Robert S. Goldberg
Robert B. Willumstad School of Business
Adelphi University
“Prof G has taken immense responsibility on himself to be there for his students, providing intimate knowledge of the industry and sage wisdom to all willing to seek it. Prof G has changed my life in material ways all from the deep, thoughtful and applicable conversations we’ve had in and outside the classroom. He is one of the only professors I’ve ever crossed paths with that truly ‘cares’ about his students on a personal level and on a career progression level. I graduated almost four years ago and still keep up with this Professor for dinner, calls, emails, just because of his invaluable insight in the world that has made me better at what I do everyday. Prof G helped create my passion. He is not a normal professor, he is a friend and an amazing friend at that.” – Amanpreet Singh
Robert S. Goldberg, 70, is the James F. Bender Clinical Professor of Finance at Adelphi University, where he oversees the Adelphi Student Investment Fund.
His research interests include financial markets and economics, with articles including “A National Balance Sheet Approach to the Natural Rate of Interest”, “The Critical Role of the Magnitude and the Sign of the Interest Rate Term Premium in Optimal Asset Allocation”, and “A New Measure of Monetary Accommodation”.
Goldberg has held various investment banking and capital markets positions, including Head of Investment Grade Debt Origination at Merrill Lynch and Head of Corporate Finance at Barclays Capital. He co-founded the debt business for WR Hambrecht and pioneered the use of internet auctions for bond issuance. He is a co-inventor on a granted patent for the system and method for the pricing of securities.
Goldberg continues to work with institutional clients in the areas of corporate finance and asset management. In addition, he often shares his expertise with the media on topics in finance and economics, including OpEds in nationally recognized outlets and publications.
BACKGROUND
At current institution since what year? 2004
Education: BS Nuclear Science and Engineering, Columbia, MS Nuclear Science and Engineering, Columbia, MBA Finance, Columbia
List of Undergraduate courses you teach: Personal Finance, Derivatives, Student Investment Fund
TELL US ABOUT LIFE AS A BUSINESS SCHOOL PROFESSOR
I knew I wanted to be a business school professor when …After college, I spent over 20 years in investment banking, where I enjoyed developing new securities and explaining complex structures to clients and colleagues. I thought I might enjoy teaching these concepts to students, and when I left banking, I decided to teach a finance course as an adjunct.
What are you currently researching and what is the most significant discovery you’ve made from it? One of my areas of research is the structure of interest rates and how the level of rates is affected by the combination of the level of economic activity, expectations of inflation, and a risk premium that is influenced by both the uncertainty of expectations as well as the portfolio hedging benefits of owning both bonds and stocks. There is a push-pull relationship between the uncertainty and hedging forces that has a significant influence on rate levels.
If I weren’t a business school professor, I’d be … I get tremendous satisfaction from teaching and advising at Adelphi, doing research, and helping the University develop new courses and programs. I have had the good fortune of having two fulfilling careers; I am not looking for a third.
What do you think makes you stand out as a professor? I try to combine my real life experience as a banker with the academics of finance to give students a perspective on how the material they are learning will help them in their careers.
One word that describes my first time teaching: Nervous.
Here’s what I wish someone would’ve told me about being a business school professor: I wish I had understood better that not all students have the same interests and goals. Some of my students want high-paced investment banking jobs, others want a calmer corporate career, and some want to start their own business.
Professor I most admire and why: I fondly recall my Mathematical Physics instructor, Professor Foley. He was brilliant, caring, and had this wonderful ability to write across the chalkboard with one hand while erasing the board with the other. The course was highly theoretical, so there were very few numerical examples, but when one came up, he always seemed to use the number 17. When asked why, he said it was because his professor did that. My classes are far more number-oriented, and 17 is not a typical number used in a finance problem, but I will sneak it in once in a while.
TEACHING BUSINESS SCHOOL STUDENTS
What do you enjoy most about teaching business students? While I enjoy teaching the regular academic material of finance, I particularly like working with my students on their management of Adelphi’s Student Investment Fund, where the students take what they have learned in class and apply it to real financial decision-making. Every semester is different as the students navigate the ever-changing market environment.
What is most challenging? It is challenging to get students to understand that in the work world, the small details, such as grammar, punctuation, and consistency of font size, are as important as the financial concepts. I have to keep reminding them that their credibility can be blown with one misspelling.
In one word, describe your favorite type of student: Curious.
In one word, describe your least favorite type of student: Uninterested.
When it comes to grading, I think students would describe me as …The students in my introductory personal finance class probably consider me a fair grader. The course is a 100-level course, and many of the students are from outside the business school. My upper-level finance students likely consider me a strict but fair grader.
LIFE OUTSIDE THE CLASSROOM
What are your hobbies? I like to build large outside projects, such as amusement rides for our grandchildren, and moving planters for our flowers.
How will you spend your summer?: I will be working on renovating some of the outside projects, as well as gardening and traveling.
Favorite place(s) to vacation: My wife and I like short road trips around the Northeast, longer visits to the national parks, and the occasional international trip.
Favorite book(s): Douglas Freeman’s biography of George Washington.
What is currently your favorite movie and/or show and what is it about the film or program that you enjoy so much? My wife and I are enjoying re-watching the multiple seasons of Downton Abbey. We enjoy the stories and interactions of the various characters as they manage the passage of time.
What is your favorite type of music or artist(s) and why? I enjoy the multiple branches of country music. One of my favorites is Gram Parsons when he sang with Emmylou Harris back in the 1970s.
THOUGHTS AND REFLECTIONS
If I had my way, the business school of the future would have much more of this … At Adelphi, we are in the process of modifying our core curriculum to better align with an ever-changing and complex world. We need to increase the linkage between the various courses so that students study the same problem from the perspectives of the different business and non-business disciplines.
In my opinion, companies and organizations today need to do a better job at … It is too early to know how AI will ultimately affect the workforce, but changes are underway, just as technological progress has been impacting the workforce for centuries. It is always dangerous to say this time is different, but this time feels like the changes may occur more rapidly. Companies and the government need to be sensitive to the ramifications of these rapid changes, since they may occur intra-generationally more broadly and rapidly than in the past.
I’m grateful for … I am grateful to have my wife as my partner for nearly 50 years, and that we have a wonderful family of children and grandchildren. My work, first in banking and now at school, has been very rewarding, and I am fortunate to continue to share my knowledge and experiences with young people while continuing to regularly speak with many former students. I thank all of them for nominating me for this honor.
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