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.

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All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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=AEE

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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.

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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.

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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.

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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.

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All Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.

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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.

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All Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.

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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.

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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.

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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.

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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.

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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.”

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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All 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 Incentives
• Anticompetitive Effects of Common Ownership

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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It takes a long time to build up credibility, but you can lose it in an instant. What would it take to justify lying to the public for their own good, and are the benefits worth the costs? In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss the costs and benefits of the government lying to its own citizens.

They then discuss the topic with Dr. Jay Bhattacharya (Professor of Medicine at Stanford University's Medical School, PhD in Economics, fellow of the Hoover Institution, and associate at the National Bureau of Economic Research) in the context of his prescient research during the COVID pandemic.

Submit your questions to the show here: https://bit.ly/AllElseEqual

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All Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.

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The FDIC and Federal Reserve have recently intervened to stop another banking crisis. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen dig in to see what failed. What causes bank runs? Are the government subsidies of banks worth it? Is a bank the right way to finance risky investments or are they historical artifacts. Their guest Amit Seru, The Steven and Roberta Denning Professor of Finance and Senior Associate Dean for Academic Affairs at Stanford Graduate School of Business, explains what went wrong with the banks in Silicon Valley, and why regulators seemed to have missed the boat.

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All Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.

Show Links:

Papers on Bank Fragility

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Note: if you are hearing the wrong audio try redownloading the episode or listen here.

What reach does marketing really have? In the murky waters of cause and effect marketers have to figure out where to put their resources and what impact they can make on consumers. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen talk about how to measure the impact advertising has, and how not to measure it. They then discuss with Florian Zettelmeyer (the Nancy L. Ertle Professor of Marketing at the Kellogg School of Management at Northwestern University) about why measuring the effects of marketing is so tricky, some mistakes that have been made in past attempts, and how to avoid them.

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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.

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It can be tempting to think one thing causes another because they happen in succession, but there’s a lot to unwrap in the idea of causality. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen explain the difference between correlation and causality, and examine cases where it is tempting to assume one thing caused another, but the reality is quite different or even the opposite. They then discuss with Guido Imbens (Nobel Prize Winner and a chaired professor in Economics at the Stanford Graduate School of Business) the revolution in empirical work in economics that he helped start.

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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.

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Risk is an inherent part of all business decisions and understanding ways this risk can be reduced is essential to succeeding in today’s business environment. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen explain how to assess risk and discuss smart ways of diversifying it away. But sometimes diversification comes at a cost to productivity and the hosts present this as the fundamental tradeoff of corporate finance.

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.

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Cryptocurrency is increasing in popularity but still confusing to many consumers and finance professionals alike. On this episode of All Else Equal, finance professors Jules van Binsbergen and Jonathan Berk admit they don’t understand why some central banks are introducing digital currencies and why there would be need in our economic system.

To help answer these questions they speak with Kevin Warsh, a former governor for the Federal Reserve and current Visiting Fellow at the Hoover Institute at the Stanford School of Business. Kevin makes the case for regulating crypto currencies and what that would look like, and says the recent collapse of FTX, the world’s largest crypto currency exchanges, is not an indicator of this being a failing currency.

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.

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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/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.

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In science, we often hear about new discoveries or theories that could change our way of thinking. In the business world, a start-up might promise a revolution in a specific industry, if it can get the right investments. So, when is it worth believing or betting on one of these new theories, and when is it a waste of time? In this episode of All Else Equal, Jules and Jonathan discuss how we can all use the principle of Occam’s Razor (the idea that the simplest theory is often the correct one) in many different areas of our life.

Helping them explain the real world practice of this is John Ioannidis, a professor of Medicine and Epidemiology at Stanford University. John was the first academic to question the practices of Theranos, the company co-founded by Elizabeth Holmes that claimed it would change medicine with its new method of testing blood. He criticized the lack of peer reviewed research of the company’s methods, while at the same time investors were making it a billion dollar company. John tells Jules and Jonathan about this experience, as well as how Occam’s Razor comes into play with a lot of scientific research.

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.

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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/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.

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Freedom of expression is a constitutional right, but it’s also a valuable business strategy.

In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen build the case that without freedom of expression within an organization, the competitiveness of the organization will suffer and ultimately be much worse off without a culture that allows for dissenting opinions.

Later in the episode, Jonathan and Jules speak with John Paulson – whose outside-the-box thinking allowed him to predict the 2008 mortgage crisis before almost anyone else, and to position himself and his clients to gain financially. Paulson’s decision to short mortgage bonds was the subject of Michael Lewis’ book “The Big Short” and a blockbuster film of the same name.

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.

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Businesses often prioritize shareholder interests to make profit. But this can lead to short-sighted decisions that fail to benefit other stakeholders… right?

In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen – and guest Alex Edmans – ask that very question and provide some surprising answers. Whose interests are better aligned with the long-term health of a business: external stakeholders or internal shareholders?

Alex Edmans is a finance professor at the London Business School. He has written a book on the topic of shareholder versus stakeholder capitalism called “Grow The Pie: How Great Companies Deliver Both Purpose and Profit.”

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.

More About the Guest:

The End of ESG

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President Biden has promised sweeping debt relief to millions of student loan borrowers. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss the implications of this policy decision and the ways it could influence behavior for both students and educational institutions.

Later in the episode, Jonathan and Jules call in an expert: Sheila Bair, former Assistant Secretary of the Treasury and Chair of the Federal Deposit Insurance Corporation (FDIC). Sheila shares her work as a Senior Fellow at the Peter G. Peterson Foundation, where she currently focuses on financial issues confronting young people.

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.

Resources:

Student Debt Smarter

Loan Affordability Calculator

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Conventional wisdom tells us that we need regulators to ensure quality work in certain professions. But do consumers really benefit as much as they think from government regulation?

In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen investigate the question: Who does regulation help more, consumers or producers?

Later in the episode, Jonathan and Jules call in an expert: Maureen Ohlhausen, who chairs the Global Antitrust and Competition Law practice at Baker Botts.

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.

Show Links:

Regulation of Charlatans in High-Skill Professions

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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/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.

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Does filing for bankruptcy spell the end for a company? Or is there another way to look at corporate financial distress?

In this episode of All Else Equal: Making better decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen debunk some myths about Chapter 11 of the United States Bankruptcy Code – and compare the benefits of financing your company with equity or debt. Later, bankruptcy expert Jim Millstein joins the show to talk about corporate restructuring proceedings and the government bailout of General Motors.

Jim Millstein is the Co-Chairman of Guggenheim Securities, the investment banking and capital markets business of Guggenheim Partners, a global investment and advisory firm. Prior to joining Guggenheim in 2018, Mr. Millstein was the Founder and Chief Executive Officer at Millstein & Co. His representative engagements include providing advice to the Commonwealth of Puerto Rico in connection with the management of its $75 billion of institutional indebtedness; to US Airways in connection with its acquisition of American Airlines out of Chapter 11; and Caesars in its Chapter 11 proceedings.

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.

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Are buybacks bad for business? Should firms buy dividends instead, or just not make payouts?

In this episode of All Else Equal: Making Better Decisions, hosts and finance professors

Jonathan Berk and Jules van Binsbergen debunk myths about buybacks. They explain what a

buyback, or share repurchase, is and why companies choose to use them, as well as the

implications of the Inflation Reduction Act’s proposal to assess a 1% tax on buybacks.

All Else Equal: Making Better Decisions is a podcast produced by Stanford Graduate School of

Business. It is hosted by Jonathan Berk, The A.P. Giannini Professor of Finance at Stanford

GSB, and Jules van Binsbergen, The Nippon Life Professor in Finance, Professor of Finance, at

The Wharton School. Each episode provides insight into how to make better decisions.

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.

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As leaders, how do we know when we've made a mistake? Is it as simple as evaluating whether the outcome was good or bad? In this episode of All Else Equal: Making better decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen discuss how risk/reward calculations can help define what is a mistake and what isn't.

To talk more in depth about this topic, and how owning up to a mistake plays out inside an investment firm, the hosts interview Hadley Mullin. Mullin is a senior partner at TSG Consumer Partners, a private equity firm with approximately $10 billion in assets under management. At her firm, decisions are made collectively – and accountability is shared. "It's not a blame game," Mullin says. "Not focusing on whose deal this is, but referring to it as 'our deal,' makes us better positioned to do an unbiased postmortem."

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.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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/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.

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Competitive markets don’t produce the same level of prosperity for everyone, but economist John Cochrane thinks they give us something more important — incentives.

In this episode of All Else Equal: Making Better Decisions, hosts Jules van Binsbergen and Jonathan Berk are joined by John Cochrane, a prominent free-market economist and a senior fellow at the Hoover Institution at Stanford University.

According to Cochrane, competition gives us the incentives 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/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.

More About the Guest:

John Cochrane at the Hoover Institute

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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/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.

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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/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.

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"The reason people disagree is because they're striving toward a different goal," says mathematician and Nobel Prize winner Robert Aumann. In this episode of All Else Equal, Aumann sits down with finance professors and podcast hosts Jonathan Berk and Jules van Binsbergen.

"If there's a disagreement in the room at the end of a discussion, someone in the room is making a mistake," says Berk.

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.

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