Topic: Social Impact
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Berkeley Haas research tops list of most impactful papers in shaping public policy
Berkeley Haas faculty are shaping how the world is governed, according to a database of millions of policy documents.
An analysis of the massive database compiled by the startup Overton and reported by the Financial Times found that two of the top 10 business school research papers that have had the greatest global impact on policy are by Berkeley Haas finance professors Matteo Benetton (#2 on the list) and Ulrike Malmendier (#3 on the list).
“On subjects ranging from grocery prices to interest rate policy, these papers have altered understanding of their fields and influenced policy,” writes Bethan Staton of the Financial Times. “Many of the most effective papers in the list begin by identifying a clear gap in knowledge that is leading to confusion about what actions companies or governments should take.”
Overton describes itself as “the world’s largest searchable index of policy documents, guidelines, think tank publications and working papers.” The database includes over 13 million documents compiled from 188 countries. The analysis aimed to bridge the gap between research and practice by showing real-world policy impact.
The Berkeley Haas papers:
Targeted monetary policy and bank lending behavior
This paper by Berkeley Haas Assistant Professor Matteo Benetton and Davide Fantino of the Bank of Italy was published in the Journal of Financial Economics in 2021 and proved to be prescient. It was ranked #2 on the list of papers with the greatest impact.
The focus was “unconventional policy tools” adopted by central banks to stimulate the economy in response to the 2008 financial crisis—specifically, the European Center Bank’s targeted TLTRO-I program that decreased loan interest rates and increased loan amounts.
The program proved more effective than prior, less-targeted stimulus efforts. The key improvement was tying lending allocations to banks’ existing loan portfolios, which helped ensure that the funds were used for their intended purpose. The researchers found that the money actually went to business lending rather than being used by banks to buy government bonds. Ultimately, the targeted approach was more effective at increasing the credit supply.
The research holds lessons for untargeted government efforts, such as the pandemic-era Paycheck Protection Program in the U.S., that aim to get funds to people or businesses quickly rather than directing them more strategically.
“Our results suggest that it is important for policymakers to consider the interactions between monetary and competition policies, especially following the recent changes in the competitive landscape due to consolidations, branch closures, and the rise of shadow banks,” Benetton says.
“There is a difficult trade-off between targeting funds and providing them fast. Allocating credit is a very complex job.”
Exposure to Grocery Prices and Inflation Expectations
This paper by Berkeley Haas Professor Ulrike Malmendier with Francesco D’Acunto of Boston College, Juan Ospina of Banco de la República de Colombia, and Michael Weber of the University of Chicago was published in the Journal of Political Economy in May 2021. It was ranked #3 on the list of papers with the greatest impact.
The researchers found that the price of groceries has an outsize influence on people’s overall views of inflation. Consumers tend to link their inflation expectations to price increases in the staples they purchase regularly, such as milk and bread—especially when they see big increases. Those grocery price increases have a bigger impact on consumers’ inflation views than increases in the price of goods on which spend a greater portion of their household budgets. High grocery prices were a hot topic during the 2024 presidential campaign, with President-elect Donald Trump—and many consumers—blaming the Biden administration for high inflation.
Berkeley Haas among top schools teaming with Golub Capital to expand board fellows programs
NEW YORK—Golub Capital today announced partnerships with seven leading business schools to establish or expand Board Fellows Programs (BFPs) at each school. The BFPs prepare MBA candidates and alumni to become impactful nonprofit board members.
“Good board members dramatically improve the effectiveness of nonprofits,” said David Golub, President at Golub Capital. “The Golub Capital Nonprofit Board Fellows Network will deepen the pool of impactful nonprofit board members, while fostering collaboration among leading business schools around how to support positive social impact. Our goal is to continue expanding the program to accelerate progress across the nonprofit ecosystem.”
The business schools that Golub Capital has partnered with include:
- University of California, Berkeley, Haas School of Business will look to become one of the largest Board Fellows Programs in the United States with a goal of reaching 120 fellows annually and sharing its board self-assessment tool with members of the network.
- Yale School of Management will significantly grow and institutionalize their existing program by providing new staff support and faculty guidance for student leaders, offering a for-credit course for Board Fellows and developing a set of teaching case studies that can be used across the network.
- University of Chicago Booth School of Business will strengthen its existing program of over 80 fellows per year, developing a culminating showcase day for students to share their project learnings, expanding skill building and networking opportunities for Chicago nonprofit partners and experimenting with broadening program eligibility.
- Wharton School of the University of Pennsylvania will expand and enhance its existing program, inviting students from other graduate schools to take part along with MBAs and piloting a range of new initiatives to deepen engagement with alumni and its nonprofit partners.
- New York University Stern School of Business will grow and restructure its existing program to include a range of strategic consulting projects along with board governance and will explore development of the first Global Board Fellows program.
- Northwestern University Kellogg School of Management: Golub Capital supported its first Board Fellows Program in 2021 at Kellogg. Through the launch of this network, the Firm will also extend its funding of Kellogg’s program, enabling Kellogg to expand its program to serve students in their accelerated and part-time MBA programs. Currently, Kellogg’s Board Fellows Program prepares over 100 top MBA students annually for board service at Chicago-area nonprofits through a combination of academic coursework, board placement and strategic consulting.
A recent survey by Kellogg of 200 alumni showed that fellows are more likely to serve on nonprofit boards (55%) compared to non-board fellow alumni (38%). Participants in the program are also four times as likely to serve in leadership positions in nonprofits compared to non-participants.
“The Golub Capital Board Fellows Program has provided a valuable and practical learning experience for our students,” said Allison Henry, Director of the Golub Capital Board Fellows Program at Kellogg School of Management. “Fellows graduate with improved leadership skills, a strong professional network and practical knowledge on how to effectively serve on nonprofit boards.”
Since 2021, Golub Capital has also established Social Impact Labs at The University of Chicago Booth School of Business and Stanford’s Graduate School of Business.
About Golub Capital
Golub Capital is a market-leading, award-winning direct lender and experienced credit asset manager. We specialize in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Our sponsor finance expertise also forms the foundation of our Broadly Syndicated Loan and Credit Opportunities investment programs. We nurture long-term, win-win partnerships that inspire repeat business from private equity sponsors and investors.
As of July 1, 2024, Golub Capital had over 950 employees and over $70 billion of capital under management, a gross measure of invested capital including leverage. The firm has offices in North America, Europe and Asia. For more information, please visit golubcapital.com.
About the Golub Capital Social Impact Accelerator
The Golub Capital Social Impact Accelerator sponsors philanthropic initiatives where the Firm’s investment is expected to have a multiplier effect on the impact of nonprofit organizations. The two signature programs of the Golub Capital Social Impact Accelerator are the Social Impact Labs and the Nonprofit Board Fellows Network.
The Golub Capital Social Impact Labs at the Stanford Graduate School of Business, the Northwestern Kellogg School of Management and the University of Chicago Booth School of Business engage the next generation of business leaders and academics to accelerate progress across the nonprofit ecosystem.
The Golub Capital Nonprofit Board Fellows Network develops MBA candidates and alumni at leading business schools to serve as impactful nonprofit board members through classroom and experiential learning.