CNBC.com: “A blunt Pope Francis targets free market economics”

. . . “I don’t think he’s attacking capitalism or the wealthy, because if he did, that strategy would fail,” said Joseph Pastore, a business professor at Pace University.

“But he is rightly focusing on issues of equality and justice in economics,” Pastore said.

. . . “I don’t think he’s attacking capitalism or the wealthy, because if he did, that strategy would fail,” said Joseph Pastore, a business professor at Pace University.

“But he is rightly focusing on issues of equality and justice in economics,” Pastore said.

Read the story on CNBC.com.

Journal News: “Tom Mariano to lead Pace men’s lacrosse”

. . . “Knowing what (Pace) is all about with the facilities, the commitment to the program and the energy,” Mariano said, “it’s a breath of fresh air.”

. . . “Knowing what (Pace) is all about with the facilities, the commitment to the program and the energy,” Mariano said, “it’s a breath of fresh air.”

Read the article in the Journal News.

Washington Post: “Return of mega-mergers reflects growing confidence in economy”

. . . Direct competitors “will not be able to remain in place as is,” said Larry Chiagouris, a professor of marketing at Pace University’s Lubin School of Business in New York, but will need “greater size in order to maintain bargaining power” when working with agencies.

. . . Some mergers have the potential to create market dominance. According to analysts, that appears to be the case in the merger of leading advertising agencies Omnicom and Publicis. The merger is expected to create the world’s biggest advertising company, with a market value of $35.1 billion.

This merger “brings in a new level of scale and consolidation in different parts of the media and advertising business,” Larry Chiagouris, a professor of marketing at Pace University’s Lubin School of Business in New York, said in a recent research note.

Direct competitors “will not be able to remain in place as is,” he said, but will need “greater size in order to maintain bargaining power” when working with agencies.

Read the story in the Washington Post.

Read more coverage by Direct Marketing News [ 1 | 2 | 3 ]

Read more comments by Prof. Chiagouris about the merger on MediaPost.

 

CBSNewYork: “Summer Gas Price Spike Could Be Rippling Through The Rest Of The Economy”

. . . “We have seen the prices of gas go up and down for absolutely no reason,” Farrokh Hormozi, a professor of economics at Pace University told CBS 2′s Lou Young on Thursday, “The price of everything else is going up.”

. . . “We have seen the prices of gas go up and down for absolutely no reason,” Farrokh Hormozi, a professor of economics at Pace University told CBS 2′s Lou Young on Thursday, “The price of everything else is going up.”

Watch the video on CBSNewYork.

NEWS RELEASE: Is there an Incentive for Active Retail Mutual Funds to Closet Index in Down Markets?

The relationship between fund performance and subsequent net fund flows is significantly different in up markets years as compared to down market years, according to a new study by researchers at Pace University and Touro College.

FOR IMMEDIATE RELEASE

New study:  Is there an Incentive for Active Retail Mutual Funds to Closet Index in Down Markets?

Researchers at Pace University and Touro College find incentive for active managers to closet index in down markets as investors do not reward outperformance with higher flows

New York, NY – July 25, 2013 — The relationship between fund performance and subsequent net fund flows is significantly different in up markets years as compared to down market years, according to a new study by researchers at Pace University and Touro College.

Professors Aron Gottesman and Matthew Morey of Pace University and Menahem Rosenberg of Touro College examined the relationship between annual fund performance and subsequent annual fund flows in both up and down markets. Specifically, the researchers find that fund performance does not drive subsequent flows nearly as much in down markets as it does in up markets.

“Indeed, in up markets, we find a strong positive relationship between fund performance and subsequent flows,” the researchers write. “Conversely, in down years, the amount of outperformance or underperformance does not significantly influence the next year’s fund flows. Hence, based on these results, there is an incentive for active managers to closet index in down markets as investors do not reward outperformance with higher flows.”

The researchers used a data set comprised of 15 years of open, retail, actively managed, no-load mutual funds over the period 1997-2011. They used retail funds because they capture individual investors who have been shown to be more subject to behavioral biases and because they pay the highest cost for closet indexing. Furthermore, they measured fund performance using a method that individual investors seem to respond to most, i.e., fund annual total returns relative to the Standard and Poor’s 500 index.

For a copy of the research paper, email wcaldwell@pace.edu.

BACKGROUND: Gottesman and Morey of Pace University’s Lubin School of Business are co-authors of previous studies including “Morningstar Mutual Fund Ratings Redux” (2006), “Manager Education and Mutual Fund Performance” (2006), “Predicting Emerging Market Mutual Fund Performance” (2007), “Does Better Corporate Governance Result in Higher Market Valuations in Emerging Markets?” (2009), “CEO Educational Background and Firm Financial Performance” (2010), and “Mutual Fund Corporate Culture and Performance” (2012). Their work has been cited by Financial Times, Forbes, New York Times, and Wall Street Journal.

About Pace University

Since 1906, Pace University has educated thinking professionals by providing high quality education for the professions on a firm base of liberal learning amid the advantages of the New York metropolitan area.  A private university, Pace has campuses in Lower Manhattan and Westchester County, NY, enrolling nearly 13,000 students in bachelor’s, master’s, and doctoral programs in its Lubin School of Business, Dyson College of Arts and Sciences, College of Health Professions, School of Education, School of Law, and Seidenberg School of Computer Science and Information Systems.

Media contact:  Bill Caldwell, Pace, 212-346-1597, wcaldwell@pace.edu

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CNN: “Five internship secrets from superstar college interns”

. . . Hilda Adenjii, now a campus coordinator at Pace University, interned with event planning group DBD Social last summer. She was unpaid, but her employer covered all project expenses. When DBD Social merged with another company in the fall, they had the money to pay — and they hired Adenjii back as a paid intern.

. . . Hilda Adenjii, now a campus coordinator at Pace University, interned with event planning group DBD Social last summer. She was unpaid, but her employer covered all project expenses. When DBD Social merged with another company in the fall, they had the money to pay — and they hired Adenjii back as a paid intern.

Read the report by CNN.

MacNewsWorld: “Apple Hit Upside the Head by E-Book Ruling”

. . . “Apple … is no longer a seat-of-the-pants managed company,” Larry Chiagouris, a professor of marketing at Pace University, told MacNewsWorld. “Its operations have already accounted for these kinds of problems and, as such, these are for the most part minor irritations.”

. . . “Apple … is no longer a seat-of-the-pants managed company,” Larry Chiagouris, a professor of marketing at Pace University, told MacNewsWorld. “Its operations have already accounted for these kinds of problems and, as such, these are for the most part minor irritations.”

 

U.S.News & World Report: “How to Compare Online, On-Campus Graduate Programs”

. . . Regardless of their preference, Christine Shakespeare, assistant vice president of continuing and professional education at Pace University, says students should know the differences between faculty in the online and on-campus program.

. . . Regardless of their preference, Christine Shakespeare, assistant vice president of continuing and professional education at Pace University, says students should know the differences between faculty in the online and on-campus program.

Read the article by U.S.News & World Report.

Westchester County Business Journal: “Delays plague Dodd-Frank rulemaking”

Westchester County Business Journal asked John Alan James, an authority in the field of regulatory affairs and compliance, to discuss what’s next for Dodd-Frank. James is executive director of Pace University’s Center for Global Governance, Reporting and Regulation, and designed the school’s Certified Compliance and Regulatory Professional certificate program.

Westchester County Business Journal asked John Alan James, an authority in the field of regulatory affairs and compliance, to discuss what’s next for Dodd-Frank. James is executive director of Pace University’s Center for Global Governance, Reporting and Regulation, and designed the school’s Certified Compliance and Regulatory Professional certificate program.

Read the Q&A.

NEWS RELEASE: Pace University and the Association of International Bank Auditors announce new cycle of Certified Compliance and Regulatory Professional program

”Our program participation has grown from the first cycle focusing primarily on regulation and compliance impacting global banks to include major U.S. banks, asset managers, hedge funds, lawyers and other professionals seeking an in-depth program on U.S. and global compliance issues,” says John Alan James of the Center for Global Governance, Reporting and Regulation at Pace.

FOR IMMEDIATE RELEASE

Pace University and the Association of International Bank Auditors announce new cycle of Certified Compliance and Regulatory Professional program

New “Boot Camp” programs to offer short courses in Manhattan on key current regulatory issues

New York, July 1, 2013 — The Center for Global Governance, Reporting and Regulation at Pace University and the Association of International Bank Auditors announce a new fourth cycle of the Certified Compliance and Regulatory Professional (CCRP®) certificate program.

The new session begins September 5, 2013, and continues to March 6, 2014. Classes will be held at Pace University’s Midtown Center in the historic Fred French Building.

Recognized as the ‘standard’ for training and development courses by bank executives and regulators, the CCRP® program offers a 26-week session with intense and in-depth exposure to all aspects of governance, risk management, regulatory strategy, and relevant regulations taught by industry professionals.

Sessions include detailed discussions of current compliance and regulatory issues, and examinations of real life case studies. Team presentations provide experience in applying coursework to actual business problems.

In addition, new “Boot Camp” programs will be offered by AIBA and Pace, with short (one or two-day) courses covering key current regulatory issues like Bank Secrecy Act/Anti-Money Laundering, Office of Foreign Assets Control (OFAC), and the new Dodd-Frank regulations impacting trading and non-bank operations.

The CCRP® certification is designed for regulatory compliance professionals, auditors, attorneys, consultants, regulators, risk managers, hedge fund managers, and broker-dealers.

”Our program participation has grown from the first cycle focusing primarily on regulation and compliance impacting global banks to include major U.S. banks, asset managers, hedge funds, lawyers and other professionals seeking an in-depth program on U.S. and global compliance issues,” says John Alan James, executive director of the Pace Center.

The CCRP® at Pace provides growth opportunities and positions global financial services professionals as leaders in the compliance community, giving them an edge in a very competitive job market. The program has been designed with the rigorous content demanded by an academic agenda while stressing the important practical dimensions of real-world experience in the compliance field. Professors from Pace University, all with distinguished prior careers in the private sector, created the syllabus alongside veteran compliance professionals from some of the world’s leading international banks.

Guest speakers drawn from prestigious New York law firms, Big Four Accounting firms, and the bank regulatory community will complement the joint Pace-AIBA team.

About the Lubin School of Business at Pace University: Globally recognized and prestigiously accredited, the Lubin School of Business integrates New York City’s business world into the experienced-based education of its students at Pace’s suburban and downtown campuses, implemented by the region’s largest co-op program, team-based learning, and customized career guidance. Its programs are designed to launch success-oriented graduates toward upwardly mobile careers.  www.pace.edu/lubin

About the Association of International Bank Auditors: The AIBA membership consists of internal audit, compliance and internal control professionals of nearly 100 U.S. branches and agencies of foreign banks.  The mission of the AIBA is to foster the professional standing of its members by increasing their knowledge and capacities to carry out their responsibilities with respect to international banking.

Media contact:  Bill Caldwell, Pace, 212-346-1597, wcaldwell@pace.edu

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