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Bentley College and Mass High Tech pick rollercoaster week to launch New England Tech Stock Index
March 15, 2001
Waltham, MASS.--When March 13, 2001 was chosen to launch the Mass High Tech-Bentley College New England Technology Stock Index, no one could foresee the aptness of their endeavor. "The timing for this event is perfect," said Bentley College President Joseph G. Morone, "not because the markets have bottomed but precisely because we need to remind ourselves that technology is the engine for this economy and for the globe." One day after the tech-laden Nasdaq Composite Index plunged under 2000 for the first time in two years, the regionally focused index was launched at a reception in Bentley's Trading Room. Cathy Minehan, president and CEO of the Federal Reserve Bank of Boston, and John Jacobs, Nasdaq senior vice president for worldwide marketing, addressed a slightly shaken crowd that included the CEOs, CFOs and CIOs of many of the 181 companies that made the inaugural list.
The Mass High Tech-Bentley College New England Technology Stock Index (NETSI) is a weighted index of companies headquartered in New England, listed on NYSE, Nasdaq, AMEX and regional exchanges for a minimum of six months with a minimum market capitalization of $100 million.
It is available online at www.masshightech.com and appears weekly in the print edition of Mass High Tech. Methodology, sub-indices, statistics and daily performance are also outlined on Bentley's web site at www.bentley.edu.
"Massachusetts' workforce has been characterized as a 'knowledge sector powerhouse.' What does that mean?" said the Federal Reserve Bank of Boston's Cathy Minehan. "Massachusetts is far more specialized in knowledge creation sectors of service industries-higher education, management services, research engineering, even legal services-than many other states, 35 percent above the national average. And while we don't have enough, our share of engineers, scientists, and architects is better than 50 percent higher than the nation's. This primary resource has made it possible for the state to stay on the leading edge, attracting firms in these new technology areas and enabling them to expand.
"Strong productivity growth has been key to the U.S. economic growth," she said. "Technological advancement has played a critical role in this growth, and Massachusetts specifically, and New England more generally, play leadership roles in new technology industries...In my view, this new index will add visibility of New England technology companies, enhance their investment appeal, all other things being equal, and thus work to the advantage of all."
Nasdaq's John Jacobs was positive as well. "Timing is everything, and Nasdaq could not be more thrilled to be part of this Bentley College initiative and this index," he said. "Investors have confidence that technology is long-term."
Mass High Tech, the Journal of New England Technology, approached Bentley with the idea of developing an index that reflects the performance of New Englan's technology sector relative to national indices, captures the volatility of the region's many small cap companies, and reflects the performance of the industry leaders. Additionally, said Publisher Michael Olivieri, sub-indices will give technology executives an opportunity to see how their industry is doing individually.
Based in the college Trading Room, the index was developed jointly by Bentley College and Mass High Tech. The Board of Advisors includes executives at the Federal Reserve Bank of Boston, PricewaterhouseCoopers, Arthur Andersen, Barclays Global Investors, Palmer & Dodge LLP, Castile Ventures, Morgan Stanley Dean Witter and State Street Global Advisors.
NOTE TO REPORTERS AND EDITORS: Cite this index referencing the full name: Mass High Tech-Bentley College New England Technology Stock Index. For further information, contact Janet Mendelsohn, Bentley College Media Relations Director, at 781-891-2070 or e-mail firstname.lastname@example.org; or Patrick Gregory, Director, Bentley College Trading Room, and Assistant Professor of Finance, at 781-891-2664 or e-mail email@example.com
BENTLEY UNIVERSITY is one of the nation’s leading business schools, dedicated to preparing a new kind of business leader – one with the deep technical skills, broad global perspective, and high ethical standards required to make a difference in an ever-changing world. Our rich, diverse arts and sciences program, combined with an advanced business curriculum, prepares informed professionals who make an impact in their chosen fields. Located on a classic New England campus minutes from Boston, Bentley is a dynamic community of leaders, scholars and creative thinkers. The Graduate School emphasizes the impact of technology on business practice, in offerings that include MBA and Master of Science programs, PhD programs in accountancy and in business, and customized executive education programs. The university enrolls approximately 4,100 full-time undergraduate, 140 adult part-time undergraduate, 1,430 graduate, and 43 doctoral students. Bentley is accredited by the New England Association of Schools and Colleges; AACSB International – The Association to Advance Collegiate Schools of Business; and the European Quality Improvement System, which benchmarks quality in management and business education. For more information, please visit www.bentley.edu.
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