Word: expectations
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...collapse, he says the event exacerbated the crisis by triggering massive risk replacement for the many derivative contracts held by Lehman, increasing potential systemic risk in the markets, and instilling a general lack of investor confidence. “We were well prepared, but we didn’t expect the Lehman failure, and obviously things were terribly difficult in the fall,” Kaplan says, noting that even a diversified portfolio cannot protect investors against simultaneous drops in nearly all asset classes. “The only precaution you could have had for that...
...English has reduced the number from 12 to 11, Classics has reduced it from 12 to 11, and Music has reduced it from 14-15 to 13.Schiefsky, the Classics department’s director of undergraduate studies, says that it would be unrealistic for the department to expect students who started learning Greek and Latin in their sophomore year to take the “[Masters]-level” general exams at the end of their senior year.“With two years, you can’t expect the students to read this entire reading list with that...
...least, union leaders expect the University to protect “its people” by focusing on non-personnel cuts and leaving layoffs as a last resort. Local administrators are contractually required to engage the union in conversation and negotiation whenever they are considering specific layoffs. Called “consultation when considering,” the agreement gives affected staffers the opportunity to understand the reasons behind the proposed...
...After the University learned that the endowment had fallen a precipitous 22 percent in December, Smith devoted the bulk of the two subsequent Faculty meetings to explaining the looming budgetary shortfall with powerpoints and hand-written figures—a function that professors came to expect in their dean...
...This finding has many potential psychological explanations. For example, it could be that individuals are mainly concerned with their relative wealth in comparison to others. If incomes grow consistently across the socioeconomic distribution, then we would not expect to see happiness grow much at all, save for those in the lowest earning bracket. Reinforcing the effect, as individuals gain wealth they often change social groups—and begin interacting with other higher earning individuals. Thus, as we gain wealth, the people we choose to compare ourselves against may also become wealthier, leading to little change in relative position...