Challenges to Business in the Twenty-First Century


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Gerald Rosenfeld, Jay Lorsch, and Rakesh Khurana
Challenges to Business in the 21st Century: The Way Forward

Leslie Cohen Berlowitz is President and the William T. Golden Chair at the American Academy of Arts and Sciences. She is former Vice President for Academic Advancement at New York University and has served on advisory boards of the National Endowment for the Humanities, the Corporation of Yaddo, the National Humanities Alliance, and the Robert Wood Johnson Foundation. Her publications include America in Theory (1988) with Denis Donoghue and Louis Menand, Restoring Trust in American Business (2005) with Jay W. Lorsch and Andy Zelleke, and “Advice to the Next President,” in Letters to the Next President: Strengthening America’s Foundation in Higher Education (2008). She was elected a Fellow of the American Academy in 2004.

Jagdish N. Bhagwati, a Fellow of the American Academy since 1982, is University Professor of Economics and Law at Columbia University and Senior Fellow in International Economics at the Council on Foreign Relations. His publications include In Defense of Globalization (2004) and Termites in the Trading System: How Preferential Agreements Undermine Free Trade (2009).

Roger W. Ferguson, Jr., a Fellow of the American Academy since 2010, is President and Chief Executive Officer of TIAA-CREF (Teachers Insurance and Annuity Association-College Retirement Equities Fund). He is the former Vice Chairman of the Board of Governors of the U.S. Federal Reserve System. He also served as Head of Financial Services for Swiss Re and Chairman of Swiss Re America Holding Corporation. A member of President Obama’s Council on Jobs and Competitiveness, he serves on numerous boards in both the nonprofit and private sectors.

Justin Fox is Editorial Director of the Harvard Business Review Group and author of The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street (2009). He also writes a blog for and contributes to Time magazine. Before joining HBR Group in 2010, he wrote a weekly column for Time and created the Curious Capitalist blog for Previously, Fox spent more than a decade working as a writer and editor at Fortune magazine, where he covered economics, finance, and international business.

Rakesh Khuranais the Marvin Bower Professor of Leadership Development at Harvard Business School. His publications include Handbook of Leadership Theory and Practice (with Nitin Nohria, 2010); From Higher Aims to Hired Hands: The Social Transformation of American Business Schools and the Unfulfilled Promise of Management as a Profession (2007), which was named the 2007 Best Professional/Scholarly Publishing Book in Business, Finance & Management by the Association of American Publishers and received the 2008 Max Weber Award from the American Sociological Association Section on Organization, Occupations & Work; and Searching for a Corporate Savior: The Irrational Quest for Charismatic CEOs (2002).

Simon M. Lorneis Vice Chairman and Chief Legal Officer of Millennium Partners, L.P., a New York-based hedge fund. He is Director of Teledyne Technologies, Inc., and Codirector of the Stanford Law School Directors’ College. His publications include Acquisitions and Mergers: Negotiated and Consented Transactions (1985) and A Director’s Handbook of Cases (2001).

Jay W. Lorsch, a Fellow of the American Academy since 2005, is the Louis Kirstein Professor of Human Relations at Harvard Business School. His publications include Back to the Drawing Board: Designing Boards for a Complex World (with Colin B. Carter, 2003); Aligning the Stars: How to Succeed When Professionals Drive Results (with Thomas J. Tierney, 2002); and Organization and Environment: Managing Differentiation and Integration (with Paul R. Lawrence, 1967), which received the Academy of Management’s Best Management Book of the Year Award and the James A. Hamilton Book Award of the College of Hospital Administrators in 1969.

Jeff Madrickis Editor of Challenge magazine, Visiting Professor of Humanities at The Cooper Union, and Senior Fellow at the Roosevelt Institute and the Schwartz Center for Economic Policy Analysis at The New School. He is also a regular contributor to The New York Review of Books. Previously, he served as an economics columnist for The New York Times; as Wall Street editor and finance editor for Money magazine and Business Week, respectively; and as a reporter and commentator for NBC News. His latest book, Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present, was published in May 2011.

David A. Moss is the John G. McLean Professor at Harvard Business School. He is the founder of the Tobin Project, a nonprofit research organization, and a member of the National Academy of Social Insurance. His publications include Socializing Security: Progressive-Era Economists and the Origins of American Social Policy (1996), When All Else Fails: Government as the Ultimate Risk Manager (2002), A Concise Guide to Macroeconomics: What Managers, Executives, and Students Need to Know (2007), and Government and Markets: Toward a New Theory of Regulation (coedited with Edward Balleisen, 2010).

Gerald Rosenfeld, a Fellow of the American Academy since 2004 and a member of the Academy’s Trust, is Senior Advisor to the CEO and Vice Chairman of U.S. Investment Banking at Lazard Ltd. Previously, he served as CEO, then as Deputy Chairman, at Rothschild North America. Prior to joining Rothschild, he was President of G. Rosenfeld & Co LLC, an investment banking firm he founded in 1998. He is a member of the Board of Directors of Continental Grain Company and CIT Group and serves as a Trustee of the Jewish Theological Seminary and the Charles H. Revson Foundation. He is a Distinguished Scholar in Residence at New York University School of Law and a Clinical Professor of Business at the New York University Stern School of Business, where he also serves on its Board of Overseers.

Myron S. Scholes, a Fellow of the American Academy since 2010, is the Frank E. Buck Professor of Finance, Emeritus, in the Graduate School of Business at Stanford University. He is also former Chairman of Platinum Grove Asset Management, L.P., and serves on the board of Dimensional Fund Advisors. He is the co-originator of the Black-Scholes options pricing model and is the co-recipient (with Robert C. Merton) of the 1997 Nobel Prize in Economics for developing a new method to determine the value of derivatives. He is the author of Taxes and Business Strategy: A Planning Approach (with Mark A. Wolfson, 1992).

Jeffrey Wurgleris the Nomura Professor of Finance at the New York University Stern School of Business. He is also a Research Associate in the Asset Pricing and Corporate Finance programs of the National Bureau of Economic Research. His best-known research is in behavioral corporate finance, including studies of capital structure, dividend policy, investment policy, and merger activity. He has complementary research interests in the measurement and effects of investor sentiment.