All Else Equal: Making Better Decisions

Ep50 “Is Proxy Advising a Catch-22?” with Chester Spatt Oct 30, 2024

If 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 Binsbergen speak with guest Chester Spatt, finance professor at Carnegie Mellon University and former Chief Economist at U.S. Securities and Exchange Commission, about the function and purpose of proxy advisory firms, such as Institutional Shareholder Services (ISS) and Glass Lewis.

The conversation delves into the differing objectives and incentives among shareholders and how that complicates the work of a proxy advisory firm. They also discuss how and why proxy advisory firms may purposely foster close votes, and what could serve as better voting benchmarks.

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All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

Ep49 “Making Regulation Work” with Jay Clayton Oct 16, 2024

Regulation 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 and Jules van Binsbergen sit down with Jay Clayton, former chairperson of the U.S. Securities and Exchange Commission. They chat with Jay about the unintended consequences of regulation, the increasing challenges facing regulatory bodies in today’s political landscape, and debate whether more regulation helps or hurts the overall market.

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All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

Ep48 “Are CEOs Underpaid?” with Dirk Jenter Oct 02, 2024

Are 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 at the London School of Economics. Together, they debunk some common myths about how CEO compensation is set, explore the value that CEOs add to firms, and make the case for why CEOs could actually be paid more.

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All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

Ep47 “Is the US National Debt Sustainable?” with Mohamed El-Erian Sep 18, 2024

What 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 sustainability, and the implications of rising debt for national and global economies. Mohamed, Jonathan, and Jules also explore the broader macroeconomic and geopolitical factors at play. They discuss the importance of demographic shifts as well as recent technological advancements (AI) for economic growth and our fiscal future.

El-Erian is the former chair of President Obama's Global Development Council and former CEO of PIMCO. He is a Senior Fellow at the Lauder Institute.

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All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

Rerun: Ep12 Corporations as Job Security Providers Sep 04, 2024

This 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 important role of minimizing risk for individual employees.

In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen explore how corporations set employees’ wages based on their job performance while still providing job security by comparing it to an insurance contract. “I think, in fact, you could think of corporations as entities that insure workers,” says Jonathan Berk.

Also in this episode, Jonathan and Jules talk about bankruptcy, house fires, and why your supervisor hasn’t fired that one annoying coworker who doesn’t do anything.

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All Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.

Rerun: Ep1 "Making a Business Decision" with Ruth Porat Aug 21, 2024

This 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 who rely on data analysis to set and shape direction.

In this episode of All Else Equal, professors Jonathan Berk and Jules van Binsbergen speak with Alphabet CFO Ruth Porat about how to — and how not to — use data to make decisions.

“It’s too easy to just anchor on a set of numbers,” Porat says. “Most important is to look at the trends over time, then break it down to the sensitivity analysis — what are the key variables that will drive behavior one way or another?

“Coming with just a flat set of data is not constructive because obviously the world in which we live is not static.”

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Rerun: Ep17 "Can the Free Market Discourage Fraud?" with Marc Cohodes Aug 07, 2024

This 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 bad thing?

In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen build the case for short selling as a dynamic regulating force in the free market. And an incentive for individuals to investigate and expose fraud.

Later in the episode, Jonathan and Jules speak with Marc Cohodes, whose notable short-selling decisions have landed him in hot water with powerful figures all over the world. Cohodes has exposed a series of fraudulent practices – from mortgage lender Novastar to digital finance giant Wirecard, and most recently the cryptocurrency exchange FDX – and shares his view on the role of short sellers to step in where government regulation fails.

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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: Ep8 “Why Capitalism Works" with John Cochrane Jul 24, 2024

This 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 — incentives.

In this episode of All Else Equal: Making Better Decisions, hosts Jules van Binsbergen and Jonathan Berk are joined by Cochrane, a prominent free-market economist and a senior fellow at the Hoover Institution at Stanford University.

According to Cochrane, competition gives us the motivation to work, serve the needs of others, and innovate. A system with incentives, he says, “is the only one where we all don't end up worse.”

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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: Ep7 Can Investors Effect Social Change? Jul 10, 2024

This 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 and Jonathan Berk explore what strategies are available to the social-minded investor.

When it comes to what’s good for business and what’s good for society, van Binsbergen says, “People really would like to have it both ways.” But as he and Berk explain, it is unlikely that they can.

The Impact of Impact Investing working paper referenced in this episode. Read more about the pitfalls and promises of ESG on Stanford GSB's website.

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Find All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisions

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: Ep6 "Can (and Should) Corporations Be Taxed?" with Larry Summers Jun 26, 2024

This 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 Summers, who argues for retaining the tax.

Summers explains why taxing corporations is one of the most effective tools the federal government has in making sure the wealthy pay their fair share. Might there be room for improvement? Yes, Summers says, but don’t abolish it. “Before we are critical of that tax, we better make awfully sure that we have a superior alternative.”

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Find All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisions

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: Ep4 "Making Bad Investments Profitable" with Pete Briger Jun 13, 2024

This 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 and spinning it into gold.

In this episode of All Else Equal, Briger, who dubs himself a “garbage collector,” describes how he makes decisions and why being prepared to act quickly and decisively is crucial for success.

In a market bristling with competitors, “the competitive edge you get may be expressed in the context of days,” Briger says.

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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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Ep46 "May Contain Lies" with Alex Edmans May 30, 2024

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 think critically again? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome Alex Edmans, Professor of Finance at London Business School to discuss his latest book, May Contain Lies: How Stories, Statistics, and Studies Exploit Our Biases – And What We Can Do About It.

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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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Ep45 “The Future of Higher Education Part 2” with Niall Ferguson May 15, 2024

What 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 professors Jonathan Berk and Jules van Binsbergen welcome Niall Ferguson, the Millbank Family Senior Fellow at the Hoover Institution at Stanford University and a Senior Faculty Fellow at the Belfer Center for Science and International Affairs at Harvard University, for a discussion of Niall’s solution to the current problems – a new university.

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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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Ep44 “The Future of Higher Education Part 1” with Carmen Twillie Ambar and Kimberly Wright Cassidy May 09, 2024

Should 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 welcome Carmen Twillie Ambar, President of Oberlin College, and Kimberly Wright Cassidy, President of Bryn Mawr College, to discuss the shape, motivations, and responsibilities of Higher Education today and also going forward.

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Ep43 Examining Bad Investment Advice Apr 17, 2024

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 one is actually bad investment advice.

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Ep42 Waiting to Invest Apr 03, 2024

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 address the challenge of valuing growth options in uncertain investment environments, emphasizing the importance of flexibility and the potential to create value through well-timed information and decisions.

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Ep41 “Understanding the SEC's New Climate Disclosure Rules” with Lawrence Cunningham Mar 13, 2024

Why 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 Professor of Law Emeritus at GW Law and special counsel with Mayer Brown LLP, to explore the arguments for and against the Securities and Exchange Commission (SEC) mandating climate risk disclosures for companies.

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Navigating Workplace Power Dynamics with Deborah H. Gruenfeld feat. ‘If/Then’ Podcast Mar 04, 2024

Today, 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 around an if/then statement that captures the guest’s incisive, sometimes surprising, takeaways. Like this episode, where Stanford Professor of Organizational Behavior Dr. Deborah Gruenfeld answers the question, “If we want to change power systems, then we need to understand the animal forces that drive our behavior.”

Listen to more episodes of If/Then and follow the podcast:

https://link.chtbl.com/cjXV4SRE?sid=AEE

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Ep40 “Why the Private Debt Markets Have Exploded” with Laurence Gottlieb Feb 28, 2024

There 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 welcome Laurence Gottlieb, Chief Executive Officer and Co-Founder of Fundamental Advisors LP, for a discussion about why the private debt markets have exploded.

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Ep39 “Why Does the Non-Profit Model Work?” with Daniel Diermeier Feb 14, 2024

Without 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 interests. In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome Daniel Diermeier, Chancellor of Vanderbilt University, for a discussion about Non-Profit Organizations, and some key ways in which they operate differently and are able, in some instances to achieve better results than For Profit Organizations.

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Ep38 "The Power of Non-Monetary Incentives: Lessons from the Military" with Lt. Gen. Thomas Bostick Jan 31, 2024

Picture 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 Binsbergen welcome Lieutenant General Thomas Bostick, was the 53rd Chief of Engineers of the United States Army and Commanding General of the U.S. Army Corps of Engineers, for a discussion about Non-Monetary Incentives, and how they function in the military.

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Ep37 Five Common Finance Mistakes Jan 17, 2024

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.

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Rerun: Ep15 "Shareholder vs. Stakeholder Capitalism" with Alex Edmans Jan 03, 2024

For 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 wider community. In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by Alex Edmans, professor of finance at the London Business School, as they wade through the murky waters of balancing diverse interests, addressing externalities such as environmental impacts, and whether government intervention or corporate ethics should lead the charge. It's an exploration of the potential for businesses to harness their unique strengths for the greater good, while navigating the delicate balance of power between corporate and governmental roles in shaping society.

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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: Ep5 "Why You Can't 'Agree to Disagree" with Robert Aumann Dec 27, 2023

For 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.

Is it possible to unravel the paradox of disagreement in rational decision-making? How should we dissolve discord? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by Robert Aumann, mathematician, professor, and Nobel Prize winner, as they discuss acknowledging errors and embracing diverse viewpoints, with stories of Nobel Prize-winning luminaries showing the importance of evolving one's understanding in light of new evidence.

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Rerun: Ep3 “Why Good Stocks Are Not Good Buys” with Cliff Asness Dec 20, 2023

For the end of the year, Jules and Jonathan are taking some well-deserved time off, and wanted to re-present a past episode they love for the new audience who has joined since then.

Investing in stocks isn’t just prowess in numbers but a mental marathon as well. But prowess in numbers isn't all there is; this episode also explores the mental marathon of investment. It's a master class in economic acumen that will challenge the way you see the numbers, with the promise to elevate your understanding of the intricate dance between buyer and seller dynamics. In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by Cliff Asness, co-founder of AQR Capital Management, as they move beyond the common mantras of investment strategies to confront the harsh market realities and identify what truly makes a stock undervalued or overvalued.

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Ep36 "Institutional Neutrality: Open Debate and Moral Stands" with John Etchemendy Nov 29, 2023

What happens when universities and step off the sidelines and take a stance on contentious issues? Are they boarding a roller coaster that they can’t ever get off? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome John Etchemendy, former Provost of Stanford University, for a discussion about Institutional Neutrality, and the long-term unseen costs of any stance institutions elect to take.

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Ep35 “Does Common Ownership Affect Product Market Outcomes?” with Martin Schmalz Nov 23, 2023

It turns out your airline ticket prices might be affected by common ownership in mutual and index funds, but how? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome Martin Schmalz, Professor of Finance and Economics at Oxford Saïd and Academic Area Head for the FAME faculty group (Finance, Accounting, Managerial Science, and Economics) for a discussion about Common Ownership, and the unseen power it holds in asset management for the corporate world.

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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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Ep34 “Why Has Private Equity Grown So Much?” with Eric Zinterhofer Nov 01, 2023

What accounts for the recent growth of private firms? In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome Eric Zinterhofer, Founder of Searchlight Capital Partners, to discuss the fundamental tradeoff between Public Equity and Private Equity, and how having a manager with more skin in the game creates greater returns, but at a cost of greater risk.

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Ep33 How Risky Should Your Retirement Savings Be? Oct 19, 2023

In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss the second half of the retirement equation, after going over how much you need to save, they now elaborate on how to think about investing what you have saved, and what theories make for optimizing your own personal risk exposure. They explain the importance of holding a diversified portfolio and tailoring the overall risk of that portfolio to you own personal needs.

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Ep32 “Labor Unions and Detroit Struggle” with Larry Katz Oct 05, 2023

With recent strikes making big news, what are the complexities at hand when Unions become involved in the labor force? Some are well known but other effects, both good and bad, have been less obvious. Exact data can be hard to discern, but In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen talk with Larry Katz of Harvard University about how labor unions have functioned in the past, the current union landscape with an ongoing UAW strike in Detroit, and what impacts and changes they think will happen in the future as technology disrupts labor markets in different ways.

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Ep31 How Much Should You Save? Aug 30, 2023

How much are you supposed to save for retirement and how do you get there? What is the different advice for people with different plans or risk tolerances?In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss the ins and outs of long term investing, and how to make a working retirement plan that will work for you.

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Ep30 “Becoming a Better Communicator” with Matt Abrahams Aug 02, 2023

Are you breaking some basic rules of communication without knowing it? What are the things you can start doing right now to communicate better? In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by Matt Abrahams, lecturer at Stanford GSB, and host of the highly influential podcast Think Fast, Talk Smart for a discussion about becoming a more effective communicator and presenter.

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Ep29 “How Do You Become CEO?” with Dirk Jenter Jun 29, 2023

A lot has been written and said about CEOs and their compensation, but who are they really and how did they get there? According to the data, what are the most likely paths to become one? In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by Dirk Jenter, Professor of Finance at the London School of Economics, for a fascinating discussion of CEOs, including the surprising truths about who rises to the rank of CEO and from where, as well as exploring the issue of CEO pay, and how it could be justified.

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Ep28 Incentives and Externalities Jun 14, 2023

Humans respond to incentives, and so incentives predict behavior and sometimes the behavior can be detrimental. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss a range of less obvious examples of how incentives produce negative externalities — long legal contracts, negative news stories, dumb traffic lights, overly pessimistic disaster prediction and other examples.

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Ep27 "The Future of AI" with Michal Kosinski May 31, 2023

The speed at which AI is getting smarter is on everybody's mind these days. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss with Stanford Professor Michal Kosinski what we should expect from the coming wave of AI technology, how it relates to the research on "Theory of Mind" and whether and how it potentially could be regulated.

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Ep26 “Investigating Implausible Theories: The Case of COVID” with Matt Ridley May 17, 2023

When COVID-19 shut down the world economy in 2020 many wondered where it had begun and why the pandemic had even started in the first place. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss with Matt Ridley (biologist and author of Viral: The Search for the Origin of COVID-19) about the possible origins of the coronavirus pandemic, and the reasons that the thinking on what the origin is has changed over time.

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Ep25 “Bubble Trouble” with Will Goetzmann May 03, 2023

Financial bubbles are episodes where the value of something (like stocks, tulips or cryptocurrency) shoots up very rapidly, but then peaks and comes crashing down. The problem has never been seeing them in hindsight, but rather identifying one while in the middle of it. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss with Will Goetzmann (Edwin J. Beinecke Professor of Finance and Management Studies at the Yale School of Management how to identify bubbles and which key historical bubbles have shaped our thinking about them.

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Ep24 “When Institutions Cry Wolf” with Jay Bhattacharya Apr 12, 2023

It takes a long time to build up credibility, but you can lose it in an instant. What would it take to justify lying to the public for their own good, and are the benefits worth the costs? In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss the costs and benefits of the government lying to its own citizens.

They then discuss the topic with Dr. Jay Bhattacharya (Professor of Medicine at Stanford University's Medical School, PhD in Economics, fellow of the Hoover Institution, and associate at the National Bureau of Economic Research) in the context of his prescient research during the COVID pandemic.

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Ep23 “When Banking Fails” with Amit Seru Mar 24, 2023

The FDIC and Federal Reserve have recently intervened to stop another banking crisis. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen dig in to see what failed. What causes bank runs? Are the government subsidies of banks worth it? Is a bank the right way to finance risky investments or are they historical artifacts. Their guest Amit Seru, The Steven and Roberta Denning Professor of Finance and Senior Associate Dean for Academic Affairs at Stanford Graduate School of Business, explains what went wrong with the banks in Silicon Valley, and why regulators seemed to have missed the boat.

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All Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.

Show Links:

Papers on Bank Fragility

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Ep22 “How Do You Know If Your Marketing Dollars Are Working?” with Florian Zettelmeyer Mar 15, 2023

Note: if you are hearing the wrong audio try redownloading the episode or listen here.

What reach does marketing really have? In the murky waters of cause and effect marketers have to figure out where to put their resources and what impact they can make on consumers. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen talk about how to measure the impact advertising has, and how not to measure it. They then discuss with Florian Zettelmeyer (the Nancy L. Ertle Professor of Marketing at the Kellogg School of Management at Northwestern University) about why measuring the effects of marketing is so tricky, some mistakes that have been made in past attempts, and how to avoid them.

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Ep21 "Disentangling Causation and Correlation" with Guido Imbens Mar 01, 2023

It can be tempting to think one thing causes another because they happen in succession, but there’s a lot to unwrap in the idea of causality. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen explain the difference between correlation and causality, and examine cases where it is tempting to assume one thing caused another, but the reality is quite different or even the opposite. They then discuss with Guido Imbens (Nobel Prize Winner and a chaired professor in Economics at the Stanford Graduate School of Business) the revolution in empirical work in economics that he helped start.

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Ep20 "Risk and the Fundamental Tradeoff of Corporate Finance" Feb 15, 2023

Risk is an inherent part of all business decisions and understanding ways this risk can be reduced is essential to succeeding in today’s business environment. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen explain how to assess risk and discuss smart ways of diversifying it away. But sometimes diversification comes at a cost to productivity and the hosts present this as the fundamental tradeoff of corporate finance.

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Ep19 “The Future of Money: Central Bank Digital Currency?” with Kevin Warsh Feb 01, 2023

Cryptocurrency is increasing in popularity but still confusing to many consumers and finance professionals alike. On this episode of All Else Equal, finance professors Jules van Binsbergen and Jonathan Berk admit they don’t understand why some central banks are introducing digital currencies and why there would be need in our economic system.

To help answer these questions they speak with Kevin Warsh, a former governor for the Federal Reserve and current Visiting Fellow at the Hoover Institute at the Stanford School of Business. Kevin makes the case for regulating crypto currencies and what that would look like, and says the recent collapse of FTX, the world’s largest crypto currency exchanges, is not an indicator of this being a failing currency.

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Ep18 “Investigating Implausible Theories” with John Ioannidis Jan 18, 2023

In science, we often hear about new discoveries or theories that could change our way of thinking. In the business world, a start-up might promise a revolution in a specific industry, if it can get the right investments. So, when is it worth believing or betting on one of these new theories, and when is it a waste of time? In this episode of All Else Equal, Jules and Jonathan discuss how we can all use the principle of Occam’s Razor (the idea that the simplest theory is often the correct one) in many different areas of our life.

Helping them explain the real world practice of this is John Ioannidis, a professor of Medicine and Epidemiology at Stanford University. John was the first academic to question the practices of Theranos, the company co-founded by Elizabeth Holmes that claimed it would change medicine with its new method of testing blood. He criticized the lack of peer reviewed research of the company’s methods, while at the same time investors were making it a billion dollar company. John tells Jules and Jonathan about this experience, as well as how Occam’s Razor comes into play with a lot of scientific research.

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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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Ep17 “Can The Free Market Discourage Fraud?” with Marc Cohodes Dec 07, 2022

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 bad thing?

In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen build the case for short selling as a dynamic regulating force in the free market. And an incentive for individuals to investigate and expose fraud.

Later in the episode, Jonathan and Jules speak with Marc Cohodes, whose notable short-selling decisions have landed him in hot water with powerful figures all over the world. Cohodes has exposed a series of fraudulent practices – from mortgage lender Novastar to digital finance giant Wirecard, and most recently the cryptocurrency exchange FDX – and shares his view on the role of short sellers to step in where government regulation fails.

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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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Ep16 “The Value Of Protecting Unpleasant Speech” with John Paulson Nov 16, 2022

Freedom of expression is a constitutional right, but it’s also a valuable business strategy.

In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen build the case that without freedom of expression within an organization, the competitiveness of the organization will suffer and ultimately be much worse off without a culture that allows for dissenting opinions.

Later in the episode, Jonathan and Jules speak with John Paulson – whose outside-the-box thinking allowed him to predict the 2008 mortgage crisis before almost anyone else, and to position himself and his clients to gain financially. Paulson’s decision to short mortgage bonds was the subject of Michael Lewis’ book “The Big Short” and a blockbuster film of the same name.

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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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Ep15 "Shareholder vs. Stakeholder Capitalism" with Alex Edmans Nov 02, 2022

Businesses often prioritize shareholder interests to make profit. But this can lead to short-sighted decisions that fail to benefit other stakeholders… right?

In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen – and guest Alex Edmans – ask that very question and provide some surprising answers. Whose interests are better aligned with the long-term health of a business: external stakeholders or internal shareholders?

Alex Edmans is a finance professor at the London Business School. He has written a book on the topic of shareholder versus stakeholder capitalism called “Grow The Pie: How Great Companies Deliver Both Purpose and Profit.”

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All Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.

More About the Guest:

The End of ESG

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Ep14 “‘A Pound Of Flesh’ And Student Debt” with Sheila Bair Oct 19, 2022

President Biden has promised sweeping debt relief to millions of student loan borrowers. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss the implications of this policy decision and the ways it could influence behavior for both students and educational institutions.

Later in the episode, Jonathan and Jules call in an expert: Sheila Bair, former Assistant Secretary of the Treasury and Chair of the Federal Deposit Insurance Corporation (FDIC). Sheila shares her work as a Senior Fellow at the Peter G. Peterson Foundation, where she currently focuses on financial issues confronting young people.

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All Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.

Resources:

Student Debt Smarter

Loan Affordability Calculator

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Ep13 “Does Regulation Help or Hurt Consumers?” with Maureen Ohlhausen Oct 05, 2022

Conventional wisdom tells us that we need regulators to ensure quality work in certain professions. But do consumers really benefit as much as they think from government regulation?

In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen investigate the question: Who does regulation help more, consumers or producers?

Later in the episode, Jonathan and Jules call in an expert: Maureen Ohlhausen, who chairs the Global Antitrust and Competition Law practice at Baker Botts.

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All Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.

Show Links:

Regulation of Charlatans in High-Skill Professions

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Ep12 "Corporations as Job Security Providers" Sep 21, 2022

Corporations are often characterized as evil entities that exploit workers. But in fact they enable firms to provide job security and thus serve the important role of minimizing risk for individual employees.

In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen explore how corporations set employees’ wages based on their job performance while still providing job security by comparing it to an insurance contract. “I think, in fact, you could think of corporations as entities that insure workers,” says Jonathan Berk.

Also in this episode, Jonathan and Jules talk about bankruptcy, house fires, and why your supervisor hasn’t fired that one annoying coworker who doesn’t do anything.

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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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Ep11 "Is Bankruptcy the End?" with Jim Millstein Sep 07, 2022

Does filing for bankruptcy spell the end for a company? Or is there another way to look at corporate financial distress?

In this episode of All Else Equal: Making better decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen debunk some myths about Chapter 11 of the United States Bankruptcy Code – and compare the benefits of financing your company with equity or debt. Later, bankruptcy expert Jim Millstein joins the show to talk about corporate restructuring proceedings and the government bailout of General Motors.

Jim Millstein is the Co-Chairman of Guggenheim Securities, the investment banking and capital markets business of Guggenheim Partners, a global investment and advisory firm. Prior to joining Guggenheim in 2018, Mr. Millstein was the Founder and Chief Executive Officer at Millstein & Co. His representative engagements include providing advice to the Commonwealth of Puerto Rico in connection with the management of its $75 billion of institutional indebtedness; to US Airways in connection with its acquisition of American Airlines out of Chapter 11; and Caesars in its Chapter 11 proceedings.

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Find All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisions

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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Special Episode: What’s Wrong with Buybacks? Aug 10, 2022

Are buybacks bad for business? Should firms buy dividends instead, or just not make payouts?

In this episode of All Else Equal: Making Better Decisions, hosts and finance professors

Jonathan Berk and Jules van Binsbergen debunk myths about buybacks. They explain what a

buyback, or share repurchase, is and why companies choose to use them, as well as the

implications of the Inflation Reduction Act’s proposal to assess a 1% tax on buybacks.

All Else Equal: Making Better Decisions is a podcast produced by Stanford Graduate School of

Business. It is hosted by Jonathan Berk, The A.P. Giannini Professor of Finance at Stanford

GSB, and Jules van Binsbergen, The Nippon Life Professor in Finance, Professor of Finance, at

The Wharton School. Each episode provides insight into how to make better decisions.

Submit your questions to the show here: https://bit.ly/AllElseEqual

Find All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisions

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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Ep9 "When is a Business Decision a Mistake?" with Hadley Mullin Jul 12, 2022

As leaders, how do we know when we've made a mistake? Is it as simple as evaluating whether the outcome was good or bad? In this episode of All Else Equal: Making better decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss how risk/reward calculations can help define what is a mistake and what isn't.

To talk more in depth about this topic, and how owning up to a mistake plays out inside an investment firm, the hosts interview Hadley Mullin. Mullin is a senior partner at TSG Consumer Partners, a private equity firm with approximately $10 billion in assets under management. At her firm, decisions are made collectively – and accountability is shared. "It's not a blame game," Mullin says. "Not focusing on whose deal this is, but referring to it as 'our deal,' makes us better positioned to do an unbiased postmortem."

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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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Ep8 "Why Capitalism Works" with John Cochrane Jun 07, 2022

Competitive markets don’t produce the same level of prosperity for everyone, but economist John Cochrane thinks they give us something more important — incentives.

In this episode of All Else Equal: Making Better Decisions, hosts Jules van Binsbergen and Jonathan Berk are joined by John Cochrane, a prominent free-market economist and a senior fellow at the Hoover Institution at Stanford University.

According to Cochrane, competition gives us the incentives to work, serve the needs of others, and innovate. A system with incentives, he says, “is the only one where we all don't end up worse.”

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All Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.

More About the Guest:

John Cochrane at the Hoover Institute

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Ep7 "Can Investors Effect Social Change?" May 03, 2022

How can investors play a part in accomplishing social change? In this episode of All Else Equal: Making Better Decisions, hosts Jules van Binsbergen and Jonathan Berk explore what strategies are available to the social-minded investor.

When it comes to what’s good for business and what’s good for society, van Binsbergen says, “People really would like to have it both ways.” But as he and Berk explain, it is unlikely that they can.

The Impact of Impact Investing working paper referenced in this episode. Read more about the pitfalls and promises of ESG on Stanford GSB's website.

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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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Ep6 "Can (and Should) Corporations Be Taxed?" with Larry Summers Apr 19, 2022

In this episode, hosts Jules van Binsbergen and Jonathan Berk discuss the complexities of the corporate income tax with former Treasury Secretary Larry Summers, who argues for retaining the tax.

Summers explains why taxing corporations is one of the most effective tools the federal government has in making sure the wealthy pay their fair share. Might there be room for improvement? Yes, Summers says, but don’t abolish it. “Before we are critical of that tax, we better make awfully sure that we have a superior alternative.”

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Ep5 "Why You Can't 'Agree to Disagree" with Robert Aumann Apr 05, 2022

"The reason people disagree is because they're striving toward a different goal," says mathematician and Nobel Prize winner Robert Aumann. In this episode of All Else Equal, Aumann sits down with finance professors and podcast hosts Jonathan Berk and Jules van Binsbergen.

"If there's a disagreement in the room at the end of a discussion, someone in the room is making a mistake," says Berk.

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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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Ep4 "Making Bad Investments Profitable" with Pete Briger Mar 22, 2022

When it comes to investments, value sometimes resides in unlikely places. Pete Briger, CEO of Fortress Investment Group, specializes in buying bad debt and spinning it into gold.

In this episode of All Else Equal, Briger, who dubs himself a “garbage collector,” describes how he makes decisions and why being prepared to act quickly and decisively is crucial for success.

In a market bristling with competitors, “the competitive edge you get may be expressed in the context of days,” Briger says.

Submit your questions to the show here: https://bit.ly/AllElseEqual

Find All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisions

All Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Ep3 “Why Good Stocks Are Not Good Buys” with Cliff Asness Mar 08, 2022

Picking stocks is a famously difficult exercise, not for the faint of heart. So how do investment professionals make decisions about which stocks to buy?

In this episode of All Else Equal, professors Jonathan Berk and Jules van Binsbergen interview Cliff Asness, cofounder and chief investment officer at AQR Capital Management, about his decision-making strategy. Fundamentally, Asness says, success depends on the ability to “withstand pain” when your investments perform poorly and the confidence to trust your judgment.

“Everybody talks about the long term, but actually being long-term is a superpower in investing if you can do it,” Asness says.

Submit your questions to the show here: https://bit.ly/AllElseEqual

Find All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisions

All Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Ep2 "How the NBA Builds Teams" with Billy King Feb 22, 2022

Personnel decisions can be some of the toughest a manager will make. What are the attributes you should look for when building a team?

In this episode of All Else Equal, professors Jonathan Berk and Jules van Binsbergen interview former NBA general manager Billy King about how he approached player evaluation. Statistics are an important measure of performance, but King says he also tried to assess how individual players made the players around them better.

King invokes the philosophy of his mentor, Duke University head coach Mike Krzyzewski, who taught the power of teamwork. Punching a wall with five separate fingers would have little effect, “but if you make those fingers into a fist, you’re going to have a better impact,” King says.

Submit your questions to the show here: https://bit.ly/AllElseEqual

Find All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisions

All Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Ep1 "Making a Business Decision" with Ruth Porat Feb 07, 2022

When the scientific method began to be applied widely hundreds of years ago, innovation bloomed. Today, those same principles inform business leaders who rely on data analysis to set and shape direction.

In this inaugural episode of All Else Equal, professors Jonathan Berk and Jules van Binsbergen speak with Alphabet CFO Ruth Porat about how to — and how not to — use data to make decisions.

“It’s too easy to just anchor on a set of numbers,” Porat says. “Most important is to look at the trends over time, then break it down to the sensitivity analysis — what are the key variables that will drive behavior one way or another?

“Coming with just a flat set of data is not constructive because obviously the world in which we live is not static.”

Submit your questions to the show here: https://bit.ly/AllElseEqual

Find All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisions

All Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Introducing "All Else Equal" Jan 31, 2022

Join finance professors Jonathan Berk and Jules van Binsbergen in a conversation with prominent business leaders about common flaws in the decision making process and what to do about them.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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