Joseph S. Fichera proposes an innovative way to make corporate directors more independent and effective by providing them with better information.

The airwaves are a precious commodity. More than 200 million cell phone subscribers in the U.S. alone chat and bat text messages across the wireless spectrum. When Reed Hundt was chairman of the FCC, he implemented the first auctions of this resource, opening the way for industry development and raising revenue for the government. Hundt recently talked with Professor Barry Nalebuff, describing what he learned about auction markets and how he might use an auction to save the environment. Of course, they spoke via cell phone.

Charley Ellis suggests that, in order to become true professionals, managers will have to become "servant-leaders."

Jeffrey Pfeffer is the Thomas D. Dee II Professor of Organizational Behavior at the Stanford Graduate School of Business and a leading critic of business education, arguing that business schools frequently fall short of other professional schools.

Ideas become actions when they're pressed into service in a particular context. So are ideals tempered by real experience. We wondered how the idea of management as a profession (and the ideal of management as a profession) would play out at the level of daily life. So, we sought out a group of graduates of the school. They've all gone to a management school and are managers by that definition at least, but they practice their craft (or profession) in different industries, locales, and roles. Each provides one view on the many-faceted world of management. First we asked the participants to chronicle a day out of their work lives, breaking the overarching issue of what constitutes management down to a manageable but still rich unit of analysis. Then we set them loose to discuss the notion of management as a profession.

According to John Rice and Fred Smagorinsky '87, management is competing with traditional professions like law and medicine for talented minority students—and losing. Rice and Smagorinsky are trying to change that.

Should managers be trained to follow mechanistic organizational rules or to make decisions based on holistic understanding of the situations they face? Peter Bearman describes an often overlooked aspect of professionalism—discretion—and what it means for management.

When hedge fund Long-Term Capital Management plummeted toward bankruptcy in September 1998, its potential dissolution threatened the financial markets with disaster. Herb Allison, then the president of Merrill Lynch, was one of the few people in a position to avert a crash landing, but first he had to get a cranky coalition of competitive bankers and traders lined up behind his bailout plan.

We define occupations as professions to the degree to which they serve society. And unless management lives up to that service standard, it frankly calls into question what business schools are actually doing.

How can managers integrate their values into business decisions? Trish Karter '82 talks about the decision to keep her company's headquarters in inner-city Boston, and how it grew from her sense of self.