Assoc. Prof. Jonathan Kolstad has received the top award from the American Society of Health Economists for researchers under age 40 who have made the most significant contributions to the field of health economics.
He shares the 2018 ASHEcon Medal with his collaborator, Assoc. Prof. Benjamin Handel of Berkeley’s Economics Department.
Kolstad said he’s honored to be recognized, relatively early in his career, for a larger contribution than just one paper, and for an ongoing collaboration.
“The fact that this was given jointly to Ben Handel and myself reflects an appreciation for some of the new avenues we’ve taken in health economics,” he said. “Much of our joint work has brought new data to bear on old problems that have really different implications when you get into how people actually behave, not just how we assume they behave. ”
Drawing on big data and behavioral economics
Kolstad’s research focuses on the intersection of health economics and public economics, and his work with Handel has also combined approaches from industrial organizations as well as behavioral economics. Their interdisciplinary, cross-departmental collaboration reflects the strength of health economics at UC Berkeley.
“We are very happy to have (Kolstad) at Haas, and we’re pleased by how he is helping to build interest in healthcare economics at Haas and across the Berkeley campus,” said Prof. Candi Yano, associate dean for academic affairs and chair of the faculty.
Recently, Kolstad and Handel have been working with a massive trove of health data on the entire population of the State of Utah over a long time period. The richness of the data has allowed them to analyze the different outcomes from different health insurers and health plans.
“We’re finding very large effects and big differences,” Kolstad said. “Simply changing insurers at the same employer—something most people encounter with some frequency—has huge effects not only on how much is spent on your health care, but also on how your healthcare is delivered.”
The researchers are now looking at what employers look for in choosing insurers and health plans, to answer the question of whether competition actually leads to “productive innovation”—i.e, improving care and lowering costs.
Kolstad and Handel are also working on partnerships with a number of private companies, from digital health to employers and health care providers, to leverage their data for new research. “This is a particularly exciting area,” he says. “Collaboration between academics and private firms, particularly technology companies, is driving a lot of new findings. We hope to make similar strides on big health care questions.”
Since arriving at Haas from Wharton in 2015, Kolstad has brought his expertise with big data into the MBA curriculum, including developing a new “Big Data and Better Decisions” course that he co-taught with Prof. Paul Gertler this spring. Earlier this year, he was honored as a “40 Under 40” business leader by the San Francisco Business Times for his work as a cutting edge researcher, teacher, and entrepreneur. He founded a startup, Picwell, which now provides more than 1 million personalized insurance recommendations per year.
He said he’s excited by the practical applications of his academic work. “We all deal with our health, and the policies and products in the industry affect our everyday lives. The recognition for this work and its importance to the field will hopefully continue to push health economics more in this direction.”
Assoc. Prof. Panos Patatoukas has helped students find unexpected career paths in finance, launch companies, and open their eyes to the “intrigue, mischief, and opportunity boiling just below the surface of financial statements.”
For Patatoukas, it’s all in the service a larger purpose: democratizing access to financial information in the interest of a more equal society.
His passion, dedication, and instructional inventiveness have now earned Patatoukas UC Berkeley’s highest teaching honor. He is one of four professors across campus to receive a 2018 Distinguished Teaching Award, to be bestowed at a ceremony April 18.
“This is a very significant event for me, and I feel very honored,” says Patatoukas, who joined the Haas Accounting Group eight years ago just after earning his PhD from Yale University. “My mom did not get to come to any of my graduations, but I’m bringing her over from Greece for this one.”
The award is given annually to recognize sustained excellence in teaching that “incites intellectual curiosity in students, engages them thoroughly in the enterprise of learning, and has a lifelong impact.”
Patatoukas teaches interdisciplinary capital markets courses to students in the Berkeley Haas PhD and Evening & Weekend MBA programs, including the elective Financial Information Analysis, which has become one of the most in-demand courses in the program since he took it over. Far from dry number crunching, the class wins high praise from students who come in with a wide range of financial literacy—from investment bankers to computer science or humanities majors.
“Panos has a particular genius for teaching financial information analysis to those of us unaccustomed to finance,” wrote Walker Frost, EWMBA 16, an undergraduate philosophy major who now manages finances for a 50-person company. “Panos is so successful because his goal is not just to teach finance—it is to use financial analysis tools to teach us about things we already intuit but can’t yet explain.”
Talent for teaching all levels
Patatoukas’ work spans all academic levels. He serves as PhD field advisor for the accounting group, overseeing student recruiting, curriculum, and comprehensive exams while also teaching seminars and participating in dissertation committees. He also serves as faculty director of Berkeley Executive Education’s Financial Analysis for Leaders program, which he completely overhauled; he mentors undergraduate Regent Fellows; and he has introduced high school students to the idea of saving and compounding through the Berkeley Business Academy for Youth.
“The driving force of my teaching is to mitigate the problem of access inequality to financial information, to promote individual investor protection, and improve the allocation of capital in society,” he wrote in his teaching reflection for the award. “My goal is to democratize the power of financial analysis, and to bring this power to our students across various programs at UC Berkeley.”
A native of Greece, Patatoukas was valedictorian at Athens University of Business and Economics, where he earned his bachelor’s in accounting and finance. He went on to earn a master’s at the London School of Economics before moving to the US to attend Yale. His research focuses on corporate valuation and financial statement analysis; the properties of financial accounting data and reporting practices; cross-industry economic links and value creation along the supply chain; and forecasting, “nowcasting,” and measuring economic activity using financial accounting data.
Making finance “a living, breathing landscape”
In his teaching, Patatoukas draws widely from accounting, finance, economics, and operations management, writing many of his own real-life, real-time cases and adeptly translating theory to practice. Teaching does not compete with his research, but rather his research informs his teaching and rewards him with new ideas—a few of which have grown into research papers, wrote Assoc. Dean Candi Yano and Sr. Asst. Dean Jay Stowsky in their nomination.
“I wish I had the opportunity to be a student at Berkeley, even though I do feel like a student of my students,” Patatoukas said. “I learn every day from them.”
One former MBA student wrote that with four years of experience investment banking, she had been initially skeptical that she would learn anything from an MBA course in financial information analysis. But from the very first day, she was hooked. She came away from the course with insights that have benefited her career but also impacted how she evaluates her personal financial decisions.
Students also praised Patatoukas for helping them develop in new careers. Patrick Rivers, EWMBA 16, said he took the course soon after switching tracks from 10 years as a research scientist to a dream job at a hedge fund, evaluating biotechnology investments. He said the course not only gave him a concrete way to evaluate investment opportunities and practical skills that made him “100% better” at his job, but he became genuinely excited about the world of finance.
“There was an entire world of intrigue, mischief, and opportunity boiling just below the surface of these financial statements, and I wanted to be as immersed as possible in that financial milieu. Panos made this a living, breathing landscape and not just a bunch of numbers on a page,” he wrote in his recommendation letter.
Last fall, Patatoukas also took on the mentoring of three undergraduate Regent Fellows, including freshman David Lu, who wrote that he had felt overwhelmed and uncertain after changing his life-long dream of becoming a doctor and deciding to pursue business. Patatoukas is “the most approachable, kindhearted, charismatic and welcoming professor I have ever met,” and has been patient in describing career paths in business and the fundamentals of investing as well as the broader social implications of his work, he said.
“His goal of democratizing the power of financial information analysis and giving power to all people truly embodies the defining principles of Berkeley Haas,” Lu wrote. “He has proven to me, through his actions, that it is possible to have such altruistic and benevolent goals in the business field.”
Prof. Sunil Dutta, the Joan & Egon von Kaschnitz Distinguished Professor of Accounting and International Business and former chair of the accounting group, attributes Patatoukas’ exceptional teaching skills to his passion for his students and for his research, his ability to translate academic material to non-specialists, and his constant focus on improvement. “He studies each student’s feedback after the course and makes all the necessary changes to the content and teaching material based on this feedback. He is not satisfied even if there is a single student who has difficulty in following the material.”
He also makes himself available to students, guiding MBA independent study projects and mentoring graduate student instructors, noted Mike Rielly, CEO of Berkeley Executive Education and former assistant dean for the Berkeley MBA for Executives program. Rielly also called out Patatoukas’ “commitment to developing independent thinkers.”
Highly lauded teacher
The award comes on top of several other recognitions for Patatoukas’ teaching and research. He is a three-time winner of Berkeley Haas’ highest teaching honor, the Earl F. Cheit Award; he also won the school’s Schwabacher Award for Distinction in Teaching and Research and was the recipient of the 2017 AAA/AICPA Notable Contributions to Accounting Literature Award. He was also selected by Poets & Quants among the “2015 Best 40 Under 40 Professors“; by the San Francisco Business Times as part of the “40 under 40 Class of 2017,” and as a “Top 10 Business School Professor Under 40 by Fortune.
Past Berkeley Haas faculty winners of the Distinguished Teaching Award include:
“That morning was a nightmare,” said Dzombak, now a postdoctoral researcher at Haas and at the Blum Center for Developing Economies. “I came back to the lab after receiving a text from a peer to see Sara sitting on the couch, comforting students.”
“Sara” is Senior Lecturer Sara Beckman, who co-taught a course with Dornfeld, the founding faculty director of the Jacobs Institute for Design Innovation. After his passing, Beckman served as Dzombak’s advisor until she graduated with a PhD in civil and environmental engineering in August 2017. Dzombak credits Beckman with not only comforting her through her grief, but helping her unite the disparate parts of her research.
“She digs into the details,” Dzombak said. “She provides constructive ideas and, if she doesn’t know how to navigate a problem, she’ll connect you with three people who might. She never settles.”
That experience led Dzombak to nominate Beckman for the 2018 Carol D. Soc Distinguished Graduate Student Mentoring Award for senior faculty. Beckman, who teaches innovation and design at both Haas and UC Berkeley’s Department of Mechanical Engineering, will receive the campus-wide award at a ceremony April 12.
Fiona M. Doyle, vice provost for graduate studies and dean of the graduate division of the Donald H. McLaughlin Professor of Mineral Engineering, said Beckman’s nomination stood out from the pool of numerous nominees.
Solving complicated problems
Beckman, who joined Haas in 1988 and is the Earl F. Cheit Faculty Fellow, is perhaps best known among MBA students for Problem Finding, Problem Solving, a pioneering course that has been part of the core curriculum since 2010 to teach students how to recognize and solve complicated problems using design-thinking, systems-thinking, and critical-thinking techniques. Students often cite the course as making the difference for them in competition wins and consulting projects.
Beckman also teaches Applied Innovation Immersion Week, Advanced Innovation, Creativity & Leadership, and Collaborative Innovation.
Much of Beckman’s work has included years of hands-on research-based mentoring and coaching of PhD students, getting into the thick of highly interdisciplinary work. Beckman said she’s thrilled to receive the award.
“I know that the way that I’ve crafted my research work at the university, reaching across disciplinary boundaries to work on interesting problems in the design and innovation space, is a bit outside of the norm,” she said. “It’s gratifying for me and for many of the PhD students I’ve worked with over the years to know that kind of work can be honored.”
Many people wanted to contribute to her nomination and tell stories of how Beckman played a definitive role in their Berkeley experience. Dzombak, the lead nominator, spoke with current and former students, as well as faculty, from Haas, the College of Engineering, the College of Environmental Design, the College of Letters and Sciences, and the College of Natural Resources, for Beckman’s recommendation.
“The message told to me was consistent: Sara changes students’ lives,” Dzombak wrote.
“Sara electrifies students with possibilities”
Haas lecturers Marymoore Patterson, MBA 09, and Barbara Waugh, an executive in residence at both Haas and the College of Engineering, praised Beckman’s commitment to interdisciplinary teaching. Working across departments, as Beckman has done over the years, has posed challenges. But gradually Beckman’s choices made her a “hero to students and faculty who want to partner across the boundaries,” they wrote in their nomination letter.
“Sara electrifies her students with possibility,” they wrote. “She fearlessly tackles wicked problems, constantly modeling how. She begins each day herself with the ‘beginner’s mind’ that she aims to instill in her students.”
Engineering Prof. Alice Agogino called Beckman “a mentoring artist” who steers students with “insightful framings of their research.”
Doctoral students mentored by Beckman include Assoc. Prof. Eric Masanet of Northwestern University, PhD 04, whom Beckman helped evaluate data from case studies in sustainable design; Corie Cobb, PhD 08, now an associate professor at the University of Washington, whom Beckman assisted with a number of papers dedicated to understanding the impact of her course in New Product Development; and Kimberly Lau, who researched the role that diversity plays in effective product development team performance.
Lau, who also wrote a nomination letter for Beckman, recalls how she pulled her back into the PhD program, even after she quit to take her dream job at Disney. “Dr. Beckman refused to give up on me,” she said. “She continually encouraged me to finish and she always made time whenever I had questions… She persisted with me for three years beyond my expected completion date, with no hesitations, and I finally graduated.”
Dzombak and Beckman continue to work together today, conducting research on the future of higher education and the innovation processes of Nobel Laureates. Together, they launched a one-unit course for graduate students called Designing a Life. The goal is to help other students navigate career and personal challenges.
Beckman’s award, which includes a $2,500 prize, will be presented at a ceremony on Thursday, April 12, from 4-6 pm, at Anna Head Alumnae Hall. Not surprisingly, she says she will apply the award toward supporting her graduate students.
Assoc. Prof. Jonathan Kolstad, who uses big data and behavioral economics to investigate the complexities of the health care system, has been named a “40 Under 40” business leader by the San Francisco Business Times.
The award honors 40 young leaders who “exemplify the creativity, passion and perseverance that have come to characterize the Bay Area,” according to the publication. The awards were published March 5.
Since joining the Haas Economics & Policy Group in 2015, Kolstad has become known as both a cutting-edge researcher and a popular teacher. His MBA courses include “Health Economics and Policy” and “Big Data and Better Decisions”—a new class that gives students advanced training in how to analyze and use large-scale data.
As a researcher, Kolstad employs machine learning and economic analysis through a behavioral lens. His studies demonstrate that conventional wisdom can lead businesses and policy makers astray when it comes to health care.
For example, he has studied the mistakes people make when they choose health insurance plans that lead to large financial losses and worse health coverage. He found that high deductible health plans—often thought to be a silver bullet to improve efficiency—actually lead to large reductions in high value and low value care, particularly for the sickest enrollees.
Kolstad is particularly interested in finding new models and unique data that account for the complexity of health care markets, including how health reform impacts hospital care, the labor market, and insurance premiums. In one study, he looked at what motivates doctors, and found that feedback can be more important than pay.
He has also combined his passion for solving thorny academic problems with developing real-world tools that help people avoid costly mistakes when choosing health insurance. He founded a startup, Picwell, to provide personalized recommendations for insurance. The tool now provides more than 1 million recommendations per year from Medicare to state exchanges and employer-based insurance.
In addition to his teaching and research, Kolstad serves as a research associate at the National Bureau of Economic Research, and co-leads a health care initiative at the UC Berkeley Opportunity Lab that uses data from private firms and government to understand population health and its role in inequality. He holds a PhD from Harvard University and a BA from Stanford University.
Prof. Andrew Rose, an international finance scholar who has taught macroeconomics to three decades of Berkeley Haas students, has received the Haas School’s highest faculty honor: the Williamson Award.
The award is named after Nobel Laureate and Haas Prof. Emeritus Oliver Williamson, and honors Haas faculty members who exemplify the attitudes and behaviors that differentiate our school. Rose is the fourth recipient of the award.
“Andy is not only a groundbreaking scholar whose economic insights have guided countries around the world; he is also an outstanding teacher and tireless supporter of Haas—both in his formal role as associate dean and chair of the faculty and in his work mentoring rising scholars,” said Dean Rich Lyons. “Indeed, his six years of service as our associate dean are arguably the greatest beyond-yourself service any faculty member has given the school in the last ten years.”
Rose, the Bernard T. Rocca, Jr. Chair in International Business & Trade, has taught and conducted research at Haas since 1986. He served as associate dean of academic affairs and chair of the faculty from 2010 to 2016, and previously as chair of the Economic Analysis & Policy Group and founding director of the Clausen Center for International Business & Policy.
“Only three Haas faculty have received this reward and each, in my opinion, is among the very highest caliber faculty at Haas; the elite of the elite,” said Rose. “Truly, I am both honored and humbled to join their ranks.”
Prolific scholar & frequent advisor
Rose is a prolific and highly cited scholar whose research addresses international trade, finance, currency and exchange rates, and economic crises. Over the course of his career, he has published more than 150 papers, including 90 articles in refereed economics journals; organized over 50 conferences on four continents; edited 15 books and symposia; and served as a visiting scholar at 12 universities.
A native of Canada who holds triple citizenship in his home country, the US, and the UK, Rose has worked as an advisor to a multitude of economic agencies, including the International Monetary Fund, the World Bank, the Asian Development Bank, as well as central banks in a dozen countries, including the US.
Mentor and teacher
Yet amid all that activity, Rose has gone beyond himself to mentor colleagues and give back to the school, according to the award nomination. Rose, who won the Cheit Award for Excellence in Teaching in 1999 and 2011, has been generous in sharing teaching tips through the former Haas Center for Teaching Excellence (now the Compendium for Teaching Excellence). He has also used his research expertise to provide detailed feedback to more junior faculty members, a nominator wrote: “In the way he approaches research, he questions the status quo. I recall every single comment and suggestion that he gave me.”
Award honors Oliver Williamson
Prior winners of the Williamson award are Prof. John Morgan, Prof. Teck Ho, and Prof. Toby Stuart. Winners are selected annually by a committee made up of Williamson, prior winners, and the dean. Rose was named the winner for the 2016-2017 academic year.
Williamson is the winner of the 2009 Nobel Memorial Prize in Economic Sciences and a beloved teacher and leader at Berkeley Haas. Williamson embodies the spirit of the Haas School articulated in the Defining Leadership Principles: Question the Status Quo, Confidence Without Attitude; Beyond Yourself; and Students Always.
The award is presented to “outstanding psychological scientists in the earliest stages of their research careers post-PhD.” It’s based on significant publications and recognitions; work with potentially broad impact; and significant discoveries, methodological innovation, or theoretical contributions.
“I’m very honored to have been recognized with this prestigious award,” said Schroeder, who began at Haas in fall 2015 after earning her PhD in psychology and business from the University of Chicago’s Booth School of Business.
Schroeder’s research on judgment, decision-making, and social cognition offers insights into how people make inferences about others’ mental capacities. One paper found that when people listen to their political opponents’ spoken opinions, they are more receptive—and believe their opponents are smarter—than when they read the very same opinions. The findings underscore the importance of speaking with people who disagree with you.
Another recent series of experiments found that people tend to judge others as less mentally competent than themselves, and consequently less able to take care of themselves. This comes into play in charitable giving, when people choose charities that provide goods and services rather than cash assistance, as well as public policy issues from soda taxes to gun control.
Schroeder’s work has been published in the Journal of Personality and Social Psychology, Journal of Experimental Psychology, and Psychological Science. It has been featured in news outlets such as the The New York Times, The Washington Post, and Newsweek.
Schroeder teaches “Negotiation & Conflict Resolution” in the MBA program and “Research in Micro-Organizational Behavior” in the PhD program. Last fall, she was a Haas “Club 6” member—an honor for faculty who receive high teaching evaluations.
Before applying to MBA programs, Jake Wamala, MBA 19, had already decided to pivot from private equity to a career as an investment analyst specializing in technology stocks and startups.
Wamala is now making that transition, as one of 13 students awarded a Haas Finance Fellowship for the 2017-18 academic year.
“Business school provides such a great learning opportunity,” he said. “You’re surrounded by new technologies, new businesses, and people with a myriad of backgrounds.”
Finance fellowships are awarded annually to entering MBA students who have shown a commitment to building a career in finance and have a clear roadmap to achieving that goal, says William Rindfuss, executive director of strategic programs for the Berkeley Haas Finance Group.
This year’s fellows, all full-time MBA students, are:
Stephen Keim, Xiaoyi (Vera) Liu, and Maurizio Asperti, who are Investment Banking Fellows.
Tejbir (TJ) Bakshi, Hsueh Hung (Alex) Tsai, Aaron Nordvik, and Jake Wamala, who are Investment Management and Quantitative Finance Fellows.
Dmitriy Berenzon, Xin Lei (Lauren) Fu, Richard Levernier, and Matthew Bond, who are Entrepreneurial Finance Fellows.
Melissa Hulme and Daniel Clayton, who were each awarded CJ White fellowships earlier this year.
Fellows should exemplify the core values of Haas and serve as ambassadors to the world of professional finance. Recipients receive a cash award and priority enrollment for finance electives and are paired with a mentor, often a Haas graduate, who works in finance.
For Wamala, working with a mentor, Ted Janus, a principal at J Capital, has already paid off. “My mentor has seen a number of up and down cycles in that industry and has given me valuable insights,” he says.
Becoming a “more well-rounded business person”
Half of this year’s fellows are focused on investment-related careers, a sharp increase from last year. “More students are showing interest in asset allocation as opposed to stock picking,” Rindfuss said.
Melissa Hulme has worked in investment management for six years, and said she is looking forward to continuing a career in the space.
“The majority of my experience to date has been in selecting companies and funds to invest in, but I also really enjoy thinking about how individual companies or funds fit within the context of the broader portfolio.” Hulme said she also wants her work to have a positive social impact. “A big problem is the underfunding of pension funds. I want to help them generate greater returns.”
Hulme has already developed analytical skills; she hopes the MBA program will help her become a more well-rounded business person and build a deeper understanding of strategy, operations, and marketing. “I also want to learn more about leadership and the softer skills,” she says. “I think I can get that and more from this program.”
For the 2017-18 academic year, Haas awarded about $8.7 million total in scholarships and fellowships to entering students in the Full-Time MBA program.
Professor Emeritus David Vogel, a member of the Haas Business and Public Policy Group, was honored with the Elinor Ostrom Career Achievement Award in recognition of his lifetime contributions to the study of science, technology, and environmental politics.
Vogel, who held the Solomon P. Lee Chair in Business Ethics, is the author of nine books, including the forthcoming California Greenin’: How the Golden State Became an Environmental Leader. He has taught both “Ethics & Responsibility in Business” at Haas and “Public and Private Global Business Regulation” at UC Berkeley.
Vogel’s academic research has tackled subjects ranging from regulating health, safety, and environmental risks in Europe and the United States to global challenges in responsible business to the environmental policy of the United States compared to that of the European Union.
“David is a pioneer,” said Haas Dean Rich Lyons. “Not only was he digging into the fields of corporate social responsibility and ethics long before these areas were mainstream, but he’s also questioned the status quo on these issues at just the right time.”
Vogel‘s heavily-cited work has already earned him the coveted Faculty Pioneer Award from the Aspen Institute, four Best Book Awards, and many other accolades.
“I have devoted much of my academic career to writing about environmental politics in the United States, Europe, and internationally, and this recognition of my work by the political science profession is such a special honor,” Vogel said.
Vogel has been a faculty member at Berkeley’s business school since 1973 and editor of the school’s journal, the California Management Review, since 1982. He is now professor emeritus at both the Haas School and UC Berkeley’s Political Science Department.
Professor of Marketing and entrepreneur Scott Galloway has made a $4.4 million gift to UC Berkeley’s Haas School of Business to fund fellowships for undergraduate and graduate business students.
His gift—the second-largest ever from an MBA alum—will create the Galloway Fellows Fund, aimed at assisting generations of high-achieving business students at Berkeley-Haas who come from immigrant families.
Galloway, MBA 92, said, “As the son of a single immigrant mother, the big hand of government lifted me up. I want to ensure the hand remains extended for the next generation of aspiring business leaders who come from immigrant families.”
“I was a remarkably unremarkable kid,” he said. “Cal made what probably seemed, at the time, like an irrational bet on me. It changed my life.”
The gift was made possible through the sale of one of Galloway’s companies. In 2009, Galloway founded L2, Inc., to benchmark brands’ digital competence. Earlier this year, after L2 was sold to technology research firm Gartner, Galloway fulfilled his Founder’s Pledge, a nonbinding commitment by UC Berkeley entrepreneurs to give back to Berkeley when they attain success. To date, some 265 founders have signed.
“I felt blessed.”
The first four students to receive $50,000 Galloway Fellowships, all first-year MBA students, are Josue Chavarin, Kira Mikityanskaya, Kevin Phan, and Jorge Tellez.
Chavarin, the son of immigrant farm workers who grew up in Salinas, Ca., said he felt blessed when he learned about the new fellowship and decided to apply.
“I never would have thought that a fellowship (created) to empower and acknowledge children of immigrants would be available to me—especially in the political climate we’re in,” said Chavarin, who graduated from UC Berkeley in 2011 with a degree in political science with minors in Spanish literature and education. “Mr. Galloway is a real leader in taking this stance and standing up for immigrants.”
A life-changing gift
Berkeley-Haas Dean Rich Lyons said that Galloway’s gift will be life changing for many students. “Scott’s gift is an outstanding display of generosity that comes at a particularly difficult time for so many immigrant families,” Lyons said. “Scott understands personally what a public university education can do to change the course of students’ lives—and inspire them, in turn, to pay it forward to others.”
Galloway is currently a professor of marketing at New York University’s Stern School of Business and Chairman of L2. He co-founded Prophet Brand Strategy with classmate Ian Chaplin, MBA 92, and helped pioneer the rise of e-commerce when he co-founded Red Envelope, an online specialty gift retailer, in 1997.
“This is a tip of the hat to the generosity and vision of California taxpayers and the UC Regents, respectively,” Galloway said. “I also hope this sends a signal to current and future immigrants that most Americans remember where we came from, and welcome them to the land of opportunity.” Professor Galloway has also announced gifts to UCLA and NYU.
Assoc. Prof. Panos N. Patatoukas has received the prestigious 2017 Notable Contributions to Accounting Literature Award for his research on the implications of major customer relationships for supplier firm performance and valuation.
For his research, Patatoukas compiled a large sample of business-to-business links along the supply chain.
His paper challenged the conventional view that customer-base concentration—or doing business with only few major customers—impedes supplier-firm performance. The widely-held belief was that major customers pressure their dependent suppliers to provide concessions such as lowering prices, extending trade credit, and carrying extra inventory.
But Patatoukas discovered that while suppliers with a few big customers do report lower gross margins, that negative effect is offset by lower selling expenses and higher inventory turnover rates. He concluded that these operating efficiencies offset weaknesses in dealing with major customers—and found a net positive impact on the supplier’s performance and valuation especially as the major customer relationships mature.
Paper inspires follow-up studies
The paper, which was judged for “originality, breadth of potential interest, soundness of methodology, and potential impact on accounting education,” inspired a series of follow-up studies. It also grabbed interest among academics across disciplines.
“It’s extremely fulfilling to be recognized for creating a new line of interdisciplinary capital markets research that combines elements from accounting, finance, and operations management,” said Patatoukas, who joined the Haas Accounting Group in 2010 after graduating from Yale University. “This research has implications for academics and practitioners alike.”
His previous awards for both research and teaching include the Earl F. Cheit Outstanding Teaching Award (in 2012, 2015, and 2017), the highest teaching award bestowed upon instructors by Berkeley MBA students; the Schwabacher Award, the highest honor for distinction in research and teaching bestowed upon Haas tenure-track professors; and the Hellman Fellows Award, given by the U.C. Berkeley Chancellor for excellence in research.
Prior to arriving at Haas, Patatoukas earned a PhD in accounting and finance from Yale University, plus two master’s degrees in management from Yale, a master’s in accounting and finance from the London School of Economics, and a BA in accounting and finance from Athens University of Economics and Business, where he graduated as valedictorian.
Patatoukas’ areas of research include corporate valuation, financial statement analysis for measuring and forecasting economic activity at the firm level and at the aggregate macroeconomic level, and supply chain management.
Henry Chesbrough, faculty director of the Garwood Center for Corporate Innovation, was honored with a medal from the Industrial Research Institute (IRI) this month for his standout work in innovation management.
Chesbrough, an adjunct professor who is widely recognized as the father of open innovation, accepted the medal at the IRI’s May 10 annual meeting. The IRI, which represents 200 industrial and service companies interested in effectively managing technological innovation, has awarded the medal since 1946 to top leaders in industrial research.
Chesbrough said his own research has benefited greatly from the IRI and close observation of several of its member companies that have implemented open innovation.
The open innovation concept, which Chesbrough introduced in 2003, argues that companies need to tear down the walls between their R&D organizations and outside companies and innovators. Chesbrough believes that businesses cannot afford to rely entirely on their own research, but should instead buy or license R&D processes and inventions such as patents from other companies.
“As the pace of change quickens across industries, organizations are looking at open innovation not just as a tool for solving unique technology challenges, but for expanding it to include a wider variety of participants and making a significant impact on corporate business models,” Chesbrough said.
The recipient of multiple awards for his research, Chesbrough in 2015 was named to the Thinkers50 global ranking of management pioneers. The Thinkers50 global ranking of management thinkers, published every two years, has been described by the Financial Times and others as the “Oscars of management thinking.”