Unfair Prestige, DePaul’s Master of Science in Taxation is Honored, and More – Chicago News
Let’s explore some of the most interesting stories that have emerged from Chicago business schools this week.
New research from Northwestern University Kellogg School of Management professor of management and organizations Brayden King finds that organizations are often treated very differently when it comes to certain lawsuits, often depending upon the prestige of the company
“Prestige is harmful to organizations in that it draws attention to their potential hypocrisy. These companies are supposed to be standout examples of virtue in their industries or examples of how companies should behave. It makes them high-profile targets,” King writes. However, there are plenty of benefits to the prestigious title, much of which may be considered unfair.
When it comes to business, wrongfulness isn’t often attributed to the same company, even in the case of repeat offenses. Working with Mary-Hunter McDonnell, Kellogg Ph.D. graduate, the research found that “juries don’t make the same character attributions to chronically deviant organizations. They think about organizations differently.”
You can read more about the research here.
Employers Rank DePaul MS in Taxation Highly – Kellstadt News and Events
For the second consecutive year, TaxTalent has ranked DePaul’s Master of Science in Taxation degree third overall as part of its 2018 Top in Tax Educational Survey. MST assistant director Diane Kuhlmann believes that what sets DePaul’s degree apart from the pack is its combination of theoretical and practical pedagogy. Alumnus Ben Ulman ’17 raved about his experiences as part the MST program:
“The program has given me a pretty wide tax skillset. Tax is ever-changing and the program taught me what is current with laws and regulations. The best part of the program for me was the professors’ knowledge of taxation and the network you build from class.”
Learn more about DePaul’s MST degree here.
Famed Chicago Booth professor Richard Thaler, the winner of the 2017 Nobel Memorial Prize in Economic Sciences for his esteemed work in behavioral economics, explained in his 1991 research “The Endowment Effect, Loss Aversion, and Status Quo Bias” (alongside Daniel Kahneman and Jack L. Knetsch) about the particular habits consumers have when valuing their own items. Simply put, if you own something, you tend to put a higher value on in than if you don’t.
This internal methodology often finds itself in daily financial situations, such as buying or selling a house, according to Shirley M. Mueller, MD.
“Although economists originally hypothesized that the endowment effect occurred because humans are loss-averse, new evidence suggests there is an additional reason under specific circumstances. We identify with something that is ours.”
Read more about the endowment effort phenomena and a unique student experiment here.