Stanford Business Magazine

Explore the Spring 2024 issue of Stanford Business — and see how people from all corners of the Stanford GSB community are coming together to change lives, organizations, and the world.

Campus Illustration by Manshen Lo

A/B Testing Gets an Upgrade for the Digital Age

GSB researchers are pioneering experimentation methods to keep up with technology and help solve real-world challenges.

Congratulations, Dean Jon Levin!

On April 4, Jerry Yang, the chair of the Stanford University Board of Trustees, announced that GSB Dean Jonathan Levin had been named the university’s next president.

“It has been an extraordinary experience and a joy to lead the GSB as your dean,” Levin wrote in a message to the GSB community. “The GSB is an unparalleled institution, combining the highest level of academic excellence with the energy and talent of future leaders who aspire to change the world.”

“I’m exceptionally proud of what the school has accomplished during my tenure,” wrote Levin, who joined the Stanford faculty in 2000 and became dean of the GSB in 2016. “I also know that the GSB is an inherently forward-looking place — as our cornerstone says, we are ‘dedicated to the things that haven’t happened yet’ — so I am even more excited about the school’s future.” His tenure as university president begins on August 1.

Congratulations, Jon — and thanks for everything!

Office Artifact: Chenzi Xu’s Civil War Bond Advertisement

An old leaflet shows how Americans were sold on lending Uncle Sam much-needed cash.

Public Pensions Are Mixing Risky Investments with Unrealistic Predictions

An analysis of U.S. pension plans questions their managers’ financial optimism.

Jennifer Aaker

The General Atlantic Professor

To be able to take my research and my connections to help save lives — that was extremely gratifying.

Jennifer Aaker

The General Atlantic Professor

Alyssa Rapp, MBA ’05: What Matters to Me Now and Why

“The people with whom you partner personally and professionally punctuate every step of the journey.”

Maker: Mark Michaels, MBA ’87

CEO and Chairman of United Record Pressing

United Record Pressing is the largest vinyl record pressing plant in North America. “I wanted to build a small, niche business,” says CEO Mark Michaels, MBA ’87. “I didn’t think vinyl was going to go away, but I didn’t think it was going to have the explosive growth that it has had over the past decade.”

All Else Equal: Making Better Decisions

In their podcast, Stanford GSB Professor Jonathan Berk and Wharton Professor Jules van Binsbergen talk about making better decisions and avoiding common business mistakes.

Room to Grow: The Cannabis Industry Can’t Wait to Go Mainstream

No longer illicit, but not fully legit, the market for legal marijuana is anticipating big changes — soon?

Catalyst: Too many students are missing school. This company hopes to fix that.

For EveryDay Labs, success is making sure students show up for class.

The Hidden Costs of Clicking the “Buy Now, Pay Later” Button

The market for instant online credit has exploded. But it comes with big downsides for some borrowers.

On a Mission to Teach the World the Basics of Personal Finance

Annamaria Lusardi has found high rates of financial illiteracy in the U.S. and around the globe. She’s determined to turn them around.

How To: Reject Pitches Like a Venture Capitalist

Sometimes you need to make a quick decision and move on. A “fast rejection mindset” helps.

Hard Lesson: A Friend’s Insight Changed My Life

An overdue diagnosis helped Ronan McGovern, MS ’96, understand himself — and his purpose.

Getting Into “The Zone” Isn’t About Perfection, It’s About Uncertainty

New research uncovers the “magic combination” of factors that make it easier to achieve a flow state.

How Much Is Your Favorite Free App Worth to You?

Google, Instagram, and other popular services generate trillions in previously uncounted value, new research finds.

Curious Conversations

If/Then is a new podcast that captures the breadth and depth of GSB professors’ research and its connections to our lives, our work, and our future. Here are some soundbites from the first 13 episodes.

Back to Class: Pathfinder

A new program opens Stanford GSB to undergraduates for the first time.

Class Takeaways — The Art of Negotiation

Five lessons in five minutes: Professor Michele Gelfand shares what it takes to make a win-win deal.

Career Advice: How to Become a “Friction Fixer”

Tips for eliminating those annoying obstacles that get in the way of your best work.

Night Class: Students Get Up-Close Look at Faculty Research Projects

Insights and Bites offers evening sessions with an informal vibe

Editor’s Note

Serious Fun

Preconceptions are hard to shake. They can hold people back — and sometimes businesses. Consider cannabis — a product and industry that are not always associated with productivity or industriousness. Yet the market for legal marijuana in the United States is currently in a phase of intense competition, relentless innovation, and explosive growth. In “Room to Grow”, I speak with several GSB alums who are leading the evolution of this industry. You might be surprised by their sense of purpose. “It’s the hardest thing I’ve ever done,” Kim Rael Sanchez, MBA ’91, told me. “But it’s the most fun thing I’ve ever done because it’s so hard.”

If you’re looking for a fun challenge, here’s a listening recommendation: If/Then, a newly launched GSB podcast that digs into the amazing array of research produced here. This issue features a sampling of ideas from the show’s first season, including Mohammad Akbarpour discussing the economics of Taylor Swift tickets and Bill Barnett explaining the fine line between genius and foolishness.

Research is also the focus of our cover story. For nearly a century, the A/B test has been the go-to for everything from middle-school science projects to vaccine development. The digital era revealed that these tests needed an upgrade. That’s where the GSB comes in: It’s become a hub for professors who are pioneering new kinds of experiments — a synergy that’s anything but incidental. “It’s not an accident that we’re all here,” says Professor Susan Athey.

— Dave Gilson