B.A.

William R. Salomon

Marie Schwartz

Herbert R. SilvermanB.S., J.D.

Phyllis Cerf Wagner

Baroness Mariuccia Zerilli-Marimò

TRUSTEE ASSOCIATESBruce BergerB.S.

Jane Eisner BramB.A., M.S.W., Ph.D.

Boris KostelanetzB.C.S., B.S., J.D.

Marvin LefflerB.S., M.B.A.

Stanley C. LesserB.A., J.D.

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Board of Trustees

Catharine R. StimpsonB.A.; B.A., M.A. [Cantab.], Ph.D.; hon.:D.H.L., Hum.D., Litt.D., LL.D., Dean,Graduate School of Arts and Science

E. Frances WhiteB.A., M.A., Ph.D., Dean, Gallatin School ofIndividualized Study

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Overview of Programs

ll of the Stern School’s academic programsdemand that students make a significantcommitment to scholarship and enterprise.

Its distinctive programs and extensive course offeringsprovide the most comprehensive opportunity to studymanagement in the United States.

Whether pursuing a career in finance, internationalbusiness, accounting, information systems, statistics,marketing, management, operations management,entrepreneurship, or economics, students will find that the programs listed below provide a rigorous and intense education.

A

• Master of Business Administration

Full-Time Block Program

Langone Program: A Part-Time M.B.A. for Working Professionals

Joint-Degree Programs:

Master of Business Administration-Juris Doctor

Master of Business Administration-Master of Arts (French studies)

Master of Business Administration-Master of Arts (Politics)

Master of Business Administration-Master of Public Administration

Master of Business Administration-Master of Science (Biology)

• Executive M.B.A.

• Executive M.B.A. in Finance

• Global Executive M.B.A. (TRIUM)

• Doctor of Philosophy

Degrees and Programs

All programs follow the same basic applica-tion procedures:

• Applicants must submit separate applica-tions to the Stern School and the other par-ticipating school. They will compete withregular applicants at each school and mustbe admitted to both schools. Applicants

should write the name of the joint programacross the top of each school’s application.

• Full-time students seeking financial aidmust submit the financial aid applicationto the school they will be attending for mostof that academic year.

• Detailed information on programscheduling and structure is available inM.B.A. Academic Advising.

Web site: www.stern.nyu.edu/mba/advising

Joint DegreeApplication Procedures

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Master of Business Administration Program

he M.B.A. Program at New York University’sStern School of Business is a striking exam-ple of the best in graduate business edu-

cation, where the pursuit of success for our students—educational, professional, and personal—is the drivingforce behind everything we do. Stern students developthe skills they need to succeed in any business environ-ment, anywhere in the world.

Balancing theory and conceptual frameworks withpractical applications, the M.B.A. curriculum first devel-ops a solid base of management skills through requiredcore courses, and then builds on that knowledgethrough advanced elective courses in a variety of func-tional areas. Within this structure, students choose from a wide range of courses and plan their programsaccording to their own needs and interests.

The core curriculum introduces students to the functional activities of organizations and the analytical and conceptual frameworks for managerial decision making. Collectively, the core courses provideboth the fundamental knowledge that a manager must have to be effective and the foundation for advancedspecialization in different functional areas.

Stern’s M.B.A. Program provides depth as well as breadth. After completing the core curriculum, a stu-dent obtains in-depth knowledge in areas of specialization by completing a minimum of 12 credits of coursework in the major. Students choose from a wide array of elective courses offered at Stern and from approvedcourses offered by other NYU graduate programs. A list of Stern elective courses can be found in the coursedescriptions for each academic department. (Consult the index for page numbers.) Beyond the courses requiredto complete their majors, students may take up to 6 additional credits in the major area or use all remainingelective credits to gain expertise in other areas. Students have a variety of options when they design this com-ponent of the curriculum to meet their specific needs. They may double major, comajor in InternationalBusiness or Entrepreneurship and Innovation, concentrate their electives in one of Stern’s Program Initiatives,or design their own assortment of courses.

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Two years of living, studying, and playing atan intense pace mean that by graduation,new M.B.A.’s are eager to take on the mostdemanding positions. Stern provides themwith the theoretical and practical back-ground—and the internships, contacts, and job-search tools—to make the transi-tion from one level of a business career toanother. This may be on Wall Street, inmidtown, in Silicon Alley, or at one of thethousands of other company locationsthroughout the world.

The following course sequence outlinesthe two-year study program leading to theM.B.A. degree. The Full-Time Block Programis laid out over four semesters as follows:• Courses must be taken in the fall and

spring semesters, and core courses cannotbe taken out of sequence.

• Any course work taken over the 60 creditsnecessary to complete the program,including courses where the student hasreceived a “W”, will be charged at anadditional per-credit rate in the finalsemester.

• Summer courses and intersession coursesare not part of the full-time programsequence.

• Students must take at least 12 credits a semester to maintain their full-timestatus.

Academic advisers assist students to understand the program requirements and options. For more information or tocontact an adviser, please visit M.B.A.Academic Advising, 44 West Fourth Street,Suite 10-160, New York, NY 10012-1126;(212) 998-0585; fax: (212) 995-4231; E-mail: advising@stern.nyu.edu; Web site: www.stern.nyu.edu/mba/advising.

Course Sequencing: Full-Time Block Program Proficiency examinations may be taken for select core courses, and, if passed, studentsearn additional elective credits.

Full-time students complete the program in four terms and follow the schedulebelow:

Semester 1 Credits

Business Writing Proficiency 0.0

Economics and Data Analysis Workshops 0.0

Stern Pre-Term 0.0

B01.1302 Managing Organizations 3.0

B01.1303 Understanding Firms and Markets 3.0

B01.1305 Statistics and Data Analysis 3.0

B01.1306 Financial Accounting and Reporting 3.0

B01.23XX Breadth Requirement 3.0

Choose one or two of the following breadth requirements:

B01.2310 Marketing Concepts and Strategies 3.0

B01.2311 Foundations of Finance 3.0

B01.2314 Operations 3.0

Total Credits 15.0

Semester 2

B01.2105 Business Communications 1.5

B01.2301 Strategy 3.0

B01.2303 Global Business Environment 3.0

B01.23XX Choose remaining breadth requirement(s) 6.0

Major/Elective Class 3.0

Total Credits 16.5 A mid-program summer internship experience is an integral part of the M.B.A. Theinternship complements the M.B.A. and enhances the educational experience.

Semester 3

Major/Elective Classes 12.0or

13.5

B02.3101 Professional Responsibility (3rd or 4th semester) 1.5

Total Credits 13.5or

15.0

Semester 4

Major/Elective Classes 13.5or

15.0

B02.3101 Professional Responsibility (3rd or 4th semester) 1.5

Total Credits 13.5or

15.0

Total Program Credits Required: 60.0

Full-Time Block Program

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The Stern School of Business was founded in 1900 with a curriculum designed specifi-cally for part-time evening students whoworked during the day. More than 100 yearslater, part-time students, with their substan-tial work backgrounds and perspective,continue to help define the Stern M.B.A.experience and sustain its position as thetop-ranked M.B.A. program in the nation.

In response to the evolving needs of ourstudents, we continuously update and refineour offerings. Recent innovations includeincreasing the flexibility of the program andthe speed with which the degree can beearned by students whose workweeks arelonger than ever before. An increasing num-ber of intensive classes are being offered dur-ing minisemesters, more faculty are incor-porating distance-learning elements intotheir courses, and more classes are beingoffered on weekends. As a result, students whobegin the program in the fall semester cancomplete their degrees in three years, even ifthey choose to attend only on weekends andmajor in finance.

Langone Program students who firstenrolled fall 2000 or later: The fol-lowing course sequence is an example of athree-year program. The basic core consistsof Understanding Firms and Markets; Man-aging Organizations; Financial Accountingand Reporting; and Statistics and DataAnalysis. Students must enroll in a coregroup section of Understanding Firms andMarkets or Managing Organizations in theirfirst semester. Electives may be taken start-ing in the third semester of enrollment pro-vided that a student has completed the fourbasic core courses and the core for theelective area.

Langone Program students who firstenrolled prior to fall 2000: The M.B.A.core course requirements described here are effective as of fall 2000. Students who first enrolled prior to fall 2000, must fulfill the transition program require-ments described on the advising pages of the Langone Program Web site:www.stern.nyu.edu/mba/Langone.

The Langone Program OfficeStern School of BusinessNew York University44 West Fourth Street, Suite 1-75New York, NY 10012-1126(212) 998-0590; fax: (212) 995-4336E-mail: Langone@stern.nyu.eduWeb site: www.stern.nyu.edu/Langone

The Langone Program: A Part-Time M.B.A.for Working Professionals

Course Sequence: The Langone Program Proficiency examinations may be taken within the first year for some core courses, and,if passed, students may substitute elective credits.

Part-time students have the option to complete the program in up to six years. Thefollowing is the course sequence for completing the program in three years forstudents who begin the program in the fall semester. (A similar progression can befollowed by students who begin the program in the spring semester.):

Semester 1: Fall Credits

Business Writing Proficiency 0.0

Stern Pre-Term 0.0

First Core Group CourseB01.1302 Managing Organizations or 3.0B01.1303 Understanding Firms and Markets

Basic Core B01.1305 Statistics and Data Analysis or 3.0B01.1306 Financial Accounting and Reporting

Total Credits 6.0

January Minisemester

B01.1101 Business Strategy Analysis 1.5

Total Credits 1.5

Semester 2: Spring

Second Core Group CourseB01.1303 Understanding Firms and Markets or 3.0B01.1302 Managing Organizations

Basic Core B01.1305 Statistics and Data Analysis or 3.0B01.1306 Financial Accounting and Reporting

Total Credits 6.0

Semester 3: Summer

B01.2310 Marketing Concepts and Strategies 3.0

B01.2311 Foundations of Finance 3.0

Total Credits 6.0

Semester 4: Fall

B01.2114 Competitive Advantage from Operations 1.5

B01.2119 Fundamentals of Information Technology and Electronic Commerce 1.5

B01.2123 Global Business Environment I: Trade and Direct Investment 1.5

B01.2125 Global Business Environment II: International Macroeconomics and Finance 1.5

Total Credits 6.0

August Minisemester

B01.2101 Corporate Strategy Analysis 1.5

Total Credits 1.5

Semester 5: Spring

B01.2102 Integrative Strategy Exercise 1.5

Major/Elective Course 3.0

Major/Elective Course 3.0

Total Credits 7.5

(continued on next page)

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Core course faculty assume that students areproficient in calculus, accounting, econom-ics, data analysis, and the use of personalcomputers. It is the student’s responsibility toassess his or her proficiency in each of thesesubjects and ensure that it is at the appropri-

ate level before beginning the program.Students must also demonstrate businesswriting proficiency within the first semesterfor full-time block students and within thefirst year of the program for LangoneProgram students. Please refer to the print or

on-line registration and advising materialsof the relevant program for details on how tosatisfy the business writing requirement andensure that you are prepared.

Prerequisites forFull-Time andPart-TimePrograms

(continued from previous page)

Course Sequence: The Langone Program Semester 6: Summer

Major/Elective Course 3.0

Major/Elective Course 3.0

Total Credits 6.0

Semester 7: Fall

Major/Elective Course 3.0

Major/Elective Course 3.0

Total Credits 6.0

January Minisemester

B02.3101 Professional Responsibility 1.5

Total Credits 1.5

Semester 8: Spring

Major/Elective Course 3.0

Major/Elective Course 3.0

Total Credits 6.0

Semester 9: Summer

Major/Elective Course 3.0

Major/Elective Course 3.0

Total Credits 6.0

Total Program Credits Required: 60.0

All M.B.A. students must complete all corecourses or demonstrate eligibility to sub-stitute elective credits for selected corecourses in which they are already proficient.(For details, see section on Core CourseSubstitutions, page 100.)

Unless designated as for full- orpart-time students only, courses areapplicable to all M.B.A. students.

The Stern Pre-TermB00.2000No credit. Required for all M.B.A.students.The Stern Pre-Term is comprised of a seriesof presentations, exercises, seminars, andother experiences that provide a focused first

exposure to the Stern M.B.A. Program. ThePre-Term initiates the development of amultidisciplinary, team-oriented perspectiveand analytical thought processes for decisionmaking, emphasizes the importance of busi-ness communication, and lays some of thegroundwork for the academic program. ThePre-Term also introduces students to theStern community (students, administration,and faculty), services available to them, stu-dent organizations, and each other. In thefull-time Pre-Term, students are groupedinto blocks within which they take courses intheir first year. In the Langone Program, stu-dents are members of core groups, withwhom they take courses in the first year.

The Pre-Term typically begins in the last

few weeks of August for classes entering inthe fall and in early January for classes enter-ing in the spring.

Business Strategy AnalysisB01.11011.5 credits. Part-time students only.This course provides students with the con-cepts and tools required to devise strategiesthat enable the business to create superiorvalue for chosen customers and to capture asufficient share of that value in order to cre-ate an economic profit on its investment.The focus is on gaining competitive advan-tage at the product/market level.

The course builds a model of competitiveadvantage, applies it to the competitive mar-

Required Core and Capstone Core Courses (31.5 credits)

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ketplace, and identifies the key sources bywhich firms can gain competitive advan-tage. It provides the basic set of tools thatenable students to analyze and define thecompetitive situation at the product/marketlevel, to delineate the strategic options opento the firm to create or retain competitiveadvantage, and to evaluate those options inboth their competitive and economic aspects.

Managing OrganizationsB01.13023 credits.The course is divided into two major com-ponents: organization theory and organi-zation behavior. The first component ismacro in nature and focuses on organi-zational-level problems such as how anorganization should be designed (e.g., cen-tralized or decentralized), what strategy itshould follow (e.g., integrated or diversified),and how the conflict and politics endemic toorganizational life can be managed. Thesecond is primarily micro in nature andfocuses on individual and group-level prob-lems such as how to evaluate and rewardemployees, design jobs that motivate people,and supervise employees. Micro is concernedwith individual and group effectiveness.Macro is concerned with overall organiza-tional performance.

This course introduces you to some of thecentral topics in management theory,research, and practice—both micro andmacro—as well as how they can be applied.It provides you with a better basis for under-standing and evaluating organizations andtheir managements. Such knowledge isequally relevant for those who aspire to posi-tions outside as well as inside management.For example, in finance, investmentbankers, financial analysts, lenders, andothers require a sophisticated knowledge oforganizations and their managements inorder to make wise decisions within theirrespective responsibilities. Furthermore,financial service organizations, as anyonewho reads the current business press mustrealize, face severe management problems of their own.

Understanding Firms andMarketsB01.13033 credits.This course employs the marginal analysisand the consumers-firms-markets perspec-tives of microeconomics to enhance M.B.A.students’ understanding of the business

environments in which they will be workingand the important strategic issues—espe-cially pricing and product choice—thatmight arise in those environments. A busi-ness history underlay will help set the stageand provide a strategy-structure-technologyhistorical perspective. The course alsoexplores important costing issues and con-cepts. Strategy is a recurring theme.

The course structure assumes that all stu-dents have had some economics back-ground. They must be comfortable withquantitative concepts and approaches andwith graphical/geometric ways of presentingquantitative information.

Also, a historical perspective is provided ina number of areas.

Statistics and Data AnalysisB01.13053 credits.This course is designed to achieve an under-standing of fundamental notions of datapresentation and analysis and to use statis-tical thinking in the context of businessproblems. The course deals with modernmethods of data exploration (designed toreveal unusual or problematic aspects ofdata bases), the uses and abuses of the basictechniques of inference, and the use ofregression as a tool for management and forfinancial analysis.

Financial Accounting andReportingB01.13063 credits.Accounting reports are an important meansof communication with investors and a basisof contracts within and outside a firm. Thiscourse focuses more on the analysis and useof these statements than on the mere con-struction of those statements. It provides anunderstanding of what these reports contain,what assumptions and concepts accountantsuse to prepare them, and why they use thoseassumptions and concepts. It introduces adisciplined way of thinking about a businessand reporting its financial status and perfor-mance. It also gives students basic institu-tional information about how accountingstandards are set and about some recent con-troversial accounting issues. The course isnot aimed at providing “if…, then…,else…” rules about accounting. Rather itaims at providing an appreciation of thejudgment required in accounting at any onetime and across time while introducingmany advanced topics.

Many of the topics and issues presented inthe course are unique to an introductorycourse. These topics are selected by the indi-vidual faculty members and may includemergers and acquisitions, purchase andpooling, foreign exchange, and valuation.

The course uses simple examples to pro-vide students with a clear understanding ofaccounting concepts. It stresses the ability toapply these concepts to real-world cases,which by their very nature are complex andambiguous. In addition to text-orientedmaterials, the classes also include sessionsthat offer a more interactive learning envi-ronment where students can discuss applica-tions of basic concepts to the analysis ofcases, actual financial reports, and articlesfrom newspapers.

Corporate Strategy AnalysisB01.21011.5 credits. Part-time students only.This course develops skills needed to managethe business enterprise for the creation ofcorporate advantage. To create valuethrough corporate strategy, general man-agers must command a number of criticalskills. They must be capable of creating avision that integrates multifunctional goalsand perspectives; they must be skillful atdeveloping and deploying corporateresources and capabilities; they must becompetent at applying analytical tools toindustry and strategy analysis; they mustknow how to design administrative struc-tures, systems, and processes that facilitatethe implementation of corporate strategies;they must be adept at managing the inter-personal dynamics of strategic decisionmaking; and they must be able to commu-nicate effectively their visions and strategiesto internal and external stakeholders.

Integrative Strategy ExerciseB01.21021.5 credits. Part-time students only.Take what you’ve learned and put it intopractice. As part of the Integrated StrategyExercise, students study the case history of a company, analyzing its strengths, thechallenges it faces in the future, and thechanging environment in which it operates.Through a combination of strategy sessions,communications workshops and writtenassignments, students refine their strate-gic, analytic, decision-making, and com-munication skills.

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Business Communication B01.2105 1.5 credits. Full-time students only.This course focuses on improving the writtenand oral communication skills of futurebusiness leaders. A unique aspect of thecourse is that it uses the actual content of theStrategy (B01.2301) course (written papersand oral presentations) as the input for pro-viding students with individual help inimproving their communications skill.

Competitive Advantage fromOperationsB01.21141.5 credits. Part-time students only.This minicourse serves as an introduction tooperations management. We approach thediscipline from the perspective of the generalmanager, rather than the functional special-ist. Coverage is intense and very selective,concentrating on a small list of powerfulthemes that have emerged as the centralbuilding blocks of world-class organizations.The course also provides tools and conceptsfrom operations management that haveproven extremely useful over the years.Topics discussed are equally relevant in themanufacturing and service sectors.

Fundamentals of InformationTechnology and ElectronicCommerceB01.21191.5 credits. Part-time students only.Information technology (IT) is fundamentalto corporate strategy, organization structure,relationships with customers and suppliers,products, and services. This InformationSystems core course prepares students tounderstand and manage key technologiesand the way they enable business initiativesthat were inconceivable a few years ago;demonstrates specific applications of thesetechnologies through examples in e-com-merce; identifies emerging business modelsspawned by these technologies; identifies thechallenges these new businesses create fortraditional firms; and equips students to pro-vide leadership in leveraging IT for competi-tive advantage.

Global Business Environment I:Trade and Direct InvestmentB01.21231.5 credits. Part-time students only.What are the key challenges in a global busi-ness environment? This course provides aframework for understanding the challenges

faced in contemporary business as globaliza-tion has taken place in market competition,capital markets, and the utilization of laborand managerial talent. Students learn tounderstand the structural economic factorsthat affect business decisions and the com-plications caused by government policiesand trends in world development.

Global Business Environment II:International Macroeconomicsand FinanceB01.21251.5 credits. Part-time students only.What are the political and economic rela-tionships among nations that determinegrowth and affect the global business envi-ronment? Decision making in globalizedbusinesses requires an understanding of theunderlying concepts of international macro-economics. Students learn to understand thelinkages among world economies throughexchange rates and the balance of paymentsand the fundamental forces that determinethe growth of nations, as well as the effects ofpolicy making in a global environment.

Strategy B01.23013 credits. Full-time students only.This course studies two related issues. Thefirst is how to gain advantage against com-petitors in the complex and dynamic globalmarketplace. Core business strategy themesinclude how to analyze the business environ-ment, assess resources and capabilities, andchoose competitive strategies. The secondissue is how to create corporate valuethrough configuring and coordinatingmultibusiness activities. Core corporate strat-egy themes include analyzing scale andscope, evaluating corporate competencies,managing the multibusiness corporation,and choosing corporate strategies.

Global Business Environment B01.2303 3 credits. Full-time students only. This course studies two related topics. Thefirst is trade and direct investment.Students learn to understand the structuraleconomic factors that affect business deci-sions and the complications caused by gov-ernment policies and trends in world devel-opment. The second is internationalmacroeconomics and finance. Studentslearn to understand the linkages amongnational economies through exchangerates and the balance of payments and the

fundamental forces that determine thegrowth of nations, as well as the effects ofpolicy making in a global environment.

Marketing Concepts andStrategiesB01.2310Prerequisites: B01.1303 and B01.1305(can be taken concurrently.) Fall,spring, and summer. 3 credits.This course provides an overall view of mar-keting, focusing on essential skills needed bysuccessful managers in all business func-tions. Topics include how individual andorganizational consumers make decisions;segmenting markets and estimating cus-tomer economic value; positioning thefirm’s offering; effective marketing research;new product development; pricing strategies;communicating with consumers and esti-mating advertising’s effectiveness; and man-aging relationships with sales force andintermediary partners. The course empha-sizes that marketing combines qualitativeand quantitative analysis and requires man-agers to deal with considerable uncertainty.Uses a combination of lectures and caseanalysis, involving both individual andgroup projects.

Foundations of Finance B01.2311 Prerequisites: B01.1303, B01.1305, andB01.1306. Note that B01.2311 is a pre-requisite for other finance courses. 3credits. Fall and spring.This is a rigorous quantitative course intro-ducing the fundamental principles of assetvaluation within the framework of modernportfolio theory. The key analytical conceptsare present value, option value, risk/diversi-fication, and arbitrage. These tools are usedto value stocks, bonds, options, and otherderivatives, with applications to the structureof financial markets, portfolio selection, andrisk management.

Operations B01.23143 credits. Full-time students only.This course serves as an introduction tooperations, viewed from the perspective ofthe general manager, rather than from thatof the operations specialist. The coverage isvery selective: the course concentrates on asmall number of themes from the areas ofoperations management and informationtechnology that have emerged as the centralbuilding blocks of world-class operations. It

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Department/Area Advisers

Major/Comajor Academic Adviser

Accounting Professor A. Maindiratta

Economics Professor W. Greene

Finance Professor J. Kallberg

Information Systems Professor J. Turner

International Business (comajor) Professor T. Pugel

Operations Management Professor S. SeshadriProfessor M. Moses

Management and Organizational Behavior Professor R. FreedmanProfessor E. Morrison

Marketing Professor J. Steckel

Statistics Professor E. MelnickProfessor G. Simon

Entrepreneurship and Innovation Professor A. Ginsberg

Taxation and Business Law Professor J. Reboueh (taxation)Professor J. Calderon (law)

Major: A student must select a major areaof study and satisfy that area’s requirements,which are described in the sections contain-ing major requirements and course descrip-tions for each academic department.(Consult the index for page numbers.) Eachmajor consists of 12 credits of electives inthat area (in some cases specific electives)and up to one interarea or swing course (seebelow) that has been designated as fulfillingthe requirements for the major. A course iscounted in the department that offers it,which can be identified by the course desig-nator—the first three digits of the coursenumber. Up to 6 additional credits (for atotal of 18) may be taken in the major area.If more than 18 credits are earned in a single course designator, they will not beconsidered among the 60 credits required for the M.B.A. degree. Core courses do notcount toward the major. At least 9 credits (75percent) of the major must be taken withinthat major’s course designator (i.e., B40 isin the Department of Finance).

Double Majors: Students may choose toseek additional specialization by taking 12credits of electives in a second area.Requirements for each double major are thesame as those for a single major in the area.No more than 18 credits may be taken in asecond major.

Comajor: Students may comajor in inter-national business or entrepreneurship andinnovation by taking 12 credits of electivecourses specified for the comajor. (Detailsare provided in the sections on those areas.)A comajor is interdisciplinary, and coursesare distributed across course designators.Note that any course taken for a comajorthat is in the area in which a student ismajoring, will be applied to the major aswell as toward the comajor.

Electives: A maximum of 6 credits ofadvanced electives may be taken in themajor area. The remaining “nonmajor elec-tives” fulfill the program’s distributionrequirements. Students authorized to substi-tute core course credits may take additionalnonmajor elective credits to replace those

deducted from the core. Within this struc-ture, students are free to choose courses thatbest suit their needs and interests, which mayinclude concentrating their electives in oneof Stern’s M.B.A. Program Initiatives (seepage 78); participating in the InternationalManagement Program (see page 19); or tak-ing courses at other NYU divisions.

Interarea and Swing Courses:Interarea courses (B55) are offered jointly bymore than one area and can count towardany one of the majors designated for thatcourse, if a student makes arrangementsthrough an adviser. Swing courses areoffered by a single department, but havebeen designated as contributing to majors inone or more other areas, if a student makesarrangements through an adviser. (Swingcourses are included in the maximum of 18credits per course designator.) Only oneinterarea course or swing course with a non-major designator may be applied to any onemajor. For example, for a student majoringin finance, only one non-B40 course will becounted toward the finance major.

Major and Elective Courses(30 credits)

also presents a sample of key tools and tech-niques that have proven extremely useful.The topics covered are equally relevant to themanufacturing and service sectors.

Professional ResponsibilityB02.3101Prerequisites: all required core courses. To be taken in the second half of theprogram. 1.5 credits.What ethical obligations does a managerhave in today’s complicated and dynamic

business environment? This capstone courseexamines professional responsibility in thecorporate arena. Students choose from amenu of classes that focus on topics such assecurities regulation, principles of businesslaw, privacy, conflicts of interest, humanresources, and responsible leadership.

The Stern School offers M.B.A. students theopportunity to expand their global businessskills, broaden their knowledge of regionalbusiness and cultural issues, and improvetheir foreign language skills through asemester-long or short-term program inanother country. Full-time and part-timeM.B.A. students are invited to apply in thespring semester for study abroad the fol-lowing year. Through the InternationalManagement Program (IMP), students take a full course load for a semester at one of Stern’s partner schools. Anotheroption is a three-week international businesscourse in Germany or a six-and-a-half-weekprogram in Copenhagen.

For all international programs, studentsmust have completed all core courses exceptProfessional Responsibility and must havecompleted at least 30 credits.

As many of the programs are taught inEnglish, students are not required to know a foreign language to participate. Forprograms taught in foreign languages,preference is given to applicants who areskilled in those languages. All students arestrongly advised to acquire at least somefacility with the local language prior to theirsemester abroad.

PARTICIPATING SCHOOLSAustralian Graduate School ofManagement, Sydney

Bocconi University, Milan

Chinese University of Hong Kong

Copenhagen Business School

Erasmus University, Rotterdam

ESADE, Barcelona

Escola de Administração de Empresas de São Paolo, Fundação Getulio Vargas, São Paolo

HEC/ISA, Paris

Hong Kong University of Science andTechnology

INCAE, Costa Rica

Instituto de Estudios Superiores deAdministración (IESA), Caracas

Instituto Tecnológico Autónomo de México (ITAM), Mexico City

International University of Japan, Niigata

London Business School

London School of Economics

Manchester Business School

Melbourne Business School

Nanyang Technological University,Singapore

Norwegian College of Economics andBusiness Administration, Bergen

Pontificia Universidad Católica de Chile,Santiago

St. Gallen School of BusinessAdministration, Switzerland

Stockholm School of Economics

Tel-Aviv University

Université Catholique de Louvain, Belgium

University of Cape Town

University of Cologne, Germany

University of Economics, Prague

University of the Witwatersrand,Johannesburg

Vienna University of Economics andBusiness Administration (WU Wien)

Warwick Business School (University ofWarwick), Coventry, United Kingdom

WHU Koblenz, Germany (short-termprogram)

Yonsei University, Seoul

Complete details on these programs—including frequently asked questions, pro-files of all partner schools, and academicpolicies—are on the M.B.A. InternationalPrograms Web site at www.stern.nyu.edu/mba/international. Further information isavailable by e-mailing intl@stern.nyu.eduor by calling (212) 998-0771.

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International Programs

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Executive ProgramsAssociate Dean: Rosemary Mathewson • Academic Director: Kenneth Froewiss • Associate Director: MaryJane Boland • Associate Director:

Renee Dugan • Associate Director: Erin O’Brien • Associate Director: Mary Ann Lee • Director: Jennifer Spry • Associate Director: Sheila

Worthington • Program Office: Henry Kaufman Management Center (KMC), 44 West Fourth Street, Suite 10-66.

xecutive Programs offers educational pro-grams specifically designed to meet the widerange of professional development needs of

today’s working professionals. Through its broadarray of academically rigorous degree and nonde-gree programs, Executive Programs ensures adynamic learning environment and delivers the high-est quality educational experience.

NYU Stern’s highly ranked Executive M.B.A. offersconcentrations in finance and general management.Pending New York State Education Department approval,a concentration in health care management is plannedfor January 2003. These programs offer experienced pro-fessionals the unique opportunity to combine a full-timecareer with a comprehensive academic program that cul-minates, after two years, in a fully accredited M.B.A. degree.

For high-potential executives around the world, the TRIUM Executive M.B.A. program offers an authen-tically global curriculum as a result of an innovative alliance among New York University Stern School of Business (NYU Stern), the London School of Economics and Political Science (LSE), and HEC Schoolof Management, Paris (HEC Paris). Graduates earn a single M.B.A. degree, jointly issued by all threesponsoring schools.

Executive Programs also delivers, on a select basis, degree programs whose schedules are tailored for theconvenience of premier corporations that seek to offer their fast-track employees a valuable benefit and pro-fessional development opportunity. Corporate sponsorship is required for all degree programs offered throughExecutive Programs, although self-sponsored applicants may be considered in exceptional cases.

In addition to its degree programs, Executive Programs also offers nondegree, noncredit custom and open-enrollment programs. Executive Programs works with leading firms across multiple industries to designeducational programs that meet organizational goals and equip employees with the latest knowledge critical for advancement and success in their careers. Individual executives can also choose to register for open-enrollment courses to gain the latest knowledge in areas of business specifically relevant to them.

The following pages provide additional information on admissions, applicant criteria, and curricula forthe programs listed above that collectively comprise Executive Programs.

E

The Executive M.B.A. is a company-sponsored program that provides expe-rienced professionals with a unique oppor-tunity to combine a full-time career with a rigorous academic program that cul-minates, after two years, in a fully accred-ited M.B.A. degree.

The Executive M.B.A. Program is forexperienced professionals with diverse back-grounds. Participants typically have at least6-10 years of experience and have been iden-tified as “high potential” employees by theirfirms. Candidates typically have high marksfrom fine undergraduate schools, have been

identified as being the best and the brightestin their firms, and seek to prepare for evengreater future responsibilities. Students canchoose to concentrate their studies in financeor general management. Pending New YorkState Education Department approval, aconcentration in health care management

Executive M.B.A.Program

21

will be added as an option to this program,beginning in January 2003.

The program features the following:

• A Distinguished Faculty—The facultywho teach in Executive Programs are themost esteemed members of NYU’s Stern fac-ulty as well as influential members of thecorporate and financial communities.

• Small Classes—Approximately 55 stu-dents are carefully selected to begin eachprogram. This small-class format stimu-lates the high level of interaction betweenfaculty and program participants and thusenhances the learning process.

• Convenient Class Schedule—To mini-mize time spent away from the workplaceand maximize classroom learning, classesmeet one day each week on alternateFridays and Saturdays, from 8:30 a.m. to4:30 p.m. Beginning in January 2003,Executive Programs plans to offer one pro-gram that meets on Friday and Saturday,two weekends a month. Traditionally, pro-grams begin in August. Executive Programsanticipates that the new weekend formatprogram will begin in January. Two one-week residence sessions are held duringeach of the two years. Typically, one resi-dence session is held abroad. In 2002, man-agement students traveled to China, and

finance students traveled to Milan andZurich. During 2002, the first-year financestudents traveled to Warsaw and Prague,and management students traveled toSpain and Ireland.

• An Exceptionally Diverse Student Body—Participants in the program come frommany backgrounds and include a number ofinternational executives. Current class mem-bers include attorneys, engineers, entrepre-neurs, financial professionals, communica-tions executives, and public sector employees.

• Program Services—To facilitate thebalancing of professional and personalresponsibilities with the demands of inten-sive graduate study, the program provides allacademic materials. The high level of inter-action between faculty and class membersoften extends into social functions: meals,breaks, and late afternoon receptions.

• Global Business Perspective—The pro-gram includes a global business emphasis,which is fostered by the professional and per-sonal experience of both faculty and classmembers. The international residence ses-sion, typically once in each year of the pro-gram, features global strategy analysisthrough on-site meetings at both corpora-tions and manufacturing plants.

Attendance at regularly scheduled Open

House events is recommended to learn more about the program. For Open Housedates and further information, please call or write Executive Programs, SternSchool of Business, New York University, 44 West Fourth Street, Suite 10-66, New York, NY 10012-1126; telephone: (212) 998-0789; fax: (212) 995-4222; E-mail: executive@stern.nyu.edu; Web site:www.stern.nyu.edu/executive.

PREPROGRAM WORKSHOPS

All students must demonstrate proficiency incalculus, the use of computer systems, andaccounting. Workshops are held in the sum-mer before the start of the programs.Calculus proficiency is required foreffective performance in several M.B.A.courses, particularly finance, economics,and quantitative analysis. The workshopreviews intermediate algebra and differentialcalculus. Computer proficiency is essen-tial for courses such as ManagingInformation Technology and Systems and isa useful tool in other courses. The workshopintroduces the personal computer, spread-sheet analysis, and word processing.Accounting proficiency covers the basicconcepts of accounting, especially theaccounting cycle.

Participating executives come from diversefirms and industries. They generally haveapproximately 6 to 10 years of experience,and, typically, are in their thirties. Can-didates are considered on an individualbasis. While undergraduate records and theGraduate Management Admissions Test(GMAT) score are part of the admissionsdecision, other factors also receive high pri-ority. These are as follows:

• Employment history and achievement

• Professional potential

• Likely contribution to the class and to theprogram

• Ability to do graduate work in businesssubjects

• Motivation and commitment of thestudent

• Sponsorship by the firm

ADMISSION

Admission to the program is quite compe-titive. Candidates are reviewed by theAdmission Committee for Executive M.B.A.

Programs. The committee considers aca-demic and employment information andgives special attention to significant pro-fessional development. Organization spon-sorship and substantial work experience (of 6 to 10 years) are prerequisites of theprogram.

Deadline—As soon as you decide to pur-sue an Executive M.B.A., please submit ourshort-form preliminary application and acopy of your résumé. We will contact you toarrange an informational interview as soonas we receive the preliminary application.Since enrollment is limited and gainingsponsorship is sometimes a lengthy process,formal applications should be submitted asearly as possible. Competition for the pro-gram is quite keen, and applications arereviewed as soon as they are complete.

Classes for the fall 2003 program willbegin on August 17, 2003. The early admis-sion deadline is November 15, 2002, and theregular admission deadline is February 28,2003. All other applications should bereceived by May 30, 2003.

Classes for the spring program will beginin January, 2004. The early admission dead-line is August 1, 2003, and the regularadmission deadline is September 26, 2003.

Admission Requirements and Fees—Details can be found on our Web site atwww.stern.nyu.edu/executive/emba.

CONCENTRATIONS

Students can choose to concentrate infinance or general management, and,beginning in January 2003 (pending NewYork State Education Department approval)health care management. All students com-plete the fundamental curriculum andcourses of advanced study. In addition, someadvanced study courses will be specificallyprescribed for students majoring in financeor general management. In addition to therequired fundamental curriculum, ad-vanced studies, and integrative courses,students select electives. The health care con-centration is comprised of elective courses.Students concentrating in finance or gen-eral management are able to pursue an elec-

Executive M.B.A.

22

tive course of study entirely in their field of concentration.

CORE CURRICULUM

Business Strategy focuses on developingskills at the application of concepts and toolsfor strategy formulation at both the businessand corporate levels of analysis. Cases focus-ing on strategic issues facing managers offirms impacted by the global economy areused to develop skills at applying conceptsand tools presented in the readings assignedfor the course.

Corporate Strategy focuses on the design oforganization structures and managementprocesses needed to execute strategy and onthe role of organizational purpose in gain-ing commitment to effective strategy imple-mentation. The concept of “collective mind”is developed as the perspective from which toshape organization structures and manage-ment processes. This concept is comparedand contrasted with the still popular meta-phors of organizations such as “machines,”or as “biological entities struggling againstpotential extinction,” which underlay muchof contemporary management practice.

Financial Accounting and Reportingfocuses on the development, analysis, anduse of accounting reports. It provides anunderstanding of what these reports contain;what assumptions and concepts accountantsuse to prepare them; and why they use thoseassumptions and concepts. It stresses theability to apply accounting concepts to real-world cases, which by their very nature arecomplex and ambiguous. In addition totraditional introductory topics, other topicsmay include mergers and acquisitionsaccounting, free cash flow, and financialstatement analysis.

Foundations of Finance analyzes the struc-ture of markets and the valuation of finan-cial assets, including stocks, bonds, futures,forwards, options, and swaps. It developssuch concepts of modern portfolio theory asrisk-adjusted returns, beta risk measures,and efficient portfolio selection within amean-variance framework. The courseapplies fixed income analytics, includingyield-to-maturity, duration, and forwardrates to topics like the analysis of yield curvesand bond arbitrage models. It draws illustra-tions from both domestic and internationalfinancial markets.

Global Business Environment provides anunderstanding of the international macro-economic and financial environment andhow developments in this global envi-ronment drive key rates for business andfinancial decision making. It surveys thedeterminants of economic growth, nationalproduction, unemployment, and inflation,including the effect of government policy ongrowth and stabilization. The course usesmacroeconomic and financial developmentsaround the world to motivate discussion of topics, which include the balance of pay-ments; the relationships among interestrates, exchange rates, and inflation rates; therole of central bank policy; the conduct ofmonetary policy; and the choice of anexchange rate regime.

Global Study Tours, a keystone of the pro-gram, are overseas residencies that enablestudents to take firsthand looks at how busi-ness is conducted in other countries. In 2002,students traveled to Shanghai and Beijing tobecome familiar with business and culturein China. Other students traveled to Milan,Zurich, Warsaw, and Prague, as well as othereconomically important cities around theworld. While abroad, students participate ina rigorous program that includes meetingsand in-depth discussions with leaders ofindustry, financial institutions, and govern-mental organizations.

Managing Organizations focuses on thedesign of organizations and on how man-agers can make organizations more effectiveby maximizing the performance of theirmembers. The course teaches students howto analyze individual performance issues inthe context of complex organizations, andhow to manage change processes.

Marketing provides a working knowledge ofthe marketing of goods and services. Areas ofstudy include capturing value, identifyingand segmenting target audiences, consumerbehavior, product positioning for competitiveadvantage, distribution, advertising, promo-tion, pricing, new product development, andmarketing research. Study groups prepareand present a marketing plan for a productor service of their choosing.

Operations Management provides a sys-tematic approach to solving a wide range ofoperating management problems. Topicsinclude planning, evaluation, and control ofoperations; inventory management; sched-

uling; product design and management;resource allocation; and quality of workenvironment. The course is slanted towardservices and the design, analysis, and man-agement of processes.

Professional Responsibility encourages stu-dents to think critically about the broadercontext and consequences of the decisionsthey make as managers. It first develops theargument that ethical considerations areimportant in the decision-making processand then develops analytical reasoning skillsthat enable the student to identify and weighcompeting ethical concerns in that process.The course also examines the importance ofunderstanding the interdependence of mar-kets, ethics, and law in a democratic, freemarket society.

Statistics and Data Analysis surveys proba-bility concepts and statistical methodologynecessary for decision making in a businessenvironment. The course, which stressesapplications, covers data collection andanalysis; probability and probability distrib-utions; statistical inference, including esti-mation and sample size determination; andregression and correlation analysis. For stu-dents concentrating in general manage-ment, the course is more data based, withgreater emphasis on statistical inference,including applications to total quality man-agement, polling, employee attitude surveys,market research, operations, and finance.For finance concentrators, the course is moremodel based, with greater emphasis on prob-ability and probability models, and appli-cations that include option pricing, costanalysis, and portfolio theory.

Strategic Thinking: An Integrative Exercisepresents the class with a major case studyand analysis involving the multidisciplinarychallenges faced by management in theglobal environment. Teams develop and pre-sent comprehensive strategic plans employ-ing tools, terminology, and presentationskills acquired during the various first-yearcourses. Most of the first-year faculty areengaged in the exercise either coaching orjudging roles. The culminating event pits theteams composed of students from both con-centrations against each other in pursuit ofthe most compelling strategy for the com-pany under study.

Understanding Firms and Markets pre-sents the major tools and concepts of eco-

23

nomic analysis and their application to boththe making of business decisions and theformulation of policies. The course alsocovers determinants of product demand,decision making with different industrystructures, network economics, cost-benefitanalysis, and government policies that affectfirms and markets.

ADVANCED CORE

For students choosing to concen-trate in finance:

Advanced Statistical Techniques explores ingreater depth certain topics from the intro-ductory Statistics and Data Analysis coursewhile also introducing new topics not cov-ered in that course. While the exact contentwill vary from year-to-year, it might typicallyinclude further work on regression analysis,with an emphasis on model estimation andhypothesis testing, and an introduction tolinear programming.

Corporate Finance focuses on the financingof the firm’s operations in the context ofbusiness and financial risk, valuation ofassets, and corporate objectives. Topics cov-ered include cash flows, liquidity manage-ment, investment analysis, capital structuretheory and analysis, and dividend policy. Theclass also deals with the major financialmanagement issues pertaining to a firm’soperations. Students assess the risk andreturn attributes of individual corporate pro-jects and of the firm itself. Topic areasinclude mergers and acquisitions; restruc-turing and financial distress; corporategovernance; financial statement analysis;forecasting financial requirements; valua-tion of real and financial assets; financingthe firm’s operations, including capitalstructure policy, dividend policy, hedging offinancial risks, and the design of financialinstruments.

International Treasury Managementemphasizes managing the treasury functionin international corporations and financialinstitutions. Among the topics covered areshort-term asset and liability management,speculating in financial markets, and hedg-ing against exchange rate and interest raterisks using derivatives including options.Also included is a two-day computerizedfinancial trading simulation known as thebourse game.

Investment Banking provides a broadoverview of that industry and of the forces

that are changing it worldwide. The focus ison the major activities of investment banks:raising capital; making markets; advising onand executing mergers and acquisitions;proprietary trading and investing; and man-aging third-party assets. The final section ofthe course examines the challenges of man-aging a global investment bank. This courseincludes the global study tour for second-year finance students.

For students choosing to concentratein general management:

Financial Statement Analysis describesfinancial reporting objectives and methodsused by corporations. It focuses on the analy-sis of the information in corporate financialstatements, including the impact of alterna-tive accounting procedures and assump-tions. The course offers ways to adjust forselected reporting differences.

Global Perspective on the History ofEnterprise compares the rise and evolutionof corporate enterprise in major industrialsocieties since the mid-19th century, and dis-cusses how and why different countries haveachieved competitive advantages in domesticmarkets and global trade at different timesin history.

Industry Analysis and Corporate Strategyis a small-group activity in which teams ofparticipants formulate corporate strategicpolicy, giving consideration to global issues.Participants develop and defend a strategicplan for a specific company in a givenindustry.

Negotiations explores the management ofconflicts that arise from differences in inter-ests such as goals, priorities, or competitionfor limited resources. It focuses on negotia-tion as a primary process for settling disputesbetween individuals and within and betweenorganizations. The course examines andinterrelates the key variables in a negotia-tion, including stakes, power, interdepen-dence, trust, coalitions, communication, theuse of time, one’s personal style of negotia-tion, and the consistency of a settlement withthe firm’s business strategy. Simulations areused extensively throughout.

ELECTIVES

While electives are limited, students from1998-2002 have chosen from the following:

Advanced Portfolio Analysis

Applied Stochastic Processes

Business Law for Managers

Competitive Marketing Strategy

Computer Network Revolution: Technologyand Trends

Creative Thinking

Debt Instruments and Markets

Derivatives

Diversity as Negotiation

Economics of Health Care

Electronic Commerce

Emerging Financial Markets

Entrepreneurial Finance

Entrepreneurship and EntrepreneurialManagement

Equity Instruments and Markets

Financial Markets

Financial Statement Analysis

Global Impact of Technology andEntertainment

Information Technology

Information Technology Strategy

International Financial Management

Internet Marketing

Law for Executives

Managing Global Corporations

Managing Strategic Change

Market Risk and Credit

Mergers and Acquisitions

Negotiation and Persuasion

Portfolio Analysis and Financial Modeling

Power and Politics in Organizations

Real Estate Finance

Restructuring Firms and Industries

Service Strategies

Strategic Management and Assessment ofTechnology

Supply Chain Management

Sustainable Enterprise

Topics in Corporate Governance

Topics in Finance

Topics in Management

Valuation

Venture Capital Financing

Working Capital Management

World Debt and Emerging Markets

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Global:The TRIUMExecutive M.B.A.Program

The TRIUM Executive M.B.A. program is thefirst executive M.B.A. program to deliver anauthentically global curriculum. TRIUMblends the complementary strengths of threepremier universities—New York UniversityStern School of Business (NYU Stern), theLondon School of Economics and PoliticalScience (LSE), and HEC School ofManagement, Paris (HEC Paris)—and fiveinternational learning locations to ensureglobal depth and focus. Graduates of TRIUMand their firms are equipped to achieve thecritical competitive advantage needed to suc-ceed in today’s increasingly global businessenvironment.

Only TRIUM integrates international eco-nomic, political, and social policy into thebusiness curriculum, as a result of the par-ticipation of LSE. These areas are critical tosuccessful global business but often areneglected in the traditional M.B.A. curricu-lum. NYU Stern brings its strength infinance, international business, and e-busi-ness to the curriculum, and HEC Paris incor-porates its expertise in management andoperational implementation in today’s inte-grated, yet diverse, marketplace. Top-rankedfaculty members teach the modules at theirhome campuses to ensure academic excel-lence and are supported by local expertisethroughout the entire program.

THE TRIUM EXECUTIVE M.B.A.TRIUM is a rigorous program for high-potential executives from around the world,requiring intense concentration and a seri-ous commitment for 16 months. Admittedparticipants benefit from the opportunity to pursue their M.B.A. in a cohort of peersfrom countries around the globe. A mini-mum of eight years of employment experi-ence is required, although a waiver of thisprerequisite may be considered in excep-tional cases. Typical applicants includeexecutives with global responsibilities orprofessionals interested in pursuing inter-national positions within their firms. Anearned undergraduate college degree or itsequivalent is mandatory. Corporate financialsponsorship is expected. Additional factorson which the Admissions Committee basesits decision include the following:

• Record of professional success

• Employment profile and managerialpotential

• International experience

• Results of selection interview

• Written essays• Transcripts• Recommendations from two or more

professionals• TOEFL or IELTS (if applicable)• Employer support

ADMISSION

The TRIUM Admissions Committee com-prises representatives from all three schools,and admissions decisions will be made joint-ly and must be unanimous. Applicants inter-ested in obtaining further information aboutTRIUM prior to applying may request aninformational interview or attend an infor-mation session, which are held at variouslocations around the world. To apply, appli-cants may submit a written application,available in the brochure packet or in a PDFfile that can be downloaded from the TRIUM Web site at www.triumemba.org/admissions. Alternatively, applicants maychoose to apply on-line through the TRIUMcustomized, interactive, on-line applicationsystem, also found at the TRIUM site above.Only applicants who submit a formal appli-cation will be eligible for an invitation to aselection interview at the discretion of theAdmissions Committee.

DeadlinesAdmissions for the TRIUM Executive M.B.A.program is on a rolling admissions policy,and applications will be reviewed as they arereceived. Applicants will be notified withinthree months of submitting their formalapplication (written or on-line). Applica-tions received after the final deadline will begiven consideration only if positions remainavailable. If no positions remain, applicantswill be given the option of having their ap-plication considered for admission to thefollowing class.

Admission Requirements and FeesA nonrefundable application fee of $US180 isrequired. The program fee for TRIUM isUS$87,500 and includes tuition, meals,lodging, books, and materials. This fee is duebefore the start of the program; however,payment schedules can be arranged in casesof necessity. Accepted applicants who enrollin TRIUM must deposit $US8,750 to reservea place in the program. The deposit is non-refundable, but it will be applied to the pro-gram fee. For additional details, refer to theTRIUM brochure and application packet,

available through the TRIUM Program, NewYork University, Stern School of Business, 44 West Fourth Street, Suite 10-90A, NewYork, NY 10012-1126; visit the TRIUM Website at www.triumemba.org; send E-mail toadmissions@triumemba.org; or telephone(212) 998-0442.

CURRICULUM

TRIUM’s curriculum includes 10 residentialweeks, divided into six, one- or two-weekintensive modules, conducted over a 16-month period. Modules are hosted at NYUStern, LSE, and HEC Paris, as well as at twoadditional premier business schools in inter-national locales chosen annually for theirrelevance to current business issues.

The final module will be rotated amongthe three partner schools. In 2003, it will beheld at NYU Stern and in 2004, at HEC Paris.

To optimize classroom time, which fosters“active learning,” the TRIUM curriculumfeatures extensive live classroom hours.Approximately 300 hours of instructor-supervised distance learning is also incorpo-rated into the program to facilitate prepara-tion, follow-up, and individual and teamproject work between the modules.

Between the modules, participants con-tinue to work on individual and teamassignments via E-mail, on-line bulletinboards and chat rooms, and other distance-learning methods. Individually, participantsapply the concepts of the program to theirown companies. The team assignmentsfacilitate cohesiveness and enhance the net-worked nature of the program. The programconcludes with a final team project thatrequires participants to demonstrate theirlearning by developing a written strategy fora firm of their choice. This strategic exercise,which extends over the last several modules,incorporates the concepts, perspectives, andanalytical skills participants have learnedthroughout the program.

MODULES

London School of Economics andPolitical Science September (two weeks)The Political EconomyGlobalization: What it is, why is there adebate? Competing capitalisms: Conver-gence or continued divergence? Globalfinancial markets and corporate gover-nance. Globalization and social cohesion.Managing “deep” integration. Prospects for

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a new international financial architecture.Foreign direct investment: an emerginginternational regime. Integrating emergingmarket countries: Triumph of the Wash-ington consensus? International cooperationafter the Cold War.

New York University Stern School ofBusinessJanuary (two weeks)Global Strategies and FinanceGenerating profit and creating shareholdervalue. Gaining competitive advantages at theproduct/market level. Managing a globalportfolio of businesses. Relationships be-tween performance and structure. Capitalexpenditures, debt versus equity, firm val-uation, restructuring, bankruptcy, andcorporate control. How types of organiza-tions are designed to achieve strategic goals. How internal systems are managed to implement designs.

AsiaApril (one week)Corporate Governance and Ownership,MarketingHow different types of owners orient and con-trol their business. The relationships betweenstockholders, board members, and execu-

tives. How top power is exercised on key deci-sions. Different forms of corporate gover-nance in various countries. Consumerbehavior from a multicountry/multiculturalexperience. Global brand management as acurrent key component for the firm’s strate-gic positioning. Changes in marketing prac-tices and thinking due to the e-commercerevolution.

HEC School of Management, Paris(HEC Paris)July (two weeks)Strategy and Implementation ControlMergers, acquisitions, and alliances as toolsfor global strategy. Structures and controlsystems in multinational, multiproductcompanies. Headquarter-business unitrelations. Strategic cost analysis methods(A.B.C., A.B.M., etc.). Organizational andcultural problems. Managing excellenceand knowledge across the company.International reporting, legal and fiscalconstraints. Managing change. Corporateculture and identity.

Latin AmericaOctober (one week)Managing Diversity, Managing RiskManaging economic, legal, and culturaldynamics in diverse markets. The impact ofdifferent cultures and regulatory environ-ments. Consumer behavior in emergingcountries. Creating consistent global stan-dards. Turning contextual and culturaldiversity into an advantage. Operating inunstable and unpredictable markets. Growthopportunities through privatization andderegulation.

Final ModuleThe final module rotates among the TRIUMpartner schools.January (two weeks)Competing in a New Era and ConclusionThe impact of technology on biotechnology,media and entertainment, and other indus-tries. Branding in an on-line world. Pricingand competition in the e-economy.Leadership and management in an era ofchange and upheaval. Ethical and philo-sophical questions. Completion of the finalproject, with full-scale presentation to three-school board and faculty, outside academics,and industry experts.

In today’s increasingly competitive businessenvironment, corporations are exploringinnovative strategies to develop and retaintheir top talent. To help firms meet thisincreasingly challenging objective, Execu-tive Programs selectively work with top-tier corporations to design corporate degree

programs. Professionals who pursue theirM.B.A. through an employer-sponsoredcustom program are held to the same rigor-ous academic standards and applicationrequirements that constitute the Sterneducational experience. Similar to otherdegree programs offered at Stern, an ad-

missions committee will review all appli-cations received and determine candidatesqualified for enrollment in the program. For more information, please contact the Executive Programs office at 44 WestFourth Street, Suite 10-66.

Corporate Degree Programs

OPEN ENROLLMENT

For working professionals interested in gain-ing up-to-the-minute knowledge on issuesthat affect them daily in the business world,Executive Programs offers a diverse set ofrelevant, rigorous courses in flexible formats.World-class faculty members teach coursesin disciplines including finance andaccounting; management and strategy;leadership and communication; e-business;and entrepreneurship. Select courses arejointly sponsored by Stern and other leadinginternational institutions of higher educa-

tion and are offered both in New York andabroad. For more information on the latestopen-enrollment course offerings, contactthe Executive Programs office at 44 WestFourth Street, Suite 10-66.

CUSTOM

For companies interested in providing anexecutive education for their employees thatis uniquely tailored to address specific needsand interests, Executive Programs also offerscustom nondegree programs. Workingclosely with each client, Executive Programs

develops and delivers a custom program thatwill equip the firm’s employees with theknowledge and tools needed to achieve cor-porate goals. Executive Programs activelycollaborates with companies on the design,level, focus, method, and schedule that bestsuits the target group within the organi-zation. A custom program is an efficient way to communicate to a team or develop a team-oriented focus on a particular cor-porate objective. For more information on custom nondegree programs, contact the Executive Programs office at 44 WestFourth Street, Suite 10-66.

Nondegree Programs

26

Life of a Faculty Member

Doctor of Philosophy ProgramDirector: Edwin J. Elton • Program Office: Tisch Hall, 40 West Fourth Street, Suite 8-11 • Telephone: (212) 998-0740

n emphasis on research and knowledgecreation distinguishes the Ph.D. from otherdegrees offered at Stern. The Ph.D. Pro-

gram deepens a student’s understanding of a field of study and research methods and prepares the stu-dent to conduct independent investigations. Each Ph.D. dissertation makes an original and significantcontribution to knowledge.

The Doctor of Philosophy Program is primarilyintended to prepare students for faculty positions atmajor academic institutions.

Business schools have a continuing demand forPh.D. graduates, and we are proud of our placementrecord. In fact, Stern placed fourth in the doctoral rat-ing category of the Financial Times 2001 E.M.B.A. rankings, a measure of both the quality and number ofour Ph.D. placements. Recent placement has been in U.S. universities including Brown, Carnegie Mellon,Columbia, Cornell, Harvard, Massachusetts Institute of Technology, Michigan, North Carolina, Stanford,University of California at Berkeley, University of California at Los Angeles, University of Pennsylvania (Wharton), Wisconsin, and foreign universities such as INSEAD, London Business School, and University of Toronto.

The Ph.D. Program is also appropriate for students seeking highly specialized research positions ingovernment or agencies such as the Federal Reserve Board or the Securities and Exchange Commission. For example, recent graduates have been placed in research positions at the Federal Reserve, the World Bank, and the Indian government. Those students interested in industry employment should examine master’s degree programs discussed elsewhere in the bulletin.

A

A faculty member has two major responsibil-ities: research and teaching.

Research requires self-discipline, intellec-tual curiosity, creativity, and technical skills.Thus, students admitted to the Doctor ofPhilosophy Program will have demonstratedthese qualities in their academic perfor-mance, high scores on standardized tests,and through former teachers conveyingthese qualities in evaluation letters. Faculty

members have tremendous freedom inchoosing research areas that interest themand in how they allocate their time.Successful faculty members enjoy this free-dom and thrive in an unstructured envi-ronment. The hours a faculty member works in a week are as many as those in any other high energy profession, but faculty members have the freedom to se-lect what to work on, and they have

great control over their schedule.Great teaching is first of all an attitude, a

feeling that imparting knowledge is impor-tant. Effective teachers enjoy the intellectualgive and take of the classroom and are excit-ed when students grasp difficult concepts.Successful teaching also requires the timeand effort to make the classroom excitingand productive.

How Should a Student Select a Ph.D. Program?

The most important characteristic of aschool that a prospective student shouldexamine is its research environment. Ina study published in the December 2000

Academy of Management Journal,Stern ranked fourth overall out of morethan 400 universities for faculty researchproductivity in top-tier academic jour-

nals. Five of Stern’s areas of study wereranked in the top 10.

Stern’s faculty, which number over 200,include current and past presidents of aca-

27

demic associations, members of the NationalAcademy of Arts and Sciences, award-win-ning authors, and dozens of scholars whoseresearch and teaching skills are recognizedworldwide. In addition, 71 of Stern’s facultymembers serve on the editorial boards ofleading research journals.

The size of Stern’s faculty means that nomatter what your research interest is, or whatit becomes, you will have distinguished pro-fessors who can train you and share yourinterests. This is a great advantage in com-

parison to schools with a limited number offaculty members in each area.

NYU’s faculty members have broad theo-retical interests and strong technical skills.Moreover, our location means that the facul-ty members also have great institutionalknowledge and access to important industrypractitioners and influential policymakers.Thus, Stern students develop real-worldsmarts as well as strong analytical and con-ceptual tools.

NYU’s location has another advantage.

Much of the data that is interesting toanalyze is within business firms or finan-cial institutions. Because of our strong ties to New York City’s global businesscommunity, Stern doctoral students havegreater access to this data than do stu-dents elsewhere.

Finally, Stern’s faculty is one of the most international of any major busi-ness school, broadening the scope of thePh.D. experience.

Admission Criteria

More than any other program, Ph.D. admis-sion places emphasis on past academicaccomplishments and on evidence ofpromise as shown in standardized test scores,

transcripts, and evaluation letters. Ph.D. stu-dents need a high degree of technical com-petence, energy, creativity, and intellect and aclear career goal. We look for evidence of

these qualities in applicants’ essays andrésumés.

Procedures An application may be obtained through ourWeb site at www.stern.nyu.edu/phd; bywriting to the Doctoral Office, Stern Schoolof Business, New York University, 40 WestFourth Street, New York, NY 10012-1118; or by calling the Doctoral Program Office at(212) 998-0740.

GMAT scores are required. While we preferthe GMAT, we will accept GRE scores. Forapplicants whose native language is notEnglish, the Test of English as a ForeignLanguage (TOEFL) score is required inaddition to GMAT scores. You must plan totake these tests so that we have results by

February 1. Check with Educational TestingService (ETS) to find out the last date bywhich to register to ensure that your testscores reach us in time. The ETS reportingcode for the GMAT and TOEFL is 2586; thereporting code for the GRE is 2582.

Application Deadline

The deadline date for submitting the appli-cation is FEBRUARY 1. We admit one classa year, which starts in September. We admitfull-time students only.

Financial Aid A Ph.D. student need not apply separately forfinancial aid because the Ph.D. AdmissionCommittee assumes that every doctoral stu-dent wishes to receive aid. Awards consist ofstipends and tuition scholarships and recog-

nize merit rather than need. Funding isguaranteed for five years with satisfactoryacademic progress.

The Stern School makes every effort tooffer financial aid similar to packages

offered by other high-ranking doctoralprograms. The current financial aidpackage is listed on our Web site.

The Stern School offers majors in eight fieldsof study. Additionally, students may choose tocomajor in international business with anyof the majors listed below:

• Accounting

• Economics

• Finance (corporate finance andinvestments)

• Information Systems

• Management (corporate strategy, organi-zational behavior, organization theory)

• Marketing

• Operations Management

• StatisticsMajors

Web Site For the most complete and current informa-tion on the doctoral program, please visit ourWeb site at www.stern.nyu.edu/phd. This

site contains links to the Web pages of eachour major areas, listings of faculty and stu-dent papers, recent dissertation titles, and

other information of interest to prospectivestudents. We regularly update the Ph.D. Website, so we encourage you to check it often.

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Doctoral study begins with three researchskills methodology courses. The studentmust demonstrate competence at the Ph.D.level in probability, statistics, and microeco-nomics. Each program of study must incor-porate the three research skills methodologycourses, seven courses in the major field, andfour electives. The program of study for aninternational business comajor must in-

clude the three research skills methodologycourses, four courses in international busi-ness, six courses in a comajor field, and onecourse to be approved by the area coordina-tor. In addition, all students must completefive research practica, one teaching practi-cum, and four dissertation seminars.

After completing all course work, eachstudent takes a comprehensive examination.

The doctoral program concludes with a stu-dent’s writing and defending a dissertation.The student works with a dissertation com-mittee consisting of a chairperson and atleast two other faculty members. Usually, thechairperson and one committee memberrepresent the major field, and one memberrepresents an outside field.

DoctoralProgram ofStudy

Rules and Regulations

Course requirements, time limits, andother procedures are thoroughly explainedin the doctoral handbook. Each enrolleddoctoral student must obtain a copy anduse it as a reference.

Time Limits andResidency

Students complete the program on average infour to five years. A student should pursue thedoctoral program with a strong commitment.A student who extends the doctoral programbecomes less likely to complete it. Moreimportantly, courses taken several years agooften represent knowledge that has grownobsolete. Therefore, every student must do thefollowing:

1. Pass the comprehensive examination be-fore starting the third year of the program.

2. Successfully defend a thesis proposal bythe end of the fourth year.

3. Complete all degree requirements withinsix years.

4. Maintain continuous matriculation.

There are other rules that govern time limits.They are explained in the doctoral hand-book. All students should obtain a copy andbe careful to follow these limits. Students notmeeting these limits are asked to leave theprogram.

Computing Facilities

All doctoral students have personal com-puters and desks assigned to them. About 20new machines are bought each year for doc-toral student use. Each Stern student receivesa Novell account, an E-mail account, and anaccount on Sales (Unix time-sharing sys-tem). Novell accounts provide access to the

computers in offices, computer labs, on E-mail stations, and electronic classrooms.Space on Sales is available to all students forpublishing Web pages. Sales also providesaccess to applications software, includingSAS and SPSS for statistical analysis.Microsoft Windows, Microsoft Office, Net-

scape Navigator, Minitab, Lindo, and manyother course-related applications are avail-able to the Stern community. All Stern com-puters are networked and provide access tothe Internet, E-mail, Unix (Sales), and laserprinters. For more information, see page116, Computing at Stern.

Prerequisites Prerequisites are calculus, matrix algebra,basic economics (microeconomics andmacroeconomics), financial accounting,and psychology or sociology. A student cancorrect a deficiency in psychology or sociol-

ogy or accounting during the first year ofstudy, but every student should satisfy theprerequisites in calculus, economics, andmatrix algebra prior to starting doctoralstudy. Previous graduate work is not an

admission requirement. When appropriate,credit may be given for past academic workin meeting part of the course requirements.

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Accounting, Taxation, and Business Law

he accounting, taxation, and businesslaw curriculum is intended for the busi-ness professional who wishes to gain

a deeper understanding of accounting systems and their role in decision making within and outside of the business entity. It offers an attrac-tive second major for students in finance who wishto specialize in financial statement analysis, as well as courses of specific interest for managers in various fields.

T

Chairman: Paul R. BrownProfessors: Kashi R. Balachandran, EliBartov, John S. Bildersee, Frederick D. S.Choi, Seymour Jones, Baruch Lev, JoshuaLivnat, James Ohlson, Joshua Ronen, George H. Sorter

Associate Professors: Paul R. Brown,Alex Dontoh, Haim Dov Fried, Teresa John,April Klein, Ajay Maindiratta, Stephen Ryan,Jeremy Wiesen, Paul ZarowinAssistant Professors: Jeanne Calderon,Dan Gode, Richard Hendler, Rachel Kowal,

Carol Marquardt, Partha MohanramDepartment Office: Tisch Hall, 40 WestFourth Street, 3rd and 4th FloorsM.B.A. Program Adviser in Account-ing: Ajay Maindiratta

Accounting The graduate program in accounting offerselective courses in the areas of financialstatement analysis, financial accounting,managerial accounting, business law formanagers, and strategic business planningand taxation. These courses are intended toaid students in gaining a deeper understand-ing of accounting reports, the constructionof an accounting information system tostrengthen the firm’s competitive advantage,the opportunities available in minimizingtax payments, and the implications of thelegal system for managers.

To major in accounting, the student maytake any 12 credits of B10 or B95 course workas described in the courses below. Full-timestudents interested in the CPA ProfessionalProgram track should contact the M.B.A.Academic Advising Office. (The CPAProfessional Program is not available toLangone students.) In addition, studentsshould visit the department’s Web site,www.stern.nyu.edu/acc, for information

on current course offerings and how theyrelate to various fields.

Financial Accounting andReportingB01.1306

Financial Reporting andAnalysisB10.2302

An Integrated Approach toFinancial Statement AnalysisB10.2303

E-Commerce: Accounting,Control, and ValuationB10.3150

Information Analysis forManagerial DecisionsB10.3305

AuditingB10.3313

Topics in Corporate Strategiesand Financial DisclosuresB10.3320

Analysis of FinancialInstitutions and FinancialInstrumentsB10.3321

Accounting for Mergers,Acquisitions, and RelatedMattersB10.3330

International Accounting andFinancial Statement AnalysisB10.3335

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Accounting and Valuation Issues in theEntertainment, Media, andTelecommunications IndustriesB10.3355

Accounting, Tax, and LegalIssues for EntrepreneursB10.3360

Entertainment LawB95.2120

Taxation of Individuals andBusiness IncomeB95.2302

Strategic Business Planning and TaxesB95.2305

Business Law for ManagersB95.2314

Taxation of Mergers, Acquisitions, and RelatedMattersB95.3336

Tax Aspects of InternationalBusinessB95.3343

Doctoral Courses

Seminar on Accounting ThoughtB10.4110

Doctoral Seminar in AccountingB10.4111

Theory and Research inManagerial AccountingB10.4302

Financial Accounting andReportingB01.13063 credits.Accounting reports are an important meansof communication with investors. Thiscourse focuses on the development, analysis,and use of these reports. It provides anunderstanding of what these reports contain,what assumptions and concepts accountantsuse to prepare them, and why they use thoseassumptions and concepts. It uses simpleexamples to provide students with a clearunderstanding of accounting concepts. Itstresses the ability to apply these concepts toreal-world cases, which by their very nature are complex and ambiguous. In addition totext-oriented materials, the classes alsoinclude cases so that students can discussapplications of basic concepts, actual finan-cial reports, and articles from newspapers. Inaddition to traditional introductory topics,other topics may include mergers and acqui-sitions, purchase and pooling, free cash flow,and financial statement analysis.

Financial Reporting andAnalysisB10.2302Prerequisite: B01.1306. Not to be takenby students who have taken B10.3320. 3 credits. Fall and spring terms.The course uses tools learned in FinancialAccounting and Reporting, such as ratio andaccounting analysis, to discuss, in depth,financial reporting principles, emphasizingthe link between the reporting principles andthe financial statements. Students learn how management uses financial reporting

decisions to influence reported income andasset and liability values, and they gain the tools necessary to analyze the impacts of alternative reporting decisions on finan-cial statements. It is ideal for students who wish to pursue careers in investmentbanking, investment management, andconsulting as well as public accounting. In addition to being a required course forCPA-track accounting majors, it is a highlyrecommended course for majors in fi-nance, economics, marketing, and infor-mation systems.

An Integrated Approach toFinancial Statement AnalysisB10.2303Prerequisite: B01.1306. 3 credits.Describes financial reporting objectives andmethods used by corporations. Focuses onthe analysis of the information in corporatefinancial statements, including the impactof alternative accounting procedures andassumptions. Offers ways to adjust for select-ed reporting differences. Discusses applica-tions using cross-sectional and time seriesanalysis. Case studies (including firms withinternational operations), computer data-bases, and computer-based assignments maybe used. An understanding of basic financialconcepts is recommended.

E-Commerce: Accounting,Control, and ValuationB10.3150Prerequisite: B01.1306. 1.5 credits.This course addresses a set of unique finan-cial reporting and managerial control issuesthat result in e-commerce firms having val-

uations seemingly different from most otherfirms. Financial reporting issues affectingfirms in the digital economy include howand when revenue is recognized, howexpenses are recognized for the granting andexercising of employee and director stockoptions, and the treatment of expendituresrequired to build important assets such assoftware and brand recognition. Uniqueaspects of managerial control in e-com-merce firms include security of systems andtransactions, integrity of record keeping,employee compensation, and considerationsprovided to suppliers. The course also exam-ines market valuation of e-commerce firms.

Information Analysis forManagerial DecisionsB10.3305Prerequisite: B01.1306. 3 credits.This course complements courses addressingoperational management, marketing, andstrategy. Cost management plays a key sup-porting role in the creation of more value tothe consumer of a firm’s products and ser-vices, thus enhancing its competitiveness.Any organization can benefit from cost man-agement systems that accurately provideinformation and facilitate integration of ini-tiatives such as total quality, new productand service design, cost reduction, and busi-ness process improvement, which enhancetheir competitiveness and profitability.

Topics include design and implementa-tion of cost measurement systems for pro-duction and strategy choice; managementcontrol; enhancement of quality; timelinessand the measurement of customer, product,and market regional profitability; and the

Course Descriptions

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use of cost information during design andproduction stages. Learn to cost products,services, and strategies in manufacturing,financial, and service industries with accu-racy. Activities that do not contribute value tothe firm and those that increase efficiency ofoperations are discerned, facilitating intelli-gent strategic budgeting processes. Efficientcost-reduction approaches, monitoring ofperformance, quality enhancement projects,and strategies to increase profitability of thefirm are components of the course. Learn tomeasure outcomes through performancemeasures such as deviations from standardnorms, return on investment, economicvalue added, and balanced scorecard tech-niques. Tools such as activity-based costing,target costing, Kaizen, and customer prof-itability analysis are discussed using appro-priate case studies from companies.

AuditingB10.3313Prerequisite: B01.1306. 3 credits. Fall and spring terms.An intensive study is made of fundamentalconcepts and principles underlying theexamination of the financial statement bythe independent public accountant. Auditingand reporting standards and the responsibil-ities assumed by the auditor in the attestfunction are analyzed within the broadframework of the code and principles of pro-fessional conduct. Emphasis is placed on theevaluation of evidential matter and the sys-tem of internal control. Current literature isexamined, including the publications of theAICPA Auditing Standards Board.

Topics in Corporate Strategiesand Financial DisclosuresB10.3320Prerequisite: B10.2303. 3 credits. Fall and spring terms.This is a fact-based course that addressesreporting and disclosure issues for threeaspects of corporate mergers and acquisi-tions. Coverage emphasizes (1) ways tolegally structure a merger or acquisition; (2) tax laws and strategic planning formergers and acquisitions; and (3) account-ing rules behind mergers and acquisitions.New accounting rules for mergers andacquisitions and goodwill are addressed andevaluated. In moving from subject to sub-ject, the various aspects of the course areintegrated. At the end of the course, students

know how to structure a deal to satisfy aclient’s demand for legal, tax, and account-ing attributes.

Analysis of FinancialInstitutions and FinancialInstrumentsB10.3321Prerequisite: B10.2303. 3 credits.Focus is on consolidations, mergers andacquisitions, foreign currency translation,and other timely accounting issues. Includesfinancial statement analyses of specializedservice industries such as utilities, commu-nications, insurance, and financial services.Case studies of selected firms, cross-sectional,and time-series analysis may be used.

Accounting for Mergers,Acquisitions, and RelatedMattersB10.3330Prerequisite: B01.1306. Not to be takenby students who have taken B10.3320. 3 credits. Fall and spring terms.This course focuses on four major issues infinancial reporting: accounting for mergersand acquisitions; preparation of consoli-dated financial statements; the translation of foreign currency financial statements and foreign currency transactions; andaccounting for derivatives including the use of derivatives in hedging transactions.Recommended for both accounting andfinance majors.

International Accounting andFinancial Statement AnalysisB10.3335Prerequisite: B10.2303. 3 credits.This course focuses on policy issues of for-eign currency translation, global inflation,transnational reporting and disclosure,international accounting and auditingstandards. Financial statements of multina-tional and foreign firms are used for finan-cial statement analysis. May include casestudies, computer-based assignments, andresearch projects.

Accounting and Valuation Issues in the Entertainment, Media, andTelecommunications IndustriesB10.3355Prerequisite: B01.1306. 3 credits.This course examines accounting and valu-

ation issues that are distinctive to the variousEMT industries. The first part of the coursedescribes financial economic phenomenathat are common to these industries, such asthe nature and importance of tradeoffsbetween fixed and variable cost structures;significant contingent aspects of compensa-tion and financing contracts; and the ten-sion between accelerating and delayinginvestments given potential first moveradvantages but high uncertainty. The secondpart of the course discusses special rules thatgovern financial accounting in these indus-tries. Emphasis is placed on the limitationsof accounting numbers given the largelyintangible nature of the economic assets(e.g., subscriber bases, libraries, and brands)in these industries. The third part of thecourse is devoted to case and financialanalyses of firms in specific EMT industries.

Accounting, Tax, and LegalIssues for EntrepreneursB10.33603 credits.The course offers students an opportunity tobe exposed to the actual accounting, tax,and legal issues confronted by entrepreneurs.This is partcularly useful for students whointend to start their own business and thosewho either wish to be part of the manage-ment of entrepreneurial businesses or whointend to incubate new businesses within thestructure of major corporations. Providespractical business tools to start, develop, andmaintain new entrepreneurially managedbusinesses and to understand the psychologyand sound financial business practices of theentrepreneurial world in order to be a suc-cessful entrepreneur.

Entertainment LawB95.21201.5 credits.Focuses on the entertainment aspects ofmass media. Major topics include the limitsof a free press and the balance between theright to publish and the right to privacy,torts, and other laws.

Taxation of Individuals andBusiness IncomeB95.2302Prerequisite: B01.1306. 3 credits.The purpose of this course is to develop, on a sound conceptual base, a basic under-standing of federal income taxation to

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provide tools for a practical application tobusiness and nonbusiness situations.Includes such topics as capital asset andproperty transactions, business and personaldeductions, depreciation, depletion,accounting methods and periods, retirementplans, tax credits, and the alternative mini-mum tax system. While the emphasis is onbusiness income of individuals, the coursealso provides an introduction to the taxationof corporations and partnerships. During thefall semester, the students are required toenter the annual tax tournament scheduledfor late November. Students in the springsemester are required to complete a grouptake-home project similar to the tax tourna-ment case study.

Strategic Business Planning and TaxesB95.2305Prerequisite: B01.1306. 3 credits.The objective of this interdisciplinary courseis to consider the tax environment, institu-tional constraints, legal procedures, and theorganizational structure in arriving at opti-mal business decisions. Modern economictheory of tax planning is used to analyzedecision making, explain institutionalarrangements, and predict the effects ofchanging tax environments for businesses.Concepts are applied to compensation andpension planning; employee stock owner-ship plans; multinational tax planning; cap-ital structure and dividend policy; debtfinancing to eliminate corporate level taxes;repackaging ownership rights through jointventures and partnerships; mergers andacquisitions; tax-free reorganizations anddivestitures; and preservation of tax attrib-

utes in reorganizations. Classroom discus-sions include problems and case studies.

Business Law for ManagersB95.23143 credits. Fall and spring terms.Focus is on elements of business law that areessential for basic management of businessoperations. Topics include the law of con-tracts, sales, partnerships, corporations,securities, and accountants’ legal liability.Cases are included in the course.

Taxation of Mergers,Acquisitions, and RelatedMattersB95.3336Prerequisite: B01.1306. 3 credits.A study of the income tax rules relating to theformation and operation of business corpo-rations. Includes such topics as the organ-ization of the corporation, redemptions,liquidations, reorganizations, divisions,multiple corporations, corporate tax attrib-utes and carryovers, state income taxation,and U.S. taxation of foreign source income.The emphasis is, however, on the tax aspectsof mergers and acquisitions. Classroom dis-cussions include problems and case studies.Students are assigned a group project requir-ing the solution of a case study in the area ofcorporate reorganizations and divisions.

Tax Aspects of InternationalBusinessB95.3343Prerequisite: B01.1306. 3 credits.Considers the determination and adminis-tration of U.S. income tax liabilities resultingfrom international transactions. Explores

the significant U.S. tax considerations thatconfront foreign business participating inthe U.S. economy and U.S. business derivingincome abroad. The objective is to give stu-dents tools necessary to identify and resolvethe pitfalls and opportunities of cross-borderactivities. Classroom discussions includeproblems and case studies. Students areassigned a group project requiring the solu-tion of a case study in the area of interna-tional taxation.

Doctoral Courses

Seminar on Accounting ThoughtB10.41101.5 credits.Examines social science methodology andcontemporary accounting theory to providea framework for analyzing the evolution ofaccounting thought. Examines works ofclassic theorists (Sprague, Hatfield, Paton,Canning, and Vatter) and isolates pivotalconcepts in theory development. Examinesissues of current interest in a historicalperspective.

Doctoral Seminar in AccountingB10.41111.5 credits.An in-depth doctoral course examining oneor two areas of current accounting research.Content may vary from year to year.

Theory and Research inManagerial AccountingB10.43023 credits.An in-depth course dealing with currentresearch topics in managerial accounting.

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Economics

ore than 70 years ago, John MaynardKeynes put it succinctly: “The ideas of economists . . . are more powerful

than is commonly understood. Indeed the world is ruled by little else.”

The Department of Economics at the Stern Schoolstresses the development of tools, concepts, andtechniques useful in problem solving and is thusuniquely suited to serve the needs of the business andfinancial communities.

Economics is the cornerstone of any academic pro-gram in business. Economic theory provides the foun-dation for virtually every discipline in the businessschool curriculum. Without a theoretical framework,problem solving is only an ad hoc procedure.

The Stern School’s economics faculty is composed of specialists and generalists who cover a wide range ofeconomic thought and applications.

Economics can be divided into two broad areas: microeconomics and macroeconomics. Microeconomicsfocuses on the theory and activities of individual consumers and businesses. It studies market structures, pric-ing policies, business strategies, and, generally, optimal decision making by economic agents. Macroeconomicsis concerned with aggregate economic activity and its determinants. It studies inflation, unemployment, andoutput and how monetary and fiscal policy affect all of them.

Studying economics provides an invaluable perspective to anyone choosing a career in business or in areasof government involved with business.

Chairman: Thomas Cooley

Professors: David Backus, Luís Cabral,Thomas Cooley, George Daly, DanielDiamond, Nicholas Economides, William H.Greene, John Guilfoil, Barbara G. Katz,Robert Kavesh, Rita Maldonado-Bear,Thomas Pugel, Roy Radner, Rama

Ramachandran, Ryuzo Sato, William Silber,George Smith, Marti Subrahmanyam,Richard Sylla, Paul Wachtel, Ingo Walter,Lawrence White

Associate Professor: Nouriel Roubini

Assistant Professors: Alessandra Fogli,Fabrizio Perr i , Vincenzo Quadrini

Adjunct Faculty: Adam B. Ashcraft,Margaret M. McConnell, Donald P. Morgan,James Orr, Simon Potter, Edward Steinberg

Department Office: KMC, 44 West FourthStreet, 7th Floor

M

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Courses in Economics

CORE COURSES

Understanding Firms andMarketsB01.13033 credits.For description, see page 16.

Global Business EnvironmentB01.23033 credits.For description, see page 17.

COURSES PRIMARILY FORMASTER’S DEGREE CANDIDATES

Financial History: Money andPower, 18th to 21st CenturiesB30.21011.5 credits.This course studies the interactions of pol-itics, economics, and finance that haveshaped nation-states and the world economyduring the past three centuries. Topicsinclude the warfare state: taxation, represen-tation, and administration; public debts,defaults, and inflation; the bond market andinterest rates; distributional aspects of taxa-tion and public spending; electoral eco-nomics; financial globalization, exchangerates, and monetary unions; global democ-ratization; and economics and power.

Entrepreneurial Leadership:Patterns and ProcessesB30.23053 credits.Entrepreneurship is the introduction of sig-nificant change into economic life. Thiscourse examines the manifold aspects ofentrepreneurship and its impacts on eco-nomic development, primarily through theclose examination of biographies of rep-resentative “actors,” to illuminate ourunderstanding of some basic economic andhistorical theories about entrepreneurship.Addresses such questions as the following:What is the relationship between entrepre-neurial undertakings, on the one hand, andculture and institutions, on the other? Howcan society and its organizations enhanceentrepreneurship? Are there typical problemsthat every entrepreneur must confront andsolve to be successful? Can we discern com-mon personality traits or behavioral attri-butes among the various entrepreneurs in our study?

Global Economic Integrationand EntrepreneurshipB30.2315Prerequisite: B01.2303. 3 credits.The course is divided into two parts. The firstpart examines the factors that motivate theprocess of economic and monetary integra-tion, with special attention devoted to thestudy of integration within particularregions, namely Europe, North America andAsia. It explores the benefits of trade andmonetary integration and analyzes the con-ditions that need to be satisfied for countriesto enjoy these benefits. The second part of thecourse studies several aspects of entrepre-neurship with particular attention to theopportunities and challenges that larger andmore integrated markets create for entre-preneurial initiatives. Special attention isdevoted to the financing of new and smallenterprises and the development of the ven-ture capital market. The ways in whichentrepreneurship affects the economicgrowth of the country and the factors thatstimulate entrepreneurship are additionalareas of focus.

Economic and Business Historyof the United StatesB30.2330Prerequisites: B01.1303 and B01.2303. 3 credits.This course examines the historical develop-ment of American enterprise since the begin-nings of the industrial revolution. Its focus ismainly on the entrepreneurial forces thatshaped the rise and evolution of the moderneconomy and business system. Takes intoaccount business strategy and structure,finance, management, labor organization,technology, transportation, communi-cations, and public policy. Discusses thebroader economic, cultural, and politicalconstraints within which American enter-prise has been shaped. The goal is to imparta long-term perspective from which contem-porary business can be understood and tointroduce students to historical ways ofthinking about economic development.

Monetary Policy, Banks, andCentral Banks B30.2333 3 credits.The structure of the financial system and therole of central banks are often in the news asvarious countries cope with banking crises or

chronic inflation. This course examines thestructure of financial systems from both per-spectives. Emphasis is given to topics that arerelevant in current policy making, such asdollarization, the European MonetaryUnion, deflation in Japan, and inflation tar-geting. Central bank structures such as theFederal Reserve and the European CentralBank are studied and frameworks for under-standing the tools of policy are developed.The conduct of monetary policy and itseffects on the macroeconomy are examined.The causes of financial crises are also exam-ined, with emphasis on policies designed toprevent them, such as the new capital ade-quacy regulations, deposit insurance, andthe lender of last resort function of centralbanks. Students are asked to suggest topicsand to report on specific events and issues.

Comparative Analysis of theJapanese and U.S. EconomiesB30.2337Prerequisites: B01.1303 and B01.2303. 3 credits.Examines the Japanese economy as anapplication of modern macro- and micro-economics. Provides a comparative analysisof the Japanese economy, in particular, withthe U.S. economy. Topics include historicalperspective and modernization, postwar eco-nomic growth and technical change, indus-trial structure, public finance and tax sys-tem, financial liberalization, political econo-my of trade friction, exchange rate, andJapanese management style.

Global Perspectives on theHistory of EnterpriseB30.23383 credits.This course compares the rise and evolutionof modern corporate enterprise acrossnations. Considers the social and economiccontexts for and the patterns of creation,growth, and change in industrial organiza-tion from the “first industrial revolution” tothe present day. Discusses how and why dif-ferent societies have achieved competitiveadvantages in domestic markets and globaltrade at different times. Examines the effectsof culture, technology, finance, and govern-ment on the economies of England, Ger-many, Japan, the United States, and the EastAsian “tigers,” as well as newly developingand lagging economies around the world.

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Current Economic andFinancial Problems: Rhetoric,Reality, and RemediesB30.23423 credits.Provides an overview of a broad range ofissues and problems confronting the busi-ness and financial communities. Topicsinclude the outlook for the world economy;interest rates and stock prices; the balanceof payments problem; the changing struc-ture of the money and capital markets; theissue of inflation/deflation; governmentalregulation and deregulation; and the cur-rent fiscal and monetary scene. Problemsare approached on both domestic andinternational bases. The goal is to providea sense of perspective and interdependencein dealing with forces and factors thatinfluence decision makers.

TelecommunicationsEconomics and DigitalConvergenceB30.23453 credits.This course analyzes the economics oftelecommunications and related services,including cable television. We study the evo-lution of the telecommunications industry,paying special attention to the crucialantitrust intervention that resulted in the1984 breakup of AT&T and to the reformattempted by the Telecommunications Act of1996. We study in-depth the economics ofmonopoly and oligopoly as applied to net-work industries, and, in particular, totelecommunications markets. We analyze thecurrent wave of mergers and consolidation inthe industry from the perspective of “digitalconvergence” and predict the framework anddirection of industry change.

International MacroeconomicPolicy: Theory and Evidencefrom Recent Financial Crises B30.2380Prerequisite: B01.2303. 3 credits.This course is an introduction to interna-tional macroeconomics, and a review andanalysis of current international macroeco-nomic and financial issues, policies, andevents, including interest rates, exchangerates, and asset prices in the global economy;causes and consequences of trade deficits

and external imbalances; the Asian and theglobal financial crisis of 1997-1999 and thepolicy response to it; causes of currency,banking, and financial crises; short- andlong-term effects of monetary and fiscal pol-icy; the drive to reform the internationalfinancial architecture; the debate on IMFand World Bank reform; emerging marketsexternal debt and attempts to restructure it(the “bail-in/burden sharing” debate); andthe globalization of financial markets. Thesetopics are integrated into a theoreticalframework that stresses international factorsfrom the start. Examples from the UnitedStates, Europe, Japan, and emerging marketeconomies are used to enhance knowledge ofthe world economy.

Post-Soviet Economies inTransitionB30.2383Prerequisites: B01.1303 and B01.2303. 3 credits.More than 10 years after the fall of the BerlinWall, the economies in transition report var-ied experiences. Generally, the EasternEuropean countries are faring better thanRussia and the other successor states to theformer Soviet Union. With few exceptions,however, the performances of these countriesare problematic and sometimes poor. Whyhas it proven so difficult for these formercommunist countries to replace their failedcentrally planned economies with marketeconomies? In large measure, the answerscan be traced to aspects of the discreditedcentrally planned mechanism and the eco-nomic environment it engendered. Initially,it was anticipated that if the old system weredismantled and capitalism given a chance tobegin, that capitalism would flourish, thusaccomplishing the transition. Due to the per-sistence of the deep distortions created bycentral planning in the communist environ-ment, however, this has not proven to beenough. While ownership may no longer bein the hands of the state, effective marketeconomies have rarely been forged. Incomelevels have fallen, income inequality hasrisen, many transitions take place outsidethe normal economic channels, and there issubstantial capital flight. In many casescrony capitalism has been the outcome. Thiscourse provides a framework for understand-ing the process of transition by furnishing a

basic knowledge of both Soviet economichistory and the administrative-commandmechanism identified with Soviet centralplanning. Against this background, the eco-nomics of transition are explored. Particularattention is devoted to the following issues:the appropriate speed of transition, privatiza-tion, restructuring, corporate governance,banking and financial markets, and growthand macroeconomic stability.

International Competition andthe Multinational EnterpriseB30.2385Prerequisites: B01.1303 and B01.2303. 3 credits.This course addresses several questionsinvolving a firm’s international activities. Itbegins by examining aspects of the interna-tional economic environment of a firm.First, building on the international conceptsdeveloped in the core courses, the courseexamines trade policy in both perfectly com-petitive and imperfectly competitive indus-tries. Next, it examines recent changes in theinternational competitive environment withan emphasis on regional commercial inte-gration; the operations of fixed exchangerate systems, such as the European MonetarySystem; and the impacts of internationalborrowing and lending. The course thentakes an in-depth look at multinationalenterprises, examining the economic forcesthat give rise to multinationals and theimpact of multinational enterprises oninternational trade, product, and factormarkets and on the economies of the homeand host countries.

The Social and EconomicSetting of BusinessB30.23893 credits. Not open to students who havealready taken B30.2342.Deals with the relevance of major economic,historic, political, social, and cultural factorsto the problems of the American businesscommunity. Analyzes rival philosophies ofeconomics—“liberalism” and “conser-vatism.” Traces major forces and trends inthe formulation of policy in an environmentof power blocs and pressure groups.

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Financial HistoryB30.2392Prerequisites: B01.1303 and B01.2303. 3 credits.Study of the historical development of finan-cial institutions and markets. Covers mone-tary, banking, central banking, and capitalmarket history. Topics include the compo-sition, growth, and fluctuations of money;evolution of banking systems and their regu-lation; development and rationale of centralbanking; and major trends and fluctuationsin stock, bond, and money markets.Attention is given to international influencesand comparisons, as well as to majorinstances of financial instability.

Economic Regulation andManagerial Decision MakingB30.3313Prerequisite: B01.1303. 3 credits.Explores the economics of regulation, law,and public policy and their applications tobusiness activity. The economic principlesunderlying regulation and other laws affect-ing businesses are discussed. Analysis of theapplications of regulation, governing bothits intended and unintended effects, and itslegal and institutional framework, areexplored. Emphasis is placed on developingpractical understanding for business deci-sion making.

COURSES PRIMARILY FORPH.D. CANDIDATES

Advanced MicroeconomicTheory (Microeconomics II)B30.3312Prerequisite: B30.3334 or the equivalent.3 credits.As a sequel to Microeconomics I, this coursecovers the basics of game theory and oligop-oly theory. The main focus of this course ison strategic interactions, where few agentshave to take into account the effect of theiractions on others. We discuss simultaneousand sequential games in extensive and nor-mal forms and apply noncooperative andcooperative equilibrium concepts. We thengo to applications in the choice of price, vari-ety, and quality in oligopoly and monopo-listic competition; strategic coordination,collusion, and creation and stability of

cartels; first mover’s advantage and dis-advantage; nonlinear pricing; economics of networks, including financial networksand innovation.

Macroeconomic Analysis(Macroeconomics I)B30.33253 credits. Ph.D. core course. Fall.A course in dynamic macroeconomic theorywith emphasis on the connections betweentheory and aggregate time series data.Includes a development of the tools ofdynamic, stochastic analysis; a review of evi-dence on business cycles and asset prices;and a description of current research strate-gies for explaining aggregate phenomena.

Advanced Topics inMacroeconomics(Macroeconomics II)B30.3332Prerequisite: B30.3325 or the equivalent. 3 credits.This course is intended for Ph.D. studentswho already have substantial prior prepa-ration in dynamic macroeconomics. Theobjective is to talk about research that is atthe frontier of the field, with a strong empha-sis on topics that are at the frontier ofresearch. Most of the topics fall under thegeneral description of dynamic general equi-librium theory. In recent years, the topicshave included financial markets and thegrowth of firms; optimal monetary policy;dynamic contracting; and asset pricing.Students are expected to present their ownwork at the end of the course.

Microeconomic Decisions(Microeconomics I)B30.33343 credits. Ph.D. core course. Fall.A course covering the foundations of micro-economics. It presents standard consumer’sand firm’s theory and extends the analysis toallow for uncertainty. It also introduces gen-eral equilibrium theory, information eco-nomics, and game theory. Lectures rely onconstrained optimization and comparativestatic techniques.

Microeconomics: Theory andApplicationsB30.33353 credits. Ph.D. core course. Fall.For doctoral students whose programs do not include advanced courses in economics.Emphasizes concepts and techniques of eco-nomic analysis that are likely to be useful inthe students’ doctoral dissertation research.Develops key concepts and techniques ofmicroeconomics and then applies them to a number of current research issues inaccounting, information systems, manage-ment, and marketing (and possibly otherareas, depending on the students enrolled).In each case, the course explores the relevantmicroeconomic theory and some of theempirical literature. This course is an alter-native to B30.3334 as the core requirementin microeconomics.

Economic Growth andTechnical ChangeB30.3340Prerequisite: B30.3334 or the equivalent.3 credits.The course discusses the trends in economicgrowth and the factors that influence them.Descriptive and optimal models are consid-ered after a discussion of the appropriateanalytical techniques. Consideration ofempirical studies that indicate the impor-tance of technical change in determiningthe growth rate leads to a discussion ofmicroeconomic and growth theoreticalmodels of technical change. Specific topicsinclude techniques for estimation of produc-tion functions and technical change; opti-mal control methods and their applicationin growth theory; group theoretic methods ineconomics dynamics; innovation and publicpolicy; and international trade and R&D.

Econometrics IB30.3351Prerequisites: Ph.D. core courses in statis-tics and operations research or the equiv-alents. 3 credits.The theory of estimation and inference ineconometrics. Covers finite sample resultsfor the classical linear model, as well asasymptotic results for single equation mod-els. Topics include linear and nonlinear

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least squares, generalized least squares,panel data, instrumental variable tech-niques, and generalized method of momentestimation. Heavy emphasis is given toempirical application.

Theory of International TradeB30.3384Prerequisite: B30.3334 or the equivalent. 3 credits.A survey of the economic analysis of thedeterminants and effects of internationaltrade and government policies toward trade. Develops both the Ricardian andHeckscher-Ohlin theories of trade, as well as theories of intraindustry trade. Discussesother theories and empirical tests of thedeterminants of the trade patterns. Presents

analysis of the effects of tariffs, quotas, andother government policies toward trade, aswell as analysis of distortions arising frommarket failures.

International MacroeconomicsB30.3386Prerequisite: B30.3325 or the equivalent. 3 credits.This course provides a broad overview ofmodern international macroeconomics and finance examining intertemporal ap-proaches to the determination of the currentaccount and foreign debt accumulation;theoretical models and empirical evidenceon the determinants of nominal and realexchange rates under flexible and stickyprices; asset pricing and portfolio choice in

open economies; empirical evidence on theefficiency of the foreign exchange market;international business cycles; models of fixedexchange rates, target zones, and speculativeattacks on fixed exchange rate regimes; therole of open economy factors in macroeco-nomic stabilization; and the optimal cur-rency area and policy coordination debate.

Dissertation Seminar(Economics)B30.9900Open only to doctoral students ready towrite a dissertation in economics. 9 cred-its per semester.Individual meetings with the dissertationadviser and members of the tentative readingcommittee on the dissertation.

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Entrepreneurship and Innovation: A Multidisciplinary Program

he Entrepreneurship and Innovation areaat the Stern School is an interdisciplinaryacademic unit that focuses on new enter-

prise development and entrepreneurial initiatives in ongoing businesses. The Entrepreneurship andInnovation area brings together faculty with interestand expertise in the entrepreneurial components oforganizational behavior, strategy, finance, marketing,accounting, economics, operations management, andinformation systems. These faculty members arerecognized internationally for their research andteaching accomplishments and their ties to the business community.

Entrepreneurial processes involve the discovery andfulfillment of opportunity. In addition to boldness, imagination, resourcefulness, and constant learning,successful entrepreneurship requires the acquisition of the knowledge and skills that are needed to move an idea to a commercial reality.

Stern’s M.B.A. program concentration in Entrepreneurship and Innovation offers a broad menu of courses for the Stern student who wishes to develop an understanding of the entrepreneurial process and theknowledge and skills that are required to be a successful entrepreneur, an entrepreneurial manager, or aninvestor in entrepreneurial ventures. Specific courses develop topics ranging from financing of new venturesto managing growth in embryonic firms, to stimulating innovation in mature organizations.

In addition to a broad portfolio of courses and outstanding faculty, entrepreneurial education at Stern is enhanced by cocurricular activities that are offered through the Berkley Center for Entrepreneurial Studies(see page 85). These activities provide students with the opportunity to interact with, and learn from, entre-preneurs, service providers (including venture capitalists, accountants, lawyers, and bankers), and faculty in highly interactive events.

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Area Chairman: Ari Ginsberg

Professors: Yakov Amihud, Ari Ginsberg,Kose John, Seymour Jones, Joshua Livnat,Robert Shoemaker, George Smith, RoySmith, Richard Sylla, Lawrence White

Associate Professors: Fernando Alvarez,Patricia Barron, Kim Corfman, MichaelDarling, Raghu Garud, Alvin Lieberman, Eli Ofek

Assistant Professors: Michelle Gittelman,Gregory Janicik, Michael Lenox, AlexanderLjungqvist, Vincenzo Quadrini, MelissaSchilling, Chris Tucci, Batia Wiesenfeld

Adjunct Faculty: Scott Perlin, KennethPreston

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E-Commerce: Accounting,Control, and ValuationsB10.31501.5 credits.This course addresses a set of unique finan-cial reporting and managerial control issuesthat result in e-commerce firms having val-uations seemingly different from most otherfirms. Financial reporting issues affectingfirms in the digital economy include howand when revenue is recognized; howexpenses are recognized for the granting andexercising of employee and director stockoptions; and the treatment of expendi-tures required to build important assets such as software and brand recognition.Unique aspects of managerial control in e-commerce firms include security ofsystems and transactions; integrity of recordkeeping; employee compensation; andconsiderations provided to suppliers. Thecourse also examines market valuation of e-commerce firms.

Accounting, Tax, and LegalIssues for EntrepreneursB10.33603 credits.The course offers students an opportunity tobe exposed to the actual accounting, tax,and legal issues confronted by entrepreneurs.This is particularly useful for students whointend to start their own business and thosewho either wish to be part of the manage-ment of entrepreneurial businesses or whointend to incubate new businesses within thestructure of major corporations. Providespractical business tools to start, develop, andmaintain new entrepreneurially managedbusinesses and to understand the psychology

and sound financial business practices of theentrepreneurial world in order to be a suc-cessful entrepreneur.

Entrepreneurial Leadership:Patterns and ProcessesB30.23053 credits.Entrepreneurship is the introduction of sig-nificant change into economic life. Thiscourse examines the manifold aspects ofentrepreneurship and its impacts on eco-nomic development, primarily through theclose examination of biographies of repre-sentative “actors,” to illuminate our under-standing of some basic economic and histor-ical theories about entrepreneurship. Amongthe questions this course addresses are thefollowing: What is the relationship betweenentrepreneurial undertakings on the onehand, and culture and institutions on theother? How can society and its organizationsenhance entrepreneurship? Are there typicalproblems that every entrepreneur must con-front and solve to be successful? Can we dis-cern common personality traits or behav-ioral attributes among the various entrepre-neurs in our study?

Global Economic Integrationand EntrepreneurshipB30.23153 credits.The course is divided into two parts. The firstpart examines the factors that motivate theprocess of economic and monetary integra-tion, with special attention devoted to thestudy of integration within particularregions, namely Europe, North America, andAsia. It explores the benefits of trade and

monetary integration and analyzes the con-ditions that need to be satisfied for countriesto enjoy these benefits. The second part of thecourse studies several aspects of entrepre-neurship with particular attention to theopportunities and challenges that larger andmore integrated markets create for entre-preneurial initiatives. Special attention isdevoted to the financing of new and smallenterprises and the development of the ven-ture capital market. The ways in whichentrepreneurship affects the economicgrowth of the country and the factors thatstimulate entrepreneurship are additionalareas of focus.

Economic and Business Historyof the United StatesB30.2330Prerequisites: B01.1303 and B01.2303.3 credits.This course examines the historical develop-ment of American enterprise since the begin-nings of the industrial revolution. Focusingon the entrepreneurial forces that shaped therise and evolution of the modern economyand business system, the course takes intoaccount business strategy and structure,finance, management, labor organization,technology, transportation, communica-tions, and public policy. Interlacing thecourse is a fundamental examination of thebroader economic, cultural, and politicalconstraints within which American enter-prise has been shaped. The goals of thecourse are to impart a long-term perspectivefrom which contemporary business can beunderstood and to introduce students to his-torical ways of thinking about economicdevelopment.

Entrepreneurship Courses

Requirements for the M.B.A. Degree with a Comajor in Entrepreneurship

The Entrepreneurship and Innovation areaoffers an M.B.A. comajor with Accounting;Economics; Finance; Information Systems;Operations Management; Management andOrganizational Behavior; and Marketing.Students completing comajor requirementsare also eligible for the Harold Price Award,given at Pre-Commencement.

Students taking the proposed entrepre-neurship and innovation comajor must ful-fill all the requirements for a major in one ofthe basic functional fields (finance, man-agement, marketing, etc.), including entre-preneurship courses in that field; they also

take prescribed entrepreneurship courses inother fields as electives. All comajors musttake the entrepreneurship core course, whichanalyzes the entrepreneurial process and keyissues faced by entrepreneurs who start andgrow new businesses.

The comajor contains two components:

• The entrepreneurship and innovationcore course—Foundations ofEntrepreneurship, B65.3335

• Electives oriented to entrepreneurship andinnovation

For the M.B.A. degree with a comajor inentrepreneurship, three courses (9 credits)are required in addition to the core course.These courses can be taken in major or elec-tive areas. The total requirement is fourcourses (12 credits), including the entrepre-neurship core course. Students interested intaking an introductory course in entrepre-neurship should take the Foundations ofEntrepreneurship course. Students wishingto focus their M.B.A. program around entre-preneurship and innovation can take a port-folio of courses that are listed under theirrespective departments and cross-listed here.

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Global Perspectives on theHistory of EnterpriseB30.23383 credits.This course compares the rise and evolutionof modern corporate enterprise acrossnations. It considers the social and economiccontexts for and the patterns of creation,growth, and change in industrial organiza-tion from the “first industrial revolution” tothe present day. A major goal of the course isto help students understand how and whydifferent societies have achieved competitiveadvantages in domestic markets and globaltrade at different times. To that end, thecourse examines the effects of culture, tech-nology, finance, and government on theeconomies of England, Germany, Japan, theUnited States, and the East Asian “tigers,” aswell as newly developing and laggingeconomies around the world.

TelecommunicationsEconomics and DigitalConvergenceB30.23453 credits.This course analyzes the economics oftelecommunications and related services,including cable television and the evolutionof the telecommunications industry. Specialattention is paid to the crucial antitrustintervention that resulted in the 1984breakup of AT&T; to the reform attempted bythe Telecommunications Act of 1996; and tothe economics of monopoly and oligopoly asapplied to network industries, and, in partic-ular, to telecommunications markets. Thecourse also reviews the current wave ofmergers and consolidations in the industryfrom the perspective of “digital conver-gence” and covers the framework and direc-tion of industry change.

Venture Capital FinancingB40.3173Prerequisite: B01.2311. 1.5 credits. Fall and spring.This course provides institutional back-ground and detail necessary to deal with theventure capital and new issues markets.Examines basic valuation issues, appropri-ate capital structure, the value of liquidity,and the value of control. Also considers theintangible aspects of entrepreneurship andventure capital forms of financing.

FinDotComB40.3342Prerequisite: B01.2311. 3 credits. Fall.This course integrates both an academic anda practitioner view of financial analysis fornew economy companies. Lectures alternatebetween two major topics: (1) corporatefinance for the new economy and (2) theInternet company from idea through IPO.Among the corporate-finance-related topicsdiscussed in the course are valuation of neweconomy businesses, with a comparison to“old economy” valuations; the financing ofthe new economy; IPO strategies for dotcomfirms; and the role mergers and acquisitionsshould play in the new economy. Faculty lec-tures are coupled with lectures by outsidespeakers who are leaders in new economyand Internet businesses.

Entrepreneurial FinanceB40.3361Prerequisite: B01.2311. 3 credits. Fall.This course identifies and follows the“wealth creation cycle” that begins withcompany start-ups and passes through suc-cessive stages of private equity financing and“harvesting” through a merger or sale, or anIPO. Emphasis is placed on how entre-preneurial firms adapt financing and finan-cial contracts to the information asymmetryproblems, the high degree of uncertainty,and the conflicts of interest associated with start-ups.

New Venture FinancingB40.3373Prerequisite: B01.2311. 3 credits.Not open to students who have takenB40.3361.This course focuses on financing entrepre-neurial companies, especially start-up andearly-stage ventures. The overall aim of thecourse is to understand how entrepreneursand their financial backers can spot and cre-ate value. This involves learning about thetopics that trace out the venture capital cycle,such as opportunity recognition, valuationand evaluation, negotiating funding, andmanaging the investment. The courseexplores the new venture finance from anumber of different perspectives: the entre-preneur’s, the venture capitalist’s, that of theinvestors backing the VC (such as pensionfunds and college endowments), and stock-market investors at the IPO. The course isnot open to students who are currently tak-

ing or who have taken EntrepreneurialFinance (B40.3361). Although the twocourses cover similar ground in somelectures, New Venture Financing focusesmore heavily on start-ups and the workingsof the venture capital industry than doesEntrepreneurial Finance.

Electronic CommerceB55.33383 creditsThe Internet and the emerging “informationsuperhighway” are dramatically altering theway we transact goods and services. Thiscourse examines how new information tech-nologies and networks will affect theexchange of goods and services between buy-ers and sellers in the 21st century. How willadvertising, purchasing, customer service,and trade settlement processes change? Whatare the economics of different electroniccommerce models for these processes? Thecourse combines critical evaluation of busi-ness strategies with hands-on experience inbuilding supporting electronic commercesystems. It evaluates key corporate strategiesand initiatives in electronic commerce andthe enabling network and user interfacetechnologies that will redefine business as weknow it. These technologies include theInternet, interactive television, virtual reality,digital cash, etc. Next, using the capabilitiesof the World Wide Web infrastructure on theInternet, students learn how to develop andimplement Internet servers and applicationsfor supporting electronic commerce. Finally,the course considers the economics of elec-tronic commerce and the costs of organizingand implementing different models of elec-tronic trading.

Technological Innovation andNew Product DevelopmentB60.33563 credits.This course offers perspectives and frame-works that seek to understand technologicalinnovation and new product development atdifferent levels of analysis, including thefirm, industry, and national levels. Thecourse addresses issues pertaining to the dis-covery, development, and diffusion of tech-nological advances and innovations in bothstart-up and established firms. For example,when do established firms have an easier (ormore difficult) time bringing a new productto market and appropriating profits from it?

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The course also provides frameworks toassess new technological and businessopportunities. Students are expected to ana-lyze and evaluate technological opportuni-ties using the frameworks and techniquespresented in the course.

Corporate VenturingB65.21301.5 credits.Managers in large, mature corporationshave become increasingly aware of theimportant role of entrepreneurship inresponding to the competitive challenges ofa fast-changing marketplace. This process ofentrepreneurship, referred to as “corporateventuring,” is one that generates andexploits new technologies, products, or busi-nesses under the organizational umbrella ofan established firm. This course seeks to pro-vide an understanding of this process andthe knowledge and skills that are required tomanage organizations so that innovationsand new businesses are generated andgrowth is sustained. The course should be ofinterest to the student who wishes to work asa member of a corporate venture team, asthe general manager of a corporate venture,or as a member of senior management over-seeing the venture within the corporation.

Managing the GrowingCompanyB65.2327Prerequisites: all required core courses. 3 credits. This course exposes students to the uniquechallenges of managing the growth of smallbusinesses. It is designed for students whoare interested in understanding the opportu-nities and problems involved in the start-up,management, or operation of their ownbusiness. In addition, the course is alsodesigned for students who are consideringemployment in a smaller firm. The differ-ences between small firms and large organi-zations, management needs, practices, andfinancial resources are examined.

Family Business ManagementB65.23283 credits.The course is directed to students who willenter into the management of family busi-nesses, either their own family’s or someoneelse’s, and students who will do businesswith family firms or consult to them. The

focus is on small and mid-size firms in the$10-$250 million annual revenue ranges.The course explores the managerial, strate-gic, and behavioral complexities found infamily-owned and -managed companies,including entrepreneurial behavior offounders and entrepreneurship require-ments of successor generations. Throughcase studies and guest speakers, we considerquestions of ownership, succession, siblingrivalry, attracting and retaining nonfamilytalent, and estate planning.

Managing ChangeB65.2353Prerequisites: B01.1302. 3 credits. Contemporary business environments con-tain challenges that demand an increasingpace, volume, and complexity of organiza-tional changes. Most organizations, whetherthey are entrepreneurial start-ups or long-established Fortune 500 firms, find that theymust change or wither. This course is gearedtoward deepening students’ understandingof the challenges, the techniques, and theburdens associated with initiating andimplementing major change in an organi-zation. The objective is to prepare managers,or their consultants and advisers, to meet thechallenges of organizational change suc-cessfully. As such, the course is especially use-ful for students who plan careers in manage-ment consulting, general management(whether in line or staff positions), andentrepreneurship or corporate venturing.

Business Startup PracticumB65.3333 3 credits.This course serves to link theory with practiceby integrating analytical frameworks andtools with the realities of planning, initiat-ing, and developing a real-world start-up,early stage, or small business. It should be ofinterest to students who either have a newbusiness concept they wish to develop as partof a team, or who wish to work on an exist-ing venture planning or a business devel-opment project under the supervision ofexperienced entrepreneurs and businessplanning experts. Class sessions togetherwith meetings with instructors and partici-pating practitioners are used to provide guid-ance and evaluation as each team’s businessplan or business development project devel-ops through designated milestones thatinclude written reports and oral presenta-

tions. Students enrolling in this course havetypically completed core course require-ments and must either have takenFoundations of Entrepreneurship, or mustbe taking it concurrently. Course registrationis by instructor permission only. Applicantsmust submit either a one-page outlinesummarizing their business idea, or a one-page essay on why they think this course will be of value in advancing their entrepre-neurial careers.

Foundations ofEntrepreneurshipB65.3335Prerequisite: B01.2311. 3 credits.This course offers a framework for under-standing the entrepreneurial process andexposes the student to most problems andissues faced by entrepreneurs who start newbusinesses. Case study is the principal teach-ing method, supplemented by lectures, abusiness planning exercise, and guestspeakers. Major objectives are for students to learn how to identify and evaluate marketopportunities, develop a business conceptand marketing plan, assess and obtain therequired resources, and manage the growthof the new venture. This course can count asa marketing elective and fulfill part of therequirements of the marketing major. It canbe counted only as a marketing elective or asa management elective, but not both.

The Business of Producing:Entrepreneurship inEntertainment and MediaB70.2116Prerequisite: B01.2310 or equivalent. 1.5 credits.The course is designed to provide studentswith a framework for understanding thedynamics of producing a finished creativeproduct in the entertainment and mediaindustries. Covers the process of feature pro-duction from the initial concept of the story,through script development to completion ofthe project. Explores all the facets of the pro-duction process including script selection,finance, budgeting, timetable development,team building, talent selection, contract andunion negotiation, regulation and tech-nology. Guest speakers include producers on independent movies, network TV, cable,syndicated TV, radio, and TV commercials.

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Strategy and Entrepreneurshipin the Media and EntertainmentIndustryB70.2117Prerequisite: B01.2310 or equivalent. 1.5 credits.From digital distribution to broadbandInternet access, rapid and exciting changesare driving fundamental shifts and realign-ments in the media and entertainmentindustry. These shifts are creating unparal-leled opportunities and risks for current andprospective media players. In some cases newentrants are seizing the opportunity to enternew industries and markets, while in others,established players may be better positionedto gain share. The course examines theseissues as they apply to motion pictures,television, music, and publishing. TheInternet will be addressed both as an influ-ence on traditional media sectors and as asector on its own.

New Product Marketing and DesignB70.2370 Prerequisites: B01.2310 or equivalent. 3 credits. Fall.New products and services are vital to thesuccess of all companies. However, innova-tion is risky and most new products fail inthe marketplace. Thus, expertise in thedesign and marketing of new products is acritical skill for all managers, inside andoutside of the marketing department. In thiscourse, we focus on the tools and techniquesassociated with analyzing market opportuni-ties and then designing, testing, and intro-ducing new products and services. Bothquantitative and qualitative approaches arecovered. In particular, the course covers thenew product development process, marketentry strategies, how to generate new productideas, mapping customer perceptions, seg-mentation, product positioning, forecastingmarket demand, product design, and adver-tising and product testing. The courseemphasizes how to incorporate customersand competitors into all of these aspects ofnew product development. In contrast, arelated course (B60.3356, TechnologicalInnovation and New Product Development)emphasizes organizational issues associatedwith new product development.

Marketing of Technology-BasedProductsB70.2390Prerequisite: B01.2310 or equivalent. 3 credits.Increasingly, markets are affected bytechnology. Often, these markets are verydynamic and are characterized by uncer-tainty. These challenging environmentsrequire a new mind-set from managers. Thiscourse focuses on the decision problemsfaced by managers in creating, developing,and commercializing and managing tech-nology-based products. The objective is to provide the conceptual frameworks andanalytical tools required for managing fast-paced technology business. Uses acombination of texts, articles, lectures,discussions, and cases.

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Finance

he Department of Finance curriculumprovides an understanding of the financedecision-making process and offers insight

into how financial markets function. The departmentprovides part of the necessary education for studentsseeking finance positions in industry, in financialinstitutions, or in government or nonprofit institutions.

Courses in finance are divided into two broadcategories. One category focuses on microfi-nance issues—corporation finance andinvestments. The second category focuses onmacrofinance issues—financial marketsand the international financial system. Allfinance courses apply economic analysis,accounting, and quantitative methods to thefinancial problems encountered.

The Department of Finance faculty is thelargest and one of the most distinguishedfinance faculty groups in the world. Mem-bers of our faculty are leaders in researchand in textbook publication in their fields.

We hold as our mission the great traditionstarted by the founders of New York Uni-versity: to have a department that is recog-nized both nationally and internationally asa leader in scholarship, and to transmit thatscholarship in a professional way to studentsand those in industry with whom we work.

We have faculty members who have wonteaching awards on every continent. Some ofour faculty serve as government advisers,consultants to firms and government agen-cies, journal editors, trustees, and directors ofcorporate and nonprofit firms. Our size (andthe corresponding size and diversity of ourstudent body) permits us to offer a broaderspectrum of courses than is usually availableto students at other institutions.

Chairman: AnthonySaunders

Deputy Chairman:Richard Levich

Professors: WilliamAllen, Edward Altman, Yakov Amihud, Menachem Brenner, StephenBrown, Aswath Damodaran, Edwin Elton,Robert Engle, Stephen Figlewski, KennethFroewiss, Martin Gruber, Joel Hasbrouck,Kose John, Robert Kavesh, Michael Keenan,Richard Levich, Rita Maldonado-Bear,Matthew Richardson, Anthony Saunders,William Silber, Roy Smith, MartiSubrahmanyam, Ingo Walter

Associate Professors: Jarl Kallberg,Crocker Liu, Jianping Mei, Eli Ofek,Rangarajan Sundaram, Robert Whitelaw,David Yermack

Assistant Professors: Heitor Almeida,Jennifer Carpenter, Qiang Dai, AlexanderLjungqvist, Anthony Lynch, Holger Mueller,Lasse Pedersen, Gideon Saar, Alex Shapiro,Jessica Wachter, Daniel Wolfenzon, JeffreyWurgler

Professors Emeriti: Frank Angell, JulianBuckley, Harry Kelly, Lawrence Ritter, FredRenwick, Arnold Sametz, Richard West

Visiting Faculty: Navin Chopra, FlorianHeider, Martin Lettau

Instructors: Olesya Grishchenko, VinayNair, Paolo Pasquariello, Yiming Qian, Jason Wei, Lei Yu

Adjunct Faculty: Jeffrey Barclay, AllanBrown, Sinan Cebenoyan, Thomas Dooley,David Ellner, Brian Gendreau, Ian Giddy,Barry Gold, Peter Goodson, Robert Gordon,Max Holmes, Neil Horrell, Edward Kerschner,Richard Levine, Lawrence Longua, ArjunMathrani, Charles McGill, FrederickMilitello, Charles Murphy, KennethParkinson, Sandeep Patel, Scot Perlin,Harvey Poniachek, Avri Ravid, ArthurRosenbloom, Gerald Rosenfeld, NancyRosenfeld, Robert Semmens, Jeffrey Shin,Martin Siegel, Tad Smith, WilliamSonnenreich, Robert Stefanowski, RobertStovall, Frank Sullivan, Kishore Tandon,Alan Tucker, Ashok Vora, Jacob Worenklein,Arthur Zeikel, Lawrence Zicklin

Department Office: KMC, 44 West FourthStreet, Suite 9-190

Web site for new courses, seminar schedules, and other information:www.stern.nyu.edu/fin.

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The Finance Core Course

The Department of Finance core course forM.B.A. students is Foundations of Finance.This course provides the necessary theo-retical foundation for most of the othercourses in finance and introduces students

to the broad spectrum of financial marketsand instruments that are the tools formodern financial management. Founda-tions of Finance is a prerequisite for allother finance courses.

Foundations of FinanceB01.2311Prerequisites: B01.1306, B01.1303, and B01.1305. Note that B01.2311 is aprerequisite for other finance courses. 3 credits. Fall and spring.For description, see page 17.

Nonmajors in Finance

Those students who are not finance majors,or who are undecided about their major,may want to consider the following coursesas electives that develop some of the keyissues of the core course without becomingtoo specialized: Corporate Finance,B40.2302—this course (which is alsostrongly recommended for finance majors)introduces students to most of the major

issues in corporate financial management;Equity Instruments and Markets,B40.3331—a traditional course in equityanalysis and selection useful for both profes-sionals and individuals in personal portfoliomanagement; International FinancialManagement, B40.3388—a course thatdevelops the key concepts associated withinternational financial decisions. There are

also several professional half-course electivesoffered each semester by distinguishedadjunct faculty that may be of interest.Since the courses vary depending on theavailability of these adjunct professionals,check the registration packets for eachsemester’s offerings.

Majors in Finance

Finance majors must take four financecourses (12 credits) beyond the core course.Students may elect to take fifth and sixthcourses in finance if they so desire. Majorsmay select their four courses from the port-folio of Department of Finance coursesoffered each semester.

Although it is not a requirement, westrongly urge all finance majors to takeCorporate Finance, B40.2302. It is a neces-sary course for many types of work in finance,and we believe that it is one of the best corpo-rate finance courses currently being offeredin business schools around the country.

For students seeking advice on how toselect their major courses, we offer the fol-lowing suggestions. First, remember that youare in an M.B.A. program and not a special-ized degree program in finance. Thinkbroadly and consider courses where you willnot be receiving parallel training in yourfirm’s own educational programs over thenext five years. Second, note that we havetried to organize the courses below accordingto four general themes: (1) corporatefinance, (2) financial instruments andmarkets, (3) international finance, and (4)advanced theory and Ph.D. finance courses.

For a broader perspective, sample fromamong some of the groups; for a morefocused set of courses, consider selectingwithin a group.

Students with a strong interest in highlyquantitative, financial-engineering-typefinance electives, should consult with theDepartment of Finance “Q” course adviser.That faculty person can help you select the most appropriate electives from amongcurrent M.B.A. and Ph.D. offerings at Stern or at the Courant Institute ofMathematical Sciences.

With respect to electives for finance majorsoutside the Department of Finance, it wouldbe useful to remember that the fields mostclosely related to finance, and on whichfinance draws for its methods and tech-niques, are economics and quantitativeanalysis. For its “applications,” financedraws on accounting, information systems,marketing, and corporate strategy frames ofreference. Below, we list some current outsideelectives that have more than normalfinance content. But as managers, you maywant to consider the full range of the school’selectives available to you. The good news isthat education does not stop with this partic-ular degree. You will have the opportunity totake many of these courses in future yearsand future programs as your career evolves.

We have placed in this section a list ofsome of the current other department elec-tives that have more than normal financecontent. Some finance major students maywant to consider these courses when select-ing nonmajor electives.

An Integrated Approach toFinancial Statement AnalysisB10.2303

International FinancialStatement AnalysisB10.3335

Financial Information SystemsB20.3350

Current Economic andFinancial Problems: Analyses,Philosophies, and ForecastsB30.2342

Economic and FinancialForecastingB30.2361

Financial HistoryB30.2392

Applied Stochastic Processes forFinancial ModelsB90.2308

Outside Electives for M.B.A. Finance Majors

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There are four groupings: CorporateFinance; Financial Instruments andMarkets; International Finance; andAdvanced Theory and Ph.D. courses. In each group, courses are listed in course-number sequence.

CORPORATE FINANCE

Corporate FinanceB40.2302Prerequisite: B01.2311. 3 credits. Falland spring.This course presents the theory and practiceof corporate finance. Topics include conceptsof corporate valuation; financial statementanalysis and forecasting; the evaluation ofcapital investments under differing assump-tions about risks and the state of the world;the financing choice for capital projects; theeffects of debt, equity, and derivative finan-cial instruments on the value of the firm;dividend policy and other stakeholder formsof payment; corporate restructuring, bank-ruptcy, and merger; issues in corporate con-trol and compensation.

Restructuring Firms andIndustriesB40.2304Prerequisite: B01.2311. 3 credits. Falland spring.This course presents a comprehensive analy-sis of asset and liability restructuring. Topicsinclude industrial organization economics;mergers and acquisitions; divestitures; cor-porate recapitalization; bankruptcy andreorganization in and out of court workouts;legal, political, and tax impacts on indus-tries; multinational competition. Agencytheory issues and corporate governance arealso considered.

Investment BankingB40.2334Prerequisite: B01.2311. 3 credits. Falland spring.This course presents a broad overview of therole of investment banking in modern soci-eties. What functions are performed? How arethese tasks carried out in competitive andnoncompetitive environments? Topics cov-ered include concepts such as origination,syndication, distribution of security issues;pricing of new issues and the management

of issues in the after markets; the role ofinvestment bankers in restructuring indus-try, financing governments, and facilitatingsaving and investment. Ethical issues invest-ment bankers must face are considered.

Special Topics B40.3110Prerequisite: B01.2311. 1.5 credits. Fallor spring.Topics vary from semester to semester; checkregistration packets and department bulletinboards for current offerings. Advanced topicsof current interest are offered that illustratecurrent theory and empirical findings inactual case settings. The topic this yearfocuses on “Women at the Top.” Studentsmay only elect this course once in theirdegree program.

Topics in EntertainmentFinance B40.3140Prerequisite: B01.2311. 1.5 credits.Spring.Topics vary from semester to semester; checkregistration packets and department bulletinboards for current offerings. Topics includeentertainment industry special characteris-tics related to incentive contracts and tocomplex revenue/profit-sharing agreements.Cases and class discussions also look at howentertainment companies interact with thefinancial markets and how novel financingarrangements such as the securitization ofreceipts are changing the industry.

Topics in Corporate FinanceB40.3160Prerequisite: B01.2311. 1.5 credits. Falland spring.Topics vary from semester to semester; checkregistration packets and department bulletinboards for current offerings. Advanced topicsof current interest are offered that illustratecurrent theory and empirical findings inactual case settings. Topics might focus onsuch issues as corporate control, initialpublic offerings, investment banking, man-agerial compensation, pension and healthplanning, share repurchase, ethical issues infinance. Students may only elect this courseonce in their degree program.

Financial E-CommerceB40.3162Prerequisite: B01.2311. 1.5 credits.Spring.This course focuses on the transactions andpayment side of Web-based electronic com-merce. Topics include electronic bill present-ment and payment; financial electronic datainterchange models that integrate tradingpartners and financial institutions; paymentmodels for business-consumer payments;business-to-business electronic procurementmodels; and Web-enabled credit manage-ment. Case studies and extensive Web “visit-ing” are part of this course.

Private Equity FinanceB40.3165Prerequisite: B01.2311. 1.5 credits. Falland spring.This course examines the private equitymarketplace. Private equity has become amajor source of capital for both new ven-tures and established firms. The focus of thecourse changes from semester to semester.Possible topics include capital needs and therole of private equity; venture capital andleveraged buyout financing; the roles ofinvestor groups such as limited partners,sponsors, portfolio company managers, andinstitutions; and valuation and risk issues forprivate finance.

Venture Capital FinancingB40.3173Prerequisite: B01.2311. 1.5 credits. Falland spring.Provides institutional background and detailnecessary to deal with the venture capitaland new issues markets. Examines basicvaluation issues, appropriate capital struc-ture, the value of liquidity, the value ofcontrol. Also considers the intangible aspectsof entrepreneurship and venture capitalforms of financing.

Mergers and AcquisitionsB40.3196Prerequisite: B01.2311. 1.5 credits. Falland spring.Examines selected topics in mergers andacquisitions from the viewpoint of finance.Basic theory and empirical findings form thebase for discussing such issues as merger

Courses in Finance

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strategy; defensive measures in merger; thevaluation of firms as a whole under differingmanagement strategies; impact of financingconsiderations on various stakeholders.

Legal Risk Issues in Mergers andAcquisitionsB40.3197Prerequisite: B01.2311. 1.5 credits.Spring.This course is designed to equip M.B.A. stu-dents with basic knowledge necessary toevaluate advice received respecting variouskinds of legal risks in mergers and acquisi-tions. Topics include acquisition motiva-tions; corporate law basics on alternativelegal structures for acquisitions (with taximplications); the legal roles of the board,management, and shareholders in M&Atransactions; documentation issues (includ-ing secrecy requirements); negotiatingstrategies including poison pills, fiduciaryouts, and deal protection provisions; poolingand purchase accounting issues; securitieslaw regulation, and federal; and state regu-latory roles related to antitrust issues.

Bankruptcy and ReorganizationB40.3198Prerequisite: B01.2311. 1.5 credits. Falland spring.Practical and theoretical implications ofbankruptcy and distressed restructuring.Focus is primarily on corporate form organi-zations ranging from banks to retail firms tomanufacturers. Topics include valuationeffects of bankruptcy; workout strategies; thebankruptcy-reorganization process from theviewpoint of different participants; the impli-cations of bankruptcy for banks, workers,and state and national industrial policy.

Working Capital ManagementB40.3325Prerequisite: B01.2311. 3 credits. Falland spring.Acquaints students with the modern tech-niques and practices of short-term corporatefinance. The primary focus is on the man-agement of the firm’s liquid assets: cash andsecurities, accounts receivable, and invento-ries. The importance of good forecastingtechnique and comprehensive information

systems is discussed. Cases and examplesillustrate the variety of short-term financingsources and the complications on multina-tional working capital flows.

Business of Music and Films B40.3343Prerequisite: B01.2311. 3 credits. Fall.This course focuses on the business side ofthe music and film industry. Specifically, itemphasizes the characteristics of deals, cashflows, and project and firm valuation withinthis highly dynamic and uncertain environ-ment. While the core material is corporatefinance, the issues encompass accounting,marketing, economics, and strategy. Outsideprofessionals help lead many of the discus-sions. Student evaluations are based on classparticipation, short cases, and class projects.

Law and Business of InvestmentBankingB40.3345Prerequisite: B01.2311; for second-yearM.B.A. and School of Law students. 3 credits. Spring.This course focuses on the legal and finan-cial aspects of three of the most commonlyencountered forms of transactions in whichinvestment bankers and lawyers guide clientinterests: (1) the pricing, due diligence prac-tices, negotiation, and documentation ofmerger agreement or acquisition transac-tions; (2) the legal and financial issues asso-ciated with initial public offerings; (3) issuesassociated with the private placement ofsecurities. Legal and financial issues aregiven equal attention.

Legal Foundations of AppliedFinanceB40.3346Prerequisite: B01.2311; for second-yearM.B.A. and School of Law students. 3 credits. Spring.This course provides an introduction to howthe laws of contracts, property, and otherareas influence financial markets and trans-actions. Topics include contract formation;damages or breach of contract; fiduciaryduties; property rights; the growth andimportance of intellectual property; tortliability; and the role of litigation in corpo-

rate governance. Some introduction to thestructure of the United States legal systemand comparisons with other countries arealso included.

Entrepreneurial FinanceB40.3361Prerequisite: B01.2311. 3 credits. Falland spring.This course identifies and follows the wealthcreation cycle that begins with companystart-ups, passes through successive stages ofvarious kinds of private equity financing,and ends with the harvesting of the createdwealth through a sale or merger or initialpublic offering. Emphasis is placed on howentrepreneurial firms adapt financing andfinancial contracts to the information asym-metry problems, the high degree of uncer-tainty, and the conflicts of interest associatedwith start-ups.

New Venture Financing B40.3373Prerequisite: B01.2311. 3 credits. Fall and spring.Not open to students who have takenB40.3361.The focus in this course is on financingentrepreneurial companies, especially start-up and early-stage ventures. The overall aimis to understand how entrepreneurs and theirfinancial backers spot and create value. Howdo you tell a great opportunity from a meregood idea? How do you evaluate such ideasand then negotiate funding and new venturefinancing contract details on compensationand other issues? What needs to be done interms of managing such investments or pro-viding exit strategies? To understand howventure capital creates value, it is necessaryto examine the goals and strategies of theentrepreneurs, venture capitalists, theinvestors backing venture capital funds, andthe securities firms and public who becomeinvolved at the initial public offering stage.

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Managing Financial BusinessesB55.2310Prerequisite: core courses. 3 credits. Spring.For second-year students; may be count-ed as a finance or nonfinance elective.This course looks at the management offinancial service organizations during peri-ods of rapid regulatory, cultural, and techni-cal change. The focus is on issues as per-ceived by top executives. Particular indus-tries and firms are selected for case studyexploration. Three main themes are exam-ined: strategy and its execution, managingculture, and managing technology. Classesare a combination of lectures, case studies,and outside speakers.

FINANCIAL INSTRUMENTS ANDMARKETS

Real Estate FinanceB40.2339Prerequisite: B01.2311. 3 credits. Falland spring.This course is designed for students whohave little or no prior knowledge of realestate. Different aspects of real estate analysisare covered, including finance, taxation,appraisal, investment analysis, development,and property management. A central focusof the course is on the risk and return ele-ments in commercial real estate financingand on how to modify the principles of cor-porate finance and investment theory to fitthe specialized needs of real estate analysis.Topics include liquidity problems, buyer orseller informational asymmetries, andinterrelatedness of financing and investmentdecisions. The growing role of internationalconsiderations, the importance of securitizedinstruments, and the changing roles ofbrokers are considered.

Investment Philosophies in Real EstateB40.2341Prerequisite: B01.2311. 3 credits. Spring.A course designed to expose students to awide range of investment philosophies in thespecial context of real estate investing. Eachweek, leading professionals or academicsspeak on a particular approach to real estateinvesting, how it is put into practice, and theextent to which it is successful.

Real Estate Market Analysis B40.2343Prerequisite: B01.2311. 3 credits. Spring.This course focuses on real estate financingfrom an equity securitization perspective.Topics include real value factors such aslocation and physical condition; anatomy oflease arrangements; types of equity securiti-zation vehicles such as REITs, CREFs,RELPs, and MLPs; and international andother portfolio considerations.

Investment StrategiesB40.3122Prerequisite: B01.2311. 1.5 credits. Falland spring.Subjective approach to security analysis.Topics include industry selection, markettiming, interpretation of market history andcycles. Illustrations range from applicationsof the Dow theory to interest rate analysis tocontrary opinion theories. Goal is to blendcurrent market, political, and economic fac-tors in with standard firm financial data tomake better investment decisions.

Investment PhilosophiesB40.3124Prerequisite: B01.2311. 1.5 credits.Spring.A course designed to expose students to awide range of investment philosophies.Each week leading professionals or aca-demics speak on a particular philosophy,how it is put into practice, and what deter-mines ultimate success. The intent is toprovide an unbiased forum for the presen-tation of different investment styles, whilesupplying tools and empirical evidence toenable students to make their own judg-ments about the relative value of these vari-ous philosophies.

Topics in InvestmentsB40.3176Prerequisite: B01.2311. 1.5 credits. Falland spring.Topics vary from semester to semester; checkregistration packets and department bulletinboards for current offerings. Topics coverprofessional issues in the design and use offinancial instruments or in developingfinancial markets. Recent offerings haveranged from applying arbitrage strategies tohigh-technology investing, to investing for

pension funds, to municipal securities mar-kets. Students may only elect this courseonce in their degree program.

Topics in Real Estate FinanceB40.3177Prerequisite: B01.2311. 1.5 credits. Fallor spring.Topics vary from semester to semester;check registration packets and departmentbulletin boards for current offerings. Cov-ers topical issues in real estate financeranging from mortgage-backed securities,to regional planning factors in commercialreal estate development, to innovations in syndicating development activities.Students may only elect this course once intheir degree program.

Applications of PortfolioAnalysisB40.3181Prerequisite: B01.2311. 1.5 credits. Falland spring.Advanced professional strategies for manag-ing portfolios and evaluating financialinstruments. Topics range from arbitragetrading strategies to contrarian investing toissues in public pension fund management.Taught by leading Wall Street professionalsand senior faculty members.

Policy Making in FinancialInstitutionsB40.3312Prerequisite: B01.2311. 3 credits. Fall orspring.Analyzes the financial management offinancial institutions. Focus is primarily onasset/liability management of bank-typeinstitutions. Issues include regulatory con-straints; credit risk management; liquidityand interest rate considerations; securitiza-tion; financing on or off balance sheet activ-ities. Macro issues related to financial systemstability, information flows, and regulatorycapital requirements and guarantees arealso considered.

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Behavioral Finance B40.3329 Prerequisite: B01.2311. 3 credits. Fall orspring.Examines the causes and effects of inefficientstock and bond markets. Topics coveredinclude a review of theory and evidence ofefficient securities markets; empirical factsthat do not fit the efficient market para-digm—bubbles, valuation ratio spreads,momentum, and market timing issues;closed-end fund discounts; limits on arbi-trage that allow mispricings to persist; andaspects of investor psychology that may bebehind observed phenomena.

Equity Instruments and MarketsB40.3331Prerequisite: B01.2311. 3 credits. Falland spring.Covers the valuation of equity securities andinvestment strategies utilizing them. Topicsinclude the mathematics of equity valuation,history of stock returns, varieties of equityinstruments, and the many varieties ofcommon stock risk. Reviews professionalportfolio strategies and forecasting tech-niques; the evaluation of mutual funds andpension funds; the role of equity options andfutures in stock portfolio strategies; the roleof technical analysis; and ethical issues indeveloping and using information thatimpacts stock prices.

Advanced Portfolio AnalysisB40.3332Prerequisite: B01.2311. 3 credits. Fall orspring.Builds on the conceptual foundations of the portfolio material introduced inFoundations of Finance. Course focuses onmethods of constructing and evaluatingportfolios in a variety of settings. Topicsinclude complex portfolio objectives, alter-native implementation strategies, measure-ment of portfolio performance, the role ofcomputers and asset allocation schemes inrisk management, and the macromarketimpacts of portfolio strategies.

Debt Instruments and MarketsB40.3333Prerequisite: B01.2311. 3 credits. Falland spring.Covers the valuation of fixed income securi-ties and investment strategies utilizingthem. Topics include the mathematics ofbond valuation, immunization, history ofinterest rate structures, varieties of debtinstruments, default, and country risk con-siderations. The role of financial futures andoptions on bond portfolio strategies isanalyzed, as well as more traditional ap-proaches to debt portfolio strategies.

Futures and OptionsB40.3335Prerequisite: B01.2311. 3 credits. Falland spring.Covers derivative securities and markets. Theprimary focus is on financial futures andoptions, but there is also reference to theextensive markets in commodity marketinstruments. Topics include market institu-tions and trading practices, valuation mod-els, hedging and risk management tech-niques, the application of contingent claimsanalysis to contracts with option-type char-acteristics. The material is inherently morequantitative than in some other courses.

Advanced Futures and OptionsB40.3340Prerequisite: B01.2311. 3 credits. Falland spring.Covers advanced topics in derivative securi-ties and markets (background equivalent toB40.3335 is needed). The course focuses onthree major themes: pricing and hedging ofoption contracts and the implications for thedesign of derivative instruments and tradingstrategies; the relation of swaps to other fixed-income contracts and implications for termstructure strategies, caps, floors, swaptions;nonstandard option contracts such as barrieroptions, exotics, insurance derivatives, andhybrids. The pedagogy is a combination oflectures, discussions on current professionalpractice, and PC-based problem sets.

Equity Markets: Trading andStructureB40.3349Prerequisite: B01.2311. 3 credits. Spring.This course takes a comprehensive overviewlook at how markets are organized and howtrading occurs. The course establishes aframework for understanding how existingmarkets are set up, how trading occurs inthem, and how these markets evolve overtime. While the course concentrates on secu-rities markets and trading practices, most ofthe principles developed are also applicableto other kinds of markets—markets forproducts, service, and information. Courserequirements include some limited comput-erized trading simulations and a coursepaper related to some aspect of a newtrading market.

Managing Investment FundsB55.3320Prerequisite: B01.2311. 3 credits. Falland spring.Formal application required; may becounted as a finance or nonfinanceelective.This course is the administrative vehicle for operating the Michael Price StudentInvestment Fund (MPSIF). This is a real twomillion dollar endowment fund that is man-aged by students. Students serve as portfoliomanagers in one of the subfunds. Each par-ticipant must be prepared to take on morethan one role in this activity—researchanalyst, trader, portfolio manager, marketstrategist and economist, compliance officer,public relations manager, accountant, andthe other activities that real funds mustundertake. There are occasional lecturesfrom faculty or outside speakers on specialtopics of interest, but the primary activity is the management of these endowmentfunds. This showcase opportunity is avail-able to a limited number of students each year. Formal application is required (see the fund Web site for details atwww.stern.nyu.edu/~mpsif). Studentsparticipate over a two-semester period for the 3 credits.

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INTERNATIONAL FINANCE

International InvestmentsAnalysisB40.3103Prerequisite: B01.2311. 1.5 credits.Spring.Focus is on fundamental and technicalsecurity analysis applied to foreign securitymarkets. Topics include the structure andoperation of foreign stock markets, account-ing/information constraints in evaluatingforeign securities, and the impact of multi-national flows on market liquidity. Portfoliomanagement practices and constraints in various countries are examined and eval-uated against free market strategies.

Topics in International FinanceB40.3188Prerequisite: B01.2311. 1.5 credits. Fallor spring.Topics vary from semester to semester; checkregistration packets and department bul-letin boards for current offerings. Coverstopical issues in international finance.Issues may vary from the development offinancial institutions in Eastern Europeaneconomies, to the impact of technology onmultinational capital flows, to the move-ments of secret money around the world.Students may only elect this course once intheir degree program.

Emerging Financial MarketsB40.3384Prerequisite: B01.2311. 3 credits. Fall orspring.The perspective in this course is that of aninvestment manager who may be responsiblefor investment portfolios at a bank, an insur-ance company, a pension or endowmentfund or personal trust, a mutual fund.Emerging financial markets around theworld are examined. Problems consideredinclude political risk, currency risk, excessspeculation or market manipulation, differ-ing accounting rules and standards, and per-formance measure comparison standards.Financial investments considered rangefrom stocks to bonds to derivatives to realestate. Class discussion and reading focus onboth the theoretical background and the

practical knowledge necessary to deal effec-tively with the risks and opportunities thatare a part of emerging financial markets.

Global Banking and CapitalMarketsB40.3387Prerequisite: B01.2311. 3 credits. Falland spring.Analysis of the competitive performance andstrategic positioning of financial institutionsin multinational capital markets. Marketsegmentation theories are applied to marketsfor syndicated lending, trade finance, projectfinancing. Considers international aspects of raising capital in multinational, multi-regulatory settings. Examples may includemergers and acquisitions, joint venturecapital projects, and government or privatepartnership projects.

International FinancialManagementB40.3388Prerequisite: B01.2311. 3 credits. Falland spring.Analysis of key international financial mar-kets including discussion of pricing, effi-ciency, and institutional features of thesemarkets. Markets covered may include for-eign exchange markets, currency futures,options and swaps, and Eurocurrency andEurobond markets. Focus is on techniquesfor evaluating multinational risks andreturn shifting factors such as internationaltax codes, and applying such concepts to thefinancial management of currency, capital,and capital projects.

ADVANCED THEORY AND PH.D.FINANCE COURSES

Financial Research TopicsB40.2330Prerequisite: permission of the depart-mental Ph.D. program adviser. 3 credits.Fall or spring. This course focuses on recent research infinance. Faculty and students select recentlypublished research or working papers fromthe Department of Finance seminar series, orfaculty or student work-in-progress forintensive review and discussion.

Financial Theory IB40.2331Prerequisite: permission of the depart-mental Ph.D. program adviser. 3 credits.Fall.The first course in the theory of financialdecision making. Focus is primarily on indi-vidual decision making under certainty anduncertainty. Topics include valuation theory,asset selection, general portfolio theory, assetpricing theory, general equilibrium in finan-cial markets.

Financial Theory IIB40.2332Prerequisites: permission of the depart-mental Ph.D. program adviser andB30.3351. 3 credits. Spring.The second course in the theory of financialdecision making. Focus is primarily onmethods of empirical financial economics.Standard econometric procedures and thenewest techniques in estimating proceduresare studied in the context of applications tofinancial asset pricing and to corporatefinance issues.

Financial Theory IIIB40.2333Prerequisites: permission of the depart-mental Ph.D. program adviser andB40.2331. 3 credits. Fall.The third course in the theory of financialdecision making. The first half of this coursedeals with issues in corporate finance.Topics include agency theory, signaling andasymmetric information models, taxes, div-idends, and capital structure. The secondhalf of the course focuses on the pricing ofoptions, futures, and other derivative securi-ties instruments.

Seminar in Financial MarketsB40.3318Prerequisites: permission of the depart-mental Ph.D. program adviser andB40.2332. 3 credits. Fall or spring.Prepares advanced doctoral students for thecomprehensive examination and for inde-pendent research. Focus is on currentresearch topics in macrofinance and in thestructure of financial markets.

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Seminar in Corporate FinanceB40.3328Prerequisites: permission of the depart-mental Ph.D. program adviser andB40.2333. 3 credits. Spring.Prepares advanced doctoral students for thecomprehensive examination and for inde-pendent research. Focus is on currentresearch topics in corporate finance.

Seminar in InvestmentsB40.3338Prerequisites: permission of the depart-mental Ph.D. program adviser andB40.2332. 3 credits. Fall.Prepares advanced doctoral students for thecomprehensive examination and for inde-pendent research. Focus is on currentresearch topics in financial instruments andin portfolio theory analysis and testing.

International FinanceB40.3389Prerequisites: permission of the depart-mental Ph.D. program adviser andB01.2311 or equivalent. 3 credits. Fall or spring.Theory and analysis of international finan-cial markets. Topics include valuation ofassets under global theory assumptions;pricing of foreign exchange risk; foreign cur-rency options and futures; and internationalfinancial intermediation. Topics in corporatefinance are also considered. There is anemphasis on evaluating empirical evidencerelated to each of the topics covered.

Honors Project CourseB40.3390Prerequisites: B01.2311, final semester inprogram, and permission of the depart-mental deputy chairman. 3 credits. Falland spring.A restricted course primarily for advancedmaster’s program students, giving a student

an opportunity to work individually with afaculty member on a current research pro-ject. The project includes fieldwork, writtenreports, and oral presentations. Students areexpected to attend some of the Department of Finance research seminars and to readcurrent research on the topic selected. Verylimited enrollment.

Dissertation SeminarB40.9901-9918Prerequisites: permission of the depart-mental Ph.D. program adviser at orbeyond comprehensive examination stage in the doctoral program. 18 credits.Fall and spring.Students register for this course once theyreach the comprehensive examination stagein their doctoral program. Individual meet-ings with the dissertation adviser and mem-bers of the reading committee.

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Information, Operations, andManagement Sciences

he Department of Information, Opera-tions, and Management Sciences (IOMS)was created in September 2001 as a

merger of three of Stern’s distinguished faculty groups: the Department of Information Systems, theDepartment of Statistics and Operations Research, and the Department of Operations Management. The new department combines the considerableexisting strengths and capabilities of its threeconstituent departments, and, in addition, willcapitalize on some of the significant synergies among these groups.

Programs and courses for the three groups aredescribed on the following pages: Information Systems(52-55), Operations Management (56-59), and Statistics (60-64).

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Chairman: Eitan Zemel

Deputy Chairman, InformationSystems Group: Jon A. Turner

Deputy Chairman, OperationsManagement Group: Michael Pinedo

Deputy Chairman, Statistics Group:Edward L. Melnick

Professors Emeriti: Gerald J. Glasser,Ernest Kurnow, Melvin F. Shakun

Professors: Richard Brief, SampritChatterjee, Vasant Dhar, Clifford Hurvich,Kenneth C. Laudon, Edward L. Melnick, Joel Owen, Michael Pinedo, Roy Radner,Gary A. Simon, Jeffrey S. Simonoff, LeeSproull, Myron Uretsky, Eitan Zemel

Associate Professors: Ravi Anupindi,Yannis Bakos, Patricia Barron, Harry G.Chernoff, Rohit S. Deo, Halina Frydman,Peter Lakner, Michael A. Moses, PraveenNayyar, Foster Provost, Sridhar Seshadri, Jon A. Turner, Alexander Tuzhilin, NormanH. White

Assistant Professors: Victor Araman,Mor Armony, Abraham Bernstein, RenéCaldentey, Xianghui (Sean) Chen, MichaelDavern, Vishal Gaur, Bing Jing, David Juran,Natalia Levina, Arun Sundararajan,Christopher L. Tucci, Vasilis Vassalos,Gustavo Vulcano, Shinkyu Yang

Adjunct Professors: Cyrus Mohebbi,Michael A. Palley, Richard Tashjian

Adjunct Associate Professors: AdrianBowles, Kevin Brabazon, Allan Grody, Paul P. Hoppe, Hans Levenbach, MarionMorgenthal, Jeffrey S. Shaw, Fred Silverman

Adjunct Assistant Professors: VipulAgrawal, Daniel Barrish, John J. Heartfield,Jonatan Jelen

IOMS Department Web site:www.stern.nyu.edu/ioms

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Information Systems Group in IOMS

pproximately 50 percent of all new capitalinvestment in America is in the area ofinformation technology (IT). Computers

and communication systems are revolutionizingorganizations and changing the structure of marketson a global scale. Every manager deals with technol-ogy on a daily basis and needs to understand how it can be used to increase effectiveness, to restructureorganizations, and to gain a strategic advantage.

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The information systems (IS) curriculumprovides courses that explain informationtechnology and how it can be used effec-tively. The emphasis is on understandingconcepts and developing analytical skillsthat permit recommending proper tech-nology policies.

An IS major is especially appropriate forstudents seeking careers in managementconsulting, in Internet technology com-panies, in the information systems depart-ments of major organizations, and ingeneral management or sales with “high-tech” companies.

The curriculum contains introductorycourses for students with little or no back-

ground in IT, as well as advanced appliedtechnology and managerial courses for prac-ticing information systems professionals.Students may construct a program to meettheir own needs, whether they are interestedin majoring in IS or in taking one or twocourses as electives outside their major field.

Deputy Chairman: Jon A. Turner

Professors: Vasant Dhar, Kenneth C. Laudon, Roy Radner, Lee Sproull, Myron Uretsky

Associate Professors: Yannis Bakos,Patricia Barron, Foster Provost, Jon A.Turner, Alexander Tuzhilin, Norman H.White

Assistant Professors: AbrahamBernstein, Michael Davern, Bing Jing,Natalia Levina, Arun Sundararajan, VasilisVassalos, Shinkyu Yang

Adjunct Associate Professors: AdrianBowles, Kevin Brabazon, Allan Grody,Marion Morgenthal

Adjunct Assistant Professors: DanielBarrish, Ernie Campbell, John J. Heartfield,Jonatan Jelen

Information Systems Group WebSite: www.stern.nyu.edu/is

Courses in Information Systems

INFORMATION SYSTEMSCORE COURSE

Fundamentals of InformationTechnology and ElectronicCommerceB01.21191.5 credits. For part-time students only.For description, see page 17.

ELECTIVE COURSES ININFORMATION SYSTEMS

Managing the Digital FirmB20.23143 credits.This course focuses on the use of both tradi-tional and Web-based information technolo-gies to manage the firm. These technologiesmake possible new business models, neworganizational structures, and new manage-ment processes. Topics covered include newtechnology infrastructure and architecture,major functional applications of IT within

the firm, new IT-based business models,enterprise systems, knowledge management,multinational systems, managerial deci-sions about technology, and new organiza-tional forms.

Information and InternetTechnologiesB20.23173 credits.This course introduces the technical con-cepts underlying current and future infor-mation systems, with an emphasis on

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Internet-related technologies. It begins withthe fundamentals of computer systems,databases, and networking. Then specialemphasis is given to technologies thatunderlie the World Wide Web and e-commerce, including HTML, XML, emerg-ing interoperability standards, security,search, information retrieval, agent tech-nologies, data warehousing, and data min-ing. This course provides both a refresher tobasic concepts as well as coverage of cutting-edge technologies. It assumes no priorknowledge of technology or programming,beyond experience with personal computers.Course requirements include homeworkassignments and a term paper.

Information Technology and StrategyB20.2318Not open to students who have takenB65.3332. Counts toward a major ininformation systems or management. 3 credits.The course explores the role of informationtechnology (IT) in corporate strategy withspecific attention paid to the Internet.Different Internet business models are iden-tified and are used to explain competitivepractices. Cases and lectures are used to showhow technology is used to gain and sustain acompetitive advantage. The course alsodescribes different Internet technology infra-structures and identifies issues in managinga firm’s technology as a strategic asset.

Designing and Developing Web-Based SystemsB20.3322Prerequisites: B20.2317 or equivalentbackground as well as the ability toprogram in some programminglanguage. 3 credits.This course covers the management anddevelopment of Web-based information sys-tems. Students analyze, design, and developWeb-enabled database applications usingseveral different approaches. Emphasis is onconcepts and architecture of new technolo-gies. Topics include the CGI processingmodel and its alternatives, Java applets, Javaservlets, and JDBC; application serviceproviders; multitier client-server computing;object-oriented models; active server pagesand other server-based processing alterna-tives; distributed databases; distributed busi-ness objects such as CORBA; text processingapplications (PERL, awk, etc.); and platformoptions (Windows NT versus Unix).

Field Studies in the DigitalEconomyB20.33303 credits.This course offers a firsthand examination ofbusiness challenges in the digital economyby taking advantage of the Stern School’sunique location in the middle of SiliconAlley. Students participating in the coursevisit New York area digital commerce firms,analyze their strategies and activities, andthen prepare case studies or analyses basedon these companies. These cases and reports(1) identify the changing issues being facedby companies operating in this environ-ment, (2) demonstrate how customers oper-ating in this environment are coping withrapidly evolving changes, and (3) present aframework for identifying success factors forthese companies compared with counter-parts elsewhere in the economy. Teams offaculty and business executives guide andassess student activities.

Data Mining and KnowledgeSystemsB20.33363 credits.Data mining is the process of converting theraw data into useful information or knowl-edge required to support decision making. Itautomates the process of knowledge discov-ery, making us orders of magnitude moreproductive in our search for useful informa-tion than we would be otherwise. It alsoincreases the confidence with which we canmake business decisions. The course focuseson two subjects simultaneously: (1) theessential data mining and knowledge rep-resentation techniques used to extract intel-ligence from data and experts and (2)common problems from the fields offinance, marketing, and operations/servicethat demonstrate the use of the various tech-niques and the tradeoffs involved in choos-ing from among them. The areas explicitlycovered in the course are OLAP, neural net-works, genetic algorithms, rule induction,fuzzy logic, case-based reasoning, and rule-based systems.

Financial Information SystemsB20.33503 credits.This course investigates the role of informa-tion technology (IT) in financial marketoperations and in enhancing the competitiveperformance of financial services firms. It

examines the development and use of finan-cial information systems such as traderworkstations, electronic payments mecha-nisms, funds transfer networks, and securi-ties market trading and back-office process-ing systems. The objectives are to build anunderstanding of the IT impacts on bankingand markets, to gain knowledge of the lead-ing-edge applications of systems, and todevelop skills in implementing computer-based financial analysis and models.

Risk Management SystemsB20.3351Prerequisite: B01.2311. 3 credits.The concepts of risk management havetaken on new meaning and importance asfinancial assets, energy, and raw materialprices have become more volatile in an ageof deregulated global markets. In response,risk management systems have taken on anall-pervasive, systematic presence in corpo-rations and financial firms, not unlike theearlier era concept of management infor-mation systems. This course examines thevarious tools, methods, and approaches tomanaging risk as viewed from an enterpriseperspective. It focuses on the latest tech-niques and the practical implications oftheir implementation in departmental andcorporate-wide information processing sys-tems, with a particular emphasis on finan-cial institutions. The required readings focusprimarily on the risk management systemsused by firms engaged in financial assettrading, hedging, and portfolio manage-ment. The readings and class lecturesprovide a broad view of risk managementprinciples and theories across the widedimension of financial institutions. Riskmanagement systems between financialinstitutions and industry-wide risk manage-ment institutions are studied as well.

Business Process Design andImplementationB20.33563 credits.This course focuses on the design, manage-ment, and implementation of IT-supportedbusiness processes. The evolution of infor-mation technology and the near ubiquity ofthe Internet give business firms the opportu-nity to completely redesign their businessprocesses, to develop systems faster, and toimplement systems in entirely new ways.Topics covered include business processanalysis and design, implementation,change management, and performance

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measurement systems. Relevant technolo-gies include Web-based application serviceproviders, workflow management systems,knowledge management systems, and enter-prise systems. Students learn how to analyzea business problem, design new businessprocesses, and manage the implementationprocess. They also gain an understanding ofthe technology support structure required forsuccessful implementation of organizationaland interorganizational processes.

Advanced Technologies forBusiness ApplicationsB20.3362Prerequisite: B20.2317, its equivalent, orpermission of the instructor. 3 credits.This course provides a thorough examina-tion of several key technologies that enablemajor advances in e-business and otherhigh-tech industries, and explores the newbusiness opportunities that these technolo-gies create. For each of these technologies,the course provides an overview of the“space” corresponding to this class, exam-ines who the major players are, and how theyuse these technologies. Students then studythe underlying technologies; examine thebusiness problems to which they can beapplied; and discuss how these problems are solved. Key companies in the “spaces”created by these technologies are also stud-ied: what these companies do; which tech-

nologies they use; how these technologiessupport their critical applications; and howthese companies compete and collaborateamong themselves. Moreover, the courseexamines possible future directions andtrends for the technologies being studied;novel applications that they enable; and howhigh-tech companies can leverage applica-tions of these technologies. This is anadvanced course, and it is intended for thestudents who have already acquired basicknowledge of technical concepts and whowant to advance their knowledge of tech-nologies beyond the basics and further devel-op an understanding of the dynamics of the“spaces” associated with these technologies.

Managing Financial BusinessesB55.2310Corequisites: B01.2311 and B01.1302.An interarea course in finance, infor-mation systems, and management. 3 credits.This course covers cross-departmental issuessuch as financial analysis of competitive per-formance; global economic and regulatoryissues; business strategy; human behavior incomplex organizations; and informationtechnology. It encourages awareness ofimportant management requirements forthe financial services industry, and provides aframework for understanding how these areimplemented and carried out in successful

and unsuccessful firms. This interareacourse forms an integrative learning expe-rience for students majoring in finance,information systems, or management and is cotaught by professors from thesedepartments.

Electronic CommerceB55.33383 credits.The Internet and the emerging “informationsuperhighway” are dramatically altering theway we transact goods and services. Thiscourse examines how new information tech-nologies and networks will affect theexchange of goods and services between buy-ers and sellers in the 21st century. How willadvertising, purchasing, customer service,and trade settlement processes change? Whatare the economics of different electroniccommerce models for these processes? Thecourse evaluates key corporate strategies andinitiatives in electronic commerce and theenabling network and user interface tech-nologies that are redefining business as weknow it. These technologies include theInternet, digital media, electronic payments,etc. Finally, the course combines the study ofthe economic and business strategy princi-ples of e-business with an applied look atspecific companies and industries, such ason-line financial services, on-line retailing,and electronic publishing.

Knowledge Management andDecision Systems(Not offered in 2002-2003.)B20.31301.5 credits.The focus of this course is a blend of theories,approaches, and technologies for manageri-al problem solving and knowledge manage-ment. The course reviews common fallaciesand pitfalls in decision making and seeks toequip students with the knowledge of man-agerial techniques and information tech-nologies for effective organizational decisionmaking. Students are exposed to methodsand technologies for leveraging intellectualcapital, both at an individual and firm level.Major topics of the course include “decisiontraps,” problems in dynamic decision mak-ing, systems thinking, decision support, andtechnologies that facilitate knowledge shar-ing, knowledge management, and organiza-tional learning.

Technology Project Management(Not offered in 2002-2003.)B20.31311.5 points.This minicourse equips students to managelarge-scale information technology projectsthat have a significant impact on the organi-zation. Technical topics include project spec-ifications, risk analysis, cost estimation andbudgeting, time and resource schedulingusing critical path methods, and implement-ing a project control system. Managerial top-ics include stakeholder analysis, buildingpartnerships in the organization, changemanagement, work redesign, and perfor-mance measurement systems.

Electronic CommunitiesB20.31351.5 credits.Substantial increase in household Internetconnections has led to a dramatic rise in the

number of people participating in large,Internet-enabled groups outside the workcontext. Many are organized around recre-ation and entertainment; some are orga-nized around civic and political issues; somearound personal needs for support or advice;and some around technical topics. With thepublication of Net Gain in 1997 and thegrowth in Linux and other open-source tech-nologies came the realization that thesegroups could be shaped into a source of busi-ness value. The goals of this course are tointroduce students to varieties of electroniccommunities; to provide frameworks forevaluating their usability and sociability;and to evaluate alternative business andtechnology models for electronic communi-ties. Students complete individual assign-ments based on the readings and complete agroup assignment based on an analysis ofelectronic communities.

Minicourses

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Technical Foundations ofInformation SystemsB20.3386Open only to doctoral students. 3 credits.The goal of the course is to provide studentswith sufficient background in a variety oftopics in computer science to enable them tounderstand and possibly conduct research intechnical areas of information systems (IS).One of the immediate goals of the course isto develop sufficient technical skills so thatthe students can read—intelligently andcritically—technical IS papers they mayencounter in other technical IS courses andlater on in their professional lives. To accom-plish this goal, the course covers a broad setof topics in computer science, including settheory, computability, finite automata,Turing machines, analysis of algorithms,elements of logic, databases, and softwareengineering.

Organization Strategy andTechnologyB20.3387Open only to doctoral students. Co-offered by the Departments of IOMSand Management and OrganizationalBehavior. 3 credits.This course introduces students to the princi-pal theoretical frameworks, methodologicalapproaches, and empirical findingsresearchers use to explain the relationshipbetween environments and organizations.The first part of the course develops the fourprincipal paradigms on which organizationtheorists rely to explain how organizationsadapt to their environments. These para-digms encompass now popular neoinstitu-tional theory, organizational ecology, andcontingency theory, as well as resource, net-

work, and cognitive perspectives. Specialtopic sessions are devoted to the role of tech-nology and the conduct of planned change.The second part of the course takes a strate-gic perspective to the firm’s concern withadaptation. The class explores how environ-ments propel managers to formulate busi-ness, corporate, and collective strategies, aswell as to design structures and controlsystems to enhance their firms’ effectiveness.

Research MethodsB20.3388Open only to doctoral students. Co-offered by the Departments of IOMS,Management and OrganizationalBehavior, and Marketing. 3 credits.This course covers selected topics in behav-ioral science research, including researchdesign, model building, measurement, datagathering, and interpretation. Students readand discuss research papers and preparewritten and oral presentations. Studentsidentify a research question and prepare aresearch proposal, then execute theirresearch with the objective of producing ajournal-quality paper.

Seminar on Current ResearchTopicsB20.3389Open only to doctoral students. 3 credits.In-depth study of major research topics inthe field of information systems, led bymembers of the faculty. Topics include data-base and knowledge-based systems, commu-nications/networks and coordination tech-nologies, decision theory, economics ofinformation systems, advanced systemsanalysis and design, and software engineer-ing. Topics are revisited on a two-year cycle.

Decision Making andOrganizational BehaviorB20.3390Open only to doctoral students. Co-offered by the Departments of IOMSand Marketing. 3 credits.Commences with a survey of normativeand descriptive models of individual andgroup decision making in a world that is characterized by conflicting objectives,different risk-taking attitudes, uncertainoutcomes, and limited computationalresources. The course then examines howthe organizational context may influenceindividual and group decision processes.This part also examines models of groupcomposition, motivation, and leadership.In addition to exploring key models indecision theory and organizational behav-ior, the course demonstrates how thesemodels can be used to support empiricaland normative research in such areas asmanagement, marketing, finance, andinformation systems.

Special Topics (To BeAnnounced)B55.3365Open to all Stern faculty and doctoralstudents, and to advanced M.B.A. stu-dents with permission of the instructor. 3 credits. Spring.This is an interdepartmental faculty-studentworkshop, supported in part by the Center forDigital Economy Research. The weeklymeetings are devoted mainly to presenta-tions by Stern faculty, although some visitorsmay be scheduled. Participants are expectedto attend the workshop regularly. Studentstaking the workshop for credit are alsoexpected to write a term paper.

Information Systems Courses for Doctoral Students

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Operations Management Group in IOMS

irtually every sector of the economy hasbeen shaken by revolutionary changes inthe ways firms provide customers with

goods and services. Effectively managing operationsenables firms to gain a competitive advantage bycreating cost leadership, quality superiority, flexibleresponse to customer needs, and getting products andservices to market quickly. Our mission is to equip21st century managers with the ability and analyticalskills to lead and manage complex and dynamicoperating systems.

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Our faculty is known for cutting-edgeresearch on critical emerging operations andstrategy issues. This research is reflected notonly in the foundation core course, but alsoin the six advanced electives offered. We area multidisciplinary group with expertise inmass customization, business processdesign, service operations, value chain man-agement, environmental management,quality, distribution channel management,risk analysis, manufacturing systems design,and global operations strategy.

We consult and conduct research on real-world problems in a variety of industries andgovernmental agencies. These include bank-ing, automobiles, telecommunications,electronics, machine tools, cosmetics, chem-icals, pollution control, waste management,consumer goods, airlines, health care, steel,retailing, computers, utilities, and NASA.

We emphasize learning through expe-riential exercises, real-world cases, guestspeakers, field visits, and hands-on fieldprojects. We constantly stress the rela-tionships between analytic and strategicperspectives.

Our business students envision them-selves working in the fields of finance,accounting, marketing, information sys-tems, product design, or human resources.

All of these areas are closely involved with theproduction and distribution of goods andservices, and the more managers knowabout the system that produces the firm’sproduct, the better they are able to design,market, finance, or manage the activities ofthe organization.

Working knowledge of today’s key opera-tions issues provides the ability and skills tobuild successful careers and contribute to thefirm in many fields. As firms restructure inresponse to global challenges, ample oppor-tunities exist for managers in every field toexcel by analyzing and improving businessoperations. For example, an operations con-sultant or manager would acquire the skillsnecessary to undertake business processimprovements, total quality managementinitiatives, and customer service improve-ments. A financial analyst or managementconsultant would be in a better position toevaluate a firm’s strengths, weaknesses, andvaluation by understanding how operationsaffect the firm’s competitive position andlong-term cash flow. A marketing manager,who understands operations would be betterpositioned to take multiple, simultaneousproduct development projects from concep-tion through delivery, on time and onbudget. This would allow firms to bring

products to market more quickly, cheaply,and with better quality. A chief informationofficer or logistics director who understandsoperations would be in a better position todesign and implement state-of-the-art man-ufacturing and service delivery systems.

If you are interested in an OperationsManagement (OM) major or would likemore information, visit the OperationsManagement offices, Tisch Hall, Room 700or our Web site at www.stern.nyu.edu/om.You can also call (212) 998-0280 or e-mailus at om@stern.nyu.edu, and make anappointment to speak with a facultyrepresentative.

Deputy Chairman: Michael PinedoProfessors: Michael Pinedo, Eitan ZemelAssociate Professors: Ravi Anupindi,Harry G. Chernoff, Michael A. Moses,Praveen Nayyar, Sridhar SeshadriAssistant Professors: Victor Araman,Mor Armony, René Caldentey, Vishal Gaur,David Juran, Christopher L. Tucci, GustavoVulcanoAdjunct Associate Professor: FredSilvermanAdjunct Assistant Professor: VipulAgrawalOperations Management Group WebSite: www.stern.nyu.edu/om

OPERATIONS MANAGEMENTCORE COURSESCompetitive Advantage from OperationsOperations

ADVANCED OPERATIONSMANAGEMENT COURSESOperations StrategySupply Chain ManagementService Operations and StrategyTechnological Innovation and New ProductDevelopment

Operations Consulting: Design of OperationsOperations Consulting: ResourceManagement

Decision Models

Managing for Quality

Operations in Financial Services

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Majors and Nonmajors in Operations Management

Supply Chain Management(Business Logistics)B60.23063 credits.The function of supply chain managementis to design and manage the flow of materi-al and information, starting from the rawmaterials until finished goods reach cus-tomers. Typically, logistics-related costsaccount for 20 to 25 percent of firms’ totalcosts. On the revenue side, the supply chaindecisions have a direct impact on marketpenetration and customer service. With theglobalization of the economy and advancesin information technology, supply chaindesign and coordination have becomeimportant tools for gaining competitiveadvantage. Therefore, the objectives of thecourse are to (1) develop an understandingof individual components of the supplychain (such as order management, trans-portation, network design, distributionchannel management, after-sales service,and customer service strategy) and theirinterrelationships with other functions offirms, such as marketing, manufacturing,and accounting; (2) impart analytical andproblem-solving skills necessary to developsolutions for a variety of logistics problems;(3) understand the complexity of interfirm

and intrafirm coordination in implement-ing programs such as “quick response” and “vendor managed inventories;” and (4) develop the ability to design logisticssystems and formulate integrated supplychain strategy, so that all components arenot only internally synchronized but alsotuned to fit corporate strategy, competitiverealities, and market needs.

Operations Consulting: Designof OperationsB60.23073 credits.Enhancing the effectiveness and productivityof operations is a major goal of most organi-zations. Designing the operations of a firmwill be critical to achieving this goal. Thiscourse aims to develop an understanding ofthe components that make up an integratedoperating system and to impart modelingskills for understanding the design tradeoffs.The objectives of the course are

• To develop skills for designing andimproving operations.

• To demonstrate the wide applicability of modeling methodology to different func-tional areas, with emphasis on manufactur-ing and service operations.

• To provide insights into actual businesspractices and outline the scope for applyingthe modeling and design ideas developed inthis course.

• To develop optimization and simula-tion modeling skills.

Managing for QualityB60.23103 credits.This course introduces the basic principlesand techniques of managing for quality.Students learn the most important principlesand tools by which organizations createvalue for their customers, including qualitymeasurement and assessment, quality plan-ning, quality control, quality improvement,and quality strategy. Students learn to

• Understand the historical development of modern quality methods, including the unrivalled contributions of New YorkUniversity to this field.

• Analyze systems with respect to quality,using such tools as Six Sigma, Paretoanalysis, statistical process control, qualityfunction deployment, reliability analysis,and design of experiments.

• Apply different philosophies andapproaches to quality intelligently,

Advanced OperationsManagementCourses

Operations Management is registered as afull major program by the New York StateEducation Department. This program allowsstudents to emphasize operations as a majorfield. The curriculum has been designed toprovide an understanding of how effectivemanagement of the operations function of abusiness creates competitive advantage forthe firm.

COURSE OFFERINGS ANDMAJOR REQUIREMENTS

A major in operations management requirescompleting the first-year core course andchoosing four additional advanced coursesfrom the list of advanced OM courses.

OPERATIONS MANAGEMENTCORE COURSES

Competitive Advantage fromOperationsB01.21141.5 credits. For part-time students only.For description, see page 17.

OperationsB01.23143 credits. For full-time students only.For description, see page 17.

including those of Deming, Hackman and Oldham, Ishikawa, Juran, Shewhart,and Taguchi.

• Make use of the Malcolm BaldrigeNational Quality Award criteria, as well as those of other quality examination,certification, and evaluation tools.

The focus is on management planning anddecision making, not advanced statisticalinference. This course is aimed at M.B.A. stu-dents who have already completed the corerequirements in operations, marketing, andmanagement. The emphasis is on methodswith wide application across diverse indus-tries and organizations, including recentdevelopments in information technologyand electronic commerce.

Decision Models B60.23503 credits.This course introduces the basic principlesand techniques of applied mathematicalmodeling for managerial decision making.Students learn to use some of the moreimportant analytic methods (e.g., spread-sheet modeling, optimization, Monte Carlosimulation) to recognize their assumptionsand limitations and to employ them in deci-sion making. Students learn to

• Develop mathematical models that can beused to improve decision making within anorganization.

• Sharpen their ability to structure problemsand to perform logical analyses.

• Translate descriptions of decision prob-lems into formal models and investigatethose models in an organized fashion.

• Identify settings in which models can beused effectively, and apply modeling con-cepts in practical situations.

• Strengthen their computer skills, focusingon how to use the computer to support deci-sion making.

The emphasis is on model formulation andinterpretation of results, not on mathemati-cal theory. This course is aimed at M.B.A. stu-dents with little prior exposure to modelingand quantitative analysis, but it is appropri-ate for all students who wish to strengthentheir quantitative skills. The emphasis is onmodels that are widely used in diverse indus-tries and functional areas, includingfinance, operations, and marketing.

Operations StrategyB60.33553 credits.There is an increasing awareness that opera-tions should contribute to the global com-petitive stance of a business and not merelybe a place where the firm’s products orservices are produced. This can be done bycontributing distinctive competence or capa-bility to the business, and continuallyimproving the products and process of thebusiness. In the OM core course, studentsstudy the basic aspects of how firms producetheir products and services to gain a com-petitive advantage, and take a tactical orshort-term look at operations. This course isa natural follow-up to the core course.Students examine the strategic and long-term policies of the firm, and learn how theoperations strategies and policies are devel-oped to be consistent with corporate andoverall business strategies. To do this effec-tively, students examine, through case stud-ies, how firms’ operations play an importantrole in building and shaping their competi-tive posture. This course helps students to (1) recognize the strategic and policy impli-cations that can be gained from managingoperations; (2) develop a framework for allo-cating resources and managing the opera-tions function in ways that distinguish firmsfrom their competitors; (3) analyze, develop,and formulate operations strategies toexploit competitive opportunities; (4) visual-ize how operations strategies can and mustbe linked to overall business strategies, aswell as the financial and marketing strate-gies; and (5) highlight effective examplesinvolving continuous improvement andimplementation of operations strategies.

Technological Innovation andNew Product DevelopmentB60.33563 credits.Technological innovation and new productdevelopment (NPD) are critically importantto the creation of business opportunities andsustenance of wealth. This course offers per-spectives and frameworks that seek to under-stand technological innovation and NPD atdifferent levels of analysis, including thefirm, industry, and national levels. Itaddresses issues pertaining to the discovery,development, and diffusion of technologicaladvances. For example, we attempt to under-

stand the innovation process in both start-upand established firms, and when establishedfirms have an easier (or more difficult) timebringing a new product to market andappropriating profits from it. We also provideframeworks for assessing new technologicaland business opportunities. Students areexpected to analyze and evaluate technolog-ical opportunities using the frameworks andtechniques presented in the course. Most stu-dents who take the course have careerinterests in consulting (operations or man-agement), general management, entre-preneurship, technology/new media, ormarketing, but students from all disciplinesare welcome.

Service Operations and StrategyB60.33573 credits.This course is designed to prepare students to manage service businesses and/or serviceoperations in manufacturing firms. Theobjective is to focus attention on someunique aspects of service businesses andrelate these aspects to service operations andstrategy. For example, some of the issues thiscourse covers include the following:

• What impact does intangibility have oncorporate and business strategy and opera-tions in service businesses?

• What is the impact of simultaneous pro-duction and consumption of services on howservice delivery systems are designed andmanaged?

• What impact do customers have on servicequality and productivity of service firms?

• What unique organizational designs areneeded to manage a service business?

Consistent with the need to emphasize anintegrative multidisciplinary perspective onservice operations and strategy, students areasked to undertake a project assignment todesign a complete service business, startingfrom idea to incorporation.

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Operations in FinancialServicesB60.33603 creditsThis course is designed to prepare students to structure, organize, and manage opera-tions in financial services firms, such asretail and investment banks, brokeragehouses, and insurance companies. Topicscovered include the following:

• Strategic issues: product selection, processdesign, cross-selling, service strategy.

• Design of distribution channels: theinteractions and synergies between thedifferent distribution channels (branchoffices, salespeople, call centers, ATMnetworks, on-line banking, etc.), channelcoordination.

• Design of trading processes: capacity andproduct mix.

• Assessment of operational risk: statisticalanalysis of operational risk breakdowns,characteristics of effective controls, case

studies of major operational breakdowns.

• Impact of information technology onoperations: dependencies and interactionsbetween operations and informationtechnology.

MINICOURSES

Operations Consulting:Resource ManagementB60.21271.5 credits.This course has been designed to exploreadvanced scheduling problems and schedul-ing approaches and techniques that havebeen developed in practice. The main objec-tives are to (1) improve student skills inadvanced scheduling problems and (2)understand the different schedulingapproaches and techniques that have beenimplemented in practice. The first part of thecourse describes a number of standard tech-niques for modeling typical schedulingproblems that occur in practice. The prob-lems considered are project scheduling,

resource scheduling, workforce scheduling,and reservation systems used in services. Aspecial computer-based modeling package isutilized. The second part of the coursedescribes a number of standard and genericsolution techniques for dealing with all theseproblems. The last part of the coursedescribes how to implement the solutiontechnique in an information system frame-work. Several firms that have implementedthese techniques make in-class presentationsof their triumphs and tragedies along theroad to successful implementation. Thesestudies are particularly useful for studentswho look forward to careers where the actu-al implementation of models in an impor-tant job component.

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Statistics Group in IOMS

ourses offered in the Statistics Group aredivided into two categories: statistics andactuarial science.

Statistics courses cover theory andtechniques relating to the application of the mathe-matical theory of probability to decisions that must bemade in the face of uncertainty. Statistical theory isused in a variety of applications, such as sampling,data analysis, design of market research studies, quan-titative methods in cost accounting, statistical controlof quality of manufactured products, economics fore-casting, and financial modeling. Statistical computingalgorithms are used for analyzing data and statisticalestimation.

Actuarial science courses prepare students for anactuarial career, which enables them to apply probabil-ity and statistics to the fields of insurance and pensions. The courses in actuarial science and related fields ofprobability, statistics, economics, and finance cover all of the material that appears in the first two examina-tions jointly sponsored by the Society of Actuaries and the Casualty Actuarial Society. Other courses at Sterncover portions of examinations three and four.

Students may wish to develop quantitative skills from a tailored track of courses that produces a major ordouble major with a functional area. The most popular tracks are quantitative finance and in particular finan-cial engineering, market research, and management consulting.

The program offers students the theory and techniques to solve business problems. Each course emphasizesthe application of statistical research methods to actual business problems. The applied courses make exten-sive use of computers.

Students may select statistics as a major field for the M.B.A. and the Ph.D. degrees. The M.B.A. degree mayalso be taken with a specialization in actuarial science.

A student considering statistics courses beyond the basic core should speak to a faculty member about pre-requisites and career objectives before designing and registering for an academic program. In certain instances,instructors may waive prerequisites for an advanced course.

Courses are also offered for students without a rigorous mathematical background. These are generally, butnot exclusively, computer-intensive courses that develop skills in quantitative techniques. For the most part, theonly prerequisite for these courses is Statistics and Data Analysis B01.1305. These courses are open to studentsmajoring in any department. They can be found on the Statistics Web page, www.stern.nyu.edu/sor, underthe heading M.B.A. Electives for Majors in All Departments.

In addition to the curricular program, the department offers an extensive array of extracurricular activi-ties that offers students additional exposure to problem solving with mathematical models. Student-sponsored clubs include the actuarial science club and the financial engineering association. Weekly seminarsand all-day symposia are dedicated to special topics where speakers come from both industry and academe.Further, the Statistics faculty members run a Professor-in-Residence Program where high-profile academicsvisit and present a series of lectures on their special area of research.

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Deputy Chairman: Edward L. Melnick

Professors Emeriti: Gerald J. Glasser,Ernest Kurnow, Melvin F. Shakun

Professors: Richard Brief, SampritChatterjee, Clifford Hurvich, Edward L.Melnick, Joel Owen, Gary A. Simon, Jeffrey S. Simonoff, Aaron Tenenbein

Associate Professors: Rohit S. Deo,Halina Frydman, Peter Lakner

Assistant Professor: Xianghui (Sean)Chen

Adjunct Professors: Cyrus Mohebbi,Richard Tashjian

Adjunct Associate Professors: Paul P.Hoppe, Hans Levenbach, Jeffrey S. Shaw

Statistics Office: KMC, 44 West FourthStreet, 8-160, 8th Floor

Web Site: www.stern.nyu.edu/sor

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RECOMMENDED ELECTIVES FORSTUDENTS IN OTHER MAJORS

Students who major in other departmentsand wish to take electives in statistics can choose among any of the courses listedin the catalog and the Statistics Web siteunder the suggested programs.

SPECIALIZATION IN ACTUARIALSCIENCE

Students enrolled in the M.B.A. Programmay specialize in actuarial science. Thecourses in actuarial science and related fieldsof probability, statistics, economics, andfinance cover all of the material that appearsin the first two examinations jointly spon-sored by the Society of Actuaries and theCasualty Actuarial Society. Other courses atStern cover portions of examinations threeand four.

SPECIALIZATION IN MARKETINGRESEARCH

M.B.A. students who are interested in mar-keting research should take courses in bothmarketing and statistics. For more informa-tion, consult the deputy chairman.

CORE COURSE IN STATISTICS

Statistics and Data AnalysisB01.13053 credits.For description, see page 16.

M.B.A. ELECTIVES FOR MAJORSIN ALL DEPARTMENTS

The Statistics faculty offer courses for M.B.A.students interested in applications of quanti-tative methods to various phases of businessactivity. These courses may also be taken bystatistics majors to meet major courserequirements. The only prerequisite for thesecourses is B01.1305, with the exception ofB90.2309 and B90.2310. B90.2XXX coursesemphasize applications and present the the-

ory with intuitive arguments. B90.3XXXcourses emphasize methodology that areillustrated with applications.

Regression and MultivariateData AnalysisB90.2301Prerequisite: B01.1305. 3 credits. Falland spring.A data-driven, applied statistics course focus-ing on the twin subjects of regression andmultivariate data analysis. This courseemphasizes applications to the analysis ofbusiness data and makes extensive use ofcomputer statistical packages. Topics includethe analysis and management of data, mul-tiple linear and nonlinear regression, selec-tion of variables, residual analysis, modelbuilding, autoregression, and multi-collinearity. Topics in multivariate dataanalysis include principal components,analysis of variance, categorical data analy-sis, factor analysis, cluster analysis, discrim-inant analysis, and logistic regression. Alltopics are illustrated on data sets obtainedfrom the financial markets, market researchstudies, and other scientific inquiries.

Forecasting Time Series DataB90.2302Prerequisite: B01.1305. 3 credits. Falland spring.Presented in this course are practical timeseries forecasting techniques with emphasison the Box-Jenkins (ARIMA) method andconditional volatility (ARCH/GARCH) mod-els. Provided is a mix of practical data analy-sis as well as an introduction to the relevanttheory. The ARIMA models are used to fore-cast series like interest spreads while ARCHmodels are used in estimating and forecast-ing the volatility of series like stock returnsand exchange rate returns. Students analyzedata sets of their own choice in projects.Additional topics of interest covered in thecourse are methods of testing for nonstation-ary (Dickey-Fuller tests) as well as models for

capturing seasonality as seen for example inseries of monthly sales figures. The low-costforecasting method of exponential smooth-ing is discussed and its connection to theRiskMetricsTM methods of J. P. Morgan andGARCH models is explored. If time permits,we also study methods of forecasting multi-variate time series, where information fromseveral series is pooled to forecast a singleseries. The concept of co-integration or co-movement of multivariate series is discussed(interest rates being a prime example) alongwith their implications for forecasts. Otherpotential topics in the course include the useof ARCH models in value at risk (VAR) analy-sis and in option pricing.

Applied Stochastic Processes forFinancial ModelsB90.2308Prerequisite: B01.1305. 3 credits. Falland spring.The purpose of this course is to presentmathematical background for the stochasticprocesses that are widely employed as model-ing tools in finance. The emphasis is on theintuitive approach and examples rather thanon proofs or mathematical rigor. The courseincludes the following topics: random walks,martingales, Brownian motion, GeometricBrownian motion. The relevance of the con-sidered processes to financial modeling isstressed throughout. In particular, the Cox,Ross and Rubinstein, and the Black-ScholesModels for pricing stock options are dis-cussed. In addition, the Ho and Lee, Black-Derman and Toy, and the ox-Ingersoll-RossModels for pricing interest rate derivativesecurities are discussed.

Mathematics of InvestmentB90.2309Prerequisite: One semester of under-graduate calculus or permission of theinstructor. 3 credits. Fall.The course discusses mathematical andtechnical aspects of investments. Topics

include measurement of interest and dis-count rates, accumulated value and presentvalue, annuities, sinking funds, amortiza-tion of debt, and determination of yield rateson securities. Applications include bondevaluation, mortgages, capital budgeting,depreciation methods, and insurance.

Introduction to OperationsResearchB90.2310Prerequisites: B01.1305 and onesemester of undergraduate calculus orpermission of the instructor. 3 credits.Spring.This is an introductory course that trains stu-dents to use the basic tools in operationsresearch. Students are exposed to a variety ofmanagerial situations requiring them to for-mulate operations problems and to selectand implement appropriate solutionmethodologies. Topics include optimizationtechniques such as linear programming,network models, inventory management,waiting-line analysis, and dynamic pro-gramming. Students are required to use

computer software to solve typical problemsand analyze the outputs.

Stochastic Models for FinanceII: Fixed Income InstrumentsB90.3322Prerequisite: B90.3323. 3 credits.This class is devoted to a detailed study ofprobabilistic and financial aspects of model-ing of fixed-income instruments. The mod-ern martingale theory, widely used infinancial engineering, is the main modelingtool. The class evolves around the secondpart (Chapters 11-17) of the text MartingaleMethods in Financial Modelling by M.Musiela and M. Rutkowski. References arealso made to some recent papers in the areaof term structure modeling. The main build-ing blocks of the class are a survey of theinstruments most commonly traded onfinancial fixed income markets; a survey offinancial rates; a survey of short-term inter-est rate models; a study of the HJM model ofthe instantaneous forward rate; a study of anabstract bond market model; a study of for-ward LIBOR and forward swap rates models;

a study of spot and futures options under sto-chastic interest rates models; a survey/studyof pricing/hedging models for caps/floors;and swaptions within various term structuremodels. Relationships between variousapproaches to term structure modeling areinvestigated. From the technical standpoint,an emphasis is put on modeling techniquesinvolving change of numeraire. In particu-lar, a detailed analysis is made of the con-cepts of spot martingale measure, forwardmartingale measure, spot LIBOR measure,forward swap measure. We analyze the rela-tionships between them, as well as their usein fixed-income modeling.

ELECTIVES IN STATISTICS ANDACTUARIAL SCIENCE

These electives are open to all students(M.B.A. and Ph.D.) who have the requiredmathematical prerequisites (two semestersof calculus and one semester of matrix alge-bra at the graduate or undergraduate level).Typically students who majored in engineer-ing or mathematics would automaticallysatisfy this requirement.

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Introduction to the Theory ofProbabilityB90.3301Prerequisites: two semesters of calculus. 3 credits. Summer, fall, and spring.This course covers the basic concepts ofprobability. Topics include the axiomaticdefinition of probability; combinatorial the-orems; conditional probability and indepen-dent events; random variables andprobability distributions, expectation offunctions of random variables; special dis-crete and continuous distributions, includ-ing the chi-square, t, and F distributions;joint distributions with emphasis on thebivariate normal distribution; law of largenumbers, central limit theorem; and mo-ment generating functions. The theory ofstatistical estimation is introduced with adiscussion on maximum likelihoodestimation.

Statistical Inference andRegression AnalysisB90.3302Prerequisites: B90.3301 and one semes-ter of linear algebra. 3 credits. Fall andspring.

The course has two distinct components: sta-tistical inference and regression analysis.Topics included in statistical inference areprinciples of statistical estimation and infer-ence, Neyman-Pearson Lemma, testing ofmeans, variances, tests of independence,nonparametric methods. Regression analy-sis focuses on the general linear regressionmodel; least squares estimation, departuresfrom standard assumptions; autocorrelation,multicollinearity; analysis of residuals;choice of variables; nonlinear models.

Multivariate Statistical AnalysisB90.3303Prerequisite: B90.3302. 3 credits.Definition of properties of multivariatedistributions with focus on the multivariatenormal; geometric principle of sampling;multivariate asymptotics; principles ofmultivariate inference; tests of the meanvector for one and several populationsleading to Hotelling’s T2 statistic andMNOVA; techniques of multiple compar-isons; mutivariate linear regression models;principal components; factor analysis;canonical correlations; discrimination andclassification; clustering, graphical displaysof mutivariate data.

Advanced Theory of StatisticsB90.3304Prerequisite: B90.3302. 3 credits.The course covers topics in statistical estima-tion and hypothesis testing. Topics on esti-mation include sufficiency; exponentialfamily; Pitman Koopman Theorem; criteriafor choice of estimators; lower bounds forvariance of estimators; sufficiency and com-pleteness; maximum likelihood estimation;theorems on limiting distributions; androbust estimation. Topics on hypothesistesting include theory of optimum tests;Neyman-Pearson Lemma; M.P. and U.M.P.tests; unbiased tests; composite hypotheses,Neyman structure; likelihood principle; andlikelihood ratio tests.

Bayesian Inference andStatistical Decision TheoryB90.3305Prerequisite: B90.3302. 3 credits.This course has two components: statisticaldecision theory and the Bayesian paradigmfor statistical inference. Statistical decisiontheory is concerned with the problem ofmaking decisions in the presence of relevantstatistical knowledge. Topics include deci-sion rules, utility, risk functions, admissibili-

Courses in Statistics

ty, consistency, expected loss, randomized,minimax, and Bayes decision rules. Gametheory. Both Frequentist and Bayesian con-cepts are considered. The Bayesian paradigmis the approach to statistics that formallyseeks to utilize prior information. Topicsinclude the notion of subjective probability,the specification of prior information, credi-bility sets, predictive distributions, empiricaland heirarchical Bayes analysis, Bayesianrobustness and computation. Comparisonsare made with the classical approaches totypical problems. Business case studies areused to illustrate both components.

Time Series AnalysisB90.3306Prerequisite: B90.3302. 3 credits.A course in the Fourier analysis of timeseries. The frequency domain approach cov-ered here provides a complementary outlookon time series to the usual time domain Box-Jenkins approach. Topics include periodicity(cycles) in time series data; the periodogramand its distribution; linear filters and transferfunctions; spectral density; spectral represen-tations of autocovariances and stationaryprocesses; ARMA models and their spectra;model selection; the linear forecasting prob-lem; and spectral estimation. We also discusslong memory models, including fractionalARIMA and nonlinear time series (includingARCH models and chaos), as time permits.

Categorical DataB90.3307Prerequisite: B90.3302. 3 credits.Discrete random variables are the subject ofthis course, with most of the emphasis goingto the bivariate and multivariate situations.The major topics are the chi-squared statis-tic; Fisher’s exact test; odds ratio estimatesand intervals; sets of tables; the log-linearmodel; model fitting; and logit analysis. Thefundamental paper by Leo Goodman in the1970 issue of the Journal of the AmericanStatistical Association is discussed. M.B.A.and undergraduate students registering forthis course are evaluated primarily on theirability to formulate and analyze data-basedproblems. All other students are evaluatedprimarily on their understanding of method-ological and theoretical issues associatedwith the analysis of categorical data.

Sampling TechniquesB90.3308Prerequisite: B90.3302. 3 credits. Fall.Considers commonly used samplingschemes, such as simple, random, stratified,multistage, and double sampling andstudies their efficiency. Studies methods ofestimation, including ratio and regression.Other topics include poststratification, mul-tivariate surveys, analytic studies, problemsof nonresponse, nonsampling errors, andrandomized response technique. Theory isillustrated with examples from diverse fields.

Experimental DesignB90.3309Prerequisite: B90.3302. 3 credits.This course develops the analysis of variancemodel in detail through the “one-way” and“two-way” designs, including partitioningsums of squares, orthogonal polynomials,interactions, multiple comparisons, andfixed and random effects. The concepts ofrandomization and blocking lead to discus-sions of design strategy. Further topics, cov-ered if time permits, are the higher-orderdesigns, split-plot designs, and fractionalfactorials. The material of this course is vitalto those performing designed experiments,and the information can also be helpful inobservational studies.

Regression and MultivariateData AnalysisB90.3311For doctoral students only. 3 credits. Fall and spring.Same as B90.2301. For description, see page 61.

Forecasting Time Series DataB90.3312For doctoral students only. 3 credits. Fall and spring.Same as B90.2302. For description, seepage 61.

Statistical Computing andSampling Methods withApplications to FinanceB90.3314Prerequisite: B90.3302. 3 credits.This course covers most of the classical and

modern Monte Carlo methods for statisticalestimation. In particular, the fast growth ofMonte Carlo Markov Chain (MCMC) meth-ods has enabled the use of Bayesian infer-ence in many applied fields. Methodologiesare illustrated with financial applicationssuch as estimation of implied volatility andrisk measures. Examples are drawn frompublished research and survey papers in cur-rent literature (Risk Magazine, J. P. Morgan’sRisk Metrics). The course integrates threebasic components of statistical analysis infinancial areas: modeling and inference(with emphasis on Bayesian methodology);computing and sampling methods for statis-tical estimation (with emphasis on MCMC);and applications to financial data (withemphasis on volatility and risk). The focus isplaced on the second component, bridgingthe gap between what can be said in theory(first component) and what can be done inpractice (third component). The goals of thecourse are modest so that a full treatment ofall major topics can be achieved.

Advanced Theory of ProbabilityB90.3352Prerequisites: B90.3301 plus 2 semestersof calculus. 3 credits. Spring.This course is designed for Ph.D. students inall disciplines. The aim of the course is toestablish a comprehensive foundation of thetheory of probability. The topics covered arebasic measure theory, random variables, andinduced measures and distributions; inde-pendence of random variables; integrationin a probability space with emphasis onConditional Expectation and martingales;modes of convergence of random variables,including almost sure convergence, conver-gence in LP, convergence in probability, andconvergence in distribution; characteristicfunctions and the inversion formula;the central limit theorem for independentidentically distributed random variables andalso for martingale differences. If time permits, additional topics will includefunctional central limit theorems and theirapplications.

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Introduction to StochasticProcessesB90.3321Prerequisite: B90.3301. 3 credits. Fall.This is an introductory course in stochasticprocesses. Its purpose is to introduce studentsinto a range of stochastic processes, whichare used as modeling tools in diverse fields ofapplications, especially in the business appli-cations. Introduces the most fundamentalideas in the area of modeling and analysis ofreal-world phenomena in terms of stochasticprocesses. Covers different classes of stochas-tic processes, such as discrete and continu-ous-time Markov chains, discrete and

continuous time martingales. A significantportion of the course is devoted to the studyof the Brownian motion process, as well as tostudy of the Ito stochastic calculus. In partic-ular, the concepts of the Ito stochasticintegral, Ito differentiation rule, and Itostochastic differential equation are dis-cussed. Presents various applications of theunderlying theoretical concepts with empha-sis on the application to financial modelingand financial engineering.

Stochastic Models for Finance I:Equity and Currency MarketB90.3323Prerequisite: B90.3321. 3 credits. Spring.This is a course on mathematical methodsfor modeling financial markets with empha-sis on valuation of financial derivatives. Thetopics include concepts of arbitrage, equiva-lent martingales measures, price systemswith finite and infinite state space, Black-Scholes valuation formula, Girsanov’s theo-rem, general contingent claims pricing,valuation of European and Americanoptions, and estimation of the volatility ofthe asset prices.

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Courses in Stochastic Processes

Dissertation SeminarB90.9900Open only to doctoral students with thepermission of the instructor-in-charge. 9 credits per term. Fall and spring.

Individual meetings with the dissertationadviser and members of the tentative readingcommittee on the dissertation. Occasionalgroup meetings.

Dissertation Seminar

Students completing the M.B.A. with a spe-cialization in actuarial science will beprepared for the actuarial examinations ofthe Society of Actuaries and the CasualtyActuarial Society.

The M.B.A. Program meets the needs ofstudents wishing to specialize in actuarialscience and to obtain a broad background inapplied business areas that interest the actu-ary (such as information systems, account-ing, finance, economics, marketing, andmanagement).

A student enrolled in the M.B.A. Programshould complete the courses listed below.

STATISTICS COURSES

Forecasting Time Series DataB90.2302For description, see page 61.

Mathematics of InvestmentB90.2309For description, see page 61.

Introduction to OperationsResearchB90.2310For description, see page 62.

Introduction to the Theory ofProbabilityB90.3301For description, see page 62.

Life ContingenciesB90.3335Prerequisites: B90.2309 and B90.3301.3 credits.Applies probability and mathematics ofinvestment to problems of premiums andreserves on annuities and insurance policies.Topics include probabilities of mortality,laws of mortality, joint life probabilities andannuities, multiple decrement theory. Appli-cations to pension plans is discussed.

FINANCE COURSES

Foundations of FinanceB01.2311For description, see page 17.

Corporate FinanceB40.2302For description, see page 45.

ECONOMICS COURSES

Understanding Firms andMarketsB01.1303For description, see page 16.

Global Business EnvironmentB01.2303For description, see page 17.

Specialization in Actuarial Science

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International Business: A Multidisciplinary Program

he International Business Area of the SternSchool offers an extensive program for stu-dents planning careers in multinational

firms, internationally oriented financial institutions,and national and international agencies dealing withglobal business. Stern’s program in international busi-ness was one of the first offered by a major businessschool and continues to be one of the best.

The International Business Area serves as acatalyst for Stern’s focus on global business.The area brings together faculty with interestand expertise in international dimensions ofmanagement, finance, marketing, account-ing, and economics. They have an internalreputation for quality teaching and an exter-nal reputation for innovative research. Thepopular “IB” comajor provides students withan international perspective that comple-ments a functional specialization. Specificcourses develop topics ranging from multi-national corporate strategy to internationalcapital markets. Students taking this co-major must fulfill all the requirements for amajor in one of the basic functional fields(finance, marketing, etc.), possibly includ-

ing international courses in that field; theyalso take prescribed international courses inother fields as electives. All comajors musttake an international business core courseanalyzing foreign environments and inter-national management problems. Studentscannot major in international business.

Area Chairman: Thomas Pugel

Professors: David Backus, Frederick D. S. Choi, Thomas Cooley, C. Samuel Craig, Susan Douglas, Richard Levich,Durairaj Maheswaran, Rita Maldonado-Bear, Thomas Pugel, George Smith, Roy C.Smith, Marti G. Subrahmanyam, IngoWalter, Bernard Yeung

Associate Professors: Jian Ping Mei,Nouriel Roubini

Assistant Professors: Juan Alcacer, Ya-Ru Chen, Alessandra Fogli, XavierMartin, Fabrizio Perri, Vincenzo Quadrini,Rachelle Sampson

Instructors: Mikelle Calhoun, ChristopherMann, Robert Salomon

Adjunct Professors: AnindyaBhattacharya, Ian Giddy, Arjun Mathrani,Frederick Militello, Harvey Poniachek, HeinzRiehl, Jeffrey YuQing Shen, Martin Siegel,Venkataramani Srivatsan, Kishore Tandon

Area Office: KMC, 44 West Fourth Street,7th Floor

Requirements for the M.B.A. Degree with a Comajor in International Business

The program contains two components:

1. THE INTERNATIONALBUSINESS CORE

Multinational BusinessManagementB65.2340

2. INTERNATIONALLY ORIENTEDELECTIVES

For the M.B.A. degree with a comajor ininternational business, three internationallyoriented courses (9 credits) are required inaddition to the core course. These coursescan be taken in major or elective areas. Thetotal requirement is four courses (12 cred-its), including the international core course.

Students who participate in the Inter-national Management Program (IMP)receive 6 credits of internationally orientedelectives if they choose to pursue a comajorin international business. For a suitablecourse, 3 of these 6 credits can substitute forMultinational Business Management.

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International Accounting andFinancial Statement AnalysisB10.3335For description, see page 31.

Financial History: Money andPower, 18th to 21st CenturiesB30.2101For description, see page 34.

Global Economic Integrationand EntrepreneurshipB30.2315For description, see page 34.

The Comparative Analysis of theJapanese and U.S. EconomiesB30.2337For description, see page 34.

Global Perspectives on theHistory of EnterpriseB30.2338For description, see page 34.

International MacroeconomicPolicy: Theory and Evidencefrom Recent Financial CrisesB30.2380For description, see page 35.

Post-Soviet Economies inTransitionB30.2383For description, see page 35.

International Competition andthe Multinational EnterpriseB30.2385For description, see page 35.

Financial HistoryB30.2392For description, see page 36.

Theory of International TradeB30.3384Ph.D. level. For description, see page 37.

International MacroeconomicsB30.3386Ph.D. level. For description, see page 37.

International InvestmentsAnalysisB40.3103For description, see page 49.

Topics In International FinanceB40.3188For description, see page 49.

Emerging Financial MarketsB40.3384For description, see page 49.

Global Banking and CapitalMarketsB40.3387For description, see page 49.

International FinancialManagementB40.3388For description, see page 49.

International FinanceB40.3389Ph.D. level. For description, see page 50.

Multinational BusinessManagementB65.2340For description, see page 69.

The Global Manager andNegotiatorB65.2360For description, see page 69.

Globalization of theEntertainment IndustryB70.2112For description, see page 76.

International MarketingManagementB70.2385For description, see page 75.

Tax Aspects of InternationalBusinessB95.3343For description, see page 32.

World Debt and EmergingMarketsB50.2132Prerequisites: B01.2303 or theequivalent. 1.5 credits.Examines the roots of world debt problemsand their implications for the internationalmonetary system, as well as the roles andinterests of the different players, such as sov-ereign borrowers, commercial banks, andsupranational institutions. Special attentionis devoted to business opportunities in“emerging markets.” Literature on the sub-ject is reviewed, and practical examples areprovided, with special emphasis on Mexicoand South America.

Western European BusinessB50.23103 credits.Analyzes the business systems of a variety ofWestern European nations as well as theinfluence of environmental factors (geo-graphic, economic, political, social, cultur-al) and internal forces on their development.Emphasizes the European Union and theforces of integration operating in Europe.

Emerging EconomiesB50.23353 credits.Provides an understanding of the process ofdevelopment, the significant elements ofdevelopment strategies and policies, and theproblems encountered in implementation.Links policy choices to their consequencesfor growth, economic instability, and incomedistribution, so that students are in a betterposition to appreciate the risks and opportu-nities in emerging markets. The emphasis ison practical aspects of development.

Research Methods inInternational BusinessB50.3183Open only to doctoral candidates or bypermission of the instructor. 1.5 credits.Provides a strong foundation for criticalthinking in the area of global business oper-ations. Examines topics primarily in the areaof cross-national business operations thathave managerial applications. Focuses oncross-cultural psychology and developing astrategic framework and capabilities forglobal business research.

Courses in International Business Subjects

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International ManagementB50.3184Open only to doctoral candidates or bypermission of the instructor. 1.5 credits.Addresses the managerial issues associatedwith the formation, governance, strategicmanagement, and performance of multi-national corporations. Modes of entry intoforeign markets and hybrid forms of inter-national corporate organizations are alsoaddressed. Emphasizes the integration ofinternational business research with currentdevelopments in related disciplines includ-ing managerial economics, sociology, andstrategic management.

Emerging Markets InitiativeB50.33123 credits.The purpose of this course is to study busi-nesses within the context of an emerging

country, including its economy, its culture,and its position within the global businessenvironment. The course combines class-room sessions with a study tour of a chosencountry. Faculty and regional experts provideclassroom instruction while the study tour isprimarily student organized. Groups of stu-dents work on projects sponsored by corpora-tions, alumni, or Stern School.

Workshop in InternationalBusiness and EconomicsB50.3350Open only to doctoral candidates or bypermission of the instructor. 3 credits.An advanced, intensive interdisciplinaryworkshop for doctoral students pursuing dis-sertation topics. Students present research inprogress and dissertation proposals. Guestsand faculty members also present originalresearch papers.

Multinational Firm EconomicsB50.3381Open only to doctoral candidates or bypermission of the instructor. 3 credits.Surveys research on the multinational firm.Focuses on economic analysis, but alsoexamines analysis of management and pub-lic policy issues. Topics include the basis forforeign direct investment modes of entry,choice of location, taxation of multinationalfirms, effects on labor, and the relationshipto economic growth.

Dissertation Seminar(International Business)B50.9901Open only to doctoral students with thepermission of the instructor-in-charge. 9 credits per term. Fall and spring.Individual meetings with the dissertationadviser and members of the tentative com-mittee on the dissertation.

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Management and Organizational Behavior

rganizations must be able to compete in environments marked by complexinteractions and rapid change. The

Department of Management and OrganizationalBehavior offers courses and conducts research on how organizations can better manage internal and external interactions and changes. The content ranges from organization-wide topics, such ascompetitive positioning, managing new technologies,and shaping organizational cultures, to the skillsneeded by individual managers, such as negotiating and building commitment.

O

All courses emphasize (1) applying relevanttheory to the analysis of complex organiza-tional problems; (2) experiential learning(through cases and exercises); and (3) ageneral management focus. Our main inter-est is in managerial practice, and we regardour primary task as applying relevant theoryin ways that enhance students’ ability todiagnose and manage more effectively com-plex organizational situations.

The department’s faculty have publishedwidely on such diverse subjects as strategicchange, managerial cognition, organ-izational learning, innovation and new

technologies, knowledge management,socialization processes, and diversificationand globalization strategies.

Chairman: Elizabeth Wolfe Morrison

Professors: Sally Blount-Lyon, RogerDunbar, Richard D. Freedman, Ari Ginsberg,William D. Guth, Elizabeth W. Morrison, ZurShapira, William H. Starbuck

Associate Professors: Raghu Garud,Theresa Lant, Stephen Mezias, Frances J. Milliken

Assistant Professors: Juan Alcacer,Caroline Bartel, Ya-Ru Chen, Michelle

Gittelman, Gregory Janicik, Michael Lenox,Xavier Martin, Rachelle Sampson, KimberlyWade-Benzoni, Amy Wrzesniewski

Visiting Faculty: Anat Lechner, Jim Wade

Clinical Faculty: Fernando Alvarez,Robert B. Lamb

Adjunct Faculty: George Buckley, HelenCarter, Alan Echtenkamp, Seth Freeman,Raja Kabaliswaran, Mitchell Langbert, David Liebeskind, Michael Mazzarese

Department Office: Tisch Hall, 40 WestFourth Street, 7th Floor

Electives Managing in the Performing ArtsB65.2121Prerequisite: B01.1302. 1.5 credits.This course covers such subjects as theunderlying economic and financial issuesassociated with arts management; organiza-tional governance; fund-raising; negotia-tions in a highly unionized environmentand with independent artists; planning andproducing a season; marketing, operating aperforming arts organization; and develop-ing and nurturing new talent. A feature of

the course is the participation of experts fromthe Metropolitan Opera and other arts orga-nizations at each session. The course istaught by Joseph Volpe, general manager ofthe Metropolitan Opera.

Corporate VenturingB65.2130Prerequisite: all required core courses.1.5 credits.Managers in large mature corporationshave become increasingly aware of the

important role of entrepreneurship inresponding to the competitive challenges ofa fast-changing marketplace. This processof entrepreneurship, referred to as “corpo-rate venturing,” is one that generates andexploits new technologies, products, or busi-nesses under the organizational umbrella ofan established firm. This course seeks toprovide an understanding of this processand the knowledge and skills that arerequired to manage organizations so thatinnovations and new businesses are gener-

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ated and growth is sustained. The courseshould be of interest to those who wish to work as a member of a corporate ven-ture team, as the general manager of a cor-porate venture, or as a member of seniormanagement overseeing the venture withinthe corporation.

Managing the GrowingCompanyB65.2327Prerequisites: all required core courses. 3 credits.This course exposes students to the uniquechallenges of managing the growth of smallbusinesses. It is designed for students whoare interested in understanding the opportu-nities and problems involved in the start-up,management, or operation of their ownbusiness. In addition, the course is alsodesigned for students who are consideringemployment in a smaller firm. The differ-ences between small firms’ and large orga-nizations’ management needs, practices,and financial resources are examined.

Family Business ManagementB65.2328Prerequisite: all required core courses.3 credits.The course is directed to students who willenter into the management of family busi-nesses, either their own family’s or someoneelse’s, and students who will do business with family firms or consult to them. Thefocus is on small and mid-size firms in the$10-250 million annual revenue ranges.The course explores the managerial, strate-gic, and behavioral complexities found infamily- owned and -managed companies,including entrepreneurial behavior offounders and entrepreneurship require-ments of successor generations. Throughcase studies and guest speakers, we considerquestions of ownership, succession, siblingrivalry, attracting and retaining nonfamilytalent, and estate planning.

Multinational BusinessManagementB65.2340Prerequisite: B01.1302. 3 credits. Falland spring.Provides an understanding of the cultural,political, competitive, technological, legal,

and ethical environment in which multina-tional firms operate. Surveys a range of toolsand techniques of environmental analysisfor use in assessing foreign and global con-ditions, opportunities, and threats. Thenfocuses on multinational corporate strategy,organization, and management. Examinesbuilding of strategic capabilities, collaborat-ing across boundaries, developing coordina-tion and control, and managing activitiesand tasks, as well as challenges of worldwidefunctional management, geographic sub-sidiary management, and top-level head-quarters management. (This course must betaken by all students comajoring in interna-tional business.)

Managing High PerformingTeamsB65.2351Prerequisite: B01.1302. 3 credits.This course is aimed at improving students’ability to develop and manage high-performing teams through effective designand development. Topics include character-istics of high-performing teams; managingteam composition; monitoring stages ofteam growth; developing strategies for effec-tive group decision making; developing ateam-focused organizational culture; man-aging cross-boundary collaboration; man-aging cooperation and conflict within andacross teams; team leadership; and evaluat-ing and rewarding team performance. Thecourse also addresses how organizations canfoster innovation, strategic decision making,and cross-functional synergies through theuse of teams. It emphasizes both theory andapplication/skill-building, using a variety ofteaching methods.

Managing ChangeB65.2353Prerequisite: B01.1302. 3 credits.Contemporary business environments con-tain challenges that demand an increasingpace, volume, and complexity of organiza-tional changes. Most organizations, whetherthey are entrepreneurial start-ups or long-established Fortune 500 firms, find that theymust change or wither. This course is gearedtoward deepening students’ understandingof the challenges, the techniques, and theburdens associated with initiating andimplementing major change in an organi-

zation. The objective is to prepare managers,or their consultants and advisers, to meet thechallenges of organizational change suc-cessfully. As such, the course is especiallyuseful for students who plan careers in man-agement consulting, general management(whether in line or staff positions), andentrepreneurship or corporate venturing.

Conflict and NegotiationsB65.2358Prerequisite: B01.1302. 3 credits. Falland spring.This course is concerned with the manage-ment of conflicts that arise from differencesin interests such as goals or priorities orcompetition for limited resources. It focuseson negotiation as a primary process for set-tling disputes between individuals and with-in and between organizations. The courseexamines and interrelates the key variablesin a negotiation. These include stakes,power, interdependence, trust, coalitions,communication, the use of time, one’s per-sonal style of negotiation, and the consis-tency of a settlement with the firm’s businessstrategy. Makes extensive use of negotiationsimulations to encourage students to applynegotiation principles and to develop diag-nostic and behavioral skills that increasetheir negotiation repertoire and competence.

The Global Manager andNegotiatorB65.2360Prerequisite: B01.1302. 3 credits.Aims to expand awareness, enhance under-standing, and facilitate development of a setof managerial competencies essential for asuccessful career in international business.Focuses on issues involved in working inmultinational settings, managing foreignassignments, and coping with the complexi-ties of cross-cultural negotiation. Examinesleadership, motivation, decision making,communication, power and influence, con-flict management, group dynamics, andstress management in an intercultural con-text. A variety of teaching methods areemployed, including lectures, negotiationexercises, role-playing simulations, video-tapes, computer simulations, and experien-tial exercises. (Elective offering with credittoward international business comajor.)

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Analysis of OrganizationsB65.2370Prerequisite: B01.1302. 3 credits.This course develops student skills at diag-nosing organizations and developing pre-scriptions to improve their effectiveness. It isappropriate for those interested in organiza-tional performance from a managerial orexternal perspective (e.g., management con-sultants, investment bankers, and financialanalysts). Examines organizations’ attemptsto adapt as open systems in competitive envi-ronment. We consider the major factorsinfluencing organization design, e.g., strate-gy, environment, and technology. Then weanalyze the major internal processes affect-ing organizational performance, e.g, controlsystems, politics, and conflict. Next, we probehow organizations can improve their abilityto adapt in increasingly dynamic environ-ments. The course includes domestic andinternational examples. The main learningmethods are case analyses and a study of theorganizations of the central competitors in an industry or industries that the classchooses. Particular emphasis is placed on organizational-level problems facing senior management.

Developing Managerial SkillsB65.3321Prerequisite: B01.1302. 3 credits.Many companies bestow a management titleon key talent and expect appropriate behav-ior to follow. That is not the most effectiveway to develop future business leaders.Increasing self-awareness and being open tofeedback are important first steps in leadingtoday’s business for tomorrow’s results. Thiscourse focuses primarily on the practicalaspects of managing. While based on solidresearch, it stresses a hands-on approach toimproving students’ management skills.Each session focuses on (a) developing per-sonal skills: self-awareness, managing stress,solving problems, and creativity; (b) inter-personal skills: coaching; counseling; sup-portive communication; gaining power andinfluence; motivating self and others; andmanaging conflict; and (c) group skills:empowering and delegating and buildingeffective teams. Class sessions also give stu-dents an opportunity to assess, learn, ana-lyze, practice, and “apply” the above skills to

their own work situation so that they canturn good ideas into accepted practice.Students learn not just about managementskills but also how to apply those skills to get results.

Competitive AnalysisB65.3328Prerequisites: B01.1101, B01.1302,B01.2101. 3 credits.Globalization and the quickening pace oftechnological, demographic, and politicalchanges have produced major shifts in theway firms compete. To prosper in a businessenvironment marked by complex compe-titive dynamics, companies will need to be run by managers who possess finely tuned skills in competitive analysis. To helpdevelop such skills, this course focuses ondeveloping proficiency in (1) evaluating anindustry’s economic prospects; (2) selectingthe scope of competition; (3) acquiringdistinctive resources and capabilities; (4) developing sustainable advantage; (5) predicting and preempting competitors’responses; (6) choosing competitive optionsthat create economic value; and (7) exe-cuting competitive decisions. The course isconcerned with strategic leadership andshould be of interest to those pursuing acareer in strategy consulting.

Business Startup PracticumB65.33333 credits.This course serves to link theory with practiceby integrating analytical frameworks andtools with the realities of planning, initiat-ing, and developing a real-world start-up,early stage, or small business. It should be ofinterest to students who either have a newbusiness concept they wish to develop as partof a team or who wish to work on an existingventure planning or business developmentproject under the supervision of experiencedentrepreneurs and business planningexperts. Class sessions, together with meet-ings with instructors and participating prac-titioners, are used to provide guidance andevaluation as each team’s business plan or business development project developsthrough designated milestones that includewritten reports and oral presentations.Students enrolling in this course have typi-

cally completed core course requirementsand must either have taken Foundations ofEntrepreneurship or be taking it concur-rently. Course registration is by instructorpermission only. Applicants must submiteither a one-page outline summarizing theirbusiness idea or a one-page essay on whythey think this course will be of value inadvancing their entrepreneurial careers.

Foundations ofEntrepreneurshipB65.3335Prerequisite: B01.1101, B01.1302,B01.2101. 3 credits. Fall and spring.This course offers a framework for under-standing the entrepreneurial process andexposes the student to most problems andissues faced by entrepreneurs who start newbusinesses. Case study is the principal teach-ing method, supplemented by lectures, abusiness planning exercise, and guest speak-ers. Major objectives are for students to learnhow to identify and evaluate market oppor-tunities; develop a business concept andmarketing plan; assess and obtain therequired resources; and manage the growthof a new venture. This course can count as amarketing elective and fulfill part of therequirements of the marketing major.However, it can only be counted as either amarketing elective or a management elec-tive, but not both.

Judgment and Negotiation Skillsfor Strategic Decision MakingB65.3351Prerequisite: B01.1302. 3 credits.Many business decisions, such as developinga new product or investing in an overseasoperation, are made under uncertainty.While there are analytical procedures formaking such decisions, they often depend on the decision maker’s judgment, espe-cially when there is a need to estimate probabilities for uncertain events. However,evidence shows that people often employjudgmental heuristics that may lead to biases. This course attempts to makestudents aware of such biases and developcorrective procedures.

In addition to decision skills, negotiationsskills are often needed to ensure that deci-sions are accepted and implemented. This

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course allows students the opportunity todevelop such skills and to understand nego-tiations in a useful analytical framework.Many elements in actual negotiations, suchas goals of different parties and chances forcooperation, may be ambiguous and oftendo not have “right” answers. In such cases,understanding the negotiation process mayprove useful in selecting competitive orcooperative strategies. The course uses exer-cises and simulations to provide experienceand understanding of negotiation. Bothjudgmental and decision skills are then inte-grated and applied to cases of strategicdecision making.

Power and Politics inOrganizationsB65.3366Prerequisite: B01.1302. 3 credits.This course considers the way politicalprocesses and power structures influencedecisions and choices made within and byorganizations. It analyzes the sources, distri-bution, and use of influence in relation toresource allocation, organizational changeand performance, management succession,procedural justice, policy formulation, andsocial movements within organizations. Itdevelops skills in diagnosing and usingpower and politics in organizational settings.

A basic assumption underlying the course isthat managers need well-developed skills inacquiring and exercising power to be effec-tive. The course is designed to (1) improvestudents’ capacity to diagnose organization-al issues in terms of their political dimen-sions and (2) enhance their effectiveness intheir jobs and careers as a result of thatimproved capacity.

The following courses are designed primarilyfor students enrolled in the doctoral programof the Stern School. The Department ofManagement and Organizational Behavioroffers both core courses and advancedelectives. The content of advanced electivesvaries and will depend on the instructordelivering the course.

Research MethodsB65.33013 credits.This course introduces the philosophy, basicconcepts, and techniques that underlie sci-entific research in the social sciences. It pro-vides introductory discussions on theorybuilding, the scientific method concepts ofmeasurement, research design, sampling,and statistical inference. Primary emphasisis placed on developing a solid conceptual-ization of the research process. Topics inresearch design and data analysis are alsocovered. Students are required to design anempirical study and collect data to test thestudy’s hypotheses. This course is intended tobe an introductory gateway to advancedcourses in the specific research methods stu-dents will use in their future research anddissertation work.

Organizational BehaviorB65.33713 credits.This course introduces doctoral students toscientific theories of individual and organi-zational behavior. The course reviewsprocesses of perception, judgment, attribu-tion, choice, motivation, and decision mak-ing. Since organizational behavior occursmostly in social settings, the course intro-duces the social psychological effects onindividual behavior with regard to motiva-tion, performance, and group processes.Attention is given to the effects of socialcontexts on information processing andinference with regard to such topics as per-formance evaluation, job satisfaction, andorganizational justice. Theories of indi-vidual and group behavior are applied totopics such as leadership, managerial risk-taking, organizational culture, and changeprocesses.

Organization TheoryB65.33723 credits.Organizations operate in dynamic environ-ments. This course introduces doctoral stu-dents to the principal theoretical perspectivesand empirical findings used to explain rela-tionships among environments, organiza-tional strategies, designs, and performance.Students are expected to develop expertise inthe analysis of environments and organiza-tions from several theoretical perspectives,such as resource dependence theory, institu-

tional theory, organizational ecology, andindustrial organization economics. Theseminar stresses the competitive and mutualdimensions of environments that propelmanagers to enact business, corporate, andcollective strategies, structures, processes,and systems to enhance their firms’ effective-ness. Both theoretical and empirical researchare examined to illustrate how different the-oretical perspectives require different empiri-cal research methodologies.

Cognition in OrganizationsB65.33953 credits.This is a cross-disciplinary course, focusingon cognitive research in organizationalbehavior, organization theory, and strategy.Topics related to organizational behaviorinclude attribution theory, social identitytheory, escalation of commitment, decisionbiases, and small-group decision making.Topics related to organization theory includethe following: environmental perception andinterpretation, issue interpretation, issueselling, and sense-making/sense-giving.Topics from the strategy domain includeprocesses of strategy formulation, topmanagement team dynamics, decisionbiases as applied to strategic decisionmaking, and managerial cognition asapplied to perceiving competition.

Doctoral Courses in Management

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StrategyB65.33983 credits.This course introduces doctoral students tothe principal theoretical perspectives andempirical findings in the field of strategy.Students explore strategy from several theo-retical perspectives including industrialorganization economics, resource-basedview, agency and game theory, transactioncost economics, institutional theory, andorganizational ecology. The seminar stressesthe analysis of competitive interactions.

While this course emphasizes the state of theart in theory development and empiricalresearch, the historical roots of currentresearch are also examined.

DISSERTATION SEMINAR

Dissertation SeminarB65.9900Open only to doctoral students with the permission of the professor in charge.Senior members of the managementstaff. 9 credits per semester. Fall and spring.

Individual meeting with the dissertationadviser and members of the tentative readingcommittee on the dissertation.

MANAGEMENT COLLOQUIUMSERIES

Departmental faculty and distinguishedvisitors regularly present reports onresearch in progress or recently completed.Open to Ph.D. candidates and advancedM.B.A. students.

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Marketing

arketing is the proactive part of anyorganization. At the broadest level, it isresponsible for determining consumer

needs, translating those needs into products and services the firm can profitably offer, and effectivelydelivering and promoting those offerings to themarketplace. Marketing’s activities are both strategicand tactical. At the strategic level, it bears primaryresponsibility for determining the product/marketchoices the firm makes based on analyses of demand,competition, economics, and the firm’s unique abilityto secure a competitively defensible position in themarketplace. At the tactical level, it plans for andimplements such activities as marketing research,distribution, pricing, advertising, and sales promotion, which ensure the day-to-day success of the firm and its offerings in the marketplace.

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The Department of Marketing curriculumprepares students for careers in consumerproducts firms, hi-tech firms, consulting,financial services, and media enterprises. Itis also training for careers in allied fields,such as finance, international business, andinformation systems. Marketing’s perspectiveinvolves problem-solving approaches formatching the market mix (products, ser-vices, distribution, advertising, and pricing)to the demand of market segments within

the context of competitors, intermediaries,facilitators, mass media, and government.

Chairman: Joel H. Steckel

Professors: Henry Assael, BruceBuchanan, C. Samuel Craig, John Czepiel,Susan Douglas, Jacob Jacoby, DurairajMaheswaran, Robert Shoemaker, Joel Steckel

Associate Professors: Kim Corfman,Peter Golder, Eric Greenleaf, GeetaMenon, Vicki Morwitz

Assistant Professors: AmitavChakravarti, Yuxin Chen, Skander Essegaier, Tom Meyvis

Clinical Associate Professor: AlvinLieberman

Department Office: KMC, 44 West FourthStreet, 8th Floor

Courses inMarketing

All courses in marketing build on the foundation established by the core course, Marketing Concepts and Strategies(B01.2310). While the only requirement forthe marketing major is to take four courses(12 credits) beyond the core course, allmajors are urged to take Introduction toMarketing Research (B70.2327).

The course offerings are grouped ac-cording to whether they are managerial or analytical in their focus. A combination of managerial and analytical courses

is excellent career preparation. The listingalso includes minicourses (1.5 credits) thathave very strong managerial and industryfocus.

Marketing Concepts andStrategiesB01.2310Prerequisites: B01.1303 and B01.1305. 3 credits.For description, see page 17.

ANALYTICAL MARKETINGCOURSES

Craft and Commerce of CinemaB70.2313Prerequisite: B01.2310. 3 credits. Spring.This specialized EMT course is designed toprovide students with a framework forunderstanding the dynamics of the filmindustry, including the complete processfrom crafting the idea for a film script; hir-ing or becoming a producer; financing the

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project; selling it to a studio or independentproduction company; building a team; pro-duction elements; and postproduction.Postproduction includes music acquisition,marketing, distribution, and exhibition—international and domestic. The courseincludes learning about distribution andexhibition, marketing and building audi-ence awareness, research applications, inter-national licensing, and preparation for acareer in the industry. It is offered duringspring break and involves a trip to the WestCoast. In addition to tuition, students have topay travel and living expenses.

Introduction to MarketingResearchB70.2327Prerequisites: B01.2310 and B01.1305or equivalent. 3 credits. Fall and spring.Emphasizes the organization, processes, andapplications of marketing research in mak-ing marketing decisions. Topics include stepsin marketing research, questionnaire con-struction, experimental design, samplingmethods, tests of hypotheses, data analysis,evaluation of research costs to resultsachieved, and applications of research tomarketing decision areas. Requires aresearch project involving data collectionand analysis.

Consumer BehaviorB70.2347Prerequisite: B01.2310 or equivalent. 3 credits. Fall and spring. Not open tostudents who have taken B70.2348. Studies the consumer as a decision maker.Examines social and psychological influ-ences on purchasing decisions, emphasizingtheir implications for marketing strategy.Topics include the consumer as a decisionmaker; motivation attitudes and their effecton behavior; information processing; con-sumer risk; and demographic, social, andcultural influences on purchasing behavior.Emphasizes applications to advertising,product, and segmentation strategies as wellas Web-based applications of consumerbehavior. Course work includes selected casesand a course project.

Consumer Behavior and the InternetB70.2348Prerequisites: B01.2310 or equivalent. 3 credits. Spring. Not open to studentswho have taken B70.2347. The Internet is a revolutionary mediumputting information at the fingertips ofconsumers and empowering them tounprecedented levels of choice, convenience,and value. The course focuses on theomnipresent competitive challenge of how tocreate and keep profitable customer relation-ships both on-line and off-line. It employsthe tools of the anthropologist, sociologist,psychologist, and strategic marketer to antic-ipate and profitably satisfy consumer needsand wants on-line. The basic presumption isthat existing consumer behavior principlescan apply to behavior on the Internet basedon the way consumers make decisions, iden-tify their needs, acquire information aboutproduct alternatives, evaluate these alterna-tives, and assess their level of satisfactionafter making a decision. Utilizing behavioraltheories and frameworks, you will be betterable to segment and understand your target,and to position and develop applicationsincluding Web site development, interactiv-ity, individuality, communications, synergiesbetween click and brick, nurturing customerrelationships, and getting consumers com-fortable and confident to buy. The key is to bein a better position to develop marketingstrategies based on the application of soundbehavioral principles.

Analysis and Management ofPricing and Sales PromotionDecisionsB70.2352Prerequisites: B01.2310 and B01.1305or equivalent. 3 credits. Spring.Sales promotion today dominates the mar-keting mix, representing 75 percent of allmarketing spending; no one can become asuccessful marketer without a solid under-standing of this exciting and complex arena.Pricing, of course, represents the everydaycost to a consumer and has tremendousinfluence on the purchase decision; thenuances of pricing are both fascinating tocontemplate and critical to understand. Thiscourse is intended to provide an in-depthexposure to the roles of both promotion andpricing in the marketing mix. These areas

are covered from both a strategic and tacticalstandpoint, with an emphasis on consumermarketing. There is broad exposure to real-world, marketplace examples, and manynotable industry experts share their knowl-edge and experiences. Students gain a fullunderstanding of these critical marketingelements both conceptually and practically.Course work emphasizes case studies andteamwork.

MANAGERIAL MARKETINGCOURSES

Advertising ManagementB70.2309Prerequisite: B01.2310 or equivalent. 3 credits. Fall and spring.Develops a framework for managing theadvertising function. Surveys advertising asit relates to the advertiser, the agency, and themedia. Considers the creative approach,strategy, and tactics as related to the totalmarketing program. Covers the selection oftarget markets, establishing advertisingobjectives, budgeting, media planning, andthe evaluation of advertising effectiveness.

Marketing of Financial ServicesB70.2321Prerequisite: B01.2310 or equivalent(can be taken concurrently). 3 credits.Spring.Explores the application of basic principlesof marketing management to the marketingactivities of financial service enterprises,such as stock exchange firms, banks, invest-ment companies, and insurance companies.Considers the new competitive environmentresulting from deregulation. Examines themarketing strategies of financial institu-tions, especially emphasizing innovation innew product services. Attention is paid toresearch, planning, and strategic decisionmaking and to preparing marketing plansfor a financial service.

Pharmaceutical Marketing inthe 21st CenturyB70.2330Prerequisites: B01.2310 or equivalent. 3 credits. Fall. America has always been in love with inno-vation. No industry in America—with thepossible exception of high tech—is hoveringon the cusp of discovery and innovation likethe pharmaceutical industry. This course is a

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total immersion into big pharmaceuticalswith the emphasis on marketing strategyand product innovation. The focus is on col-lective learning and sharing of best industrypractices, what works, what doesn’t work,and why. Numerous case histories from thetext, from a reading packet, and from theinstructor’s experience are used to illustratekey issues. Guest lecturers from leading prac-titioners further the objective of bringing the pharmaceutical marketplace into theclassroom.

Entertainment, Media, andTechnology: Institutions,Economics, and StrategyB70.2341Prerequisite: B01.2310 or equivalent. 3 credits. Fall and spring.This course serves as a foundation for thoseinterested in Stern’s Entertainment, Media,and Technology (EMT) program. Studentswho intend to have a concentration in EMTshould take this course first. It provides aframework for understanding the key mar-keting, economic, and strategic issues facingorganizations in the entertainment industry.Covers key sectors of the entertainmentindustry, focusing on film, television, homevideo, cable, music, publishing, sports, andnew media. Develops an understanding ofthe underlying financial and economicissues that impact performance such asintellectual property, switching costs, infor-mation asymmetry, economies of scale andscope, and network externalities. Strategicand managerial issues unique to the enter-tainment industry are covered, as well ashow developments in technology impactstrategy. The course utilizes lectures andcases studies.

Competitive Strategy in the MarketplaceB70.2361Prerequisites: B01.1101 and B01.2310.3 credits. Fall and spring. Not open tostudents who have taken B70.2360.This is a rigorous advanced course in com-petitive strategy set at the level of the businessas it faces competitors at the product marketlevel. It consists of lectures and formal casepresentations recommending strategicactions by student teams to counterpartteams representing senior managers respon-

sible for approving their recommendation.Topics covered include both the process andcontent of strategic action and interaction;strategic models; brands as a source of com-petitive advantage; methods for comparingcompetitive offers and strategies; scenarioanalysis; competitive signaling; and compet-itive intelligence.

Brand Planning for New andExisting ProductsB70.2365Prerequisite: B01.2310 or equivalent.B70.2347 is recommended. 3 credits.Fall, spring, and summer.This course provides the framework for youto build a brand-equity driven sustainablebusiness. We explore what it takes to build along-term customer experience and mutu-ally rewarding relationship. We assess theglobal competitive marketplace, discoverwhat it takes to win the war, and the netvalue that may be gained. Once we believe inthe certainty of winning, then we move on to defining the business, creating a vision,positioning, setting objectives, developing a competitive marketing strategy, and themarketing mix program. Creatively, weexplore multiple ways that the branded prod-uct experience can create associations in themind that may develop into mindshare (e.g.,the immediate and preferential recalling ofyour brand when a need arises). We measurethe knowledge effects: brand awareness, dis-position, propensity, expectations, attitudes,and behavior and discover the resulting levelof brand equity. You get a sense of what ittakes to compete effectively in the challeng-ing and vastly changing brand world. Theclass is organized around multiple methodsof learning including text readings, caseanalyses, a team-based brand-building pro-ject and market-based visitor presentations.

New Product Marketing and DesignB70.2370Prerequisite: B01.2310 or equivalent.Fall. 3 credits.New products and services are vital to thesuccess of all companies. However, innova-tion is risky and most new products fail inthe marketplace. Thus, expertise in thedesign and marketing of new products is acritical skill for all managers, inside and

outside of the marketing department. In thiscourse, we focus on the tools and techniquesassociated with analyzing market opportuni-ties and then designing, testing, and intro-ducing new products and services. Bothquantitative and qualitative approaches arecovered. In particular, the course covers thenew product development process, marketentry strategies, how to generate new productideas, mapping customer perceptions, seg-mentation, product positioning, forecastingmarket demand, product design, and adver-tising and product testing. The courseemphasizes how to incorporate customersand competitors into all of these aspects ofnew product development. In contrast, arelated course (B60.3356, TechnologicalInnovation and New Product Development)emphasizes organizational issues associatedwith new product development.

International MarketingManagementB70.2385Prerequisite: B01.2310 or equivalent. 3 credits. Fall and spring.Examines the development of internationalmarketing programs, from determiningobjectives and evaluating internationalmarket opportunities through coordinatingstrategies in world markets. Emphasizesapplication of marketing principles in themultinational environment.

Marketing of Technology-BasedProductsB70.2390Prerequisite: B01.2310 or equivalent. 3 credits.Increasingly markets are affected by technol-ogy. Often, these markets are very dynamicand are characterized by uncertainty. Thesechallenging environments require a newmind-set from managers. This coursefocuses on the decision problems faced bymanagers in creating, developing, and com-mercializing and managing technology-based products. The objective is to providethe conceptual frameworks and analyticaltools required for managing fast-paced tech-nology business. Uses a combination of texts,articles, lectures, discussions, and cases.

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Electronic CommerceB55.33383 credits.The Internet and the emerging “informationsuperhighway” are dramatically altering theway we transact goods and services. Thiscourse examines how new informationtechnologies and networks will affect theexchange of goods and services between buy-

ers and sellers in the 21st century. How willadvertising, purchasing, customer service,and trade settlement processes change? Whatare the economics of different electroniccommerce models for these processes? Thecourse evaluates key corporate strategies andinitiatives in electronic commerce and theenabling network and user interface tech-nologies that are redefining business as

we know it. These technologies include theInternet, digital media, electronic payments,etc. Finally, the course combines the study ofthe economic and business strategy princi-ples of e-business with an applied look atspecific companies and industries, such ason-line financial services, on-line retailing,and electronic publishing.

Globalization of theEntertainment IndustryB70.2112Prerequisite: B01.2310 or equivalent. 1.5 credits. Fall.Provides students with a framework forunderstanding the dimensions of globaliza-tion achieved by the entertainment andmedia companies and their systems forexpansion worldwide. Analyzes the strategyof several of the leading multinational enter-tainment conglomerates and the develop-ment of various leisure-time businesseswithin the world economic zones, includingEurope, Pacific Rim, Latin America, MiddleEast, and North America. Compares the localentertainment business with products ex-ported by multinationals. Examines emerg-ing markets, including Eastern Europe,South Africa, and Russia. Selectively coversmovies, home video, network broadcast intelevision and radio, music, cable, live enter-tainment, and theme parks as they havedeveloped in major countries worldwide.Uses case studies and projects.

Professional Management:Entertainment and MediaB70.2113Prerequisite: B01.2310 or equivalent. 1.5 credits. Spring.Provides students with an opportunity tolearn about the specialized services providedby professional managers and advisers, bothinside and outside entertainment and mediacompanies. Examines the nature of the ser-vices provided, how these services are beingimplemented through collaboration withindustry creative and business executives,and how to evaluate the services. Lecturesand informal discussions with entertain-ment and media lawyers, accountants, talentand literary agents, and publicity and adver-tising specialists. The course examines the

range of skills required to complete a project,finance a product, or negotiate sponsorshipssuccessfully in movies, home video, sports,cable, music, theatre, new media, and pub-lishing. Cases and projects are used.

The Business of SportsMarketingB70.2114Prerequisite: B01.2310 or equivalent. 1.5 credits. Spring.The business of sports has become a per-sistent and integral part of our economy,specifically in the multimedia and entertain-ment arena. This is a specialized course forthe M.B.A. student interested in expandingknowledge of the sports industry as a busi-ness and as a world economic force. It pro-vides students with a framework forunderstanding the scope of the sports busi-ness across the various leagues, the venues,the athletes, and their relationship to inter-nal and external factors, the infrastructure,the professional support system, and themarketing applications that drive thiscomplex and growing multibillion dollarindustry. Through lectures by leading exec-utives within the sports industry and pro-fessionals who provide the support system,along with selected readings, videos and casehistories, the student will understand howthe various parts of this complex processinterface and interact.

The Business of Producing:Entrepreneurship inEntertainment and MediaB70.2116Prerequisite: B01.2310 or equivalent.1.5 credits.The course is designed to provide studentswith a framework for understanding thedynamics of producing a finished creativeproduct in the entertainment and media

industries. Covers the process of feature pro-duction from the initial concept of the story,through script development to completion ofthe project. Explores all the facets of the pro-duction process, including script selection,finance, budgeting, timetable development,team building, talent selection, contract andunion negotiation, regulation, and technol-ogy. Guest speakers include producers onindependent movies, network TV, cable, syn-dicated TV, radio, and TV commercials.

Strategy and Entrepreneurshipin the Media and EntertainmentIndustryB70.2117Prerequisite: B01.2310 or equivalent.1.5 credits.From digital distribution to broadbandInternet access, rapid and exciting changesare driving fundamental shifts and realign-ments in the media and entertainmentindustry. These shifts are creating unparal-leled opportunities and risks for current andprospective media players. In some cases newentrants are seizing the opportunity to enternew industries and markets, while in others,established players may be better positionedto gain share. The course examines theseissues as they apply to motion pictures,television, music, and publishing. TheInternet is addressed both as an influence on traditional media sectors and as a sector on its own.

Minicourses

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Special Research Topics in MarketingB70.43723 credits.An extensive literature review of two researchtopics identified by the instructor. Studentswrite papers that review the relevant litera-ture and develop a research design todescribe data sources, hypotheses, and research methodology. A pilot study may beappropriate in some cases. General areasinclude consumer choice models, diffusionof innovations, cross-national market struc-tures, information processing models, loca-tional analysis, attitude theory, andapplications of quantitative methodologiesand models.

Research ImplementationB70.43743 credits. Spring.Students define and investigate a researchinterest and complete a publishable paper.Students define the problem, formulatehypotheses, develop a research methodologyto test hypotheses, specify an analyticaldesign, and propose possible implications of the research.

Behavioral Applications inMarketing IB70.43813 credits. Spring.This course is designed to provide a strongfoundation for critical thinking in the areaof consumer behavior. It examines topicsprimarily in the area of social psychology

that have marketing applications. Theprimary focus is on how consumers processand integrate information such as adver-tising to form or change attitudes. The goalof this course is not only to impart knowl-edge about a body of research but also tohelp the individual develop his or her owninterests and preferences in consumerbehavior-related issues.

Behavioral Applications inMarketing IIB70.43823 credits. Fall.The first part of this course covers communi-cation and public policy issues in consumerbehavior. It examines recent theory andresearch bearing on how communicationsand situational factors affect consumerbehavior. In the process, students alsobecome familiar with some related publicpolicy issues, including deceptive and corrective advertising, and trademark-related matters.

The second part of the course introducesstudents to behavioral decision research.Topics covered include judgment underuncertainty, risk taking, and conflictingvalues.

Quantitative Applications inMarketing IB70.43913 credits. Spring.This course acquaints students with the stateof the art in mathematical marketing mod-els. The focus is on models of consumer andmarket behavior. In particular, utility theory,

discrete choice models, stochastic models,multidimensional scaling, and hierarchicaldecision making are studied. These modelsare examined in the context of how con-sumers and the market react to marketingstimuli. The readings are drawn from lead-ing marketing journals.

Quantitative Applications inMarketing IIB70.43923 credits. Fall.Acquaints students with the state of the art inmathematical marketing models. The focusis on managerial models of advertising allo-cations, channel design, sales force alloca-tion, sales promotion, pricing, productdesign, test markets, and competitive posi-tioning. The readings are mainly drawnfrom leading marketing journals. Studentsdevelop their own models and papers on atopic of interest.

Ph.D. Dissertation Seminar(Marketing)B70.9901-9918Open only to Ph.D. candidates. Staff. 1 to 18 credits.Individual meetings with the dissertationadviser and members of the dissertationcommittee.

Seminars in Advanced Study

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M.B.A. Program Initiatives

mong the most innovative and popularstudy options at Stern are the ever-evolvingprogram initiatives. These collections of

courses are based on educational and research activi-ties issues that do not fall naturally into an existingdiscipline but rather cross several different academicareas. These industry-oriented program initiatives,unique to Stern, further focus your course work andgive you a distinctive edge if you pursue a career inone of these fields or even if you are only interested indeveloping additional skills in a nontraditional area.

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The development and spread of networkedcomputing technology is creating unparal-leled opportunities and challenges for busi-ness, the economy, and society today. Thecombination of new technologies and newbusiness models is creating entirely newmarkets, industries, and work practices. Atthe same time, these developments raiseincreasing challenges for privacy, security,and intellectual property. The Stern Schooldigital economy initiative offers exception-ally strong educational programs buildingdirectly on the most recent faculty researchand on our close ties with e-commerce firms.

For M.B.A. students, we offer a certificatefor students interested in specializing in the digital economy. In order to completethe certificate, in addition to the M.B.A. coreand a departmental major, students musttake the digital economy required corecourse, B55.3338, Electronic Commerce and6 additional credits of course work (notincluding B55.3338) from the following setof courses.

For information about the Digital Economy Initiative or the M.B.A. Digital Economy Certificate Program, contactdei@stern.nyu.edu.

Accounting, Control, andValuation in E-CommerceFirmsB10.3150

Accounting and Valuation inEntertainment, Media, andTechnology IndustriesB10.3355

Managing the Digital FirmB20.2314

Information and InternetTechnologiesB20.2317

Electronic CommunitiesB20.3135

Design and Development ofWeb-Based SystemsB20.3322

Data Mining and KnowledgeSystemsB20.3336

Advanced Technologies forBusiness ApplicationsB20.3362

TelecommunicationsEconomics and DigitalConvergenceB30.2345

Corporate Finance for the NewEconomyB40.3342

Equity Markets: Trading andStructureB40.3349

Entrepreneurial FinanceB40.3361

Supply Chain ManagementB60.2306

Technology Innovation and NewProduct DevelopmentB60.3356

Consumer Behavior on the NetB70.2348

Marketing of Technology-BasedProductsB70.2390

Digital Economy

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Entertainment, Media, and Technology (EMT)

The Stern School of Business has estab-lished a leading-edge program initiative thatfocuses on the entertainment, media, andtechnology (EMT) industries. The EMTinitiative allows students to examine busi-ness in these critical industries, includingfilm, TV, cable, music, publishing, as well as various forms of new media. Its goal is to train students for challenging and reward-ing careers in this group of interrelatedbusinesses. This program initiative isdesigned to prepare the next generation ofleaders to take these dynamic and growingbusinesses well into the 21st century.

Students in Stern’s EMT initiative gain aframework for understanding the strategyand operating principles that drive the indi-vidual components or sectors of the enter-tainment industry, the financing of start-upsand product development, the marketingand management of the companies, and therelevant technology connecting the productwith the consumer. While the primaryemphasis of EMT initiative is on the businessactivities that support content creation andthe media used to deliver content, studentsalso study the technology employed to createand deliver content.

Stern’s EMT initiative is unique within abusiness school. With a focus on both thebusiness and content aspects of the enter-tainment industries, Stern’s EMT initiativehas grown rapidly and now offers students arange of different courses that cover keyaspects of the EMT industries. In addition toa structured curriculum, the initiative relieson industry speakers to augment the class-room experience.

Top executives from entertainment com-panies are frequent visitors to classes. Theyprovide firsthand insights into content devel-opment, deal making, and the impact oftechnology and globalization on the diversesectors of the EMT industries. The role of newentrepreneurial ventures in changing busi-ness relationships is also studied. Studentshave the opportunity to analyze businesscases, often with professors who have exten-

sive EMT experience and who continue tomaintain important ties with the industries.At various times, the EMT courses analyzethe leading companies in the industry,including Disney, SONY, News Corporation,AOL/Time-Warner, Vivendi, Bertelsmann,and Viacom. The Stern School’s proximity toSilicon Alley and the entertainment andmedia giants headquartered in New YorkCity enables us to create a truly exciting anddynamic program initiative.

Students in the EMT initiative take amajor such as marketing, finance, manage-ment, and then select from among the vari-ous EMT courses to develop an in-depthunderstanding of the industries and theskills necessary to be successful. The EMTcourses being offered at Stern are listedbelow. For more information, visit the EMTWeb page at www.stern.nyu.edu/emt.

Accounting and Valuation inthe EMT IndustriesB10.3325

Telecommunications:Economics and DigitalConvergenceB30.2345

Entertainment FinanceB40.3140

Strategy and Finance in EMTCompaniesB40.3160

Mergers and Acquisitions in theEntertainment IndustryB40.3196

The Business of Music and FilmB40.3343

Electronic CommerceB55.3338

Technological Innovation andNew Product DevelopmentB60.3356

Managing in the PerformingArtsB65.2121

Globalization of theEntertainment IndustryB70.2112

Professional Management:Entertainment and MediaB70.2113

The Business of SportsMarketingB70.2114

Business of Producing:Entrepreneurship in the EMTIndustriesB70.2116

Strategy and Entrepreneurshipin the Entertainment andMedia IndustriesB70.2117

Advertising ManagementB70.2309

Craft and Commerce of CinemaB70.2313

Entertainment, Media, andTechnology: Institutions,Economics, and StrategyB70.2341

Marketing of Technology-BasedProductsB70.2390

Entertainment LawB95.2120

The quantitative finance program initiativeprepares students for careers in finance thatare more mathematically demanding thanthe typical M.B.A. paths. In recent years wehave seen an increase in the demand foranalytical skills in the financial serviceindustries. Understanding recent develop-

ments in financial markets and productsrequires a degree of sophistication not onlyin finance, but also in stochastic processes,statistics, and applied economics. Courseswithin both the finance and the statistics andoperations research departments allow stu-dents to pursue advanced work in these

areas. The financial instruments taught pre-pare students to enter the financial worldwith knowledge of still-developing assess-ment techniques. Substantial knowledge ofcalculus and matrix algebra is required forthis increasingly popular area of study.

Quantitative Finance(FinancialEngineering)

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Program Initiative Program Contact E-Mail Web Site Academic Advisers

Digital Economy dei@stern.nyu.edu www.stern.nyu.edu/dei Professor Lee Sproull

Entertainment, Media, and Technology emt@stern.nyu.edu www.stern.nyu.edu/emt Professor C. Samuel Craig

Law and Business satkins@stern.nyu.edu www.stern.nyu.edu/clb Professor William Allen

Quantitative Finance Professor Joel Hasbrouck

As young people prepare to participate in thebeneficial and stimulating world of econom-ic and business activity, they seek training tohelp them act effectively. Whether theseyoung people ultimately act as entrepreneursor as members of large organizations,whether they practice as legal or finance pro-fessionals or use their training and educa-tion elsewhere, they will be better able tounderstand and act effectively in theworld—both as businesspeople and as citi-zens—if they critically understand the waysin which law can and does affect the formand the content of potential transactions.That is why teaching students about theinteraction of law and business is one of theprimary focuses. To this end, the Center forLaw and Business is leading the charge with

its mission to enrich the curriculum of bothNYU’s School of Law and its Stern School ofBusiness by creating new courses and work-ing to encourage broader access to cross-dis-ciplinary studies. Joint-degree programs inlaw and business are more than most stu-dents need, but a core of courses that permitlaw and business students to learn essentialaspects of each other’s fields, and to learntogether in joint classes, enrich and improveprofessional education for both business andlaw. The first offerings have been innovative,jointly taught courses focused on suchthings as mergers and acquisitions, the pub-lic raising of capital, corporate governance,and private contract negotiations. These ini-tial courses provide a model for the develop-ment of a broader teaching curriculum in

coming years. New courses, just like ourexisting ones, will focus on the intersectionof law and business.

Courses include the Law and Business ofInvestment Banking (cotaught by WilliamAllen, Professor of Law, Clinical Professor ofBusiness and Arthur Rosenbloom, SternAdjunct Faculty, Managing Director, CFCCapital Corp.); Restructuring Firms andIndustries/Agency Problems and CorporateGovernance (taught by David Yermack,Stern Assistant Professor of Finance); andEntrepreneurial Finance (cotaught by Roy C. Smith, Kenneth Langone Professor of Entrepreneurship and Finance and aLimited Partner of Goldman, Sachs & Co.and Helen Scott, Professor of Law at NYUSchool of Law).

Law and Business

Program Contacts

Additional information on the M.B.A. program initiatives can be obtained as indicated below:

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Research Centers and Institutes

aculty members at Stern are expected to doresearch as part of their academic responsi-bility. Faculty and students conduct a wide

variety of theoretical and empirical investigations into problems concerning business management as well as national and international public pol-icy formation.

F

Sidney Homer Director: Ingo Walter

Vice Director: Edward I. Altman

Center Office: KMC, 44 West Fourth Street,Suite 9-160

The Salomon Center is now the nation’sforemost independent academic researchorganization for the study of problems andissues related to the United States and globalfinancial structure. It focuses on (1) sup-porting objective analyses of the continuingevolution of financial institutions andmarkets and (2) serving as a forum forcritical discussion on public policy issuessurrounding the evolution of financialsystems and performance of firms in thefinancial services sector.

SPECIFIC OBJECTIVES

1. To conduct applied academic studiesusing conceptual and empirical techniquesto evaluate evolving financial instrumentsand markets, as well as their use in riskmanagement by financial institutions andbusiness corporations.

2. To sponsor conferences that bring to-gether academics, practitioners, regulators,and legislators to discuss new developmentsin finance and various aspects of the finan-cial services industry related to public policy.

3. To disseminate, through working papers,

monographs, and books, the results of thesestudies and conferences, in the expectationthat a better understanding of the issues willlead to a healthier financial environment.

4. To present state-of-the-art executive semi-nars in its Frontiers of Finance series. Theseinclude market risk control; risk manage-ment in banking; derivatives; portfolio man-agement; credit risk; foreign exchange riskmanagement; mergers and acquisitions;corporate valuation; and risk control inemerging markets.

5. To support teaching on financial institu-tions at the Stern School by sponsoring casewriting and curriculum development.

SALOMON CENTER RESEARCHAND ITS FINANCING

A founding grant in 1971 from the partnersof the financial firm of Salomon Brothersprovides a permanent endowment for theCenter’s essential operations. Dr. Henry Kauf-man contributed additional funds (1981 and1989) to establish a Center directorship inhonor of Sidney Homer and an academicchair in honor of Charles Simon, both ofwhom were partners of Salomon Brothers.The Center solicits operating funds frombanks, securities firms, exchanges, andinsurance and investment companies, aswell as from nonfinancial companies in the

United States and abroad. These corporatesponsors are called Center Associates.

Seed Grants. A portion of the Center’sfunds is reserved for seed grants made tofaculty members for research on topics ofinterest to the Center and for generatingexternal funding.

Center Fellowships. These grants stimu-late basic financial research at the SternSchool by providing substantial, untiedfunding for the School’s most productivemiddle-rank scholars/ teachers and for visit-ing faculty members and researchers.

Applied Research. Stern School facultyassociated with the Salomon Center under-take applied research and/or executive edu-cation projects, often in response to invita-tions from outside sponsors.

Sponsored projects have covered a broadrange of financial topics funded by variousinstitutions, such as Aetna Life; BancoSantander; Bankers Trust Company; BankJulius Baer; Citicorp; Exxon Corporation;Ford Foundation; Merrill Lynch; J. P.Morgan; National Science Foundation; New York State Bankers Association;Samsung; the Sloan Foundation; Standard& Poor’s Corporation; Union Bank ofSwitzerland; the U.S. Department of Housingand Urban Development; and the U.S. Officeof Technology Assessment.

New York University Salomon Center

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CONFERENCES

The Center conducts several conferenceseach year, at which academics, businessexecutives, and government officialsexchange ideas. Recent conferences haveincluded Universal Banking; Call Markets;Rethinking Emerging Markets; Dynamics ofBank Mergers; Governance of Pension Fundsand Mutual Funds; Small Business Finance;and Executive Compensation and Share-holder Value.

PUBLICATIONS

In addition to the books that evolve fromconferences and research projects, theSalomon Center produces the followingregular publications: three journals,Financial Markets, Instruments, andInstitutions (edited by Professor Anthony

Saunders); the Journal of InternationalFinancial Management and Accounting(edited by Professor Frederick D. S. Choi);and the Journal of Derivatives (edited byProfessor Stephen Figlewski), are publishedby the Salomon Center. The first of thesecontains research papers in economics andfinance too long or complex for scholarlyjournals or business periodicals. The secondcovers articles of importance to the financefunction of the international firm and finan-cial markets. The third journal is devoted tofutures and options markets.

Occasional Papers in Business andFinance provides circulation of importantpapers and small books on current financialand economic problems.

The Center’s Working Papers Series pro-vides quick access to research-in-progress in

financial economics, from the highly theo-retical to the rigorously applied.

The Center’s Annual Report containsinformation on the Center’s research, confer-ences, and publications to a mailing list ofover 9,000. It also reports on the faculty’sresearch in finance and economics.

Up-to-date listings of all Center publica-tions are available in Suite 9-160 of theKaufman Management Center or by calling(212) 998-0713.

SPONSORING CENTERASSOCIATES AND SUBSCRIBERS

Business firms and financial institutionsprovide annual support of Center activitiesand participate in formulating Center plans by becoming corporate associates of the Center.

The L.GlucksmanInstitute for Research in Securities Markets

Director: William L. Silber

The Institute, endowed by a grant from LewisGlucksman, offers faculty and student grantsto support research on equities, bonds,futures, options, and other financial instru-ments and on the markets where they aretraded. Five Glucksman Fellows are desig-nated yearly from among first-year, full-time

M.B.A. students. In their second year, thesefellows receive cash stipends and are pairedwith full-time faculty members on researchprojects in securities markets. Participatingfaculty members receive unrestricted grantsas well. The program exposes some topM.B.A. students to the rigors of formal aca-demic research in the practical areas of

financial economics. The Institute alsoawards an annual $5,000 prize for the bestresearch paper in finance by a Stern facultymember. These programs, as well as theGluckman Institute’s other activities, arecoordinated with the Salomon Center.

The Center for Japan-U.S. Business and Economic Studies

Director: Ryuzo Sato

Center Office: KMC, 44 West Fourth Street,Suite 7-190

The Center is one of the first university-basedorganizations in the world to promotegreater cooperative efforts between Japanand the United States through research, edu-cation, publications, and conferences. ABoard of Advisers, made up of prominentacademic, government, and business expertsfrom Japan, provides guidance and gener-ates financial support for Center activities.Many prominent Japanese and Americanacademicians are affiliated with the Centeras research associates.

RESEARCH

The Center conducts academic studies that use theoretical and empirical methodsto evaluate major business and eco-nomic issues important to Japan and theUnited States. See page 83 for a list ofcontributors to the Center’s endowmentsand research grants.

CONFERENCES, PUBLICLECTURES, POLICY DEBATES,AND SEMINARS

Center-sponsored events bring together aca-demic, business, and government leaders to discuss issues in micro- and macroeco-nomics, finance and investment, and inter-national trade and financial transactions asthey affect Japan and the United States.International conferences, panel discus-sions, public lectures, and policy debates areheld in New York and in Tokyo to elucidatethese issues. The M.B.A. Public Lecture Seriesfeatures Shinsei Bank Visiting Professor ofPolitical Economy Paul A. Samuelson. Pub-lic lectures and seminars are conductedthroughout the academic year. The Japan-U.S. Forum Series is offered on a regularbasis for students to discuss topics of interestwith local business representatives in aninformal setting. Japan-U.S. research semi-nars present the latest research on issuesaffecting the two countries presented byscholars from NYU and other universities

around the country. Through the policydebate program, scholars are invited to pre-pare papers on topics of current interest andto participate in a panel discussion, at whichtime they summarize their research.

PUBLICATIONS

The Center disseminates the results of itsstudies and conferences through workingpapers, occasional papers, and public lecturetranscripts. The collected papers from pastconferences and research projects are pub-lished in books: Fragile Interdependence;Recent Developments in Japanese Eco-nomics; Beyond Trade Friction; andJapan, Europe, and International Finan-cial Markets. The Sanwa Monograph Seriespublished by Cambridge University Pressincludes International Financial Integra-tion; Financial Markets and EuropeanMonetary Cooperation; and two volumes inpress. With North Holland (a division ofElsevier Science Publishing Co.), the Centerpublishes a quarterly academic journal

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entitled Japan and the World Economy:International Journal of Theory andPolicy. The Center’s research associates inJapan have compiled a book edited by RyuzoSato, Hajime Hori, and Rama Ramachan-dran, entitled Organization, Performanceand Equity: Perspectives on the JapaneseEconomy, which was published by KluwerAcademic Publishers; other technical vol-umes from the same publisher are Econom-ic Theory, Dynamics, and Markets: Essaysin Honor of Ryuzo Sato and Developmentof International Trade Theory. The Englishlanguage edition of The Chrysanthemumand the Eagle, Professor Sato’s award-winning commentary on Japan-U.S. rela-tions, published by NYU Press, is available in bookstores.

COURSES

The Center assists the economics, finance,and marketing departments in the develop-ment of courses that provide Stern Schoolstudents with the opportunity to concentratein the area of Japan-U.S. business and eco-nomics. A grant from the Japan-U.S. Friend-ship Commission has provided much of thesupport for this course development.

FINANCING FOR THE CENTER

Financial contributions have come fromAmerican and Japanese companies and

institutions. This support is in the form ofresearch grants, endowments, and ongoinggrants listed in this section. In addition, theCenter has the endorsement and support of the Keidanren (Japan’s Federation ofEconomic Organizations) and the JapanFoundation.

ENDOWMENTS AND ONGOINGGRANTS

The Center’s Board of Advisers in Japanworks with various corporations and organi-zations to provide endowments, includingthe following:

The Asahi Bank, Ltd.—Endowment forInternational Research

Endowment for the W. Edwards DemingChair in Quality and Productivity

Mrs. Fumiko Hosoda—Shinbashi-HosodaEndowment for Business Research andEducation

Shinsei Bank—Endowment for the VisitingProfessor of Political Economy, ProfessorPaul A. Samuelson

NEC Corporation—Endowment for NECFaculty Fellows Program

Sangyo Kenkyujo Foundation—Endowment for Study of U.S.-JapanEconomic Relations

The Sanwa Bank, Ltd.—Endowment forStudy of International Financial Markets

The C. V. Starr Foundation—Endowmentand Challenge Grant

Takeshi Iizuka and TKC Corporation—Endowment for Research in Accounting,Auditing, and Data Processing

The following corporations and organiza-tions have provided research grants: AllNippon Airways Co., Ltd.; Goldman, Sachsand Co.; Hasegawa Shoten, Ltd.; HayakawaCo., Ltd.; IBM; ITOCHU Corporation;Japanese Certified Public Tax Accountantsand Customers Association; Kodansha, Ltd.,Publishers; Maeta Concrete Industry Ltd.;Ministry of International Trade and Industry(MITI); Mitsui Trust and Banking Company,Ltd.; National Institute for ResearchAdvancement (NIRA); Nihon Kenko ZoushinKenkyukai Corp.; Nippon Life Insurance Co.;Ohmori Management Advisory Office Inc.;Okasan Economic Research Co., Ltd.; RCA;Sakura Bank; Salomon Brothers, Inc.;Sanwa Bank; Tohoku Electric PowerCompany Inc.; U.S.-Japan FriendshipCommission.

CORPORATE ASSOCIATES

The Center’s corporate associates includefirms that have their employees enrolled atthe Stern School. They provide modestannual support for the Center’s activities.

The Vincent C. Ross Institute of Accounting Research

Director: Baruch I. Lev

Associate Director: Seymour Jones

Center Office: Tisch Hall, 40 West FourthStreet, Room 300, (212) 998-4143

In 1971, Vincent C. Ross established andendowed this institute. He wished to createan environment where research would flour-ish and where financial executives, profes-sional accountants, government officials,and academicians might advance account-ing principles and practices. Over the years,the Vincent C. Ross Institute has organizedand funded many activities for developingand exchanging ideas about accounting andrelated disciplines, including the following:

• Research projects on topics of interest toproducers and users of accounting informa-tion. Recent research projects undertakenwith Ross Institute funding include “The

Valuation of R & D Expenditures: A TimeSeries Analysis,” by Jeffrey Callen; “TheMarket Valuation of R & D Expenditures,” byPaul Zarowin; “Financial Disclosures andthe ‘Informativeness’ of Stock Prices,” byPaul Zarowin; “Operations and Valuation ofInternet Related Firms,” by Joshua Livnat;“Legal Liability Rules, Auditor Reputation,and Audit Quality,” by Teresa John; and April Klein’s “Board Structure, Committees,and Organizational Efficiency,” “AnEmpirical Analysis of the Relation BetweenBoard Directors’ Composition, FirmPerformance, and the Degree of CEODomination of the Board of Directors,” and“Economic Determinants of Audit Com-mittee Composition and Activity.”

• Maintaining a research library for SternSchool faculty and Ph.D. students interested

in accounting, finance, economics, man-agement, and decision making. The libraryalso houses a unique collection of historicalcorporate annual reports.

• Disseminating research results throughconferences, journals, the working paperseries, and over the Internet.

• Editing and publishing the Journal ofAccounting, Auditing, and Finance(JAAF).

• Organizing the annual JAAF/KPMG Peat Marwick Conference, sponsored byKPMG Peat Marwick. The conference bringstogether young academics with leaders inthe research area, on a major topic on theeconomics of financial statements. The con-ference in August 1999 covered theoreticaland applied aspects of equity valuation(Ohlson) models. The conference in August

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2000 was devoted to several aspects ofmanaging earnings expectations. The con-ference held in January 2002, under theleadership of Professor Stephen Ryan,focused on the topic of conservatism inaccounting.

• Organizing and sponsoring programsand events to facilitate the exchange of infor-mation and ideas between the business andacademic communities, including distin-guished lectures, executive education pro-grams, and professional conferences androundtables. Ross Roundtables provide aforum for “public opinion shapers”—business writers, financial analysts, edu-cators, policymakers, and accounting pro-fessionals—to discuss important devel-opments in the accounting and capitalmarkets areas. Recent Roundtable topicshave included The Internet and ElectronicCommerce: Financial Reporting andAuditing Challenges; The Demand for and Supply of Accounting Professionals in the Year 2000 and Beyond; EarningsManagement and Auditor Responsibility;Earnings Management, ExpectationsManagement, and Equity Valuation;GAAP: Back from the Dead; and Goodwilland Asset Impairments: The New Account-ing Reporting Rules.

• Actively cooperating with other institu-tions to develop research, programs, andevents, including the NYU Center for Lawand Business, the NYU School of Law, andoutside organizations, such as the BrookingsInstitute or the Big Five accounting firms,and regulatory bodies, such as theIndependence Standards Board.

In the fall of 1996, the Institute sponsored amajor research initiative known as theIntangibles Research Project, under thedirection of Professor Baruch Lev. TheIntangibles Research Project sponsorsresearch and disseminates information onthe valuation and disclosure of corporateintangible assets. Intangible assets includehuman development and intellectual capital(which have never been recorded in corpo-rate balance sheets), as well as purchased

goodwill and other intangible assets thathave traditionally appeared on the corporatebalance sheets.

A recent report by Baruch Lev for the Brookings Institute, entitled Intan-gibles: Management, Measurement, and Reporting, covers questions such as,What are intangible assets? Why the height-ened interest in these assets? Who should be concerned about intangibles? It presentsthe unique attributes of intangible assets that distinguish them from physical andfinancial assets, and outlines an economicframework to analyze issues relating tointangibles. The report compiles and ana-lyzes empirical research on the impact ofintangible assets on operations and growthof business enterprises as well as on investorsin capital markets. It then outlines harmdone by the current deficient disclosure ofinformation about intangibles, and surveysthe economic and political reasons for thelack of disclosure. It concludes by proposinga comprehensive and coherent informationsystem that can be used internally and exter-nally to value intangibles and to reflectinvestment consequences.

The project also facilitates interchangebetween parties in intangibles, through con-ferences, events, and a Web site. With theErnst and Young Center for Business Inno-vation, the Institute’s Intangibles ResearchProject developed an electronic clearing-house for information on intangible assets atwww.stern.nyu.edu/ross/ProjectInt.

The Intangibles Conference held eachyear in May presents academic research toan audience consisting approximatelyequally of practitioners and academics.PricewaterhouseCoopers LLP sponsored allthe Intangibles Conferences. The fourth con-ference in May 2001 focused on newadvances in measuring intellectual capital.The first conference (May 1998) addressedthe relationship between intangibles andcapital markets and the second conference(May 1999) looked at the managerial andorganizational aspects of intangible invest-ments. The May 2000 conference focused onthe management, measurement, and orga-nization of knowledge.

The Institute initiated the CorporateEarnings Research Project in June 1999,under the leadership of Paul R. Brown, chair,Department of Accounting, Taxation, andBusiness Law and Baruch Lev, director of theRoss Institute and Bardes Professor ofAccounting and Finance. The CorporateEarnings Research Project aims to bothobserve the effectiveness of corporate earn-ings as a signal of firm performance and toimprove the measurement and disclosure of corporate earnings. The project sponsorsand conducts research, disseminates infor-mation, and facilitates interchange betweeninterested parties, such as financial exec-utives, financial analysts, professionalaccountants, government officials, aca-demics, and the financial press.

The Corporate Earnings Research Projectis linked to the Intangibles Research Projectby overlapping personnel and interest inresearch related to earnings usefulness andeconomic value-added disclosures for firmsemploying high-levels of corporate intangi-ble assets in their operations.

Under the direction of Paul Brown, theproject is developing a “quality of earnings”database, documenting cases where GAAP isnot violated, but where managementappears to have used subjectively appliedreporting techniques to meet targeted num-bers. The study analyzes systematic aspects ofthese cases and surveys research literature onearnings management. A study, under thedirection of Eli Bartov, investigates the man-ner by which firms meet or beat earningsexpectations (MBE), and measures therewards to MBE. The evidence supports thatMBE is obtained through both earningsmanagement and expectation manage-ment. More important, the evidence showsthat after controlling for the overall earningsperformance in the quarter, firms that man-age to meet or beat their earnings expecta-tions enjoy an average quarterly return thatis higher by almost 3 percent than their peersthat fail to do so.

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Director: Ari Ginsberg

Associate Director: Richard J. Miller

Center Office: KMC, 44 West Fourth Street,Suite 8-180

The Berkley Center for EntrepreneurialStudies is dedicated to conducting and sup-porting entrepreneurship research and edu-cation. The Center underwrites researchgrants for faculty members and doctoral stu-dents; conducts conferences for scholars andpractitioners; engages in specialized execu-tive education; and produces a variety ofpublications that contribute to understand-ing the entrepreneurial process and the pub-lic policy and educational issues associatedwith encouraging new enterprise develop-ment. The Center also offers cocurricularprograms that are designed to complementcourse-related learning and to encouragethe desire among Stern students to createeconomic enterprise through new ventures,either in start-up or established businesses.

RESEARCH

The Berkley Center focuses its research mis-sion on three primary areas:

1. The entrepreneurial process, fromidea conception to establishing andgrowing a new business. This includesanalysis of the process of opportunity as-sessment and new venture creation; themarkets that support entrepreneurial activi-ties; and the legal, financial, and informa-tional infrastructures associated with thosemarkets.

2. Public policy issues shaping thenature of entrepreneurial activity.These issues span areas of financial systemarchitecture, tax policy, trade policy, securi-ties, and corporate law, to name just a few.

3. Assessment of educational pro-grams influencing entrepreneurialcareer aspirations and new enter-prise development among studentsand alumni. This includes investigation ofthe knowledge and skill sets required byentrepreneurs and how those can best bedelivered in curricular and extracurricular

programs at the undergraduate, graduate,and executive education levels.

The Berkley Center supports and promotesresearch in these areas by providing grantsand seed money for research proposals andcase development, and by organizing confer-ences and seminars that offer a forum forscholarly interaction.

CONFERENCES, SEMINARS, AND PUBLICATIONS

Berkley Center sponsored conferences andseminars are organized to achieve severalobjectives: (1) to provide an opportunity forthe academic practitioner and policy-making communities to discuss cutting-edge research on entrepreneurship andinnovation; (2) to provide an opportunity tohelp set the research agenda in entrepre-neurship by defining and clarifying keypolicymaking and managerial issues; and(3) to provide a vehicle for disseminatingcurrent academic thinking and managerialprescription to the business community.

The Berkley Center also maintains aworking paper series and a case series thatshowcase research papers and case studieswritten by Stern faculty or students on vari-ous entrepreneurship and innovation issues.Current research by Stern faculty is regularlypublished in books and leading academicjournals. Cases are used in the Stern School’sEntrepreneurship and Innovation programand are also available to outside educators.Examination copies can be downloadedfrom the Berkley Center Web site. For moreinformation on available cases and work-ing papers, please visit our Web site atwww.stern.nyu.edu/ei/bces/research.

COCURRICULAR PROGRAMS

In addition to its research program initia-tives, the Berkley Center offers a variety ofevents and activities that provide both grad-uate and undergraduate students with real-world exposure to current entrepreneurs andentrepreneurial issues. In this way theBerkley Center is a catalyst in creating a newgeneration of business leaders who are dedi-cated to the idea of creating new enterprise

and to fostering innovation and new venturecreation within existing firms. Cocurricularprograms sponsored by the Berkley Centerinclude the following:

• Entrepreneur-in-Residence Pro-gram. This program brings a distinguishedentrepreneur on campus four days a monthto meet individually with students who needadvice on starting or growing their own bus-iness. This program gives Stern students anopportunity to get focused feedback andguidance through direct interaction with aseasoned entrepreneur.

• Business Plan Competition. NYUStern’s Maximum Exposure Business PlanCompetition is designed to promote thebusiness launch aspirations of entrepre-neurial students and alumni and providethem with an opportunity to get theirventure idea in front of important membersof New York’s venture capital and businessinvestor communities.

• Business Development Series. Thisseries of seminars is designed to help stu-dents master the process of creating first-ratebusiness plans as they work on their ownsubmissions for the competition. Seminartopics have included Market Reach, TechTalk, Money Matters, 20/20 Hindsight, andProtecting Your Interests.

• Entrepreneurial Finance Semi-nars. This series brings leading entrepre-neurs, venture capitalists, and private equityinvestors to the Stern community to discusstopics of entrepreneurial finance. These top-ics have included Valuation of Internet Start-ups, and Private Equity in a Down Market.

• Scholar-in-Residence Program.This program brings a distinguished aca-demic of entrepreneurial studies to the Sterncampus for a three-day visit. During thistime, the professor conducts seminars,makes class presentations, and hosts orga-nized and informal discussions with stu-dents and faculty in his/her area of thoughtleadership.

The Berkley Center for Entrepreneurial Studies

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New York University Center for Law and Business

Director: William T. Allen

Center Office: KMC, 44 West Fourth Street,Suite 9-53

The NYU Center for Law and Business wasestablished in the fall of 1997 as a joint ven-ture of the Leonard N. Stern School ofBusiness and the NYU School of Law. Thecentral aim of the Center is to bring togetherlegal scholars, thoughtful professionals, andexperts in business behavior. The Center’smission has three principle parts:

1. Professional Education. To enrichthe teaching curriculum of both the law andbusiness schools through the development of a unique set of new courses offered to

those students at either school who have a special interest in the interaction of lawand business.

2. Scholarship. To facilitate professionalinteraction and joint scholarly work be-tween faculty who share an interest in thestructure, regulation, and function of themarket economy.

3. Policy and Professionalism. Tocontribute to the public welfare throughprograms of professional education anddevelopment, and through the support of scholarship that assists governmental and private policy makers in fashioningchange that contributes to enhanced busi-ness productivity.

The Center draws on the legal and financialexpertise of both the NYU School of Law andthe Leonard N. Stern School of Business toimprove research and teaching and to stim-ulate a better understanding of the relation-ship between legal system regulation andhow well individuals and organizations areable to accomplish economic interac-tions—that is to do business. Throughinnovative curriculum and creative pro-gramming, which reaches out beyond theclassroom to the professional community,the Center has already begun to serve as acatalyst for that better understanding.

Center for Digital EconomyResearch

Director: Norman H. White

Center Office: KMC, 44 West Fourth Street,9th Floor

The Center for Digital Economy Researchpromotes research on the effective use ofinformation and information technologiesin organizations.

Working with all academic departmentsin the School, the Center focuses on man-agement policy and planning for technol-ogy; the alignment of business andtechnology strategies; the use and economicsof information; decision making and prob-

lem solving; electronic commerce; theimplementation of change in organizations;new approaches to systems analysis anddesign; databases and their management;organizational modeling; networks andtheir management; and technical supportfor group work.

During the year, the Center conducts sem-inars in both research and practice. Anextensive list of working papers and otherpublications is available from the Centeroffice, and an annual report is published.

The Center’s Affiliates Program, open to

industry, provides a forum for the discussionof issues concerned with the managementand use of technology. Major corporationsparticipate in the program, which includes aseminar series, joint research studies, acareer evening, awards for outstanding stu-dents, student club speakers, and other activ-ities that foster closer relations with industry.

For more information, visit our Web siteat www.stern.nyu.edu/ciio.

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Admission–Master of BusinessAdministration

All applicants whose native language is notEnglish and who have not received a univer-sity degree in an English-speaking countrymust take the Test of English as a ForeignLanguage (TOEFL) in addition to the GMAT.Information about the TOEFL test may beobtained from the following:

TOEFLEducational Testing ServiceP.O. Box 6151Princeton, NJ 08541

(609) 771-7100www.toefl.org

Note: TOEFL scores are only valid for twoyears. See the M.B.A. application booklet foracceptable dates.

Applicants may also take the Englishproficiency test of New York University’sAmerican Language Institute (ALI) in lieu ofthe TOEFL.

Students who are concerned about theirEnglish skills may choose to have theirproficiency evaluated by ALI. The Instituteoffers a diagnostic test and, based on thescore, will direct students to appropriateEnglish courses.

Test of English as a Foreign Language (TOEFL)

he M.B.A. Admissions office is responsible forenrolling classes of full- and part-time stu-dents during each fall term and a class of

part-time students in the spring term. Admission to theM.B.A. Program at the Stern School is open to any qual-ified man or woman who holds a bachelor’s degree orits international equivalent from an accredited under-graduate institution. A number of factors are consideredin evaluating M.B.A. applications, including the appli-cant’s academic potential, as evidenced by previous aca-demic work and the Graduate Management AdmissionTest (GMAT) score, the nature and extent of previouswork experience, personal essays, and letters of rec-ommendation. Our admissions process is highly selec-tive, and the Admissions Committee evaluates each pieceof the application carefully, looking for excellence andpotential in all areas.

For current admission information or to request application materials, please contact M.B.A. Admissions at

New York UniversityLeonard N. Stern School of BusinessM.B.A. Admissions44 West Fourth Street, Suite 10-160New York, NY 10012-1126

Telephone: (212) 998-0600Fax: (212) 995-4231E-mail: sternmba@stern.nyu.eduWeb site: www.stern.nyu.edu/mba/admissions

Note: Unless admitted to a formal joint-degree program, New York University stu-dents may not pursue two degree programssimultaneously at different schools of theUniversity.

Required of all degree applicants, this test isgiven by the Educational Testing Service. Anapplication for the test and a bulletin aboutits administration are available from thefollowing:

GMATEducational Testing ServiceP.O. Box 6101Princeton, NJ 08541

(609) 771-7300(800) GMAT-NOWwww.gmac.com

Note: GMAT scores are only valid for fiveyears. See the M.B.A. application booklet foracceptable dates.

The Graduate Management Admission Test (GMAT)

T

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Application Procedure for the M.B.A. Program

The Stern School uses a self-managed appli-cation for the full- and part-time M.B.A. Pro-grams. The applicant is responsible forgathering and completing all required infor-mation, obtaining supporting documents,and submitting all materials in a singleenvelope to M.B.A. Admissions.

Stern uses a rolling admissions process,evaluating applications in order of theirreceipt and completion. Therefore, it is toyour advantage to have your applicationprocessed and evaluated by the AdmissionsCommittee as early as possible. For this rea-son, it is important that you

• Submit a complete application with allsupporting materials in one package.

• Submit your application prior to the dead-line dates.

Application packets that are received or com-pleted after the deadline are evaluated on aspace-available basis. The AdmissionsCommittee has the right to make a finaldecision on an incomplete application.Applicants can only submit one applicationper term, meaning that you cannot apply forthe full-time and the part-time programssimultaneously.

Please follow the procedures below andcarefully read the instructions in the appli-cation for further application details.

1. Obtain application materials from thefollowing:

Leonard N. Stern School of BusinessNew York UniversityM.B.A. Admissions44 West Fourth Street, Suite 10-160New York, NY 10012-1126

Telephone: (212) 998-0600Fax: (212) 995-4231E-mail: sternmba@stern.nyu.edu

Application forms can also be downloadedfrom our Web site at www.stern.nyu.edu/mba/admissions.

2. Take the Graduate ManagementAdmission Test and request that your score be sent to Stern M.B.A. Admissions.Stern cannot accept faxed copies ofthe GMAT.

The ETS reporting code for the GMAT andTOEFL at Stern is 2852.

3. Use the forms in the application materialsto request that official transcripts andrequired letters of recommendation be sentdirectly to you.

4. Send all completed application forms, the appropriate application fee, essays, arésumé, and the sealed envelopes contain-ing transcripts and recommendations toM.B.A. Admissions before the applicationdeadline. Stern cannot accept faxedcredentials.

5. International applicants must take the TOEFL and request that their scores be sent directly to M.B.A. Admissions. Stern cannot accept faxed copies of the TOEFL.

6. If seeking financial aid, complete the Free Application for Federal Student Aid(FAFSA), which may be obtained from the federal processing agency at (800) 4FED-AID or from the Web site atwww.fafsa.ed.gov.

The priority deadline for submitting theFAFSA for the academic year 2003-2004 isJanuary 15, 2003.

APPLICATION DEADLINES FORFALL TERM:December 1 Full-time M.B.A. applicants

seeking scholarship consideration

January 15 Full-time M.B.A. applicants seeking to complete the application and interview process in time to attend Stern’s Pre-View Day inearly April

March 15 Full-time M.B.A. applicants final deadline

May 15 Part-time M.B.A. applicants

APPLICATION DEADLINE FORSPRING TERM (PART-TIMESTUDY ONLY):

September 15 Part-time M.B.A. applicants

Executive M.B.A. applicants: SeeExecutive Programs, pages 20-25.

Ph.D. applicants: See Doctor ofPhilosophy Program, pages 26-28.

TIMING OF ADMISSIONSDECISIONS

Full-time M.B.A. students are admitted forthe fall term only. Part-time M.B.A. studentsare admitted for the fall and spring terms.

The Admissions Committee begins itsreview of applications in December for full-time applicants to the fall term, in April forpart-time applicants to the fall term, and inSeptember for the spring term. Applicationssubmitted before the Admissions Committeebegins its review for that term will be consid-ered after the appropriate decision periodcommences. Applicants to the full-time pro-gram receive a decision by the dates noted inthe application. Applicants to the part-timeprogram receive a decision approximately10-12 weeks after Stern receives the com-pleted application.

ENROLLMENT DEPOSITS(NONREFUNDABLE)Each admitted applicant must submit anonrefundable enrollment deposit of U.S.$1,000. The deposit deadline will be specifiedin the offer of admission letter. Thedeposit guarantees a place in theclass only for the term and programfor which the applicant was admit-ted. Anyone who does not notify us of his orher intention to enroll by submitting adeposit by the specified deadline will not bepermitted to register and may lose the offer ofadmission. The Stern School does not offerdeferral of admission to a future term. Stu-dents must apply for the term in which theyintend to enroll.

CHANGE OF PROGRAM BEFOREMATRICULATION

Prior to enrolling for the first time, studentswho wish to change from the full-time pro-gram to the part-time program, or vice versa,must petition the chairperson of theAdmissions Committee in writing. Petitionsare reviewed after all regular applications tothe program that were received by the appli-cation deadline are evaluated. Permission tochange status is not guaranteed, is rarelygranted, and requires forfeiting the original

We urge students concerned about their command of English to contact ALI for more information.

American Language InstituteSchool of Continuing and Professional StudiesNew York University

48 Cooper Square, Room 200New York, NY 10003-7154(212) 998-7040

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offer of admission (i.e., students are notguaranteed places in the program to whichthey were originally admitted).

INFORMATION FOR PREVIOUSAPPLICANTS

Previously Denied Applicants. Sternkeeps transcripts on file for one year, but youmust submit all other application materials.Please refer to the deadlines in the applica-tion to determine if you must update yourGMAT or TOEFL scores for the new applica-tion period.

Previously Admitted Applicants. Ifyou were offered admission to the SternSchool within the last year but were unableto enter, you should contact M.B.A. Admis-sions in writing to request an abbreviatedapplication. Also, please refer to the dead-lines in the application to determine if youmust update your GMAT or TOEFL scores for the new application period. If you wereoffered admission to the Stern School more than one year ago but were unable toenter, you must reapply using the standardapplication.

Formerly Enrolled Students. Stu-dents who were previously enrolled in theStern M.B.A. Program should contact thefollowing:

New York UniversityStern School of BusinessM.B.A. Academic Advising44 West Fourth Street, Suite 10-160New York, NY 10012-1126

Telephone: (212) 998-0585Fax: (212) 995-4231E-mail: advising@stern.nyu.edu

Formerly enrolled students who must applyfor readmission must submit a new applica-tion to M.B.A. Admissions and compete withthe pool of current applicants. The appli-cation must include all materials requiredby the Admissions Committee at the time of reapplication, including current stan-dardized test scores. Applicants who are re-admitted must fulfill all program require-ments in effect at the time of their readmis-sion, which may mean that additionalcourse work will be required.

Only one readmission is allowed. Thoseunable to complete the remaining require-ments in the additional time allowed follow-ing admission forego the opportunity toreceive an M.B.A. from New York University.

Transfer Policy. The Stern School doesnot accept transfer credits. If you havealready earned an M.B.A. from another col-lege or university within the United States,you are not eligible for admission to theM.B.A. Program at the Stern School. For stu-dents enrolled in another NYU division priorto admission to Stern, all 60 credits of theM.B.A. Program must be completed afteradmission to the Stern School.

APPLICATION PROCEDUREFOR READMISSION TO THEM.B.A. PROGRAM

Applicants must submit a new applicationfor admission to M.B.A. Admissions andcompete with the current pool of applicants.The application must include all materialsrequired by the Admissions Committee at thetime of reapplication, including currentstandardized test scores.

Applicants readmitted to the M.B.A.Program must fulfill all program require-ments in effect at the time of their readmis-sion, which may mean that additionalcourse work will be required.

Only one readmission is allowed. Thoseunable to complete the remaining require-ments in the additional time allowed follow-ing readmission, forego the opportunity toreceive an M.B.A. from New York University.

ADMISSION TO JOINT DEGREEPROGRAMS

All joint degree programs follow the samebasic application procedures:

• Applicants must submit separate applica-tions to the Stern School and the other par-ticipating school. They will compete withregular applicants at each school and mustbe admitted to both schools.

• Full-time students seeking financial aidmust submit the financial aid application tothe school they will be attending for most ofthat academic year.

• Detailed information on program schedul-ing and structure is available on the Web atwww.stern.nyu.edu/mba/advising.

INFORMATION FORINTERNATIONAL APPLICANTS

Accepted Degrees. Applicants to Sternshould have the equivalent of a four-yearU.S. bachelor’s degree from an accreditedcollege or university. Specific degree infor-

mation listed by country is available on theM.B.A. Admissions Web site.

Diplomas/Degree Conferrals. Alltranscripts from institutions outside theUnited States must be accompanied by aphotocopy of the diploma and/or degreeconferral.

Transcripts from Institutions Out-side the United States. All academictranscripts must be original documentsbearing the institutional seal and the signa-ture of the institution’s registrar. If an insti-tution cannot issue a transcript to you, youmust submit a letter (in a sealed envelope)from the institution stating its policy. If youcannot obtain transcripts directly from theinstitution and possess an original tran-script, you may submit verified copies fromthe embassy or consulate of the institution’scountry. Certifications by a notary public arenot acceptable. Please do not submit theoriginal copy of an academic transcript thatcannot be replaced. Each transcript shouldcontain a list of courses taken, grades ormarks earned, name of degree earned (ifany), and date of degree conferral.

Non-English Transcripts. If your origi-nal transcript is not in English, you arerequired to submit both the official transcriptand its English translation in the samesealed envelope. If the institution you attend-ed does not provide an English translationwith the official transcript, you must obtaina certified English translation through atranslating service and submit it in a sealedenvelope, endorsed across the seal. Sterndoes not recommend any translating ser-vices, and certifications by a notary publicare not acceptable.

TOEFL. All applicants whose native lan-guage is not English and who have notreceived a university degree in an English-speaking country must take the Test ofEnglish as a Foreign Language (TOEFL).For applicants from countries where Englishmay not be the primary spoken language butis the primary language used in education,such as India and Singapore, the TOEFL isstrongly recommended but not required.

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Financial Aid

ecause a graduate business degree willafford students the opportunity forsignificant personal growth and career

advancement, obtaining that degree will require aconsiderable investment of resources. Many studentswill need assistance in meeting the costs of businessschool. This section is designed to guide you throughthe financial aid process.

B

New York University participates in the fed-eral Stafford Student Loan Program. Sternalso offers competitive awards based onmerit. In addition, private educational loansare available to assist with school expenses.Please note that student loans are the prima-ry source of assistance for most students.

Full-time students meeting the Decem-ber 1 admission application deadline will beconsidered for merit-based scholarships.

Loans with various repayment terms are also available. Students may also applyfor graduate assistantships and teaching fel-lowships in their second year, as indicatedlater in this section.

Part-time students are eligible to apply for loans and must enroll in at least 6 credits(half-time) per semester to be eligible.

Please direct all correspondence andinquiries about financial aid to M.B.A.Financial Aid for proper handling:

New York UniversityLeonard N. Stern School of BusinessM.B.A. Financial Aid44 West Fourth Street, Suite 10-160New York, NY 10012-1126

www.stern.nyu.edu/mba/finaidE-mail: fin-aid@stern.nyu.edu

All eligible students applying for federalfinancial aid must submit a Free Applicationfor Federal Student Aid (FAFSA) form to thefederal processor listing New York University(federal code 002785). To be eligible forfederal loans, you must be a U.S. citizen or U.S. permanent resident. Students may

complete an electronic FAFSA located on www.fafsa.ed.gov. All students mustcomplete and forward their FAFSA by Janu-ary 15 for timely receipt of funds. Studentsmust take additional steps to confirm the awards based on the results of the FAFSA. Specific instructions will accompany

the award letter. International students may apply for private loans. To learn more about eligibility for these loans, students should visit the financial aid Web site atwww.stern.nyu.edu/mba/finaid.

ApplicationProcedure

Notification Stern begins to mail financial aid awards toadmitted students on April l. For studentsadmitted after March 15, Stern will mailaward decisions about three weeks after theadmission decision, assuming we have the

FAFSA information. Awards are made for oneacademic year only (fall and spring) andmay not be deferred. Typically awardsinclude eligibility for loans for all studentsand scholarships for students with excep-

tional credentials. Stern also awards a lim-ited number of donor scholarships to first-year, second-year, and part-time studentswho meet specific donor award criteria,which are determined in the fall of each year.

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Scholarships and Fellowships

Many individuals and leading business andphilanthropic organizations, recognizingthe value of investing in the future of busi-ness professionals, provide fellowships andscholarships for outstanding students. Mostof the fellowships and scholarships listed arereserved for continuing students who havedemonstrated their academic potential atStern. To be considered for Stern scholar-ships, candidates must submit their applica-tion for admission by December 1.

AMAX Foundation Inc. Fellowship.This scholarship was established in honor ofHans A. Vogelstein, former president ofAmerican Metal Climax (now known asAMAX Inc.) and a governor of the New YorkCommodity Exchange for many years. AMAXFoundation scholars are selected annuallyfrom outstanding M.B.A. and Ph.D. students.

Amerada Hess Scholarship. Scholar-ships are awarded to first-year and second-year M.B.A. students who have two or moreyears of work experience in energy or man-ufacturing, or with a public accountingfirm. Candidates should have an under-graduate degree in the engineering field,earth sciences, or accounting/finance.

Jorge Ignacio Anwandter Scholar-ship. This scholarship was established byGeoffrey Gold (M.B.A. ’91) and Americo DaCorte in memory of their late friend, JorgeIgnacio Anwandter. It was created to providetuition assistance to M.B.A. students fromLatin America who demonstrate academicmerit as well as financial need.

Gloria Appel Fellowship in Entre-preneurial Studies. This award providessupport for Stern’s most talented doctoralstudents who plan to focus their careers onentrepreneurship teaching and research.

The Alex S. Auerbach Scholarship.The family and friends of the late Alex S.Auerbach have established this annual $300scholarship for a student demonstratingfinancial need and academic excellence.

Grace and Jules Backman Scholar-ship. One full tuition and fees scholarshipis offered to an outstanding entering student

who shows high academic and personalachievement. This scholarship is renewablefor a second year based on the student’s sat-isfactory academic progress.

Bank of New York Scholarship. Thisscholarship was established to reward anM.B.A. student with outstanding academicqualifications and financial need. The Bankof New York participates in the selection ofthese scholars.

The Anne Hudson and Frank J.Berlin Scholarship Fund. This scholar-ship fund was created through the generosi-ty of Anne Hudson Russell Berlin in memoryof her husband, Frank J. Berlin. These schol-arships are awarded to financially needyfemale students pursuing the M.B.A. degree.

Beta Gamma Sigma Alumni Scholar-ship. The Beta Gamma Sigma AlumniScholarship awards $100 annually to a grad-uate student in Beta Gamma Sigma who willbe enrolled for at least one additional yearand needs financial assistance.

Ernest Bloch M.B.A. Award. This awardis given to an M.B.A. student who hasdemonstrated academic excellence.

Zenas Block Scholarship. This scholar-ship was established by Deputy Dean AvijitGhosh to honor Professor Zenas Block, a pro-fessor of management at Stern for over 20years and a prominent teacher at the BerkleyCenter for Entrepreneurial Studies. It isawarded to an M.B.A. student interested inentrepreneurship.

Jules Bogen Fellowship. This awardhonoring the memory of Dr. Jules I. Bogen,professor of finance at the Stern School, isavailable to an exceptional student concen-trating in finance. This fellowship is offeredto an advanced candidate for the Ph.D.degree. The Bogen Fellow receives tuitionplus a cash stipend for the academic year.

Mary, Catherine, and Julius Brick-man Meyers Fund. This scholarshipcomes from a bequest from the estate ofEvelyn B. Meyers in memory of Mary,Catherine, and Julius Brickman and EvelynBrickman Meyers. It is intended for worthy

M.B.A. students who should feel morallyobligated to repay the money, when they arefinancially able to do so, so that the fundmay increase and benefit future students.

Dorcas E. Campbell MemorialScholarship. This scholarship was estab-lished to honor and perpetuate the memoryof Dorcas E. Campbell. It is for a womancandidate for the M.B.A. degree majoring in finance with an interest in the field ofpublic relations.

J. P. Morgan Chase Fellowships. J. P.Morgan Chase provides fellowships to out-standing minority students demonstratingacademic excellence and leadership skills.The students will be eligible for paid intern-ships at Chase Manhattan Bank.

Citigroup Scholarship for MinorityStudents and Women. Established inacademic year 2001-2002, Citigroup awardsthree merit-based scholarships to minoritystudents majoring in finance. They alsoaward five merit-based scholarships towomen majoring in finance.

C.I.T. John Vogel Scholarship. Thisscholarship was established by the C.I.T.Financial Corporation in recognition of JohnVogel, a former director and Stern M.B.A., fora student who has worked through under-graduate and graduate programs.

Consortium Fellowships. The SternSchool participates in the Consortium forGraduate Study in Management, an effortthat facilitates the entry of underrepresentedminorities into managerial positions.Fellowships cover full tuition and fees andare based on the applicant’s desire to studybusiness management, as well as provenaptitude, ability, and scholarship. Applica-tion for the fellowship is made directly to theConsortium; applications and informationare available from the following:

Consortium for Graduate Study inManagement200 South Hanley Road, Suite 1102Saint Louis, MO 63105-3415

Telephone: (888) 658-6814www.cgsm.org

Doctoral Fellowships and Assistantships

Stern offers fellowships and/or assistantshipsto all students admitted to the full-time doc-toral program. These awards are not need-based and do not require the submission of afinancial aid application.

Other financial aid, such as federal andprivate loans, are generally not available to Ph.D. students. Students should contactthe Ph.D. office to inquire about potentialeligibility.

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Deming Fellowship. This doctoral fel-lowship is funded through the generosity ofProfessor W. Edwards Deming. It is awardedto an outstanding doctoral student in statis-tics and operations research.

Mildred Elperin Scholarship Fund.This scholarship was established through abequest of Mildred Elperin. The funds assistM.B.A. students with an interest in retailing.

Belmont A. Freiwald Fellowship. Thisaward, for second-year M.B.A. students, is aresult of a gift from Belmont A. Freiwald tosupport a marketing major who has demon-strated academic excellence and needsfinancial aid.

Armando John Garville MemorialScholarships. This scholarship programwas established to support a financiallyneedy student, full or part time, with a “zestfor life.”

Dorothy Glasser Scholarship. Thisscholarship was established by Rita Glasserto support a student in advertising studies.

Gerald J. Glasser Scholarship. Thisscholarship was established with a gift fromProfessor Gerald J. Glasser, a Stern graduatewho taught at the School until his retire-ment in 1983. One scholarship is awarded toa graduate student with financial need.

Harold Goldberg Scholarship. Thisscholarship was established by the friends ofHarold Goldberg (B.S. ’51). It is awarded to apart-time M.B.A. student who is interested inentrepreneurship.

Carl W. and Gloria Greene Scholar-ship. This scholarship is awarded to a stu-dent who demonstrates academic excellenceand financial need.

Harry A. Hopf Memorial Fellow-ships. The Harry A. Hopf MemorialFellowship Fund provides fellowships to honor and perpetuate the memory ofHarry A. Hopf and the contributions hemade to the field of management. HopfFellows are selected annually from out-standing M.B.A. candidates pursuing studiesin management.

George Kellner Scholarship. Thisscholarship is designed to provide financialassistance to students with a parentemployed by a not-for-profit educationalinstitution, including research institutions.

Joseph Kolodny Scholarship. TheNational Association of Tobacco Distributorsestablished this scholarship in honor of

Joseph Kolodny. It is awarded to a candidatein the M.B.A. Program who specializes in thefield of market distribution.

Abraham and Julienne KrasnoffScholarship. This scholarship is designedto support semester-abroad study experiencesfor students enrolled in Stern School’sInternational Management Program. Acommittee of faculty and administratorsselects recipients.

Henry J. Krooss Scholarship. Thisscholarship is awarded to an M.B.A. studentwho demonstrates academic excellence andfinancial need.

C. Erick and Phyllis S. LarsonScholarship. This scholarship is to pro-vide assistance to a part-time student who isworking full time and not receiving fullcompany or other financial scholarship.

The Benjamin J. Levy Fellowship.This fellowship was established at the SternSchool by the partners of Salomon Brothersto honor Benjamin J. Levy. The award ismade annually to an academically superiorfull-time M.B.A. or doctoral candidate withan interest in finance.

Money Marketeers of New YorkUniversity Scholarships. The MoneyMarketeers of New York University provideseveral scholarships annually to full- or part-time students who have demonstrated highacademic achievement and show financialneed. These awards are available to studentswho have completed at least half of therequirements for the Stern M.B.A.

Money Marketeers Scholarship. Thisscholarship was established by the MoneyMarketeers, a finance club founded byMarcus Nadler, a prominent financier. It isawarded to M.B.A. students in their secondyear who are U.S. citizens, finance or eco-nomics majors, and who have demonstratedacademic excellence.

The Municipal Bond Club of NewYork/Albert J. Milloy Scholarship.The Municipal Bond Club of New York estab-lished this award in honor of Albert J. Milloy,one of Stern’s early distinguished professors.The scholarship is awarded to a second-yearM.B.A. student in tax and finance.

The Marcus Nadler Fellowships. TheMarcus Nadler Fellowships are awardedannually to outstanding doctoral candidatesof extraordinary professional competence.The fellowships were established by the

Money Marketeers, in memory of Dr. MarcusNadler. These awards provide financial assis-tance to qualified students interested indoing financial research as preparation forcareers in teaching, research, or business.

NASDAQ Doctoral Fellowship. TheNASDAQ Stock Market EducationalFoundation, Inc. set up this dissertation fel-lowship to support research in the area offinance or economics.

C. W. Nichols Foundation Fellow-ship. The Nichols Foundation has estab-lished a graduate fellowship for an outstand-ing doctoral degree candidate who partici-pates in doctoral workshops.

Paul Bailey Pizzitola Memorial FundScholarship. This scholarship has beenestablished in memory of Paul BaileyPizzitola, who attended the Stern School of Business. It is offered to a worthy M.B.A.student who has survived a life-threateningdisease; a dyslexic student; or a student who graduated from Brown University or St. Ignatius Loyola High School in New York City.

Price Institute for EntrepreneurialStudies Fellowship. This fellowship issponsored by the Price Institute forEntrepreneurial Studies. It is awarded to anoutstanding M.B.A. candidate in the secondyear of study for the purpose of providingfinancial support to a student as he or shepursues an M.B.A. with particular emphasisin entrepreneurial studies.

Resident Assistantships. Resident assis-tants live in undergraduate dormitories andare responsible for organizing, implement-ing, and evaluating social and educationalactivities. Assistants also serve as peer coun-selors and sources of information for dormi-tory residents. Candidates must be single,full-time students with a current cumulativegrade point average of at least 2.5. Theyshould also possess qualities that support thesocial and intellectual development ofundergraduate students and should be will-ing to assume responsibility for managingcrises. Compensation includes room andboard for two semesters.

To obtain applications and further infor-mation, contact the following:

Office of Housing and Residence LifeNew York University33 Washington Square West, 1st FloorNew York, NY 10011-9154(212) 998-4311

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Samuel Revits Memorial Scholar-ship. The family and friends of the late Samuel Revits have established thismemorial scholarship fund as a lasting trib-ute in recognition of his efforts on behalf ofthe Stern School. It is intended to assist aworthy M.B.A. student who demonstratesfinancial need.

Milton Reynolds Scholarship. Thisscholarship was established by the Reynolds Family Foundation in honor ofMilton Reynolds for a Ph.D. student major-ing in marketing.

Milija Rubenzanin Fellowship. Thisfellowship, in memory of Mr. Rubenzanin, isawarded for academic excellence to a stu-dent pursuing graduate work in bankingand finance, and in need of financial aid.

Schering-Plough Scholarship. Thisscholarship was created through a generousgrant from the Schering-Plough Founda-tion, Inc. The scholarship is awarded to anM.B.A. student with proven achievement andinterest in the marketing and pharmaceuti-cal industries.

Barbara E. Smith Scholarship. Thisscholarship is named in honor of BarbaraSmith, past president of the Alumni Associa-tion and former associate dean of develop-ment. Awards are made to M.B.A. students,with preferences to students interested incareers in marketing.

Lawrence M. Stern Scholarship. Thisscholarship was established by LawrenceStern for students enrolled part time in the Langone Program for WorkingProfessionals.

Sumitomo Bank Global FoundationScholarships. The Sumitomo BankGlobal Foundation, Inc. established thisscholarship through a special grant to Stern.The funds are awarded to M.B.A. students,preferably from Asian countries.

Joseph H. Taggart Fellowships. Thesefellowships, established to honor the formerdean of the Stern School, are awarded annu-ally to outstanding doctoral candidates.

Texaco/Stern M.B.A. Program Grant.This fund was established through a specialgrant from Texaco Inc. The scholarship isawarded to second-year M.B.A. students withexemplary academic records. Preference isgiven to undergraduate majors in engineer-ing, computer science, geosciences, andaccounting/finance.

Barbara Parker-Thompson Scholar-ship. This scholarship has been establishedto fund students with disabilities who areenrolled at the Stern School of Business.

Toigo Fellowship. NYU Stern has recent-ly joined the Robert A. Toigo Foundation, anorganization that provides financial assis-tance, mentoring, summer internships, andjob placement services to the top minoritycandidates in the country. If you plan tofocus your M.B.A. studies on finance andpursue a finance-related career, you may beeligible for a Toigo Fellowship. As an appli-cant of African American, Native American,or Hispanic descent, you will be consideredfor this prestigious scholarship opportunitywhen you apply to NYU Stern’s full-timeM.B.A. program.

William P. Umbs Memorial Scholar-ship. This scholarship has been establishedby Bank Leumi Trust Company of New Yorkto honor and perpetuate the memory of thefirst president of BLT Leasing CorporationSubsidiary, William P. Umbs. An award ismade to an M.B.A. candidate majoring infinance and banking who has demonstratedsuperior academic achievement and is inter-ested in a career in banking or leasing.

Unilever Scholarship. This scholar-ship is awarded to a first-year M.B.A. student who demonstrates financial need.

Unilever participates in the selection processof this scholar.

United Parcel Service Scholarship.This scholarship was established to encour-age young men and women with exception-al potential to specialize in retailing ormarketing at the graduate level. Scholar-ships are awarded to students who promise tomake constructive contributions to retailingthrough research and writing.

Hans Volgelstein Scholarship. Thisscholarship is awarded to an M.B.A. studentwho demonstrates academic excellence andfinancial need.

Morton Weiss Scholarship. This schol-arship was established to support a studentinterested in the securities field.

Paul I. Willensky Fellowships. Thesefellowships have been made possiblethrough the generosity of Paul I. Willensky.They are awarded to outstanding advanceddoctoral candidates pursuing dissertationresearch. First priority is given to candidatesin economics, finance, or statistics.

David Wood Memorial Fellowship.The officers and members of the MunicipalBond Club of New York and the MunicipalForum of New York, to honor and perpetuatethe memory of David M. Wood, have estab-lished this scholarship at the Stern School. Itis awarded to an outstanding M.B.A. or doc-toral student in finance who desires a careerin municipal finance. The stipend awardedunder this scholarship is up to $1,500 tuitionassistance for the academic year.

Larry and Carol Zicklin M.B.A. MeritScholarship. This scholarship fund wascreated through the generosity of Larry andCarol Zicklin. It provides tuition assistance toM.B.A. students based on academic merit.

Graduate Fellowships and Teaching Fellowships

The Stern School of Business offers graduatefellowships and teaching fellowships to qual-ified M.B.A. students who have completed atleast 24 credits, are registered for at least 6credits, have grade point averages of 2.5 orabove, and are in good academic standing.These positions are limited in number andcompetitive. A fellowship involves an averageof 10 hours of work per week for 15 weeks,

provides partial tuition credit during thesemester in which the student is employed,and is applied directly to the student’stuition. Students who wish to serve as gradu-ate or teaching fellows are responsible forsecuring these positions by contactingdepartments that have approved positions.(Note that graduate fellows and teaching fel-lows must pay any portion of tuition and fees

not covered by tuition remission by the payment deadline, are not permitted to use the Deferred Tuition Plan (50/50),and may have their loan eligibility affected.)For a complete set of policies and guidelines, please visit the Web site atwww.stern.nyu.edu/deans/gradjobs.

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Subsidized Stafford Student LoanProgram (SSL). This is a long-term, low-interest federal loan. Private lenders (banks,savings and loan institutions, credit unions)provide Stafford Loans guaranteed by stateand federal government based on certifica-tion of eligibility by New York University. Thesubsidized limit is $8,500 per year, and eligi-bility is based on financial need.

Repayment is deferred until six monthsafter students graduate or cease to beenrolled at least half time (6 credits). No interest accrues during this defermentperiod. (For all borrowers, the interest ratewill be variable with a cap of 8.25 percent.)Students who previously borrowed under theFederal Stafford/GSL program should staywith the same bank for their graduate loans,if possible.

Lenders must disburse all loans in twoequal installments. An insurance premiumof up to 1 percent as well as an originationfee of up to 3 percent will generally bededucted from the loan funds. The typicalrepayment period is 10 years.

Unsubsidized Stafford Student LoanProgram. The terms of this loan are thesame as the federal Subsidized Staffordexcept that eligibility is not based onfinancial need and interest accrues dur-ing the deferment period. Interest beginsaccruing as soon as the lender disburses the loan. Students may choose to have theaccrued interest capitalized (added to theprincipal balance) or to make periodic pay-ments. The total federal Subsidized andUnsubsidized Stafford Student Loan limit is$18,500 per year.

Private Educational Loans. Some stu-dent may find it necessary to borrow throughprivate loan programs to meet a portion oftheir educational expenses. Note that all pro-grams require applicants to have a goodcredit history and may require a creditworthycosigner. International student loans, whichdo not require U.S. citizen cosigners, are alsoavailable. These loans were exclusivelydesigned for New York University students.For more information on the terms of vari-ous programs, visit our Web site atwww.stern.nyu.edu/mba/finaid.

Those who are eligible for federal loanswill receive award letters that will includeprivate loan eligibility. However, studentsmay choose another private loan program.Applicants must contact the alternate privateloan program directly to request more infor-mation and an application.

Student Loan Programs

New York State Tuition Assistance Program (TAP)

TAP is a need-based grant determined byyour or your family’s income and other fac-tors. To be eligible for TAP, a student must

• be a United States citizen or eligiblenoncitizen.

• be a legal resident of New York State.

• study full time (at least 12 credits persemester) at an approved post-secondaryinstitution in New York State.

• be matriculated in an approved programof study and be in good academic standing.

• have, at least, a cumulative “C” averageafter receipt of two annual payments.

• be charged at least $200 tuition per year.

• not be in default on a student loan guar-anteed by HESC and not be in default on anyrepayment of state awards.

• meet income eligibility limitations.

If you are a New York State resident, andinclude a New York school in “Step Six” ofyour FAFSA, HESC will mail you an ExpressTAP Application (ETA). Information fromyour FAFSA and your calculated New YorkState Net Taxable Income will be preprintedon your ETA. Review this information,change any incorrect items, and completeany missing items, then sign and mail theform using the return envelope provided.The final filing deadline for TAP is May 1 of

the academic year for which aid is sought.For example, for the 2002-2003 academicyear, the application deadline is May 1, 2003.

• For all graduate students, awards rangefrom $75 to $550 for the academic year.

• Graduate or professional students mayalso receive an additional four years of TAP.Eligible students can receive a maximum ofeight years of combined undergraduate/graduate assistance.

• For more information about this program,go to www.hesc.com/OnlineDoc/GnsFactSheet/tap.html.

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DECODING COURSE NUMBERS

Course Number: BXX.CDEE.FF (e.g., B40.2334.10)B = School (B = Stern School Graduate Division)XX = Department or area (see below)C = Course level (2 = beginning or intermediate; 3 = advanced or specialized)D = Number of credits (3 = 3 credits; 1 = 1.5 credits)EE = Number assigned by department to differentiate courses FF = Section number (indicates time, day, year, etc.; see below)

Course Designator (BXX):B00 = Noncredit WorkshopB01 = Core B02 = Capstone CoreB10 = AccountingB20 = Information SystemsB30 = EconomicsB40 = FinanceB50 = International BusinessB55 = InterareaB60 = Operations ManagementB65 = Management and Organizational BehaviorB70 = MarketingB85 = International Management ProgramB90 = StatisticsB95 = Taxation and Business Law

Section Number (FF):10-19 = Evening class, fall30-39 = Evening class, spring50-79 = Evening class, summer01-09 = Day class, fall20-29 = Day class, spring40-49 = Day class, summer00, 0P = Weekend class (any semester)1A-1D = Alternate delivery, fall semester2A-3D = Alternate delivery, spring semester5A-7D = Alternate delivery, summer semester0A-0F = Alternate delivery, weekend (any semester)S1-S4 = Alternate delivery, spring break minisemesterT1-T4 = Alternate delivery, May minisemesterU1-U9 = Alternate delivery, August minisemesterW1-W9= Alternate delivery, winter break, January minismester

Things to Know About Courses

Registration and Matriculation

efore attending classes, all students mustregister through the Office of Records andRegistration at designated registration

periods. Students must register separately for each term and pay their tuition and fees according to the payment schedule as outlined by the Stern Bur-sar’s Office. Students are required to familiarizethemselves with course prerequisites and programrequirements and may be asked to withdraw if theyhave improperly registered.

B

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CLASS MEETING TIMES

M=Monday; T=Tuesday; W=Wednesday;R=Thursday; F=Friday; S=Saturday;U=Sunday

3-Credit Weekday Classes*80 minutes, twice a week

3-Credit Evening and WeekendClasses*160 minutes, once a week

1.5-Credit Classes (Minicourses)80 minutes, once a week for semester or 160minutes, once a week, for first or secondhalf-semester

Alternate Delivery Classes

Minisemester CoursesMeet intensively when regular semesterclasses are not in session.

Distance Enhanced CoursesMeet during regular semester for reducednumber of 160 minutes and includedistance-learning elements.

SCHEDULE AND FACILITYCHANGES

Any change in the schedule or the assignedinstructor will be posted on the bulletinboards at the Stern School and on-line at www.stern.nyu.edu/registrar. Studentswho have registered for a class in which there is an instructor change, will be notifiedby E-mail.

* Noncore courses are open to all Stern gradu-ate students, regardless of meeting time, when space is available. Full-time students have priorityfor weekday classes and part-time students havepriority for evening, weekend, and minisemesterclasses within a graduation cohort.

INTERAREA (B55) AND SWING COURSES

Course Course May Count Toward Major Number Title in the Following:

B20.2318 Information Technology and Strategic Management Information Systems, Management

B20.3336 Data Mining and Knowledge Systems Information Systems, Statistics

B40.3349 Equity Markets: Trading and Structure Finance, Information Systems

B55.2310 Managing Financial Businesses Economics, Finance, Information Systems, Management

B55.2350 Models of Leadership Any Stern major

B55.3320 Managing Investment Funds Accounting, Finance, Management

B55.3338 Electronic Commerce Entrepreneurship, Information Systems, Marketing

B60.2127 Operations Consulting: Resource Management Operations Management, Statistics

B60.2306 Supply Chain Management Marketing, Operations Management

B60.2307 Operations Consulting: Design of Operations Operations Management, Statistics

B60.2310 Quality Management Operations Management, Management

B60.2325 Introduction to Operations Research Operations Management, Statistics

B60.2350 Decision Models Accounting, Operations Management

B60.3355 Operations Strategy Operations Management, Management

B60.3356 Tech Innovation and New Product Development Operations Management, Management, Marketing

B60.3357 Service Operations and Strategy Operations Management, Management

B60.3379 Environmental Assessment, Management, and Strategy Operations Management, Management

B65.3331 Competitive Advantage from Technology Information Systems, Management

B65.3335 Foundations of Entrepreneurship Management, Marketing

B70.2325 Advanced Internet Marketing and Entrepreneurship Entrepreneurship, Information Systems, Marketing

Interarea and swing courses can counttoward any one of the majors designated forthat course, if a student makes arrange-

ments through an adviser. Only one inter-area course or swing course with a nonma-jor designator may be applied to any one

major. Swing courses are included in themaximum of 18 credits per course designa-tor, as indicated in bold.

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Immunization New York State law now requires studentsattending colleges and universities withinthe state to have immunity or be immunizedagainst measles, mumps, and rubella (Ger-man measles). The law applies to all stu-dents born after December 31, 1956.

Immune status will be checked as part of the registration process. Students whohave not provided proof of proper immunity

will be required to do so before registering.Proof of immunity or immunization mustbe provided to the New York UniversityHealth Center, 726 Broadway, 4th Floor, New York, NY 10003-9580. Proof may beprovided by submitting the required form ora letter or other documentation from adoctor or health care provider. Forms are mailed to all new students in their

admissions material and are also availablein the Office of Records and Registration.Students who do not have proof of immu-nity must be immunized. Immunizationsmay be provided at a number of sources,including the University Health Center. For further information, call the UniversityHealth Center at (212) 443-1199.

The Office of Records and Registration mailsregistration materials to all continuingdegree candidates. Continuing M.B.A. stu-dents are expected to register using the Webregistration system (http:/ais.stern.nyu.edu),

prior to the beginning of each term accord-ing to the calendar specified in the registra-tion instructions. If they miss the deadline,continuing students may also register in per-son during the late registration period at the

beginning of each term. (Dates to beannounced in the registration mailing.)Langone Program students who are not ableto use the Web system may register by mail.

For Continuing M.B.A. Students

The Office of Records and Registration sendsregistration material to all new students.New students in the Full-Time Block Pro-gram must register by mail no laterthan the date indicated in theiradmissions package. There is no optionto register later.

New students in the Langone Programand students in other programs who prefernot to register in advance may registerduring the in-person registration period atthe beginning of the term. (Dates to beannounced in the registration mailing.) Allstudents who have been admitted must indi-

cate their intention to enroll by paying anenrollment deposit. They should be preparedto show proof of this when they register.

For New M.B.A. Students

M.B.A. students must complete thefollowing:

• At least one course in the semester forwhich they are admitted; those who do not,must reapply for admission in a subsequentsemester.

• At least 6 credits each academic year.

• At least 24 credits within the first threeyears.

• All requirements for the degree within themaximum of six years from initial enroll-ment in the program.

Students who are unable to maintainthis pace are not permitted to con-

tinue in their degree program. Notethat although students are required to meetonly these minimums to remain in the pro-gram, it is not possible to complete theM.B.A. degree requirements within the six-year limit at the minimum rates of progress.

Program ProgressRequirements

Students must maintain a minimum gradepoint average while matriculated in degreeprograms. (For information on computingthe grade point average, see the Examina-tions and Grades section.) The following areminimums students must meet:

• 1-14 credits: if GPA is less than 2.1, studentis placed on academic probation.

• 15-29 credits: if GPA is less than 2.1, stu-dent is dismissed from the program.

• 30 or more credits: if GPA is less than 2.3,student is dismissed from the program.

• 60 credits completed: if GPA less than 2.5,student is not eligible to graduate.

When grades are available after each semes-ter, students who do not meet the minimumrequirements are notified by their program’sadvising office, on behalf of the AcademicStanding Committee, that they are onacademic probation or that they may notcontinue in the program. Students who are dismissed from the program and who have registered prior to receiving theseletters are withdrawn from their courses and given a full tuition refund. (Students

with low averages are urged not to registerfor the next term if there is any chance theirgrade point average will fall below theseminimums when all the current semester’sgrades are in.)

Doctoral candidates must maintain atleast a 3.0 average. For complete details, seethe Ph.D. handbook.

Pass/No Credit grades do not affect a stu-dent’s academic average. For information oncomputing the grade point average, see theExamination and Grades section.

Scholastic Requirements

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Doctoral Students

Students in the Ph.D. Program must havetheir registration approved by obtaining the

signature of a Doctoral Office staff member(40 West Fourth Street, Room 8-11).

Students in Joint Degree Programs

Students in joint degree programs shouldregister through the NYU school in which themajority of credits will be taken that semes-ter. When registering through Stern, jointdegree students must have their registration

reviewed and approved by the Stern jointdegree adviser before submitting them to theOffice of Records and Registration. Whenregistering through other schools for Sternclasses, or making changes to the Stern

course selection, students must notify theStern joint degree adviser of their intendedStern classes. Students must be admitted toboth programs before their first enrollmentat Stern.

Block Scheduling for Full-Time M.B.A. Students

After the enrollment deposit is received, allnew students in the full-time M.B.A. Pro-gram will be sent a list of fall term corecourses and the block sections for which theymust register. They must register for allcourses on the list except those for whichthey have been authorized to substitute or

plan to pass out of by proficiency exam. The daytime sections of the core courses are reserved for first-year block students, andthe evening sections of these courses arereserved for part-time students only. Full-time block students must take all of theircore courses, except Professional Responsi-

bility B02.3101, in their first year of study.The capstone core course, ProfessionalResponsibility, is required during the secondyear of study. Block students may take thiscourse in either semester of the second yearof study and in the daytime sections reservedfor full-time block students.

When part-time M.B.A. students register fortheir first semester at Stern, they become partof a core group—the group of students withwhom they take a section of either ManagingOrganizations or Understanding Firms and

Markets in the first semester. In the secondsemester, they have the option of remainingwith their core group to take another corecourse. During Pre-Term, students meettheir core groups, form study groups, and

participate with them in workshops. In thefirst week of classes, students elect core groupleaders, and, during the semester, have theopportunity to socialize, study, network, andplan events with their core groups.

Core Group Scheduling for Langone ProgramStudents

Degree candidates must maintain continu-ous matriculation throughout the durationof the program. Students are requiredto register each fall and springsemester, whether or not they aretaking courses. Summer semesters are optional.

Students who have taken courses towardthe Stern M.B.A. for at least one semestermust apply in writing (letter or E-mail) for aleave of absence from their program’s advis-ing office, in advance of any fall or springsemester for which they are unable to enrollor during which they drop or withdraw fromall courses. The application for a leave ofabsence must include (a) the reason a leaveof absence is necessary; (b) the semester inwhich enrollment is expected to resume; and(c) a detailed academic action plan fordegree completion upon return from the

leave of absence. If a leave of absence isgranted, students must register and pay a feeto maintain matriculation. (See Tuition andFees section.) The fee is calculated on a per-semester basis and must be paid at the timethe leave is granted. Leaves of absence areincluded in the time limit for completion ofall degree programs. Students are not eligi-ble to continue in their degree programsunless a leave of absence has been grantedand the matriculation fee has been paid.

Ph.D. students who will not be enrolledfor courses must seek approval from theirdegree program office. When approval isgranted, students must maintain matricula-tion by paying a fee calculated on a semesterbasis (see Tuition and Fee section).

Paying a matriculation fee does notextend the time limit required for comple-tion of the degree program.

Maintaining continuous matricula-tion (a) reserves a student’s place in thedegree program as a continuing student; (b) ensures that the student will continue to receive registration materials and anyother mailings to enrolled students; (c) allows access to University facilities andservices, such as the library and healthservices; and (d) enables application forstudent health insurance, if needed.

Leaves of absence are not granted tostudents who find they cannot begin theprogram in the semester for which they were admitted. M.B.A. students who wish todefer their first enrollment must contactM.B.A. Admissions for information on anabbreviated reapplication process for a sub-sequent semester. Students in other degreeprograms should consult their respectiveprogram office.

MaintainingContinuous Matriculation/Leaves ofAbsence

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Maximum Credits in a Major

The maximum number of credits an M.B.A.student is permitted to take within anydepartmental course designator is 18,regardless of substitutions. (This maximumdoes not apply to core courses.) For the

purposes of this limit, swing courses arecounted in the departments by which theyare offered, as indicated by their course des-ignators. If more than 18 credits areearned in a single course designa-

tor, they will not be consideredamong the 60 credits required for the M.B.A. degree, but will becounted in the cumulative gradepoint average.

Transfer Credits

Effective September 1, 1998, the Stern SchoolM.B.A. Program does not accept transfercredits earned before matriculation in theM.B.A. Program at Stern. Students who were

enrolled in another NYU division or a Sternmaster’s degree program prior to admissionto the Stern M.B.A. program, must completeall 60 credits of the Stern M.B.A. Program

after matriculation. (Students who pass pro-ficiency exams may substitute electives forthose core courses.)

FULL-TIME BLOCK M.B.A.STUDENTS

Full-Time Block Program Students gener-ally carry a course load of 13.5 to 15 creditsper semester for the 4 consecutive semesters(fall and spring only) to complete the 60credits to meet the degree requirements. Theonly exception is the second semester whenthe students carry 16.5 credits. Students whowish to take additional credits must meetwith an academic adviser.

LANGONE PROGRAM STUDENTSWHO ENTERED SPRING 2000 OR LATER

Langone Program students who entered inspring 2000 or later, may register for up to 9 credits per semester (fall, spring, andsummer). Classes taken during minisemes-ters do not count toward the 9-credit maxi-mum. On rare occasions, part-time studentsface unusual personal or professional cir-cumstances that may justify accelerating thepace of course completion for a semester.Students who feel they are in such a situationshould schedule an appointment with anacademic adviser and may then petition to accelerate their programs. In excep-tional cases, they will be granted permissionto take more than 9 credits for a semesterduring completion of their program of study

at Stern. To be considered for acceleration, a student must have completed all corecourses (except Professional Responsi-bility B02.3101) and submit a formal“Application to Accelerate the Part-TimeM.B.A. Program,” which contains thefollowing:

1. A statement of the circumstances prompt-ing the request.2. The student’s current GPA and why it willnot be compromised by acceleration.3. A detailed plan of study for completion ofthe remainder of the program, including thenumber of credits requested.4. A career development plan that includesshort and long term career goals and adetailed plan for achieving them.

The application must be submitted in writ-ing (E-mail preferred) to the LangoneProgram Academic Review Committee, nolater than one month prior to the beginningof the term for which an accelerated courseload is requested. Approval to accelerate isgranted for a single semester.

LANGONE PROGRAM STUDENTSWHO ENTERED PRIOR TOSPRING 2000Part-time students who entered the programprior to January 2000, may take a maximumof 15 credits each fall and spring semester,

and a maximum of 9 credits in the summer.Classes taken during minisemesters do notcount toward the maximums. Students whowish to take more than the maximum num-ber of credits in a semester must submit aformal request for a credit overload in writ-ing (E-mail preferred) to the LangoneProgram Academic Review Committee, priorto registering. The credit overload requestmust contain the following:

1. A statement of the circumstances prompt-ing the request.2. The student’s current GPA and why it willnot be compromised by an overload. 3. A detailed plan of study for completion ofthe remainder of the program, including thenumber of credits requested.4. A statement of understanding that if thecredit overload is approved (a) the School ismaking an exception due to unusual cir-cumstances; (b) the workload will be verychallenging; (c) the standard tuition refundand scholastic standing policies continue toapply; and (d) tuition will be charged at theapplicable per credit rate.

PH.D. AND EXECUTIVEM.B.A. STUDENTS

Please consult with your program officeabout the applicable per-semester credit loadmaximum.

Credit Loads

Class Hours FALL AND SPRING TERMS

A 3-credit day course customarily meets for80 minutes twice a week. Classes generallymeet Monday and Wednesday or Tuesdayand Thursday. Course meetings are general-ly from 9-10:20 a.m., 10:30-11:50 a.m.,

1:30-2:50 p.m., and 3-4:20 p.m. Eveningclasses generally meet for 160 minutes, from6-8:50 p.m., once a week. Classes reserved for part-time students meet on Saturdays, 9-11:50 a.m. and 12:20-3:10 p.m.

SUMMER TERM

A 3-credit course during the summer termmeets for 200 minutes once a week from 6-9:30 p.m., Monday through Thursday. The maximum number of credits a studentcan register for in the summer is 9.

100

M.B.A. students who demonstrate proficiencyin the following core course subjects maysubstitute elective credits for those courses:

B01.1303 Understanding Firms and Markets

B01.1305 Statistics and Data Analysis B01.1306 Financial Accounting and

Reporting B01.2303 Global Business Environment

B01.2310 Marketing Concepts and Strategies

B01.2311 Foundations of Finance B01.2314 Operations

Substitution is not available for other corecourses and is by exam only, except in thecase of Financial Accounting and Reporting.Substitution for Financial Accounting andReporting may also be granted to students

who show proof of having passed the AICPA’sexam for U.S. certified public accountants.Students must do this in the first year of theirstudy. Sample proficiency exams are avail-able on the Web advising pages. Proficiencyexams may be taken only once and gradesmay not be appealed.

Core CourseSubstitutionsand Proficiency Examinations

CERTIFICATION OF FULL-TIMEAND HALF-TIME STATUS

Certification of full-time or half-time statusmay be necessary for students for reasonsincluding (a) calculation of tuition and fees;(b) eligibility for financial aid; (c) deferral ofstudent loan repayment; (d) renewal of astudent visa; or (e) eligibility for University-sponsored medical insurance. To be certifiedas full time for these purposes in a givensemester, a student must register for at least12 credits of course work. For origination ofa visa, a student must be registered for 12credits and be enrolled in the full-time pro-gram. To be certified as half time, a studentmust register for at least 6 (but fewer than12) credits of course work in a semester.Ph.D. candidates may be certified as full-time students through a combination of full-time research, preparation, graduate or research assistantships, internships, and course work totaling 40 hours per week (the equivalent of 12 credits).International students taking English profi-ciency courses in addition to course work atthe Stern School may also be certified as fulltime. A student may not be employed fulltime and request full-time student status.

DESIGNATION OF PROGRAMSTATUS

For purposes of program structure, time, and credit load limits, some program poli-cies and procedures, and access to someclasses and services, student status is deter-mined by the program to which the studentwas admitted and in which the student wasmatriculated.

FULL-TIME BLOCK M.B.A.PROGRAM

Students who matriculated in the Full-TimeBlock M.B.A. Program take 15 credits in thefirst semester, 16.5 credits in the second

semester, and 13.5 credits or 15 credits in thefinal two semesters. Students are block-scheduled for core courses. Daytime corecourses are reserved exclusively for full-timeM.B.A. students. (Full-time students havepriority for weekday elective classes, andpart-time students have priority for evening,weekend, and minisemester classes, within agraduation cohort.) Students must take allnon-breadth core courses in their blocks.

Students in the Full-Time Block M.B.A.Program attend classes during fall andspring semesters, take a summer internship,and graduate at the end of their secondspring semester. They have access to allOffice of Career Development services for thepurposes of securing a summer internshipand full-time employment after graduation,with the exception of programs designed forthe Langone Program. (See section on Officeof Career Development for details.)

Part-time employment for students in the full-time program is considered sec-ondary to academic work at the SternSchool, is strongly discouraged during thefirst year, and in no case should exceed 10 to15 hours per week.

Policies and procedures applying to Full-Time Block M.B.A. Program stu-dents can be found on the Webwww.stern.nyu.edu/mba/advising.

THE LANGONE PROGRAM: A PART-TIME M.B.A. FORWORKING PROFESSIONALS

Students who matriculated in the LangoneProgram typically take 6 credits per semester,in the evening and on weekends, and addi-tional courses during minisemesters. Moststudents graduate in three to four years. Corecourses should be completed within the firsttwo years in the program and must be com-pleted or in progress before students takeadvanced courses. Evening, weekend, andminisemester core courses are reserved

exclusively for Langone Program students.(Part-time students have priority forevening, weekend, and minisemester classes,and full-time students have priority forweekday elective classes, within a graduationcohort.) Students in the Langone Programhave access to most Office of CareerDevelopment services for the purposes ofsecuring a new full-time job after gradua-tion. (See section on Office of CareerDevelopment for details.)

Policies and procedures applying toLangone Program students can be found onthe Web at www.stern.nyu.edu/Langone/advising.

CHANGE IN M.B.A. PROGRAM STATUS

Prior to First Enrollment. Prior toenrolling for the first time, students whowish to change programs must petition thechairperson of the Admissions Committee inwriting. Petitions are reviewed after all regu-lar applications to the program that werereceived by the application deadline areevaluated. Permission to change status is not guaranteed, is rarely granted, andrequires forfeiting the original offer ofadmission (i.e., students are not guaran-teed places in the program to which theywere originally admitted).

After first enrollment. Because there isno way to incorporate them in the Full-TimeBlock Program once the first semester in theprogram has begun, Langone Programstudents cannot change from the part-timeprogram to the Full-Time Block M.B.A.Program once they have enrolled. Studentsin the Full-Time Block Program may peti-tion to the Academic Review Committee for a change to the Langone Program for anysemester after their first in the M.B.A. pro-gram. The petition must include (1) a state-ment of the circumstances prompting this

Definitions of Student Status

101

request; (2) a proposed plan of study forcompletion of the remainder of the program;(3) a detailed career management plan; and(4) for international students, confirmationof either an H- or other applicable visa toreplace the F-1 visa status (a F-1 visa isgranted to only full-time block students).

The Committee will review the petitionand the student’s academic record, and thestudent will be notified of the decision inwriting.

Once the request is granted, the studentbecomes a Langone Program student withall attendant privileges, responsibilities, andrestrictions indicated in the section on theDefinitions of Student Status including butnot excluded to restricted enrollment andrevised OCD services. Once transferred, thestudent may not revert to the Full-TimeBlock Program again.

For additional information, please visitwww.stern.nyu.edu/mba/advising.

Eligibility for Office of CareerDevelopment. Effective September 1,1996, a student in the part-time program iseligible to participate in on-campus inter-viewing for full-time positions ONLY in theyear of graduation. The part-time studentmust have a minimum of 30 credits bySeptember of the academic year in whichhe/she will graduate. Part-time students whoare eligible for on-campus interviewingmust attend a series of career managementworkshops and other prescribed activities.

Effective September 1, 1997, any per-son who enrolls in the part-time M.B.A.Program is ineligible to participate in thebidding process for open (noninvitational)on-campus interview schedules.

In addition, only Full-Time Block Pro-gram first-year students will be eligible toparticipate in on-campus recruitment forsummer intern positions.

Other services of the Office of CareerDevelopment (OCD), including open hour,job postings, and access to OCD publications

and the Career Resources Center, are avail-able to students in the part-time program.Half-hour career counseling appointmentsare available only to part-time students inthe year prior to graduation.

WITHDRAWAL FROM STERN

Students considering withdrawal for any rea-son are encouraged to discuss their circum-stances and options with a program adviser.Stern is anxious to do all it can to assist stu-dents having difficulty and to facilitate theircontinuing in the program.

Students who have begun to take coursesand then decide to withdraw from theirprogram should send formal notification oftheir intent, in writing, to their program’sadvising office. This will result in appro-priate adjustments to the student’s recordsand will eliminate future mailings. Pleaserefer to page 105 regarding refunds and page 89 regarding readmission policies andprocedures.

AUDITING CLASSES

Students may audit classes by request at thetime of registration or within the first fourweeks of the fall or spring semester and with-in the first three weeks of the summer semes-ter. (Auditor status cannot be revoked once it has been requested.) Full tuition and feecharges apply and audited classes will notcount toward the required degree programcredits.

An audited class cannot be taken againfor credit and a grade.

VETERANS STATUS ANDBENEFITS

Various Department of Veterans Affairs (VA)programs provide educational benefits forspouses, sons, and daughters of deceased orpermanently disabled veterans as well as forveterans and in-service personnel, subject tocertain restrictions. Under most programs

the student pays tuition and fees at the timeof registration but will receive a monthlyallowance from Veterans Affairs.

Veterans with service-connected disabili-ties may be qualified for educational benefitsunder Chapter 31. An applicant for this pro-gram is required to submit to the Depart-ment of Veterans Affairs a letter of acceptancefrom the college he or she wishes to attend.On meeting the requirements for the Depart-ment of Veterans Affairs, the applicant will begiven an Authorization for Education (VAForm 22-1905), which must be presented tothe veterans coordinator, Office of Recordsand Registration, 44 West Fourth Street, 10thFloor, before registering for course work.

The VA usually sends allowance checksdirectly to the veteran. Veterans and eligibledependents should contact the veterans coor-dinator in the Office of Records and Regis-tration each term they want VA certificationof enrollment.

All veterans should reach the educationalobjective (bachelor’s or master’s degree, doc-torate, or certificate) authorized by the VAwith the minimum number of creditsrequired. The VA may not authorize pay-ments for credits that exceed scholasticrequirements, that are audited, or thatreceive grades without a numerical value.

Veterans may obtain an application orassistance in filing for educational benefitsin the Office of the University Registrar, 25West Fourth Street, 1st Floor.

Since interpretation of regulations gov-erning veterans’ benefits is subject tochange, veterans should keep in touch withthe Department of Veterans Affairs or withNYU’s Office of the University Registrar.

Students must notify the Office of Recordsand Registration of the following:

1. Any change of address.

2. Withdrawal from any course (giving dateof last attendance).

3. Complete withdrawal from school (givingdate of last lecture attended).

4. Any apparent error in reported grades,registration, or credit.

Students who fail to comply with the lastthree requirements may lose certain matric-ulation rights.

Required Notifications

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Tuition and Fees

ll fees must be paid upon registration. Newstudents who register by mail must remitpayment in full with their registration

material. Students who register in person must makepayment in full at the Stern Bursar’s Office, located at 44 West Fourth Street, 10th Floor. Checks, drafts, or money orders are to be made payable to New YorkUniversity for the exact amount due. Continuing stu-dents who register via the Web or by mail must submitpayment by designated dates set by the Stern Bursar’sOffice: December 1 for spring, May 1 for summer, andAugust 1 for fall.

Students are responsible for meeting paymentspromptly and without notice from the University or the Stern Bursar’s Office. Students are responsible for making full financial arrangements for payment of tuition and fees before registering each semester.Students who are in NYU housing must include their housing charges with the tuition payment.

The unpaid balance of a student’s account is subject to an interest charge of 12 percent per annum fromthe due date until payment is received.

The Board of Trustees of New York University reserves the right to alter the schedule of tuition and fees(see page 104) without notice.

There are several ways to pay your tuition and fees in addition to cash, check, or money order.

Students receiving an NYU scholarship mustinform the Stern Bursar’s Office of suchscholarship. Any balance not satisfied by

the scholarship shall remain the responsi-bility of the student, payable in full uponregistration.

Scholarship

Students receiving NYU tuition remissionmust submit a properly completed andapproved Application for Tuition Remis-sion Form (available on the Web at

www.nyu.edu/hr) and enclose a check, cash, or money order for any portion of thecharges not covered by tuition remission.

Tuition Remission

Students sponsored by an “employer tuitionplan,” which is not remitting payment infull upon registration, must submit a letter/voucher from the sponsoring employerauthorizing NYU to process the named stu-dent’s registration; authorizing NYU to billthe sponsoring employer for such student’stuition and fees; and unequivocally and

unconditionally promising payment in fullupon receipt of a bill. Students should plan accordingly to make sure they giveenough time for their sponsor to have theletter/voucher by the payment deadline.Those tuition reimbursement plans thathave conditions attached, such as but notlimited to successful completion of course

or minimum grade requirement, will not be acceptable to the Stern Bursar’s Office as payment equivalent—the students mustmake full payment upon registration andseek reimbursement from their employer on their own.

Employer Tuition Plans

A

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Degree candidates may participate in thisplan under the following conditions:

• Not in arrears (past due) for any NYUcharge or loan.

• Without a previously unsatisfactory NYUcredit record.

• Matriculated and registering for 6 creditsor more.

Under the Deferred Tuition Plan, an initialpayment of 50 percent of tuition, plus allspecial fees, are due in full upon registration.

Under the Deferred Tuition Plan, financialaid awards, student loan credits, and anyother type of credits given by NYU or an out-side agency cannot be used as part of the ini-tial payment. To calculate this initial pay-ment, subtract the financial aid and studentloan credits and any other type of creditsgiven by NYU or an outside agency from theTOTAL CHARGES and divide this NETBALANCE in half. THIS IS THE INITIAL 50-PERCENT PAYMENT.

The second payment of 50 percent of tuition is due in full by the date specifiedon the deferment form. A 12 percent interestfee per annum (1 percent per calendarmonth or any part of) will be charged on the unpaid balance. Failure to meet pay-ment on time will result in a penalty chargeof $50.

Deferred Tuition Plan (50/50)

Federal Student Loans

Students who are certified by the Stern Officeof Financial Aid as eligible for the federalSubsidized or Unsubsidized Stafford StudentLoan Program (SSL) will receive a loancredit pro rata, on a semester basis, from the M.B.A. Financial Aid Office within two(2) weeks from certification. This loan creditwill enable students to register without theactual loan check, which takes approxi-mately 8 to 12 weeks to arrive.

If a loan has been certified and a loan credit is not in the Stern Bursar’s Office, the student should go to the SternOffice of Financial Aid, 44 West Fourth Street,Room 10-160.

All student loan funds are sent directly tothe Office of the Bursar in the form of eithera two-party check made out to both the stu-dent and New York University or by electron-ic funds transfer (EFT). When we receiveyour check, we will write to you, notifyingyou that your check is awaiting endorse-ment. After you sign the check, it will beapplied to your account. When we receiveyour EFT, we will automatically credit youraccount, if you meet the eligibility require-ments. If there is a credit balance after all bills are paid, a refund will be maileddirectly to the student in a reasonable time.

Use of a loan credit to offset tuition pay-ment does not relieve students of their under-lying obligation to pay their tuition and fees.It is the students’ responsibility to ensure thatthe loan checks are actually remitted to theStern Bursar’s Office, with all the correctinformation to ensure proper crediting; it isthe students’ responsibility to endorse theloan checks in a timely manner; and it is thestudents’ responsibility to check on the statusof their loan directly with their bank if theyhave not received any correspondenceregarding their loan after four weeks fromthe time that the Stern Office of Financial Aidcertifies their eligibility.

Private Loan Students who have an approved loan from aprivate lender or other financial resourcesmust attach a copy of the commitment orapproval letter to the Stern Bursar’s OfficeTuition and Fees Worksheet and Payment

Form. Proceeds from the private loan shallbe applied to the tuition pro rata on a semes-ter basis.

Students are reminded that a loan certifi-cation by the Stern Office of Financial Aid is

neither a guarantee nor an approval of aloan from the private lender. It is the stu-dents’ responsibility to apply for and complywith the application and credit requirementof the private lenders.

Enrollment Deposit (Nonrefundable)

A nonrefundable $1,000 deposit is requiredupon acceptance for all full-time and part-time degree applicants.

This deposit is credited toward tuition forthe term of application.

Late Payment of Fees

All late tuition payments will result in a penalty charge of $50 plus a 12 percentinterest fee per annum (1 percent per calen-dar month or any part thereof) on theunpaid balance.

A fee will be charged if payment isnot made by the due date on the stu-dent’s statement.

The University reserves the right not toaccept tuition or fee payments beyond theofficial due date for such.

Returned Checks

Any student who submits a check to the bur-sar that is subsequently returned by the bankmust replace that check with a certified

check, money order, or cash payment(including all penalty fees accrued). All

ensuing payments to NYU must be made bycertified check, money order, or cash.

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The University reserves the right to denyregistration and withhold all informationregarding the record of any student who isin arrears in the payment of tuition, fees,loans, or other charges (including chargesfor housing, dining, or other activities orservices) for as long as any arrears remain.

Arrears Policy

Fees and Graduation

No candidate may be recommended for adegree until all outstanding bills have beenpaid, including fines and/or charges onoverdue or lost library materials and hous-ing fees. The University cannot be responsi-ble for the inclusion in the current officialgraduation list any candidate who pays feesafter the first day of January, May, or Septem-ber for degrees in those months, respectively.Following payment, and on approval of thefaculty, the candidate will be recommendedfor the degree as of the date of the next regu-lar University Board of Trustees meeting atwhich the awarding of degrees is part of theorder of business.

Information to Holders of New York State Fellowships and Tuition Assistance Program Awards

Full-time students who hold New York StateFellowship Awards and Tuition AssistanceProgram Awards will receive credit towardtuition in the amount of their entitlement,provided they attach the Award Certificate forthe applicable term to their Stern Bursar’sOffice Tuition and Fees Worksheet andPayment Form.

Students receiving awards after registra-tion will get a check from the University afterthe Stern Bursar’s Office has received the NewYork State payment and the Office of Recordsand Registration has confirmed eligibility.

Tuition and Related FeesApplication fee (nonrefundable) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $150.00Enrollment deposit, new students (nonrefundable) . . . . . . . . . . . . . . . . . . . . . . . . . 1,000.00Tuition per term for full-time block program students1 . . . . . . . . . . . . . . . . . . . . . . 15,300.00Tuition per credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,130.00Registration and services fee per term for

Full-Time Block Program students (nonrefundable)Fall term2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 826.00Spring term3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 840.00

Registration and services fee for the first credit each term (nonrefundable)Fall term2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250.00Spring term3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264.00Summer term4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159.00

Registration and services fee for each additional credit (nonrefundable) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.00Business Writing noncredit course (B00.2099 or B00.2055) (nonrefundable) . . . . . . 250.00Data Analysis Workshop (nonrefundable)—for Langone students . . . . . . . . . . . . . . . 250.00

Other Fees Basic Health Insurance Benefit Plan (Full-Time Block Program students, registered for 12 credits or more, are automatically enrolled,5,6 all others can select):

Fall term. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512.00Spring term (coverage for the spring and summer terms) . . . . . . . . . . . . . . . . . 769.00Summer term (for students who did not register in the preceding term). . . . . . 321.00

Comprehensive Health Insurance Benefit Plan (international students with F or JVisa automatically enrolled,5,6 all others can select):

Fall term. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 619.00Spring term (coverage for the spring and summer terms) . . . . . . . . . . . . . . . . . 928.00Summer term (for students who did not register in the preceding term). . . . . . 387.00

UHC Only Health Insurance Benefit Plan6 (any student can select, but must maintain other insurance):

Fall term. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234.00Spring term (coverage for the spring and summer terms) . . . . . . . . . . . . . . . . . 353.00Summer term (for students who did not register in the preceding term). . . . . . 147.00

Maintaining matriculation (fall and spring semester) (all degrees):Fall term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200.00Spring term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200.00

Late registration fee (nonrefundable)7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00Late registration fee for summer session (nonrefundable) . . . . . . . . . . . . . . . . . . . . . . 50.00Late payment of fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00All returned checks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00Doctoral dissertation microfilming and copyright . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113.00

1 First-term M.B.A. students in the full-time block program may register for 15 credits without additionalcharges. Flat-rate tuition charges apply only to the 60 credit program. 2 Includes mandatory emergency illness and accident plan coverage for the fall term.3 Includes mandatory emergency illness and accident plan coverage for spring and summer term. 4 For a student registering for the first time in summer, a mandatory $22.00 charge will be added to the regis-tration and services fee. 5 Waiver option available.6 Students automatically enrolled in the Basic Plan can switch to the Comprehensive Plan, waive the planentirely (and show proof of other acceptable health insurance), or can select the UHC Only Plan if they haveother insurance.7 No registration or change of classes will be permitted after the third week of classes except for withdrawals.

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Refund Schedule and Refund Policy (Tuition Only)

REFUND SCHEDULE

This schedule is based on the total applicablecharge for tuition excluding nonrefundablefees and deposits.

Withdrawal before or within the firstcalendar week1 from the openingdate of the term 100%

Withdrawal within the secondcalendar week from the openingdate of the term 70%

Withdrawal within the thirdcalendar week from the openingdate of the term 55%

Withdrawal within the fourthcalendar week from the openingdate of the term 25%

Withdrawal after completion ofthe fourth calendar week of term NONE

Note: For information regarding refundsfor alternative delivery and minicourses,please consult the Registration and AdvisingInformation booklet for the specific term.

Registration and service fees are nonrefundable once the termbegins. The Business Writing Workshop feeis never refunded.

REFUND POLICY

The refund period is the first four calendarweeks (28 days including the first day ofclasses) of the term for which application forwithdrawal is filed. No application filed afterthe fourth week will be considered. Refundprocessing takes about two weeks.

Students who drop their courses duringthe above stated schedule periods will be refunded according to the stated refundpercentage. The effective date of any drop or withdrawal is the date the student drops the course on-line, submitsthe add/drop form in person, theletter is postmarked, or the fax isreceived (fax: [212] 995-4424).

Students wishing an exception to the pub-lished refund schedule may appeal to theRefund Committee in writing and documentthe circumstances warranting consideration.Serious illness or military service may be

considered a cause for an exception. Travelrequired for a job or other job-related issuesare not reasons for an exception to therefund policy.

Full-Time Block Program studentrequests should be submitted in writing to M.B.A. Academic Advising, Refund Com-mittee, Stern School of Business, New YorkUniversity, Kaufman Management Center, 44 West Fourth Street, Room 10-160, NewYork, NY 10012-1126, or via E-mail atadvising@stern.nyu.edu.

Part-Time Langone Program stu-dent requests should be submitted inwriting to Langone Program Refund Com-mittee, Stern School of Business, New YorkUniversity, Kaufman Management Center, 44 West Fourth Street, Suite 1-75, New York, NY 10012-1126, or via E-mail atlangone@stern.nyu.edu.

1 The first calendar week consists of the first seven (7)calendar days starting with the official opening dateof the term. (Note: not the first day of the classmeeting.)

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Examinations and Grades

inal examinations are given at the end ofeach term. Students must pass the examina-tion or its substitute to receive credit for any

course. Students unable to take the final examinationbecause of serious illness should request the instructorto give an “incomplete” grade and grant permission totake a makeup examination.

A makeup examination must be taken within fivemonths from the date the course ended and may not beused to raise a final grade.

F

To determine grade point average, divide the total number of credits completed intothe total number of honor credits granted.Honor credits for each course are computedby multiplying the credit value of the courseby the value (i.e., honor credits) of the gradeassigned. For example, a 3-credit course witha grade of “A” (4 honor credits) contributes3 x 4, for a total of 12 honor credits. Thus, astudent completing 20 credits with 50 honorcredits would have a grade point average of2.5. The grade point average includes gradesin all courses taken toward a particularprogram, whether or not they fulfill any

program requirements. Grades of “N,” “P,”“S,” or “W” are not computed into the gradepoint average.

A grade of “F” remains in the calculation,even if the student retakes the course andreceives a passing grade. Courses offered inother divisions of NYU, taken at Stern withthe approval of the program advising office,are included in the grade point average cal-culation provided they earn the minimumgrade required by the degree program.Courses taken outside of NYU that have beenapproved for transfer credit purposes are notincluded in the grade point average.

Computing Grade Point Average

Grades and Honor CreditsThe Stern School Grading System is as follows:

Grade Honor Description Credits Value

A 4.0 Excellent

A- 3.7

B+ 3.3

B 3.0 Good

B- 2.7

C+ 2.3

C 2.0 Fair

C- 1.7

D+ 1.3

D 1.0 Work satisfying minimum requirements for credit

F 0 Failing

Stern Scholar A student in the M.B.A. Program will be des-ignated “Stern Scholar” in the term that heor she completes at least the first 30 credits ofStern Graduate Division courses with nogrades of incomplete and a grade point aver-

age of 3.7 or above. (The student becomeseligible only once in his or her career—during the semester when he or she firstcompletes at least 30 credits.)

Incomplete Grades

There are two “incomplete” grades indicat-ing that the student has not completedrequired course work but can do so outside ofclass with permission and guidance of theoriginal instructor. “Sitting in” during thefollowing semester is not permitted. Incom-plete grades lapse if the required work is notfinished in one semester from the end of thesemester in which the “incomplete” is

issued, i.e., by June 1 for courses taken in thefall and by January 1 for courses taken in thespring and summer terms. Graduating stu-dents who receive incomplete grades mustcomplete all requirements and have a finalgrade submitted to the Office of Records andRegistration by the second Friday of themonth within which they applied to gradu-ate. For most doctoral seminars, incomplete

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grades lapse if the required work is not com-pleted within one year. However, doctoral stu-dents majoring in finance must finishincomplete courses within six months. Thetwo “incomplete” grades are as follows:

IP—Incomplete Passing. Student waspassing at the time the grade was submitted.

This grade becomes an “N” (no credit) if thework is not made up.

IF—Incomplete Failing. Student wasfailing at the time the grade wassubmitted. This grade becomes an “F” if thework is not made up.

Only the instructor has the authority togrant incomplete grades. Students mustspecifically request incomplete grades fromthe instructor and fill out the Request forIncomplete Grade form before the last day ofclass. Forms are available in the Office ofRecords and Registration.

Other Grades The following grades also have no numeri-cal value and are not included in the gradepoint average.

P—Pass. Indicates the course was passed.“P” is used for grades received while in theInternational Management Program and for Business Writing Workshops only.

S—Satisfactory. The grade “S” is used fordissertation seminars or to indicate that afinal grade is pending for a yearlong course.

R—Registered Auditor. Indicates thestudent does not wish to receive a standardletter grade for the course. Students may notretake a course for credit in which an “R” is

granted. Auditor status must be declaredwithin the first four weeks of the fall orspring semester and within the first threeweeks of the summer semester by notifyingthe Office of Records and Registration inwriting. Auditor status cannot be revokedonce it has been requested. Students mustpay full tuition for a course taken as a regis-tered auditor. A grade of “R” is also assignedfor noncredit, Pre-Term workshops.

The next two administrative grades can beissued only through official procedures:

W—Withdrawal. Means the student vol-untarily and officially withdrew from the

course (after the deadline for dropping witha refund) and received no credit. Studentsmay drop any course for which they are reg-istered and automatically receive a “W” byprocessing a program change form at theOffice of Records and Registration any timethrough the last day of the ninth week ofclass for the semester. (See exact dates in theCalendar on the inside front cover.) Studentswho receive a “W” may retake the course forcredit, provided they reregister and pay totake the course again.

N—No Credit. Used to indicate that an“IP” has lapsed.

Grades for NoncreditWorkshops

The Business Writing Workshop is graded on a Pass/No Credit basis. The Data Analysis Workshop is assigned a grade of “R” (Registered Auditor).

Grades in the International Management Program

Grades received while in the InternationalManagement Program (IMP) are not fac-tored into the student’s overall grade pointaverage. A grade of “P” is listed on the stu-dent’s transcript for the number of creditssuccessfully passed while abroad.

Repeating Courses

Grades of “F” (including those receivedfrom incomplete—“IF”—lapses) are in-cluded in the grade point average and

remain on a student’s record even if the student has repeated the course and re-ceived a passing grade. Students may not

repeat courses in which they have previouslyreceived passing grades.

Grade Reports At the end of each semester, grades are post-ed on the Web site, and a grade report ismailed to each student.

Transcripts of Records

Academic transcripts will be issued free ofcharge on a student’s written request andauthorization. Applications for transcripts,certifications, and other statements shouldbe addressed to the Stern School of Business

Office of Records and Registration with cor-rect information on years of attendance, allNYU schools attended, and the name andaddress of the official to whom the materialis to be mailed.

Under the general practice of colleges and universities, complete official transcriptsand certifications are sent directly by theUniversity, not the applicant. No partialtranscripts of University records may be

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Annually, New York University informs stu-dents of their rights under the Family Edu-cational Rights and Privacy Act (FERPA)and the regulations relating to FERPA pro-mulgated by the Department of Education.Together, FERPA and the FERPA regulationsprovide that (a) each student has a right toinspect and review his or her educationrecords; (b) each student may request thatany such record be amended if he or shebelieves that it is inaccurate, misleading, or

otherwise in violation of the student’s rightsof privacy; (c) the University will obtain thestudent’s written consent prior to disclosingpersonally identifiable information aboutthe student from his or her educationrecords, unless such consent is not requiredby FERPA and the FERPA regulations; (d)each student has a right to file a complaintwith the Family Policy Compliance Office ofthe Department of Education if he or shefeels the University has failed to comply with

the requirements of FERPA and the FERPAregulations; and (e) each student mayobtain a copy of the University’s Guidelinesfor compliance with the Family EducationalRights and Privacy Act. These Guidelines areavailable from the Office of Academic Pro-gram Review, Bobst Library, Room 1106.Assistant Chancellor Barnett W. Hamberger,director of that office, is responsible foradministering FERPA at New York University.His telephone number is (212) 998-2310.

Family Educational Rights and Privacy Act

Access to Records

Requests for record reviews at the GraduateDivision of the Stern School of Businessshould be directed, in writing, to Beth Rubin,Stern School of Business, New York Universi-

ty, 44 West Fourth Street, Suite 10-80, NewYork, NY 10012-1126. Students who wish toreview their records must complete a recordrequest form in the Office of Records and

Registration. The request should specifywhat records are to be inspected. Studentswill be notified when the records are avail-able for inspection.

Amendment of Records

If a student believes that any of the educationrecords relating to her or him contain infor-mation that is inaccurate, misleading, or inviolation of her or his rights of privacy, she orhe may ask the University to correct or deletesuch information. The student may also askthat additional explanatory material beinserted in the record. Requests for amend-ment of a record or the addition of explana-tory material should be submitted at theconclusion of the record review on form

PL 93-3803, available from the appropriaterecord review officer. The reasons for therequest should be set forth on the form andshould clearly identify the part of the recordthe student wants changed and specify why itis inaccurate or misleading. There is noobligation on the part of the University togrant such a request. If the Universitydeclines to amend the records as requested bythe student, it will so inform the student, andthe student may request a hearing. The right

to challenge the contents of an educationalrecord may not be used to question substan-tive educational judgments that have beencorrectly recorded. For example, a hearingmay not be requested to contest the assign-ment of a grade. Grades given in the course ofstudy include written evaluations that reflectinstitutional judgment of the quality of a stu-dent’s academic performance. Informationconcerning hearing procedures is outlined inthe University’s FERPA Guidelines.

Disclosure of Personally Identifiable Information

Among other exceptions authorized byFERPA, prior consent of the student is notneeded for disclosure of directory informa-tion (see next section) or for disclosure toschool officials with a legitimate education-al interest in access to the student’s educa-tional record. School officials having a

legitimate educational interest include anyUniversity employee acting within the scopeof her or his University employment and anyduly appointed agent or representative of theUniversity acting within the scope of her orhis appointment. In addition, the Universitymay, in its sole discretion, forward education

records to the officials of another institution(a) in which a student seeks or intends toenroll if that institution requests suchrecords, or (b) if the student is enrolled in, orreceiving services from, that institution whileshe or he is attending NYU.

Arrears Policy The University reserves the right to denyregistration and withhold all informa-tion regarding the record of any student

in arrears in paying tuition, fees, loans, orother charges (including charges forhousing, dining, library, or other activities

or services) for as long as any arrearsremain.

issued. Once a final examination period has begun, no transcript will be forwardedfor any currently enrolled student until allthe student’s final grades have been received

and recorded. Please notify the Office ofRecords and Registration immediately ofany change of address.

Note: A maximum of 10 (ten) copies will be processed for each request for transcripts.

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On May 31, 1988, the faculty of the Stern School of Business approved a Stu-dent Code of Conduct. This code coversguidelines regarding submission of work,

taking of exams, and use of resource facili-ties. All students are required to sign andabide by this code.

Student Code of Conduct for Ph.D. Program

Discipline Students are expected to familiarize them-selves and to comply with the rules of con-duct, academic regulations, and establishedpractices of the University and of the Stern

School. If, pursuant to such rules, regula-tions, or practices, the withdrawal of a stu-dent is required before the end of the term forwhich tuition has been paid, a refund will be

made according to the standard schedule forrefunds (see page 105).

University Policy on Patents

Students offered research opportunities arereminded that inventions arising from par-ticipation in such research are governed by

the University’s Statement of Policy onPatents, available in the Faculty Handbookor from the Office of Professional Programs.

M.B.A. students, faculty, and administratorsare committed to promoting principles ofhonesty, integrity, and trust among Stern stu-dents. Therefore, prior to beginning the pro-

gram, each student is asked to commit to theprinciples of the Honor Code and the Code ofConduct, and by signing them, agrees toabide by the codes.

For a copy of the M.B.A. Honor Code andthe Code of Conduct, please visit the Web siteat www.stern.nyu.edu/mba/mjc.

M.B.A. Honor Code and Codeof Conduct

Notice Designating Directory Information

Pursuant to FERPA and FERPA regulations,New York University hereby designates thefollowing categories of student informationas “directory information.” Such informa-tion may be disclosed for any purpose, at thediscretion of the University, except as pro-vided below.*

Category I Name, dates of attendance, NYU school or college, class, previous institution(s) attend-ed, major field of study, degree(s) conferred (including dates), honors and awards (including dean’s list)

Category II Past and present participation in officially recognized sports and activities, physical factors (e.g., height, weight of ath-letes), date and place of birth

Currently enrolled students may refuse topermit disclosure of this information. To doso, a student should complete a formrequesting nondisclosure at the Office ofRecords and Registration. A hold will beplaced on the release of directory informa-tion filed with the Registrar, which willremain in effect until the student files a writ-ten request to remove it. A request not to dis-

close directory information may apply toCategory I, to Category II, or to both, butthere cannot be selective exclusion of itemswithin either category.

If a student does not specifically request thewithholding of directory information by filingthe appropriate University form, as indicatedabove, the University assumes that he or sheapproves of the disclosure of such informa-tion. The University disclaims any and all lia-bility for inadvertent disclosure of directoryinformation designated to be withheld.* Under federal law, address information, telephonelistings, and age are also considered directory informa-tion for military recruitment purposes.

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Declared Major

Graduation Requirements

re-Commencement is the Stern School’s own graduation ceremony to be held on May 14, 2003, the day before the University

Commencement exercises. Pre-Commencement activ-ities include speakers, presentation of candidates forgraduation, and conferring of prizes and awards.A reception follows. Invitations for the 2003 Pre-Commencement will be sent to those graduating inSeptember 2002 and January 2003 and those who fileto graduate in May 2003.

Commencement is the University’s graduation cer-emony at Washington Square to be held on May 15,2003. The ceremony includes a major address, a stu-dent valedictory, the awarding of honorary degrees todistinguished individuals, and the conferring of degrees for all 14 schools and colleges of New York University.One ceremony a year is held for September, January, and May graduates. The Stern School hosts a receptionfor alumni, graduates, and guests after Commencement.

P

The major requested on the student’sapplication is considered his/her declaredmajor. M.B.A. students who wish to

change their declared major may do so using the Stern Web Information

System (http://ais.stern.nyu.edu) underChange Major.

The maximum number of credits an M.B.A.student is permitted to take within anydepartmental course designator is 18,regardless of substitutions. (This maximumdoes not apply to core courses.) For the

purposes of this limit, swing courses arecounted in the departments by which theyare offered, as indicated by their coursedesignators. If more than 18 creditsare earned in a single course des-

ignator, they will not be consid-ered among the 60 credits requiredfor the M.B.A. degree, but will be counted in the cumulative gradepoint average.

Maximum Credits in a Major

The expected graduation date of a student iscalculated as two years after matriculationfor full-time students and four years for

part-time students. Students who expect to graduate either earlier or later shouldmake the change in their records using

the Stern Web Information System(http://ais.stern.nyu.edu) under ChangeBio Information.

Expected Graduation Date

Candidates for graduation in January must file an application for degree can-didacy in the Office of Records and Regis-tration not later than October 1 in the yearbefore their expected graduation. Candidatesfor May graduation must file no later than

February 1 of the year they expect to gradu-ate; for September graduation, the filingdeadline is June 1.

Note: M.B.A. students should file for gradu-ation during the semester in which they will

have completed the required 60 credits ofcourse work. Registration will not be allowedbeyond the semester in which the 60-creditrequirement is met, unless approved by anacademic adviser.

Application for Degree Candidacy

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Minimum GradePoint Average

In order to graduate, Ph.D. students musthave a minimum grade point average of 3.0. M.B.A. and other degree program

students must achieve a minimum gradepoint average of 2.5.

To be eligible to graduate, M.B.A. candi-dates must complete a minimum of 45credits (or 75 percent of their degree) at theStern School. Classes taken in other NYU

divisions or in an international program are not considered part of the 45 minimumcredits. Students are expected to completethe full M.B.A. Program at Stern.

Ph.D. candidates must complete a min-imum of 33 credits at the Stern School.

Minimum Residency Requirement

Taking Courses in Other NYU Divisions

Students may take up to 15 Stern credits of nonmajor elective courses in other NYUdivisions. Non-Stern courses must be grad-uate-level courses and cover material relatedto business and management and should fit clearly into an M.B.A. program (e.g.,language courses do not qualify). Studentsmust receive a “B-” or better to receive credittoward the M.B.A. for non-Stern courses.

A 4-credit course taken in another graduatedivision receives 3 Stern credits; a 2-creditcourse receives 1.5 Stern credits. A list ofpreapproved courses appears on the advisingpages of the program’s Web site. Studentsmay petition their program’s advising officefor approval of a course that does not appearon the preapproved list. The course syllabusand an explanation of how the course will

enhance or complement the student’s pro-gram and advance the student’s goals mustbe included with the petition.

Note: Students are not permitted to beregistered for courses toward degreesthrough two divisions of the University at the same time.

Finishing Your Degree at Another AACSB School

In extreme circumstances, students may findthey need to complete the final 15 credits of nonmajor elective course work toward theM.B.A. degree at another AACSB-accredited(American Assembly of Collegiate Schools ofBusiness) graduate business school and maypetition their program’s advising office forpermission. Approval is rarely granted andonly if (a) the student has been transferredoutside a 200-mile radius of New York City;(b) has a grade point average of at least 2.5;and (c) has met all core and major require-ments (in exceptional cases, a maximum of3 credits toward the major may be fulfilled at another institution). The following con-ditions must also be met for a petition to be considered seriously and for transfer credit to be granted upon completion of thecourse work:

1. Accredited School. The institution thestudent is planning to attend must be anAACSB-accredited graduate business school.For a complete list of AACSB schools by area,visit the AACSB Web site (www.aacsb.edu)or call their office at (314) 872-8481.

2. Acceptance Letter. The student mustsubmit a letter of acceptance from the hostinstitution.

3. Course Description: For courseapproval, the student must provide a detailedcourse description (preferably a syllabus),which includes the total number of contacthours, for every course the student intends totake for credit toward the Stern M.B.A. Thestudent should review his or her RemainingRequirements pages before selecting a trans-fer course, to make certain it can be appliedto the remaining credits required for thedegree. The advising office must approve

the content of each course and confirm thatthe course meets for an appropriate numberof hours for the number of credits that will be transferred. (To transfer as 3 Stern credits,a course must meet for approximately 37credit hours.)

4. Maintained Matriculation. The stu-dents must maintain continuous matricula-tion at Stern until the degree program iscompleted, as indicated in the section onMaintaining Continuous Matriculation/Leaves of Absence.

5. Minimum Grade. To receive transfercredit, the student must receive a grade of B or better (B- is not sufficient) and submitan official transcript. Note: Grades earnedin courses transferred from non-NYU pro-grams are not included in the grade pointaverage calculation.

Payment of Fees and CourseCompletionDeadline

Grades for all courses must be submitted tothe Office of Records and Registration, andall financial obligations must be satisfied, bythe second Friday of the month within whichyou applied to graduate.

The Stern School recognizes outstanding per-formance by awarding the Master of BusinessAdministration and Master of Science degrees

“with distinction” to students in the top 10percent of their graduating class. Courses inthe IMP (International Management Pro-

gram) are not included in the grade pointaverage or in the calculation for distinction(see section under grading on pages 106-08).

Graduation with Distinction

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Beta Gamma Sigma

The highest national honor a student inbusiness or management at an AACSB-

accredited institution can achieve is to beelected to membership in Beta Gamma

Sigma. Students in the top 20 percent of their graduating class are invited to join.

Prizes The Alex S. Auerbach Award. The fam-ily and friends of the late Alex S. Auerbachhave established this annual memorialaward for a student, not yet graduating, whohas shown a high degree of service to theSchool and the community.

Beta Gamma Sigma Alumni in NewYork City Award. An award is presentedannually to a graduating student from eachof the metropolitan area collegiate schools ofbusiness. It recognizes outstanding charac-ter, scholastic achievement, participation in collegiate affairs, and potential in civic,business, or professional leadership.

The Dean’s Award. Each year, awards aregiven for outstanding scholarship to candi-dates who have completed all the require-ments for an advanced degree.

W. Edwards Deming Award. Givenannually by Delta Pi Sigma, New YorkUniversity’s statistics honor society, to agraduating M.B.A. student who has demon-strated excellence in statistics.

The John W. Harriman Award. Mrs.Harriman has established a prize and amedal in memory of John W. Harriman andhis contribution as vice dean in starting theday program at the Stern School. The awardgoes to a graduating full-time studentjudged to have an outstanding record andpotential in the fields related to internation-al business.

The Shigekumi Kawamura (M.B.A.’58) Award. Established in memory of ourdistinguished alumnus, member of the SternBoard of Overseers, and NYU trustee, for out-standing academic achievement in the areaof international business.

The Joseph Kolodny Prizes. TheNational Association of Tobacco Distributorshas established these prizes to honor JosephKolodny, its founder and managing director.These prizes are awarded to outstanding stu-dents majoring in marketing and management.

The Herman E. Krooss Award. Givenin memory of Professor Herman E. Krooss to the Ph.D. graduate who has com-pleted the course of studies with distinc-tion and has presented an outstandingdoctoral dissertation.

The Ernest Kurnow Award. Given to agraduating M.S. student in statistics who has demonstrated excellence in the field ofstatistics.

The Kenneth G. Langone Award.Established by means of a generous gift byKenneth G. Langone, this award is givenannually to two students in the LangoneProgram, not yet graduating, to recognizeexemplary service to the Stern School andNYU community while working full time.

The Hector Lazo Memorial Award inMarketing. Friends and former students ofthe late Professor Hector Lazo establishedthis annual memorial award for a full-timemarketing student who has completedrequirements of the M.B.A. with highestpromise and scholarship.

The Harold W. MacDowell Award.Established to honor the memory of thelong-time director of the Stern School’sdoctoral program, a citation is awardedannually to the Ph.D. candidate who bestexemplifies qualities of and dedication to scholarship.

The Money Marketeers Interna-tional Award. The Money Marketeersaward annually a prize to an internationalstudent who has completed requirements foran advanced degree with the highestscholastic rating in banking and finance.

The Money Marketeers MarcusNadler Award. The Money Marketeersaward annually the Marcus Nadler key and aprize to a graduate student who has com-pleted requirements for an advanced degreewith the highest scholastic rating in bankingand finance.

The Money Marketeers Prize. TheMoney Marketeers award annually a prize toa graduate who has completed requirementsfor an advanced degree with excellence inthe fields of banking and finance.

The New York State Society of Cer-tified Public Accountants Award.Given to the advanced degree candidate whohas completed the curriculum required foradmission to the New York CPA examinationwith the highest general average in accounting.

The New York University AlumnaeClub Award. The Alumnae Club of theUniversity awards annually certificates ofappreciation for high scholarship and gen-eral participation in extracurricular affairsto successful women candidates for anadvanced degree.

The New York University Tax SocietyPrize. The New York University Tax Societypresents an annual award to a candidate with the highest scholarship in the field of taxation.

The Harold Price EntrepreneurshipAward. Established by the Price Institute forEntrepreneurial Studies, for a student pursu-ing an entrepreneurial career who hasattained outstanding achievement in studiesand student leadership.

School Service Awards. The dean of theStern School recognizes with awards gradu-ating students who have performed meritori-ous service to the School and the University.

The Society for InformationManagement Award. This award is pre-sented by the Greater New York Chapter ofthe Society for Information Management toa graduating student majoring in informa-tion systems who has demonstrated out-standing scholarship.

The Leonard N. Stern School ofBusiness Alumni Association Award.This award is given to the student of thegraduating class who ranks highest inachievement and scholastic attainment.

The Joseph H. Taggart Award. Thealumni of the Stern School have establishedthe Joseph H. Taggart Award to be conferredannually to a graduating student whosecontributions and service to the School andUniversity have been significant.

Westchester-Fairfield Alumni Award.An engraved pen set is awarded to the studentwith the highest grade point average in theWestchester M.B.A. Program.

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Career Development and Placement

he Office of Career Development (OCD)invites graduate business students to joinin partnership with our staff to ensure you

receive the maximum career benefits from youreducation. Of students who use our services, about 60 percent will likely find employment upon grad-uation through on-campus interviews and otheractivities connected with our office. The remaining 40 percent of our students find work as a result of amore proactive off-campus job search. Stern M.B.A.students seek opportunities in a diversity of industriesand functions from investment banking to consultingto consumer products marketing and managementcareers in entertainment.

Your relationship with OCD is a reciprocal one. We provide the tools and resources for effective job search planning and you provide the networking initiative and enthusiasm.

Office of Career Development44 West Fourth StreetSuite 5-100(212) 998-0623www.stern.nyu.edu/ocd

Office HoursMonday-Thursday 8:30 a.m.-6 p.m.Friday 8:30 a.m.-5 p.m.

Career Resources CenterOffice HoursMonday-Thursday 9 a.m.-8 p.m.Friday 9 a.m.-5 p.m.Saturday noon-5 p.m.

The Office of Career Development offers awide range of services to help M.B.A. studentsin career planning and job placement.OCD’s formal on-campus recruitment pro-gram requires completion of a series ofworkshops and other prescribed activities.

Once a student has graduated, he or she is ineligible to participate in on-campus recruitment.

Any person who enrolls in the part-timeM.B.A. Program is eligible to participate in theon-campus recruitment once (for full-timeemployment only) and in the year of their

graduation (provided they have fulfilled allrequirements).

OCD services can be divided into threebroad categories: recruiting and job place-ment; career counseling; and the CareerResources Center.

Recruiting and Job Placement

Students who use the services under therecruiting and job placement umbrella find their desired jobs through on-campusinterviews, job postings, and other proac-tive processes.

Each year corporate representatives cometo NYU Stern during the fall and springsemesters to interview graduating studentsfor full-time employment; also in the spring,they interview first-year, full-time M.B.A.students for summer intern positions. Most

of these companies host corporate pre-sentations in the fall in order to share infor-mation about their firms’ activities andstrategies and to discuss the essential workskills and lifestyle considerations unique totheir firms’ corporate cultures. These presen-tations are particularly useful for helpingstudents to develop a sharper career focusthrough networking opportunities.

To ensure that corporate recruiters havethe opportunity to review the résumés of

Stern students, OCD publishes résumé books that are indexed by students’ areas of interest, language skills, internationalwork authorization, professional licenses,and other categories. Students résumés are also available on-line in a passwordprotected site.

After on-campus recruiting is over, OCDprovides résumé collections in order to fulfilla company’s individual hiring needs.

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Career Counseling

Through individual career counseling, stu-dents receive personalized assistance indeveloping their career goals and job searchstrategies; writing résumés and cover lettersas marketing documents; and preparing for interviews.

Through the Career Management Series(CMS), for full-time students and the Part-Time Career Management Series (PTCMS)for part-time students, the counseling staffinstructs students on how to conduct asuccessful job search. The CMS and PTCMS

are comprised of a skills and values assess-ment/career goal definition, alumni and/orstudent discussion panels; workshops cover-ing résumé writing; informational inter-viewing and networking; the proactive jobsearch; and interviewing skills.

The Job Search Program is a valuableprogram created by the counseling staff inorder to assist those students who do notobtain a full-time or summer placementthrough formal recruitment. Students attenda series of strategy meetings to explore the

job search process outside of on-campusrecruiting.

One of the most valuable services run byOCD, the Career Advisory Program (CAP) isdesigned to provide M.B.A. students anopportunity to meet with successful corpo-rate representatives and Stern alumni for aninformational meeting. These corporate rep-resentatives share their knowledge, insight,and experiences with students, helping tobridge the gap between classroom theory andthe realities of the business world.

The Career Resources Center

The Career Resources Center (CRC), locatedwithin the Office of Career Development,contains annual reports and recruiting liter-ature on hundreds of companies; volumes of job-search and industry-related refer-ence books; a jobs-postings binder; video-

tapes of most corporate presentations; andthe Career Management Series and otherOCD-sponsored workshops. The CRC con-tinually updates and increases subscriptionsand business references to reflect students’career interests. OCD, in conjunction with

the NYU Stern computing department, has provided a career search terminal inStern School’s computing lab, UC-70 and in the CRC.

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School and University Facilities and Services

he Leonard N. Stern School ofBusiness and New York Universityprovide a range of services and

facilities that support graduate educationand enhance student life.

Library resources and services for the Stern School are provided within the con-text of the main University library, the Elmer Holmes Bobst Library and StudyCenter, located at 70 Washington SquareSouth. Orientation tours of Bobst Library are scheduled at the beginning of eachsemester. A schedule of these tours is posted several weeks in advance. There is also a “virtual” Web tour available atwww.nyu.edu/library/vrtour/welcome.htm.For more information, visit www.nyu.edu/library/bobst.

For Stern School students, the Businessand Social Science/Documents Center ofBobst Library, located on the 6th Floor,provides a wide variety of informationresources intended to support the School’sinstructional and research program.

During the regular academic year,normal reference hours for the Center are Monday-Thursday, 10 a.m.-9:45 p.m.;Friday, 9 a.m.-6:45 p.m.; Saturday 11 a.m.-6 p.m.; and Sunday 1-7 p.m. Hours for

special units may vary during vacation andholiday periods. For current library hours,consult the Bobst Library InformationBulletin 1 or call (212) 998-2520.

The Business and Social Science/Documents Center houses a general andinternational business reference collection ofover 5,000 volumes as well as a collection ofannual reports and 10-K statements (in mostcases dating back to 1974) for all New Yorkand American Stock Exchange companies.For company and industry information, stu-dents may use over 20 electronic services,including Dow Jones News Retrieval service,Bloomberg, DataStream, and DisclosureGlobal Access. All sectors of the financial ser-vices industry are covered including thestock and bond markets, futures, options,banking, and insurance. The Centerincludes an international business collectionwith particular emphasis in marketing andfinance. All areas of the world are covered,and Western Europe is particularly well rep-resented. The Center is a depository for both

U.S. and UN documents and other interna-tional organizations (IMF, World Bank,OECD, ILO). These two collections contain awealth of information that supports domes-tic and international business research.Library faculty with special expertise in busi-ness are available by appointment in theCenter. They offer research guidance tostudents working on papers, projects, orother research assignments.

The Center has four group study rooms,numerous study tables, and a special areathat supports laptop Internet connections.There are individual study carrels and lock-ers available to graduate students on asemester basis.

Stern students have access to all nine ofthe distinct libraries at the University as wellas the NYU-affiliated libraries at the NewSchool University, Cooper Union, andParsons. The holdings of the Universitylibrary system alone total approximately 4.4million volumes.

Library Services

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A broad spectrum of computing services andfacilities is available to Stern faculty, stu-dents, and staff.

ELECTRONIC MAIL AND STERNSCHOOL ON-LINE INFORMATIONStern students are able to access electronicmail from the labs and E-mail terminalsthroughout the Kaufman ManagementCenter (KMC), Tisch Hall, and from a remotelocation. Stern students automaticallyreceive Web-based E-mail accounts. Loginauthorization by username (NetID found on NYU ID card) and password (NYU IDnumber) is required. A students E-mailaddress is their username, followed by@stern.nyu.edu.

A Stern School homepage on the WorldWide Web (WWW) provides informationabout academic and administrative depart-ments. Its URL is www.stern.nyu.edu.Specific information about computing at Stern can be found on the Infor-mation Technology (IT) Web site atwww.stern.nyu.edu/it.

STERN COMPUTER LABSM.B.A. students have access to three com-puter labs: KMC UC-70, Tisch UC-49, KMCBusiness Center and Tisch L-101. All labs are equipped with Pentium computers andlaser printers.

The computers in the labs are connectedto the Stern Novell network and offer accessto Windows, Microsoft Office, the Internet,E-mail, laser printing, personal networkstorage space (h: drive), and various course-related software applications.

Access to Bloomberg (an on-line finan-cial information service) and Lexis/Nexis (adiverse on-line information service forcourse assignments) are available in theKMC UC-70 computer lab and the KMC 4thFloor reading room.

Lab hours of operation are the following:Monday-Thursday, 7:30-12 a.m.; Friday, 7:30 a.m.-9 p.m.; Saturday, 9 a.m.-9 p.m.;Sunday; 9-12 a.m. Lab hours are extended at the end of the fall and spring semes-ters to accommodate the increase in studentworkload.

Login authorization by username (NetIDfound on NYU ID card) and password (NYUID number) is required on all lab computers.For software available in the labs, visitwww.stern.nyu.edu/it/services/studentcomputing.

STERN INFORMATIONTECHNOLOGY (IT) HELPDESKThe Stern IT HelpDesk is located in the TischUC-49 computer lab and can be reached at(212) 998-0180. Among other things,HelpDesk provides students with in-personand telephone support for general accountquestions and problems, Stern-ready note-book computers, and podium computers.Stern IT HelpDesk hours of operation are the following: Monday-Friday; 8 a.m.-10 p.m.and Saturday-Sunday, 8 a.m.-6 p.m.

RECOMMENDATIONS FORSTERN STUDENTSMuch of the PC work that you will do as abusiness student will consist of text process-ing, spreadsheets applications, and statisticalanalysis. These activities will be greatly facil-itated by owning a computer. This will allowyou to be independent of the microcomputerlabs, especially during periodic peak periodsand holidays.

All M.B.A. students must have access to apersonal computer. Stern makes the follow-ing recommendations on PC ownership.

If you already have a PC, you can use it. Ifyou are planning to buy a PC, or if you wantto upgrade to take advantage of more mod-ern technology, we strongly recommend aStern-ready notebook computer, which youcan carry with you and use both at Stern andelsewhere.

Stern-ready notebook PC’s are availablethrough the NYU Computer Store, at 242Greene Street.

Stern’s software recommendation isMicrosoft Office. In addition, a printer isrecommended.

Information regarding student discountson computer hardware and software is avail-able from the NYU Computer Store at 242Greene Street, (212) 998-4672.

WORKING FROM HOMEIf you want to access the Internet fromhome, you must own a modem with at least56K speed and v.90-compliancy. With amodem, you can dial in to the NYU modempool to connect to the Internet.

NYU’s Information Technology Services(ITS) provides all NYU students with DirectInternet Access Link (DIAL) connections.There are also several commercial Internetaccess providers, such as America Online.The user can browse the World Wide Web(WWW), telnet to computers on the Internet

(including the SUN servers at Stern), transferfiles to and from a home PC to computers onthe Internet via FTP, check mail via Webmail, access student information system on-line, and access Usenet news.

POLICY SUMMARY FORSTERN STUDENTSAccess to Stern computing and networkingresources, including hardware, software,computer-based files and data, the Stern net-work, and other networks reached via Sternfacilities, is limited to authorized users and isfor approved purposes only. Copying of soft-ware, unauthorized installation of software,and unauthorized reconfiguration of sys-tems are expressly forbidden. Each student isexpected to use Stern’s computing resourcesin an ethical and legal manner and has thefollowing responsibilities:

• to preserve the quality of computing andnetworking facilities.

• to utilize the computer resources for thesole purpose of facilitating his or her ownwork as a Stern student.

• to respect the privacy and reasonable pref-erences of other users, including the privacyof their accounts and data and any confi-dential or privileged information to whichthe student may have access.

• to maintain the integrity and security ofthe systems and network, including the safe-guarding of passwords, codes, and otherprivileged information.

OTHER FACILITIES ANDSERVICESStern has 40 “smart” classrooms. Each podi-um has a networked computer and projec-tion equipment. Microsoft Office is installedon each, so faculty and students can easilyuse PowerPoint Internet applications forpresentations during class.

Stern’s Sun services provide a variety of application software, including SAS andSPSS for statistical analysis, C, C++, FORTRAN, Perl, and Mathematica..

Research databases available at the Stern School include Basic Economics,Compustat, CRSP, Global Vantage, DRI Pro, and Research Insight. For more infor-mation, visit www.stern.nyu.edu/it/rds/research/index.html.

IT also prepares how-to guides, availableon the IT Web site, about various computer-related topics. For additional information,visit the IT Web site at www.stern.nyu.edu/it.

Computing at Stern

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Residence Accommodations

University-owned housing for graduate stu-dents consists of unfurnished studio spaceand leased apartments in Greenwich Village,furnished graduate and professional spaceadjacent to the NYU dental and medical cen-ters in midtown, and a graduate/undergrad-uate residence on East 14th Street near UnionSquare. Every student living in graduatehousing is assigned a roommate.

M.B.A. candidates may remain in hous-ing for two years, while Ph.D. candidatesmay remain up to three years. Residencycontracts may be signed for nine months orone year, with nine-month or one-yearrenewal options to follow, provided that thestudent maintains full-time status in good

standing in a Stern School degree program.New students for the fall term who submit

their tuition deposits by May 1 have an opti-mal chance of securing housing. Most apart-ments are available for Septemberoccupancy although some openings maybecome available for those students begin-ning the program in January or June.

Admitted full-time students who wish to beconsidered for University housing shouldrequest that housing information be sent tothem when they submit the tuition deposit.Applications must be returned by July 1 forthose enrolling in September, and December15 for those enrolling in January. Assignmentswill be made soon after these deadline dates.

OFF-CAMPUS HOUSING OFFICE

NYU’s Off-Campus Housing Office, under theauspices of the Department of Housing andResidence Life, assists members of the NYUcommunity in their search for informationabout non-University housing options. Theoffice is open only to current and newlyadmitted NYU students.

Located at 4 Washington Square Villageon the corner of Mercer and Bleecker Streets,the office is open daily from 9 a.m.-5 p.m.,Monday-Friday; (212) 998-4620. Web site:www.nyu.edu/housing/offcampus.

Campus Safety The safety of its students is of the utmost con-cern to New York University. The Universityhas a comprehensive safety program thatincludes training, protection, and education.As part of the overall plan, the NYU Protec-tion and Transportation Services Departmentprovides a force of 220 uniformed officerswho are on duty at campus facilities and patrol 24 hours a day by foot, by bicy-

cle, and in vehicles. Residence halls have 24-hour security or doormen. The trolleyand escort van service provides safe transportto residence hall locations and off-campusUniversity facilities.

In accordance with federal regulations,New York University annually publishes itsCampus Security Report. A copy of thisreport is available by contacting the Office of

Student Life, 240 Greene Street, New York, NY10003-6675; (212) 998-4953. This reportincludes campus crime statistics for theprevious three years and also contains in-stitutional policies concerning campussecurity and crime prevention, alcohol anddrug abuse, and sexual harassment.

NYU Guest Accommodations

Prospective students and their families visit-ing New York are invited to stay in ClubQuarters, a private hotel convenient to theUniversity. Located in a renovated turn-of-the-19th-century building in New York’s

historic Financial District, the hotel offersconcierge services, a health club, and roomservice, among other amenities. If space isavailable, weekend University guests mayalso stay at the midtown Club Quarters,

located in a landmark building that is close to shopping, Broadway theatres, andRockefeller Center. For information andreservations, call (212) 443-4700.

Keeping up with the ever-changing foodtrends, NYU Campus Dining has everythingfrom traditional American cuisine, ethnicdishes, and popular brands like BurgerKing® and Pizza Hut Express®. Also avail-able are low-fat, vegan, and vegetarian din-ing options at 13 different dining sites (listedbelow), including a restaurant, food court,outdoor café, five dining rooms, and twolate-night snack bars, which make eating oncampus convenient for all.

Students can choose from 11 distinctivemeal plans. On-campus and off-campus res-

idents have the freedom to use theirNYUCard for meals, beverages, and snacks.

For more information on dining loca-tions and hours of service, contact NYUCampus Dining Services, (212) 995-3030.

Faye’s Café, 38 East Eighth Street

Founders Café, 50 West Fourth Street (at the NYU Information Center)

Hayden Dining Room, 33 WashingtonSquare West

The Palladium, 140 East 14th Street

Rubin Dining Room, 35 Fifth Avenue (at 10th Street)

Third North Courtyard Café, 75 ThirdAvenue (at 12th Street)

University Hall Atrium Dining Roomand Java City®, 110 East 14th Street

The Violet Café, 45 West Fourth Street

Weinstein Dining Room, WeinsteinFood Court, Java City®, and KosherEatery (with meat and dairy options), 5 University Place

NYU Campus Dining Services

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The mission of the New York UniversityHealth Center (UHC) is to provide and pro-mote high-quality, accessible, and cost-effec-tive treatment, prevention, and education insupport of the University’s goals and inresponse to the needs and concerns of its stu-dents. To this end, a comprehensive range ofservices is offered in a facility with state-of-the-art equipment and highly qualifiedhealth care professionals.

Health care at UHC is available to allregistered NYU students. Students coveredunder an NYU insurance plan must first seektreatment at UHC, except in emergencies.Students covered under private health insur-ance may telephone Patient Accounts at(212) 443-1010 to determine whether or notUHC has a billing relationship with theirinsurance company. A scheduled appoint-ment is the preferred method for students toreceive services at UHC. Typically, a healthcare provider will be available to see you inPrimary Care Services based on appointmentavailability and your scheduling needs.Patients who cannot wait for an appoint-ment due to the nature of their illness orinjury will receive assistance through UrgentCare Services.

UHC also offers a wide range of addition-al services, including the following specialtyservices: allergy and immunization, derma-tology, endocrinology, gastroenterology,gynecology/women’s health, men’s health,minor surgery, neurology, occupationalmedicine, ophthalmology, orthopedics,otolaryngology (ear, nose, and throat),performing arts medicine, podiatry,pulmonology, sports medicine, and travelmedicine. Appointments for specialty servicesmay be made after a medically warrantedreferral from a UHC health care provider.Additional programs and services includeCenter for Health Promotion; Office of Drug and Alcohol Education; Office ofSexual Assault Prevention, Education, andSupport; HIV services; laboratory; nutritionservices; physical and occupational therapy;optometry, pharmacy; and radiology.

The general hours of operation duringthe academic year (September throughMay) are Monday-Thursday, 8 a.m. to 8 p.m.; Friday and Saturday, 10 a.m. to 6 p.m. During the summer (June throughAugust), the hours are Monday-Thursday,

8 a.m. to 6 p.m.; Friday and Saturday, 10 a.m. to 6 p.m. UHC is closed duringcertain University holidays. For hours ofindividual departments and holiday sched-ules, please call UHC at (212) 443-1000.

University Health Center is located at 726 Broadway on the 3rd and 4th Floors. For more information, please call, e-mail, or visit the UHC Web site: (212) 443-1000; health.center@nyu.edu;www.nyu.edu/pages/health.

AFTER-HOURS CARE

In case of a life- or limb-threatening emer-gency, please dial 911. For other healthemergencies, or when UHC is closed, pleasecall Protection Services at (212) 998-2222.You will be connected with Tisch Hospital’semergency room, where a physician willprovide advice over the telephone and deter-mine if you need to come to the emergencyroom or can wait to see a health careprovider at UHC the following day.

INSURANCE

New York University students in degree-granting programs are required to maintainhealth insurance. Most students are enrolledautomatically in an optional NYU-sponsoredstudent health insurance plan as part of the University’s registration process. Theplan in which students are automaticallyenrolled varies according to school, creditload, and visa status. For more specificinformation, please refer to the StudentHealth Insurance Handbook, e-mailhealth.insurance@nyu.edu, or callStudent Health Insurance Services at (212) 443-1020.

NYU sponsors three student healthinsurance plans: the Basic Plan, theComprehensive Plan, and the UHC OnlyPlan. Students enrolled in the NYU-spon-sored student health insurance programmay switch from the Basic Plan to theComprehensive Plan, or vice versa. Studentsmaintaining their own health insurance cansupplement their coverage by enrolling inthe UHC Only Plan, or they can waive any ofthe optional student health insurance plans(and corresponding charge) entirely. Also,students who otherwise are eligible for theprogram but who do not meet the credit-load

requirement for automatic enrollment mayenroll in any NYU-sponsored student healthinsurance plan voluntarily.

To select, change, or waive coverage, stu-dents must submit a completed StudentHealth Insurance Selection/Waiver Form toStudent Health Insurance Services before theapplicable enrollment/waiver deadline.Doing so will ensure that students areenrolled in the plan of their choice.

Except for medical emergencies andwhen living outside the borough ofManhattan, students insured under anyNYU-sponsored student health insuranceplan are required to first seek treatment andbe evaluated at the University Health Center(UHC) for any sickness or injury. A medicalemergency refers to an acute illness or injurythat is life- or limb-threatening or maypermanently affect the quality of life. It is thestudent’s responsibility to notify the planadministrator, Chickering Claims Admin-istrators, Inc., (800) 466-4148, of any emer-gency or elective hospital admission.

Detailed information about the NYU-sponsored student health insurance plans is included in the Student Health InsuranceHandbook. To obtain a copy of the bookletand/or the Student Health InsuranceSelection/Waiver Form, please visit or callStudent Health Insurance Services at (212)443-1020, located at UHC, 726 Broadway, 3rd Floor. You may also contact the office viaE-mail at health.insurance@nyu.edu.

UNIVERSITY COUNSELINGSERVICE

University Counseling Service (UCS) offersNYU students short-term individual coun-seling, group counseling, walk-in hours,referrals, workshops, and emergency ser-vices. Special group sessions focusing ontopics of concern to graduate students—including dissertation writing and serving asa teaching assistant—are also provided. Allservices are free of charge and confidential.UCS is located at 726 Broadway, Suite 471.The office hours are Monday-Thursday, 8:30 a.m.-8 p.m.; Friday, 8:30 a.m.-5 p.m.For more information, call (212) 998-4780;visit www.nyu.edu/counseling; or e-mailuniversity.counseling@nyu.edu.

University Health Center

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Office for African American, Latino, and Asian American Student Services

For more than 10 years, the Office for AfricanAmerican, Latino, and Asian AmericanStudent Services (OASIS) at New YorkUniversity has sought to promote educa-tional success by cultivating a communityfor students of color. OASIS is dedicated tohelping students achieve excellence throughaddressing the intellectual, cultural, andsocial issues of African American, Latino,and Asian American students.

EDUCATIONAL AND CULTURALPROGRAMS• Educational and CulturalInstitute/Under1Roof• OASIS Speaker Series

• -ISM Project

• Diversity Day

GRADUATE AND PROFESSIONALINITIATIVES• Future Administrators Cultural TrainingSeminar (FACTS) Program

• Institute for the Recruitment of Teachers

• Career Advantage Internship Program

• Diversity Career Fair

• Making It in Media

PERSONAL DEVELOPMENT ANDLEADERSHIP• The OASIS Leadership Institute (OLI)

• Mentorship Program

• OASIS Peer Ambassadors

• Brothers for Success

• Financial Aid Seminar Series

• The Culture Shop

ACADEMIC ENRICHMENTSERVICES• Strategic Networking for AcademicPerformance (SNAP)

• Timbuktu Academic Resource Center

SOCIAL AND COMMUNITYPROGRAMS• Welcome Reception

• Holiday Celebration

• Nia Awards Celebration

• University Commencement Reception

• OASIS in the Community Day

• Graduate Students of Color Socials

• The Alumni of Color Network (AOC)

GENERAL RESOURCES ANDSERVICES• OASIS On-Line Calendar(calendar.nyu.edu/oasis)

• Scholarship/Grant Information

• The OASIS Spirit

• Counselor-in-residence

• OASIS Information Sessions

• The Official OASIS Web Site(www.oasis.nyu.edu)

The office, located at 240 Greene Street, 3rdFloor, is open Monday, Tuesday, and Fridayfrom 9 a.m. to 5 p.m., and Wednesday andThursday from 9 a.m. to 7 p.m. The maintelephone number is (212) 998-4343.

The NYU Bookstores

The New York University Main Bookstore,located at 18 Washington Place, stocksrequired and recommended course books,both new and used; a complete selection ofhardcover and paperback general books;current best-sellers; children’s books andclothing; study aids; and NYU sportswear,stationery, and gifts. Registered students canget a printout of required and recommendedtextbooks at the store on the text level. Themain telephone number is (212) 998-4667.

Regular store hours are 10 a.m. to 7:15p.m., Monday-Thursday, and 10 a.m. to 6p.m., Friday and Saturday. Store hours areextended beginning one week prior to thestart of classes and continuing through thefirst two weeks of classes. Call the store orcheck the Web site for more information.

Book inquiry systems [TextTone:

(212) 443-4000 and the Web site:www.bookc.nyu.edu] are available twoweeks prior to the start of a new semester.Registered students, using a Touch-Tonetelephone or the Internet, can inquire about,get a listing of, and purchase optional andrequired course books 24 hours a day with amajor credit card. Orders will be shipped viaUPS ground within two business days.

COMPUTER STORE

The Computer Store, located at 242 Greene Street, (212) 998-4672, orcomputer.store@nyu.edu, offers educa-tionally priced hardware and software.Books, CDs, film supplies, accessories, smallelectronics, repair services, and computingsupplies are also available. At the start ofeach semester, students can take advantage

of a no-interest computer loan for up to$3,000 with deposit, with the deferred inter-est computer purchase program.

PROFESSIONAL BOOKSTORE

The Professional Bookstore, located at 530 La Guardia Place, (212) 998-4680, or prof.books@nyu.edu, serves the Leonard N. Stern School of Business(Graduate Division), the School of Law, andthe Robert F. Wagner Graduate School ofPublic Service with required and recom-mended course books. Also available aresportswear, featuring school insignia; sta-tionery; study guides; and reference books.

Forms of payment include MasterCard, Visa,American Express, Discover, and NYUCardCampus Cash.

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Jerome S. Coles Sports and Recreation Center

The Jerome S. Coles Sports and RecreationCenter fills the recreational needs of theUniversity’s students, faculty, staff, and alum-ni. The facilities accommodate a wide rangeof individual and group recreational activi-ties, in addition to serving as home for theNew York University intercollegiate teams.The center’s operating schedule providesevery member of the University communitywith an opportunity to participate in a seriesof programs, recreational courses, free play,intramural activities, and varsity or club teams.

As a result of multipurpose area functionsand scheduling, a wide range of activities atvarying skill levels is available to all facilityusers. The Jerome S. Coles Sports and Recre-ation Center provides the following facilities:

• A roof with a 1/6-mile, three-lane runningtrack, plus a playing surface that accommo-dates six tennis courts.

• A natatorium with an NCAA regulation-size swimming pool and diving tank.

• Six squash courts and five handball/rac-quetball courts.

• A large, modern weight-training room andtwo annexes containing Life Strength andHammer Strength machines, plus freeweights, StairMasters, VersaClimbers,

Lifesteps, rowing machines, andabductor/adductor machines.

• Individual rooms for wrestling/martialarts, fencing, physical fitness/calisthenics,dance, and exercise prescription instruction.

• Over 1,000 square feet of textured rockwall: Coles Rocks.

The Coles Sports and Recreation Center islocated at 181 Mercer Street (betweenBleecker and West Houston Streets). The cen-ter covers 142,000 square feet and has fourlevels (roof, lobby, natatorium, and fieldhouse). Five hundred people can use thefacility at one time, 1,900 spectators can beseated in the field house bleachers, and 230can be seated in the natatorium bleachers.The center is barrier-free to facilitate accessfor those with disabilities.

Lockers and recreational equipment areavailable to members. Reservations are nec-essary for squash, handball, racquetball, andtennis courts. Tickets for home intercolle-giate events that require an admission feecan be secured at the center. The Coles Pro-Shop (Level N) sells attire and equipmentcommonly needed by center members.

Use of the center is available to all stu-dents who are registered for credit-bearing

courses and who hold currently valid IDcards. Students who are maintainingmatriculation must pay an additional $60per term ($45 for summer) for the use ofColes. Other members of the University com-munity may obtain access to the center bypurchasing a membership. Rules and proce-dures pertinent to use of the center and itsprograms are published annually and areavailable at the Membership Office.

CHELSEA PIERS

Special arrangements have been made forNew York University students to take classesand join the sports and entertainment com-plex at Chelsea Piers. The complex includesan outdoor, multitiered golf driving range,batting cages, in-line skating rinks, ice-skat-ing rinks, rock-climbing walls, a 1/4-mileindoor track, indoor sand volleyball courts,and many other facilities. Informationabout discounted daily admission fees, regis-tration for Chelsea Piers courses at reducedrates, and special monthly membership feescan be obtained by calling the New YorkUniversity Recreation Office at (212) 998-2018 or by picking up a brochure at theMembership Office.

Students with Disabilities

The Henry and Lucy Moses Center forStudents with Disabilities provides services tostudents with qualified disabilities within allthe schools and colleges of the University.Located at 240 Greene Street, 4th Floor, thecenter provides services to students withhearing and visual impairments, mobilityimpairments, learning disabilities and atten-tion deficit disorders, chronic illnesses, andpsychiatric disorders. Student disability filespresented to the center are confidential andare not part of a student’s official academicrecords at NYU.

In order to qualify for services andaccommodations, a student must presentappropriate, recent documentation of a dis-ability and complete an intake interviewwith a counselor at the center. Servicesinclude the provision of sign language inter-preters, readers, notetakers, and other auxil-iary aids. The center works in conjunction

with academic and administrative depart-ments in providing assistance with examina-tion accommodations, registration, andhousing. Learning specialists are available toprovide one-on-one assistance to eligiblestudents under the center’s auspices. Thecenter also sponsors programs and work-shops, as well as the CHOICES careerenhancement program. Limited tuition aidis available to qualified students.

Students with disabilities, supported byreasonable accommodations, must be ableto function in their academic and residentialenvironments. Supported by such accom-modations, they are expected to meet therequirements and expectations of theiracademic programs, to follow the estab-lished guidelines for securing and remain-ing in residential living space, and to adhereto University student conduct and disci-plinary codes.

Students with disabilities must be able tofunction in as independent manner as possi-ble and to seek appropriate assistance in areasonable and timely manner. Universityresources and staff cannot be expected tomeet all of a student’s needs associated withmanaging a disability. It is expected thatstudents will follow appropriate health regi-mens, secure appropriate medical andtherapeutic assistance from qualified prac-titioners at NYU or in the New York City area, and arrange necessary support services(i.e., transportation, individual monitoringof needs, financial assistance, personal care)that NYU does not provide.

Telephone (212) 998-4980 (Voice andTTY) or visit our Web site, www.nyu.edu/osl/csd, for more information.

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The Office of Lesbian, Gay, Bisexual, andTransgender (LGBT) Student Services existsto create campus environments that areinclusive and supportive of student diversityin the areas of sexual orientation and genderidentification. The office offers a number ofsupport services and programs including thefollowing:

• Weekly discussion groups• Student clubs• Cultural, educational, and social

programs• Community service opportunities• Rainbow Connection mentor program • Outspoken peer education program• Lending library

• Information on campus and communityresources, including health services, spiri-tual organizations, recreational and socialopportunities, volunteer opportunities,jobs, and internships

Our programs include lunch discussions onvarious topics, social events, major speakers,performances, and movie nights. Office staffmembers are always available to speak withstudents about coming out and related per-sonal issues. The Office of LGBT StudentServices houses a lending library and anumber of resources regarding everythingfrom health to legal issues to referrals tosocial events within the New York City LGBTcommunity. The Office of LGBT StudentServices is also dedicated to advocacy, educa-tion, training, and consulting. Outspoken is

our peer education program that trainsLGBT students and allies on issues of impor-tance to the LGBT community and preparesthem to present this information to the cam-pus community. The Safe Zone programtrains a growing network of students, faculty,and staff across the University who are will-ing and prepared to provide support andinformation to lesbian, gay, bisexual, trans-gender, and questioning students.

The office is located at 244 Greene Street, Rooms 305 and 306. Students canalso reach us at (212) 998-4424 orlgbt.office@nyu.edu. We are open Mondaythrough Friday, 9 a.m.-5 p.m. For moreinformation and a listing of upcomingevents and programs, visit our Web site atwww.nyu.edu.lgbt.

Office of Lesbian,Gay, Bisexual, and Transgender Student Services

The Office for International Students andScholars (OISS) coordinates services for inter-national students and scholars. The OISSissues certificates of eligibility for F-1 and J-1student visas, advises on all matters pertainingto student immigration status, and serves asthe University’s liaison to the United StatesImmigration and Naturalization Service.Advisers are available every day to assist stu-dents with immigration, employment, finan-

cial, personal, and cross-cultural concerns.The OISS sponsors programs to facilitate

international students’ adjustment to theirnew environment and to ensure continuedsuccess during their studies at New York Uni-versity. Programs include a comprehensiveorientation; a University-based friendshipprogram that provides international studentsthe opportunity to share common interestswith NYU faculty, staff, alumni, and friends;

trips to spots of local and regional culturalinterest; cross-cultural and educational sem-inars; and festivals celebrating U.S. andworld cultures.

The office is located at 561 La Guardia Place and is open from 9 a.m. to 5 p.m., Monday through Friday; telephone (212) 998-4720; E-mail:intl.students.scholars@nyu.edu; Web site:www.nyu.edu/osl/oiss.

Office for International Students and Scholars

The main functions of the M.B.A. StudentActivities Office revolve around the M.B.A.student groups at Stern. The M.B.A. StudentActivities Office is a resource for studentgroups that provides guidance as it relates totheir activities and helps facilitate interac-tion with various constituents at NYU. One ofthe goals of the M.B.A. Student Activities

Office is to increase dialogue between stu-dent groups and administrators and to pro-vide constructive ideas and feedback forstudent-run activities. Specific responsibili-ties range from playing a large role in plan-ning Pre-Term for new students to detailssuch as assigning lockers to full-time blockstudents. The M.B.A. Student Activities Office

produces the full-time M.B.A. picture book in the fall. The M.B.A. Student ActivitiesOffice is located at 44 West Fourth Street,Suite 6-50, New York, NY 10012-1126; Website: www.stern.nyu.edu/mba/studact;telephone: (212) 998-0930; and E-mail: stud-act@stern.nyu.edu.

The M.B.A. Student Activities Office

Stern Student Corporation (SCORP)is Stern’s M.B.A. student government for bothfull-time and part-time M.B.A. students.SCORP oversees student organizations andacts as the liaison between students, faculty,and administration. scorp@stern.nyu.edu

The Asian Business Society (ABS) pro-motes interest in U.S. and Asian business andcultural interaction through a wide array ofprograms for M.B.A. students, faculty, staff,alumni, and the corporate community.abs@stern.nyu.edu

The Association of Hispanic andBlack Business Students (AHBBS)serves as the primary link between the

Hispanic and Black student body and theacademic and professional communities.ahbbs@stern.nyu.edu

The Association of InvestmentManagement (AIM) provides resourcesfor M.B.A. students who are interested in researching and pursuing either buy-side or sellside career opportunities.aim@stern.nyu.edu

The Emerging Markets Association(EMA) provides a forum for students to dis-cuss the economic, financial, and businessissues in emerging market countries.ema@stern.nyu.edu

The Entrepreneurs’ Exchange (EE)fosters entrepreneurial curiosity by providingan environment conducive to pursuingentrepreneurial paths and by providingfocused resources, education, networkingopportunities, and career guidance.eex@stern.nyu.edu

The European Business Society (EBS)is a common-interest social and profession-al student and alumni network. EBSprovides a forum for discussion of EU/EC-related issues and how they relate to the U.S.economy and American business. EBS is aninternational career-driven recruitmentconnection for predominantly multinational

M.B.A. Student Groups

firms seeking to hold events for or with Sternbusiness students. ebs@stern.nyu.edu

The Financial Engineering Associ-ation (FEA) educates students aboutopportunities in financial engineering byorganizing discussions on relevant financialengineering topics and maintaining a Web site with current trends and careerpossibilities in financial engineering.fea@stern.nyu.edu

The Graduate Finance Association(GFA) works closely with both the schooland the financial community to educate andprepare students for finance-related careers,including investment banking, investmentmanagement, sales and trading, commer-cial banking, and general finance.gfa@stern.nyu.edu

The Graduate Marketing Association(GMA) explores the marketing of productsand services across a wide variety of busi-nesses and industries. GMA is a comprehen-sive resource and source of support for Sternstudents in their transition from the class-room to the corporate world of marketing.gma@stern.nyu.edu

The Japan Business Association(JBA) offers the Stern community theopportunity to experience Japanese cultureand the chance to learn about Japanese busi-ness and economy. jba@stern.nyu.edu

The Latin American BusinessAssociation (LABA) promotes and facili-tates cultural and professional exchangebetween Latin America and the Stern com-munity. laba@stern.nyu.edu

The Management Consulting Asso-ciation (MCA) assists students in theirpursuit of management consulting careersby raising awareness of career opportunitiesin this industry and educating members onthe responsibilities of management consul-tants. mca@stern.nyu.edu

The Media and Entertainment Asso-ciation (MEA) educates members aboutcareers in media and entertainment by act-ing as a link to alumni, industry, academic,and career resources. mea@stern.nyu.edu

Net Impact is an international networkwith chapters at major business schools. NetImpact provides career development oppor-tunities for students interested in sociallyresponsible business and fosters discussionregarding the environment, communitydevelopment, and corporate responsibility.impact@stern.nyu.edu

Net Present Vocals (NPV) is Stern’s very own a capella group. Various per-formances include Pre-Commencement,Stern Follies, and the MBA2 Farewell.npv@stern.nyu.edu

OutClass brings Stern’s lesbian and gaycommunity together as a professional net-work. OutClass is a social, educational, andcareer development resource for gay andlesbian students, alumni, faculty, admin-istration, and the broader community.lgba@stern.nyu.edu

The Real Estate Club brings together stu-dents interested in all aspects of this businesssegment by sponsoring events that foster jobsearch contacts, meaningful discussion onindustry trends, and valuable skill-set devel-opment. reclub@stern.nyu.edu

The Sales and Trading Club educatesmembers about the sales and trading in-dustry and prepares them for the M.B.A.interview process through mock inter-views, recruiting events, and guest speakers.stclub@stern.nyu.edu

SpeechMasters was founded with theobjective of helping students become betteroral communicators. The club helps sharp-en and refine students’ communicationskills in order to complement the analyticaland quantitative skills developed in the class-room. speech@stern.nyu.edu

The Stern Basketball Association isorganized to give all students the means toattend and or participate in intercollegiate,intramural, and professional basketballevents. bsktball@stern.nyu.edu

The Stern Golf Club is a social arena forstudents to learn the game of golf or to teachothers. One of the goals is to have opportuni-ties to network with students, faculty, alum-ni, and corporate representatives through thegame of golf. golf@stern.nyu.edu

The Stern Journal is a publicationwritten by M.B.A. students that is devoted toshowcasing the unique perspectives andstrengths of the M.B.A. candidate regardingthe compelling business issues of the day.sjournal@stern.nyu.edu

The Stern Opportunity is a student pro-duced publication that strives to achieve a working balance between serious infor-mation and entertainment. Each issue fea-tures stories ranging from student groupactivities to job market influences to dating.opportun@stern.nyu.edu

The Stern Outdoors Adventure Clubprovides students with opportunities to hike,ski, play adventure sports, and organize tripsbefore the Pre-Term Orientation Program.soac@stern.nyu.edu

Stern Partners was founded to enhancethe social lives of Stern students’ significantothers by offering social diversions both atStern and outside of the NYU campus.Activities include wine tastings, museumtrips, and outings to local sporting events.

The Stern Pharmaceutical andHealthcare Association (SPHA) aimsto bring together all students who have aninterest in the pharmaceutical and health-care industries. Our objective is to providemembers with opportunities to network; tounderstand the issues and challenges facingthese industries; and to identify possiblecareer paths. spha@stern.nyu.edu

The Stern Rugby Club provides a socialenvironment in a sporting context where a broad mix of M.B.A. students from all nationalities and backgrounds can meet current students and alumni and take part in an exciting team sport.rugby@stern.nyu.edu

Stern Women in Business (SWIB)promotes female students’ personal and pro-fessional development by providing network-ing and social interaction opportunities withStern students, faculty, administrators, andalumni as well as the outside business com-munity. swib@stern.nyu.edu

Strategic Operations Club (SOC)promotes operations management careers,fosters interaction between students andoperations faculty outside the classroom,and provides a bridge between currentstudents and Stern alumni working in oper-ations careers. soc@stern.nyu.edu

The Technology and New MediaGroup (TANG) is the home for new mediaand technology-focused M.B.A. students atStern. The club provides a valuable forumfor dialogue between M.B.A.’s and the leadersof the rapidly evolving technology landscape.tang@stern.nyu.edu

The Wine Cellar Club provides Sternstudents with the opportunity to broadentheir knowledge of wines and interact with students, alumni, faculty, and cor-porations in an informal setting.cellar@stern.nyu.edu

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Community Service

tradition of service is deeply rooted in the institutional life of New YorkUniversity. Through community service,

one can enhance leadership skills, build new rela-tionships, and find self-fulfillment. Consistent withour mission to foster volunteerism, the Leonard N.Stern School of Business offers numerous commu-nity service projects for its students. Full-time M.B.A.students participate in Stern School’s CommunityAction Challenge, a program that encourages themto assist local social service organizations. Theirefforts have included mentoring children; tutor-ing adults who were formerly homeless or are study-ing for a GED; and working in shelters and soupkitchens. The Community Service Committee, a subcommittee of the Student Corporation, organizes a wide variety of service activities.

Those interested in consulting, entrepreneurship, or economic development may join other groups,such as the Urban Business Assistance Corporation (UBAC). Students participating in UBAC provideeducation and consultation services for minority and women-owned businesses. Participants gain valuable business experience and have a chance to earn some extra money while providing a service to small business clients in manufacturing, retail, and service industries. UBAC is a registered not-for-profit corporation governed by an external board of directors.

Many other service activities initiated by students draw the attention of the Stern community. To obtain more information concerning your participation in community service projects at the Stern School of Business, please contact the Stern Student Corporation at scorp@stern.nyu.edu.

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Office of Development

he Stern Office of Developmentraises funds to enable the Schoolto continue to define excellence

in educating the next generation of lead-ers in a global marketplace. Financialsupport from individuals, corporations,and foundations is sought for bothrestricted and unrestricted programsconsitent with the academic and strategicpriorities of the School. These programsinclude the following:

THE STERN FUND

The Stern Fund is the School’s annual fund-raising program that raises unrestrictedfunds from alumni, companies, and friends.The Stern Fund not only supports the ongo-ing operations of the School but also allowsStern to seize opportunities not budgeted forfrom year to year. Donors making gifts of$1,000 to $9,999 are called HaskinsPartners and as such enjoy invitations tolectures and programs. However, alumniwho are within four years of their graduationenjoy the benefits of this society with a gift of$500. By having the opportunity to partici-pate in lectures, dinners, and other forums,donors who make gifts of $10,000 andabove—Centennial Associates—enjoy spe-cial relationships with Stern, its facultymembers, and leading alumni.

ANNUAL AND ENDOWEDFELLOWSHIP FUNDS

Many alumni, friends, and corporations pro-vide annual and endowed support for gradu-ate fellowships. These awards are typicallybased on merit, financial need, and othercriteria that are mutually beneficial to Sternand the donor and are central to attractingand retaining the very best students. Pleasesee pages 91-93 for a brief description ofsome of these scholarships.

PROFESSORSHIPS AND CHAIRS

Gifts to endow professorships and chairs atStern enable the School to attract, retain,and reward outstanding faculty. Endow-ments provide perpetual support for salary,research, curriculum development, andprogramming.

FACILITY FUNDS

Endowment gifts to ensure the perpetualenhancement of facilities are critical tomaintaining the proper infrastructure andenvironment for academic excellenceamongst faculty and students.

FUNDS FOR TEACHINGEXCELLENCE, RESEARCH, ANDCURRICULUM DEVELOPMENT

Restricted funds for these and other high-priority programs ensure Stern’s ability toprovide one of the finest business educationsavailable.

For more information, contact the Office ofDevelopment, Tisch Hall, Leonard N. SternSchool of Business, New York University, 40 West Fourth Street, Suite 531, New York,NY 10012-1106; telephone: (212) 998-4161;E-mail: giving@stern.nyu.edu; Web site:www.stern.nyu.edu/giving.

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Office of Alumni Affairs

ith nearly 60,000 alumniliving and working in 98countries, there is hardly a

major industry anywhere that does notinclude Stern graduates in its ranks. Stern’salumni in major cities around the worldconstitute a truly global network, provid-ing information, advice, and networkingopportunities to Stern graduates and current students.

The Office of Alumni Affairs serves as the pri-mary link between Stern and its graduates.Its goal is to create an environment thatstimulates continued interest on the part ofalumni to be proud and supportive of theirSchool and to participate in sponsored activ-ities. Alumni Affairs provides importantservices and resources for the global Sterncommunity, ensuring that Stern’s alumninetwork stays connected. Some of the toolsoffered to help alumni stay in touch with the School and with each other include thefollowing:

• Local and regional gatherings, rangingfrom firm-wide receptions and networkinghappy hours to the Global Alumni Reunionand Conference held at La Pietra, NYU’sfacility in Florence, Italy.

• The annual Alumni Ball held the firstSaturday in December, which attracts over1,000 participants for an evening of dinner,dancing, and reconnecting with fellow grad-uates and the School.

• Student mentor programs.

• Publications such as the e-newsletterStern@lumni and the print newsletterSternalumni, which provide informationon the School’s progress, activities, and

accomplishments and create a strong andpositive image of the School.

An important development in alumni ser-vices at Stern is SWAP—Stern WorldwideAlumni Platform. This is a user-friendly,password-protected on-line directorydesigned to foster global networking and theexchange of business and personal informa-tion among Stern graduates. Through SWAP,alumni have access to a searchable alumnidatabase, on-line career resources and jobpostings, and on-line networking capabili-ties. Thanks to another SWAP benefit—life-long e-mail forwarding—Stern alumni willalways be able to stay in touch with the Sterncommunity.

The office also works closely with theOffice of the Dean, the faculty, other admin-istrative offices and student clubs to provideopportunities for students to interact withalumni and friends of the School, laying thegroundwork for a continuous lifelong rela-tionship with Stern. Examples are as follows:

• The Dean’s Leadership Series, inwhich small groups of students meet withbusiness leaders such as William R. Berkley,chairman and president of W. R. BerkleyCorporation; Steve Florio, president and CEO

of Condé Nast Publications; Abby E.Kohnstamm, senior vice president of mar-keting at IBM; and Harvey Golub, retiredchairman and CEO of American ExpressCompany.

• “Meet the CEO” Series, which hasbrought students into contact with leadingbusiness people including Jack Welch,retired chairman and CEO of GeneralElectric; Richard S. Fuld, Jr., Chairman and CEO of Lehman Brothers; and Lillian Vernon, founder and CEO of Lillian Vernon Corp.

• Student groups, such as the LatinAmerican Business Association(LABA) and Stern Women inBusiness (SWIB), which frequentlyconsult with the Office of Alumni Affairs onthe involvement of alumni in their activitiesand events.

For more information, contact the Office of Alumni Affairs, Kaufman ManagementCenter, Leonard N. Stern School of Business,New York University, 44 West Fourth Street,Suite 10-190, New York, NY 10012-1126;telephone: (212) 998-4040; fax: (212) 995-4515; E-mail: alumni@stern.nyu.edu;Web site: www.stern.nyu.edu/alumni.

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Administration

Administrationof the Stern School of Business

ADMINISTRATIVE DEANS

George Daly, B.A., M.A., Ph.D.Dean, Leonard N. Stern School of Business;Dean Richard R. West Professor of Business;Professor of Economics

Frederick D. S. Choi, B.B.A., M.B.A., Ph.D.Dean, Leonard N. Stern School of Business,Undergraduate College; Vice Dean, LeonardN. Stern School of Business; Professor ofAccounting and International Business

David Backus, B.A., Ph.D.Vice Dean of Academic Affairs; Heinz RiehlProfessor of Finance and Economics

Richard D. Freedman, B.S., M.B.A., Ph.D.Vice Dean for M.B.A. Programs; Professor of Management

Paul Affuso, B.A., M.A.Associate Dean for Finance and Facilities

ADMINISTRATIVE SERVICES

Barbara Albrecht, B.A., M.B.A.Director

M.B.A. ADMISSIONS

Julia Min, B.A., M.A.Director

M.B.A. ADVISING ANDSTUDENT SERVICES

Pamela Bierman, B.A., M.B.A.Director

ALUMNI AFFAIRS

Joanne Hvala, B.A., M.B.A.Associate Dean for Marketing and External Relations

Jeanne Marano, B.A., M.A.Director of Alumni Affairs

BERKLEY CENTER FORENTREPRENEURIAL STUDIES

Ari Ginsberg, B.H.L., M.A., M.B.A., Ph.D.Director

BUDGET

John O’Donnell, B.A.Director of Budget and Project Planning

OFFICE OF CAREERDEVELOPMENT

Gary Fraser, B.S., M.B.A.Assistant Dean

CENTER FOR DIGITALECONOMY RESEARCH

Norman H. White, B.A., M.S., Ph.D. Director

CENTER FOR JAPAN-U.S.BUSINESS AND ECONOMICSTUDIES

Ryuzo Sato, B.A., Ph.D.Director

CENTER FOR LAW ANDBUSINESS

William Allen, B.S., J.D. LL.D.Director

DEAN’S OFFICE

Suzette Lemson, B.A., M.A.Director of Dean’s Office Administration

DEVELOPMENT ANDCORPORATE FOUNDATION

Kerry Kruckel-Gibbs, B.A.Director of Development

Lucretia Cavan, B.S., M.A.Director of Principal and Major Gifts

Robert Rosch, B.A., J.D.Director of Research

DIGITAL ECONOMY INITIATIVE

Lee Sproull, B.A., M.A.T., M.A., Ph.D.Director

DOCTORAL PROGRAMS

Edwin Elton, B.A., M.S., Ph.D.Director

ENTERTAINMENT, MEDIA, ANDTECHNOLOGY PROGRAM

Sam Craig, B.A., B.S., Ph.D.Director

EXECUTIVE PROGRAMS

Rosemary Mathewson, B.A, J.D., LL.M.Associate Dean

Kenneth Froewiss, B.A., Ph.D.Academic Director

Jennifer Spry, B.S.Administrations Director

L. GLUCKSMAN INSTITUTE FORRESEARCH IN SECURITIESMARKETS

William L. Silber, B.A., Ph.D.Director

HUMAN RESOURCES ANDPAYROLL

Grace Garnice, B.A., M.A.Director

INFORMATION TECHNOLOGY

George Tabback, B.S., M.S., M.B.A.Chief Information Technology Officer

Hilda Au, B.S.Director of Administrative InformationServices

Melissa Anderson, B.A., M.A., M.B.A.Director of Distance Learning

127

M.B.A. INTERNATIONALPROGRAMS

Pamela Bierman, B.A., M.B.A.Director, Advising and Student Services

THE LANGONE PROGRAM: A PART-TIME M.B.A. FORWORKING PROFESSIONALS

Kim P. Corfman, B.A., M.B.A., Ph.D.Academic Director

Pamela Bierman, B.A., M.B.A.Director, Advising and Student Services

MARKETS, ETHICS, AND LAW

Bruce Buchanan, B.S., Ph.D.Director

M.B.A. PROGRAM INITIATIVES

Mamta Malik, B.A., M.B.A.Director

M.B.A. PROGRAM INWESTCHESTER

Pamela Bierman, B.A., M.B.A.Director

PUBLIC AFFAIRS, MARKETING,AND SPECIAL EVENTS

Joanne Hvala, B.A., M.B.A.Associate Dean

Barbara Benson, B.S.Director, Special Events

RECORDS AND ENROLLMENTSERVICES

Beth Rubin, B.A.Director of Enrollment Management

Nora Lane, B.S., M.S.Director of Records and Registration

VINCENT C. ROSS INSTITUTEOF ACCOUNTING

Baruch I. Lev, B.A., M.B.A., Ph.D.Director

SALOMON CENTER

Ingo Walter, B.A., M.S., Ph.D.Director

UNDERGRADUATE COLLEGE

Victor Mullins, B.A., M.A.Director of Academic Services

Carolyn Magnani, B.A., M.A.Director of Advising and Student Services

128

Faculty

PROFESSORS

William T. AllenClinical Professor of Business; AdjunctProfessor of Law; Director, Center for Lawand BusinessB.S. 1969, NYU School of Commerce; J.D.1972, Texas; hon.: LL.D. 1972, DickensonSchool of Law

Edward I. AltmanMax L. Heine Professor of FinanceB.A. 1963, CUNY (City College); M.B.A.1965, Ph.D. 1967, California (Los Angeles)

Yakov AmihudIRA Rennert Professor of EntrepreneurialFinanceB.A. 1969, Hebrew; M.S. 1973, Ph.D. 1975,New York

Henry AssaelProfessor of MarketingB.A. 1957, Harvard; M.B.A. 1959,Pennsylvania; Ph.D. 1965, Columbia

David K. BackusHeinz Riehl Professor of Finance andEconomics; Vice Dean of Academic AffairsB.A. 1975, Hamilton College; Ph.D. 1981,Yale

Kashi R. BalachandranProfessor of AccountingB.E. 1962, Madras; M.S. 1964, Ph.D. 1968,California (Berkeley)

Eli BartovProfessor of AccountingB.A. 1977, Tel-Aviv; Ph.D. 1989, California(Berkeley)

Lawrence BearVisiting Professor of Business EthicsB.A. 1949, Duke; J.D. 1953, Harvard; LL.M.1967, Columbia

John S. BilderseeProfessor of AccountingB.A. 1966, Princeton; M.B.A., Ph.D. 1971,Chicago

Sally E. Blount-LyonProfessor of Management; ResearchProfessorB.S.E. 1983, Princeton; M.S. 1991, Ph.D.1992, Northwestern-Kellogg

Menachem BrennerProfessor of FinanceB.A. 1969, Hebrew; M.A. 1971, Ph.D. 1974,Cornell

Richard P. BriefProfessor of Statistics and AccountingB.A. 1955, M.B.A. 1958, Dartmouth College;Ph.D. 1964, Columbia

Stephen J. BrownDavid S. Loeb Professor of FinanceB.S. 1971, Monash; M.B.A. 1974, Ph.D.1976, Chicago

Bruce BuchananC. W. Nichols Professor of Business Ethics;Director, Markets, Ethics, and Law ProgramB.S. 1977, Massachusetts Institute ofTechnology; Ph.D. 1983, Columbia

Luís CabralProfessor of Economics; Research ProfessorB.A. 1983, Catholic University of Portugal;M.S. 1985, New University of Lisbon; Ph.D.1989, Stanford

Samprit ChatterjeeProfessor of StatisticsB.S. 1960, M.S. 1962, Calcutta; Ph.D. 1967,Harvard

Frederick D. S. ChoiProfessor of Accounting and InternationalBusiness; Dean, Leonard N. Stern School ofBusiness, Undergraduate College; ViceDean, Leonard N. Stern School of BusinessB.B.A. 1965, M.B.A. 1968, Hawaii; Ph.D.1972, Washington

Thomas CooleyPaganelli-Bull Professor of Global Business;Professor of Economics and InternationalBusiness; Chairman, Department ofEconomicsB.S. 1965, Rensselaer Polytechnic Institute;M.A. 1969, Ph.D. 1971, Pennsylvania

C. Samuel CraigProfessor of Marketing; Director,Entertainment, Media, and TechnologyB.A. 1965, Westminster College; M.S. 1967,Rhode Island; Ph.D. 1971, Ohio State

John A. CzepielProfessor of MarketingB.S. 1964, Illinois Institute of Technology;M.S. 1972, Ph.D. 1972, Northwestern

George DalyDean Richard R. West Professor of Business;Professor of Economics; Dean, Leonard N.Stern School of BusinessB.A. 1962, Miami (Ohio); M.A. 1965, Ph.D.1967, Northwestern

Aswath DamodaranProfessor of FinanceB.Com. 1977, Madras; M.S. 1979, IndianInstitute of Management; M.B.A. 1981,Ph.D. 1985, California (Los Angeles)

Vasant DharProfessor of Information SystemsB.S. 1978, Indian Institute of Technology;Ph.D. 1984, Pittsburgh

Daniel E. DiamondProfessor of EconomicsB.A. 1951, Massachusetts; M.B.A. 1953,Boston; Ph.D. 1958, New York

Susan P. DouglasProfessor of Marketing and InternationalBusinessB.A. 1962, M.A. 1964, Manchester; Ph.D.1969, Pennsylvania

John A. DoukasVisiting Professor of FinanceB.A. 1975, Athens; M.S. 1977, Stirling; Ph.D.1982, New York

Roger L. DunbarProfessor of ManagementB.Com. 1963, M.Com. 1966, Otago; Ph.D.1970, Cornell

Nicholas S. EconomidesProfessor of EconomicsB.S. 1976, London School of Economics;M.A. 1979, Ph.D. 1981, California (Berkeley)

Edwin J. EltonNomura Professor of Finance; Director,Doctoral ProgramsB.A. 1961, Ohio Wesleyan; M.S. 1965, Ph.D.1970, Carnegie Mellon

Robert EngleMichael Armellino Professorship in theManagement of Financial ServicesB.S. 1964, Williams; M.S. 1966, Ph.D. 1969,Cornell

Faculty of theStern School ofBusiness

129

Stephen C. FiglewskiProfessor of FinanceB.A. 1969, Princeton; Ph.D. 1976,Massachusetts Institute of Technology

Charles J. FombrunProfessor of ManagementB.S. 1974, B.A. 1975, Queen’s (Kingston,Ontario); Ph.D. 1980, Columbia

Richard D. FreedmanVice Dean for M.B.A. Programs; Professor ofManagementB.S. 1961, M.B.A. 1962, Ph.D. 1967, New York

Kenneth C. FroewissClinical Professor of Finance; AcademicDirector, Executive ProgramsB.A. 1967, Harvard College; Ph.D. 1977,Harvard

Ari GinsbergHarold Price Professor of Entrepreneurshipand Management; Director, Berkley Centerfor Entrepreneurial Studies; Area Chairman,Entrepreneurship and InnovationB.H.L. 1975, Israel; M.A. 1977, Columbia;M.B.A. 1982, Ph.D. 1985, Pittsburgh

William H. GreeneProfessor of EconomicsB.S. 1972, Ohio State; M.A. 1974, Ph.D.1976, Wisconsin

Martin J. GruberNomura Professor of FinanceB.S. 1959, Massachusetts Institute ofTechnology; M.B.A. 1961, Ph.D. 1966,Columbia

John D. GuilfoilProfessor of EconomicsB.A. 1956, CUNY (City College); M.A. 1960,Ph.D. 1964, New York

William D. GuthProfessor of ManagementB.S. 1953, Washington; M.B.A. 1954,Indiana; D.B.A. 1960, Harvard

Joel HasbrouckProfessor of FinanceB.S. 1974, Haverford; M.A. 1980, Ph.D.1981, Pennsylvania

Aaron HipscherVisiting Professor of AccountingB.A. 1965, M.B.A. 1966, Rutgers

Clifford M. HurvichProfessor of Statistics and OperationsResearch; Research ProfessorB.A. 1980, Amherst College; M.A. 1982,Ph.D. 1985, Princeton

Jacob JacobyMerchants Council Professor of RetailManagement and Consumer BehaviorB.A. 1961, M.A. 1963, CUNY (BrooklynCollege); Ph.D. 1966, Michigan State

Kose JohnCharles William Gerstenberg Professor ofBanking and FinanceB.S. 1970, India; M.S. 1974, FloridaInstitute of Technology; Ph.D. 1978, Florida

Seymour JonesClinical Professor of AccountingB.A. 1952, CUNY (City College); M.B.A. 1954,New York

Barbara G. KatzProfessor of EconomicsB.A. 1968, M.A. 1969, Ph.D. 1973,Pennsylvania

Robert A. KaveshMarcus Nadler Professor of Economics and FinanceB.S. 1949, New York; M.A. 1950, Ph.D. 1954,Harvard

W. Michael KeenanProfessor of FinanceB.S. 1960, Case Western Reserve; M.S. 1962,Ph.D. 1967, Carnegie Mellon; CFA

C. Christine KellyClinical Professor of ManagementCommunicationB.A. 1964, M.S. 1968, Emporia State; Ed.D.1992, Columbia

Robert B. LambClinical Professor of ManagementB.A. 1963, Chicago; M.B.A. 1976, Columbia;Ph.D. 1970, London School of Economics

Yoram LandskronerVisiting Professor of FinanceB.A. 1969, M.S. 1970, Hebrew; Ph.D. 1975,Pennsylvania

Kenneth C. LaudonProfessor of Information SystemsB.A. 1966, Stanford; Ph.D. 1972, Columbia

Baruch I. LevPhilip Bardes Professor of Taxation;Director, Vincent C. Ross Institute ofAccounting ResearchB.A. 1962, Hebrew; M.B.A. 1967, Ph.D. 1968,Chicago

Richard M. LevichProfessor of Finance and InternationalBusiness; Deputy Chairman, Department ofFinanceB.A., M.B.A. 1971, Ph.D. 1977, Chicago

Joshua LivnatProfessor of AccountingB.Sc. 1973, Hebrew; M.A. 1978, Ph.D. 1978,New York

Durairaj MaheswaranProfessor of Marketing; Research ProfessorB.Tech. 1973, Madras; M.B.A. 1976, IndianInstitute of Management; Ph.D. 1987,Northwestern

Rita Maldonado-BearProfessor of Finance and EconomicsB.B.A. 1960, Auburn; Ph.D. 1969, New York

Harry M. MarkowitzVisiting Professor of FinanceM.A. 1950, Ph.D. 1954, Chicago

Edward L. MelnickProfessor of Statistics; Deputy Chairman,Statistics Group in IOMSB.A. 1960, Lehigh; M.S. 1963, VirginiaPolytechnic Institute; Ph.D. 1970, GeorgeWashington

Richard J. MillerVisiting Professor of Management andEntrepreneurial StudiesB.S. 1958, Pennsylvania; L.D. 1961, New York

Elizabeth Wolfe MorrisonProfessor of Management; Chairman,Department of Management andOrganizational Behavior; ResearchProfessorB.A. 1984, Brown; M.S. 1988, Ph.D. 1991,Northwestern

James OhlsonLeonard N. Stern Professor of Business;Professor of Accounting and TaxationM.B.A. 1968, Ph.D. 1972, California(Berkeley)

Joel OwenProfessor of StatisticsB.A. 1956, Yeshiva; M.A. 1957, Boston; Ph.D.1966, Harvard

Michael PinedoProfessor of Operations Management;Deputy Chairman, Operations ManagementGroup in IOMSM.S. 1973, Delft; M.S. 1975, Ph.D. 1978,California (Berkeley)

Thomas A. PugelProfessor of Economics and InternationalBusiness; Area Chairman, InternationalBusinessB.A.1974, Michigan State; Ph.D.1978, Harvard

130

Roy RadnerLeonard N. Stern Professor of Business;Professor of Economics and InformationSystemsPh.B. 1945, B.S. 1950, M.S. 1951, Ph.D.1956, Chicago

Joseph W. RebovichClinical Professor of Accounting andTaxationB.A. 1956, M.B.A. 1960, Rutgers; Ph.D.1972, New York; CPA

Matthew RichardsonProfessor of Finance; Research ProfessorB.A. 1984, M.A. 1984, California (LosAngeles); Ph.D. 1989, Stanford

David RogersProfessor of Management and SociologyB.A. 1953, Ph.D. 1960, Harvard

Joshua RonenProfessor of AccountingB.A. 1959, M.S. 1963, Hebrew; Ph.D. 1969,Stanford; CPA

Ryuzo SatoC. V. Starr Professor of Economics; Director,Center for Japan-U.S. Business andEconomic StudiesB.A. 1954, Hitotsubashi; Ph.D. 1962, JohnsHopkins; Dr. of Ec. 1969, Hitotsubashi

Anthony SaundersJohn M. Schiff Professor of Finance;Chairman, Department of FinanceB.S. 1971, M.S. 1972, Ph.D. 1981, LondonSchool of Economics

Zur ShapiraProfessor of ManagementB.Sc. 1970, M.Sc. 1972, Hebrew; Ph.D. 1976,Rochester

Robert W. ShoemakerProfessor of MarketingB.A. 1961, Amherst College; M.S. 1964,Massachusetts Institute of Technology;Ph.D. 1972, Carnegie Mellon

William L. SilberAbraham Gitlow Professor of Finance andEconomics; Director, L. Glucksman Institutefor Research in Securities MarketsB.A. 1963, Yeshiva; M.A. 1965, Ph.D. 1966,Princeton

Gary A. SimonProfessor of StatisticsB.S. 1966, Carnegie Mellon; Ph.D. 1972,Stanford

Jeffrey S. SimonoffProfessor of StatisticsB.S. 1976, SUNY (Stony Brook); M.Phil.1978, Ph.D. 1980, Yale

George D. SmithClinical Professor of EconomicsB.A. 1968, Fairleigh Dickinson; M.A. 1970,Ph.D. 1976, Harvard

Roy C. SmithKenneth Langone Professorship ofEntrepreneurship; Clinical Professor ofFinance and International BusinessB.S. 1960, U.S. Naval Academy; M.B.A. 1966,Harvard

George H. SorterVincent C. Ross Professor of Accounting;Professor of Law; University ProfessorPh.B. 1953, M.B.A. 1955, Ph.D. 1963,Chicago; CPA

Lee SproullLeonard N. Stern Professor of Business;Professor of Information Systems andManagement; Director, Digital EconomyInitiativeB.A. 1967, Wellesley; M.A.T. 1969, Wesleyan;M.A. 1975, Ph.D. 1977, Stanford

William H. StarbuckITT Professor of Creative ManagementB.A. 1956, Harvard; M.S. 1959, Ph.D. 1964,Carnegie Institute

Joel H. SteckelProfessor of Marketing; Chairman,Department of MarketingB.A. 1977, Columbia; M.B.A. 1979, M.A.1980, Ph.D. 1982, Pennsylvania

Edward A. StohrProfessor of Information SystemsB.E. 1959, Melbourne; M.B.A. 1969, Ph.D.1973, California (Berkeley)

Marti G. SubrahmanyamCharles E. Merrill Professor of FinanceB.Tech. 1967, Indian Institute ofTechnology; Dipl. 1969, Indian Institute ofManagement; Ph.D. 1974, MassachusettsInstitute of Technology

Richard SyllaHenry Kaufman Professor of the History of Financial Institutions and Markets;Professor of EconomicsB.A. 1962, M.A. 1965, Ph.D. 1969, Harvard

Aaron TenenbeinProfessor of StatisticsB.S. 1965, Manitoba; M.A. 1966, Ph.D. 1969,Harvard

Myron UretskyProfessor of Information SystemsB.B.A. 1961, CUNY (City College); M.B.A.1962, Ph.D. 1965, Ohio State

Narayanan VaghulVisiting Professor of Economics andInternational BusinessB.Com. 1956, Loyola College

Paul A. WachtelProfessor of EconomicsB.A. 1966, CUNY (Queens College); M.A.1968, Ph.D. 1971, Rochester

Ingo WalterCharles Simon Professor of Applied Finan-cial Economics; Sidney Homer Director,New York University Salomon CenterB.A. 1962, M.S. 1963, Lehigh; Ph.D. 1966,New York

Lawrence J. WhiteArthur E. Imperatore Professor ofEntrepreneurial StudiesB.A. 1964, Harvard; M.Sc. 1965, LondonSchool of Economics; Ph.D. 1969, Harvard

Russell S. WinerVisiting Professor of MarketingB.A. 1973, Union College; Ph.D. 1977,Carnegie Mellon

Pradeep YadavVisiting Professor of FinanceB.S. 1973, B.S. 1975, Delhi; M.S. 1987,Ph.D. 1991, Strathclyde (Scotland)

Bernard YeungAbraham Krasnoff Professor of GlobalBusinessB.A. 1979, Western Ontario; M.B.A. 1981,Ph.D. 1984, Chicago

Eitan ZemelW. Edwards Deming Professor; Chairman,Department of Information, Operations,and Management SciencesB.S. 1970, Hebrew; M.S. 1972, WeizmanInstitute of Science; Ph.D. 1976, CarnegieMellon

ASSOCIATE PROFESSORS

Fernando AlvarezClinical Associate Professor of Managementand EntrepreneurshipB.S. 1967, Nebraska; Ph.D. 1994, New York

Ravi AnupindiAssociate Professor of OperationsManagementB.E. 1982, M.E. 1984, India; M.S. 1989,Ph.D. 1993, Carnegie Mellon

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Yannis BakosAssociate Professor of Information SystemsB.S. 1980, M.S. 1984, Ph.D. 1988,Massachusetts Institute of Technology

Patricia BarronClinical Associate Professor of InformationSystemsTeachers Diploma, 1963; M.B.A. 1972,Harvard Business School

Patricia Bower CooleyVisiting Associate Professor of ManagementCommunicationB.A. 1965, California; M.A. 1972, New York

Paul R. BrownAssociate Professor of Accounting;Chairman, Department of Accounting,Taxation, and Business LawB.A. 1972, Franklin and Marshall College;M.B.A. 1978, Ph.D. 1979, Texas (Austin)

Michael J. CapekClinical Associate Professor of ManagementCommunicationB.A. 1962, M.A. 1963, Marquette; Ph.D.1968, Wisconsin

Chao ChenVisiting Associate Professor of Managementand International BusinessM.A. 1987, Ph.D. 1992, SUNY (Buffalo)

Harry G. ChernoffVisiting Associate Professor of OperationsManagementB.A. 1968, M.S. 1975, Ph.D. 1985, New York

Navin ChopraVisiting Associate Professor of FinanceB.Tech. 1974, Indian Institute ofTechnology; M.B.A. 1979, Indian Institute of Management; Ph.D. 1990, Michigan

Kim P. CorfmanAssociate Professor of Marketing; Director of the Langone ProgramB.A. 1977, Princeton; M.B.A. 1982, Ph.D.1985, Columbia

Michael DarlingClinical Associate Professor of MarketingB.A. 1969, M.B.A. 1972, Sir George Williams(Montreal)

Chrysanthos DellarocasVisiting Associate Professor of InformationSystemsM.S. 1991, Ph.D. 1996, MassachusettsInstitute of Technology

Rohit S. DeoAssociate Professor of Statistics andOperations ResearchB.S. 1988, Fergusson College (India); M.S.1990, Poona (India); Ph.D. 1995, IowaState

Alex DontohAssociate Professor of AccountingB.Sc. 1973, Ghana; M.B.A. 1976, California(Berkeley); Ph.D. 1984, New York

Haim Dov FriedAssociate Professor of AccountingB.Com. 1971, Sir George Williams(Montreal); M.B.A. 1974, Ph.D. 1978, New York

Halina FrydmanAssociate Professor of Statistics andOperations ResearchB.Sc. 1972, Cooper Union; M.A. 1974,M.Phil. 1976, Ph.D. 1978, Columbia

Raghu GarudAssociate Professor of ManagementB.Tech. 1978, Indian Institute ofTechnology; M.B.A. 1980, Xavier LaborRelations Institute (India); Ph.D. 1989,Minnesota

Ian H. GiddyVisiting Associate Professor of FinanceB.S. 1970, Witwatersrand; M.B.A. 1972,Ph.D. 1974, Michigan

Peter GolderAssociate Professor of MarketingB.S. 1984, Pennsylvania; M.S. 1988,National; Ph.D. 1994, Southern California

Eric GreenleafAssociate Professor of MarketingB.S. 1977, New Hampshire; M.B.A. 1981,Ph.D. 1986, Columbia

Teresa A. JohnAssociate Professor of AccountingB.S. 1975, 1976, Florida; Ph.D. 1986, New York

Jarl G. KallbergAssociate Professor of FinanceB.S. 1972, British Columbia; M.S. 1974,Simon Fraser; Ph.D. 1979, British Columbia

April KleinAssociate Professor of AccountingB.A. 1977, Pennsylvania; M.B.A. 1979, Ph.D. 1983, Chicago

Peter LaknerAssociate Professor of Statistics andOperations ResearchB.A. 1978, M.A. 1980, Eötvos Loránd(Budapest); Ph.D. 1989, Columbia

Theresa K. LantAssociate Professor of ManagementB.A. 1981, Michigan; Ph.D. 1987, Stanford

Alvin LiebermanClinical Associate Professor of Marketing;Executive Director, Entertainment, Media,and TechnologyB.S. 1960, Cornell; M.B.A. 1963, New York

Crocker H. LiuAssociate Professor of FinanceB.B.A. 1976, Hawaii; M.S. 1980, Wisconsin;Ph.D. 1988, Texas

Anthony W. LynchAssociate Professor of FinanceB.A. 1986, M.A. 1988, J.D. 1989, Queensland(Australia); Ph.D. 1994, Chicago

Ajay MaindirattaAssociate Professor of AccountingB.Tech. 1975, Indian Institute ofTechnology; Ph.D. 1984, Carnegie Mellon

Jian Ping MeiAssociate Professor of FinanceB.S. 1982, Fudan; M.A. 1986, Shanghai;Ph.D. 1990, Princeton

Geeta MenonAssociate Professor of MarketingB.A. 1981, M.A. 1983, Madras; Ph.D. 1991,Illinois

Stephen MeziasAssociate Professor of ManagementB.A. 1980, Columbia; M.S. 1985, Ph.D.1987, Stanford

Frances J. MillikenAssociate Professor of ManagementB.A. 1978, Columbia; M.B.A. 1982, Ph.D.1985, City College

Vicki MorwitzAssociate Professor of MarketingB.S. 1983, Rutgers; M.S. 1986, Polytechnic;M.S. 1989, Ph.D. 1991, Pennsylvania

Michael A. MosesAssociate Professor of Operations ManagementB.S. 1962, Worcester Polytechnic Institute;M.S. 1964, Ph.D. 1968, Northwestern

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Praveen NayyarAssociate Professor of OperationsManagementB.Tech. 1978, Indian Institute ofTechnology; M.B.A. 1981, Indian Institute ofManagement; Ph.D. 1988, Michigan

Eli OfekAssociate Professor of FinanceB.A. 1986, Tel-Aviv; M.B.A. 1989, Ph.D.1991, Chicago

Foster ProvostAssociate Professor of Information SystemsB.S. 1986, Duquesne; M.S. 1988, Ph.D.1992, Pittsburgh

James R. RatliffAssociate Professor of AccountingB.S. 1956, Marshall; M.B.A. 1958, Louisville;Ph.D. 1970, New York; CPA

Oksanna ReynoldsClinical Associate Professor of ManagementCommunicationsB.A. 1966, Rutgers; M.A. 1967, MiddleburyCollege; Ph.D. 1971, Tulane

Nouriel RoubiniAssociate Professor of Economics andInternational BusinessB.A. 1982, Bocconi (Milan); Ph.D. 1988,Harvard

Stephen G. RyanAssociate Professor of AccountingB.A. 1981, Dartmouth College; Ph.D. 1988,Stanford

Irving SchenklerClinical Associate Professor of ManagementCommunicationB.A. 1975, M.A. 1976, M.Phil. 1978,Columbia

Sridhar SeshadriAssociate Professor of OperationsManagementB.Tech. 1978, Indian Institute ofTechnology; P.G.D.M. 1980, Indian Instituteof Management; Ph.D. 1993, California(Berkeley)

James Myles ShaverAssociate Professor of Management andInternational BusinessB.Comm. 1988, Alberta; Ph.D. 1994,Michigan

Rangarajan K. SundaramAssociate Professor of FinanceB.A. 1982, Madras; M.B.A. 1984, IndianInstitute of Management; M.A. 1987, Ph.D.1988, Cornell

Jon A. TurnerAssociate Professor of Information Systems;Deputy Chairman, Information SystemsGroup in IOMSB.E. 1958, Yale; M.S. 1971, M.Phil. 1976,Ph.D. 1980, Columbia

Alexander TuzhilinAssociate Professor of Information SystemsB.A. 1980, New York; M.S. 1981, Stanford;Ph.D. 1989, New York

Norman H. WhiteClinical Associate Professor of InformationSystems; Director of CDERB.A. 1966, Harvard; M.S. 1971, Ph.D. 1974,New York

Robert F. WhitelawAssociate Professor of FinanceB.S. 1984, Massachusetts; Ph.D. 1993,Stanford

Jeremy L. WiesenAssociate Professor of BusinessLaw/AccountingB.S. 1963, Pennsylvania; J.D. 1966, Harvard

Aline WolffClinical Associate Professor of ManagementCommunicationB.A. 1966, California (Berkeley); M.A. 1978,Ph.D. 1981, Columbia

David YermackAssociate Professor of FinanceB.A. 1985, J.D. 1991, M.B.A. 1991, M.A.1993, Ph.D. 1994, Harvard

Paul ZarowinAssociate Professor of AccountingB.A. 1977, Pennsylvania; M.B.A. 1981, Ph.D.1985, Chicago

ASSISTANT PROFESSORS

Juan AlcacerAssistant Professor of Management andInternational BusinessM.B.A. 1993, Instituto de EstudiosSuperiores de Administración; M.A. 1998,Ph.D. 2001, Michigan

Heitor AlmeidaAssistant Professor of FinanceB.A. (bus. admin.) 1992, UNA, BeloHorizonte-MG (Brazil); B.A. (econ.) 1992,UFMG-MG (Brazil); M.S. 1995, PUC-Rio(Brazil); Ph.D. 2000, Chicago

Mor ArmonyAssistant Professor of OperationsManagementB.S. 1993, M.S. 1996, Hebrew; M.S. 1997,Ph.D. 1999, Stanford

Caroline BartelAssistant Professor of Management andOrganizational BehaviorB.A. 1992, SUNY (Stony Brook); M.A. 1996,Ph.D. 1998, Michigan

Karen BeckerVisiting Assistant Professor of MarketingB.S. 1987, Cedar Crest College; M.S. 1989,Pennsylvania State; Ph.D. 1998, Lehigh

Abraham BernsteinAssistant Professor of Information SystemsB.S. 1992, Ecole Nationale de la Statistiqueet de l’Administration Economique; M.S. 1993, London School of Economicsand Political Science; Ph.D. 2000,Massachusetts Institute of Technology

Rene CaldenteyAssistant Professor of OperationsManagementM.A. 1994, Chile; Ph.D. 2001, MassachusettsInstitute of Technology

Jeanne CalderonClinical Assistant Professor of Business LawB.A. 1975, Cornell; J.D. 1978, Georgetown

Jennifer N. CarpenterAssistant Professor of FinanceB.S. 1987, M.A. 1993 (math.), M.A. 1994,Ph.D. 1995, Pennsylvania

Xianghui ChenAssistant Professor of Statistics andOperations ResearchB.E. 1989, B.S. 1989, Tsinghua; Ph.D. 1995,Harvard

Ya-Ru ChenAssistant Professor of Management andInternational BusinessB.A. 1986, Soochow; M.A. 1991, Ph.D. 1995,Columbia

Yuxin ChenAssistant Professor of MarketingB.S. 1992, Fudan; M.S. 1994, Zhejiang;M.S.B.A. 1997, Washington

Wilbur C. ChungAssistant Professor of Management andInternational BusinessB.S. 1986, M.S. 1990, Carnegie Mellon;Ph.D. 1997, Michigan

Qiang DaiAssistant Professor of FinanceB.S. 1988, Peking; Ph.D. 1993, Stanford

Michael DavernAssistant Professor of Information SystemsB.Com. 1989, 1992, Tasmania; Ph.D. 1998,Minnesota

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Skander EssegaierAssistant Professor of MarketingB.S. 1992, Ecole Nationale de la Statistiqueet de l’Administration Economique; M.S.1993, London School of Economics andPolitical Science; Ph.D. 2000, Columbia

Alessandra FogliAssistant Professor of Economics andInternational BusinessB.A. 1994, Bocconi; (Italy); M.A. 1995,Ancona (Italy); Ph.D. 2000, Pennsylvania

Vishal GaurAssistant Professor of OperationsManagementB.Tech 1993, Indian Institute ofTechnology; M.B.A. 1995, Indian Institute ofManagement; Ph.D. 2001, Pennsylvania

Michelle GittelmanAssistant Professor of Management andOrganizational BehaviorB.A. 1983, Tufts; M.B.A. 1989, Columbia;Ph.D. 2000, Pennsylvania

Dhananjay GodeAssistant Professor of Accounting, Taxation,and Business LawB.S. 1986, Banaras Hindu; M.B.A. 1988,Indian Institute of Management; M.S. 1990,1992, Ph.D. 1994, Carnegie Mellon

Jonathan HeathcoteVisiting Assistant Professor of EconomicsB.A. 1993, Oxford; Ph.D. 1998,Pennsylvania

Florian M. HeiderVisiting Assistant Professor of FinanceB.A. 1994, Oxford; M.A. 1995, UniversiteCatholique de Louvain (Belgium)

Richard HendlerClinical Assistant Professor of Business LawB.S. 1985, J.D. 1988, New York

Gregory JanicikAssistant Professor of Management andOrganizational BehaviorB.S.E. 1988, Duke; M.B.A. 1997, Ph.D. 1998,Chicago

Bing JingAssistant Professor of Information SystemsB.E. 1992, Bejing Information TechnologyInstitute; M.B.A. 1996, Bentley College;Ph.D. 2001, Rochester

David JuranVisiting Assistant Professor of OperationsManagementB.A. 1981, California (Los Angeles); M.B.A.1993, New Haven; Ph.D. 1997, Cornell

Raja KabaliswaranClinical Assistant Professor of ManagementB.Tech. 1975, Indian Institute ofTechnology; M.E. 1980, Manhattan College;M.Phil. 1983, Ph.D. 1988, New York

Sudhir KarunakaranAssistant Professor of MarketingB.E. 1989, Anna (India); M.Tech. 1991,Indian Institute of Technology; M.S. 1997,Ph.D. 1998, Cornell

Rachel S. KowalClinical Assistant Professor of Business LawB.A. 1977, Cornell; J.D. 1981, Yeshiva

Terri KurtzbergVisiting Assistant Professor of ManagementB.A., M.A. 1995, Chicago; M.S. 1997, Ph.D.2000, Northwestern

Michael LenoxAssistant Professor of ManagementB.S. 1993, M.S. 1994, Virginia; Ph.D. 1999,Massachusetts Institute of Technology

Martin LettauVisiting Assistant Professor of FinanceM.S. 1990, Mannheim; Ph.D. 1994,Princeton

Natalia LevinaAssistant Professor of Information SystemsB.A. 1994, M.A. 1994, Boston; Ph.D. 2001,Massachusetts Institute of Technology

Alexander LjungqvistAssistant Professor of FinanceM.S. 1992, Lund (Sweden); M.Phil. 1994,Ph.D. 1995, Oxford

Carol A. MarquardtAssistant Professor of AccountingB.A. 1988, Wisconsin; M.A. 1990, Arizona;Ph.D. 1997, Cornell

Xavier MartinAssistant Professor of Management andInternational BusinessB.S. 1981, Lycée Jean Prevost; M.A. 1986,E.S.C. Lyon; M.B.A. 1989, York; Ph.D. 1996,Michigan

Tom MeyvisAssistant Professor of MarketingLicentiaat 1996, Catholic University ofLeuven (Belgium); Ph.D. 2001, Florida

Partha MohanramAssistant Professor of AccountingB.Tech. 1990, Indian Institute ofTechnology; M.B.A. 1992, Indian Institute ofManagement; Ph.D. 1998, Harvard

Holger MuellerAssistant Professor of FinanceM.B.A. 1993, Ph.D. 1997, St. Gallen(Switzerland)

Sunder NarayananVisiting Assistant Professor of MarketingB.Tech. 1980, Indian Institute ofTechnology; M.B.A. 1982, Indian Institute of Management; M.Phil., Ph.D. 1990,Columbia

Lasse PedersenAssistant Professor of FinanceB.S. 1995, M.S. 1997, Copenhagen; Ph.D.2001, Stanford

Fabrizio PerriAssistant Professor of EconomicsB.S. 1992, Bocconi (Milan); M.A. 1994,Ph.D. 1999, Pennsylvania

Marco ProtanoVisiting Assistant Professor of MarketingB.S. 1985, Northeastern; M.B.A. 1994,Virginia

Vincenzo QuadriniAssistant Professor of Economics andInternational BusinessB.S. 1990, Ancona (Italy); M.A. 1991,CORIPE-Piemonte, Turin (Italy); Ph.D.1996, Pennsylvania

Gideon SaarAssistant Professor of FinanceB.B.A. 1994, Baruch; M.A. 1996, Ph.D. 2000,Cornell

Rachelle SampsonAssistant Professor of Management andInternational BusinessB.B.A., LL.B. 1992, Queensland University ofTechnology; Ph.D. 1999, Michigan

Melissa SchillingAssistant Professor of ManagementB.S. 1990, Colorado; Ph.D. 1996,Washington

Alexander ShapiroAssistant Professor of FinanceB.S. 1989, Technion (Israel); M.B.A. 1993,Tel-Aviv; M.A. 1996, Ph.D. 1998,Pennsylvania

Arun SundarajanAssistant Professor of Information SystemsB.Tech. 1993, Indian Institute ofTechnology; M.S. 1995, D.Phil. 1997,Rochester

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Christopher L. TucciAssistant Professor of OperationsManagementB.S. 1982, B.A. 1983, M.S. 1983, Stanford;M.S. 1991, Ph.D. 1997, MassachusettsInstitute of Technology

Vasilis VassalosAssistant Professor of Information SystemsDiploma 1994, National Technical(Athens); M.S. 1998, Ph.D. 1999, Stanford

Jessica WachterAssistant Professor of FinanceB.A. 1996, Ph.D. 2000, Harvard

Kimberly Wade-BenzoniAssistant Professor of Management andOrganizational BehaviorB.S. 1989, Cornell; M.S. 1995, Ph.D. 1996,Northwestern

Batia Mishan WiesenfeldAssistant Professor of ManagementB.A. 1988, Ph.D. 1996, Columbia

Daniel WolfenzonAssistant Professor of FinanceB.S. 1994 (Mechanical Engineering), B.S.1994 (Economics), Massachusetts Instituteof Technology; M.A. 1999, Ph.D. 1999,Harvard

Amy WrzesniewskiAssistant Professor of Management andOrganizational BehaviorB.A. 1994, Pennsylvania; M.A. 1996, Ph.D.1999, Michigan

Jeffrey WurglerAssistant Professor of FinanceB.A.S. 1994, Stanford; M.A., Ph.D. 1999,Harvard

Shinkyu YangAssistant Professor of Information SystemsB.S. 1994, Seoul National; M.B.A. 1994,Ph.D. 1999, Massachusetts Institute ofTechnology

PROFESSORS EMERITI

Frank J. AngellProfessor Emeritus of FinanceB.S. 1941, New York; M.B.A. 1958, CUNY

Hector AntonProfessor Emeritus of AccountingB.S. 1942, M.B.A. 1947, California (LosAngeles); Ph.D. 1953, Minnesota

Lawrence D. BrennanProfessor Emeritus of BusinessCommunicationB.C.S. 1937, M.A. 1947, Ph.D. 1951, New York

Julian Gerard BuckleyProfessor Emeritus of FinanceB.A. 1928, Harvard; M.B.A. 1937, Ph.D.1952, New York; CFA

Lincoln H. ClarkProfessor Emeritus of MarketingB.A. 1937, M.B.A. 1938, Ph.D. 1940, Chicago

Arnold CorbinProfessor Emeritus of MarketingB.S. 1931, M.B.A. 1934, Harvard; Ph.D.1954, New York

Peter F. DruckerProfessor Emeritus of Management;Distinguished Visiting LecturerJ.D. 1931, Frankfurt; D.C.S. 1956, Pace;hon.: Dr.Econ. 1962, Nihon (Tokyo); 1970,St. Gallen (Switzerland); hon.: D.Phil.1971, Bradford; L.H.D. 1973, Temple; hon.:D.Soc.Sci. 1975, Brussels; LL.D. 1964,Scranton, Wayne State, 1975, Notre Dame

Peter DubnoProfessor Emeritus of Behavioral Scienceand ManagementB.A. 1942, M.A. 1954, Brooklyn College(CUNY); Ph.D. 1960, New York

Harold A. EppstonProfessor Emeritus of TaxationB.C.S. 1918, M.C.S. 1920, B.S. 1924, NewYork; J.D. 1922, Fordham; CPA

John FayerweatherProfessor Emeritus of InternationalBusiness and ManagementB.S. (Eng.) 1943, Princeton; M.B.A. 1948,Ph.D. 1954, Harvard

Abraham L. GitlowProfessor Emeritus of Economics; AdjunctProfessor of ManagementB.A. 1939, Pennsylvania; M.A. 1940, Ph.D.1947, Columbia

Gerald J. GlasserProfessor Emeritus of Business StatisticsB.S. 1953, M.B.A. 1954, Ph.D. 1957, New York

Alfred GrossProfessor Emeritus of MarketingB.B.A. 1936, M.B.A. 1939, CUNY (CityCollege); Ph.D. 1945, New York

Robert S. HolzmanProfessor Emeritus of TaxationB.S. (Econ.) 1929, Pennsylvania; M.A. 1947,Ph.D. 1953, New York

Charles C. HullProfessor Emeritus of Business WritingB.C.S. 1918, New York

J. Harold JanisProfessor Emeritus of BusinessCommunicationB.S. 1932, M.A. 1942, New York

Irwin KabakProfessor Emeritus of Operations ResearchB.S. 1956, M.E. 1958, Ph.D. 1964, New York

Joseph S. KeiperProfessor Emeritus of EconomicsPh.B. 1936, Muhlenberg College; M.B.A.1937, Pennsylvania; Ph.D. 1947, New York

Harry M. KellyProfessor Emeritus of FinanceB.A. 1933, LL.B. 1936, Columbia; J.S.D.1940, St. John’s

Ernest KurnowProfessor Emeritus of Business Statistics;Adjunct Professor of Statistics andOperations ResearchB.S. 1932, M.S. (Educ.) 1933, CUNY (CityCollege); Ph.D. 1951, New York

Ely KushelProfessor Emeritus of AccountingB.S. 1950, M.B.A. 1951, New York; CPA

Benjamin LipsteinProfessor Emeritus of MarketingB.A. 1943, CUNY (Brooklyn College); M.A. 1946, Ph.D. 1956, Columbia

Norman H. MartinProfessor Emeritus of ManagementB.A. 1939, Wisconsin; M.A. 1949, Ph.D.1954, Chicago

Benjamin NewmanProfessor Emeritus of AccountingB.A. 1934, CUNY (Brooklyn College); M.S. (Educ.) 1938, M.B.A. 1948, CUNY (City College); CPA

Alex W. RatheProfessor Emeritus of ManagementB.S.E.E. 1933, M.S.I.E. 1935, Dipl.Ing. 1935,Dr.Ing. 1936, Charlottenburg Institute ofTechnology

Lawrence RitterProfessor Emeritus of FinanceB.A. 1943, Indiana; M.A. 1948, Ph.D. 1951,Wisconsin

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Arnold SametzProfessor Emeritus of FinanceB.A. 1940, CUNY (Brooklyn College); M.A. 1942, Ph.D. 1951, Princeton

Michael SchiffProfessor Emeritus of Accounting; AdjunctProfessor of AccountingB.B.A. 1936, M.B.A. 1939, CUNY (CityCollege); Ph.D. 1947, New York; CPA

Melvin F. ShakunProfessor Emeritus of Statistics andOperations ResearchB.M.E. 1950, CUNY (City College); M.S. 1951, Eng.Sc.D. 1953, Columbia

F. Robert ShoafProfessor Emeritus of MarketingB.A. 1952, Dickinson College; M.S. 1955,Ph.D. 1957, Purdue

Egbert H. van DeldenProfessor Emeritus of ManagementB.A. 1928, M.A. 1930, Ph.D. 1933, New York

James D. WeinlandProfessor Emeritus of Business PsychologyB.A. 1917, Pomona College; M.A. 1922,Ph.D. 1927, Columbia

Richard R. WestProfessor Emeritus of Finance; DeanEmeritusB.A. 1960, Yale; M.B.A. 1963, Ph.D. 1964,Chicago

Ralph M. ZinkProfessor Emeritus of BusinessCommunicationB.S. 1935, M.A. 1941, New York

ADJUNCT FACULTY

One of the distinctive advantages of the SternSchool is the availability of many dis-tinguished practitioners in relevant fields toserve as adjunct faculty. Over the years, thistradition has enriched the School’seducational mission while lending apragmatic dimension to its curriculum. Theadjunct faculty employed by the SternSchool include the following:

Vipul AgrawalPh.D., Operations Management

Franklin AllenPh.D., Finance

Linda AllenPh.D., Finance

Jeffrey A. BarclayM.B.A., Finance

Daniel BarrishM.S., Information Systems

Susan BeckerM.B.A., Ph.D., ManagementCommunication

Francisco BenzoniM.A., Management

Ronald E. BerenbeimM.A., J.D., Market Ethics, and Business Law

Michael BettisonM.S., Information Systems

Anindya BhattacharyaM.A., Ph.D., International Business

Daniel BigelB.A., Marketing

Kenneth S. BigelM.B.A., Markets, Ethics, and Law

Zenas BlockB.S., Entrepreneurship

Donna BogatinM.B.A., Information Systems

Adrian BowlesPh.D., Information Systems

Kevin BrabazonM.P.A., Information Systems

Rodrigo K. BrionesM.B.A., International Business

Edward I. BrodyB.S., Marketing

Alan BrottM.B.A., Accounting

Allan BrownM.A., Finance

George M. BuckleyJ.D., Management

Joseph S. ByckPh.D., Management

Ernest J. CampbellM.S., Information Systems

Jeffrey A. CarrM.B.A., Marketing

Sinan CebenoyanPh.D., Finance

Willa ChenM.S., Statistics

Philip B. ChenokM.B.A., Accounting

Elizabeth CrawfordB.A., Marketing

Lawrence S. DryerM.B.A., Accounting

William DugganM.B.A., Marketing

Joseph R. DziwuraPh.D., Economics

Alan EchtenkampM.A., Management

David EllnerM.B.A., Marketing

Ronel ElulPh.D., Finance

Herbert EngelhardtM.B.A., Management

Cheryl L. FleisherM.B.A., Management Communication

Steven J. FredericksM.B.A., Marketing

Seth FreemanJ.D., Economics

Henry D. FuldB.B.A., Marketing

Roberto M. GamarraPh.D., International Business

Brian C. GendreauM.A., Ph.D., Finance

Arlene GerwinM.B., Marketing

Barry GoldM.B.A., Finance

Neal GoldsmithPh.D., Management

Michael GoodmanM.B.A., Marketing

Robert GordonDipl., Finance

Thomas L. GreenbaumM.B.A., Marketing

Allan GrodyB.S., Information Systems

David HaitM.S., Finance

John J. HeartfieldM.S., Information Systems

Dexter HintonB.S., Marketing

Achim Max HolmesM.B.A., J.D., Finance

Paul P. HoppePh.D., Statistics and Operations Research

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Neal D. HorrellPh.D., Finance

Jon HousmanM.B.A., Marketing

Jonatan JelenPh.D., Information Systems

Jeffrey M. KaplanJ.D., Markets, Ethnics, and Law

Edward KassPh.D., Management

Edward KerschnerM.B.A., Finance

Eleni Kikiras CarterM.B.A., Management

Harry KrenskyM.B.A., International Business

Sabine KuesterPh.D., Marketing

Ernest KurnowPh.D., Statistics and Operations Research

Mitchell LangbertM.B.A., Ph.D., Management

Marshall LangerM.B.A., Marketing

Anat LechnerM.B.A., Management

Jonathan LeePh.D., Operations Management

Hans LevenbachPh.D., Statistics

David LiebeskindPh.D., Management

Pai-Chun MaPh.D., Information Systems

Alice T. MarlinB.A., Markets, Ethnics, and Law

John T. MarlinM.A., Markets, Ethnics, and Law

Arjun MathraniM.A., Finance

Michael MazzaresePh.D., Management

Susan McCliveM.B.A., Management Communication

Margaret M. McConnellPh.D., Economics

Kathleen McGahranPh.D., Accounting

Charles McGillM.B., Finance

Roberta McKeonM.B.A., Management Communication

Roger MesznikM.B.A., Ph.D., Finance

Frederick MilitelloM.I.A., International Business

Cyrus MohebbiPh.D., Statistics and Operations Research

Marissa J. MoranJ.D., Accounting

Marion MorgenthalM.B.A., Information Systems

Katherine MosbyM.A., Management Communication

Loren R. MunsonM.A., Marketing

Charles MurphyM.B.A., Finance

Michael P. NiemiraM.A., Economics

Paul NoglowsM.A., Finance

William PagePh.D., Management Communication

Michael A. PalleyPh.D., Information Systems

Kenneth ParkinsonM.B.A., Finance

Jennifer ParlamisB.A., Management

R. Scot PerlinM.B.A., International Business

Corey PhelpsM.B.A., Management

Harvey PoniachekPh.D., Finance

Dawn PorterB.A., Statistics

Kenneth A. PrestonB.S., Management

S. Abraham RavidPh.D., Finance

Heinz RiehlP.M.D., International Business

Arthur H. RosenbloomM.A., J.D., Finance

Gerald RosenfeldPh.D., Finance

Nancy P. RosenfeldB.A., J.D., Marketing

Mark RothenbergB.A., Marketing

Souyma RoyPh.D., Marketing

Richard RubinsteinM.B.A., Marketing

Tony SalingerB.A., Information Systems

Rungson SamroengrajaPh.D., Operations Management

Michael SchiffPh.D., Accounting

John-David Schramm IIB.A., Management

David S. SealM.B.A., Marketing

Eugene SecundaPh.D., Marketing

Celia SeupelM.A., Management Communication

Jeffrey S. ShawPh.D., Statistics and Operations Research

Simon J. SheatherPh.D., Statistics

Yuqing ShenPh.D., International Business

David L. ShrierB.S., Entrepreneurial Studies

Brian ShydloB.S., Statistics and Operations Research

Martin SiegelM.B.A., International Business

Fred SilvermanPh.D., Operations Management

Bruce SkoorkaPh.D., Economics and InternationalBusiness

Thomas SmithM.B.A., Marketing

Ronald H. SmithiesJ.D., Ph.D., Market Ethics and Business Law

William F. SonnenreichM.B.A., Finance

Valerie SpitlerM.B.A., Information Systems

Frederick SpreyerM.A., Management Communication

Katherine L. SquiresL.M., International Business

Venkataramani SrivatsanPh.D., Management and InternationalBusiness

Robert V. StefanowskiM.B.A., Finance

Susan StehlikM.S., Management Communication

Miriam SternJ.D., Marketing

Robert StovallM.B.A., Finance

Frank L. SullivanM.B.A., Finance

Kishore TandonPh.D., International Business

Abdullah TanselPh.D., Information Systems

Irwin TantleffM.B.A., Management

David A. TanzerPh.D., Information Systems

Richard TashjianPh.D., Statistics and Operations Research

Amy TaylorPh.D., Management and OrganizationalBehavior

Mark TaxelB.A., Marketing

Michael L. TindallPh.D., Economics

Jay TremblayM.B., Marketing

Richard WilliamsM.B.A., International Business

Ashok VoraPh.D., Finance

Arthur ZeikelM.B., Finance

Lawrence ZicklinM.B.A., Management

GRADUATE COMMISSION

The voting membership of the commissionis composed of the dean and an elected fac-ulty member from each of the schools offer-ing a graduate program as well as academicofficers from the central administration.Each school is also represented by an electedmember of its student body.

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Degree and Certificate Programs1

PROGRAM1 HEGIS NUMBER2 DEGREES CONFERRED1

Accounting 0502 M.B.A., M.Phil., Ph.D.

Economics 0517 M.B.A., M.Phil., Ph.D.

Executive M.B.A. 0506 M.B.A.

Global Executive M.B.A. 0506 M.B.A.

Finance 0504 M.B.A., M.Phil., Ph.D.

Executive M.B.A. in Finance 0504 M.B.A.

General Management3 0506 M.B.A.

Information Systems 0701 M.B.A., M.Phil., Ph.D.

Management and Organizational Behavior 0506 M.B.A., M.Phil., Ph.D.

Marketing 0509 M.B.A., M.Phil., Ph.D.

Operations Management 0599 M.B.A.

Statistics 0507 M.B.A., M.Phil., Ph.D.

Joint Degree Programs1

PROGRAM1 HEGIS NUMBER2

J.D.-M.B.A. (with the School of Law) 14014

M.A. (in Politics)-M.B.A. (with the Graduate School of Arts and Science) 49994

M.A. (in French Studies)-M.B.A. (with the Graduate School of Arts and Science) 03124

M.P.A.-M.B.A. (with the Wagner Graduate School of Public Service) 2102/12024

M.S. (in Biology)-M.B.A. (with Graduate School of Arts and Science) 04014

1 As registered by the New York State Education Department, Office of Higher Education and the Professions, Cultural Education Center, Room 5B28, Albany, NY 12230; telephone: (518) 474-5851.

2 HEGIS: Higher Education General Information Survey.3 Offered only at Manhattanville College campus. 4 M.B.A. portion registered under individual HEGIS codes depending upon M.B.A. major.

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Travel Directions to the Stern School of Business*

Lexington Avenue Subway: Local toAstor Place Station. Walk west on Astor Placeto Broadway, then south on Broadway toWaverly Place, and west on Waverly Place toWashington Square.

Broadway Subway: Local to Eighth StreetStation. Walk south on Broadway to WaverlyPlace, then west on Waverly Place toWashington Square.†

Sixth or Eighth Avenue Subway: ToWest Fourth Street-Washington SquareStation. Walk east on West Fourth Street orWaverly Place to Washington Square.†

Seventh Avenue Subway: Local toChristopher Street-Sheridan Square Station.Walk east on West Fourth Street toWashington Square.

Port Authority Trans-Hudson(PATH): To Ninth Street Station. Walksouth on Avenue of the Americas (SixthAvenue) to Waverly Place, then east toWashington Square.

Fifth Avenue Bus: Buses numbered 2, 3,5, and 18 to Eighth Street and UniversityPlace. Walk south to Washington Square.Bus numbered 1 to Broadway and NinthStreet. Walk south on Broadway to WaverlyPlace and west to Washington Square.

Eighth Street Crosstown Bus: Bus numbered 8 to University Place. Walksouth to Washington Square.

Broadway Bus: Bus numbered 6 toWaverly Place. Walk west to WashingtonSquare.

* See Washington Square Campus map and key for specific addresses.

† During the Manhattan Bridge rehabilitation, call(718) 521-3333, for information on subway changeson these lines.

North

Washington Square Campus

Key to Buildings1 Carlyle Court

25 Union Square West2 Coral Towers

131 Third Avenue3 145 Fourth Avenue 4 University Hall

110 East 14th Street 5 Palladium

140 East 14th Street 6 113 University Place7 838 Broadway8 7 East 12th Street9 Casa Italiana Zerilli-Marimò

24 West 12th Street10 Third Avenue North

Residence Hall75 Third Avenue

11 Rubin Residence Hall35 Fifth Avenue

12 Bronfman Center7 East 10th Street

13 Brittany Residence Hall55 East 10th Street

14 Lillian Vernon Center forInternational Affairs58 West 10th Street

15 Alumni Hall33 Third Avenue

16 Barney Building34 Stuyvesant Street

17 19 University Place18 a Cantor Film Center

36 East Eighth Streetb Faye’s Café38 East Eighth Street

19 10 Astor Place20 Deutsches Haus

42 Washington Mews21 Glucksman Ireland House

1 Washington Mews22 a Institute of French Studies

15 Washington Mewsb La Maison Française16 Washington Mews

23 Weinstein Center for Student Living5 University Place

24 Undergraduate Admissions22 Washington Square North

25 One-half Fifth Avenue26 1-6 Washington Square

Northa Ehrenkranz School ofSocial Work1 Washington Square Northb Wagner Graduate School ofPublic Service4 Washington Square Northc Graduate School of Artsand Science6 Washington Square North

27 Rufus D. Smith Hall25 Waverly Place

28 Seventh Street Residence40 East Seventh Street

29 111, 113A Second Avenue30 Silver Center Block

a Silver Center for Arts and Science100 Washington Square East/33 Washington Placeb Waverly Building24 Waverly Placec Brown Building29 Washington Place/245 Greene Street

31 Kimball Blocka Kimball Hall246 Greene Streetb Torch Club18 Waverly Place

c Commuter Commons16 Waverly Placed Reprographic Services14 Waverly Placee 285 Mercer Streetf Mercer Lounge283 Mercer Streetg Student Activities Center244 Greene Street

32 Broadway Blocka 715 Broadway b 719 Broadway c 721 Broadway d 1 Washington Placee 3 Washington Place f 5 Washington Place

33 University Health Center726 Broadway

34 411 Lafayette Street35 48 Cooper Square 36 Hayden Residence Hall

33 Washington Square West37 Education Block

a Pless Hall82 Washington Square Eastb Pless Annex82 Washington Square East (26 Washington Place)c 18 Washington Placed East Building239 Greene Streete Education Building35 West Fourth Streetf Violet Café45 West Fourth Streetg Goddard Hall79 Washington Square East

38 Student Services Blocka 25 West Fourth Streetb Student Life Center240 Greene Streetc 242 Greene Streetd 14, 14A Washington Place e Carter Hall10 Washington Placef 8 Washington Place g 269 Mercer Street

39 Meyer Blocka Meyer Hall4 Washington Placeb Psychology Building6 Washington Place

40 a Provincetown Playhouse133 MacDougal Street b Lawyering Program137 MacDougal Street

41 Vanderbilt Hall40 Washington Square South

42 Judson Blocka Kevorkian Center50 Washington Square Southb Skirball Department53 Washington Square Southc King Juan Carlos I Center53 Washington Square Southd School of Law Building(under construction)

43 a Catholic Center at NYU58 Washington Square South(non-University building)b Thompson Center238 Thompson Street

44 Kimmel Center for University Life60 Washington Square South (under construction)

45 Bobst Library70 Washington Square South

46 Schwartz Plaza47 Shimkin Hall

50 West Fourth Street

48 Kaufman ManagementCenter44 West Fourth Street

49 Gould Plaza50 Tisch Hall

40 West Fourth Street51 Courant Institute

251 Mercer Street52 D’Agostino Hall

110 West Third Street53 561 La Guardia Place54 Mercer Street Residence

240 Mercer Street55 a Wolfe Center

551 La Guardia Placeb Mail Services547 La Guardia Place

56 Washington Square Village57 530 La Guardia Place58 Off-Campus Housing

4 Washington Square Village59 University Plaza60 Silver Towers

110 Bleecker Street61 Coles Sports and

Recreation Center 181 Mercer Street

NOT SHOWN62 Twenty-sixth Street

Residence334 East 26th Street

63 Butterick Building161 Sixth Avenue

64 Broome Street Residence 400 Broome Street

65 Lafayette Street Residence80 Lafayette Street

66 Cliff Street Residence 15 Cliff Street

67 NYU at the Seaport200 Water Street

Alphabetical List

(Numbers in parentheses correspond to the Key to Buildings and map)

BY BUILDING NAMEAlumni Hall33 Third Avenue (15)Barney Building34 Stuyvesant Street (16)Bobst Library70 Washington Square South (45)Brittany Residence Hall55 East 10th Street (13)Bronfman Center7 East 10th Street (12)Broome Street Residence 400 Broome Street (64/not shown)Brown Building29 Washington Place/245 Greene Street (30c)Butterick Building161 Sixth Avenue (63/not shown)Cantor Film Center36 East Eighth Street (18a)Carlyle Court25 Union Square West (1)Carter Hall10 Washington Place (38c)Casa Italiana Zerilli-Marimò24 West 12th Street (9)Catholic Center at NYU58 Washington Square South (43a)(non-University building)Cliff Street Residence 15 Cliff Street (66/not shown)Coles Sports and Recreation Center 181 Mercer Street (61)

Commuter Commons16 Waverly Place (31c)Coral Towers131 Third Avenue (2)Courant Institute251 Mercer Street (51)D’Agostino Hall110 West Third Street (52)Deutsches Haus42 Washington Mews (20)East Building239 Greene Street (37d)Education Building35 West Fourth Street (37e)Ehrenkranz School of Social Work1 Washington Square North (26a)Faye’s Café38 East Eighth Street (18b)Glucksman Ireland House1 Washington Mews (21)Goddard Hall79 Washington Square East (37g)Gould Plaza (49)Graduate School of Arts and Science6 Washington Square North (26c)Hayden Residence Hall33 Washington Square West (36)Institute of French Studies15 Washington Mews (22a)Kaufman Management Center44 West Fourth Street (48)Kevorkian Center50 Washington Square South (42a)Kimball Hall246 Greene Street (31a)Kimmel Center for University Life60 Washington Square South (44)(under construction)King Juan Carlos I Center53 Washington Square South (42c)La Maison Française16 Washington Mews (22b)Lafayette Street Residence 80 Lafayette Street (65/not shown)Lawyering Program137 MacDougal Street (40b)Lillian Vernon Center forInternational Affairs58 West 10th Street (14)Mail Services547 La Guardia Place (55b)Mercer Lounge283 Mercer Street (31f)Mercer Street Residence240 Mercer Street (54)Meyer Hall4 Washington Place (39a)NYU at the Seaport 200 Water Street (67/not shown) Off-Campus Housing4 Washington Square Village (58)One-half Fifth Avenue (25)Palladium 140 East 14th Street (5)Pless Annex82 Washington Square East (26Washington Place) (37b)Pless Hall82 Washington Square East (37a)Provincetown Playhouse133 MacDougal Street (40a)Psychology Building6 Washington Place (39b)Reprographic Services14 Waverly Place (31d)Rubin Residence Hall35 Fifth Avenue (11)Rufus D. Smith Hall25 Waverly Place (27)

School of Law Building(under construction) (42d)Schwartz Plaza (46)Seventh Street Residence40 East Seventh Street (28)Shimkin Hall50 West Fourth Street (47)Silver Center for Arts and Science100 Washington Square East/33 Washington Place (30a)Silver Towers110 Bleecker Street (60)Skirball Department53 Washington Square South (42b)Student Activities Center244 Greene Street (31g)Student Life Center240 Greene Street (38b)Third Avenue North Residence Hall75 Third Avenue (10)Thompson Center238 Thompson Street (43b)Tisch Hall40 West Fourth Street (50)Torch Club18 Waverly Place (31b)Twenty-sixth Street Residence334 East 26th Street (62/not shown)Undergraduate Admissions22 Washington Square North (24)University Hall 110 East 14th Street (4)University Health Center726 Broadway (33)University Plaza (59)Vanderbilt Hall40 Washington Square South (41)Violet Café45 West Fourth Street (37f)Wagner Graduate School of Public Service4 Washington Square North (26b)Washington Square Village, 1-4 (56)Waverly Building24 Waverly Place (30b)Weinstein Center for Student Living5 University Place (23)Wolfe Center551 La Guardia Place (55a)

BY STREET10 Astor Place (19)715 Broadway (32a)719 Broadway (32b)721 Broadway (32c)838 Broadway (7)48 Cooper Square (35)7 East 12th Street (8)145 Fourth Avenue (3)242 Greene Street (38c)411 Lafayette Street (34)530 La Guardia Place (57)561 La Guardia Place (53)269 Mercer Street (38g)285 Mercer Street (31e)111, 113A Second Avenue (29)113 University Place (6)19 University Place (17)1 Washington Place (32d)3 Washington Place (32e)5 Washington Place (32f)8 Washington Place (38f)14, 14A Washington Place (38d) 18 Washington Place (37c)25 West Fourth Street (38a)

142

Index

AACSB School, Finishing YourDegree at Another . . . . . . . . . . . . . . . . . 111Accounting Proficiency . . . . . . . . . . . 15, 21Accounting Research, Vincent C.Ross Institute of . . . . . . . . . . . . . . . . . 83-84Accounting, Taxation, andBusiness Law . . . . . . . . . . . . . . . . . . . 29-32

courses . . . . . . . . . . . . . . . . . . . . . 29-32CPA. . . . . . . . . . . . . . . . . . . . . . . . . . . 29

Accreditation . . . . . . . . . . . . . . . . . . . . . . . 9Actuarial Science,Specialization in . . . . . . . . . . . . . . . . 61, 64Administration

New York University . . . . . . . . . . . . . . . 9Stern School . . . . . . . . . . . . . . . . 126-27

AdmissionDoctor of Philosophy Program . . . 26-28M.B.A. Program. . . . . . . . . . . . . . . 87-89

Advisers, Department/Area. . . . . . . . . . . . 18Affirmative action policy . . . . . . . . . . . . . . 9African American, Latino, andAsian American Student Services,Office for . . . . . . . . . . . . . . . . . . . . . . . . 119Alumni Affairs, Office of . . . . . . . . . . . . 125American Language Institute. . . . . . . 87-88Annual and Endowed Fellowship Funds. . . . . . . . . . . . . . . . . . 124Arrears policy . . . . . . . . . . . . . . . . . 104, 108Asian Business Society . . . . . . . . . . . . . . 121Assistantships. . . . . . . . . . . . . . . . . . . 91, 92Association of Hispanic andBlack Business Students . . . . . . . . . . . . 121Association of InvestmentManagement . . . . . . . . . . . . . . . . . . . . . 121Auditing classes . . . . . . . . . . . . . . . . . . . 101

Berkley Center for Entrepreneurial Studies . . . . . . . . . . . . . . . . . . . . . . . . . . . 85Beta Gamma Sigma . . . . . . . . . . . . . . . 112Block scheduling . . . . . . . . . . . . . . . . . . . 98Board of Overseers . . . . . . . . . . . . . . . . . . . 6Board of Trustees . . . . . . . . . . . . . . . . . . . 10Bobst Library . . . . . . . . . . . . . . . . . . . . . 115Bookstores, NYU. . . . . . . . . . . . . . . . . . . 119Business, Law and . . . . . . . . . . . . . . . . . . 80Business Law, see Accounting, Taxation,and Business Law

Calculus proficiency . . . . . . . . . . . . . 15, 21Calendar . . . . . . . . . . . . . inside front cover

Campus Safety. . . . . . . . . . . . . . . . . . . . 117Capstone Core Courses,Required Core and . . . . . . . . . . . . . . . 15-18Career Counseling . . . . . . . . . . . . . . . . . 114Career Development andPlacement . . . . . . . . . . . . . . . . 101, 113-14Career Development, Office of . . . . . . . . . . . . . . . . . . 101, 113-14Career Resources Center . . . . . . . . . . . . 114Center for Digital Economy Research . . . . . . . . . . . . . . . . . 86Center for EntrepreneurialStudies, Berkley . . . . . . . . . . . . . . . . . . . . 85Center for Japan-U.S. Business andEconomic Studies. . . . . . . . . . . . . . . . 82-83Center for Law and Business,New York University. . . . . . . . . . . . . . . . . 86Certificate Programs Registered by the New York State EducationDepartment . . . . . . . . . . . . . . . . . . . . . . 138Chelsea Piers . . . . . . . . . . . . . . . . . . . . . 120Class Hours . . . . . . . . . . . . . . . . . . . . . . . 99Code of Conduct, Student . . . . . . . . . . . 109Coles Sports and RecreationCenter . . . . . . . . . . . . . . . . . . . . . . . . . . 120Commencement andPre-Commencement ceremonies . . . . . 110Community Service . . . . . . . . . . . . . . . 123Computer proficiency . . . . . . . . . . . . 15, 21Computer Store, NYU. . . . . . . . . . . . . . . 119Computing at Stern . . . . . . . . . . . . . 28, 116Core and Capstone Core Courses

Required (M.B.A.) . . . . . . . . . . . . . 15-18Substitutions and ProficiencyExaminations. . . . . . . . . . . . . . . . . . 100

Corporate Degree Programs . . . . . . . . . . 25Counseling Service, University. . . . . . . . 118Courses in Other NYU Divisions, Taking. . . . . . . . . . . . . . . . . . 111CPA Professional Program. . . . . . . . . . . . 29Credit Loads. . . . . . . . . . . . . . . . . . . . . . . 99Credits, Maximum in a Major. . . . . . . . 110

Data analysis proficiency. . . . . . . . . . . . . 15Deadlines, Application . . . . . . . . . . . . 27, 88See also CalendarDeclared Major . . . . . . . . . . . . . . . . . . . 110Deferred Tuition Plan . . . . . . . . . . . . . . 103Degree Candidacy, Application for. . . . . 110

Degree, Certificate, and Joint DegreePrograms Registered by the New YorkState Education Department . . . . . . . . . 138Degrees and Programs . . . . . . . . . . . . . . 11Development, Office of . . . . . . . . . . . . . 124Digital Economy . . . . . . . . . . . . . . . . . . . 78Digital Economy Research,Center for. . . . . . . . . . . . . . . . . . . . . . . . . 86Dining Services, NYU Campus. . . . . . . . 117Directory. . . . . . . . . . . . . . inside back coverDisabilities, Students with . . . . . . . . . . . 120Discipline. . . . . . . . . . . . . . . . . . . . . . . . 109Dissertation, doctoral. . . . . . . . . . . . . . . . 28Doctor of Philosophy Program . . . . . 26-28Double majors . . . . . . . . . . . . . . . . . . . . 18See also course descriptions foreach academic department

Economics . . . . . . . . . . . . . . . . . . . . . 33-37courses, M.B.A. . . . . . . . . . . . . . . . 34-36doctoral courses . . . . . . . . . . . . . . 36-37proficiency . . . . . . . . . . . . . . . . . . . . . 15

Elective Courses, Major and . . . . . . . . . . 18Emerging Markets Association . . . . . . . 121Employer Tuition Plans. . . . . . . . . . . . . 102Employment

Career Development andPlacement . . . . . . . . . . . . . . 101, 113-14

English proficiency . . . . . . . . . . . . . . 87-88Enrollment Deposit (Nonrefundable) . . 103Entertainment, Media, and TechnologyProgram (EMT) . . . . . . . . . . . . . . . . . . . 79Entrepreneurial Studies,Center for, Berkley . . . . . . . . . . . . . . . . . . 85Entrepreneurs’ Exchange . . . . . . . . . . . 121Entrepreneurship and Innovation . . . 38-42

comajor requirements . . . . . . . . . . . . 39courses . . . . . . . . . . . . . . . . . . . . . 39-42

European Business Society . . . . . . . . . . 121Examinations

comprehensive (doctoral) . . . . . . . . . 28and grades. . . . . . . . . . . . . . . . . . 106-09proficiency . . . . . . . . . . . . . . . . . . . . 100

Executive Programs . . . . . . . . . . . . . . 20-25Corporate . . . . . . . . . . . . . . . . . . . . . . 25Executive M.B.A. . . . . . . . . . . . . . . 20-23Nondegree . . . . . . . . . . . . . . . . . . . . . 25TRIUM Executive M.B.A.. . . . . . . . 24-25

143

Facilities and Services, School andUniversity . . . . . . . . . . . . . . . . . . 115-22

Faculty . . . . . . . . . . . . . . . . . . . . . . 128-37Faculty Funds . . . . . . . . . . . . . . . . . . . . 124Family Educational Rights andPrivacy Act (FERPA) . . . . . . . . . . . 108, 109Federal Student Loans . . . . . . . . . . . . . . 103Fees. . . . . . . . . . . . . . . . . . . . . . 102-05, 111Fellowships . . . . . . . . . . . . . . . . . 91-93, 104Finance . . . . . . . . . . . . . . . . . . . . . . . 43-50

courses . . . . . . . . . . . . . . . . . . . . . 45-49electives . . . . . . . . . . . . . . . . . . . . . . . 44majors . . . . . . . . . . . . . . . . . . . . . . . . 44nonmajors . . . . . . . . . . . . . . . . . . . . . 44Ph.D. courses . . . . . . . . . . . . . . . . 49-50

Financial aid . . . . . . . . . . . . . . . . . . . 90-94Ph.D. . . . . . . . . . . . . . . . . . . . . . . 27, 91

Financial Engineering, QuantitativeFinance . . . . . . . . . . . . . . . . . . . . . . . 79

Financial Engineering Association . . . . 122French studies, joint M.A.-M.B.A. in . . . . 11Funds for Teaching Excellence, Research,and Curriculum Development . . . . . . . 124Full-Time Block Program. . 13,15-18, 98-101Full-time status,

change of . . . . . . . . . . . . . . . . . . 100-01definition of . . . . . . . . . . . . . . . . 100-01

Gay, Bisexual, and Trangender StudentServices, Office of Lesbian,. . . . . . . . . . . 121Gay Business Association, OutClass, Lesbian and . . . . . . . . . . . . . . 121Glucksman, L., Institute forResearch in Securities Markets . . . . . . . . 82Grade Point Average . . . . . . . . . . . 106, 111Grade Reports . . . . . . . . . . . . . . . . . . . . 107Grades . . . . . . . . . . . . . . . . . . . . . . . 106-08Graduate Commission . . . . . . . . . . . . . 137Graduate Finance Association . . . . . . . 122Graduate ManagementAdmission Test (GMAT) . . . . . . . . . . . . . . 87Graduate Marketing Association . . . . . . 122Graduation

application for . . . . . . . . . . . . . . . . . 110date. . . . . . . . . . . . . . . . . . . . . . . . . . 110with distinction . . . . . . . . . . . . . . . . 111and fees . . . . . . . . . . . . . . . . . . . . . . 104prizes . . . . . . . . . . . . . . . . . . . . . . . . 112requirements for . . . . . . . . . . . . . 110-11

Guest Accommodations, NYU . . . . . . . . 117

Health Center, University . . . . . . . . . . . . 118Honor Code . . . . . . . . . . . . . . . . . . . . . . 109

Housing, see residence accommodations and off-campus housing officeHuman resource management, seeManagement and OrganizationalBehavior

Immunization. . . . . . . . . . . . . . . . . . . . . 97Incomplete grades . . . . . . . . . . . . . . 106-07Industrial relations and manpowermanagement, see Management andOrganizational BehaviorInformation, Operations, andManagement Sciences . . . . . . . . . . . . 51-64

Information Systems Group . . . . . 52-55Operations Management Group . . 56-59Statistics Group . . . . . . . . . . . . . . . 60-64

Information Systems Group. . . . . . . . 52-55courses . . . . . . . . . . . . . . . . . . . . . 52-54doctoral courses . . . . . . . . . . . . . . . . . 55minicourses . . . . . . . . . . . . . . . . . . . . 54

Insurance, health . . . . . . . . . . . . . . . . . 118International Business . . . . . . . . . . . 65-67

comajor . . . . . . . . . . . . . . . . . . . . . . . 65courses . . . . . . . . . . . . . . . . . . . . . 66-67

See also course descriptions for eachacademic departmentInternational Management Program(IMP). . . . . . . . . . . . . . . . . . . . . . . . 19, 107International Programs . . . . . . . . . . . . . 19

grades . . . . . . . . . . . . . . . . . . . . . . . . 107International students, admission. . . . . . 89International Students andScholars, Office for . . . . . . . . . . . . . . . . 121

Japan Business Association . . . . . . . . . . 122Japan-U.S. Business andEconomic Studies, Center for . . . . . . 82-83J.D.-M.B.A. Program . . . . . . . . . . . . . . . . 11Job Placement, Recruitment and . . . . . 113Joint degree programs . . . . . . . . 11, 89, 98Joint Degree Programs Registeredby the New York State EducationDepartment . . . . . . . . . . . . . . . . . . . . . . 138

Langone Program: A Part-Time M.B.A.for Working Professionals . . . 14-15, 98-101Late payment of fees . . . . . . . . . . . . . . . 103Latin American Business Association . . 122Late registration and late fee . . . . . 103, 104Law and Business . . . . . . . . . . . . . . . . . . 80Law and Business,New York University Center for . . . . . . . . 86Leaves of absence, see Matriculation,continuousLesbian, Gay, Bisexual, and TransgenderStudent Services, Office of . . . . . . . . . . . 121

Lesbian and Gay Business Association, OutClass. . . . . . . . . . . . . . . 122Library Services . . . . . . . . . . . . . . . . . . . 115Loan programs, student. . . . . . . . . . 94, 103

Major and Elective CoursesDoctor of Philosophy Program. . . . . . . . . . . . . . . . . . . . . . . 28M.B.A. Program . . . . . . . . . . 18, 98, 110

Major, Declared . . . . . . . . . . . . . . . . . . . 110Management and Organizational Behavior . . . . . . . . . . 68-72

courses . . . . . . . . . . . . . . . . . . . . . 68-71doctoral courses . . . . . . . . . . . . . . 71-72

Management Consulting Association . . 122Manpower management, see Managementand Organizational BehaviorMap, Washington SquareCampus . . . . . . . . . . . . . . . . . . . . . . 140-41Marketing. . . . . . . . . . . . . . . . . . . . . . 73-77

courses . . . . . . . . . . . . . . . . . . . . . 73-77managerial . . . . . . . . . . . . . . . . . . 74-76minicourses . . . . . . . . . . . . . . . . . . . . 76seminars. . . . . . . . . . . . . . . . . . . . . . . 77

Marketing research,specialization in . . . . . . . . . . . . . . . . . . . 61Master’s degree programs

M.A.-M.B.A. Programs . . . . . . 11, 89, 98M.B.A. Program. . . . . . . . . . . . . . . 12-19Full-Time Block . . . . . 13, 15-18, 98-101Langone (part-time) . . . . 14-15, 98-101(M.B.A.) Program(s), Executive . . 20-25M.B.A. Program Initiatives . . . . . . 78-80

Mathematics for business, see StatisticsMatriculation, continuous . . . . . . . . . . . 98Maximum Credits in a Major . . . . . 99, 110M.B.A. Student Activities Office . . . . . . . 121Media and EntertainmentAssociation. . . . . . . . . . . . . . . . . . . . . . . 122Minicourses, see under individual department course listingsMinimum Residency Requirement . . . . 111

Net Impact. . . . . . . . . . . . . . . . . . . . . . . 122Net Present Vocals . . . . . . . . . . . . . . . . . 122New York State Fellowships andTuition Assistance Program. . . . . . . 94, 104New York University

administration . . . . . . . . . . . . . . . . . . . 9Board of Trustees . . . . . . . . . . . . . . . . 10deans . . . . . . . . . . . . . . . . . . . . . . . . . . 9introduction to . . . . . . . . . . . . . . . . . 7-9

New York University Center forLaw and Business . . . . . . . . . . . . . . . . . . 86

144

New York UniversitySalomon Center . . . . . . . . . . . . . . . . . 81-82Noncredit courses, see Preprogram andStern Pre-TermNondegree Executive Programs. . . . . . . . 25NYU Guest Accommodations . . . . . . . . . 117

Off-Campus Housing Office. . . . . . . . . . 117Office of Career Development. . 101, 113-14Operations Management Group. . . . . 56-59

advanced courses . . . . . . . . . . . . . 57-59core course . . . . . . . . . . . . . . . . . . . . . 57majors and nonmajors . . . . . . . . . . . 57

Organizational behavior, see Managementand Organizational BehaviorOther NYU Divisions, Taking Courses in . . . . . . . . . . . . . . . . . . . . . . . 111OutClass (Lesbian and GayBusiness Association) . . . . . . . . . . . . . . 122Overseers, Board of . . . . . . . . . . . . . . . . . . 6

Part-Time M.B.A., LangoneProgram . . . . . . . . . . . . . . . . 14-15, 98-101Part-time status

change of . . . . . . . . . . . . . . . . . . 100-01definition of . . . . . . . . . . . . . . . . 100-01

Patents, University Policy on . . . . . . . . . 109Personal computers, proficiencyin the use of. . . . . . . . . . . . . . . . . . . . . . . 15Ph.D. Program . . . . . . . . . . . . . . . . . 26-28Placement,Career Development and . . . . . 101, 113-14Prerequisites, Program (M.B.A.) . . . . . . . 15Private Loans. . . . . . . . . . . . . . . . . . . . . 103Prizes . . . . . . . . . . . . . . . . . . . . . . . . . . . 112Professorships and Chairs . . . . . . . . . . . 124Proficiency examinations . . . . . . . . . . . 100Program Initiatives, M.B.A. . . . . . . . . 78-80Programs, Degrees and . . . . . . . . . . . . . . 11Programs, Overview of. . . . . . . . . . . . . . . 11Progress Requirements, Program . . . . . . 97

Quantitative Finance(Financial Engineering) . . . . . . . . . . . . . 79

Readmission, application procedure . . . . 89Real Estate Club . . . . . . . . . . . . . . . . . . 122Records, Access to . . . . . . . . . . . . . . . . . 108Records, Amendment of . . . . . . . . . . . . 108Records, Transcripts of . . . . . . . . . . . . . 107Recruitment and Job Placement . . . . . . 113Refund of tuition. . . . . . . . . . . . . . . . . . 105Registration and matriculation . . . . 95-101Required Core Courses (M.B.A.). . . . . 15-18

Required notifications . . . . . . . . . . . . . 101Requirements

for graduation. . . . . . . . . . . . . . . 110-11for M.B.A. Program . . . . . . . . . . . . 12-19Progress, Program . . . . . . . . . . . . . . . 97Scholastic . . . . . . . . . . . . . . . . . . . . . . 97

Repeating courses . . . . . . . . . . . . . . . . . 107Research centers and institutes . . . . . 81-86Residence accommodations . . . . . . . . . 117Resident Assistantships . . . . . . . . . . . . . . 92Residency

for doctoral students. . . . . . . . . . . . . . 28minimum requirements . . . . . . . . . 111

Returned Checks . . . . . . . . . . . . . . . . . . 103Ross, Vincent C., Institute ofAccounting Research . . . . . . . . . . . . . 83-84

Sales and Trading Club . . . . . . . . . . . . . 122Salomon Center, New YorkUniversity . . . . . . . . . . . . . . . . . . . . . . 81-82Scholarships and fellowships . . . . . . 91-93Scholastic Requirements . . . . . . . . . . . . . 97School and University Facilities and Services . . . . . . . . . . . . . . . . . . . 115-22Sequencing, course . . . . . . . . . . . . . . 13-15SpeechMasters . . . . . . . . . . . . . . . . . . . . 122Sports and Recreation Center,Jerome S. Coles . . . . . . . . . . . . . . . . . . . 120Statistics Group . . . . . . . . . . . . . . . . . 60-64

actuarial science,specialization in . . . . . . . . . . . . . . 61, 64courses . . . . . . . . . . . . . . . . . . . . . 61-64marketing research,specialization in . . . . . . . . . . . . . . . . . 61

Stochastic Processes, Courses in . . . . . . . 64Stern Basketball Association . . . . . . . . . 122Stern Fund. . . . . . . . . . . . . . . . . . . . . . . 124Stern Golf Club . . . . . . . . . . . . . . . . . . . 122Stern Journal . . . . . . . . . . . . . . . . . . . . 122Stern Opportunity . . . . . . . . . . . . . . . . 122Stern Outdoors Adventure Club . . . . . . . 122Stern Partners . . . . . . . . . . . . . . . . . . . . 122Stern Pharmaceutical andHealthcare Association. . . . . . . . . . . . . . 122Stern Pre-Term (noncredit course). . . . . . . . . . . . 13, 14, 15Stern Rugby Club . . . . . . . . . . . . . . . . . 122Stern Scholar. . . . . . . . . . . . . . . . . . . . . 106Stern School of Business

administration . . . . . . . . . . . . . . 126-27faculty . . . . . . . . . . . . . . . . . . . . . 128-37introduction . . . . . . . . . . . . . . . . . . . . . 5travel directions to . . . . . . . . . . . . . . 139

Stern Student Corporation. . . . . . . . . . . 121

Stern Women in Business . . . . . . . . . . . 122Stochastic Processes, Courses in . . . . . . . 64Strategic Operations Club . . . . . . . . . . . 122Strategy and administration, seeManagement and OrganizationalBehaviorStudent Activities Office, M.B.A. . . . . . . . 121Student Code of Conduct . . . . . . . . . . . . 109Student Corporation, Stern . . . . . . . . . . 121Student Groups, M.B.A. . . . . . . . . . . 121-22Student loan programs . . . . . . . . . . 94, 103Student records, access to . . . . . . . . . . . 108Student status

change of . . . . . . . . . . . . . . . . . . 100-01definitions of . . . . . . . . . . . . . . . . 100-01

Taxation, see Accounting, Taxation,and Business LawTechnology and New Media Group . . . . 122Test of English as a ForeignLanguage (TOEFL) . . . . . . . . . . . . . . 87-88Time limits

for doctoral students. . . . . . . . . . . . . . 28for the M.B.A. . . . . . . . . . . . . . . . . . . . 97

Transcripts of records . . . . . . . . . . . . 107-08Transfer credits . . . . . . . . . . . . . . . . . . . . 99Travel directions . . . . . . . . . . . . . . . . . . 139TRIUM Executive M.B.A. . . . . . . . . . . 24-25Trustees, Board of . . . . . . . . . . . . . . . . . . 10Tuition Assistance Program,New York State (TAP) . . . . . . . . . . . 94, 104Tuition and fees . . . . . . . . . . . . . . . . 102-05

arrears policy . . . . . . . . . . . . . . 104, 108deferred tuition plan . . . . . . . . . . . . 103deposit . . . . . . . . . . . . . . . . . . . . . . . 103employer tuition plans . . . . . . . . . . . 102refund of. . . . . . . . . . . . . . . . . . . . . . 105tuition remission . . . . . . . . . . . . . . . 102

Veterans Status and Benefits . . . . . . . . . 101

Washington SquareCampus map . . . . . . . . . . . . . . . . . . 140-41Wine Cellar Club . . . . . . . . . . . . . . . . . . 122Withdrawal . . . . . . . . . . . . . . . . . . . . . . 101

from Stern . . . . . . . . . . . . . . . . . . . . 101refund of tuition after. . . . . . . . . . . . 105

Women in Business, Stern. . . . . . . . . . . 122Workshops, Preprogram . . . . . . . . . . . . . 21Writing proficiency . . . . . . . . . . . . . . . . . 15