SH wrote this? How do you know?
CBS to toilet. How can they ever hope to hire decent international faculty again. What a shame
The head of the Finance Dept just added a note to the internal recruitment files saying he is aware they may be able to hire 0, but still wants 'aggressive market strategy' for the show. Danish unions will not allow new hires if there are more than 30 layoffs and current estimate is 80 tenured faculty members fired by February 5th 2015.
Take a guess.
But aren't Malynova and Park Assoc. Prof. in Toronto (not trolling)? What do they have to do with CBS?
At the Finance Dept, newly hired profs Andreas Park and Katya Malynova just resigned in protest. They say they can't stay in a place where tenure does not mean tenure.
They left Toronto and came to CBS on a idea of transferring permanently. They even sold their house in Toronto. But now with the financial crisis which CBS is in, they realized it was a bad decision to move and resigned both to the permanent (not visiting) positions they are at the moment. Luckly to them they are on leave from Toronto and have nice positions to go back to. What really disappointed them was to see the uninspired president of CBS say in a town hall meeting that the solution to the financial crisis is to let 80 persons go and that in Denmark tenure does not mean tenure. Funny enough them leaving is helping CBS to fulfill its academic staff reduction target.
what do they pay at the assistant professor level by the way?
My friend at econ told me it is between 90k and 100k USD gross. I imagine finance is somewhat higher. There is apparently also some sort of tax reduction for the first n years.
The amount gross is about right. Not true Finance pays more. Econ and Finance which normally hire internationally manage to pay around the above amount through an international hire bonus. Danes (what sometimes mean the other fields) are paid less in gross terms. The difference increases because of tax break for foreigners. But even tax break is not that low tax (26% + 8%) which gives a net which is 32-33% lower than gross.
But aren't Malynova and Park Assoc. Prof. in Toronto (not trolling)? What do they have to do with CBS?
At the Finance Dept, newly hired profs Andreas Park and Katya Malynova just resigned in protest. They say they can't stay in a place where tenure does not mean tenure.
Pedersen is no longer on leave from Stern, no? Doesn't mean he couldn't go back easily but seems like he's there for good. I also cannot imagine that he'd be among the 80 guys who get fired of all people...
He is definitely not going to get fired. But may choose to follow Park and Malynova and leave as well. Specially if the financial troubles of CBS means teaching load is going to increase. This is likely to scare also assistant profs.
They left Toronto and came to CBS on a idea of transferring permanently. They even sold their house in Toronto. But now with the financial crisis which CBS is in, they realized it was a bad decision to move and resigned both to the permanent (not visiting) positions they are at the moment. Luckly to them they are on leave from Toronto and have nice positions to go back to.
I'm sure they're not resigning "out of protest," but because they've come to realize that it was a bad move. No one leaves a job they like for such reasons.
I don't think there is a singe University in the world that actually has the tenure that you are thinking of, well, maybe Germany since they couldn't even fire somebody who had 16 retractions.
Tenure usually just means they can't lay you off that easily, however financial issues always trump tenure, it's just that we have had such a growth in the University sector that people seemed to have missed the fact that tenured professors can and do get laid off when there are budget cuts.
I don't think there is a singe University in the world that actually has the tenure that you are thinking of, well, maybe Germany since they couldn't even fire somebody who had 16 retractions.
Tenure usually just means they can't lay you off that easily, however financial issues always trump tenure, it's just that we have had such a growth in the University sector that people seemed to have missed the fact that tenured professors can and do get laid off when there are budget cuts.
I agree with most of the post but if you think that financial troubles may happen every 5 years as is the case with Danish universities, then there is really lots of firing of senior faculty going on. I don't see that in American universities. Actually I don't see that happening anywhere else. Any example of a reputable dept of finance and/or economics in US or Europe which fired senior people for financial reasons in the last 10 years? Please tell us.
I don't think there is a singe University in the world that actually has the tenure that you are thinking of, well, maybe Germany since they couldn't even fire somebody who had 16 retractions.
Tenure usually just means they can't lay you off that easily, however financial issues always trump tenure, it's just that we have had such a growth in the University sector that people seemed to have missed the fact that tenured professors can and do get laid off when there are budget cuts.
Conventionally, tenure means you can get fired if your department shuts down, but you can't be individually chosen for culling based on financial reasons.
Any example of a reputable dept of finance and/or economics in US or Europe which fired senior people for financial reasons in the last 10 years? Please tell us.
I can't specifically think of an example in economics or business but it does happen and quite regularly. Here are some general examples from around the world:
http://www.abc.net.au/news/2014-03-21/curtin-university-staff-levels-slashed/5337806
I don't think there is a singe University in the world that actually has the tenure that you are thinking of, well, maybe Germany since they couldn't even fire somebody who had 16 retractions.
Tenure usually just means they can't lay you off that easily, however financial issues always trump tenure, it's just that we have had such a growth in the University sector that people seemed to have missed the fact that tenured professors can and do get laid off when there are budget cuts.I agree with most of the post but if you think that financial troubles may happen every 5 years as is the case with Danish universities, then there is really lots of firing of senior faculty going on. I don't see that in American universities. Actually I don't see that happening anywhere else. Any example of a reputable dept of finance and/or economics in US or Europe which fired senior people for financial reasons in the last 10 years? Please tell us.
There were these sort of layoffs in Australia in the past few years. However, as I mentioned, the reason why we don't see them is because the University sector has been in a constant growth. There hasn't been any need for these forms of layoffs yet. In the US you have had some arts departments going through these processes whereas at other Universities they avoid it by subsidizing the loss making departments with money from business schools. Once we reach stagnation and possibly decline in enrollments in business schools this will be more common as business schools have historically been cash cows for Universities.
Any example of a reputable dept of finance and/or economics in US or Europe which fired senior people for financial reasons in the last 10 years? Please tell us.
I can't specifically think of an example in economics or business but it does happen and quite regularly. Here are some general examples from around the world:
http://www.theguardian.com/higher-education-network/2014/jun/05/kings-college-london-cut-jobs-to-fund-university-buildings
http://www.abc.net.au/news/2014-03-21/curtin-university-staff-levels-slashed/5337806
http://www.canberratimes.com.au/act-news/anu-music-head-on-indefinte-leave-as-tension-builds-20120510-1yemu.html
This is what I am talking about.
Of course it can happen.
Firing for financial reasons is OK reason to layoff tenured faculty member anywhere in the world.
But the key question is: does it happen at the good places in finance & econ? Or only in ill-managed places like CBS?
That is the whole question!
But the 80 guys probably won't be research active professors, right? They'll probably get rid of some clear underperformers and some deadwood.
Maybe. Hopefully yes, but not necessarily. But it can still be somewhat cruel. Take someone who is deadwood today but did lots of contribution in the past. Is it fair to fire that person? Think of someone in his/her 50s trying after February 5th to get a new job. And especially if the cv is not looking so good recently.
But the 80 guys probably won't be research active professors, right? They'll probably get rid of some clear underperformers and some deadwood.
It would increase research output (probably) and teaching quality (certainly) if all universities coordinated and got rid of tenure. Problem is that an offer looks less attractive if it means breaking my iron rice bowl.
But the 80 guys probably won't be research active professors, right? They'll probably get rid of some clear underperformers and some deadwood.
The problem is that unless it's done extremely quickly the good people who are risk averse will go on the market. So these forms of cuts while targeting the deadwood usually also lead to some top people leaving as well. Partially because they don't want to stay in the negative environment but also because the top people usually get very attractive offers which the department can't match as they are in financial difficulty.