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Yale School of Management Hires Senior Finance and Economics Faculty from Wharton and London School of Economics; Additional Faculty Appointments in Law and Management, Operations Management, Organizational Behavior, Marketing, and Economics Announced

Dean Podolny marks the conclusion of a highly successful faculty recruiting season, announcing the addition of ten new members to the school's faculty ranks.

New Haven, Conn., May 15, 2008 – Yale School of Management Dean Joel M. Podolny marked the conclusion of a highly successful faculty recruiting season, today announcing the addition of ten new members to the school’s faculty ranks. In senior appointments, Gary Gorton, currently professor of banking and finance at the Wharton School of the University of Pennsylvania, will join the Yale SOM faculty as professor of finance; and Stephen Redding, currently a reader in economics at the London School of Economics, will join the faculty as professor of economics. Dean Podolny also announced the appointments of Constance Bagley, formerly of the Harvard Business School, as a professor in the practice of law and management, as well as seven tenure-track faculty, three of whom are women, in operations management, organizational behavior, marketing, and economics. These appointments are effective July 1, 2008.

Commenting on the appointments, Podolny said, “Gary Gorton and Stephen Redding are outstanding scholars for whom I have the highest admiration. Their expertise will add to the school’s considerable faculty strength in finance and economics. Their appointments reflect our commitment to recruiting and retaining scholars and teachers who are not only preeminent in their fields, but who also value the collaborative and interdisciplinary culture that is the foundation of our innovative curriculum, joint teaching and research, and the broader community at Yale SOM. Gary and Stephen exemplify the qualities that are vital to our mission of educating leaders for business and society and share our vision for transforming management education. Additionally, our success in drawing Connie Bagley, who was my colleague at Harvard and Stanford, and so many outstanding junior faculty to our school is further indication of the growing reputation and positive momentum that the Yale MBA program is experiencing within the management education community. I am simply delighted that all of them are coming to Yale, and I believe they will all make significant additions to what is already an outstanding, innovative, collaborative, and committed group of scholars and teachers.”

Gary Gorton joined the Wharton School faculty in 1984; he is currently the Robert Morris Professor of Banking and Finance and holds a secondary appointment as professor of economics in the University of Pennsylvania College of Arts and Sciences. He is a Sloan Fellow of the Wharton Financial Institutions Center and has been a research associate of the National Bureau of Economic Research since 1990. Over an academic career that has spanned more than two decades, Gorton’s research has focused on banking, corporate finance, asset pricing, and commodity futures. His work has been honored with the Western Finance Association Best Corporate Finance Paper Prize, the Journal of Corporate Finance Distinguished Paper Prize, and the Hicks Tinbergen Medal from the European Economics Association, among other awards. His influential commodity futures research includes the seminal paper “Facts and Fantasies about Commodity Futures” with Yale SOM Professor Geert Rouwenhorst, which concluded that commodities have similar returns and volatility as stocks, and are therefore less risky than previously believed. His work has been widely cited in the popular press including the Wall Street Journal, Financial Times, and BusinessWeek.

Gorton was the first non-English winner of the Houblon-Norman Fellowship of the Bank of England. Prior to Wharton, he was senior economist at the Federal Reserve Bank of Philadelphia.

Stephen Redding is currently a reader in economics at the London School of Economics and director of the Globalization Program at the LSE Center for Economic Performance. His research interests include productivity growth at the firm and industry level, international trade, and economic geography. His recent work has examined the relationship between comparative advantage and heterogeneous firms’ response to international trade; the role of product choice in understanding firm development and industry dynamics; the uneven effects of Indian liberalization; the role of ‘absorptive capacity’ in facilitating the international transfer of technology; and the role played by market access in determining economic prosperity. Redding’s distinctions include the Kiel Excellence Award in Global Economic Affairs in 2008 and the Philip Leverhulme Prize Fellowship during 2001-2004 for his research on international trade and economic growth.

Redding was a visiting associate professor in the department of economics at Harvard University in 2007-2008. Prior to joining the London School of Economics, he worked as a research economist in the Monetary Analysis Division at the Bank of England on the relationship between international openness and economic growth.

In addition, Constance E. Bagley, who spent the 2007-2008 academic year at Yale SOM as a visiting associate professor of business administration, has been appointed a professor in the practice of law and management. She joins from the Harvard Business School where she served as associate professor of business administration and taught the MBA elective course Legal Aspects of Management. Her research focuses on the intersection of law and management and the ability of legally astute managers and entrepreneurs to use the law and legal tools to create value, marshal resources, and manage risk. Her textbook Managers and the Legal Environment: Strategies for the 21st Century (with D. Savage), West Legal Studies in Business, 5th ed. 2006, is used at more than 100 colleges and universities. Before joining the Harvard faculty in 2000, Professor Bagley taught MBA and executive courses on the legal environment of business; legal aspects of entrepreneurship; and corporate governance, power, and responsibility at the Stanford Graduate School of Business. Prior to her work at Stanford, Professor Bagley was a corporate securities partner in the San Francisco office of the law firm of Bingham McCutchen. She is a member of the State Bar of California (inactive) and the State Bar of New York, and advises firms, directors, and executives on corporate governance matters, business ethics, and strategic compliance management.

The appointments build on the success of last year’s faculty recruiting which brought Professor Andrew Metrick to Yale SOM’s senior finance faculty from the Wharton School and added four assistant professors in organizational behavior, accounting, economics, and marketing. Deputy Dean Stanley J. Garstka said that this year’s addition of seven new tenure-track faculty will further build capacity in these disciplines as well as in the school’s operations management department. “We’ve hired talented junior faculty across a variety of disciplines,” said Garstka. “We’re especially pleased to be building our operations management group with the addition of three outstanding young scholars. This is our first significant expansion of this small but highly respected department.”

The seven tenure-track faculty joining the Yale School of Management are:

Shane Frederick, associate professor of marketing, joins Yale SOM from the Sloan School of Management at MIT where he is currently associate professor of management science. His research focuses on judgment and decision-making strategies, framing effects, intertemporal choice, preference elicitation, predicting others’ preferences, intelligence tests, the effects of intelligence on intertemporal choice, and decision-making under uncertainty. Prior to MIT, he was a research associate and lecturer at the Woodrow Wilson School of Public & International Affairs at Princeton University. Frederick holds a PhD in decision sciences from Carnegie Mellon University, an MA in resource management from Simon Fraser University, and a BS in Zoology from the University of Wisconsin.

Victoria Brescoll, assistant professor of organizational behavior, joins from Yale University’s Psychology Department where she is currently a postdoctoral research fellow at the Rudd Center for Food Policy and Obesity. Professor Brescoll’s research focuses on the impact of stereotypes on individuals’ status within organizations, particularly the status of individuals who violate gender stereotypes; the cultural origins of stereotypes (e.g. the media); corporate responsibility; and persuasion and public policy. Her study “Can an angry woman get ahead? Gender, status conferral, and workplace emotion expression,” published in the March 2008 issue of Psychological Science, concluded that people accept and even reward men who get angry but view women who lose their temper as less competent. The research was reported on in the popular press include ABC News, the New York Times, and U.S. News & World Report. She completed her BA in psychology from the University of Michigan. She also received her MS, M.Phil., and PhD in social psychology from Yale University where she was supported by a graduate research fellowship from the National Science Foundation.

Rodrigo Canales, assistant professor of organizational behavior, is from the doctoral program in behavioral and policy sciences at the Sloan School of Management at MIT where he also earned his MBA. Canales’ research focuses on the relationship between institutions, entrepreneurship, and economic development with a focus on how institutions emerge, develop, and change. He holds a degree in industrial engineering from the Universidad Iberoamericana. Canales’ has worked as a senior consultant in Booz Allen & Hamilton’s Telecom and Government practices in Mexico City and New York.

Lisa Kahn, assistant professor of economics, joins from the doctoral program in economics at Harvard University. Her research focuses on labor economics, organizational economics, contract theory, and economics of education. In her recent research, she has examined the consequences of graduating from college in a bad economy and how asymmetric learning between current and potential employers about workers’ abilities effect wages. Kahn earned an AB in economics from the University of Chicago.

Sang-Hyun Kim, assistant professor of operations management, joins from the doctoral program in operations and information management at the Wharton School of the University of Pennsylvania. He is interested in various topics in supply chain management and service operations, especially those on incentive design for supply chain coordination. His primary focus has been on the performance-based contracting in after-sales service market, an area in which ideas from classic inventory management theory and principal-agent models converge. He earned an MS in scientific computing and computational mathematics from Stanford University and a BA in physics from the University of Pennsylvania. Prior to Wharton, he worked in Oracle Corporation developing software for supply chain planning and scheduling.

Donald K.K. Lee, assistant professor of operations management, is from the doctoral program in operations research at Stanford University. His research in operations has an emphasis on healthcare delivery. His recent papers have examined capacity management in healthcare facilities that treat patients with chronic conditions, and transplant wait times. Lee earned an MS in statistics from Stanford and a certificate in advanced study in mathematics, a BA, and an MA in mathematics from Cambridge University.

Elisa Long, assistant professor of operations management, is from the doctoral program in management science and engineering at Stanford University. Her emphasis is on health policy modeling and her research interests include mathematically modeling the HIV/AIDS epidemic in resource-limited settings and evaluating the cost-effectiveness of health interventions. She earned an MS in management science and engineering from Stanford and a BS in operations research and industrial engineering from Cornell.

Also joining the faculty as a visiting associate professor for the 2008-2009 academic year is Edieal J. Pinker. Pinker is an associate professor of computers and information systems and operations management at the William E. Simon School of Business at the University of Rochester. His research interests focus on issues of business process design, electronic commerce and Homeland Security. He has published research on the use of contingent workforces, cross-training and experience-based learning in service sector environments as it applies to work and workflow design, online auctions and responses to terrorist threats. He is currently studying how medical offices can be organized to improve productivity, and business process outsourcing.