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Category: Dartmouth

Published on Leave a comment on Tom Brokaw at Commencement

Former NBC News Anchor Tom Brokaw delivered the Commencement address at Dartmouth this weekend. I give him credit for braving inhospitably hot and humid weather to be a part of the festivities. Here are some excerpts I liked:

You have been hearing all of your life about this moment - your first big step into what you have been called and told is the real world. What, you may be asking yourself this morning, is this real life all about? Ladies and gentlemen of the Class of 2005 at Dartmouth, it's not college - it's not high school. Real life is junior high.

The world you're about to enter is filled with adolescent pettiness, pubescent rivalries, the insecurities of 13-year-olds and the false bravado of 14-year-olds. Forty years from now, I guarantee it, you'll still be making silly mistakes, you'll have a temper tantrum, you'll have your feelings hurt for some trivial slight, you'll say something dumb and at least once a week you'll wonder, "Will I ever grow up?"

You can change that. In pursuit of passions, always be young. In your relationship with others, always be a grown-up. Set a standard and stay faithful to it.

And, on a more serious note, this one:

Your individual hopes and dreams will be seriously compromised if the ship of state is allowed to drift on a hazardous course. We cannot pretend that simply because there has not been another 9-11 the world is as it once was. We are not yet near the end of an epic struggle between the Western ideal of rule of law, tolerance, pluralism and modernity and the advocates of a jihad vision of Islam.

We cannot wish away the complex set of conditions that fuel a rage across a broad band of the globe where too many young men and women your age are caught in a crossfire of claims on their faith and another way of life playing out on the wider screens that reflect the images of our world - a world of unveiled women, material excess, secular joy disconnected from their lives of deprivation and uncertainty.

These young men and women are not incidental to the world that you are entering. They are the fastest growing population in a world already over-crowded, especially in that part of the globe where self-determination remains at best a work in progress. Or at best, a faint rumor or a distant promise.

Many of them, as I know from my recent travels there again just this spring, love our culture and speak our language but we show, in their eyes, no interest in returning the favor. Too many of them love the idea of America but hate our government, envy our freedoms and deeply resent what they see as our sense of entitlement, our determination to tell them how to live their lives. The worst among them had to be punished and the fight goes on, but no army can conquer them all or force them to change.

So as you leave here in pursuit of your dreams, try to imagine theirs. Stand tall. Don't apologize for what you have or what you believe in, but get to know what they don't have, and why.

Best of luck to the Class of 2005!

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Published on Leave a comment on Representative Stephanie Herseth (D-SD)

At the Rockefeller Center, we have started a New Voices in Washington series. One of my biggest disappointments with the Presidential conventions last summer was how little they seemed to showcase and cultivate younger members of the two parties, whom we might look to for leadership in the years to come. So we are actively seeking out new voices to bring to campus.

We inaugurated the series last evening with a visit from Representative Stephanie Herseth (D-SD). You can find her Congressional website here and her campaign website here. She's a centrist--she has to be to represent South Dakota--and she had full command of a range of issues, which mainly focused on domestic policy in her lecture. There are several issues on which she and I disagree (as many to the left as to the right), but it is also safe to say that if the Democratic leadership in Washington held her views, I would vote Democratic.

Here's a new test of the skills of those at the helm of the Democratic Party: can they find a way to make her a vice presidential candidate in '08, '12, or '16?

Read other coverage in The Dartmouth and at Joe's Dartblog.

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Published on Leave a comment on Dartmouth’s Trustee Election

Chien Wen Kung at DartObserver asks for my opinion on the ongoing election for the two open seats on the Dartmouth Board of Trustees. This election has gathered quite a bit of attention in the blogosphere, largely because Peter Robinson '79 and Todd Zywicki '88 are running as petition candidates. The full slate of candidates and information about the election can be found here.

I am obviously proud of my connection to Dartmouth, but my relationship is very different from other Dartmouth-affiliated bloggers. I am an academic employee and not an alumnus. I don't have a vote in this election, any more than a vice president at a large publicly traded corporation would have a vote in a shareholder election.

Dartmouth has a unique place in American higher education. It is on the cusp of two different models of higher education--the large research university and the small liberal arts college. As an institution, we strive to be the best of both worlds, and when we are successful, I am convinced that there is no better undergraduate institution anywhere. But being on a cusp like this is a delicate balancing act--we are besieged by the dark possibility that we may fail, and in fact become the worst of both worlds.

Other appropriate metaphors for the awkwardness of this position might be suspended adolescence--being perennially in development toward one world or the other (depending on which you think is better)--or plate tectonics--the interface between two continental plates that are generally stable on the surface but occasionally collide or slip with great force. The heightened alumni interest in this election, along with the rules governing it, would seem to be a response to a change in the perception of whether the institution is managing that balance appropriately.

I have only met one of the candidates personally. Ric Lewis '84 joined the Rockefeller Center Board of Visitors last fall, and he immediately impressed me as someone who understands the delicate balance inherent in Dartmouth's mission. I have only good things to say about him, and he would have my complete confidence as a Trustee. I do not know any of the other candidates, and thus I offer no rankings and no preferences.

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Published on Leave a comment on MLK at Dartmouth

Dartmouth celebrates Martin Luther King, Jr. each year with two weeks of programming. One of the activities is a continuous playing of a speech King made at Dartmouth in 1962, "Towards Freedom." You can read the transcript, watch the video, and read about the context for the speech here.

What I like about this speech is that it illustrates just how much King was a realist and an organizer, not just a dreamer. I thought these paragraphs were particularly lucid:

I would like to say first that the federal government must use all of its Constitutional authority to implement the law of the land. There is need for strong, forthright leadership from the federal government. If we look back over the last ten years, we must honestly admit that the kind of consistent, forthright leadership needed this hour has come only from the Judicial branch of the government. The Legislative and Executive branches have been all too silent, apathetic, and sometimes hypocritical. If this problem is to be solved, all branches of the government must work in a consistent, determined manner.

This means that we must get rid of two myths that often linger around. One is the myth of time. There are people who say that the federal government can't do anything about this problem. Only time can solve the problem. I'm sure that this argument continues to move around. There's the idea that if the Negro and his allies in the white community will just be patient and just wait, maybe in a hundred or two hundred years, time will solve the problem. Well the only answer that we have for those who have given themselves to the myth of time is that time is neutral. It can be used either destructively or constructively. At points I think that the people of ill will have used time more effectively than the people of goodwill. It may well be that we who have repented this generation not merely for the vitriolic words and actions of the bad people, but for the appalling silence of the good people, somewhere along the way of life we must come to see that human progress never rolls in on the wheels of inevitability.

Evolution may be true in the biological realm; and at this point Darwin is right. But when a Herbert Spencer seeks to apply to the whole of society, there is very little evidence for it. Human progress is construed of tireless efforts and the persistent work of dedicated individuals. Without this hard work, time itself becomes the ally of the insurgent and primitive forces of irrational emotionalism and social stagnation. We are always challenged to help time and to realize that the time is always right to do right.

There is another myth that tends to linger around and for lack of a better term I call it the myth of educational determinism. It is the idea that only education can solve the problems which we face in human relations, so there is no need to talk about

Executive Orders from the President of the United States or about legislation. It's only through the slow process of education and changing attitudes that this problem will be solved. Well, there's an element of truth in this because education does have a great role to play in changing attitudes. But this is a half-truth. It is not either legislation or education; it is both legislation and education. It may be true that morality cannot be legislated but behavior can be regulated. It may be true that the law cannot make a man love me; religion and education will have to do that. But if it keeps him from lynching me, and I think that's pretty important also.

It may be true that legislation cannot change the heart, but it can restrain the heartless. And this is what we often do through legislation. We must depend on education and religion to change bad internal attitudes, but we need legislation to control the external effects of those bad internal attitudes. So there is a need for civil rights legislation. And it is tragic indeed that in this session of Congress there will be no civil rights legislation. There's also need for Executive Orders from the President of the United States. There is a great deal the president can do with a stroke of the pen.

The speech also contains a thoughtful discussion of nonviolent resistance:

Then the Greek language has another word, the word "agape." Agape is more than aesthetic or romantic love, agape is more than friendship. Agape is understanding, creative, redemptive goodwill for all men. It is an overflowing love which seeks nothing in return. Theologians would say that it is the love of God operating in the human heart. When one arises to love on this level, he loves a person who does an evil deed while hating the deed the person does. And I believe that this kind of love will lead us through this period of transition, this kind of creating, understanding goodwill.

I think this is what Jesus of Nazareth meant when he said, "Love your enemies," and I'm so happy he didn't say, "Like your enemies," because it's pretty difficult to like some people. Like is a sentimental, affectionate sort of thing and it's difficult to like somebody who's bombing your home, and who's threatening your children, and who's throwing you in jail. It's difficult to like some of the senators and congressmen in Washington, the things they're saying about Negroes and members of other minority groups, and some of the things they are doing... It's difficult to like them and to like what they're doing, but Jesus said, "Love them," and love is greater than like. Love is understanding, creative, redemptive goodwill for all men. This is what

nonviolence says. It says that the love ethic is a possibility in the struggle for freedom and human dignity.

Enjoy!

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Published on Leave a comment on Back in the Classroom

It looks like blogging will be a bit more sporadic for the next couple of months, as I am back in the classroom teaching two sections of the Economics Department's finance seminar for seniors. Here's what we will be reading this term:

Introductory Topics

Cochrane, John H., “New Facts in Finance,” Economic Perspectives, Vol. 23 (3rd Quarter), Federal Reserve Bank of Chicago, 1999: 36-58.

Shleifer, Andrei and Lawrence H. Summers, “The Noise Trader Approach to Finance,” Journal of Economic Perspectives, Vol. 4, No. 2 (Spring 1990): 19-33.

De Long, J. Bradford, Andrei Shleifer, Lawrence H. Summers, and Robert J. Waldmann, “Noise Trader Risk in Financial Markets,” Journal of Political Economy, Vol. 98, No. 4 (August 1990): 703-738. (optional)

Bikhchandani, Sushil and Sunil Sharma, “Herd Behavior in Financial Markets: A Review,” IMF Working Paper 00/48, March 2000.

Ritter, Jay R. and Ivo Welch “A Review of IPO Activity, Pricing, and Allocations,” Journal of Finance, Vol. 57, No. 4 (August 2002): 1795-1828.

Carhart, Mark M. “On Persistence in Mutual Fund Performance,” Journal of Finance, Vol. 52, No. 1 (March 1997): 57-82.

Noise Trading and Sentiment

Lee, Charles, Andrei Shleifer, and Richard Thaler, “Investor Sentiment and the Closed-End Fund Puzzle,” Journal of Finance, Vol. 46, No. 1 (March 1991): 75-109.

Elton, Edwin J., Martin J. Gruber, and Jeffrey A. Busse, “Do Investors Care About Sentiment?” Journal of Business, Vol. 71, No. 4 (October 1998): 477-500.

Hong, Harrison, Terrence Lim, and Jeremy C. Stein, “Bad News Travels Slowly: Size, Analyst Coverage, and the Profitability of Momentum Strategies,” Journal of Finance, Vol. 55, No. 1 (February 2000): 265-295.

Odean, Terrance, “Are Investors Reluctant to Realize Their Losses?” Journal of Finance, Vol. 53, No. 5 (October 1998): 1775-1798.

Initial Public Offerings & Internet Valuations

Brav, Alon and Paul A. Gompers, “Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence From Venture and Nonventure Capital-Backed Companies,” Journal of Finance, Vol. 52 No. 4 (December 1997): 1791-1821.

Loughran, Tim and Jay R. Ritter, “Why Don't Issuers Get Upset About Leaving Money on the Table in IPOs?” Review of Financial Studies, Vol. 15, No. 2 (Special 2002): 413-444.

Demers, Elizabeth and Katharina Lewellen, “The Marketing Role of IPOs: Evidence from Internet Stocks,” Journal of Financial Economics, Vol. 68, No. 3 (June 2003): 413-437.

Ofek, Eli and Matthew Richardson, “Dotcom Mania: The Rise and Fall of Internet Stock Prices,” Journal of Finance, Vol. 58, No. 3 (June 2003): 1113-1137.

Corporate Finance and Investment



La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert Vishny, “Legal Determinants of External Finance,” Journal of Finance, Vol. 52, No. 3 (July 1997): 1131-1150.

Lamont, Owen. “Cash Flow and Investment: Evidence from Internal Capital Markets,” Journal of Finance, Vol. 52, No. 1 (March 1997).

Chevalier, Judith A. “What Do We Know About Cross-subsidization? Evidence from Merging Firms,” Advances in Economic Analysis & Policy, Vol. 4, No. 1 (2004): Article 3.

Empirical Tests of Herd Behavior



Dennis, Patrick and Deon Strickland. “Who Blinks in Volatile Markets, Individuals or Institutions?” Journal of Finance, Vol. 57, No. 5 (October 2002): 1923-1950.

Graham, John R. “Herding Among Investment Newsletters,” Journal of Finance, Vol. 54, No. 1 (February 1999): 237-268.

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Published on Leave a comment on Enduring Institutions

Via Newmark's Door, I see that Dartmouth College was recently named by Booz Allen Hamilton as one of the ten most enduring institutions over the past century. Read for yourself:

McLean, VA, December 16, 2004 — Why is it that some institutions endure for decades or even for centuries while others disappear into history? Booz Allen Hamilton has sponsored a novel project identifying ten of the world's most Enduring Institutions over the past century. The list celebrates those institutions that have managed to reinvent themselves time and again — and remained market leaders — as the unique circumstances of their founding have given way to changing conditions.

The ten institutions chosen within each category are:

  • Academic Institutions — Dartmouth College; Oxford University
  • Arts and Entertainment — The Modern Olympic Games; the Rolling Stones
  • Business and Commerce — General Electric; Sony
  • Government Institutions — American Constitution; International Telecommunication Union
  • Nonprofit Organizations — The Salvation Army; the Rockefeller Foundation

From the press release, here's the blurb on Dartmouth:

Dartmouth College demonstrates by its often-challenged yet ultimately triumphant existence a set of internal systems for managing risk. Dartmouth has literally had to fight for survival from its earliest days, time and again emerging a stronger, more viable institution whether facing a legal threat to the college charter, or an internal threat from misguided leadership. Its risk structure has enabled and empowered this institution to survive these crises and emerge the stronger and the better for it.

I have no idea what "risk structure" they are talking about, and the story in the whole report doesn't provide any clarification. The first part deals with Dartmouth's history in the 19th century, including the landmark 1819 Supreme Court case, Dartmouth College v. Woodward, in which the Court upheld the sanctity of the college's charter against interference by the state of New Hampshire. When it gets around to the late 20th century, it notes:

Illustrative of Dartmouth’s ability to maintain a sense of community is that in 1970 during the nationwide campus unrest associated with the student deaths at Kent State University and Jackson State University, Dartmouth asked each of its current undergraduates to write a personal letter to assigned alumni. The result was that, whatever differences of opinion within the Dartmouth family, they were in touch across generations. On another front, Dartmouth showed that its historic buildings need not be at odds with the most modern curricular innovations. Thanks to the initiative of a president who was a mathematician and a pioneer in the new field of computer science, Dartmouth became the chosen site for state of the art innovation in computer technology—and computer-based college learning in the United States. Dartmouth acknowledged its colonial roots and original royal charter with the inscription “Vox Clamantis Deserto”—“A Voice Cries Out in the Wilderness!” That historic message resonates well today.

So I infer from this discussion that "risk structure" must be consultant-speak for "John Kemeny," and the inclusion of John Kemeny in any mention of what is enduring about Dartmouth is entirely appropriate. Dartmouth is an institution that thrives on being at the interface of a major research university and a small liberal arts college. It strives to have the best of both worlds. This revitalized mission of the college is one of John Kemeny's legacies.

Dartmouth will soon have a new mathematics building to memorialize him, and that will be a great visual reminder. But the best way to understand Kemeny's contribution to Dartmouth in particular and higher education in general is to read his words for yourself.

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