Policy Works investigates the myriad moving parts (the institutions, actors, and systems) through which economic development policies are implemented. Policy Works is hosted by the Reimagining the Economy team at Harvard Kennedy School. The Reimagining the Economy project explores local labor market, industrial, and development policies, combined with practitioner insights, to produce multidisciplinary scholarship to reshape narratives about how we achieve inclusive prosperity. It is co-led ...
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Dani Rodrik Podcasts
Join Stanford GSB finance professor Jonathan Berk and Jules van Binsbergen of The Wharton School in a conversation with prominent business leaders about common flaws in the decision making process and what to do about them. Learn more at AllElseEqualPodcast.com.All Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.
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Rerun: Ep63 “What Explains the Growth of Private Equity? A Different Perspective” with Ludovic Phalippou
35:49
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35:49This holiday week, All Else Equal is looking back at its episode on the growth of private equity with Ludovic Phalippou. Private markets have taken off in the last couple decades, with more investors opting to invest in private equity and debt instead of public markets. But what caused that shift? And are the private markets really a better bet rig…
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Ep68 “Is It Better to Overestimate or Underestimate Your Enemies?” with H.R. McMaster
33:58
33:58
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33:58Historically, the U.S. has had a habit of overestimating the capabilities of its enemies. Why? Is this an intentional security strategy? Or does the U.S. need to change the way it gathers enemy intelligence? Former National Security Advisor H.R. McMaster gives hosts and finance professors Jonathan Berk and Jules van Binsbergen a crash course on mil…
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Ep67 Real Talk on Rent Control: Its Pros and Cons
27:26
27:26
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27:26As the 2025 municipal elections approach, the New York City mayoral race has garnered national buzz, with one issue particularly capturing attention: rent control. On this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen explore and unpack the best possible reasons for rent control, and why oftentimes – those reasons sti…
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Ep66 When (and When Not) To Listen to Investment Advice
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26:45Solicited or not, advice on where to invest your money seems to be around every corner these days. But determining whether the advice is credible and worth listening to can be challenging. On this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen put sources of investment advice to the test and provide listeners with some…
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Ep65 "Will Future AI Systems Operate Like The Human Brain? It’s Complicated” with Jeff Hawkins
32:40
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32:40With growing concerns over whether or not AI will take away jobs and eventually become superior to human intelligence, maybe it’s time to take a closer look at the human brain and discover how AI will always have its limitations. Hosts and finance professors Jonathan Berk and Jules van Binsbergen sit down with Jeff Hawkins, a neuroscientist and com…
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Ep64 "Why Higher Education Needs a Massive Overhaul: Are the Kids Even Learning Anything?" with Bryan Caplan
33:02
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33:02While a higher education may help your career in terms of income, how much of what you’re taught in a classroom actually prepares you for the work you do on the job? Hosts and finance professors Jonathan Berk and Jules van Binsbergen chat with economist Bryan Caplan about his book, “The Case Against Education.” In the book, Bryan lays out why educa…
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Rerun: Ep53 “The Truth About Inflation and Price Caps: Learn From Argentina” with Veronica Rappoport
26:36
26:36
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26:36It’s the final episode of the summer season and with some key mayoral races coming up this fall, we’re revisiting our conversation on inflation with Veronica Rappoport, a former official at the Central Bank of Argentina who had a front row seat to the country’s inflation crisis. Over the last couple U.S. election cycles, one policy idea to get infl…
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Ep63 “What Explains the Growth of Private Equity? A Different Perspective” with Ludovic Phalippou
35:49
35:49
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35:49Private markets have taken off in the last couple decades, with more investors opting to invest in private equity and debt instead of public markets. But what caused that shift? And are the private markets really a better bet right now, or is there more to the story? Hosts and finance professors Jonathan Berk and Jules van Binsbergen sit down with …
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Rerun: Ep60 “A Trade Deficit? More Like a Capital Surplus” with John Cochrane
28:26
28:26
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28:26For the summer season, All Else Equal will be alternating between new episodes and reruns. In this week’s episode, we’re revisiting our conversation with Senior Fellow of the Hoover Institution at Stanford University John Cochrane. What exactly is a trade deficit? And why are so many policymakers fixated on it? Lately, the trade deficit in the U.S.…
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Rerun: Ep59 “Why Tariffs Are Not The Ultimate Trade Weapon” with Dani Rodrik
32:32
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32:32For the summer season, All Else Equal will be alternating between new episodes and reruns. In this week’s episode, we’re revisiting our conversation with Ford Foundation Professor of International Political Economy at the John F. Kennedy School of Government at Harvard University, and the author of the book Straight Talk on Trade: Ideas for a Sane …
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Rerun: Ep55 “The Future Of The MBA: From 3 Top Business Schools” with Madhav Rajan
32:17
32:17
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32:17For the summer season, All Else Equal will be alternating between new episodes and reruns. In this week’s episode, we’re revisiting our conversation with Madhav Rajan of the University of Chicago Booth School of Business. As more and more universities move away from full-time MBA programs, what does the future of business education look like? How s…
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Rerun: Ep54 “The Rise And Fall of Great Societies: Lessons from History” with Victor Davis Hanson
30:14
30:14
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30:14For the summer season, All Else Equal will be alternating between new episodes and reruns. On this week’s episode, we’re revisiting our conversation with historian Victor Davis Hanson. History shows that as societies rise to greatness, the scales eventually tip back and those societies fall. But what leads to that fall and are we heading toward one…
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Rerun: Ep47 “Is the US National Debt Sustainable?” with Mohamed El-Erian
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36:09For the summer season, All Else Equal will be alternating between new episodes and reruns. On this week’s episode, we’re revisiting our conversation with Mohamed El-Erian on the intricacies of national debt and the best ways to measure it. Mohamed, Jonathan, and Jules explore the broader macroeconomic and geopolitical factors at play. They discuss …
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Ep62 “The Cost of Social Compliance: Exploring Preference Falsification" with Timur Kuran
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33:37
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33:37Is the emperor wearing clothes? Hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by economist and political scientist Timur Kuran who wrote the book, Private Truths, Public Lies: The Social Consequences of Preference Falsification. This 30-year-old book explains the social phenomenon where people express preferences th…
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Ep61 “Pursuit for Academic Freedom” with Richard Saller
30:58
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30:58If universities believe they should be free from government interference and that students and faculty have the right to freely express whatever viewpoints they hold, then the universities should be held to the same standard, right? Hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by Richard Saller, an American classis…
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Ep60 “A Trade Deficit? More Like a Capital Surplus” with John Cochrane
28:17
28:17
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28:17What exactly is a trade deficit? And why are so many policymakers fixated on it? Lately, the trade deficit in the U.S. is taking the bulk of the blame for the economic situation we’re in and it’s one of the reasons the Trump administration is pushing for sweeping tariffs. But tariffs are likely not the answer, and a trade deficit might be better re…
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Ep59 “Why Tariffs Are Not The Ultimate Trade Weapon” with Dani Rodrik
32:16
32:16
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32:16With President Trump’s tariffs on Canada, Mexico, China, and other countries now in full swing, what consequences from an economic standpoint could the U.S. be facing? And what was the path that led us here? Hosts and finance professors Jonathan Berk and Jules van Binsbergen put the tariffs question to economist and author Dani Rodrik. Rodrik is t…
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Ep58 How Rich Are The Ivy League Universities, Really? University Endowments Explained
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24:36
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24:36The recent crackdown on federal spending has universities sweating despite the fact that many of them boast huge billion-dollar endowments. So what gives? Why would less money from the federal government be a cause for concern? Where does all that money go? And could there be more to this budget picture than meets the eye? In this episode, hosts an…
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Rerun: Ep36 “Institutional Neutrality: Open Debate and Moral Stands” with John Etchemendy
25:04
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25:04All Else Equal is taking a little spring break, so on this episode we’re revisiting a fascinating conversation on what happens when universities step off the sidelines and take a stance on contentious issues. Are they boarding a roller coaster that they can’t ever get off? Hosts and finance professors Jonathan Berk and Jules van Binsbergen chat wit…
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Ep57 “Effective Communication: Trump vs. Reagan” with Peter Robinson
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36:40
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36:40One key to effective negotiation is to keep your opponent guessing by randomizing your strategy. And right now, there might not be a more prolific example of this kind of strategy than President Donald Trump’s communication style. In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by Peter Robinson, a re…
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Ep56 “When Should We Lie for the Greater Good?” with John Ioannidis
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34:10Is it acceptable for doctors to lie to their patients, or withhold some of the truth, if it’s in the patient’s best interest? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome back John Ioannidis, professor of medicine at Stanford University, to discuss the ethical implications of concealing the truth in t…
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Ep55 “The Future Of The MBA: From 3 Top Business Schools” with Madhav Rajan
32:03
32:03
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32:03As more and more universities move away from full-time MBA programs, what does the future of business education look like? How should it look? In this episode, hear perspectives from three of the top business schools in the U.S.: Stanford Graduate School of Business, The Wharton School at the University of Pennsylvania, and the Booth School of Busi…
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Ep54 “The Rise And Fall of Great Societies: Lessons from History” with Victor Davis Hanson
29:55
29:55
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29:55History shows that as societies rise to greatness, the scales eventually tip back and those societies fall. But what leads to that fall and are we heading toward one? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen speak with historian Victor Davis Hanson, a senior fellow at the Hoover Institution who specialize…
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Rerun: Ep48 “Why CEOs are Underpaid” with Dirk Jenter
29:09
29:09
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29:09As we ring in the new year, we’re bringing back one of our favorite episodes! Handpicked by Jules and Jonathan, this previous conversation is perfect for starting your year with thought-provoking insights. Are CEOs overpaid? It’s easy to see million-dollar (or even billion-dollar) salaries and jump to conclusions. But those figures might not captur…
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Ep53 “The Truth About Inflation and Price Caps: Learn From Argentina” with Veronica Rappoport
26:10
26:10
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26:10During the 2024 U.S. presidential election, inflation was one of the most talked about issues, and there was one policy idea to get inflation under control that kept coming up: price caps. But history has shown time and time again that price caps do anything but reduce inflation. So why do policymakers still want to try it? In this episode, hosts a…
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Ep52 “Should Legacy Admissions at Universities Be Illegal?” with Patrick Awuah
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26:49
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26:49Should legacy admissions at colleges and universities be banned? What are the benefits and tradeoffs of admitting students based on their legacy status? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen speak with guest Patrick Awuah, president of Ashesi University, about the Ghanaian university’s unique economic …
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Ep51 Celebrating 50 Episodes: The Biggest All Else Equal Mistakes
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27:24
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27:24The All Else Equal: Making Better Decisions podcast has officially done 50 episodes! To commemorate the milestone, hosts and finance professors Jonathan Berk and Jules van Binsbergen look back on some of the major all else equal mistakes they’ve covered on the show. With highlights from past guests like Google CFO Ruth Porat and former SEC chair Ja…
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Ep50 “Is Proxy Advising a Catch-22?” with Chester Spatt
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24:16
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24:16If the purpose of a proxy advisory firm is to gather information and advise shareholders on how to vote, then how do the firms handle the many different goals and incentives each shareholder brings to the table? Where do the proxy advisory firms’ interests truly lie? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsberg…
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Ep49 “Making Regulation Work” with Jay Clayton
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27:24
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27:24Regulation is meant to fix problems in the market, but as more and more regulation is introduced, those issues have a tendency to evolve into new ones. So is all this regulation even accomplishing what it set out to do? And how do you even measure the success of regulation to begin with? In this episode, hosts and finance professors Jonathan Berk a…
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Ep48 “Are CEOs Underpaid?” with Dirk Jenter
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28:45
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28:45Are CEOs overpaid? It’s easy to see million-dollar (or even billion-dollar) salaries and jump to conclusions. But those figures might not capture the full picture. So, what really goes into deciding CEO compensation? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome back Dirk Jenter, Professor of Finance a…
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Ep47 “Is the US National Debt Sustainable?” with Mohamed El-Erian
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35:36
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35:36What is the best way to measure National Debt Sustainability, and how does the US do on those metrics compared to other countries? In the first episode of the new season, hosts and finance professors Jonathan Berk and Jules van Binsbergen speak with guest Mohamed El-Erian about the intricacies of the national debt, different measures of sustainabil…
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Rerun: Ep12 Corporations as Job Security Providers
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20:36
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20:36This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit! Corporations are often characterized as evil entities that exploit workers. But in fact they enable firms to provide job security and thus serve the im…
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Rerun: Ep1 "Making a Business Decision" with Ruth Porat
24:52
24:52
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24:52This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit! When the scientific method began to be applied widely hundreds of years ago, innovation bloomed. Today, those same principles inform business leaders w…
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Rerun: Ep17 "Can the Free Market Discourage Fraud?" with Marc Cohodes
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27:01
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27:01This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit! There’s a negative connotation associated with short selling – the act of betting against a stock to perform well. But is this trading practice truly a…
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Rerun: Ep8 “Why Capitalism Works" with John Cochrane
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31:58This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit! Competitive markets don’t produce the same level of prosperity for everyone. But economist John Cochrane thinks they give us something essential — ince…
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Rerun: Ep7 Can Investors Effect Social Change?
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25:49This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit! How can investors play a part in accomplishing social change? In this episode of All Else Equal: Making Better Decisions, hosts Jules van Binsbergen an…
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Rerun: Ep6 "Can (and Should) Corporations Be Taxed?" with Larry Summers
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27:37
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27:37This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit! In this episode, hosts Jules van Binsbergen and Jonathan Berk discuss the complexities of the corporate income tax with former Treasury Secretary Larry…
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Rerun: Ep4 "Making Bad Investments Profitable" with Pete Briger
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27:50This summer break, we'll be taking a pause from uploading new episodes. However, Jules and Jonathan have handpicked some favorite past episodes for new listeners to enjoy and subscribers to revisit! When it comes to investments, value sometimes resides in unlikely places. Pete Briger, CEO of Fortress Investment Group, specializes in buying bad debt…
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What is the real problem with misinformation? Are our biases so ingrained in us that we are unable to think critically about the world and the systems around us? What happens when large institutions attempt to push a heterodox narrative? Do we simply need more education to overcome misinformation, or do we need something much deeper—to learn to thi…
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Ep45 “The Future of Higher Education Part 2” with Niall Ferguson
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30:19
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30:19What are the unseen costs of administrative bureaucracy and an ideology that favors victimhood over scholarly debate? What caused the ideological shift from classical liberalism to the illiberal leanings that now permeate universities, and what does it mean for the future of intellectual innovation and freedom? In this episode, hosts and finance pr…
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Ep44 “The Future of Higher Education Part 1” with Carmen Twillie Ambar and Kimberly Wright Cassidy
30:31
30:31
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30:31Should universities be primarily research and teaching institutions or should they have broader social responsibilities to today’s youth? How are institutions navigating the delicate dance of institutional neutrality among very hot-button and controversial issues? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen …
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Is Suze Orman giving out bad investment advice? Should you ever not refinance rates drop? Is dilution of stock a bad thing for the early stockholders? Should you dollar cost average? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen evaluate three pieces of widely given investing advice and drill down for why each…
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What could be the reason to delay investing in an option that will make you money? How do your investment opportunities expand when you make that choice? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss the concept of real options in finance, focusing particularly on investment decision-making. They also …
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Ep41 “Understanding the SEC's New Climate Disclosure Rules” with Lawrence Cunningham
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26:37Why should climate risk be singled out for mandatory disclosure by the SEC, and how does this change the investment landscape? Can climate disclosure legislation walk the fine line between transparency and information overload? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome Lawrence Cunningham, Research…
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Navigating Workplace Power Dynamics with Deborah H. Gruenfeld feat. ‘If/Then’ Podcast
28:35
28:35
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28:35Today, we’re sharing a special episode from If/Then, the new podcast from our friends at Stanford Graduate School of Business. If/Then is made for curious people looking for answers to challenging questions, featuring experts and thought leaders engaged in cutting-edge research on topics like AI, immigration, sustainability, and power - all framed …
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Ep40 “Why the Private Debt Markets Have Exploded” with Laurence Gottlieb
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27:57There has been a rising trend in the importance of private debt as a way of financing companies. But what are the differences between private debt and public debt? Why is it increasing in popularity? What advantages does it offer over traditional banking models? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen we…
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Ep39 “Why Does the Non-Profit Model Work?” with Daniel Diermeier
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28:56
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28:56Without a residual claimant, who sets the agenda of a non-profit organization like a university? Who makes sure that the organization follows that agenda rather than serving the interests of the administrators running the organization? Who are the stakeholders in a non-profit organization, and how does the organization prioritize their competing in…
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Ep38 "The Power of Non-Monetary Incentives: Lessons from the Military" with Lt. Gen. Thomas Bostick
24:59
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24:59Picture a workforce driven not by the promise of a paycheck, but by a shared sense of purpose and the thrill of contributing to something greater than themselves. How can you can ignite a passion in a team that money simply can't buy. In this episode, based on a question from a listener, hosts and finance professors Jonathan Berk and Jules van Bins…
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Today, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss five common mistakes financial decision-makers often make. There is much misinformation and bad advice in financial markets. In this episode, Jonathan and Jules discuss strategies for avoiding bad advice and making better decisions. Submit your questions to the show …
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Rerun: Ep15 "Shareholder vs. Stakeholder Capitalism" with Alex Edmans
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25:44For the end of the year, Jules and Jonathan are taking some well-deserved time off, and wanted to rerun a past episode they love for the new audience who has joined since then. Imagine being able to see through all the layers of corporate decision-making to uncover whether businesses should prioritize profits for shareholders or the well-being of a…
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