Financial Outlook: Where Do We Go From Here?


On September 2, 2009, Emory University's Goizueta Business School became the first higher education institution to remotely host the NYSE Euronext's closing bell ceremony. The bell culminated a day of high-level discussions on finance and the stock market as Duncan Niederauer, CEO of NYSE Euronext and Goizueta alumnus, shared his thoughts on leadership with students and participated in a panel discussion featuring other business and political luminaries to review lessons learned from the economic crisis and tackle the question, "Where Do We Go From Here?"
Moderated by Susan Lisovicz, CNN's primary correspondent on the stock market, the live, web-streamed discussion included Frank Blake, CEO, The Home Depot Inc.; U.S. Sen. Saxby Chambliss; Daniel Amos, CEO, Aflac Inc.; and Atlanta Federal Reserve Bank CEO Dennis Lockhart.

In this Special Section of Knowledge@Emory, highlights of those conversation as well as supplemental interviews and research on related topics. Videolinks to each segment are provided, including our historic bell ringing. (See video)



Goizueta NYSE Euronext Panel Explores Financial Next Steps
A year has passed since the worst economic crisis since the 1930s crashed the global financial markets. Speculation abounds on when things will settle down and return to the new normal. On September 2, Larry Benveniste, dean of Emory University's Goizueta Business School, and Duncan L. Niederauer, CEO of the New York Stock Exchange Inc., teamed up to host a panel of business and political luminaries to explore lessons learned and contemplate the question, “Where Do We Go From Here?” Moderated by Susan Lisovicz, CNN’s primary correspondent on the stock market, the live, web-streamed discussion included Frank Blake, CEO, The Home Depot Inc.; U.S. Sen. Saxby Chambliss (R-Ga.); Daniel Amos, CEO, Aflac Inc.; and Atlanta Federal Reserve Bank CEO Dennis Lockhart.

NYSE CEO Duncan Niederauer Shares Leadership Insights with Goizueta Students
When Duncan L. Niederauer, CEO of NYSE Euronext, took over the reins of the iconic entity in 2007, his aim was to transform a business model that was rooted in the eighteenth century to compete globally in the twenty-first century. It was no small feat. "The velocity of change was like nothing they'd ever seen," Niederauer told MBA students during a day of high-level discussions on finance, leadership, and the stock market at Emory University's Goizueta Business School. Niederauer, a Goizueta alum, joined Dean Larry Benveniste for a candid, student-only Q&A session that focused on leading through transformational change, the road less traveled, government regulation of financial markets, and the value of being oneself.

Will Technology Continue to Drive Changes in the Stock Market Model?
Technological developments and a broad move to strike down political barriers to commerce have helped lead to an explosion in the pace and scope of investment trading. As innovation in this area continues to evolve, what will be the likely results? To explore the possibilities and pitfalls of the changing market, Knowledge@Emory spoke with Benn Konsynski, a chaired professor of business administration for information systems and operations management at Emory University's Goizueta Business School, and with Ramnath Chellappa, an associate professor of information systems and operations management. Among the highlights, the professors believe that increased regulation will guarantee an expanded role for technology.

The Relevance of Short-Selling and Weakened Margin Restrictions on the Market
In a recent research paper titled “Margin Trading, Overpricing, and Synchronization Risk,” William B. Tayler, assistant professor of accounting at Emory University’s Goizueta Business School, and co-authors take a critical look at short-selling, exploring how the weakening of margin restrictions to allow for more short-selling can drive up and further exacerbate overpricing in the market. But Tayler does contend that disciplining traders can be a difficult proposition, with efforts to reign in short-selling serving to delay the market’s inevitable corrections.

Aflac CEO Dan Amos on the Economy and Healthcare Reform
Like many executives, Daniel Amos, chairman and CEO of the insurer Aflac, is watching the healthcare reform debate in the United States with interest. No stranger to national healthcare—Aflac insures one out of four Japanese households—Amos does see the need for reform in the U.S. and does not believe it will necessarily impact his company’s business. Amos spoke to Knowledge@Emory following the panel discussion "Lessons of the Global Financial Crisis and the Road Ahead," co-hosted by Emory University's Goizueta Business School and the New York Stock Exchange.

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