{"id":601412,"date":"2024-04-16T08:10:51","date_gmt":"2024-04-16T12:10:51","guid":{"rendered":"https:\/\/www.rochester.edu\/newscenter\/?p=601412"},"modified":"2024-04-16T23:08:20","modified_gmt":"2024-04-17T03:08:20","slug":"economist-michael-jensen-theory-of-the-firm-tribute-601412","status":"publish","type":"post","link":"https:\/\/www.rochester.edu\/newscenter\/economist-michael-jensen-theory-of-the-firm-tribute-601412\/","title":{"rendered":"Michael Jensen \u2018transformed the way we perceive and practice economics\u2019"},"content":{"rendered":"
\"Vertical
TRANSFORMATIVE TENURE:<\/strong> Michael Jensen, one of the most influential financial economists, was on faculty at the URochester\u2019s Simon Business School from 1967 to 1988. (Ä¢¹½´«Ã½ photo \/ Jeff Goldberg)<\/figcaption><\/figure>\n

His pioneering research on organizational theory, started at Rochester, has left an enduring mark on the academic and business worlds.<\/h2>\n

It\u2019s hard to overstate the effect economist Michael C. Jensen<\/a>, the former LaClare Professor of Finance and Business Administration at the Ä¢¹½´«Ã½<\/a>, has had on his field and beyond. His pioneering research not only revolutionized the understanding of corporate finance and organizational theory, but also changed the way companies are run.<\/p>\n

Jensen, who taught at the University\u2019s Simon Business School<\/a> for two decades from 1967 to 1988, died this month. He was 84.<\/p>\n

During his tenure at Rochester, Jensen cofounded one of the most prominent peer-reviewed academic journals, the Journal of Financial Economics<\/em><\/a>. He also established the University\u2019s Managerial Economics Research Center in 1977, serving as its director before leaving for Harvard University in 1988, where he was eventually named a professor emeritus.<\/p>\n

In the world of academia, a high number of citations\u2014when other academics cite your research\u2014is a quantifiable measure of success. Having an invention or idea named after you, and seeing it widely used, is another. Jensen had both.<\/p>\n

His total body of work, spanning a handful of books and more than 100 academic papers, racked up more than 340,000 citations on Google Scholar<\/a> (as of April 2024), making him one of the most influential financial economists of all time. In the late 1960s, he developed what came to be known as Jensen\u2019s alpha<\/a>, a method for calculating the performance of mutual fund managers.<\/p>\n

Jensen had fans and detractors. In the words of Adrian Wooldridge<\/a>, a columnist for Bloomberg Opinion<\/em>,\u00a0his critics deemed him \u201cthe high priest of the greed-is-good era who justified exorbitant executive pay and vulture capitalism,\u201d while his admirers saw \u201cthe surgeon who gave Anglo-Saxon capitalism a new lease of life by slicing off the fat, removing the malignant tumors and prescribing a strict exercise regime.\u201d<\/p>\n

Shooting to economic stardom with the \u201ctheory of the firm\u201d <\/strong><\/h3>\n

In 1976, Jensen published a seminal paper coauthored with the late William Meckling<\/a>, then-dean of the Simon School. Neither could have foreseen that the publication, titled \u201cTheory of the firm: Managerial behavior, agency costs, and ownership structure<\/a>,\u201d would become the single most-cited article<\/a> in business academia.<\/p>\n

In the paper, Jensen and Meckling describe a model in which the owners of a company (the \u201cprincipals\u201d) hire executives (the \u201cagents\u201d) to steer the company on their behalf. They argued that conflict, especially over costs, was baked into the system, unless the incentives were such that the agents wouldn\u2019t try to take advantage of the principals.<\/p>\n

\"Black
BUSINESS CLASS:<\/strong> While at Rochester, Michael Jensen and William Meckling coauthored \u201cTheory of the firm: Managerial behavior, agency costs, and ownership structure,\u201d a paper that would become one of the most cited in business academia. (Ä¢¹½´«Ã½ photo \/ University Archives)<\/figcaption><\/figure>\n

Their solution? Make top executives hold an equity stake in the company they helm so that they, too, had a vested interest in the corporation\u2019s financial success, trimming away managerial excesses\u2014and sometimes parts of the workforce.<\/p>\n

Or as Wooldridge noted plainly: \u201cThe more you turn \u2018agents\u2019 into \u2018principals,\u2019 the more you will give them an incentive to squeeze the maximum value out of the companies that they were hired to run.\u201d<\/p>\n

Jensen and Meckling posited that as the top managers\u2019 ownership stakes increased, their interests became more aligned with the interests of the shareholders. It was this central argument, developed further with Jensen\u2019s long-time colleague and collaborator Kevin Murphy<\/a>, that laid\u00a0the\u00a0foundation\u00a0for the widespread use\u00a0of\u00a0stock\u00a0options\u00a0as executive compensation\u00a0tools (which has since become a standard component of top managers\u2019 pay packages).<\/p>\n

\u201cHis old classmates at Chicago just thought he was nuts,\u201d says Murphy, now a professor of finance and business economics at the University of Southern California\u2019s Marshall School of Business, about the business school where Jensen received an MBA and a PhD. \u201cThe Chicago way of thinking was that the market should solve everything, and that we\u2019ll get to efficiency, as long as the markets are working well. But Mike and Bill disagreed.\u201d<\/p>\n

Nearly fifty years later, the paper remains \u201cfundamental to understanding the dynamics of modern corporations,\u201d notes Sevin Yeltekin<\/a>, Simon\u2019s current dean and a professor of business and economics. \u201cMike will be remembered not only for his intellectual brilliance but also for his unwavering commitment to advancing knowledge that transformed the way we perceive and practice economics and finance.\u201d<\/p>\n

Described by those who knew him as \u201ca force of nature\u201d who brought an \u201camazing energy\u201d to whatever he undertook, Jensen slept little and rose early. Starting his workday at 4 or 5 a.m., he was known to take short afternoon power naps in his office.<\/p>\n

Work was his passion. So were the outdoors. Another one was collecting fine wine.<\/p>\n

The proud owner of two large wine cellars in Vermont, one in his main house and another in the guest house, Jensen also had several large wine cabinets installed at his Florida residence. According to friends, even while sipping exquisite wines, his notion of good conversation invariably returned to ideas and economics.<\/p>\n

A 40-year collaboration, originating at Rochester<\/strong><\/h3>\n

Murphy\u2019s and Jensen\u2019s four decades-long professional collaboration started at Rochester, when Murphy\u2014a young assistant professor on his first job\u2014cowrote an op-ed for the New <\/em>York Times<\/em> with Jensen, who by then was already the Simon School\u2019s undisputed superstar.<\/p>\n

\"Black
HEAD START:<\/strong> Colleagues say that Michael Jensen would start his workday as early as 4 or 5 a.m. (Ä¢¹½´«Ã½ photo)<\/figcaption><\/figure>\n

Other coauthored papers followed, including \u201cCEO incentives: It\u2019s not how much you pay, but how<\/a>\u201d in 1990.\u00a0\u201cWe felt that following the stock price was the right thing to do,\u201d says Murphy, explaining their underlying idea that managers needed to be paid, at least partially, in equity or stock options to maximize shareholder\u00a0value.<\/p>\n

But there was a flipside when CEO pay reached stratospheric heights. Jensen and Murphy had advocated for an increase in stock options for the top brass in return for a reduction in other types of compensation. \u201cWhat actually happened, to our chagrin, was that companies would layer stock options on top of existing competitive pay packages.\u201d<\/p>\n

Frequently fellow academics, labor unions, or the public at large disagreed with Jensen, who considered takeovers (and hostile takeovers) a fundamentally efficient way to unleash value. He also saw the positives of golden-parachute arrangements that would effectively bribe executives not to resist such takeovers.<\/p>\n

At one point, Murphy and Jensen embarked on a hot-button book project with Eric Wruck, who earned an MBA at Rochester, titled CEO Pay and What to Do Ä¢¹½´«Ã½ It<\/em>. Due to be published by Harvard Business School Press, the work-in-progress attracted early media interest in 2007, including from the New York Times<\/em><\/a>.<\/p>\n

Wruck\u2019s untimely death<\/a> stalled progress on the project, although Jensen and Murphy continued to work on it until 2018. Ultimately, the book failed to come to pass, its chapters appearing instead as a series of academic articles.<\/p>\n

In what would have been the last chapter, they warned Congress, in so many words, to butt out: \u201cOur emerging conclusion<\/a> is that the best way the government can fix executive compensation is to stop trying to fix it, and by undoing the damage already caused through existing regulations that have, in aggregate, imposed enormous costs on organizations, their shareholders, and social welfare.\u201d<\/p>\n

Putting integrity back into finance<\/strong><\/h3>\n

Later in life, Jensen added another dimension to his research\u2014the idea of integrity through the lens of corporate accountability.<\/p>\n

In the wake of the infamous corporate fraud cases and subsequent implosions of Enron and WorldCom in the early 2000s, followed by the global financial crisis of 2008, Jensen began advocating for a change in corporate behavior. In 2012, together with Werner Erhard, he argued<\/a> that integrity was \u201cas important as labor, capital, and technology. Without a clear, concise, and most importantly, an actionable definition of integrity, economics is far less powerful than it can be.\u201d The same, the duo wrote, applied to finance and management.<\/p>\n

Aware that this position could be perceived as a departure from Jensen\u2019s earlier research, the coauthors cautioned readers that because their intention was to \u201ccall attention to aspects of life and aspects of finance that are not commonly discussed, or certainly not discussed in the way we will do so here, you are likely to find it strange and even wrong.\u201d<\/p>\n

An enduring legacy, including as a colleague, mentor, and teacher<\/strong><\/h3>\n
\"Black
GOOD COMPANY:<\/strong> Simon Business School faculty and alumni remained colleagues with Michael Jensen even after he left Rochester for Harvard. (Ä¢¹½´«Ã½ photo)<\/figcaption><\/figure>\n

Jensen\u2019s influence on the academic and business worlds is undisputed.<\/p>\n

Several faculty members at Simon, including James Brickley<\/a>,\u00a0William Schwert<\/a>,\u00a0Clifford Smith<\/a>,\u00a0Jerold Zimmerman<\/a>,\u00a0Jerold Warner<\/a>, and\u00a0John Long<\/a>, were close colleagues of Jensen\u2019s. All of them have become influential in their own right, carrying forward his legacy of groundbreaking research and innovative thinking.<\/p>\n

Jensen also left a lasting impression as an educator. Throughout his career, Jensen\u2019s teaching and mentorship inspired countless students and colleagues, many of whom went on to build their own successful careers in academia.<\/p>\n

One of them is Karen Wruck<\/a>, now a professor of finance at Ohio State University\u2019s Fisher College of Business (and Eric Wruck\u2019s widow). Wruck, who received a PhD at Rochester and initially had followed Jensen to Harvard, describes him as \u201cthe most intellectually curious and creative person\u201d she has ever worked with. She credits Jensen with teaching her how to \u201cthink critically without being closed-minded, and to never give up.\u201d<\/p>\n

Wruck adds, \u201cNot a day goes by that I do not use some idea, concept, or way of thinking that I learned from him.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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