Greg Buonaccorsi

Greg Buonaccorsi

Greg Buonaccorsi

There’s a lot more that goes on at a Dodgers game than Clayton Kershaw striking out batters or employees serving hot dogs to spectators. Behind the scenes lies an intricate operation comprised of hard-working, innovative individuals collaborating to put on the experience millions of fans adore. Greg Buonaccorsi lives out this dream by merging his love for sports with his interest in business, a marriage of passions that began long ago.

Greg did not originally envision himself being admitted to UCLA, much less attending. But as an avid sports fan and enthused student, he couldn’t resist the possibility of contributing to the university’s athletic program while simultaneously learning from influential professors teeming with insights. The school’s pallet of prestigious athletics coupled with its academic reputation made Westwood the perfect fit for him.

For Greg, reinforcing his passion for business stemmed from interacting with a variety of different fields, as he dabbled with architecture and engineering before concentrating on his aptitude for business. He then enrolled at UCLA as a business economics major, an area of study that he felt “had a perfect marriage between the practicality on the business side, and the critical thinking on the economics side.”

Coming from a small hometown, Greg sought out numerous avenues of support to adjust to the vastness of UCLA, and found a home in the basketball program built by Coach John Wooden.  Having arrived in Westwood after supervising his high school basketball team’s operations, he marketed his managerial experience to obtain a position in college basketball’s most storied program. He acted as a manager for all four of his years at UCLA, and served as head student manager in the 1994-1995 season, the same year the Bruins emerged victorious to claim their record-setting 11th national title.

“Being part of a program that Coach Wooden created was an absolutely phenomenal opportunity. A few months before season, I’m in my hometown. The next thing I know, I’m in Pauley Pavilion looking up at national championship banners.”

In addition to the unforgettable experiences Greg accumulated through the basketball program, he also absorbed valuable skills in the classroom that would serve him for the rest of his life. One of Greg’s most memorable teachers, Professor David Ravetch, not only taught him the complexities of accounting, but also inculcated a dynamic approach to learning. Greg quickly discovered that his key to success did not lie merely in his propensity to comprehend the material. He understood the necessity of learning to apply the material to new and challenging situations he had never seen before, a skill that transcended his academic performances at UCLA and permeated into a key tool in his professional endeavors.

Upon graduating from UCLA in 1995 with a bachelor’s degree in business economics, Buonaccorsi integrated his education with his passion for sports and sought out a position at accounting firm Ernst & Young, who at the time audited professional sports organizations such as the Los Angeles Clippers. Working on the Clippers engagement allowed Greg to thrive under the mentorship of Anderson alumnus Dan Beckerman, whose guidance influenced Buonaccorsi to pursue a graduate education before returning to industry.

Following his graduation from the Darden School of Business at the University of Virginia, Buonaccorsi held positions at venerable institutions such as the New York Times and Warner Brothers. While financial planning for journalists might not have been a perfect marriage of his two passions, he gained valuable experience that proved vital in his return to a competitive sports industry. Greg understood that jobs in sports management have little turnover, and individuals who work such positions generally reap the benefits for as long as they deem reasonable. His largest piece of advice to a prospective sports businessman? “If you’re not able to get into sports immediately, find the best job you can find within your functional area (such as finance), and do the best you can at it.” Buonaccorsi made his return to sports by assuming the position of Director of Financial Planning and Analysis at the Charlotte Bobcats.

After delving back into industry, Greg faced no shortage of challenging professional experiences, but a sense of obligation to his family encouraged him to geographically transition back to the West Coast. In 2014, Buonaccorsi utilized his networking skills to promote himself for a position with the Los Angeles Dodgers, and was subsequently hired to fill an opening in the franchise’s Finance Department. His breadth of work might not be the face of the organization in the same way Clayton Kershaw’s statistics captivate the Dodger faithful, but his collaboration with a vast group of high-achieving individuals proves fundamental to operating a professional sports club that generates hundreds of millions of dollars in revenue. Now serving as a Senior Director, Greg and his team look for ways to expand their operations beyond baseball and often explore worthwhile startup investments, a practice not all franchises undertake.

“We’re always stretching and reaching for those new opportunities,” Greg said. “To be at an organization that doesn’t just think of themselves solely as an MLB franchise, is really interesting.”

Communication skills serve as one of the hallmarks of Greg’s occupation, as a mere understanding of financial analysis does not suffice when conveying complex proposals to employees from the nearly fifty departments he partners with. He says his “soft skills’’ are imperative in assuring that the meticulously-crafted plans of his department are optimally implemented to improve the operations of the franchise.

Now fully immersed in his professional ventures, Buonaccorsi still fondly reflects on his time at UCLA and the gratifying sensation of graduating from an institution he never imagined attending. “If you told me when I was in high school that I would graduate from UCLA…I would have been extremely shocked. Graduating from UCLA was my biggest accomplishment.”

Greg still remains an active Bruin, administering guidance to undergraduate students through the UCLA One program, as he hopes to inspire the next generation of leaders in business and finance. Buonaccorsi notes that the most invaluable piece of wisdom he can express to an aspiring young leader is to “utilize the four years of college to experiment with different ideas and to discover what is most authentic to yourself.” Once that happens, he remarks, it is essential to become a sponge for knowledge, to hone your craft, and become an expert in that field. Doing so, he concludes, will ease the decisions that an individual will come across as she explores her professional path.

By Andreas Papoutsis

Hugo Hopenhayn in the Marginal Revolution

Professor Hopenhayn’s paper “From Population Growth to firm Demographics” was featured in Marginal Revolution today. Alex Tabarrok described it as “The best paper I have read in a long time”.

He goes on to write: “The authors do a great job at combining empirics and theory to explain an important fact about the world in an innovative and surprising way. The question the paper addresses is: Why is dynamism declining? [They] point to a factor which is widespread across the entire economy, declining labor force growth.”

Edit: April 4, 2019

Professor Hopenhayn’s paper was also featured in “Revisiting the Discourse on Dynamism,” a report by Patrick Harker, President and Chief Executive Office of the Federal Reserve Bank of Philadelphia.

Changes in between-group Inequality: Computers, Occupations, and International Trade

By Ariel Burstein, Eduardo Morales and Jonathan Vogel

We provide a unifying framework to quantify the impact of several determinants of changes in US between-group inequality. We use an assignment framework with many labor groups, equipment types, and occupations in which changes in inequality are driven by changes in workforce composition, occupation demand, computerization, and labor productivity. We parameterize the model using direct measures of computer usage within labor group-occupation pairs and quantify the impact of each shock for various dimensions of between-group inequality between 1984 and 2003. We find, for example, that computerization and shifts in occupation demand jointly account for roughly 80 percent of the rise in the skill premium, with computerization alone accounting for roughly 60 percent. In an open-economy extension of the model, we show how computerization and changes in occupation demand can be caused by changes in the extent of international trade and perform counterfactual exercises to quantify these effects.

Read full paper here

 

Kathryn Brewer

Kathryn-Brewer2“Kathryn, you’re in!” declared the UCLA admission officer as she immediately recognized the voice on the other side of the phone. Why could an admission officer, who dealt with thousands of students each year, recognize a voice so quickly? It was because she had been receiving daily phone calls from a young Kathryn Brewer, anxious to learn of her admission application status. This kind-of hunger and determination has pushed Kathryn to grow and succeed in her diverse career.

Kathryn believes that it is always important to find challenges and strive for more accomplishment. In fact, it was this philosophy that led her to UCLA. After high school, Kathryn was eager to become an adult, be independent and join the workforce right away. Starting as a Secretary Sales Assistant for Hewlett-Packard, Kathryn vividly recalls a life-changing moment. Her supervisor congratulated her on her excellent performance during her annual review and remarked, “You’re going to be a Secretary 3 in no time!” However, Secretary 3 wasn’t here career ambition and she knew her lack of a college education was capping her potential. Determined, it was on that exact night that she started her application to UCLA. Looking back, Kathryn believes it is imperative to “make the commitment to be the best version of yourself.”.

In addition to the financial and analytical skills that she gained from her education as an Economics major, Kathryn learned two skills that would serve her for the rest of her life – teamwork and perseverance in the face of adversity. Kathryn worked close to a full-time job with her studies. This made it difficult for her to find enough time to study. However, she was able to always form study groups which helped her push through UCLA’s demanding curriculum. Kathryn loved forming as many study groups as possible; to her, collaboration was key to success within the classroom. In her career after UCLA, it was her ability to work with and lead colleagues that helped her achieve remarkable success. For instance, she remembers when she took over a struggling aviation company operating in a tight labor market. She was able to take the company and triple the revenue in less than 2 years. In fact, the company culture she developed had technicians calling to express a desire to work for her company.

Furthermore, Kathryn has the ability to make the best out of difficult situations. This ability again goes back to her college experiences. Kathryn’s father gave her limited funds during her college years. She had a mere $500 per month to cover textbook costs, rent, transportation, groceries, and all of her other living expenses. Oftentimes as the month came to end, so did her cash. However, Kathryn did not complain or simply ask for more money. Instead, she found a solution to the problem. She would go to the Student Center and eat the 5-cent oatmeal for breakfast, lunch and dinner. This less-than-ideal predicament showed her how to survive and thrive in difficult conditions and possess the initiative to work your way out of a bad situation.

This creed led to some of her proudest moments. Kathryn is a single mother of two boys for more than 30 years. Despite the challenges brought on by this, she attended Whittier Law School, and received her M.B.A. from Pepperdine University while working demanding full-time jobs. One of the defining moments of her life came on the day of her Pepperdine graduation. As she went up on stage to receive her diploma, she could hear her boys cheering from the crowd. Even though they were just children, they had watched how hard she worked for her diploma and appreciated her accomplishment. Recalling this, she says she has never been prouder or felt a greater sense of accomplishment.

Since then Kathryn has held a variety of positions in a range of companies. Though years have gone by, Kathryn remains as excited for new challenges as ever. From being CFO at a baby clothes brand to accepting the CEO position at an aviation company, Kathryn has a rich treasure trove of experiences. In fact, she emphasizes the importance of trying out different jobs to UCLA seniors who might be stuck with the mentality of finding their final job right out of graduation or facing eternal doom. By working in various fields, Kathryn has been able to discover what she’s truly great at. The aggregate of what she’s learned at her many positions in life has been invaluable to her career.  Additionally, no matter which field you are in, it is important to think of problems in terms of their potential solutions. She says that she loves working with people who get excited if challenged with a new problem. Problems are not a hindrance to success but a mechanism through which we can achieve success. When it comes to the risk and uncertainty associated with these problems, Kathryn recalls words from one of her favorite books, The Road Less Traveled, “Problems are the cutting edge that distinguishes between success and failure.” The courage and wisdom we develop from problem solving is foundation to Kathryn’s simple philosophy: “If you put clear intentions into the universe, the universe will conspire to give them to you”.

Lastly, Kathryn believes it is imperative to give back to the community. As a member of the Board of Directors for The Literacy Project, Kathryn adores witnessing “the effervescent joy on children’s faces”.  She reasons that there is a lot we can learn from these children. She recalls an experience when they gave snacks at an event sponsored by the LA Angels called “Readers in the Outfield”. Several of the at-risk children from the program asked if they could take the left-over snacks back home for their siblings. That day, they gave an extra snack box to all the kids to take home. The impact of the joy these kids expressed, brought on not by selfish desires but an innocent and selfless love for their family, was clear by Kathryn’s face as she told us this story. When you give, you get a lot more back.

Kathryn is grateful to UCLA for teaching life’s essential ingredients. She proudly declares, “I’m always going to be a Bruin”. This sense of identity has been important for her as she faces challenges head on. Using her education as a foundation, she is always striving to be better; a better person, a better CEO, a better mother. In the process, she has achieved success not only in her career, but in her personal life despite challenges that could have derailed her.   She hopes her story provides inspiration to others understanding that life is difficult; but having purpose in what you do changes hard work into a labor of love.

By Bailey Brann and Harsh Gupta

The Cost of Bad Parents

Arteaga

Carolina Arteaga

Almost three million children in the U.S. have a parent in prison. Do these missing parents harm child development or, conversely, remove a negative influence?

Imprisoning a parent may have many effects on a child. On the negative side, parental incarceration could create emotional trauma and impose financial hardship. Often childcare arrangements are disrupted and in many cases incarceration triggers house and school moves. On the other hand, we can also think of reasons for parental incarceration to be positive. Removing a violent parent or a negative role model from the household can create a safer environment for the child.

There is a literature that looks at the broad correlations between parental incarceration on children’s outcomes. This finds negative associations between parental incarceration and a host of important variables such as mental health, education, and crime. However, households with incarcerated parents are disadvantaged along many dimensions. For example, such households are more likely to experience domestic violence and mental illness, and be involved in drug use.

In her job market paper, “The Cost of Bad Parents: Evidence from the Effects of Parental Incarceration on Children’s Education”, UCLA PhD student, Carolina Arteaga, estimates the causal effect of parental incarceration on children’s educational attainment. She does this in the context of Colombia, using random differences in judge leniency to identify causal effects. Intuitively, she compares the children of two identical prisoners, where one is assigned to a lenient judge, and the other to a strict judge.

Carolina finds that parental incarceration increases educational attainment by 0.8 years. With an average schooling of 7 years, this corresponds to an increase of 11% in education. In the study, she also finds that the benefit of parental incarceration increases when parental quality decreases, that this positive effect is larger for boys, when the parent is incarcerated for a violent crime, and when the mother is the one going to prison.

Her findings suggest that on average, parents who are on the margin of incarceration in Colombia are likely to reduce their child’s educational attainment if they instead remain in the household. These findings are consistent with previous research that shows how removing a violent parent or negative role model from the household can create a safer environment for a child. Criminal parents may also deplete economic resources, and the economic contribution of defendants is likely to be small. Parental incarceration may also reduce the intergenerational transmission of violence, substance abuse, and crime. Lastly, parental incarceration may result in the child being placed with an alternative caregiver who has better resources to care for the child. Indeed, she finds that after an episode of parental incarceration, children often move in with their grandparents. They are also more likely to move to a household with higher socioeconomic status.

Carolina Arteaga will graduate this summer, and will be joining the Department of Economics at the University of Toronto.

Zoe

2018 Professor Harry Simons Endowed Undergraduate Scholarship for the Study of Accounting Scholarship Recipient

Biography: Zoe is a junior finishing her major in Business Economics and minor in Accounting in Spring 2019. Born in China and immigrated to Canada, she found her transition to new environments not only helped her gain new perspectives of the world around her, but also challenged her in a multitude of dimensions. Due to this, her decision to pursue higher education at UCLA follows her goal to constantly challenge and better herself. As someone with no prior exposure to economics or accounting, she started from scratch and very much enjoyed the learning process. Zoe has also been a competitive karate athlete and the Culture and Education Representative for the 2014 Youth Olympic Games; she enjoys visiting art museums and traveling.

Future plans: Zoe will finish her undergraduate degree in June 2019, a year earlier than her degree expected term. She will be interning at PricewaterhouseCoopers in the core assurance practice, after which she is likely to become a full time public accountant. She hopes to work with clients in the Telecom, Entertainment and Technology sector to expand her expertise in these industries; in the meantime, she will work towards getting her CPA license within a year.

What does the scholarship mean to me?: I cannot express enough of my gratitude for the donors of the Professor Harry Simons Endowed Scholarship for their kindness and generosity that both encourage and support me towards pursuing a career in business. It is a great honor to be a recipient of this award and I will definitely work even harder to prove myself worthy of this recognition.  This award showed me the importance of giving and inspires me to extend the circle of giving through my own domains.

Bingru Xue

Biography: Bingru Xue is a senior Business Economics, Communications majors and Accounting Minor. She is now working as a part-time intern at a LA-based cosmetics company. She is a active member of Beta Alpha Psi and Student Accounting Society. During her spare time, Bingru enjoys boxing, hiking and singing.

Future Plans: Bingru worked as an intern at Deloitte during her sophomore summer vacation.In the future, she plans to continue her education in a graduate program. After graduation, she envisions herself working in a public accounting firm or the finance department in a top company.

What does this scholarship mean to me?: I am so honored to receive the Ralph and Shirley Shapiro Scholarship and I am thankful for Mr. and Mrs. Shapiro’s support. This scholarship provides me support to pursue future education, which build me a solid fundament for my career in economics and accounting. The scholarship not only helps me to release my financial burden, but also teaches me the value of giving back to my community.

Qingyi Wang

2018 Robert D. and Margaret A. Wark Memorial Scholarship Recipient

Biography: Qingyi Wang is a second year business economics student at UCLA, intending to double major in cognitive science. Originally from Beijing, China, he thoroughly enjoyed studying in Los Angeles and bathing in the warm sunlight. He previously interned in a Chinese fund management company, where he saw the process of investment first-hand. During his time in UCLA, he took economics and accounting courses to expand his knowledge about careers in the business world. But much of the learning happens outside of the classrooms as well. Using his economic knowledge, he studied the pricing of eBay auctions, and tried to explain the price fluctuations with economic principles. A member of two choral ensembles, he is often heard singing in Schoenberg Music Building or Haines Hall in the afternoon hours. He also enjoys exploring the city with his camera, letting his creative thoughts run wild.

Future plans: Still open to endless possibilities regarding future careers, Qingyi Wang plans to use Spring quarter and the entire Summer to continue exploring. He will apply for a research assistant position at Anderson Behavioral Lab during the school year to gain some research experience on consumer behaviors. In the future, he will actively seek out internships in business service firms and in positions that puts both his economic and psychological knowledge into use.

What this scholarship means to me?: I am extremely honored and grateful to be selected as the Robert D. and Margaret A. Wark Memorial Scholarship recipient for this academic year. The Wark family’s generous support for my education not only serves as a validation for my work, but also a relief to the financial burden placed upon me and my family while I am enrolled as an out-of-state student. This scholarship award serves as an ever-present motivator for me to give my absolute best in any academic and professional pursuit. One day, I aspire to give the same kind of encouragement to other students.

Chenjian Wang

2018 Robert D. & Margaret A. Wark Memorial Scholarship Recipient

Biography: Born and raised in Hangzhou, China, Chenjian Wang is currently a fourth-year student at UCLA double majoring in Economics and Mathematics of Computation, with a minor in Statistics. Chenjian took advantage of the challenging and comprehensive curriculum to build up a solid foundation in quantitative analysis. Outside of classroom, Chenjian applied the Economics and Finance knowledge in his internship at Chantico Global, LLC., an asset management consultancy company. Chenjian worked as a Quantitative Researcher Intern on the firm’s Global-Macro investment strategy, in which he processed, analyzed and data-mined over 40 countries’ macroeconomic data collected from Bloomberg. In addition, Chenjian has been taking leadership roles in Algorithmic Trading at UCLA. As a Trader Chair, he represented UCLA to participate in UChicago’s 6th Midwest Trading Competition and won the second place in Pairs Trading Case. In his free time, Chenjian enjoys Game of Thrones, skiing, and solving mathematical puzzles.

Future Plans: Having a strong interest in quantitative finance, Chenjian intends to pursue a career as a quantitative trader/quantitative researcher. Currently, he is applying to MFE programs to improve his professional skills and explore more career opportunities. In the long term, Chenjian hopes to start his own quantitative trading fund in Asia.

What does the scholarship mean to me?: I am extremely honored to be the recipient of Robert D. & Margaret A. Wark Memorial Scholarship. I want to express my sincere gratitude to the Wark Family for their generosity in supporting my study at UCLA. This scholarship would help me to pay for my educational and living expenses and, more importantly, recognize my effort and collegiate achievement. In addition, as an international student, this scholarship would allow me for more flexibility in traveling and more time to spend with my family. In the remainder of my time at UCLA, I will honor this scholarship and show my appreciation to its donors through success in my education at UCLA.

Brittany Wang

2018 Venu and Ana Kotamraju Endowed Scholarship Recipient

Biography: Brittany Wang is a senior at UCLA pursuing a degree in Business Economics, with minors in Accounting and Global Studies. Brittany is interested in the effects of globalization on international business and has interned at an ecommerce start up called Digizone Technology Corporation. Additionally, she has completed an internship at a Big 4 Accounting firm, KPMG. Throughout her time at UCLA, she’s worked as a student event clerk at the Henry Samueli School of Engineering and Applied Sciences, and participated in student organizations as the Financial Vice President of Gamma Phi Beta and logistics committee member for Relay For Life. During her free time, she enjoys exploring Los Angeles, practicing yoga, and studying screenwriting.

Future Plans: Having completed an audit internship at KPMG the summer before her senior year, Brittany Wang will return to KPMG after graduation as an associate in their Deal Advisory practice in downtown Los Angeles. She’ll participate in a rotational program specializing in financial due diligence and accounting advisory services in mergers and acquisitions.  She plans on studying and obtaining her CPA within the next couple of years. Eventually, she hopes to pursue an MBA, after gaining crucial work experience with various clients from different industries.

What does this scholarship mean to me?: I am thrilled to be selected for the Venu and Ana Kotamraju Scholarship. It is incredibly fulfilling to be rewarded for my accomplishments by the Economics department and I’m truly honored to be presented with this opportunity. I cannot begin to express how grateful I am for Mr. and Mrs. Kotamraju’s generosity. I look forward to ending my time at UCLA with enthusiasm and hope that I will be in a position in the future that I can generously give back to my school, as Mr. and Mrs. Kotamraju has so graciously done.