The University of Chicago Booth School of Business Executive MBA Program Graduation Ceremony
Good. Afternoon as, deputy. Dean of the part-time programs, it's. My honor to, welcome you to Chicago booths, 2018. Executive. MBA program. Graduation. Ceremony. We're. Delighted, that. You can be here to, celebrate the achievements. Of the. Men and women who. Are receiving their diplomas, today over. 21. Months of hard. Work on, our. Chicago. London. And Hong, Kong campuses. Have. Led to. You, being here today for. This event. Thank. You yes. Thank. You. For all of your support and, patience. During this time we're. Very proud, of our graduates and, we, look forward to their continued. Connection. To the University, of Chicago, and to. The Booth School of Business and. Now. It's. My pleasure to, introduce, the. Dean of Chicago, Booth Madhava. Raja please. Be seated. Good. Afternoon. I'm. Thrilled delighted, to welcome you to this important, celebration. Let. Me offer my heartfelt congratulations to. Our XP 87. Exp. 23, and a XV 17 students. Today. We celebrate, the accomplishments of, our most recent graduates. But. It's also a day to show appreciation to. Reaffirm. Aspiration. And to. Reflect on the school and what. Makes us distinctive. The. Personal achievements, of our students, is predicated not. Only on their hard work but. Also on the support of their classmates. Families. Friends. And colleagues to, all, of you who are here today and to, all those who could not be here I thank. You for the sacrifices, you have made to. Support these students I, would. Like to add my thanks to, the deputy Dean's. Faculty. And staff, for, teaching and supporting another. Successful, group of booth graduates, I would. Also like to thank our Executive MBA students. You. Have been exemplary, members of the boot community, both, academically, and socially. As. Phil mentioned you have spent the past 21 months traveling, from over 30 countries around the world, to. Engage in booth dialogue and learning. Thank. You for choosing booth and contributing. So much to, our community. Admission. At booth is to produce knowledge. With enduring, impact and to. Influence and educate current and future leaders. We. Believe that to develop and support outstanding. Individuals, as business, leaders it's. Necessary, to instill in them a firm grasp of the fundamental, concepts, and ideas, but.
Also The ability to apply these concepts. In a variety of real-world situations. Chicago. Booth was established, in 1898, which, makes it one of the oldest business, schools in the world, we. Were the first business school to offer an Executive MBA program back. In 1943. So. This is a very special year for us 2018. Marks the 75th, anniversary of, the program. We. Began the program in Chicago opened. A campus in Europe in 94, first. In Barcelona, now in London, opened. A campus in Asia in 2000, first. In Singapore, and now in Hong Kong we. Are committed to this triangular structure and as you know our building what will be an iconic campus in Hong Kong. Have. You the faculty as a core differentiating. Strength of the school and the. Faculty, have, two principal, roles. So. First as I mentioned the faculty, create knowledge of enduring. Impact. What. Does that mean in the Chicago tradition this means asking, and answering important. Questions, about. How the world works so we can understand, it better and. Make. Better decisions for example as, managers, or policy makers this, is what Milton Friedman called positive, economics. We. Develop theories and test those theories using, data this. Is our data-driven approach if. The data tell us the theory is not helpful, we had apt and try again. As. You know program, Rajan returned to our fact will be last year after three years leading, the, Reserve Bank of India the India central bank Rowley took on in part because he wanted to see whether the ideas he developed, here could, work in a real-world setting. The. Second role of faculty is, that we disseminate, that knowledge so, it has impact, either. By delivering the superior, education, or. By disseminating that knowledge, in other ways such as through books speaking. Engagements. School. Publications. And other channels and, members. Of our faculty have written written some amazing, and impactful, books in recent, years so. A few examples are Amir Sufis house of debt Richard. Taylor's Nagy Nika, please mind wise just, to give a few examples. The. Executive MBA program including. The fact that we have campuses, in Europe and Asia is. A core part of this strategy, both. As an integral part of the preeminent education. That we offer, but. Also to ensure that we have influence an impact throughout the world. The. Development, of theories to explain and, predict real-world phenomena. The, testing of these theories with data, including. Now Big Data and using machine intensive, computational, methods as. Well as the use of those theories to make real-world decisions, this. Is what makes Chicago. Distinctive. Let. Me mention something else that makes the University, of Chicago distinctive, and I think for all of us personally. Proud to be faculty members here and that, is our strong and unbending commitment to. Academic. Freedom and freedom of expression. In. The current socio-political environment. In. The United States and elsewhere many. Controversial, ideas, about trade in, equality immigration. And other issues are being intensely debated. Including. Ideas that some of us might find uncomfortable, or even repugnant. There. Is a temptation, to try and restrict the free expression of these types of ideas. The. University, of Chicago, has been known since its, inception to. Reject any such restrictions, as. President. Zimmer Zimmer.
Dean, John Boyer of the, college and others have clearly articulated. The. University, of Chicago, has long been known for its fundamental, commitment, to the principle, that. Debate or deliberation. May not be suppressed, because. The ideas put forth are taught by some or. Even most members, of the university, community to be, offensive. Unwise, immoral. Or wrongheaded. Instead. We welcome open, and vigorous debate and, expect. Members of our community, to vigorously contest the ideas that they oppose. So. As you graduate today I hope you do so as proud alumni, of not. Just the Booth School of Business but. Also the University, of Chicago, and that, you fully understand, what, that signifies. On. A somewhat different note let me convey something else that I hope you'll live here with you. Have good reason to be supremely confident, in, your ability, to succeed I believe. You were admitted to and are, now graduating, from the. Best Business School in the world. So. I'd like you to think about that, just. Getting into booth let, alone surviving, and furnishing in the program is a huge achievement. And. You're among a very small group that has had this opportunity. This. Should give you great confidence in your own ability to succeed. In whatever path you choose. Finally. I want to encourage you to view your graduation, as the beginning rather than the end of this relationship, we. Want you to be lifelong partners, with the school as well as with each other you. Now join a community, of over 52,000. Alumni including. A large number around, the world. This. Community, is as strong as you are willing to make it those. Who invest in the network and who give back to the school, not. Just financially, but also being involved with the school in many other ways such. As hosting student, events, encouraging. Friends and colleagues to consider our programs. Considering. Our graduates, for positions, at your companies, or sending. Your children to. You Chicago. They. Find that this is an immensely rewarding experience. Not, just in terms of financial success or. Career, goals but. By gaining friends, helping, others and building a community and. Keep. In mind that the community, is again broader than booth you. Are also joining a large and very influential, you Chicago.
Alumni Network. From. The school site I commit to providing you with a rich set of opportunities to, continue, this relationship with, us and in. So doing enrich. Your careers and lives. So. Let me conclude by congratulating all, of you on what is a tremendous, accomplishment and, wishing. You all the best in whatever dreams you, choose to pursue, knowing. That the Chicago Booth community, is here to support you in whatever path you choose. Congratulations. And thank you. It's. Now my privilege, to introduce professor, marx. Nevsky, the, Charles, T Horn grande professor, of accounting who. Will present the graduation. Address. We. Asked mark to speak during, this 75th. Anniversary. Year, because. Of his vital, role in and, his. Deep knowledge of, the tremendous, success of our, Executive MBA program, ever. Since the mid-1990s. Including. His critical, leadership in the, successful, introductions. Of our program, both to Europe and then, to Asia. Mark. Not only maintained. And improved, on booth's history. Of excellence. And of rigor for the Executive, MBA education, in. North America. But. He also oversaw. Our executive, programs. Substantial. Investment. In becoming. A truly, global, program. Committed. To the same content and quality. Across. Our three global. Campuses. Mark's. Been on the Chicago Booth faculty, since 1984. And. Specializes. In applying, accounting. Economics, and. Finance to, valuation. And financial. And securities, analysis. For. The period of 1996. To 2011. Inclusive. Mark. Provided, a remarkable, 16, consecutive, years of service, as a, deputy dean at Booth. He. Was the inaugural, deputy, Dean of the part-time programs. Which. Include, the Executive, MBA program. During. The period of 1996. To 1998. After, which, he served as the deputy dean for our full time program. Before. Returning, to, his role as deputy Dean for the part-time programs, for. Roughly the final dozen years, that he served in the dean's office. Mark. Has devoted tireless. Energy and, enthusiasm to, everything, he's become involved with it booth including. His work overseeing. Our executive M a program. He. Remains a popular and, almost. Legendary figure, among, many, of our MBA alumni, who completed, their program during. The time while he was its dean and, he. Was responsible, for hiring, and/or, developing, those. Who continue, to lead our program, to this very day, including. Kathleen Fitzgerald. In, town chen rich. Johnson, and patty, keegan. Mark. Received his bachelor's, degree in 1976. His. Mba in 1981. And his. PhD in 1983. All, from, the State University of, New York at Buffalo, he. Also taught at sunny Buffalo before joining booth in 1984. While. At booth mark received, in, 1999.
The Hillel Einhorn, excellence, in Teaching Award prior. To that he had received in 1988. A Marie Williams Award. For Excellence in teaching and. He's. Also received, the 1984. Competitive. Manuscript, award from, the American, accounting Association. For. His academic research. In. Addition to his long service as a deputy Dean. Mark. Has taken on administrative, roles at booth as the faculty, director of crisp or the Center for Research into, security, prices and he's. Also served, as the PhD, programs, faculty. Director. And. Finally, mark has served on several PhD, dissertation, committees including my, own dissertation. Committee when I was a booth doctoral, student, please. Join me in now welcoming, your graduation, speaker, professor, mark zimsky. I. Think. That introduction, was longer than my talk so apologies. For that. So. I've been a faculty member here since 1984. You got that anyway. Good afternoon, graduates. Friends. Loved ones. Welcome. To the University of Chicago in the Booth School of Business I'm. Really humbled to be in front of you today an honor to speak to you today especially, here in Rockefeller, Chapel. Rockefeller. Chapel is a very special place for the University it. Is a place where for nearly, a hundred years, faculty. And newly minted alumni. Like yourselves. Reflected. On accomplishments. And lessons of the past and, identified. Aspirations. For the future, it. Was right over here I would. Come as an assistant professor back in the 1980s, I would sit down walk through that door we were located over there before. And, I would come to Rockefeller Chapel to think about my personal, challenges, my. Own aspirations, and my responsibilities. As a, University. Of Chicago faculty. Member, graduates. As you sit here today I hope you'll do the same. My. Friend and colleague professor, Harry Davis likes to challenge entering, students by asking them why. Are you here. That. Can be a difficult. Question for an entering MBA student, to answer, but. Not today today. It's a simple answer we. Are here to celebrate your graduation from, the University of Chicago's, Booth School of Business. Congratulations. However. And, there's, always a however. However. Now that you've earned a Chicago, Booth, MBA you, have, three questions you can no longer defer. Where. Are you going. Why. And. What's your plan on getting there I. Don't. Have answers for those questions but. What I do have is. A. Way. For you to think about, guiding. Your. Actions in the future. And. I challenge, you to. Internalize the university's. Core values, as, your own, they'll. Guide your thinking they'll guide your actions and I believe internalizing. These values will help you live a life of consequence. Leave. A legacy behind of. Import. Before. I talk about the university's, core values I thought I'd first give our guest out in the back over there, some. Information about our graduates, sitting here today as well as our University, in our program, the. Graduates, sitting today here today are from our axp 17, class from. Hong Kong our. Exp, 23, class based in London and our, XP 87, class based here in Chicago. Our. Guests may not know that, our class numbering, system has a meaning, this, is the 17th, class to graduate from our program in Asia our, 23rd, class to graduate from our program in Europe, in our 87th. Class to graduate from our program here in Chicago. Booth. Launched, as. Madoff. Said its Executive, MBA program in 1983. This. Was the first such program, in the world our. Inaugural class had 52, students. From, the local Chicago area. Today. We. Celebrate. 219. Graduates, that. Represent, more than 40, different countries, of citizenship, in many, more diverse cultures. The. Graduates from our program in Chicago live. All across the United States from Massachusetts. To Texas to California. Some. Of the guests might be wondering why did booth create the Executive, MBA program way, back in 1943, we. Have two answers. One, the. Executive MBA program was, formed to fulfill the. Leadership, void in American, business in the. Wake of World War two the. Second. Which, you might not know is, that. It is part of the school the University's mission in. 1891.
William. Rainey Harper the, founding president the university declared. That, central, to the mission of the university, was, to reach those who live beyond campus and, did. Not fall into established, categories of students, I'm. Sure president Harper, would be pleased to know that to reach those who, live beyond campus we. Now have programs throughout, the world and that, the Sun never sets, on the University, of Chicago, or the Booth School of Business. Today. We're also here to celebrate the, 75th anniversary of Chicago, Booth Executive, MBA program, booth. Was the first school to establish, a program offshore. Taught, by its faculty. Following. Booths innovations, the, world has more than 300 Executive. MBA programs, offered in 30 different countries, however. From my biased view booths. Executive, and program Executive, MBA program is the most important. Rigorous, and comprehensive program, in the world, it. Makes me proud to, look out in the audience here and see our graduates and know, that booth continues, to. Hone the intellectual, abilities, of our students, and challenge. Them to be the best intellectual. Version, of themselves. That they can be. Our. Guests may not know that we have 9,000. Executive. MBA alumni. And, that's. Part of a 50 over a 50 thousand group of total. Alumni from the University, of Chicago's, Booth School of Business they. Reside, in over a hundred countries, I've. Been fortunate to teach at booth as you, heard for a very long time and in, our Executive MBA program for, a very I, did. Some counting and I learned that I've taught over one-fourth. Of the Executive MBA alumni, and about 10%, of all the alumni of our. School. From. My ongoing contact, with alumni as a Dean as one of the deans I know firsthand. That the Booth alumni, who have internalized, the university's, core values, are indeed, living, lives of consequence. Here. Are six University. Values, that I hope you, will. Internalize. The. First is meritocracy. President. Harper and the other founders, established the university as a meritocracy. For. The university, that means implementing. A. Hiring. Practice, where we hire the best faculty we hire the best staff we admit the best students and we, ignored. Characteristics. Such as color religion, gender. Sexual. Orientation gender. Identity national. Origin, political, views disabilities. Because, they are all irrelevant to, our meritocracy. Based organization. Only. A meritocracy, like, the University, of Chicago's, can. Result, in 97. Nobel, laureates, on the, faculty, nine. Of which were, awarded, to booth faculty. The. Second value is encouraging, opposing, opposing, views, president. Harper declared the, university, is too open to all people in all perspectives. That can stand the scrutiny of, argument. This. Is why booths faculty, includes Nobel, laureate Eugene, fama the, father of efficient, markets and who.
Focuses, On rational, models. And. Also. Dick. Thaler our most recent Nobel, laureate who, at. Times but, heads with rational. Models and introduces. Human behavior, in psychology. Into these, models. The. Third value is maintaining, an environment of open competition. Persistence. In a long-run view to, encourage, risk-taking, to. Pursue innovation. Innovation. And ideas become even more powerful, when challenged, and thoughtfully. And thoroughly debated. At. The university we, utilize, an evidence-based. Approach to valuate ideas, not dogma, and we, encourage, pushing, an idea, to the point of doubt to reveal, its weaknesses. Necessary. To thoughtful, and thorough, debate is the fourth value that. Mana I've already mentioned and that's the freedom of thought and expression, that's. Not new at the University, in 1902. President, Harper stated the, principle of complete freedom of speech on all subjects, has from the very beginning, been, regarded, as fundamental. In the University, of Chicago in, the. Current environment while some see free speech as the enemy the University, continues its commitment to the, freedom of thought and expression, we. Do not demonize, others. Who think differently we, listen to their views and we debate them. The. Fifth value is clarity of communication. While. Creating knowledge is important, it is also important to be able to communicate knowledge. In, understandable. Terms. My. Favorite, example of communicating. Research is, professor, Merton. Miller another. Nobel laureate who, explained, his capital structure for relevance theory to reporters, after he was awarded the Nobel Prize in Economics. Professor. Miller first explained his theory to a reporter, as the. Theory shows that the number of different types of claims affirmed uses to finance itself called. The firm's capital structure, does. Not affect the firm's value therefore. A firm's capital structure, is irrelevant. The. Reporter was confused, and asked. For a simpler explanation to, which mr. R to which, professor Miller responded, think, of the firm as a giant, pizza. Divided. Into quarters if, you. Now cut each quarter, in half, into, eighths, my. Theory, says you have more pizza I'm. Sorry you have more pieces but. You don't, have more pizza I messed. That up I'm sorry one, more time my theory says. That, you will have more pieces but, not more pizza, which means capital. Structures are relevant, lastly. The six value is when we are part of a great organization. Like. The University of Chicago in the Booth School of Business our, accomplishments. Are not solely our own our. Accomplishments. Are the results of the individuals, and the, intellectual, infrastructure. That, formed the very fabric of an organization. So. These are the six core values ice, challenge. You to internalize. In. Some. Manager. Organization, is a meritocracy. Encourage. Opposing, views. Maintain. An environment of open, competition, persistence. And a long-run, view that encourages, risk-taking and, innovation. Encourage. The freedom of thought and expression. Take. The time to communicate clearly. And, often, with employees, of all, levels of your organization and. Remember. That. Your accomplishments. Are not solely your own they, are the result of a larger group and should, be celebrated, as such, now. I thought that was a good way to end my talk today and then I realized as a. Faculty member and a former member of the dean's office I. Wouldn't. Meet my responsibilities. If I didn't remind you our new alumni of your, responsibilities. As stewards, of the, University of Chicago the Booth School of Business and the Executive MBA program, it's.
Only Four things you need to do. First. Make a difference act. With integrity live. A life of consequence. Second. Equally. Important, support. Your fellow alumni and help. Them do the same, answer. The phone respond. To email give, a helping hand when you can that's. What makes our alumni network strong. Third. Identify. Outstanding, candidates, for our academic programs, so our Lum Nine Network continues, to grow and prosper and. Fourth. Participate. In the school's activity, and stay connected. Graduates. Congratulations, and. Thank, you for earning, the Chicago, Booth MBA. Before. This congregation. Of scholars. Family. Friends. And colleagues I will. Now present to Dean Rajan, the, degree recipients. For. The Master, of Business Administration, from. The University, of Chicago, Booth, School of Business. We. Ask that you kindly hold, all of your plaus until. All of the diplomas, have, been awarded, Dean. Rajan, these. Students, have, completed the, program of. Professional. Studies prescribed. By the Faculty, of the, University, of Chicago, Booth School of Business. The. Global class of 2018. Leaves. Our school, stronger. For their commitment, to the program. To. Each other and to. The future of Chicago, Booth we're. Confident, in their, ability to go forward and, continue. To pursue the. Highest, aspirations. In their fields. It. Is with great pleasure and, enormous. Pride, that. I present these, leaders, as recipients. Of the degree of Master. Of Business Administration. Associate. Deans patty, Keegan, and Richard. Johnson, and. Managing. Director in Thanh Chen, will. Be reading the names of our, graduates. Those. Not in attendance today will. Receive their degree in, abstention. By. Virtue of the authority delegated, to, me I confer. Upon you the, degree of Master of Business Administration. And. I expressed the hope that your work will further wise choices in, the allocation of economic resources for. The benefit of all people. Alexandre, Allen, akat senior. Neha. Agrawal. G. Ot a gravel. John. Friedrich, Leo Olsen, Berg. Yasmin. Am ahmed. Sean. You, none. Paulo. Antonio. Almeida. Rashad. And alumna. Zoo. Had em anwar. Ricardo. Antonio. Angela. Burke. Jason. Robert, ashen. Feltre. Sarah. II asked. Lee. Jeong. Cho Bay. GG. Bow. Yekaterina. Bashu. Lava. Sergey, vittala. Veg basket, of a. Dilla. Baba. Avinash. Singh, bar. Javis. Buettner.
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You. Following. Our recessional, please. Join your classmates, family. Friends. Faculty and staff at, a, reception. That will be held across the street, in the, Harper Center. Thank. You all very much for being with us today, this. Now concludes our, graduation ceremony.