Management

135 Prospect, 432.3955
www.yale.edu/graduateschool/academics/management.html
M.A., M.Phil., Ph.D.

Director of Graduate Studies
Subrata Sen (52 Hillhouse, Rm 221, 432.6028, subrata.sen@yale.edu)

Professors Rick Antle, Nicholas Barberis, James Baron, Paul Bracken, Garry Brewer, Zhiwu Chen, Judith Chevalier, Ravi Dhar, Jonathan Feinstein, William Goetzmann, Gary Gorton, Jonathan Ingersoll, Edward Kaplan, Lode Li, Theodore Marmor, Andrew Metrick, Barry Nalebuff, Sharon Oster, Joel Podolny, Benjamin Polak, Douglas Rae, Stephen Redding, K. Geert Rouwenhorst, Peter Schott, Fiona Scott-Morton, Martin Shubik, Matthew Spiegel, K. Sudhir, Shyam Sunder, Arthur Swersey, Jacob Thomas, Victor Vroom

Associate Professors Keith Chen, Martijn Cremers, Shane Frederick, Jonathan Koppell, Erin Mansur, Dina Mayzlin, Brian Mittendorf, Nathan Novemsky, Amy Wrzesniewski

Participating Faculty from the School of Management Victoria Brescoll, Daylian Cain, Rodrigo Canales, James Choi, Erica Dawson, Merle Ederhof, Stanley Garstka, Roger Ibbotson, Lisa Kahn, Sang-Hyun Kim, Donald Lee, Elisa Long, B. Cade Massey, Mushfiq Mobarak, Antti Petajisto, Oliver Rutz, Jiwoong Shin, Joseph Simmons, Heather Tookes, Hongjun Yan, X. Frank Zhang

Fields of Study

Current fields include Accounting, Financial Economics, and Marketing. Other applied management fields may be added in subsequent years.

Special Admissions Requirements

The GRE General Test or the GMAT Test is required by the Graduate School. Applicants whose native language is not English must take the Test of English as a Foreign Language (TOEFL).

Special Requirements for the Ph.D. Degree

Admission to candidacy will be based on the requirements of the Graduate School, among which are the submission of a prospectus, duly approved by the faculty. Students must maintain a satisfactory grade record in the first year to remain in the program. Students shall, in addition, fulfill the requirements stated below. The process of admission to candidacy will include a faculty review of the student’s entire academic record once all requirements have been successfully completed, and must be concluded by the end of the third year.

CORE REQUIREMENTS

Two core courses are required of each student, General Economic Theory: Microeconomics, and Policy Modeling. During the first two years in the program, each student is required to complete a two-course sequence in empirical methods and a two-course sequence in one of the social sciences. Both of these sequences are usually taken during the first year. In addition, each student must prepare an original paper during his or her first summer and submit it to the faculty at the beginning of the third term in residence. Further, a second-year research paper must be submitted to the faculty by November 1 of the fifth term in residence.

IN-DEPTH REQUIREMENT

The in-depth requirement consists of five courses selected by the student with the consent of the area faculty and the DGS. This in-depth study is designed to focus on a particular research paradigm and to prepare the student for the dissertation. In addition, a qualifying examination prepared by the area faculty must be passed. Currently offered in-depth areas are Accounting, Financial Economics, and Marketing.

BREADTH REQUIREMENT

The breadth requirement consists of one course that is outside of the student’s depth area. The breadth course is selected by the student with the consent of the area faculty and the DGS.

COURSE REQUIREMENT

Each student must complete a total of fourteen courses, achieving a grade of Honors in at least two courses, and a High Pass average in the other twelve courses.

TEACHING

Teaching is considered to be an important part of the doctoral program in Management. The program expects students to serve as teaching fellows, beginning in the spring term of the first year and continuing through the fourth year of study.

Master’s Degrees

M.Phil. A student who is admitted to candidacy will be eligible to receive the M.Phil. upon the recommendation of the program’s faculty and the approval of the Graduate School.

M.A. (en route to the Ph.D.) A student who completes the sixteen required courses with a High Pass average and the first-year paper will be eligible for the M.A. degree upon the recommendation of the program’s faculty and the approval of the Graduate School.

Program materials are available upon request to the Director of Graduate Studies, Management, Yale University, PO Box 208200, New Haven CT 06520-8200. For information on the M.B.A. degree, please contact the admissions office at the School of Management.

Courses

MGMT 700a and 702b, Seminar in Accounting Research I and III Jacob Thomas, Brian Mittendorf
This course examines research into accounting institutions. Topics are generally drawn from areas of income measurement, managerial evaluation, industry structure and regulation in the accounting industry, informational efficiency of public markets, and asset valuation models under incomplete markets.

MGMT 703a, Experimental Economics Shyam Sunder
This term-long seminar introduces participants to experimental methods in economics research and conducts a survey of experimental results. Depending on the interests of the participants, we cover topics from auctions, asset markets, game theory, monetary theory, public goods, corporate finance, market microstructure, institutional economics, and so on. The seminar participants are expected to design and conduct their own experiment and write a term paper. Enrollment limited. Permission of instructor required.

MGMT 710a, Mathematical Models for Management Susana Mondschein
Students learn how to formulate and solve optimization problems. Topics covered include linear and integer programming, non-linear optimization, dynamic programming, and queueing theory. Many real problems from various areas in manufacturing and service operations are covered throughout the course.

MGMT 740a/ECON 670a, Financial Economics I Zhiwu Chen
Current issues in theoretical financial economics addressed through the study of current papers. Focuses on the development of the problem-solving skills essential for research in this area.

MGMT 741b/ECON 671b, Financial Economics II Jonathan Ingersoll
Current issues in theoretical financial economics addressed through the study of current papers. Focuses on the development of the problem-solving skills essential for research in this area.

MGMT 742a, Corporate Finance and Market Microstructure Matthew Spiegel
This course covers recent journal articles in the area of corporate finance and market microstructure. Topics from corporate finance include optimal debt levels, bankruptcy, security design, initial public offers, and mergers and acquisitions. The market microstructure half of the course covers inventory models, trading with asymmetric information in the presence of strategic and competitive traders, the social welfare impact of informed trading, bid-ask spreads, information disclosure, and the optimal design of a stock exchange.

MGMT 745a, Financial Behavior Nicholas Barberis
Much of modern financial economics works with models in which agents are rational, in that they maximize expected utility and use Bayes’ law to update their beliefs. Behavioral finance is a large and active field, which studies models in which some agents are less than fully rational. Such models have two building blocks: limits to arbitrage, which make it difficult for rational traders to undo the dislocations caused by less rational traders; and psychology, which catalogues the kinds of deviations from full rationality we might expect to see. We discuss these two topics, and then consider a number of applications: asset pricing (the aggregate stock market and the cross-section of average returns); individual trading behavior; and corporate finance (security issuance, corporate investment, and mergers).

MGMT 750b, Seminar in Marketing I Jiwoong Shin
Current issues in marketing related to product planning, pricing, advertising, promotion, sales force management, channels of distribution, and marketing strategy are addressed through the study of state-of-the-art papers.

MGMT 752a and b, Marketing Workshop Nathan Novemsky

MGMT, 754a/PSYC 554a, Behavioral Decision Making II Ravi Dhar
This seminar examines research on the psychology of decision making focusing on choice. Although the normative issue of how decisions should be made is relevant, the descriptive issue of how decisions are made is the main focus of the course. Topics of discussion include decision framing and mental accounting, prospect theory and loss aversion, context effects, task effects, goal-directed choice, preference reversals, intertemporal choice, behavioral economics, and other topics. The goal of the seminar is threefold: to foster a critical appreciation of existing knowledge in behavioral decision theory, to develop the students’ skills in identifying and testing interesting research ideas, and to explore research opportunities for adding to that knowledge. Students generally enroll from a variety of disciplines, including cognitive and social psychology, behavioral economics, finance, marketing, political science, medicine and public health.

MGMT 756a, Empirical Methods in Marketing K. Sudhir
This course introduces students to structural models of demand and supply dynamics, market entry, and product positioning through a mix of lectures and detailed discussions of specific papers. Emphasis on implementing models using software such as Matlab and Gauss through structured homework assignments.

MGMT 758b, Golden Eggs and Russian Roulette: Rational Choice in an Uncertain World Shane Frederick, Daniel Read
All serious choices involve outcomes that are uncertain or delayed, or both. Thus, rational choice requires procedures for both incorporating risk and for trading off costs and benefits occurring at different times. In this class we explore the history of thought on these topics, and discuss the dominant prescriptive models (which aim to describe what decision makers should do) and descriptive models (which aim to describe what decision makers actually do). We incorporate perspectives from economics, decision theory, finance, and psychology, and engage long-standing philosophical debates about rational choice. Topics include discount rates, the discounted utility model, self-control, affective forecasting, hyperbolic discounting, intergenerational choice, expected value, expected utility, risk aversion, loss aversion, insurance, gambling, decision trees, the expected value of perfect information, prospect theory, subjective probability, overconfidence, ambiguity, “neuroeconomics,” and the wisdom (or stupidity) of crowds.

MGMT 780a and b, Ph.D. Student Research Workshop Subrata Sen

MGMT 781a and b, Accounting/Finance Workshop Heather Tookes

MGMT 782-01a and b, Doctoral Student Pre-Workshop Seminar/Accounting Subrata Sen

MGMT 782-02a and b, Doctoral Student Pre-Workshop Seminar/Financial Economics Subrata Sen

MGMT 782-03a and b, Doctoral Student Pre-Workshop Seminar/Marketing Subrata Sen

MGMT 791a or b, Independent Reading and Research
By arrangement with individual faculty.

MGMT 792a or b, Predissertation Research
By arrangement with individual faculty.

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