Media Coverage: March 2008

Barron's, 03/31/2008—J. Randall Woolridge, professor of finance, comments on his research on Wall Street analysts' overly optimistic earnings forecasts. "Wall Street analysts basically do two things: recommend stocks to buy and forecast earnings," said Woolridge. "Previous studies suggest their stock recommendations do not perform well, and now we show that their long-term earnings-per-share growth-rate forecasts are excessive and upwardly biased." (Profit Predictions Look Too Plump). This article also appeared on MarketWatch.

The Philadelphia Inquirer, 03/31/2008—John Spychalski, professor emeritus of supply chain management, comments on a truck driver protest in Harrisburg. "'There has always been an imbalance of bargaining power between shippers and independent truckers,' said Spychalski, the Penn State professor emeritus. There are few alternatives for big shippers, but a lot of brokers still are trying to get independent drivers to haul loads for $1 a mile when the per-mile fuel cost exceeds 80 cents, Spychalski said." (Costs Fuel Truckers' Anger).

Pittsburgh Post-Gazette, 03/30/2008—Article on research by J. Randall Woolridge, professor of finance. "The uncaped crusader may have lost his credibility, but Mr. Spitzer's claims about the shortcomings of analysts have not. They are cemented in a new study by J. Randall Woolridge, a finance professor at Penn State's Smeal College of Business." (Study Finds Analysts' Forecasts Have Been Too Sunny).

The Disciplined Investor, 03/30/2008—J. Randall Woolridge, professor of finance, is interviewed regarding his new research on Wall Street analysts' overly optimistic earnings forecasts. [The Analysts Are Wrong (DUH!)].

CNBC, 03/28/2008—Jim Cramer closes his show with highlights from his visit to Smeal.

CNBC, 03/27/2008—Jim Cramer opens the "Mad Money" Lightning Round with a recap of his visit to Smeal.

The Patriot-News, 03/27/2008—Article on the "Mad Money w/ Jim Cramer" taping at Smeal. "Close to 2,000 Penn State students roared, 'We want the bald guy!' Jim Cramer, host of CNBC's hit investing show 'Mad Money,' let out a Nittany Lion 'booyah.'" (PSU Bearish On 'Mad Money').

Centre Daily Times, 03/27/2008—Article on the "Mad Money w/ Jim Cramer" taping at Smeal. "Jim Cramer shared his tips and more than a few 'Booyahs'—his catch phrase—as his popular CNBC program 'Mad Money' taped its Wednesday show on Penn State's campus, the first stop on its Back to School Tour." ('Mad Money' Frenzy At PSU).

The Daily Collegian, 03/27/2008—Article on the "Mad Money w/ Jim Cramer" taping at Smeal. "[Cramer's] visit, which was sponsored by the Smeal College of Business, was a part of his 'Back to School Tour,' which he started in 2006 to bring his unique form of education to college students." (Crowd 'Mad' For Cramer).

The Daily Collegian, 03/27/2008—Article on the Smeal conference "Powerful Women Paving the Way: Penn State Celebrates Women in Business." "Erica Livelsberger, president of Women in Business, said because the student group is celebrating its 10-year anniversary, the students originally wanted to have a reunion. But after talking to Smeal College of Business faculty and staff, that idea grew to the idea of a weekend conference to celebrate all women in business." (Smeal To Honor Women).

The Bulletin (Philadelphia), 03/27/2008—Article on a research report co-authored by Gary Gray, visiting professor of finance. "The study's authors believed a private operation of the turnpike would require so much up-front debt, Mr. Gray wrote, 'that the interest rates on those lower rated bonds will be substantially higher than under the [Pennsylvania Turnpike Commission's] Act 44 funding program.'" (Weak Economy Could Reduce Turnpike Bids, Hike Borrowing Costs).

TheStreet.com, 03/26/2008—Article on the "Mad Money w/ Jim Cramer" taping at Smeal. "Despite the severe downturn in the economy, steel stocks are one of the best performing groups in the market, Jim Cramer told students Wednesday at his live 'Mad Money' TV show at Penn State University's Smeal College of Business." (Cramer's 'Mad Money' Recap: Domestic Steel Is Back).

Seeking Alpha, 03/26/2008—Blog entry on the "Mad Money w/ Jim Cramer" taping at Smeal mentions the Nittany Lion Fund. "The Nittany Lions manage $4.5 million and have beaten the S & P 500 since the club's inception in 2005." (Jim Cramer's Mad Money In Depth).

CNBC, 03/26/2008—"Mad Money w/ Jim Cramer" broadcasts from Smeal. Additional videos of Cramer's visit can be found online here, here, here, here, here, here, and here.

CNBC, 03/26/2008—Jim Cramer appears live from Smeal on CNBC's "Street Signs."

CNBC.com, 03/24/2008—Blog entry on research by J. Randall Woolridge, professor of finance. "Along comes a study from Penn State professors Patrick Cusatis and J. Randall Woolridge which concludes (surprise!) that 'long-term EPS growth rate projections are consistently overly-optimistic.'" (Analyst Estimates: So Just How Good Are They?).

The Charlotte Observer, 03/23/2008—Article on research by Gary Lilien, Distinguished Research Professor of Management Science, and Arvind Rangaswamy, Anchel Professor of Marketing. "A study of 150 companies done by two professors at Penn State University right after the last recession found that recessions can be an opportunity for strong companies to further strengthen their competitive advantage." (Overcome Slow Times By Getting Marketing House In Order).

The Wall Street Journal, 03/21/2008—Article on research by J. Randall Woolridge, professor of finance. "Wall Street analysts basically do two things—recommend stocks to buy and forecast earnings," said Woolridge. "Previous studies suggest their stock recommendations do not perform well, and now we show that their long-term earnings-per-share growth-rate forecasts are excessive and upwardly biased." (Study Suggests Bias In Analysts Rosy Forecasts). This article was also distributed on the Dow Jones Newswire.

Reuters, 03/21/2008—Article on research by J. Randall Woolridge, professor of finance. "Wall Street analysts, keen to please employers intent on winning business, continue to overstate expected corporate earnings growth, even as concerns about the U.S. economy mount, a study said on Thursday." (Wall St. Estimates Still Excessively High—Study).

WSJ.com, 03/20/2008—Blog entry on research by J. Randall Woolridge, professor of finance. "Penn State's Smeal College of Business found in a study that analyst earnings forecasts are 'excessive and upwardly biased,' noting that between 1984 and 2006, analysts' long-term forecasted EPS growth averaged 14.7 percent, compared with actual growth of 9.1percent." (This Just In: Wall Street Analyst Ratings And Forecasts Are Still Lousy).

The Daily Collegian, 03/20/2008—Robert Macy, clinical assistant professor of entrepreneurship, comments on Lion Launch Pad, a Smeal program to help undergraduate entrepreneurs. Lion Launch Pad "offers help with business planning, feasibility studies, management, finance, accounting, marketing, and, most importantly, connecting students to the entrepreneurial network," Macy said. (Business Aids Entrepreneurs).

The Hartford Courant, 03/18/2008—Letter in response to an op-ed by Terrence Guay, clinical associate professor of international business. "If this were a debate, I think that Mr. Guay would be the clear winner based on his facts and the absence of political rhetoric." (Air Force Made Right Choice).

The Hartford Courant, 03/16/2008—Terrence Guay, clinical associate professor of international business, writes in an op-ed about the Pentagon's decision to award a tanker contract to Airbus. "What has been lost in the discussions over the past two weeks is that it is no longer accurate to describe Boeing as an American company, nor EADS/Airbus as a European one. It is much more accurate to describe both companies as 'transatlantic' or even 'international.'" (Winning Bidder Has Stake In America). This article also appeared in the Birmingham News, Bucks County (Pa.) Courier Times, Mobile (Ala.) Press-Register, Montgomery (Ala.) Advertiser, and Tampa Tribune, and on the Web sites of The Tribune Co.

Centre Daily Times, 03/16/2008—Brief article on CNBC's "Mad Money" coming to Smeal. "'Mad Money w/ Jim Cramer,' a CNBC investing show, will be at Penn State on March 26 as the first stop on the show's 2008 'Back to School Tour.'" ('Mad Money' at PSU).

Ottawa Citizen, 03/15/2008—Article on research by David Harrison, Smeal Professor of Organizational Behavior and Human Resource Management, and Ph.D. student Ravi Gajendran. "Ravi Gajendran and David Harrison ... conducted an extensive review of 46 studies on the subject featuring 12,883 employees. Their results show that working from home is good for business and for staff." (The Truth About Telecommuting). This article originally appeared in February in The Vancouver Sun.

CentreDaily.com, 03/15/2008—Patrick Cataldo, associate dean for executive education, offers tips for the frequent business traveler in his blog. "Looks like our travel tips topic hit a cord with frequent travelers and everyone has their favorites. The list is growing. Here's a few more for you to consider using." (More Travel Tips—Road Warriors Respond).

Multichannel News, 03/14/2008—Article mentions CNBC's "Mad Money" coming to Smeal. "Cramer will also be taking his show to Happy Valley, as part of his 'Mad Money Back to School' tour. The show will broadcast live before students from Penn State University's Smeal College of Business on March 26." (Booyah! Booyah! Booyah!).

TVNewser, 03/14/2008—Article mentions CNBC's "Mad Money" coming to Smeal. "Later this month, on Wednesday, March 26, Cramer kicks off his 'Mad Money Back to School' tour, with broadcasts from various colleges across the country. Cramer starts the tour at Penn State University." (Cramer's Mad March).

Bloomberg News, 03/13/2008—Article mentions the appointment Abdullah Yavas, Elliott Professor of Business Administration, Monetary Policy Committee of the Turkish central bank. "Turkey's central bank yesterday named Abdullah Yavas, an academic at Pennsylvania State University, as a member of its rate-setting committee." (Lira Up Against Dollar As Stocks Gain). This article also appeared in the Turkish Daily News.

Financial Times, 03/12/2008—Brief article on the appointment Abdullah Yavas, Elliott Professor of Business Administration, Monetary Policy Committee of the Turkish central bank. "Economists welcomed the appointment of Abdullah Yavas ... to the committee, saying his academic independence would be an asset." (Turkey Names Key Bank Official). Coverage of the Yavas appointment appeared in several Turkish newspapers and periodicals and on Turkish television.

CNBC.com, 03/12/2008—CNBC announces the "Mad Money" visit to Smeal. "I am thrilled to kick off the 2008 'Mad Money Back to School' tour in my home state of Pennsylvania," said Jim Cramer. "If Penn State's business school students are anything like its football fans it will be one of 'Mad Money's' best crowds ever." (CNBC's Jim Cramer Kicks Off His 2008 'Mad Money Back to School').

CNNMoney.com, 03/11/2008—J. Edward Ketz, associate professor of accounting, comments on Blackstone's valuation of its holdings. "How they value these companies on a continuing basis is a bit of a mystery to everybody outside the company," said Ketz. "They don't tell investors how they come up with these numbers, but it's presumable that it measures cash flow discounted at some rate of risk that the firm comes up with on its own." (Why Investors Should Steer Clear Of Blackstone).

The Post-Crescent (Appleton, Wisc.), 03/10/2008—Article on a recent study for the Institute for the Study of Business Markets. "The Institute for the Study of Business Markets  just released its latest study, 'Business-to-Business Marketing Trends 2010,' compiled from interviews with more than 400 leading B2B marketers and academics." (B2B Marketing Focuses On Hearing The Voice Of Customers).

Treasure Coast Newspapers (Florida), 03/09/2008—Article on research by David Harrison, Smeal Professor of Organizational Behavior and Human Resource Management, and Ph.D. student Ravi Gajendran. "According to Ivanhoe Broadcast News, citing the Journal of Applied Psychology, researchers at Penn State confirmed that telecommuting results in higher employee morale and job satisfaction. At the same time, employee turnover and job stress decreased." (Telecommuting Is A Win-Win Deal).

Centre Daily Times, 03/09/2008—Article by Milton Bergstein, associate professor emeritus of marketing, recalls a peculiar 1952 Penn State basketball game. "On March 1, 1952, there was an athletic event at Rec Hall the likes of which had never been seen either before or since." (Fans Witnessed A Circus Of A Basketball Game In '52).

Milwaukee Journal-Sentinel, 03/06/2008—Andrew Bergstein, associate director of the Center for Sports Business & Research, comments on the affect of Brett Favre's retirement on the Packers television ratings. "If the team takes a downturn, it would have an effect on fans who want to watch the national teams that are doing well," said Bergstein. "If it were a team that wasn't so iconic on a national level, there would be more of a concern. Time will tell." (Experts: Packers Will Stay Popular).

The Associated Press, 03/05/2008—Article on a research report co-authored by Gary Gray, visiting professor of finance. "The House Democratic study, 'For Whom the Road Tolls: Corporate Asset or Public Good,' was written by Gary J. Gray and Patrick J. Cusatis, Penn State University finance professors, and John H. Foote, a senior fellow in Harvard University's Kennedy School of Government." (Pa. Dems Criticize Turnpike Leasing Plan). This article also appeared in dozens of Pennsylvania newspapers.

CampusStocks.com, 03/03/2008—Article on Smeal's win at the Rotman International Trading Competition. "One member of the team, Ryan Eiler, credited Smeal's impressive resources with helping prepare the team. 'We're lucky to have a brand new business building and trading room, with streaming data from both the Bloomberg Professional and Reuters data services. There isn't much, in terms of on-campus resources, that I wish we had access to that we don't have already.'" (Penn St. Trades Its Way To Victory At Rotman).

Centre Daily Times, 03/03/2008—Article on a mock baseball arbitration co-sponsored by the Center for Sports Business & Research. "Pittsburgh Pirates vice president and general counsel Larry Silverman didn't need all of his arbitration gear when he walked into Room 110 of Penn State's Business Building last week." (PSU Students Receive Lesson In Arbitration).

Centre Daily Times, 03/02/2008—Article on Smeal's Center for Sports Business & Research. "The new Center for Sports Business Research at Penn State is poised to tap into a potentially lucrative market by developing intellectual research into the business of sports." (New Center To Study Sports Market).

Centre Daily Times, 03/02/2008—Patrick Cataldo, associate dean for executive education, offers tips for the frequent business traveler in his column. "For many of us, business travel is a necessary part of our jobs," Cataldo writes. "Despite all the advances in technology, there are many instances when you must have face-to-face communication. So we drive, fly, take trains, and do whatever it takes to get where we need to be, when we need to be there." (Helping Road Warriors Take Stress Out Of Travel).

CentreDaily.com, 03/02/2008—Patrick Cataldo, associate dean for executive education, offers further tips for the frequent business traveler in his blog. "What are the secrets to success in making a business trip hassle free? Our list of 'road warriors' has provided us with the best tips for mastering the art of the impossible … business trips that get you where you need to be with a minimum amount of pain, strain and hassle." (Travel Tips From 'Road Warriors').

SmartPros.com, March 2008—J. Edward Ketz, associate professor of accounting, writes in his column on the difference between a FASB rule and an IASB principle on lease accounting. "Both FASB and IASB have ignored their own conceptual frameworks in FAS 13 and IAS 17. Under both sets of definitions, leased items are assets and lease obligations are liabilities. The only logical conclusion for FASB and IASB is to require capitalization of all leases." (Arbitrary And Capricious Rules: Lease Accounting—FAS 13 v. IAS 17).