Management

135 Prospect, 432.3955
M.A., M.Phil., Ph.D.

Director of Graduate Studies
Subrata Sen (55 Hillhouse, Rm 306, 432.6028, subrata.sen@yale.edu)

Professors
Rick Antle, Paul Bracken, Garry Brewer, Zhiwu Chen, Judith Chevalier, Ravi Dhar, Jonathan Feinstein, William Goetzmann, Jonathan Ingersoll, Edward Kaplan, Lode Li, Florencio Lopez-de-Silanes, Paul MacAvoy, Theodore Marmor, Barry Nalebuff, Sharon Oster, Benjamin Polak, Douglas Rae, K. Geert Rouwenhorst, Martin Shubik, Matthew Spiegel, Shyam Sunder, Arthur Swersey, Victor Vroom, Ivo Welch, Dick Wittink

Associate Professors
Sigal Barsade, Albert Ha, Christopher McCusker, Fiona Scott-Morton

Participating Faculty from the School of Management
Arturo Bris, Meghan Busse, Stanley Garstka, Roger Ibbotson, Andrew Jeffrey, Nathaniel Keohane, Jonathan Koppell, Harry Mamaysky, Dina Mayzlin, Ganapathi Narayanamoorthy, Nathan Novemsky, Rodney Parker, Peter Schott, Sandra Spataro, Werner Stanzl, K. Sudhir

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 is required by the Graduate School. The GMAT Test may be accepted in some cases. 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 mid-November 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 two courses that are outside of the student's depth area. At least one of these courses must be from an applied area of management different from the student's own depth area. Breadth courses are selected by the student with the consent of the area faculty and the DGS.

Course requirement: Each student must complete a total of sixteen courses, achieving a grade of Honors in at least two courses, and a High Pass average in the other fourteen 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 701b, Seminar in Accounting Research I and II. Rick Antle, Ganapathi Narayanamoorthy, Shyam Sunder.
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 710b, Mathematical Models for Management. Susana Mondschein.
Students learn how to formulate and solve optimization problems, both in deterministic and stochastic environments. Topics covered include linear and integer programming, nonlinear optimization, and stochastic optimization. Many real problems from various areas in management are covered throughout the course.

MGMT 740a, Financial Economics I. Jonathan Ingersoll.
Theory of single-period financial models. Risk aversion, stochastic dominance, the canonical portfolio problem, the fundamental theorem of asset pricing, mean-variance analysis and its uses, mutual fund separation theory, arbitrage pricing theory, asset pricing in complete markets, and selected empirical topics. Also ECON 670a.

MGMT 741b, Financial Economics II. 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. Also ECON 671b.

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 743b, Empirical Workshop in Accounting and Financial Economics. William Goetzmann, Jacob Thomas.
This is a doctoral-level course in the empirical analysis of financial data. The course reviews the historical development of empirical accounting and finance, beginning with the early development and tests of the efficient market paradigm and extending through modern evidence on market efficiency, trading profits, and information-based arbitrage. Reading of three to five research papers per week, regular presentations and discussion, and an empirical study of financial data.

MGMT 750b, Seminar in Marketing I. Subrata Sen.
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.

MGMT 753a, Behavioral Decision Making. Ravi Dhar.
This seminar examines research on the psychology of judgment and choice. Although the normative issue of how decisions should be made is relevant, the main focus is on the descriptive issue of how decisions are made. Topics of discussion include choice, judgment heuristics and biases, decision framing, prospect theory, mental accounting, context effects, task effects, and regret. 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. Also PSYC 658a.

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

MGMT 781a and b, Accounting/Finance Workshop.

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

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

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