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Get ready for what will feel like an inescapable wave of corporate fraud. And as interest rates have risen, the stock market has fallen off — which makes it harder to get dollars by whipping up new investors or offering stock. ​​Despite Scheck's assertion that the risk of a wave of corporate fraud has heightened, he didn't want to speak in historical analogies. Kreuger had managed to hide that he had stretched the company's finances beyond solvency by raising money on the US stock market while it was raging. That may have been enough when the stock market was on a heater and investors were winning, but it's not enough when the stock market is falling, the economy is slowing, and everyone from regulators to lawmakers to kids on TikTok want answers.
CNN —Two months after OpenAI unnerved some educators with the public release of ChatGPT, an AI chatbot that can help students and professionals generate shockingly convincing essays, the company is unveiling a new tool to help teachers adapt. OpenAI on Tuesday announced a new feature, called an “AI text classifier,” that allows users to check if an essay was written by a human or AI. Public schools in New York City and Seattle have already banned students and teachers from using ChatGPT on the district’s networks and devices. OpenAI now joins a small but growing list of efforts to help educators detect when a written work is generated by ChatGPT. Some companies such as Turnitin are actively working on ChatGPT plagiarism detection tools that could help teachers identify when assignments are written by the tool.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Wharton's Jeremy Siegel, Solus' Dan Greenhaus and Merrill's Marci McGregorJeremy Siegel, Wharton School of business professor, Dan Greenhaus, Solus Alternative Asset Management chief strategist, and Marci McGregor, Merrill and Bank of America senior investment strategist, join 'Closing Bell: Overtime' to discuss the Fed's next meeting and what the next rate hike would mean for the markets.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed needs to do 25-basis-point hikes, 50 would be a 'disaster,' says Wharton's Jeremy SiegelJeremy Siegel, Wharton School of business professor, joins 'Closing Bell: Overtime' to discuss the Fed's next meeting and what the next rate hike would mean for the markets.
CNN —ChatGPT is smart enough to pass prestigious graduate-level exams – though not with particularly high marks. The powerful new AI chatbot tool recently passed law exams in four courses at the University of Minnesota and another exam at University of Pennsylvania’s Wharton School of Business, according to professors at the schools. To test how well ChatGPT could generate answers on exams for the four courses, professors at the University of Minnesota Law School recently graded the tests blindly. ChatGPT fared better during a business management course exam at Wharton, where it earned a B to B- grade. “ChatGPT struggled with the most classic components of law school exams, such as spotting potential legal issues and deep analysis applying legal rules to the facts of a case,” Choi said.
UPenn professor Ethan Mollick now requires his students to use ChatGPT in their studies, per NPR. While some schools banned ChatGPT, Mollick said that it can serve as a useful learning tool. Ethan Mollick, an entrepreneurship and innovation professor at the University of Pennsylvania's Wharton School, told NPR on Thursday that he now requires his students to use ChatGPT to help with their classwork. His new AI policy — which NPR reviewed — calls AI usage an "emerging skill." During class this week, nearly all of his students used ChatGPT to help generate project ideas for an assignment.
New research conducted by a professor at University of Pennsylvania’s Wharton School found that the AI-driven chatbot GPT-3 was able to pass the final exam for the school's Master of Business Administration (MBA) program. Prof. Christian Terwiesch, who authored the research paper "Would Chat GPT3 Get a Wharton MBA? Terwiesch’s findings come as educators become increasingly concerned that such chat bots could inspire cheating. The Wharton School of the University of Pennsylvania in Philadelphia, on Sept. 28, 2022. Experts who work in both artificial intelligence and education have acknowledged that bots like ChatGPT could be a detriment to education in the future.
JB and I are not on speaking terms these days," said Ken Griffin, the billionaire hedge-fund manager, referring to JB Pritzker, the Democratic governor of Illinois. As Florida rolled back pandemic restrictions more quickly than Chicago, even more Citadel employees migrated south. Ken Griffin's hedge fund has had a run of eye-popping returns since 2020. Others worry that it gives Griffin's hedge fund an unfair advantage. Hundreds of Citadel employees, partners, and families gathered at the Orange County Convention Center in Orlando Florida.
One of the key players behind the campaign is 42-year-old Jesse Cohn, Paul Singer's right-hand man. Hedge fund Elliott Management has taken a multi-billion dollar stake in Salesforce, as the tech company deals with layoffs and a management shake-up. And Cohn, one of Elliott's chief agitators, has emerged as quarterback, announcing his respect for co-CEO Marc Benioff in a statement. "He said, 'Hey, let me talk to you,'" Knowles told BI in 2019. He had the files laid out on a conference-room table when the board met with Cohn in Elliott's New York office.
"I think that in some ways quiet quitting is the natural sequel to the Great Resignation," professor Adam Grant said. But so has been the Great Resignation, which has seen a massive number of workers actually leaving their jobs. James Detert, a professor of business administration at the University of Virginia, detailed in a post on The Conversation how the Great Resignation, quiet quitting, and unionization efforts at big companies are actually similar. As noted during the panel and seen in previous coverage from Insider, "quiet quitting" isn't actually a new thing. The Great Resignation, and thus its "sequel" of quiet quitting, may continue in 2023 and be sticking around.
The World Economic Forum in Davos, Switzerland, included a panel on the four-day workweek. "We have had a static, for many countries, five-day week for about a century," Grant said Thursday at his panel discussion called "The Four-Day Week." While a four-day workweek seems like an obvious answer, there are some key factors to consider before making the change, they agreed. The four-day week "is very much a discussion for the upper class," van Gennip said. Flexibility through reorganizationWhether it be a four-day workweek or another method of schedule restructuring, a focus on both flexibility and productivity also benefits companies, van 't Noordende said.
The idea of "quiet quitting" may not be anything new. Thierry Delaporte, CEO and managing director at IT company Wipro Limited, also sees quiet quitting as a chance for leaders to reflect on how they need to adjust to the changing labor force. The term quiet quitting was coined in 2022 on social media — with different definitions. People who were unable to resign or were unsuccessful in changing their work environment started asking questions, he said. Long term, it's not just about quiet quitting either, the Davos panel suggested.
The Federal Reserve must understand inflation has been dealt with and stop raising interest rates, according to Jeremy Seigel, a closely followed finance professor at the University of Pennsylvania's Wharton School. Seigel said on CNBC's "Halftime Report" that the market has rallied so far this year because investors see signs that inflation is coming back down. He said Thursday's consumer price index report for December was a data point that could be taken, with some tweaks, to show inflation is a problem for the country that has been "solved." "The Fed is, at some time, going to be forced to realize that we've really solved the inflation problem," Seigel said on "Halftime Report." He called it a lagging data point, pointing to other data such as rental indexes that shows housing costs have actually come down .
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt is the time to stop raising rates, says Wharton's Jeremy SiegelJeremy Siegel, professor of finance at the University of Pennsylvania's Wharton School of Business, joins CNBC's 'Squawk Box'' to discuss deflation signals, the time to stop raising rates, and why the Fed should shift its focus away from wages and structural changes.
The study, commissioned by non-profit The Sunrise Project, attributed the higher costs primarily to reduced competition to underwrite government bonds in six states furthest along in restricting financial firms or considering doing so. The restrictions would mean fewer banks seeking to underwrite municipal bond issuance, a common way for cities to raise money. According to the new study, taxpayers in six states - Kentucky, Florida, Louisiana, Oklahoma, West Virginia and Missouri - could have faced up to $708 million in additional interest charges on municipal bonds over the past 12 months. The study based its analysis on a recent Wharton School of Business paper that found Texas taxpayers could have faced up to $532 million in additional interest payments because of restrictions introduced in that state. Reporting by Tommy Reggiori Wilkes and Ross Kerber; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.
Bonnie Low-Kramen was the personal assistant to the actor Olympia Dukakis for 25 years. She shared with Insider how she made the leap into PA work, what it's like to work for a celebrity day-to-day, and how she pivoted into entrepreneurship. Good timing got her a role working alongside a starLow-Kramen with Olympia Dukakis and Dukakis' husband, the actor Louis Zorich. Prescription and dry-cleaning pickups are a constant request, Low-Kramen said, and it can cause unexpected issues. Today, Low-Kramen said, a starting salary for a celebrity PA on call 24/7 can typically hit the low six figures.
Triller is in a holding pattern on its path to becoming a public company. A spokesperson said that once its registration statement is declared effective, it will make the filing public for the required time ahead of its public listing. The long slog toward becoming a public company as lawsuits pile upTriller has been pursuing a public offering for over a year. In December 2021, Triller announced it instead planned to go public via a reverse merger with the video-tech company Seachange International. "After much deliberation, Triller has determined that the best course of action is a direct listing for Triller."
Can CEOs really go home again?
  + stars: | 2023-01-06 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCan CEOs really go home again? Suzy Welch, NYU Stern School of Business, and Americus Reed, the Wharton School, join 'Power Lunch' to discuss how companies usually fare when CEOs return to companies after leaving.
Two classic books on long-term investing are out in new editions. In December, the Wharton School's Jeremy Siegel published a new (6th) edition of his classic, Stocks for the Long Run: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies. Like Malkiel, Ellis urged investors to diversify into low-cost index fund investing, which was a radical idea because there were no low-cost index funds at the time! The market eventually caught up with Malkiel, Siegel, Ellis and Bogle. Investors now had not just an index fund, they had a low-cost, tax-efficient wrapper they could buy it in.
To compete, banks have written fat checks to acquire fintechs — tech, talent, and all. But on Wall Street, old habits die hard, and Goldman has struggled to make Marcus, a big fintech bet, a success. Since the beginning of the pandemic, Wall Street leaders have been at the helm of a push to get their employees back to their desks. It's more that the very things that make Wall Street, well, Wall Street are preventing it from embracing the ethos of Silicon Valley. And perhaps, for Wall Street, that's the moral of the story.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWharton's Jeremy Siegel still against the Fed, bullish on stocks in 2023Jeremy Siegel, Wharton School of Business, joins 'Closing Bell: Overtime' to discuss a dismal year for stocks and what he believes the next year will look like for markets.
As the CEO of FanDuel, Amy Howe accomplished a feat this year that so far no other US sports-betting platform has been able to achieve: profitability. Seeking constant innovationThis year Howe launched FanDuel TV, a 24-hour television network, which features a mix of studio programming and live sports. She also sealed deals with the WNBA and the New York Yankees, making FanDuel the official sportsbook partner and official daily fantasy partner for the league and team. At the SBC Summit North America trade show and conference this year, she described the female market as an "untapped opportunity" and detailed a number of FanDuel's initiatives to bring more women bettors into the fold. "We're always a little bit paranoid about making sure that we can continue to maintain that position," Howe told Insider last year.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDivestitures could create dealmaking value in 2023, says Wharton's Emilie FeldmanEmilile Feldman, professor of management at the Wharton School of Business, joins 'The Exchange' to discuss creating shareholder value through divestitures, and using divestitures to generate liquidity and realigning business priorities.
A report by the Ellen MacArthur Foundation found that, globally, less than 1% of used clothing is actually recycled into new clothes. Recycling clothes is expensive, and the existing technology isn't adequate to handle the volume needed to make a difference for the planet. While recycling clothing can be expensive, there are some companies that have figured out a way to limit waste by recycling. Time to be honestIn order to fix fast fashion, companies need to start being more transparent about their sustainability practices. It also ensures that the waste companies produce is out in the open.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTracking the top corporate controversies in 2022 with Wharton School Professor Americus ReedAmericus Reed, Wharton School of Business professor, joins 'Power Lunch' to discuss corporate controversies in 2022, how brands have managed public relations and corporate credibility amid scandals and his expectations for 2023.
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