Summer 2022
Business and Economics Review The Bruce R. Thompson Center for Business and Economics prepares Allegheny College students to succeed in a diverse, global economy.
Celebrating Big Ideas & Exceptional Academic Achievement Every spring we celebrate student academic achievement. This year the Department awarded prizes to students majoring in our new Business major as well as in Economics. In keeping with the Allegheny College tradition, honors were bestowed in recognition of each student’s grade point average (GPA) with special consideration for their work on their Senior Projects. Tomas Nonnenmacher, Department Chair, notes that, “We are tremendously proud of all of our majors, in particular our graduating seniors. The students listed below have been honored for their exceptional academic performance in the department. I have had many of these students in class and continually find myself inspired by them. The range of Senior Project topics is really astonishing. That range is a testament to the breadth of our students’ interests and their ability to apply our disciplines’ frameworks to important topics affecting all aspects of the business and economics worlds. Bravo!” These students were recognized at the 2022 Honors Convocation:
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The Prize of the Pennsylvania Institute of Certified Public Accountants: Kaylin Tang ʹ22 The Business Senior Project Prize: Arigun Bayaraa ʹ22 The Economics Senior Project Prize: Sarah Schmidt ʹ22 The Graduate Student’s Prize in Business and Economics: Jack R. Parker ʹ22 The Outstanding Achievement Prize in Business: Arigun Bayaraa ʹ22 The Outstanding Achievement Prize in Economics: Maya Ginter-Frankovitch ʹ22 The Outstanding Junior Business Major Prize: Anna M. Poach ʹ23 The Outstanding Junior Economics Major Prize: Morgan A. Douglas ʹ23
Professor Tomas Nonnenmacher Department Chair
Inside this issue
It’s a Celebration! Honors & Senior Projects
Alleghenians Win Top Prizes at the Sigma Xi Research Conference
Omicron Delta Epsilon Welcomes New Members
CBE Fellows Organize “Ace Your Next Interview” Workshop
Board of Visitors & Executive Roundtable Return to Campus
VITA Tax Interns Make a Difference in Meadville
Zingale Big Idea Competition Winners Pitch Interesting and Diverse Ideas
Women in Business & Economics & Wealth Management Student Clubs Thrive in 2022
The Senior Project is the Hallmark of the Allegheny Experience In keeping with Allegheny’s commitment to provide students with a liberal arts education that meets the highest standards, the Senior Project is not a mere report or semester paper, but a significant piece of independent study, research, or creative work conducted under the supervision of faculty mentors. The outcome of a Senior Project is more than a grade or a written document; for the student it often results in a new way of looking at complex problems and inspires an appreciation for the power of ideas that might previously have seemed like abstract concepts in a textbook. Often it can be a pivotal time when a student realizes his or her own abilities and potential. The Senior Project also improves opportunities for graduate school and employment. These graduating seniors earned honors this spring for their outstanding academic performance by tackling these complex subjects: Name
Senior Project Title
Arigun Bayaraa
Super Bowl Commercials’ Effectiveness in Creating a Diverse and Inclusive Brand Image: A Neuromarketing Approach Sponsorship from a Different Perspective: How Athlete Sponsorships Impact the Playing Performance of Professional Athletes Evaluating Mutual Fund Performance Using the Sharpe Ratio, Treynor Ratio, and Jensen's Alpha Analyzing Manufacturing Employment Decline in Western Pennsylvania
Ryan Dayton Jacob Dukman Ray Englert Maya Ginter-Frankovitch Alex Lawson Katherine Leyonmark
Economic Determinants of Crime: A Test of the Economic Strain, Theory and Racial Implications Changes in Statistical Significance of PGA Tour Players Between 20 Years
Thi Thu Thao Nguyen
Data Science within Marketing: A Statistical Analysis on the Impact of Customer Segmentation on Purchase Decision Customer Experience in Coffee Stores in Vietnam: A Multidisciplinary Research Project
Kaitlin Nichols
Effects of ESG on Profit in the Food Industry
Jack Parker
Election Inspection: A Consideration of Economic Inequality and The Electoral Response
Tyler Pham
Using Machine Learning and Sentiment Analysis to Predict the Price of Bitcoin
Sarah Schmidt
Student Experiences in the Business and Economics Department: Implications for Gender Disparity The Impact of Pay Satisfaction on Employee Turnover Among Home Health Aides
Vicki Ta Kaylin Tang Noah Tart
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The Impact of Food Assistance Programs on Dietary Quality and Food Insecurity Across Racial Groups in the United States The Return on Investment in Education: A Study Using Principal Component Analysis
Allegheny Students Win Top Prizes in Marketing & Economics at the PSU Behrend-Sigma Xi Conference
Sigma Xi participants, first row from left: Arigun Bayaraa ʹ22, Professor Gaia Rancati, Khalid Mohamed ʹ22; second row: Raymond Englert ʹ22, Nabid Agag ʹ22, and Thi Thao Nguyen ʹ22
The Penn State Behrend-Sigma Xi Undergraduate Research and Creative Accomplishment Conference provides an opportunity for students to present their research and creative accomplishment results in a public setting. Many students use this regional conference to practice their presentations prior to presenting them in a national or international setting. Allegheny students who recently completed their Senior Projects, participated in the Marketing and Economics session in preparation for their upcoming oral defense. The students presented before a panel of judges made up of academics from a variety of disciplines from western Pennsylvania and Ohio. First prize – Raymond Englert ʹ22, Analyzing Manufacturing Employment Decline in Western Pennsylvania (Professor Rancati) Second prize – Thi Thao Nguyen ʹ22, Customer Experience in Coffee Stores in Vietnam: A Multidisciplinary Research Project (Professor Rancati) Nabil Agag ʹ22, State of The American Healthcare System: The Failure of our Time (Professor Michaelides) Arigun Bayaraa ʹ22, Super Bowl Commercials’ Effectiveness in Creating a Diverse and Inclusive Brand Image: A Neuromarketing Approach (Professor Rancati) Khalid Mohamed ʹ22, To What Extent is the Sugar-Sweetened Beverage Tax an Effective Government Intervention Towards Public Health? Reviewing Discrepancies Between Sales and Consumption (Professor Michaelides)
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The International Honor Society for Economics, Omicron Delta Epsilon, Welcomes New Members This spring, the Business and Economics Department welcomed the newest members of Omicron Delta Epsilon, the International Honor Society for Economics. Thirty-five students joined the Alpha Psi Chapter in 2022 at a luncheon ceremony in the Tippie Alumni Center. Maya Ginter-Frankovitch ’22 welcomed the group to the gathering and Noah Tart ’22 kicked off the meeting sharing the wisdom and humor involved with the study of economics. Students are invited to join the society each Spring if they meet the academic criteria set by the international organization. The minimum requirements for admission are completion of 12 credit hours of economics courses, attainment of a GPA of 3.0 or better in economics courses, and an overall GPA of at least 3.0.Certificates were then presented to these new members:
This spring, the Business and Economics Department welcomed the newest members of Omicron Delta Epsilon, the International Honor Society for Economics. Thirty-five students joined the Alpha Psi Chapter in 2022 at a luncheon ceremony in the Patricia Bush Tippie Alumni Center. Maya Ginter-Frankovitch ʹ22 welcomed the group to the gathering, and Noah Tart ʹ22 kicked off the meeting, sharing the wisdom and humor involved with the study of economics. Students are invited to join the society each spring if they meet the academic criteria set by the international organization. The minimum requirements for admission are the completion of 12 credit hours of economics courses, attainment of a GPA of 3.0 or better in economics courses, and an overall GPA of at least 3.0. Certificates were then presented to the following new members: Hadi Al Khafaji ʹ23
Meredythe Baird ʹ24
Jacob Boord ʹ24
Katherine Burgess ʹ24
Gary Chen ʹ23
Caitlin Comunale ʹ23
Jacob Dukman ʹ22
Karen Duverglas ʹ23
Raymond Englert ʹ22
Lydia Giannini ʹ23
Matthew Good ʹ23
Jordan Greynolds ʹ22
Maxwell Hammond ʹ23
Gretchen Kiefer ʹ23
Logan Koontz ʹ23
Morgan Libell ʹ23
Sarah Lipniskis ʹ22
Jacob McGee ʹ24
Payton Mineweaser ʹ22
Nicholas Murawski ʹ23
Sarah Pillittieri ʹ23
Anna Poach ʹ23
Simone Robinson-Stevens ʹ24
Mark Schmechel ʹ23
Hanah Simmons ʹ23
Katherine Stancil ʹ23
Shawn Stelling ʹ23
Rachel Stephany ʹ23
Jacob Stotsky ʹ23
Richard Swanson ʹ24
Vicky Ta ʹ22
Kaylin Tang ʹ22
Andreas Vukas ʹ24
Alexander Winklosky ʹ23
Joel Zahradka ʹ24
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The CBE Fellows Use Humor & Aplomb to Showcase the Best Practices for Interviewing Success The CBE Fellows hosted their second event of the academic year in March, organizing an informational and interactive workshop to enable students to learn how to prepare for, and ace, their next interview for a job or internship. “Interviews can be intimidating,” noted the Fellows. “If you aren’t sure about the kinds of questions people will ask or how to prepare, we can help!” Quigley Auditorium was filled with students on a beautiful Sunday afternoon to listen to the informative and sometimes humorous presentation of the dos and don’ts of interviewing.
CBE Fellows from left: Morgan Douglas ʹ23, Noah Tart ʹ22, Megan Dennis ʹ23, Maya Ginter-Frankovitch ʹ22, Kaylin Tang ʹ22, and Arigun Bayaraa ʹ22
The Fellows created an engaging interviewing experience beginning with an informative slide presentation presented by Maya Ginter-Frankovitch ʹ22 and Kaylin Tang ʹ22. Arigun Bayaraa ʹ22 demonstrated how to find opportunities and resources on the Allegheny Handshake website and invited students to take advantage of the Career Education Office’s interviewing rooms in Pelletier Library. To illustrate the points in their presentation, the Fellows did a humorous demonstration with Noah Tart ʹ22 as the “good” interview and Morgan Douglas ʹ23 as the “bad” interview. Megan Dennis ʹ23 was the interviewer, doing a great job as “the boss.” CBE Fellow Kaylin Tang commented, “We split the 40 students into pairs in all the Quigley rooms, and had them practice answering questions. I heard a lot of good answers. We then brought them all back for a Q&A at the end, and passed out interviewing survival kits as prizes!” Jim Fitch, Assistant Director of Career Explorations commented, “Congratulations on a well-developed and presented Interviewing Morgan Douglas demonstrates how not to dress and Workshop on Sunday! It has been such a pleasure to see how you what not to say, while Noah Tart illustrates a successful engaged students and demonstrated real-time examples of how to interview. Megan Dennis plays the role of interviewer. ‘Ace’ an interview. Thank you for the investment of time, energy, planning, and resources that you made, and for the valuable gift that you presented to the community.”
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The Board of Visitors Return to Campus in April The Board of Visitors, an advisory body of alumni and business leaders, convened in person in April to engage with students in a variety of activities. According to CBE Co-Director, Tim Bianco, “It was fantastic having the Board members back on campus this spring engaging with the college community. Seeing the students and Board members engaged in conversation with one another throughout the day was encouraging.” He continued, “We are incredibly grateful to all of the Board of Visitors The annual event’s most popular session: members, and excited about the future. We would like to thank “Leveraging your Comp & Extracurricular Activities Jennifer Daurora ʹ99 and Kyle O’Conner ʹ03 for their service as the Chair to Get Your First Job” and Co-Chair of the Board of Visitors, and we would like to welcome Diane Sutter ʹ 72 and Devone McLeod ʹ13 as the incoming Chair and Co-Chair.” The Campus Center came alive with energy for these concurrent sessions that the Board hosted for students:
“Graduate School – When, Where, and How” “Leveraging Your Comp & Extracurricular Activities to Get Your First Job” “The Magic of Mentorship” Business and Economics students then joined the Board members for a networking lunch. This year, the CBE Fellows organized a speed networking activity, akin to the concept of speed dating. The purpose of this activity was to encourage participants to make as many professional connections as possible in a time-saving and effective way. Overall student feedback was very positive, for example: “Having the students rotate during lunch was a great idea, I hope you continue.” (Yes, we will!)
2022 Board of Visitors Meeting, from left: Don Goldstein, Devone McLeod ʹ13, Diane Sutter ʹ72, Jennifer Daurora ʹ99, President Hillary Link, Naveed Ismail ʹ12, Evelyn Pendleton ʹ87, Lauren Odrechowski ʹ10, Chris Allison ʹ83; virtual guest: Don Belt ʹ93 6
The Executive Roundtable Addresses the Aftermath of COVID-19
Executive Roundtable participants from left: Noah Tart ʹ22, Maya Ginter-Frankovitch ʹ22, Robert Smith ʹ73, Dr. Nicholas Moellman, Dr. Becky Dawson ʹ00, Cory Jackson, Kaylin Tang ʹ22, Megan Dennis ʹ23; 2nd row: Dr. Tim Bianco, Arigun Bayaraa ʹ22 The Center for Business and Economics hosted the 19th Annual Executive Roundtable, “COVID-19: from Policy to Practice,” to publicly discuss the various national and regional guidelines and policies related to the pandemic. The panel shared their experiences during the height of the pandemic from an economic perspective of the issues related to healthcare, the Meadville community, and lessons learned through the lens of public health, safety, and communication. The expert panel discussed the implications for public health and the economy beginning with the first confirmed U.S. case in January 2020. Since then, the U.S. has experienced more than 79 million cases and 1 million deaths due to the virus. The pandemic and subsequent shutdown contributed to a volatile recovery, and uncertainty persists. We are most grateful for the contributions of this year’s expert panel:
Dr. Becky Dawson ʹ00, Associate Professor of Biology and Global Health Studies, Allegheny College Robert Smith ʹ73, Executive Chairman, Acutec Precision Aerospace, Inc. Cory Jackson, Controller, Meadville Medical Center Moderator: Dr. Nicholas Moellman, Assistant Professor of Economics, Winthrop University Introductions: CBE Fellows Maya Ginter-Frankovitch ʹ22 and Kaylin Tang ʹ22
Click here to view the 2022 Event on YouTube
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VITA Tax Interns Make a Real Difference for Low Income Residents in Meadville The Business and Economics Department once again partnered with the Meadville Public Library to create a Volunteer Income Tax Assistance (VITA) service site for the Meadville community. According to Professor Stephanie Martin, who manages the VITA internship, “During the 2022 spring semester, 10 students participated in the Tax Internship, which prepares tax returns free of charge for local residents. These students prepared over 460 federal, state, and/or local tax returns for area residents and the median household income for these residents was $16,800.” She continued, “In addition, these returns yielded almost $400,000 net refunds, as well as $46,000 in savings of tax preparation fees to residents. This was another successful college-community partnership with the Meadville Public Library that resulted in great benefits to the community as well as the students.” What do students have to say about working as a VITA tax intern? “The VITA internship helped me gain experience within the financial services industry, increased the quality of my resume, and gave me the opportunity to engage in community service. Most importantly, the experience allowed me to reflect on how I want to combine my business major with my passion for community service." Kevin Lee ʹ23 "VITA is a great program that not only allows students to earn credits but also real-world experience. Students take part in tax preparation while gaining great skills in interpersonal communication, becoming detail-oriented, and general income tax understanding. This program gives the students the opportunity to connect with the Meadville community and to meet the people who live in our little town, all the while helping them with a sometimes frustrating task. VITA is an awesome program, and I hope to see it continue in the years to come." Morgan Libell ʹ23
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2022 Zingale Big Idea Competition Winners Pitch Interesting and Diverse Ideas
2022 Zingale Big Idea Competition Winnerʹs Circle – from left: Event Sponsor Lance Zingale ʹ77, Arigun Bayaraa ʹ22, Tergel Buyanbat ʹ24, Binderiya Batsaikhan ʹ25, Mariah Nablo ʹ22, Dakchyata Thapa ʹ22, CBE Co-Director, Chris Allison ʹ83 This April, the judges of the 2022 Zingale Big Idea Competition crowned 10 winners, including Edible Roots, a social venture seeking to create green spaces and community gardens in urban settings, and Blue Ciel, an importer of Mongolian cashmere. This year’s winners shared a total prize pool of $32,000. “This year’s pool of entrants could be the most interesting and diverse in the competition’s history,” said Chris Allison, Co-Director of Allegheny College’s Bruce R. Thompson Center for Business & Economics. “And for the first time, we had more social venture ideas than for-profit enterprises.” This year, the competition featured Meadville community entrepreneurs pitching two ideas to solve two Meadville area problems: Shannon Gilmore and Abigail Marshall, “Meadville Bed Bug Task Force, “ and John Walton, “Angel Animal Haven.” Tergel Buyanbat ʹ24 presented the Next Big Idea, “Food for Thought; Healthy Eating Awareness.” We’ll look forward to learning how this idea evolves in the 2023 competition scheduled for April 28-29. To learn more about the winners and meet the judges, please visit our web page at www.allegheny.edu/bigideas/
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Women in Business & Economics Club Inspires Allegheny Women to Reach New Heights Celebrating their third year, the goal of the Women in Business and Economics Club (WIBE) is to provide women with resources to promote academic success and to keep all who join engaged and excited about the fields of Business and Economics. How is this new club faring? We asked founding member and President, Maya Ginter-Frankovitch ʹ22... What inspired you to establish this club? My inspiration for starting the Women in Business and Economics club began when I attended the Cleveland Federal Reserve Women's Symposium back in my sophomore year. The event brought together many Maya Ginter-Frankovitch ʹ22 successful female Economists who talked about their experience working in a male-dominated field. During this event, one of my Economics professors told me about the large gender disparity among Economics majors in our department at Allegheny. The combination of attending this amazing event, while also learning about the imbalance of female representation in business and economics in our department, knocked over the first domino that would lead to the creation of WIBE. What activities has the club sponsored this year? The biggest activity that we had on campus this year was our collaboration with Grounds for Change (GFC) in the fall semester. This event included an open tab, a WIBE-themed Kahoot, and tiny easel painting. We were so happy to see all of the students who attended, especially those who participated in the Kahoot , an online game where you have one person projecting questions on a screen and everyone can log onto their phone/computer to answer the questions. Can you offer a final reflection on this club and the young women who not only have belonged, but will belong in the future? In my opinion, this club has served as a great stepping stone for the department as well as a community for all who are interested in issues surrounding women in the field of study and in industry. I was ecstatic to see so many WIBE members apply to be CBE fellows and the growth of both the club and its members. As for the last question, I would encourage any person, but especially young women, to never lose faith in themselves. Sometimes, the path may look intimidating or even insurmountable, but it takes a bit of courage and self-determination to make the first step. Remember that it is not the end goal that matters; rather it is the journey that you take to achieve it.
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Exploring the Many Facets of Finance with the Wealth Management Club The Wealth Management Club (WMC) was established to offer participants a collaborative environment in which they can openly discuss and learn about topics relating to personal finance. The 2021/2022 President, Morgan Libell ʹ23 shared this update on the club’s progress: “The Wealth Management Club is an organization that has aspired to better one's education on wealth management personally and professionally. This past spring the club was led by a strong board of people, Morgan Douglas ʹ23, Matt Good ʹ23, RJ Swanson ʹ24, and Megan Dennis ʹ23, who all have passions within the realm of finance.“ Morgan Libell ʹ23
She continued, “During the past semester, the club held numerous events, including alumni guest speakers and investing seminars. The biggest event to note was the annual WMC Stock Market Challenge, which tested the investing knowledge of our students to produce higher-performing portfolios, all in good competition. All these events gave students the tools they need to gain success in finance and even in life no matter what profession they choose to pursue.“ Incoming President Richard (RJ) Swanson added, “This upcoming fall, the Wealth Management Club is continuing our goal for more financial literacy programs in the local community. Additionally, we are excited to begin plans for a student-led investment fund. Our new board, consisting of Vice President Matt Good ʹ23, Treasurer Reece Smith ʹ25, and PR Chair Meredythe Baird ʹ24, are working together to expand our outreach and include more students, faculty, and alumni in our exciting projects!” The Allegheny College Wealth Management Club (WMC) was founded in 2018 by former student and CBE Fellow, Rafael Balanquet ʹ20 and Assistant Professor of Economics, Dr. Michael Michaelides.
Richard (RJ) Swanson ʹ24
Thank you for reading our latest news. Please let us know how we are doing—we love hearing from you.
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Professor Tomas Nonnenmacher, Department Chair—tnonnenm@allegheny.edu
Entrepreneur in Residence Chris Allison ʹ83, CBE Co-Director—callison@allegheny.edu
Assistant Professor Timothy Bianco, CBE Co-Director— tbianco@allegheny.edu
Beth Ryan, CBE Program Coordinator—bryan@allegheny.edu