Knowledge at Wharton

The question of whether CEOs of America’s major companies are overpaid has been a subject of interest for many years. Are the compensation practices for these elite men and women fair and appropriate? Do they provide proper incentives or do they reward excessive caution or risk taking? Wharton accounting professors John Core and Wayne Guay have just completed a study on this topic. Guay along with colleague Chris Armstrong sat down with Knowledge at Wharton to discuss executive compensation and the controversies that it continues to generate.

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Two recent events have rocked the publishing world. First The New York Times said it would abandon the practice of providing free online content and start charging regular readers beginning in 2011. And second Apple’s much-hyped tablet -- the iPad -- made its appearance. What implications will the Times’ decision have for newspaper publishers and other providers of free online content? How will the iPad re-define what a book means as well as how it is produced marketed and delivered? Wharton professors Peter Fader and Stephen Kobrin weigh in.

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The earthquake that rocked Haiti last week has caused unimaginable death and destruction a reminder that catastrophes are usually unforeseeable and therefore almost impossible to prepare for. Can any country or region of the world rich or poor take meaningful steps to avoid the destruction caused by catastrophes ranging from earthquakes and hurricanes to terrorist attacks and pandemics? Knowledge at Wharton asked professors Howard Kunreuther and Michael Useem authors of a new book titled Learning from Catastrophes: Strategies for Reaction and Response and Morris A. Cohen to talk about the situation in Haiti and the challenges of dealing with such crises.

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Despite renewed GDP growth and other positive signs the U.S. isn’t out of the woods says Wharton finance professor Franklin Allen. In fact the country could be heading into a ”double dip” scenario that tips it back into a recession. That depends on how a number of factors play out in the coming months -- or even years -- not only in the U.S. but also around the world. Global interest rate policies property markets and public deficits will all demand attention Allen notes in a recent interview with Knowledge at Wharton.

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U.S. stocks boomed in the last nine months of 2009 but remained well below earlier highs. Indeed many people referred to the first 10 years of the 21st century as ”the lost decade ” because stocks returned virtually nothing while investors had been conditioned to expect 10% a year. Meanwhile bonds and commodities experienced a stunning run. Have the rules of investing changed? What’s ahead for 2010? Knowledge at Wharton talked with Wharton finance professor Jeremy Siegel who sees some hazards especially for bonds but expects a good year for stocks.

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The global financial meltdown has been marked by shortages -- of oversight due diligence moral fortitude and common sense. Today approximately two years after the housing bubble burst and world stock markets collapsed possibly the only surplus left from the crisis is that of finger pointing and blame. A panel discussion earlier this week titled ”Responsibility and the Financial Crisis of 2008 ” brought together Wharton and University of Pennsylvania faculty to discuss the causes of the crisis and more importantly to answer the question ”Where do we go from here?”

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When Dubai World announced late in November that it wanted a six-month delay on payments on $26 billion in debt the financial markets were thrown for a loop. The Dow Jones Industrial Average fell 155 points or 1.5% European stocks dropped and oil prices plunged. The Dubai story is still unfolding -- the emirate’s stock exchange fell for the third consecutive day on December 9 after Moody’s downgraded the ratings of six government-linked companies. Though some investors believe Dubai does not provoke as much fear as other corporate collapses over the past couple of years Wharton professors point out that the world economy could face serious problems if similar financial troubles spread to European economies such as Greece.

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More than 100 world leaders gathered in Copenhagen on December 7 for a two-week summit meeting whose ambitious aim is to renew the Kyoto protocol on climate change. The issues being discussed include reducing emissions of green-house gases and setting a price for carbon among others. What are the likely business implications of these issues? What new challenges and opportunities will they create during the coming months? Knowledge at Wharton discussed these topics with Wharton legal studies and business ethics professor Eric Orts; Howard Kunreuther Wharton professor of decision sciences and public policy; and Erwann O. Michel-Kerjan managing director of the Wharton Risk Management and Decision Processes Center. An edited transcript of the conversation follows.

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In 2001 the merger between America Online (AOL) and Time Warner was accompanied by lofty hopes of synergies between new-world Internet prowess and old-world content delivery. But those hopes were short-lived. Now with a $30 billion deal to take control of NBC Universal (NBCU) Philadelphia-based Comcast is looking to integrate its cable pipes with many of the channels it distributes. But while much of the initial focus on the Comcast-NBCU marriage has revolved around cable programming assets the combined company’s digital properties may ultimately become more important for its long-term survival say experts at Wharton.

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Earlier this year Harbir Singh Wharton’s vice-dean for Global Initiatives launched a series of trips to foreign countries as a way for faculty to gain a deeper understanding of international economies and then use this knowledge in their teaching and research. Six professors recently visited the Chinese cities of Beijing Shanghai and Shenzhen and met with executives from Lenovo Haier and Huawei among other companies. Knowledge at Wharton asked three of the participants – Singh management professor Saikat Chaudhuri and health care management professor Rob Burns – to share insights from their trip.

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