News

Read more about the Initiative on Global Markets events, the work of visiting fellows or new insights revealed by faculty research.

Culture, Gender, and Math

SCIENCE Magazine
May 30, 2008

Prof. Luigi Zingales' study suggests cultural factors may explain why boys do better in math. Read article

China and Wal-Mart: the true champions of equality

by Christian Broda
FT.Com
June 4, 2008

The US presidential campaign has sometimes sounded like a contest to prove who despises trade the most. Media reports of job losses to China and the destructive effect of Wal-Mart on local businesses are ubiquitous. Read more

Why Mr. Rajan is right

The Economist
April 10, 2008

An article headlined "Why Mr. Rajan is right" discussed Professor Raghuram Rajan's recommendations for reforming India's financial sector. "Financial sector reform is both a moral and an economic imperative," he argued in a report. The Economist responded: "He is right - and he deserves a lot more support than he is likely to get." Read more

Bear Stearns bailout re-energizes fears

Chicago Tribune
March 18, 2008

Professor Raghuram Rajan was quoted in an article headlined "Bear Stearns bailout re-energizes fears." Read more

Luigi Zingales Named "Monster Economist"

Professor Luigi Zingales was named one of five "brilliant brains behind globalization," in an article published in Corriere della Sera. Read more

China's Impact on Latin America

Associate Professor Christian Broda discusses how China's emergence as an economic superpower is having positive impact on South America. Read more

U.S. Monetary Policy Forum - CNBC Live Reports

February 29, 2008 at 11am
February 29, 2008 at 2pm

Housing bust means at least 12 more months of pain

Reuters
March 2, 2008

It was only nine months ago that pundits, investors and government officials, argued that the U.S. subprime mortgage crisis had been "contained." Read more

Study Finds Wider Impact Of Mortgage Losses

Wall Street Journal
March 1, 2008

Mortgage losses, compounded by contemporary risk-management and accounting practices, could prompt banks and other lenders to shrink their lending and other assets by $2 trillion, a study concludes. Read more

Former US Fed Official Speculates Rate Gradualism May Be Over

Wall Street Journal
February 29, 2008

The former chief monetary policy adviser of the U.S. Federal Reserve warns that as fast as central bankers have cut interest rates, they may have to raise them just as quickly. Read more

Banks may get more leeway to branch out, set up ATMs

The Economic Times (India)
November 21, 2007

A committee headed by Professor Raghuram Rajan has been charged with setting an agenda for financial sector reforms in India, according to an article published November 21. One government official referred to the group as "the Raghuram Rajan committee," the article said. Read more

Tough CEOs Often Most Successful, A Study Finds

The Wall Street Journal
November 19, 2007

Research by Professor Steven Kaplan, Assistant Professor Morten Sorensen and Mark Klebanov, a Ph.D. student, was featured in the Theory & Practice column November 19. "What are the traits that chief executives of successful companies share?" the article began. "A new study suggests that hard-nosed personal virtues such as persistence and efficiency count for more than ‘softer' strengths like teamwork or flexibility." The article was headlined "Tough CEOs Often Most Successful, a Study Finds." A picture of Professor Kaplan accompanied the article. The Times of London also ran an item about the study. Read paragraph from related IGM research

Losing Money Is a Crime

The Wall Street Journal
November 14, 2007

Research on corporate fraud by professor Luigi Zingales and assistant professor Adair Morse was featured in an article headlined "Losing Money Is a Crime." Professors Zingales and Morse found that 7 percent of public companies engage in some form of "material" (i.e., of interest to investors) lawbreaking each year, according to the article published November 14. Most of the fraud, "involves a misrepresentation of financial statements or breach of controls that was not motivated primarily by self dealing. The bulk of these involve overstated revenue and revenue expectations," their research found. Read paragraph from related IGM research

Self-Appraisal Is Vital for CEOs Seeking a Successful Comeback

The Wall Street Journal Online
November 8, 2007

Research by Professor Steven Kaplan on CEO turnover was featured in an article posted November 8. The return of dismissed CEOs is more common today because CEO turnover is increasing, Professor Kaplan found. The average tenure for company chief executives today is roughly six years, according to his research.
Read the article
Read paragraph from related IGM research

Evans Says Fed Must Guard Against 'Cost' of Bigger Housing Drop

Bloomberg
October 23, 2007
Federal Reserve Bank of Chicago President Charles L. Evans said policy makers must shield the economy from "high cost'' events such a worsening housing slump. Read the article

Fed's Evans says U.S. economy to pick up in 2008

Reuters
October 22, 2007
Chicago Federal Reserve Bank President Charles Evans said on Monday that outside of housing the U.S. economy is "moving forward," and that the Fed cannot afford to go soft on inflation. Read the article

Initiative on Global Markets Looks at Market Turmoil

Professors Cochrane, Kashyap and Rajan spoke at a Myron Scholes Global Markets Forum, sponsored by the Chicago Mercantile Exchange (CME) Trust and Chicago Council on Global Affairs, at the CME Auditorium September 25. on the dislocations in credit markets and offer their views on what has been happening and what policy makers can do. Read the article

Mexican-U.S. Migration Could Flow Both Ways

Agustin Carstens, AM ’83, PhD ’85, secretary of finance and public credit of Mexico spoke at the Myron Scholes Global Markets Forum Series, which was co-sponsored by the Chicago Council on Global Affairs and funded by the CME Trust