The University of Chicago Magazine
December 1997
Obviously, Chicago's business school has made a name for itself over the past 100 years. And when people hear that name, what comes to mind? Following are a few of the GSB's educational hallmarks and influential theories:
From the time of Leon Carroll Marshall, the B-school has been known for its discipline-based approach. In keeping with U of C tradition, the school aims to develop students' analytical and problem-solving abilities by providing them with fundamental knowledge in the fields that support and inform business, including economics, law, statistics, psychology, mathematics, and sociology. With electives comprising half of the courseload, the GSB is also known for its student-directed, flexible curriculum.
Also in keeping with U of C tradition, the GSB faculty combines teaching with solid empirical research. A leader in the study of behavioral decision-making, for example, the GSB's Center for Decision Research, founded in the 1980s, unites faculty from fields such as the behavioral sciences, economics, and marketing to develop and test models to determine how individuals and groups make decisions and judgments.
Another prime example of GSB research is the Center for Research in Security Prices. Established in 1960, it was the first organization to develop a comprehensive database for every stock traded or listed on the New York Stock Exchange since January 30, 1926. The database's extensive security price histories have allowed for expanded empirical research in finance.
Finance has long been an area of strength for the GSB, with professor and Nobel laureate Merton Miller considered one of the founding fathers of corporate financing. The GSB is also widely recognized for its work in the economics of regulation, a field created by George Stigler, PhD'38.
Finally, any discussion of the Graduate School of Business's influence would be incomplete without a mention of its role in the Chicago School of Economics, characterized by a faith in the free market and its ability to allocate resources and distribute income.-K.S.
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Pathbreaking Work - Eyes On The Prize - An Enterprising Spirit