The PhD Program - The University of Chicago Booth School of ...

“ There is probably no institution with more activediscussion about research than Chicago Booth.Every single assumption and implication isquestioned. Nobody takes anything for granted.”The PhD ProgramDANIEL WILHELM, PHD CANDIDATE

TABLE OF CONTENTS2162232424445Program OverviewAcademicsFaculty and ResearchCampus and CommunityCareer and PlacementAdmissions and Financial AidContact Us

“ Chicago Booth has one value system:We are never satisfied with our stateof knowledge or practice. If yourambition is to contribute to theworld’s store of knowledge in anybusiness area, you will find no bettertraining than at the University ofChicago Booth School of Business.”DEAN EDWARD A. SNYDER1

PROGRAM OVERVIEWWHAT SETS CHICAGO BOOTH APART?2

An emphasis on research from day one.A faculty who are advancing the theoryof business. A curriculum that lets youtranscend departments and disciplines.A collaborative culture of lively debate.3

PROGRAM OVERVIEWALL ABOUT RESEARCHThe PhD Program at Chicago Boothemphasizes producing scholars whoconduct original, meaningful research.As a student here, you will explore andcultivate your research interests fromday one. Through your courseworkand close interaction with faculty, youwill develop your ability to think andwork independently and to identify,analyze, and solve problems effectivelyand creatively.“ You set your own path, working withprofessors on research from your first yearin the program. You are better prepared forlife after being a student, when you haveto determine your own research questionsand manage the projects.”JENNIFER HITLER, ORGANIZATIONS & MARKETS“ Virtually all of our faculty are activeresearchers with a keen interest in workingwith and developing our PhD students. Wehave a strong record of faculty coauthoringresearch with PhD students.”DOUGLAS SKINNER, JOHN P. AND LILLIAN A. GOULDPROFESSOR OF ACCOUNTING4

“ The opportunity to be exposed to thenewest research developments inthe field and to work with professorsdoing new and exciting work was a keyattraction of Chicago Booth for me.”JESSICA PAN, ECONOMICS5

STUDENT PROFILEALEXI SAVOVFinanceWHAT ATTRACTED YOU TO CHICAGO BOOTH?The faculty stood out. As an undergraduate readingresearch papers, theirs were the names that keptcoming up. I think we have some of the top peoplein every part of finance, and for somebody like mewho didn’t know exactly what I was going to writemy thesis on, that’s been a good way to explore allareas—and to try and combine them, too. Also, theeconomics department is very integrated with thebusiness school. There’s a synergy between the two,which is a big plus.WHAT KIND OF INTERACTIONDO YOU HAVE WITH THE FACULTY?Their office doors are open and you can just walkin. But to do that, you really need to have an idea.It can seem daunting, but I think it’s actually good.How they respond doesn’t depend on your grades,it doesn’t depend on your CV, your coursework, oranything like that. It’s purely what you have to saythat determines where the conversation goes.IS THAT TYPICAL OF THE CULTURE HERE?Yes. I quickly realized that the distinction of thefaculty is the result of the underlying atmosphere,which is really just a big discussion. People take yourwork very seriously. When you are presenting, theyare thinking about it really hard. They’re interestedin it, and they’re trying to help you out, asking youvery tough questions. It really gets you going.WHAT ROLE DO YOUR CLASSMATES PLAY?They are my first point of contact. From our classestogether and working together in study groups, wehave the kind of group where you’re free to expresswhatever ideas you might have. Because you want tohave crazy ideas—you just don’t want everybody toknow about some of the craziest ones. You want topass them by your friends first.WHAT ARE YOU RESEARCHING NOW?I just finished a project on consumption-basedasset pricing. I was trying to come up with a newmeasure of consumption derived from garbage,which is basically household production of waste.It turned out to be very productive, because infinance there isn’t a good measure of consumption,and consumption is at the heart of all models inasset pricing. This was a new measure that nobodyhad used and it actually produced results thatsupported some of our theories. It’s really excitingwhen something like that happens. It’s what makesresearch interesting.WHAT IS THE BEST PART OF BEING A STUDENT HERE?Going to the seminars where there’s a lot of energy inthe room and raising your hand, making a comment,and then feeling like you have made a difference, youhave made an impact, you have raised a point that noone had ever thought about—a new idea. It’s trying toexpand the frontier.6

“ I quickly realized that the distinction of the facultyis the result of the underlying atmosphere, whichis really just a big discussion.”7

“ PhD students can present and discusstheir research — such as their first- andsecond-year papers — in informal brownbags with other students and faculty,getting a taste of fielding questions.”PEPA KRAFT, ACCOUNTING8

PROGRAM OVERVIEWTHE FREE MARKET OF IDEASOur learning environment is collaborativeand without hierarchy. Whether an idea ispresented by a classmate or a professor,everyone is encouraged to test its merit.This is how our ideas evolve to advancethe theories that shape business practices.We offer a multitude of interactive forumsin which research is proposed, presented,debated, and refined, including seminars,brown bags, and our legendary workshops.All PhD students will join a workshop intheir first year and attend at least onethroughout their program, though manychoose to attend more, both at ChicagoBooth and in other university departments.“ At Chicago Booth, you have an ideal platform to interactnot only with our faculty but also with speakers andresearchers from other schools. The weekly workshopsand student groups provide an opportunity to discussideas and papers with the faculty and your peer group.”PRANAV JINDAL, MARKETING“ At Chicago Booth, seniority and being well-knowndoesn’t matter. Whether you’re a famous facultymember or a graduate student, everybody’s work isthoroughly examined, questioned, and discussed.”DANIEL WILHELM, ECONOMETRICS AND STATISTICS9

PROGRAM OVERVIEWIN THE CLASSROOMOur learning environment is rooted inthe disciplines that underlie business:economics, psychology, sociology,and statistics. In addition to thosein your dissertation area, you’ll takeclasses with students and facultynot only outside your area but alsooutside Chicago Booth, leveragingrenowned departments across theUniversity of Chicago. Classes arehighly interactive and emphasize amastery of the fundamentals in orderto conduct research that pushes theboundaries of what is already known.You’ll have the opportunities and thetools to follow your ideas whereverthey may lead.“ My training at Chicago stimulated meto think about big-picture issues and toquestion everything.”ARTHUR KORTEWEG, PHD ’07, ASSISTANT PROFESSOR OFFINANCE, STANFORD UNIVERSITY“ All professors are open to debate, and theyalways accept and encourage discussions. Thishelps a lot in getting a deeper understandingof the problems and figuring out what the nextsteps for research will be.”VALENTIN HADDAD, FINANCE10

“ The high level of training the classes provide, thebreadth of topics, and the caliber of the professors,both at Booth and at the University of Chicago,never stop impressing me.”ALON KALAY, ACCOUNTING11

STUDENT PROFILESHANSHAN WANGManagement Science/Operations ManagementWHY DID YOU CHOOSE CHICAGO BOOTH?I developed a real passion for research duringmy master’s program and decided to pursue anacademic career. I knew Chicago Booth woulddefinitely help me achieve my long-term goalswith its prominent faculty, academic reputation,and balanced research perspectives.WHAT KIND OF INTERACTION HAVEYOU HAD WITH THE FACULTY?We get a lot of attention from the professors. Theyare very generous with their time, knowledge, andexperiences. They are open to hearing our ideas andare willing to contribute their expertise. In additionto research, we are encouraged to talk to them aboutany difficulties we might have in the program, whichmakes our lives much less stressful and lets usconcentrate on our research.WHAT ARE YOU RESEARCHING NOW?I am interested in supply chain management,contract theory, and applied game theory. My firstworking paper considers a supply chain with twounreliable suppliers competing to supply onerisk-averse buyer. We characterize the equilibriumbehavior of the supply chain participants andanalyze the effects of supply chain disruption andrisk aversion on the suppliers’ pricing strategy andthe buyer’s ordering strategy. Now I’m working ona contract portfolio optimization problem.HOW WOULD YOU DESCRIBE YOURFELLOW PHD STUDENTS?Math camp at the beginning of the program was agreat opportunity for us to get familiar with eachother, especially those outside of our own area.Within our area, there is a truly collaborative andcollegial atmosphere. We go out for dinner andmeet up for lunch, sharing our experiences. Wealso share our research ideas in such a friendly andencouraging atmosphere. Here, you will never needto worry about feeling alone or without support.WHAT’S THE BEST PART OF BEINGA CHICAGO BOOTH STUDENT?There are a lot of excellent resources available to you.The PhD Program offers math camp and softwareclasses to prepare the students for research. Youcan take courses in finance, economics, marketing,or other departments, which all have very strongresearch reputations. There also are seminars givenby famous scholars and successful entrepreneurs thatyou can attend.HOW HAVE YOUR CLASSES AFFECTED YOUR THINKING?The classes here develop your ability to conductindependent research and are designed so thatyou get immersed in research activity early on.We prepare and make presentations, write refereereports, and conduct independent research projects.Some of my research ideas are identified duringthese classes, and the early preparations pay offwhen you start your own research.12

“ The classes here develop your ability toconduct independent research and aredesigned so that you get immersed inresearch activity early on.”13

PROGRAM OVERVIEWINTELLECTUAL COMMUNITYChicago Booth encourages interaction andcollaboration both within and across areasof study. Faculty offi ces are completelyintegrated without regard to discipline,and PhD students all share the samestudy spaces. With approximately 100PhD students in residence, you’ll haveeasy access to viewpoints from the entirebusiness spectrum—and an intimate yetdiverse group of colleagues to draw on forinspiration and support.“ The most valuable component for me has been thesignificant amount of group work that takes placeoutside the classroom. Helping each other workthrough difficult concepts, learning new techniques,and just developing new ideas in a peer context haveall helped shape me.”ALON KALAY, ACCOUNTING“ Students have a very wide variety of research interestsand fields of specialization. This diverse group ofstudents provides fresh perspectives and conversation.This has no doubt increased my understanding andawareness of fields outside my direct areas of interest.”JESSICA PAN, ECONOMICS14

“ It’s amazing being surrounded by such intelligent,hard-working people all the time. It’s extremelymotivating to be in a place that challenges me andpushes me forward.”JENNIFER HITLER, ORGANIZATIONS AND MARKETS15

ACADEMICSDEGREE REQUIREMENTSTo complete the PhD program, students must selectboth a dissertation area and a support area from thefollowing disciplines in business:AccountingEconometrics and StatisticsEconomicsFinanceManagement Science/Operations ManagementManagerial and Organizational BehaviorMarketingOrganizations and MarketsEach dissertation area establishes its owncurriculum, prerequisite courses, and generalexamination requirements.One member of the faculty in each area serves as the area advisor to thestudents, helping them plan their fi ve-year programs of study and guidingthem along the way. While your program of study will be highly customized,all doctoral students must:Complete general examination requirements in both their dissertationand support areasComplete a three-course sequence in a third areaParticipate in a dissertation-area workshop during the second andthird program yearsWrite and present an original paper at a curriculum paper workshopPropose and conduct a piece of original research for the dissertationDefend the dissertationEach dissertation area is described briefl y on the following pages.For more details, refer to the PhD Program Guidebook, availableonline at ChicagoBooth.edu/phd.17

ACADEMICSDISSERTATION AREASACCOUNTINGConsidered most broadly, accounting research addressesthe use of information for decision making in organizations,usually in a business setting. Most of the time, we areinterested in financial information generated by the entity’saccounting system, although recently some managerialaccounting research examines the role of nonfinancialperformance indicators. Managerial (or cost) accountingresearch examines the use of accounting information tomake decisions within business organizations and includesissues such as compensation, budgeting, transfer pricing,cost allocation, etc. Financial accounting research examinesthe use of financial statement information by external usersof financial statements, including investors, shareholders,creditors, banks, employees, and others. Capital marketsresearch examines how financial accounting numbersaffect prices in securities markets and is closely related toresearch in finance. Accounting researchers also examineeconomic issues related to the taxation of business entities.Most accounting research is grounded in economics, andaccounting PhD students at Chicago Booth take classes insuch related areas as economics, econometrics, statistics,and finance, in addition to accounting.ECONOMETRICS AND STATISTICSEconometrics and statistics are concerned with thedevelopment of quantitative methodology for the analysisof economic and business problems. To this end, studentsfocus on the combination of economic, mathematical,statistical, and computational theory and methods withapplications in finance, marketing, price theory, industrialorganization, and macroeconomics. Study in this areaintegrates a comprehensive program of coursework withextensive research. The program is designed for studentswho wish to do research in statistical methodology thatis motivated by business applications. Students are ableto design an individual program of study by combiningcourses in specific areas of business, such as economics,finance, accounting, marketing, or international businesswith advanced courses in statistical methods.Empirical work has always been an important part of theresearch effort in all fields at Chicago Booth. Econometricsand statistics courses provide the tools necessary toperform such studies.ECONOMICSThe range of study in economics is quite broad andincludes the traditional topics of microanalysis andmacroanalysis, such as price theory, market structure,industrial organization, the banking system, and theflow of national income. Students take advantage of a widerange of course offerings in both Chicago Booth and theDepartment of Economics, and write their dissertations inindustrial organization, labor economics, microeconomics,or related areas.FINANCEThe finance program is concerned with such areas as1) the behavior and determinants of security prices,including stocks, bonds, options, and futures; 2) thefinancing and investment decisions of firms; 3) corporategovernance; and 4) the management and regulation offinancial institutions. Students take courses from bothChicago Booth and the Department of Economics as partof their training.MANAGEMENT SCIENCE/OPERATIONS MANAGEMENTManagement science is concerned with the applicationof mathematics and computer methods to management.Primary areas of concern are mathematical programming,queuing theory, and inventory theory. The field ofoperations management applies the underlyingmethodologies of management science to deal with theproblems of developing, producing, and delivering goodsand services. The focus is on how to combine concepts,models, and data to help managers develop better systemsand make better decisions concerning operations.Students who choose to emphasize management science/operations management should have had at least two yearsof college-level mathematics before they enter the PhDProgram. The areas of most relevance to business arelinear algebra, analysis, and probability. Students with aminimal background should expect to take additional workin these areas.MANAGERIAL AND ORGANIZATIONAL BEHAVIORManagerial and organizational behavior (MOB) focuseson how people use information and make decisions,and how they interact with one another in groups andorganizations. Studies in this area draw on theory andresearch from cognitive and social psychology, economics,and related fields. MOB applies these disciplines to thestudy of human behavior relevant to a range of different18

managerial contexts. Examples include cognitiveprocesses of judgment and decision making; psychologicalaspects of economic behavior; learning, reasoning, andproblem solving by individuals, groups, and organizations;processes of negotiations; power and influence; teamworkand group processes; and organizational decisionmaking. Students develop personal research programs,in collaboration with faculty members, based on theirintellectual interests in particular types of behavioralphenomena, with applications to management and otherdomains of policy and action.MARKETINGAdvanced research in marketing addresses a marketingissue or problem using skills acquired in one of twodifferent areas: 1) consumer behavior and 2) economics/quantitative methods. The theoretical foundationprovided in the marketing PhD program is enhancedby the program’s flexibility, allowing choice among thesetwo areas. Students take courses not only at ChicagoBooth but also in the psychology, sociology, and statisticsdepartments. Specific examples of research in themarketing area include the study of consumer decisionmaking in a variety of different contexts, analyses of theeffects of consumer and trade promotions, and crosscategoryanalysis of marketing effects on householdbrand choice behavior.ORGANIZATIONS AND MARKETSThe organizations and markets program at ChicagoBooth prepares students for academic careers instrategy and (macro) organizational behavior. This areafocuses on theory and research on organizations andmarkets, emphasizing training in the social networks ofcompetition and cooperation, the ways in which actorsorganize to manage their variable interdependence withina social structure, and the attitudinal and behavioralimplications of the resulting social organization.Applications are diverse, including how organizationsoperate, why they differ, how they emerge from priororganizations, how future growth depends on positionin a structure of other organizations, and how peoplesurvive and thrive as a function of their position in socialorganizations. Students take courses and attend seminarsat Chicago Booth and in the Department of Sociology.JOINT PROGRAM IN FINANCIAL ECONOMICSThe Joint Program in Financial Economics, run by ChicagoBooth and the Department of Economics in the Divisionof the Social Sciences, exploits the strengths of bothsponsors in training PhD students interested in financialeconomics. Core economics training is valuable forstudents seeking to do research in financial economics,and advances in financial economics have importantspillovers to other areas of economics. Students mustsatisfy program requirements for the PhD at ChicagoBooth and the Economics Department. Students in thejoint program benefit from broad sets of instructors,classmates, and resources in both Chicago Booth andthe Department of Economics.Upon completion of this program, students will beawarded a Doctor of Philosophy degree in economicsand finance jointly from the Division of the SocialSciences and Chicago Booth.19

STUDENT PROFILEPRANAV JINDALMarketingWHAT ATTRACTED YOU TO CHICAGO BOOTH?The research interests and credentials of the marketingfaculty were pivotal in attracting me here. Schoolsstrive to have faculty with diverse interests. ChicagoBooth not only possesses this diversity, but each facultymember is also at the frontier of his or her field. I felta sense of unparalleled enthusiasm among the facultythat made me believe this was where I would get thebest training to step into academia and further myresearch interests.WHAT KIND OF INTERACTION HAVE YOU HAD WITH FACULTY?I interact with the faculty almost on a daily basis. Theyencourage me to think out of the box and push me to trythings on my own, which I really appreciate. Currently,I’m working on a project with professors Jean-PierreDubé and Günter Hitsch on durable goods adoptionand how consumers form expectations about futureproduct characteristics. We believe this study hastremendous research and managerial implications.HOW DID THAT COLLABORATION COME ABOUT?The faculty asked me if I wanted to be a part of theproject. I expressed interest in working as a coauthorrather than a research assistant, and they agreed. Beinga coauthor, I contribute and learn a lot more and havegreater responsibility.HOW HAVE YOUR CLASSES AFFECTED YOUR THINKING?I joined Chicago Booth with an undergraduate degreein engineering, but after taking classes for the lastcouple of years, I’ve started thinking about things froman economics perspective. I think about the economicimplications of what I do and have a more defined andstructured approach to research questions. The classeshave not only equipped me with the basic tools neededto do research but have also made me think about the“bigger picture” in terms of what I want to do, why it isimportant, and how it affects firms and consumers.WHAT DO BROWN BAGS, SEMINARS, AND WORKSHOPS ADD?Brown bags and seminars provide an opportunityto interact with faculty and researchers from otherschools. I typically attend two or three workshops aweek across such different domains as economics,econometrics, industrial organization, and marketing.The seminar course I’m taking right now covers agamut of topics on consumer behavior such as selfcontrol,temptation, time discounting, etc. Not onlydoes this expose me to a wide array of topics, but italso helps me broaden my research horizon, whichis truly fascinating.WHAT’S THE BEST PART OF BEING A STUDENT HERE?Students at Chicago Booth have the freedom to exploreresearch interests. We have access to the best possibleresources and infrastructure to work on interestingresearch questions, and the faculty guide us in thatdirection. A professor from an Ivy League school saidto me at a recent conference, “Being at Chicago, noavenues are closed to you; you can chose to do whatyou want.” I think that is the best part.20

“ Schools strive to have faculty with diverseinterests. Chicago Booth not only possessesthis diversity, but each faculty member isalso at the frontier of his or her field. ”21

FACULTY AND RESEARCHUNPARALLELED,WORLD-RENOWNED FACULTYChicago Booth faculty are known for developingthe economic, political, and theoretical frameworkson which business is based. They regularly receiveawards for the best research in top academicjournals, and their research and opinions are citedin media worldwide. Yet what students enjoy mostis their remarkable accessibility and dedication toteaching. Our faculty choose to teach at ChicagoBooth because they know they can expect a highcaliber of students from around the world who willchallenge and question them and add insights totheir teaching and research.“ I could instantly see how important the PhD program wasto Booth faculty members and how serious they were aboutmaking me feel comfortable with my decision to come here.Choosing a PhD program is like choosing a temporary home,and I found it reassuring to know I was choosing a schoolwhose faculty cared about how I fit into the program.”ALON KALAY, ACCOUNTING“ The opportunity to be exposed to the newest researchdevelopments and to work with the professors doingthat work was a key attraction for me.”JESSICA PAN, ECONOMICS“ Don’t be afraid to approach faculty with your ideas andresearch. That’s why you are here, and everyone benefitsfrom this.”CANICE PRENDERGAST, W. ALLEN WALLIS PROFESSOR OF ECONOMICS22

“ The faculty are alwayswilling to meet anddiscuss students’ ideas,even if they are notrelated to their ownresearch. That providesa great incentive to lookfor original ideas andnot simply try to extendsomebody else’s work.”VALENTIN HADDAD, FINANCE23

“ We do the theory development here, inthe business school. This is somethingthat Chicago takes pride in and whyprofessors choose to be here. It is, Ibelieve, one of our real strengths.”24

FACULTY PROFILEAYELET FISHBACHProfessor of Behavioral ScienceWHAT DO YOU GET OUT OF TEACHING AND ADVISING PHD STUDENTS?Advising PhD students is a central part of my academiclife. Basically, there are two components for academiclife: teaching and conducting research. When it comesto PhD advising, it’s almost impossible for me toseparate the two; they are meant to enhance each other.My research collaborators are mostly my graduatestudents whom I advise. We admit students who wishto get involved in behavioral research. They are highlymotivated and often take the leading role in theirresearch projects. Having these collaborators withtheir different perspectives and areas of expertisebenefits everyone.WHY ELSE IS CHICAGO A GOOD PLACE FOR YOU TO DO YOUR WORK?This school is very supportive of basic research. WhatI mean by that is that we support research in the coredisciplines of the social sciences, such as psychology,economics, and sociology. The research coming out ofChicago Booth advances these basic disciplines whileoffering implications for business practice. We dothe theory development here, in the business school.This is something that Chicago takes pride in and whyprofessors choose to be here. It is, I believe, one of ourreal strengths.To produce successful research, you need to be in aplace where you have good colleagues, so there isresearch interaction. You need to be in a place wherethere are good PhD students you can work with, andI consider myself very lucky in that regard. And youneed to be in a place that supports research in terms ofproviding the space, the funding, and the time for it.Chicago is great for all those.WHAT ARE YOU RESEARCHING NOW?I study motivation and am interested in how peoplego along pursuing their different goals, which don’talways coincide with each other—for example, having acareer and a family, or keeping in shape and eating whatyou want. This research is in social psychology and isrelevant for management and marketing. For example,we’re looking at charity donations and what makespeople give money to a charity when their competinggoal is to keep the money for themselves. We explorehow different feedbacks, for example, on whether otherpeople donated or not, influence people’s rate andamount of donations.WHAT HAVE YOU LEARNED FROM YOUR STUDENTS?Collaborators learn from each other, so I learn frommy students while they learn from me. We oftenspend hours tossing around ideas, and in the process,everyone learns. So I think I’m learning a lot.25

FACULTY AND RESEARCHMEET THE EXPERTSThe following is a sampling of our many distinguished faculty.MARIANNE BERTRAND Winner of the 2004 Elaine Bennett ResearchPrize, awarded to the top female economist under 40, Bertrand is theauthor of the often-cited, controversial study of racial discrimination inhiring based on first names.JOHN BIRGE Recipient of the 2008 Harold W. Kuhn Award for OperationsManagement, Birge won for his paper “Equity Valuation, Production, andFinancial Planning: A Stochastic Programming Approach.” The research isinnovative in its approach to integrating finance and operations decisionsfaced by firms.NICHOLAS EPLEY Winner of the 2008 Theoretical Innovation Award fromthe Society of Personality and Social Psychology, Epley is the first businessschool professor to receive the award. Professor of behavioral science,Epley won for his research “On Seeing Human: A Three-Factor Theory ofAnthropomorphism.”EUGENE FAMA Founder of the efficient-market hypothesis and a leadingthinker in modern finance, Fama is the recipient of numerous awards,including three recent inaugural awards: the Onassis Prize, the MorganStanley American Finance Association Award for Excellence in Finance,and the Deutsche Bank Prize in Financial Economics.APARNA LABROO Selected as Marketing Institute’s Young Scholar in 2007,Labroo investigates the role of feelings on consumers’ product evaluationsand choices. Her paper “Of Frowning Watches and Frog Wines: SemanticPriming, Perceptual Fluency, and Brand Evaluation” was featured inmedia worldwide.26

TOBIAS MOSKOWITZ Recipient of the 2007 Fischer Black Prize fromthe American Finance Association, Moskowitz was honored as the topfinance scholar under the age of 40 for his “ingenious and careful useof newly available data to address fundamental questions in finance.”KEVIN MURPHY The first business school professor awarded a MacArthurFoundation “genius grant,” in 2005, Murphy researches economic forcesshaping vital social phenomena, such as wage inequality, unemployment,addiction, medical research, and economic growth.DAMON PHILLIPS Professor of organizations and strategy, Phillips researchessocial networks, organizations, and social structural approaches to laborand product markets. His work has been recognized for advancing theunderstanding of labor markets and entrepreneurship.ABBIE SMITH Serving on corporate and mutual fund boards, along with thewave of corporate accounting scandals that began with Enron, stimulatedSmith’s research on corporate governance and transparency. Her article“Does Analyst Following Increase upon the Restriction of Insider Trading?”was nominated for a 2005 Smith Breeden Prize.RUEY TSAY His work in econometrics and statistics has earned Tsay the 2005IBM Faculty Research Award, and he was named the John Wiley & SonsAuthor of the Year for his book Analysis of Financial Time Series. He studiesbusiness and economic forecasting, data analysis, risk management, andprocess control.See all our faculty, search by area, and learn about their latestresearch at ChicagoBooth.edu/faculty.27

FACULTY AND RESEARCHPUBLICATIONSSome of the most distinguished academic journals were started atChicago Booth. We currently publish or edit five academic journals:Journal of Accounting ResearchFor more than 40 years, JAR has published original research in all areas of accounting.http://www.ChicagoBooth.edu/jar/Journal of Labor EconomicsThis publication presents international research on the relationship between labor and the economy.www.journals.uchicago.edu/JOLEJournal of Law and EconomicsThis journal publishes research on a broad range of topics involving law and the economy.www.journals.uchicago.edu/JLEJournal of Political EconomyThis journal presents research on the relationship between government and the economy.www.journals.uchicago.edu/JPEQuantitative Marketing and EconomicsQME publishes research in the intersection of marketing, economics, and statistics.www.springer.com/business/marketing/journal/11129In addition, our faculty members serve as editors and contributors tosome of the most prestigious academic journals in the world, including:Academy of Management JournalAccounting ReviewAdministrative Science QuarterlyAmerican Economic ReviewAmerican Economic Journal: Applied EconomicsAmerican Economic Journal: Economic PolicyAmerican Economic Journal: MacroeconomicsAmerican Economic Journal: MicroeconomicsAmerican Journal of SociologyAmerican Sociological ReviewCurrent Directions in Psychological ScienceEconometricaJournal of Accounting and EconomicsJournal of American Statistical AssociationJournal of Business and Economic StatisticsJournal of Consumer BehaviorJournal of Consumer ResearchJournal of EconometricsJournal of Economic PerspectivesJournal of Economic ReviewJournal of Experimental PsychologyJournal of FinanceJournal of Financial EconomicsJournal of Marketing ResearchJournal of Monetary EconomicsJournal of Personality and Social PsychologyMarketing SciencePerspectives on Psychological SciencePsychological BulletinPsychological ReviewPsychological ScienceQuarterly Journal of EconomicsRAND Journal of EconomicsReview of Accounting StudiesReview of Economic StudiesReview of Financial Studies28

RESEARCH CENTERSChicago Booth is famous for groundbreaking research. A great deal of facultyresearch is conducted under the auspices of our research centers, whichin turn are a draw for recruiting top faculty. The centers also are a valuableresource for students and alumni.BECKER CENTER ON CHICAGO PRICE THEORY The interdisciplinaryBecker Center on Chicago Price Theory, founded by Richard O.Ryan, ’66, supports analysis and research conducted by leadingprofessors at the University and Chicago Booth into the roleprices play in the fundamental functions of an economic system.The center is directed by Steven Levitt, author of the bestsellerFreakonomics and hailed by Time magazine as one of the mostinfluential people in the world.CENTER FOR DECISION RESEARCH Researchers at the Centerfor Decision Research study the processes by which intuition,reasoning, and social interaction produce beliefs, judgments, andchoices—topics that have important applications in a range ofcontexts, including management, marketing, finance, and publicpolicy. The center conducts behavioral research studies, holds aweekly research workshop, and produces a research paper series.CENTER FOR POPULATION ECONOMICS The Center for PopulationEconomics supports research on demographic, epidemiological,and economic processes such as in chronic diseases, mortality,work levels, geographic mobility, intergenerational transition ofwealth, and more. The center is directed by Nobel laureate RobertFogel, Charles R. Walgreen Distinguished Service Professor ofAmerican Institutions, who teaches a course on ethics.CENTER FOR RESEARCH IN SECURITY PRICES An integral partof the academic and corporate world of financial and economicresearch, the Center for Research in Security Prices is recognizedas the leading source of the most comprehensive and accurateU.S. historical databases available. CRSP’s clients include most ofthe top-ranked U.S. and international business schools as well asnumerous top firms worldwide.GEORGE J. STIGLER CENTER FOR THE STUDY OF THE ECONOMY ANDTHE STATE The Stigler Center supports research on the effects ofpolitical life on economic life and the reciprocal effects of economiclife on political life. Named for former faculty member George Stigler,the first business school professor awarded a Nobel Prize, the centerpublishes a Working Paper series and sponsors conference andguest speakers.INITIATIVE ON GLOBAL MARKETS Massive global movementsof capital, products, and talent have changed the nature of businessin the 21st century. Powerful economic forces are driving theseflows, and much depends on people’s ability to make sense ofthem. Yet, across the world, these shifts have generated confusionamong business managers, policy makers, and the public.The Initiative on Global Markets pulls together work by ChicagoBooth researchers in fields ranging from microeconomics anddevelopment economics to accounting, corporate finance, andasset pricing. The IGM also makes the research easier for peopleto find, understand, debate, and apply to tough decisions, fromthe challenges facing companies and government regulators tothe choices facing investors and voters.INSTITUTE OF PROFESSIONAL ACCOUNTING The Institute ofProfessional Accounting coordinates the accounting activities atChicago Booth. The faculty develop a curriculum that integratesvarious fields of knowledge, combining accounting and management.The institute publishes the Journal of Accounting Research andsponsors an annual conference on research in accounting.JAMES M. KILTS CENTER FOR MARKETING Founded by turnaroundguru James M. Kilts, ’74, founding partner of Centerview Partnersand the person responsible for reviving such brands as Gillette,Kool-Aid, Kraft, and Nabisco, the Kilts Center sponsors basic andapplied research in marketing as well as innovation in the ChicagoBooth marketing curriculum. The center annually awards KiltsFellowships, which provide $10,000 stipends to fifth-year PhDstudents in marketing.MICHAEL P. POLSKY CENTER FOR ENTREPRENEURSHIP Establishedby energy industry entrepreneur Michael P. Polsky, ’87, presidentand CEO of Invenergy, the Polsky Center brings togetherexperiential learning, collaboration, and research focused onnew venture formation and development. Among its activities,the center sponsors the annual New Venture Challenge businessplan competition, which has led to the creation of more than 30companies and over $100 million in funding in the past 10 years.MILTON FRIEDMAN INSTITUTE FOR RESEARCH IN ECONOMICSSupporting research of policy-related questions through economicanalysis, the Milton Friedman Institute draws preeminent scholarsfrom around the globe and is a collaboration between ChicagoBooth, the University of Chicago Law School, and the Departmentof Economics.29

“ I find it very exciting to come to work. Thestudents and my colleagues are a source ofinspiration and keep me working hard.”30

FACULTY PROFILEPETER ROSSIJoseph T. and Bernice S. Lewis Professorof Marketing and StatisticsWHAT DO YOU GET OUT OF TEACHING AND ADVISINGPHD STUDENTS?Almost all my research originates out of involvementwith PhD students, and I consider research to be mymajor activity. I got interested in marketing in thefirst place from a PhD student. I was in the statisticsgroup, and a PhD student, Greg Allenby, who is aprofessor at Ohio State now, got me interested inthe data, showed me what’s available in marketing,and we started working together. I have worked onprojects with all my students, and it has been veryrewarding. I regard them as my peers.WHAT ARE YOU WORKING ON NOW?I’m writing a series of lectures that cover myresearch on density estimation—letting the data helpdetermine the distribution rather than imposing,say, a normal distribution. Most modern marketingmethods are based on the notion that customersare very different, have different price sensitivities,different responsiveness to advertisements, and soon. Evaluation of the impact of marketing actionsrequires a good measure of how customers differ.This work is at the intersection of statistical methodsand marketing problems.WHAT DOES CHICAGO BOOTH OFFER PHD STUDENTSTHAT’S UNIQUE?We try not to be too paternalistic with the students.We let them do what they want and we let themflounder occasionally so that they know how tofigure out what to do on their own. I don’t put myname on my students’ job-market papers, but inother marketing departments that is very common.My feeling is that they need to do it themselves andmarket themselves. I certainly help them, but I amnot going to put them in a situation where otherpeople are trying to figure out how much of the workis theirs and how much is me.WHAT HAVE YOU LEARNED FROM YOUR STUDENTS?This is hard to enumerate. I hope I have learnedsome measure of humility. The best of my studentshave tried to keep me honest by asking, “What doyou mean by that? What is the evidence to supportthat?” and things of that sort. I think progressis made by willingness to admit that there areproblems in your work and to try and fix thoseproblems.WHY IS CHICAGO BOOTH A GOOD PLACE FOR YOU TODO YOUR WORK?I find it very exciting to come to work. The studentsand my colleagues are a source of inspiration andkeep me working hard. People are around. If I wantto talk to someone, I can just walk down the hall andI don’t have to wait for them to come back from aconsulting gig.31

CAMPUS AND COMMUNITYFACILITATING COMMUNITYForm facilitates function in thearchitecturally significant Charles M.Harper Center. Opened in 2004, the415,000-square-foot building featurestechnologically advanced resources andcomfortable amenities, including 12classrooms, 31 group-study rooms, adedicated PhD computer lab and PhDoffice space, and state-of-the-art seminarrooms. Not to mention a spaciousstudent lounge, the soaring RothmanWinter Garden, and the contemporaryKovler cafe. More than a place to study,research, and socialize, Harper Centercan truly be called home.“ Chicago Booth provides state-of-the-art facilitiesthat promote learning. Be it your own carrel, thestudy room, student lounge, or the winter andsummer gardens—you have ample space to studyin an environment of your choice.”PRANAV JINDAL, MARKETING“ My favorite aspect of the Booth facilities is thefeeling of community they provide. Professorsand students from all disciplines are spreadthroughout the building in no particularorder, which encourages cross-disciplinarydiscussions.”ALON KALAY, ACCOUNTING32

“ The Harper Center offers lots of openspaces and areas to read, think, ordiscuss. In addition, the winter gardenand the many windows allow for daylightalmost everywhere, creating a welcomingatmosphere in which to work.”DANIEL WILHELM, ECONOMETRICS AND STATISTICS33

CAMPUS AND COMMUNITYCHICAGO PEOPLEAs much as it’s possible to sum up a community, this is Chicago Booth:People who are passionate about what they do. Who are confi dent enoughto make mistakes. And grounded enough to know that the journey iseasier—and more fun—when it’s shared.“ I’ve made many good friends outside of my dissertation areawhose broad outlook inform my thinking at a higher level.When we’re not in classes or doing research, there are plentyof social opportunities.”STACEY FINKELSTEIN, MANAGERIAL AND ORGANIZATIONAL BEHAVIOR34

“ More than colleagues, it’s friends you meet, andit helps a lot to make the workload seem lighter.You can always find somebody to help you on yourproblem set, proofread your paper, discuss yourlast idea, or shoot some pool.”VALENTIN HADDAD, FINANCE35

“ I have met some of myclosest friends here atChicago Booth. It’s a great,close-knit community.”37

“ Having a world-class sociology department justacross the street from Chicago Booth has beeninvaluable. Oftentimes the best ideas come notfrom within a fi eld, but are generated at theintersection of two or more theoretical traditions.There is nothing quite like being at a universitywhere several of those traditions are rooted.”NED SMITH, ORGANIZATIONS AND MARKETS38

CAMPUS AND COMMUNITYTHE UNIVERSITY OF CHICAGOWhen you come to Chicago Booth, youcome to the University of Chicago, known forextensive interaction among departments—not to mention more than 80 Nobel laureates.Almost all academic programs embracespecialists from different disciplines. A varietyof Booth faculty hold appointments in otherdepartments or schools. Close relationshipsamong the many divisions and professionalschools exist throughout the university, andstudents are encouraged to take coursesand to pursue research in areas outsideChicago Booth.“ The economics group at Chicago Booth and the Departmentof Economics are very tightly linked, and we often attendand participate in classes and seminars in the department.This added interaction with students and faculty has beena valuable resource.”JESSICA PAN, ECONOMICS“ There is a free flow between the Department of Psychologyand behavioral students in Chicago Booth. Students cantake classes in other areas, meet with faculty in thoseareas, and, when it comes to research, have easy accessto undergraduates that are necessary to help us completeour studies.”STACEY FINKELSTEIN, MANAGERIAL AND ORGANIZATIONAL BEHAVIOR39

CAMPUS AND COMMUNITYHYDE PARK AND BEYONDOur campus sets the stage for inspired ideas and newways of thinking. Located just blocks from the beachesof Lake Michigan in historic Hyde Park, the Universityof Chicago is surrounded by cozy restaurants, retailshops, and some of the city’s best-loved bookstores. Thecampus is only seven miles from the Chicago Loop, aninternational hub of commerce and culture with Fortune500 companies, world-class museums and theatertroupes, five-star restaurants, and champion sportsteams. Best of all, even with its size and the scope ofits amenities, Chicago is truly affordable.“ One of the great advantages of living in Chicago is that it is a veryaffordable city for graduate students with so much to offer in termsof neighborhoods, restaurants, theater—and the list goes on.”ALON KALAY, ACCOUNTING“ Chicago is a beautiful city with things going on all the time. Studentgroups offer reduced-price theater tickets, and in the summer youcan’t beat free movies in the park, a Cubs game, or summer dance.We also have a weekly pickup game of outdoor or indoor soccer.”STACEY FINKELSTEIN, MANAGERIAL AND ORGANIZATIONAL BEHAVIOR40

CAREER AND PLACEMENTA WORLD OF OPPORTUNITYChicago Booth is a proven training ground for scholars. Our graduates’ capacityfor free thinking and their ability to conduct original, innovative research has beenrecognized by elite institutions around the world. In the past five years, graduatingChicago Booth PhD’s have secured professorships, fellowships, and professionaljobs with organizations including: Carnegie Mellon University Tepper School of Business Columbia Business School Cornell University Johnson Graduate School of Management Emory University Goizueta Business School Harvard Business School Harvard Law School Harvard University Department of Economics University of Michigan Ross School of Business University of New South Wales Australian GraduateSchool of Management University of Pennsylvania Wharton School University of Southern California Marshall School of Business University of Toronto Rotman School of Management Yale University School of Management London Business School Massachusetts Institute of Technology Sloan Schoolof Management National University of Singapore Business School New York University Stern School of Business Northwestern University Kellogg School of Management Rice University Jesse H. Jones School of Management Stanford University Graduate School of Business University of California–Berkeley Haas School of BusinessBarclays Global Investors Bureau of Economic Analysis Dimensional Fund Advisors Federal Reserve Board of Governors Federal Reserve Bank of Boston Goldman Sachs JPMorgan NERA Economic Consulting“ Chicago Booth is highly respected in thecommunity. During all my job talks, potentialemployers expressed admiration for our strongresearch culture and quality of our work.”WAVERLY DING, PHD ’04, ASSISTANT PROFESSOR,ORGANIZATIONAL BEHAVIOR AND INDUSTRIAL RELATIONS GROUP,UNIVERSITY OF CALIFORNIA–BERKELEY“ Working as a teaching assistant, I learned notonly from observing the Booth faculty in action,but also from interacting with the students andunderstanding better how they learn.”MARIA ANA VITORINO, PHD ’08, ASSISTANT PROFESSOR OFMARKETING, THE WHARTON SCHOOL42

ALUMNI PROFILEREGINA WITTENBERGMOERMAN PhD ’06“ The faculty make sure youcan produce high-quality,independent research. Theydefinitely care a lot aboutyour goals and getting youplaced well.”After completing her PhD, Regina (below, right)taught at the Wharton School for two years. Shecurrently is assistant professor of accounting andNeubauer Family Faculty Fellow at Chicago Booth.HOW DID BEING A STUDENT HERE PREPARE YOU AS A TEACHERAND A RESEARCHER?It starts with a great education. What’s unusual aboutChicago is the exposure you get to fields outside yourown. You have such a diverse faculty teaching you andare exposed to other ideas in seminars and workshops.Other schools are more departmentalized. Because myresearch is on the border of accounting and finance,I was able to take almost all finance classes and have afinance professor on my dissertation committee.HOW DID THE PROGRAM HELP YOU WITH JOB PLACEMENT?The faculty make sure you can produce high-quality,independent research. It’s not like your researchprojects are determined by senior faculty. You actuallyknow how to generate interesting research ideas.Faculty then teach you how to present. I had a fewpresentations here before I went into the market tolearn how to present my research and explain to otherswhy it’s important. Dissertation committee membersalso write recommendation letters. They definitely carea lot about your goals and getting you placed well.WHAT ARE YOU RESEARCHING NOW?I’m working on two big areas. One is informationtransfer between capital markets—for example, howinformation in loan market affects pricing in equitymarkets. I also explore how information and financialreporting quality affect trading or pricing of privatedebt securities. The other area is bond analysts whogive recommendations, not for equity securities, butfor bond securities. That’s a relatively unexplored area.My coauthors and I are trying to test if bond analystsimprove liquidity of the bond market and provideimportant information for investors.43

ADMISSIONS AND FINANCIAL AIDAPPLYAPPLICATION PROCEDURESThe application and all application materials are dueJanuary 1 in the year in which admission is sought.Students enter the program at the beginning of the autumnquarter. All applicants must apply online. Additionalinformation on the application requirements and processis available at ChicagoBooth.edu/phd/apply.aspx.All applicants must take either the Graduate ManagementAdmission Test (GMAT) or the Graduate RecordExamination (GRE), depending on area of study.International applicants (those who are not U.S. citizensor U.S. permanent residents at the time of application)must take either the Test of English as a Foreign Language(TOEFL) or the International English Language TestingSystem (IELTS). International applicants are exempt fromthis requirement only if within the five years prior to thedeadline for this application the applicant has completeda degree or at least one year of full-time, non-ESL studyat a college or university in the United States, UnitedKingdom, Ireland, Australia, New Zealand, or Englishmediumuniversities in Canada or South Africa. Theminimum score requirements for the TOEFL/IELTSare available online.ADMISSIONS DECISIONSApproximately 20 new PhD students matriculate eachautumn, selected from over 700 applicants. The facultybase their admissions decisions on all information inan applicant’s file, including essays, academic backgroundand performance, research interest and potential, lettersof recommendation, and test scores. Work experienceand/or a master’s degree are not required to be consideredfor admission.FINANCIAL AIDAll students who are admitted to the PhD Program areconsidered for financial aid. Tuition and tuition-plusstipendawards are granted. Full tuition support isavailable for five years of full-time study, and stipendsupport is available for four years of full-time study, bothconditional on satisfactory progress in the program.Students can apply for stipend support in the fifth year.If awarded tuition plus stipend, during the first year inthe program awardees will receive a fellowship for theacademic year and an additional fellowship at the endof summer quarter, provided they remain in residenceand write a paper with or under the supervision of afaculty member. During the second year, awardeesreceive a fellowship. During the third and fourth years,awardees receive a fellowship and the program guaranteesadditional income from serving as a teaching assistant.By imposing no work requirements in the first two years,we enable our students to devote all their energies to theirprimary studies. The first-year summer paper provides anexcellent introduction to research, the second element oftraining for an academic position. Teaching assistantshipsround out our training by helping students become moreeffective teachers.Every effort is made to ensure that the information contained in this publication is accurate as of the date of its printing [June 2009]. The University of Chicago Booth School of Businessreserves the right to make changes at any time without prior notice.In keeping with its long-standing traditions and policies, the University of Chicago, in admissions, employment, and access to programs, considers students on the basis of individualmerit and without regard to race, color, religion, sex, sexual orientation, national or ethnic origin, age, disability, or other factors irrelevant to participation in the programs of the university.©2009 The University of Chicago Booth School of Business. All rights reserved. Produced by Chicago Booth Marketing. Principal Photography: Chris Strong.300833/1500/AR-KB-MC/5-0944

CONTACT USPHD PROGRAM OFFICETHE UNIVERSITY OF CHICAGOBOOTH SCHOOL OF BUSINESS5807 South Woodlawn AvenueChicago, Illinois 60637Tel 773.702.7298Fax 773.702.5257phd@ChicagoBooth.eduChicagoBooth.edu

The University of ChicagoBooth School of Business5807 South Woodlawn AvenueChicago, Illinois 60637