All Else Equal: Making Better Decisions

Is the emperor wearing clothes?  Hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by economist and political scientist Timur Kuran who wrote the book, Private Truths, Public Lies: The Social Consequences of Preference Falsification. This 30-year-old book explains the social phenomenon where people express preferences they do not have.   As political and social tensions have risen in the U.S., the freedom to express views that go against the status quo has become more difficult.  Jonathan, Jules, and Timur discuss what preference falsification is and why people engage in it, historical and contemporary examples, the implications of this behavior in various domains, including politics, business, and academia, and insights into how societies can counteract it. The conversation also addresses the importance of fostering environments, particularly in universities, where open and honest discourse is encouraged.  Find All Else Equal on the web:  https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

If universities believe they should be free from government interference and that students and faculty have the right to freely express whatever viewpoints they hold, then the universities should be held to the same standard, right? Hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by Richard Saller, an American classist and former interim president of Stanford University, to discuss whether or not the government has the right to intervene in university affairs and the hypocrisy that sometimes surrounds these issues. The conversation covers the recent statement signed by 562 university presidents advocating for academic freedom, examples of academic censorship, and the impact of federal funding on universities. They also raise questions about what true academic freedom means as universities have grown increasingly homogenous, and propose solutions to how universities can live up to their mission of being a place where all viewpoints can be expressed.  Find All Else Equal on the web:  https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

What exactly is a trade deficit? And why are so many policymakers fixated on it? Lately, the trade deficit in the U.S. is taking the bulk of the blame for the economic situation we're in and it's one of the reasons the Trump administration is pushing for sweeping tariffs. But tariffs are likely not the answer, and a trade deficit might be better referred to as a capital surplus.  As a continuation of the tariffs discussion in the last episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by John Cochrane, an economist at Stanford University and the Hoover Institution.   The conversation covers how trade deficits actually work, their implications on global and domestic economies, and how current trade policies may impact economic growth, inflation, and international relations.  Find All Else Equal on the web:  https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

With President Trump's tariffs on Canada, Mexico, China, and other countries now in full swing, what consequences from an economic standpoint could the U.S. be facing? And what was the path that led us here? Hosts and finance professors Jonathan Berk and Jules van Binsbergen put the tariffs question to economist and author Dani Rodrik. Rodrik is  the Ford Foundation Professor of International Political Economy at the John F. Kennedy School of Government at Harvard University, and the author of the book Straight Talk on Trade: Ideas for a Sane World Economy. Beginning with the historical context and purpose of tariffs, the conversation covers how the political and social dissatisfaction with hyperglobalization opened the door for these extreme tariffs, whether or not they're an effective tool in modern trade policy, and what alternative strategies exist to rebuild America's middle class.  Find All Else Equal on the web:  https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

The recent crackdown on federal spending has universities sweating despite the fact that many of them boast huge billion-dollar endowments. So what gives? Why would less money from the federal government be a cause for concern? Where does all that money go? And could there be more to this budget picture than meets the eye? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen delve into the inner workings of university endowments and how these institutions are balancing their budgets in a way that's leaving themselves vulnerable to dire financial situations. Read John Cambell, Jeremy Stein, and Alex Wu's paper, “Economic Budgeting for Endowment-Dependent Universities” here. Find All Else Equal on the web:  https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

All Else Equal is taking a little spring break, so on this episode we're revisiting a fascinating conversation on what happens when universities step off the sidelines and take a stance on contentious issues. Are they boarding a roller coaster that they can't ever get off? Hosts and finance professors Jonathan Berk and Jules van Binsbergen chat with 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. Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.

One key to effective negotiation is to keep your opponent guessing by randomizing your strategy. And right now, there might not be a more prolific example of this kind of strategy than President Donald Trump's communication style.  In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by Peter Robinson, a research fellow at the Hoover Institution and former speechwriter for President Ronald Reagan.  Together, they examine Trump's communication style by comparing and contrasting it with Reagan's. They also discuss the effectiveness of an unpredictable communication strategy, whether Trump's off-the-cuff remarks are calculated or mere chaos, and Peter shares behind-the-scenes details of the Reagan administration including how Peter came to write the famous line, “Mr. Gorbachev, tear down this wall.”    Find All Else Equal on the web:  https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

Is it acceptable for doctors to lie to their patients, or withhold some of the truth, if it's in the patient's best interest? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome back John Ioannidis, professor of medicine at Stanford University, to discuss the ethical implications of concealing the truth in the medical world, even when it's for the greater good. The conversation touches on the importance of building and maintaining trust in healthcare, cases where that trust has been tested or fractured, the paternalism mindset in medicine, the potential biases in medical research funding, and why building back trust in healthcare is a steep climb.  Find All Else Equal on the web:  https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

As more and more universities move away from full-time MBA programs, what does the future of business education look like? How should it look?In this episode, hear perspectives from three of the top business schools in the U.S.: Stanford Graduate School of Business, The Wharton School at the University of Pennsylvania, and the Booth School of Business at the University of Chicago.  Hosts and finance professors Jonathan Berk and Jules van Binsbergen sit down with Chicago Booth's Madhav Rajan to discuss the state of the MBA programs at their universities and why there seems to be ac. The conversation also touches on the need for rigorous education, the value of technical skills versus managerial training, and potential innovations like modular MBA degrees. Find All Else Equal on the web:  https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

History shows that as societies rise to greatness, the scales eventually tip back and those societies fall. But what leads to that fall and are we heading toward one?  In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen speak with historian Victor Davis Hanson, a senior fellow at the Hoover Institution who specializes in classics and military history.   The conversation explores the complexities and fragilities of successful societies like the Mycenaeans, Romans, and Byzantines, how specialization can lead to higher living standards but also increased vulnerability, and our existential worries about the future.   Find All Else Equal on the web:  https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

As we ring in the new year, we're bringing back one of our favorite episodes! Handpicked by Jules and Jonathan, this previous conversation is perfect for starting your year with thought-provoking insights.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.  Find All Else Equal on the web: https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

During the 2024 U.S. presidential election, inflation was one of the most talked about issues, and there was one policy idea to get inflation under control that kept coming up: price caps. But history has shown time and time again that price caps do anything but reduce inflation. So why do policymakers still want to try it?In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen speak with guest Veronica Rappoport, associate professor at London School of Economics and former 2nd Deputy Governor of the Central Bank of Argentina. Veronica served as the deputy governor during a key period of high inflation for Argentina. She chats with Jonathan and Jules about the circumstances that can lead to inflation rates as high as the ones Argentina has seen in the last 50 years, how band-aids like price caps can in fact make inflation significantly worse in the long run, and what lessons countries like the U.S. can take from Argentina's case.  Find All Else Equal on the web:  https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

Should legacy admissions at colleges and universities be banned? What are the benefits and tradeoffs of admitting students based on their legacy status? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen speak with guest Patrick Awuah, president of Ashesi University, about the Ghanaian university's unique economic engine and the place for legacy admissions in the higher ed world.  The conversation delves into how Ashesi University balances economic sustainability with educational inclusivity, the ethical and financial implications of legacy admissions, and tackles the controversial question, does admitting legacy students from wealthy families benefit the greater good of an institution?  Find All Else Equal on the web:  https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

The All Else Equal: Making Better Decisions podcast has officially done 50 episodes! To commemorate the milestone, hosts and finance professors Jonathan Berk and Jules van Binsbergen look back on some of the major all else equal mistakes they've covered on the show. With highlights from past guests like Google CFO Ruth Porat and former SEC chair Jay Clayton, Jonathan and Jules provide insight on the pitfalls of oversimplified decision-making, regulatory challenges, correlation vs. causation, and what organizations can do to avoid making the same all else equal mistakes.  Links to past episodes referenced in the show:"Secrets of a Stockpicking Star" with Cliff Asness"Turning ‘Bad' Investments into Good Profits" with Pete Briger"Why Has Private Equity Grown So Much?" with Eric Zinterhofer"Why the Private Debt Markets Have Exploded" with Laurence Gottlieb“Making Regulation Work” with Jay Clayton“Investigating Implausible Theories” with John Ioannidis“Institutional Neutrality: Open Debate and Moral Stands” with John Etchemendy“Making a Business Decision” with Ruth Porat“The Future of Higher Education Part 2” with Niall Ferguson“Disentangling Causation and Correlation” with Guido Imbens“Fair or Unfair: Do Competitive Markets Give Everyone a Chance?” with John Cochrane“May Contain Lies” with Alex Edmans“Understanding the SEC's New Climate Disclosure Rules” with Lawrence Cunningham“Finance Professors on Why Leaders Can't ‘Agree to Disagree'”  with Robert Aumann Find All Else Equal on the web: https://lauder.wharton.upenn.edu/allelse/ All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

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. Find All Else Equal on the web:  https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

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. Find All Else Equal on the web: https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

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.  Find All Else Equal on the web: https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

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. Find All Else Equal on the web: https://lauder.wharton.upenn.edu/allelse/ All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

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.Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.

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.”Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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.Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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.” Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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.Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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.”Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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.Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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.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.

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. 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.

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. 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.

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. Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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.Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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. 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.

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=AEESubmit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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.Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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.Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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. Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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.Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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.Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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.Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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.Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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. Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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. Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.RELEVANT LINKS:Common Ownership, Competition and Top Management IncentivesAnticompetitive Effects of Common OwnershipSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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. Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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. Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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. Vote for All Else Equal in the 2nd annual Signal Awards here: http://bit.ly/AllElseEqualSignalAwardsSubmit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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.Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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. Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll 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.

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. 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.

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. 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.

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

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

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.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.