Emory Business Magazine Fall 2022

To the innovative , a changing world is A WORLD OF OPPORTUNITY.

FROM THE DEAN

Dear alumni & friends

AS WE ENTER THE MIDPOINT of our fall semester–my first at Goizueta–I continue to be energized and impressed by our community. From students and alumni to faculty and staff, your passion, intellect, and commitment to our collective success represent both our greatest asset and largest opportunity for growth. I am truly honored to lead such a renowned institution to an even brighter future.

This year, we welcomed nearly 1,000 students to Goizueta through our undergraduate and graduate programs, celebrating the largest BBA class in our school’s history. Each day we expand academic and co-curricular offerings with personalized experiences that prepare students to thrive in and drive toward the future of business.

This fall, Goizueta welcomed students to our fully online format of the Executive MBA program–the highest-ranked EMBA program nationwide to offer an online option. We also welcomed the first cohort of our new STEM-designated Master of Analytical Finance degree, supporting next generation finance careers in sales and trading, investment management, fintech, and investment banking. Further, we continue to push the envelope of innovation in our classrooms, integrating virtual reality, augmented reality, artificial intelligence, and holographic capabilities. Students across our programs have access to a truly dynamic digital learning experience from anywhere in the world.

At Goizueta, we combine a century of experience with a modern take on business education. We provide new solutions to longstanding challenges and adapt time-tested approaches to solve new problems. It’s only with your support that we are able to deliver on our promise of preparing principled leaders to positively influence business and society. Thank you!

With gratitude,

Gareth M James

Gareth M. James

John H. Harland Dean of Goizueta Business School

Celebrating Interim Dean Karen Sedatole

DURING KAREN SEDATOLE’S TENURE as Interim John H. Harland Dean, the world faced the COVID-19 global pandemic, social unrest, and anything but “business as usual.”

Sedatole has said, “At Goizueta, we work to reimagine and redefine a different, better way of doing business to solve the world’s greatest challenges with ingenuity, integrity, and grit.” These truths were clear. As leader of one of the best business schools in the nation, Sedatole guided Goizueta students, faculty, staff, and alumni through the chain of events and remained steadfast in her principled leadership.

While managing the transitions of the present, she always had a laser-focused eye on the future, including how to elevate the student experience and attract the best and brightest to our school.

Emory Provost and Executive Vice President of Academic Affairs Ravi Bellamkonda shared, “Dean Sedatole has been an integral part of our student flourishing initiative, and we owe her deep appreciation for her leadership during this critical period for Goizueta.”

BUSINESS & SOCIETY INSTITUTE TO PILOT MBA CLIMATE CHANGE FELLOWS PROGRAM

THE BUSINESS & SOCIETY INSTITUTE will launch its first cohort of Climate Change Fellows this academic year. The pilot for the Fellows program, made possible through investment by James Reilly 12C, recognizes graduate business school students who demonstrate both a deep interest in and commitment to building a more climate-smart world.

Those selected as fellows will have access to hands-on education, exposure, and experiences to develop their capabilities as principled climatesmart leaders, whether full time immediately after graduation or later in their careers. As part of the fellowship, students will attend the ClimateCAP Summit in February 2023 in Austin, Texas, joining hundreds of leading students and professionals from across the country.

Interactive Finance Lab Opens

IN AUGUST, THE FINANCE LAB opened its doors for Goizueta students to gain 24/7 access to the fast pace of markets in the real-world trading floor setting. Professional tools, data, and trading platforms include Bloomberg, FactSet, Thompson, Python, R Studio, Barra, and MATLAB.

Primary student users for the lab are those enrolled in the new Master of Analytical Finance program, a unique degree designed to shape leaders for the future of finance. Led by Academic Director Kirsten Travers-Uyham, associate professor in the practice of finance, the program draws strength from an advisory board that includes senior leaders from top companies including Invesco, Rubicon Crypto, J.P. Morgan, Palladium Equity Partners, and Cantor Fitzgerald LP. Designed by professionals with a data-driven STEM curriculum, the program explores financial markets through analytics and expert insights.

Drawing on course and lab work, Fridays “On the Job” immerse students in experiential learning through four rotations of a Wall Street firm. Following completion of the financial data and business statistics bootcamps, career-building rotations include global markets, asset portfolios, strategies, and in practice.

Goizueta is proud to share that the first cohort of students has 46 percent women and 76 percent of students earned their bachelors degrees in the U.S.

GOIZUETA BUZZ

GOIZUETA BUZZ

Reimagining the BBA Curriculum

AFTER A FIVE-YEAR PROCESS of extensive review, a newly imagined Goizueta undergraduate curriculum will begin to roll out in January 2023.

According to Senior Associate Dean for Undergraduate Education Andrea Hershatter, “The revised curriculum enhances our ability to equip our BBA students for an increasingly data-driven world in which the outcomes of business decisions are multifaceted and far-reaching. It simultaneously helps us build our student competencies and address their desire to create individualized and customized academic experiences.”

Curricular updates strengthen analytics, provide more flexibility for building integrated interdisciplinary expertise, augment community engagement, and ensure that Goizueta BBA graduates are prepared for both their initial job and subsequent careers. With a new entry point that allows students to enroll as early as the beginning of their sophomore year, the new curriculum provides students with a strong foundation in data analytics; mini bootcamps to gain specific technology

skills; an immersive, experiential capstone; and new interdisciplinary options in choosing areas in which to concentrate. Students will also move through a series of touchstone modules, including personal and professional development and a new BBA Boardroom experience.

In conjunction with the BBA rollout, Goizueta will also offer a business minor to Emory College students who are passionate about the liberal arts. The minor will be comprised of the foundations core and will provide introductory knowledge in each of the five functional fields of business.

The curriculum was developed by a faculty task force utilizing a design thinking process that provided many avenues for ideation from students, faculty, staff, alumni, and corporate constituents. The overall approach and the individual components were all guided by the BBA mission statement: “To help our students grow intellectually, personally, and professionally so that they feel enabled, empowered, and motivated to make significant positive contributions to the organizations they serve and to society as a whole.”

Emory Real Estate Conference Unites National Leaders

IN APRIL, GOIZUETA HOSTED the inaugural Emory Real Estate Conference, designed to unite national real estate professionals. The conference sold out to a crowd of more than 550 attendees at the Whitley Hotel. Attendees joined to hear influential members in real estate speak on topics such as capital market insights and Atlanta real estate growth.

The conference’s student co-chairs, John Schellhase 23EvMBA and Bernard “Bern” Clevens 22MBA, worked together with Roy Black, professor in the practice of finance and director of Goizueta’s Real Estate initiative; as well as Goizueta’s Interim John H. Harland Dean Karen Sedatole; other Goizueta staff, alumni, and faculty; and several members of the Goizueta Real Estate Group.

“Our hope for the conference was to plant a flag that Emory is serious about real estate, that it’s passionate about it,” explained Clevens. “The conference also serves as a vehicle to attract talent and develop a strong real estate pipeline of students interested in the space,” he added.

Renowned entrepreneur and investor Sam Zell served as keynote speaker.

Schellhase and Clevens also arranged for a host of other real estate leaders to speak on current issues. Panelists included: Ambrish Baisiwala, CEO, Portman Holdings; Matt Bronfman, CEO, Jamestown LLP; Colin Connolly, CEO, Cousins Properties; T. Dallas Smith, CEO, T. Dallas Smith & Company; Hussain “Moos” Moosajee 07MBA, senior vice president, Trammell Crow Company and an adjunct professor in Goizueta’s real estate program; Bryan Donohoe, partner, head of real estate debt, Ares Management; Lance Patterson, CEO, Patterson Real Estate Advisory Group; Adam Sklar 05BBA, co-head of real estate, co-portfolio manager, Monarch Alternative Capital; John Wolf, managing principal, Westbrook; and Colleen Keating, CEO, FirstKey Homes.

The annual Emory Real Estate Conference returns in April 14. Register at emory.biz/realestate.

TOP 2%

From the latest Stanford ranking of scientists, numerous Goizueta faculty have been recognized as the top two percent of cited scholars in the world. Congratulations to the following: Information Systems & Operations Management’s Anandhi Bharadwaj; Finance’s Tarun Chordia, Jay Shanken, and Narasimhan Jegadeesh; Accounting’s Ilia Dichev; Marketing’s Sandy Jap and Jagdish Sheth.

5 New Faculty Join Goizueta This Year

Goizueta Business School is proud to welcome new faculty members to our community. These new team members join top Goizueta faculty in advancing global knowledge, inspiring further research, and educating the leaders of tomorrow.

Anna Errore

Assistant Professor in the Practice of Information Systems & Operations Management

Joining Goizueta fresh from the Carlson School of Management at the University of Minnesota, Anna Errore holds two doctorates: one in business administration and another in industrial engineering. Her research broadly intersects statistics, management science, and engineering.

Wei Jiang

Asa Griggs Candler Professor of Finance

Combine corporate governance, technology, financial markets, and institutional investors and you get a glimpse of what Wei Jiang’s research entails.

Matthew Lyle

Associate Professor of Accounting

Matthew Lyle comes to Atlanta from the Kellogg School of Management at Northwestern University. Lyle’s research

interests include valuation, value investing, machine learning, and the construction of optimal portfolios and investment strategies.

Rod McCowan

Associate Professor in the Practice of Organization & Management

Rod McCowan, a former White House Fellow, spent the past decade running his executive coaching and consulting firm. His research intersects strategy, organizational change and behavior, and strategic leadership.

Richard Berlin 92MBA

Associate Professor in the Practice of Organization & Management

Richard Berlin has been with Goizueta since 2017 as an adjunct lecturer, before which he worked as an attorney. His research and consulting interests include leadership, leading change, strategy, organizational behavior, and management consulting.

Pictured from left to right: Richard Berlin 92MBA, Wei Jiang, Rod McCowan, Matthew Lyle, and Anna Errore.

GOIZUETA BUZZ

What’s on Your Bookshelf?

Ready to add a title to your must-read list? Emory Business Magazine is pleased to share the following inspiring books written by Goizueta faculty.

LEARN MORE: Support Faculty Eminence

LEARN MORE:

Wine Markets: Genres and Identities

Giacomo Negro Professor of Organization & Management and Professor of Sociology (by courtesy)

The Global Rule of Three: Competing with Conscious Strategy

Jagdish Sheth

Charles H. Kellstadt Chaired Professor of Marketing

Options are Power: Career Strategies for High Performers Who Want a Life

Donna Peters

Award-Winning Career Coach and Goizueta Adjunct Lecturer

The Author vs. Editor Dilemma: The Leadership Secret to Unlocking Your Team, Your Time, and Your Impact

Brandon M. Smith Adjunct Faculty in the Practice of Management Communication

MEET GOIZUETA

Goizueta students, alumni, faculty, and staff work, volunteer, and live fascinating lives around the world. * In #MEETGoizueta, we share insight into student experiences, bold career moves, and community impact; offer entrepreneurial advice and strategies for innovators; and examine the influence of principled leaders across all industries. * Read on to meet members of your Goizueta network.

LEARN MORE: Support Student Scholarships

Prowess, Personified

GOAL-ORIENTED AND DRIVEN BY CREATIVITY, discipline, and execution, Ssyuan “Sara” Wang is approaching the new Master of Analytical Finance degree with the same determination. As part of the program’s first class, Wang hopes to build on analysis skills she honed while serving as a financial analyst for the Emory Impact Investing Group.

“I expect the program to not only sharpen my technical skills in finance, but also improve my networking skills,” Wang says, praising faculty experience and connections. “After connecting and talking to the degree faculty, I immediately decided to apply to this program.”

Originally from Taiwan, Wang’s talent for analysis and growth is complemented by recognized prowess in classical piano performance. While earning her BBA from Goizueta, she also earned a degree in music from Emory College of Arts and Sciences. Earlier this year, Wang was

honored with the Sudler Award for graduating seniors who have demonstrated remarkable promise in the performing or creative arts.

Always challenge-ready, Wang also entered and won Best Emory Spirit in 2022 for an image she created using an AI design software, which she submitted in a competition to be featured as the cover for Emory Magazine

Both business-savvy and inspired, Wang credits the community around her for creating a supportive educational environment in which she could flourish.

“The solid education Goizueta provides ensures my technical skills in being a future financial analyst,” she shares, citing continuous reinforcement of student integrity and work ethic. “The diversity of Emory students gives me an open mindset, allowing me to be more accepting of others’ opinions, and encouraging me to think of different perspectives.”

AMA AMPADU-FOFIE Staff

5 DEI Words You Need to Know

EMORY BUSINESS MAGAZINE sat down with the Director of Diversity, Equity, & Inclusion Ama Ampadu-Fofie to pick her brain on the top DEI vocabulary words that people should know, starting with the basics.

Diversity: Often representational, related to demography. “It’s a complex interplay of social identities and issues,” says Ampadu-Fofie. “There are varied aspects of differences, such as race, ethnicity, gender, sexual orientation, socioeconomic status, age, physical abilities, religious beliefs, political beliefs, or other ideologies, global locations, and cultures.”

Equity: Fairness and equality of resources for all.

Inclusion: The degree of diversity in a situation or group where everyone is visible, heard, and considered.

Belonging: “Diversity typically means proportionate representation, and inclusion means everyone is visible, heard, considered, and included,” explains Ampadu-Fofie. “However,

belonging is the feeling of being treated fairly and like a full, thriving member of the larger community.”

Microaggression: A comment or action that unconsciously or unintentionally expresses a prejudiced action. “Over time, these microaggressions can isolate and alienate those on the receiving end and affect their health and wellbeing,” says Ampadu-Fofie.

FAARID SANAAN 23MSBA Student

Intro to America: Goizueta-Style

ORIENTATION FOR THE MS in Business Analytics program was Faarid Sanaan’s 23MSBA first time in America. In fact, the move to Atlanta for graduate school is the first time Sanaan has lived outside of Pakistan.

“I could have gone anywhere, but the U.S. is at the forefront of the data analytics and data science revolution,” says the Fulbright Scholar.

Enter the MSBA program at Goizueta. “I needed graduate school to build upon my basic knowledge. I felt like there was a missing piece that I needed to feel more confident and call myself an expert.”

Even after working for a year as a data analyst before beginning his master’s degree, Sanaan still expresses wonder and excitement at the prospect of what’s to come in the field of data science and all that the industry has to offer him, particularly the ability to work in a variety of sectors, such as healthcare or sports marketing.

“This field is tailor-made for me. I love how simple numbers can tell a story and inform us about the future by making predictions based on the past. But the most amazing thing is that this work is meaningful. I can see actual results being generated by using something as ordinary as numbers.”

Why the Goizueta MSBA at Emory?

Accelerated degree timeline: “The MSBA program is fast-paced and develops all the skill sets and areas where I’m looking to build my expertise in a shorter amount of time than other schools.”

Located in Atlanta , one of the “most tech-oriented cities in the world.”

Emphasis on professional development , which is a unique characteristic for a STEM-related degree.

Diversity, equity, and inclusion: “Diversity is always a strength. I want to learn as much as possible from as many people as possible,” says Sanaan, who grew up in a region with seven spoken languages. “Emory’s strategic initiative of DEI really attracted me.”

AMANDA WINDSOR WHITE 18EMBA

It’s Rhumba Time!

NOW IN ITS FIFTH SEASON, Major League Rugby has enjoyed explosive growth in popularity and fanbase among North Americans. For Rugby ATL Team President Amanda Windsor White 18EMBA, honing the talents of players and guiding them to shared victories fuels her competitive spirit. Sports leadership is falling into place naturally for Windsor White. Deliberately and with passion, she is imprinting a decisively “Atlanta” brand on the club.

With prior corporate experience as senior marketing manager at The Coca-Cola Company, Windsor White also co-founded a division within the powerhouse agency ENDEAVOR, and worked at Octagon, one of the world’s top branding and reputational firms. In her Rugby ATL role, Windsor White prioritizes three major challenges: expanding the fan base to make it a highly recognized Atlanta-area team, raising brand awareness, and creating rollicking fun with the fan experience.

One trademark fan favorite–so far–is the Rhumba Patio. Since scientists refer to a collection of rattlesnakes as a “rhumba” and since the team’s nickname is the Ratlers, the name is a perfect fit. Rugby ATL’s Rhumba Patio is an exclusive hangout pavilion above one end zone, with beer and food and flash appearances by players who might not be on the field that night. It is these magnanimous gestures that soak into the culture of the team.

“I’m going to succeed because of the great people around me who work hard,” she reflects, noting collaborations with Goizueta colleagues Rugby ATL CEO Paul Hourigan 04JD/MBA and Rajpal Sagoo 24EvMBA, the organization’s chief information officer. “We’ll continue really leaning into the culture of Atlanta in future seasons.”

LES OTTOLENGHI 94MBA Alumni

Innovative Problem Solving

LES OTTOLENGHI 94MBA has earned a reputation as someone who seeks out big challenges and leverages innovative technology to solve them. As Caesar Entertainment Corporation’s executive vice president and CIO from 2016 to 2020, he brought Caesar’s gaming function online. During his tenure as CIO and chief innovation officer at Las Vegas Sands Corporation, Ottolenghi deployed the largest cybersecurity platform in the gaming industry.

In his current role as chief information and technology officer at Stride Inc., a technology-based learning company, Ottolenghi is establishing Stride as a cutting-edge “ed-tech” company. This summer, Stride launched an esports platform where students can build real-time strategy skills, work in teams, and learn to code. “You get to learn and have fun. When you associate those two things, guess what? People like to learn,” says Ottolenghi.

Ottolenghi is dedicated to fueling success for young people in the digital era, working with them “to have an impact on the world and actually change the world through startups, innovative technologies, and new business concepts,” he explains. He has launched a social incubator dubbed “Phoenix” in which students design innovative approaches to major problems (such as designing technology that can determine the truthfulness of online content). He founded NetEffects Ventures, a self-sustaining social impact venture fund, and has helped to grow the “living lab” collaborative workspace for students and tech companies at Black Fire Innovation in Las Vegas. The newly renovated ZenNest is his canyon-top corporate retreat and vacation rental, and his favorite escape for creative thinking.

Grateful for his time at Goizueta, Ottolenghi praises his professors for their insight. “They got my DNA. They were super supportive of me pursuing something bigger and more meaningful that would have high impact. None of them ever looked at the work through the lens of ‘so what’s the immediate return on investment,’” he says. “They were looking at ‘what was the impact on you personally and what could you do for the world around you.’”

VANECIA THOMPSON 22EvMBA Alumni

Give Back and Make an Impact

“IT CAN BE CHALLENGING –but not impossible–to focus on purpose-driven work in a capitalism-driven society,” says Vanecia Thompson 22EvMBA, a past Business & Society Institute Social Enterprise Fellow who now advises nonprofits. “You do not have to wait until the distant future to give back or make an impact in the public and nonprofit sectors. Seek professional and personal opportunities that closely align with your values. Be intentional.”

Thompson placed second in the Goizueta Nonprofit Consultants case competition that supported Neighbor in Need and participated in the National Black MBA Association case competition.

“One of the best parts of being a Social Enterprise Fellow was building community with other fellows across the undergraduate, full-time, evening, and dual-degree programs,” says Thompson. “It was refreshing to be around other intelligent humans committed to making a positive impact on society–whether in climate, education, public health, or other areas.”

Thompson’s passion for making a difference started at a young age. Through Usher’s New Look (UNL) summer camp, she gained insight into the business of sports and entertainment–and learned the true meaning of philanthropy.

The camp transitioned to a year-round youth leadership development program. “I met executive leaders, job shadowed in multiple functional areas, and interned with UNL corporate partners. These touchpoints deepened my interest in an MBA.”

The Goizueta Evening MBA program offered a continuation of real-world experience and opportunity. Thompson’s drive and desire to help others hasn’t gone unnoticed–she won the Evening MBA Meritorious Service Award and the Diversity Core Value Award, which is given to students who exhibit the principle-driven values of Roberto C. Goizueta himself.

Thompson is working on a special project for a local nonprofit, SwemKids, that is funded by a summer stipend awarded by the Business & Society Institute. The organization teaches kids introductory swimming lessons and water safety skills, and Thompson helps with its tech and marketing operations.

Thompson envisions a future of collaboration. “Publicprivate partnerships can solve some of society’s biggest problems. It will take people in both sectors who are willing to engage with each other to get things done.”

GRAHAM JAENICKE 14MBA Alumni

Top Tips for a Career Pivot

WHEN A MID-CAREER Goizueta grad reevaluates the trajectory of his or her career, big changes often occur.

For Graham Jaenicke 14MBA, the newly honed skills developed in his Two-Year MBA program imbued him with the confidence to leave the familiar entertainment sector behind and plunge into the world of strategic leadership. Are you considering a career or industry change? Jaenicke shares these top tips and encourages people to remember the lessons he learned at Goizueta.

Be intellectually curious. “Every day is an opportunity to learn from those around you. Don’t be afraid to ask questions and look dumb.”

Know what is important to you. “Be honest about what it is you want to solve for in your pivot. Choose three things–not 30–and intimately understand why.”

Recognize risks. “Understand the challenges and risks that come with big decisions, and adhere to your comfort level.”

Leverage your network. “Whether it’s Goizueta’s 23,000 alumni or the stellar faculty and staff, recognize the remarkable group of people who would be excited to help you.”

Grow through challenge. “You learn very little from what you already know.” After his own career pivot, Jaenicke is now the strategy lead and the CEO’s chief of staff at Snap One, a smart home technology firm. In addition, he serves as the Goizueta Alumni Board president and volunteers for many Goizueta initiatives such as alumni mentoring.

Retaining Top Black Female Talent

THE CASE FOR DIVERSITY in the workforce is well established and backed by science. Savvy organizations are increasingly keen to capitalize on the promise that diversity brings across a range of dimensions. This may translate into more inclusive hiring processes, but what happens when minority talent makes it into the organization?

According to Bureau of Labor Statistics reports, turnover among Black and other racial minority groups is a full 30 percent higher than among White counterparts, meaning that firms fail to realize full returns on their inclusive recruitment expenditure. “It’s not just about getting people through the door; it’s about hanging onto them once they get there,” says researcher Arielle Lewis 26PhD

For Black women, specifically, there’s a “dual risk” of stigmatization on account of both race and gender. It is more critical to ensure feelings of identity safety for Black women through cues that their workplace welcomes and values their contributions as individuals.

One such cue may be the presence of other Black women thriving within the organization; however, this may be a lot harder in practice, because of the chronic underrepresentation of Black women in professional organizations.

Lewis and her colleagues Evava Pietri and India Johnson advance a novel solution to this problem based on the notion of stigma solidarity

“Our theory is that a Black woman entering a workforce would expect a Latina employee to have similar experiences with racial discrimination and would, therefore, be able to identify with her. She’d also expect her to hold more positive views about Black women, which is key to enhancing identity safety.”

Using two experimental studies, Lewis et al. found that, while Black women believed both a White-Latina and Afro-Latina faced more generalized bias than a White female employee, they only expected the Afro-Latina to have faced the same degree of bias as Black women.

Importantly, though, Lewis et al. showed that when White-Latinas expressed their own previous encounters with racism, Black women expected more support from and identified more strongly with the WhiteLatina employees, which ultimately increased their anticipated belonging at that company.

“Our study shows that shared experience of discrimination can be a critical mechanism in forging identity safety for people coming into an organization from marginalized backgrounds, especially Black women dealing with the double stigma of race and gender,” she says. “Organizations and leaders interested in pursuing inclusive strategies around mentorship based on similarity also need to be sensitive to the differences and variability that exist within groups.”

The AI Revolution: Opportunity, Ethics, & Impact

By Christina Perrier

“I like to think of artificial intelligence (AI) like electricity because it’s being used everywhere–it’s essential,” says Karl Kuhnert, professor in the practice of organization and management. “Anything that can be digitized or automated will be. The end of routine is near, and the cost of not using AI is becoming obsolete. You won’t be in business for long because all of your competitors are using AI to their advantage.”

KUHNERT HAS CREATED A WAY TO VIRTUALLY unite students with the best minds in their respective fields.

The technology is called Tacit Object Modeler, or TOM for short, and Kuhnert is using it in the classroom to teach business ethics. TOM replicates the decision made by an expert by sampling how they respond to different scenarios. Based on their responses, TOM learns how the expert uses “tacit knowledge” to make critical decisions.

Kuhnert advised the creation of the AI technology TOM by Merlynn Intelligence Technologies. He says the idea behind TOM is to duplicate decisions that experts make, from which non-experts can extract value. Nonexperts can input data–the circumstances of a given scenario–and TOM will render a decision intended to be used by the non-expert as a second opinion.

“For example, some physicians make better diagnoses than others,” Kuhnert says. “The idea with TOM is to digitize the very best physician making that particular diagnosis and share that with the world.”

When digitizing an expert, Kuhnert says the AI identifies the variables that contribute to a given expert’s decision about a given situation. The software collects this data–the different variables for different situations–and builds an algorithm. The expert can then test to ensure that the algorithm accurately replicates their decisions.

Jesse Bockstedt, professor of Information Systems & Operations Management, defines artificial intelligence models like TOM as technologies that use data to create statistical models that make predictions or complete human cognitive tasks to improve business performance and drive value.

Bockstedt explains that AI applications in business range from robotics used in manufacturing procedures, such as moving inventory around in a warehouse or scanning packages for defective items, to customer service chatbots and algorithms that recommend products to customers.

The benefits AI offers its user are expediency, efficiency, and the facilitation of personalization, which, in turn, allow businesses to cut costs and improve profits.

“Awareness of these applications in business is key, and understanding AI and machine learning is essential,” Bockstedt says. “We might think of AI and machine learning as futuristic things, but they are not future technologies–they’re current technologies. In every industry and every facet of an organization, there are opportunities for finding value with AI and machine learning.”

Bockstedt says the prevalence of AI and machine learning in the past decade can be attributed to several factors, such as the accessibility and abundance of data that came with the .com boom, rise of e-commerce, and advancement of smartphones. Other reasons include the increase in computing power and research and development within the deep learning space–which allow for technologies like automated tracking, speech recognition, and image recognition.

Introducing AI into Medical Care

KUHNERT SAYS IT IS DIFFICULT to introduce AI technologies into the medical field because the standard of care is so high. Christopher Awad 23MBA 23MD is collaborating with Kuhnert on TOM to explore just how the software could be implemented in medicine.

“Anything that can be digitized or automated will be. The end of routine is near, and the cost of not using AI is becoming obsolete. You won’t be in business for long because all of your competitors are using AI to their advantage.”

KARL KUHNERT, Professor in the Practice of Organization & Management

For TOM specifically, Kuhnert says AI derived from data or models of experts will present a great deal of problems if it deviates from certain standards of care. Misconceptions surrounding what AI technologies are and how they work present another issue.

To combat these misconceptions and investigate how to apply TOM, Awad and Kuhnert surveyed healthcare professionals on their impressions of technologies like TOM and what they believe the role of advanced technologies should be in hospitals.

Among advanced technologies intended for medical use are models like BoXHED, a software that allows scientists to render real-time predictions for when something is at a high risk of occurring.

Donald Lee, associate professor of Information Systems & Operations Management at Goizueta and of biostatistics and bioinformatics at Rollins School of Public Health, is one of the creators behind BoXHED. He developed the algorithm for BoXHED to extract predictive signals from high-frequency health data, such as those logged by wearable devices.

“An Apple Watch can monitor a number of vital signs and provides a streaming data set of health information, minute by minute as long as you’re wearing your watch,” Lee says. “BoXHED can take that data and try to identify time-varying interactions among them that are indicative of an event happening, such as stroke. If your watch is monitoring 50 signals, maybe only 12 matter–BoXHED distills these into a single number called the hazard rate, which is the probability of experiencing a stroke in the next instance in time.”

Lee says BoXHED works like other machine learning models, in that it extracts information meaningful to humans from noisy data.

“The human mind simply cannot deal with high dimensional data sets that change constantly, so you need a way to summarize them intelligently,” Lee notes. “All machine learning models essentially use a branch of mathematics called approximation theory to recover some salient quantity from the data, for example the hazard rate of stroke.”

Presenting the Ethical Dilemma

LIKE ALL THINGS, THE WONDERS OF AI don’t come without costs. The most prevalent, Bockstedt says, is the presence of biases in AI models, which make their way into algorithms when the data used to create them are biased. These biases can have serious implications.

“We have to think about not just the first order effects of using AI and machine learning, but the second, third, and fourth order effects,” Bockstedt says. For instance, when using AI to render sentences for criminal cases, he shares, “The first effect of using a sentencing guideline software system is that we’re able to speed up the sentencing process. But the second order effect is that we realize, over time, that there’s bias, and we’re treating certain people more strictly than we are other people. The third order effect is that after this happens for long enough, we start to see impact on society directly–we see certain types of people being locked up more than others.”

“We might think of AI and machine learning as futuristic things, but they are not future technologies–they’re current technologies. In every industry and every facet of an organization, there are opportunities for finding value with AI and machine learning.”

JESSE BOCKSTEDT, Professor of Information Systems & Operations Management

The interaction between AI technologies and population diversity is a focus Awad has committed his work to. In addition to collaborating on TOM, Awad is also exploring diversity issues in the medical sphere. He is conducting research at Morehouse School of Medicine, where he is developing a data science curriculum for healthcare professionals that will explore health disparities use cases for investigation.

“The role of advanced technologies is meant to increase our agency, preserve our ethical beliefs, and promote equity in the dispensation of health care and health equity to everyone,” Awad says.

Bockstedt says regardless of the field of application, it is the responsibility of technology creators to be aware of these biases, use high quality data when building these technologies, and to use explainable AI so that users can understand how predictions are made.

One way to address these ethical considerations is to diversify who is in the room when building and using new technologies. Emory has set out to do just that through its AI.Humanity initiative. The initiative includes hiring new faculty across departments, placing AI and machine learning experts across campus, and facilitating the exchange of ideas relating to advanced technologies.

These are also considerations Kuhnert has when using TOM. He says issues of bias in AI must be at the forefront of applications in any industry.

“There is always the potential of getting biased data, which creates biased algorithms and produces biased decisions,” Kuhnert says.

“Artificial intelligence is a tool, and like any other tool, it can be used for good or for bad,” Kuhnert says. “Our hope is that we’re not giving this to people who have evil intentions and wish to duplicate the decision-making of someone who’s not ethical.”

Bockstedt says as things progressively become more automated, he foresees an increase in explainable AI and AI ethics. Although we may expect to see a reduction of the workforce, we can also look forward to the creation of new jobs, such as an AI trainer, and a period of coexistence where technology, like TOM, will help workers perform better instead of replacing them.

“Some people see AI as an exciting future, while others feel it is part of a dystopian society,” Kuhnert says. “I don’t really hold either belief. It’s completely in our hands what we want to do here. We can use this technology to unburden the world. We have to decide together how we want to use this technology.”

“All machine learning models essentially use a branch of mathematics called approximation theory to recover some salient quantity from the data, for example the hazard rate of stroke.”

DONALD LEE, Associate Professor of Information Systems & Operations Management at Goizueta and of Biostatistics and Bioinformatics at Rollins School of Public Health

Charging Ahead: Women Rise in Finance

By Michelle Valigursky

In fictional tales, finance leaders are often portrayed as largerthan-life, broody men driven by ruthless greed and ego, like the infamous Mr. Potter in It’s a Wonderful Life or Leonardo DiCaprio’s Jordan Belfort in Wolf of Wall Street * In reality, a new kind of leader is rising to the top of the finance field in some of the world’s largest firms with trillions of dollars in assets under management: Goizueta women graduates. * And through innovative degrees, focused forums, networking groups, and its newly launched Finance Lab, Goizueta Business School is actively preparing women to advance in the industry.

WITHIN THE UNITED STATES, arguably the world’s largest economy, the financial services industry accounts for approximately $4.8 trillion in annual revenue.

Across the country, close to one million businesses actively serve the finance and insurance industries. At Goizueta, nearly 23 percent of Full-Time MBA graduates accept employment in financial services businesses, with more than 32 percent taking roles in finance and accounting.

Though finance employment openings for women have increased since the early days of their entry into the workforce, advancement opportunities still lag those for men. Consider this fact about the financial services industry shared in Deloitte’s “Leadership, representation, and gender equity in financial services.” By mid-year 2021, women held only six percent of CEO roles within the S&P 500 companies.

Statistics show that parity, equity, and equality for women in finance may have improved slightly in recent decades. According to the newly released Crist|Kolder Associates “Volatility Report 2022,” the percentage of female C-suite has increased for the fourth consecutive year, with the number of female CFOs nearly doubling over the last ten years.

“The industry is eager to see better representation, and there are really no barriers anymore. There has never been a better time for women to enter the field of finance,” says Allison Dukes 06EMBA, chief financial officer at Invesco Ltd., a financial services firm with approximately $1.5 trillion in assets under management.

Finance Leaders Need Influence and Skills

AS DUKES NOTES, “Finance is a broad field, and there are so many paths one can take. Fundamental finance skills are obviously necessary to master in a finance career.” She adds, “To lead, one must have the ability to influence decision making and strategy. A successful finance leader doesn’t just keep score, rather they seek to create more value for a company.”

Still, rising to leadership requires knowledge, technical skills, and charisma. In the historically male-dominated financial leadership community, “There is some progress, but it’s far too slow given the number of talented people from underrepresented groups I’ve come across during my career in finance,” says Kirsten Travers-Uyham, Goizueta associate professor in the practice of finance and academic director for the newly launched Master of Analytical Finance degree program.

Travers-Uyham has deep experience in senior roles for the investment banking and hedge fund industry. “In addition to technical finance skills, we want our students in our Master of Analytical Finance program to learn the soft skills necessary to thrive and grow in the modern finance workplace,” she explains. “These skills will help open doors for our students, including the women in our first cohort who comprise 46 percent of the class.”

Goizueta is intentionally focused on recruiting a more gender-balanced class for this degree, partnering,

“The industry is eager to see better representation, and there are really no barriers anymore. There has never been a better time for women to enter the field of finance.”

-Allison Dukes 06EMBA, Chief Financial Officer at Invesco Ltd.

for example, with Spelman College to recruit their female graduates into the program. In addition, Goizueta partnered with MBAchic to sponsor the event “Breaking into the Field of Fintech,” for which Mari Kikaleishvili 21MBA, product manager at Fiserv, served as a panelist.

For students Lauren O’Banion 23MAF and Minjeong Seok 22C 23MAF, the Master of Analytical Finance degree will merge their love of finance with the technical, hands-on, practical experience needed to embrace opportunity within the industry. O’Banion builds on her recent internship with Regions Bank where she was a business capital analyst for Regions Business Capital. Seok comes to the program with internship experience as a performance and insights intern for The Coca-Cola Company. Both women gained invaluable industry knowledge in data analysis and project management as well as time management, critical thinking, and teamwork.

Drawn to the unique composition of this new degree program, O’Banion shares, “This internship-style graduate program allows us to gain more real-world experience than a typical master’s program. There are four different rotations: global markets, asset portfolios,

investment strategies, and a final ‘in practice’ rotation on a global leadership team.”

In Goizueta’s newly constructed Finance Lab, students gain an immersive experience. O’Banion continues, “We’ll be learning from the best of the best and have access to state-of-the-art tools, real-time market data, and trading platforms to model, trade, and collaborate on realworld consultancy projects with industry clients.”

Seok, too, was captivated by “the program’s classroom setting–a feature I’m familiar with–and preparation for the industry–a challenge I would face to advance my future.”

Mentors Matter

FORGING A PATH FROM BUSINESS SCHOOL to the C-suite includes many milestones. Rebecca Ginzburg 94BBA, president and chief operating officer of Junto Capital Management, a $5 billion long/short equity fund with 50 team members, collaborated to build her firm almost a decade ago. As president she leads the firm and works closely with team members, representing the firm

Students from the new Master of Analytical Finance degree work together in the new Finance Lab. The first cohort includes 46 percent women.

to external partners and driving the strategic direction of the firm in conjunction with the CEO.

Ginzburg exemplifies leadership and shares her core values. “It is unfathomable to me that anything outside of my own performance would impede my success,” she says. She encourages women who aspire to grow. “We need to have a mindset that we control our own destiny and that we own our outcomes.”

“Mentors are critical and have shaped who I am as a person–wife, mother, friend–and who I am professionally and how I affect my role at Junto. I credit my relationship with my parents for recognizing early that I had a lot to learn, and that forging relationships founded on trust was critical,” she says. “I have incredible mentors, both men and women, and they are extremely important to me. Mentors are the ones who tell you what you may not be able to see on your own, who expose your blind spots, who provide you with constructive feedback to understand where you are falling short, and who give you the confidence and reassurance to get back on track.”

“No one can succeed without having failed. Take the time to evaluate mistakes and failures and to learn from

them,” Ginzburg says. “Turn to your mentors in those dark moments–they want to see you succeed.”

As history has shown time and again, women help women along the rise to the peak of their careers. Networking and mentoring are critical to success in the finance world, and nonprofit organizations and social groups such as Women of Wall Street, 100 Women in Finance, CEO Circle, and Girls Who Invest offer industry educational opportunities for women, supporting career growth at all stages, from pre-career through C-level and beyond.

Paying It Forward

IN FINANCE CIRCLES, talk surrounds a concept known as the “multiplier effect.” The theory is that for every one woman who advances to a C-level or board position, three more will be promoted to senior level roles.

Clifton Green, Goizueta’s John W. McIntyre Professor of Finance, elaborates. “The multiplier effect describes the important influence of role models,” he says. “Studies have shown that women teachers and leaders can have significant effects on the choices that young women make.”

MBA students take an annual career trek to New York City. The trip includes a visit to the New York Stock Exchange to meet with companies, explore career opportunities, and network with Goizueta alumni.

Goizueta offers women access to powerful personal and professional development opportunities. The Goizueta LeadHership Program was designed to nurture female business students and provide a series of workshops throughout the year that address topics such as communicating your personal brand, executive presence and leadership style, managing career and family obligations, and cultivating advocates. Goizueta also partners with The Forté Foundation to further women’s advancement in business leadership.

BBA students are invited to join Goizueta Women in Finance, a forum that focuses on the unique challenges and opportunities that exist for women in the finance industry. At the graduate level, and for those BBA students with professional experience, Executive Women of Goizueta and Graduate Women in Business help women encourage each other to remove barriers, promote diversity, and develop into stronger leaders. Both groups offer interactive events, seminars, and speaker series featuring business and academic leaders to explore roles beyond Wall Street in corporate finance, budgeting, lending, credit, and risk management, among other specialties. Students are also invited to participate in the Goizueta Alumni Mentor Program for practical insights, professional coaching, and industry-experienced guidance.

As Goizueta women finance leaders agree, intentionality in career choice is vital. Ginzburg points out, “You must consider their interests and their talents, and hopefully find an industry and company that enables you to leverage both. There needs to be a balance of searching for growth while working hard to be elite in your current role.”

She continues. “A career is a journey. One step needs to be sturdy and successful before the next can be taken. This does not mean that you should not take calculated risks and push yourself to do more–this is critical,” says Ginzburg. “Of great importance is aligning yourself within a firm and team that you believe in, where you share values and ethics, where you believe in the culture. When this comes together, and you have trust, you are off to the races!”

“Don’t let being a woman get into your psyche about what you are or are not capable of doing, of what you may be limited by.”

- Rebecca Ginzburg 94BBA, President and Chief Operating Officer at Junto Capital Management

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Certified B Corps Students explore business as a force for good

By Michelle Hiskey

WHEN THREE ENTREPRENEURS from Atlanta envisioned their brewery, they wanted to bake in sustainable, humane business practices. Just as superior beer requires careful fermentation, Khonso Brewing’s success would rise from values permeating their company from the get-go.

Proof of their commitment: the circled capital “B” belonging to companies that are Certified B Corps, more than 5,300 now and rising globally. The designation means that a company values people and the planet alongside profits, and B Corps range from solopreneurs to familiar brands such as Patagonia, Method, and Ben & Jerry’s. Similar to LEED certification for a building, B Corp status must be earned through a rigorous third-party certification process overseen by B Lab. For Khonso, that was a huge endeavor.

Enter Goizueta Business School students, who authored Khonso’s employee handbook and drew up a road map to assess and measure data points and policy across five areas: community, customers, environment, governance, and workers.

“We are committed to quality, community, inclusivity, and

sustainability, which includes fair wages, sustainable energy and water investments, and buying products from businesses with sustainable practices,” says Khonso Chief Marketing Officer William Teasley. “Because of the students at Goizueta, we’re not going to ‘get back to it in a couple of years.’ We’re doing something about it now.”

The timely partnership unfolded through B Corp Learning Lab, a directed study elective through Goizueta’s Business & Society Institute for undergraduates, MBAs, and students across Emory. “We are educating students about B Corps by taking part in the movement,” says B Corp Learning Lab instructor Brian Goebel 09MBA, managing director of the Business & Society Institute.

“It’s a win-win all around.”

Through B Lab, Khonso and other local businesses connected with MBA and BBA students and others from Emory Law and Emory Master’s in Development Practice (MDP). The campus-wide interest doesn’t surprise Wes Longhofer, executive academic director of the Business & Society Institute, because students are clamoring for any chance to learn about issues related to environmental, social, and corporate governance (ESG).

“But the market is also changing quickly,” Longhofer adds. “Companies are looking to develop capabilities in this space as they respond to growing pressure from investors, consumers, and their own employees. The B Corp certification is a powerful and transparent way for companies to verify their social and environmental commitments. And because the assessment process is so tangible, students get hands-on experience on how companies can both measure their impact and set meaningful targets and goals. It also fits the educational mission of our Institute of putting theory into practice.”

B Corp Khonso Brewing was founded by: Kevin Downing, Corby Hannah, and William Teasley.

“We see a greater awareness in society and financial markets of the dangers of too much focus on short-term shareholder value. Further, there exists too much of a bias by many that B Corps do not seek profitability.”

- JB Kurish, Professor in the Practice of Finance

Basis for a Better Business

THE B CORP LEARNING LAB and a growing number of other social and environmental impact activities (such as the Start:ME accelerator program, Net Impact Club, Peachtree Minority Venture Fund, and Grounds for Empowerment) demonstrate Goizueta’s strategic belief that business and society together can deliver a more equitable and sustainable world. When businesses and business education shift, other stakeholders benefit, too.

In the investment community, “We see a greater awareness in society and financial markets of the dangers of too much focus on shortterm shareholder value. Further, there exists too much of a bias by many that B Corps do not seek

profitability,” says Professor in the Practice of Finance JB Kurish, who teaches social entrepreneurship and impact investing. “They do seek profitability. In fact, by focusing on stakeholders that include shareholders, customers, employees, and communities, it well could be that B Corps are doing a better job at long-term profitability. This, in turn, results in better long-term returns for shareholders.”

With a rapidly changing employment landscape, “In a moment that is so difficult to attract and keep talent, we have not had that problem,” says Maggie Kulyk 96MDiv, founder of Chicory Wealth, a B Corp financial services firm. “I want my company to be 100 percent employee-owned by the time I retire, and the B Corps movement inspired

“The B Corp certification is a powerful and transparent way for companies to verify their social and environmental commitments.”

-Wes Longhofer, Executive Academic Director of the Business & Society Institute

B Local GA event Fall 2022, Athens, GA. Left to right: Nathan Stuck of B Local Georgia, Brian Goebel 09MBA of Goizueta Business School.

me to think about legacy, equity, justice, and engagement. It’s the right thing to do and incredibly good for attracting young, talented people who want to work in a situation that has meaning. The B Corps demonstrates that altruism can be beneficial for you, too.”

Clout, Credibility, and Collaboration

OPERATING AS TEAM KHONSO, the students in the B Corp Learning Lab assigned to the brewery learned that B Corps are more likely to collaborate, even with competitors. Team Khonso turned to Creature Comforts, a B Corp brewery in Athens cofounded by Adam Beauchamp, a former Emory graduate student in genetics and molecular biology. Creature Comforts’ Community Impact Manager Ally Hellenga eagerly assisted the team.

“As an industry, craft breweries are community-centric, sustainable, and conscious businesses in our respective communities,” she says. “B Corp certification is our best tool to measure progress and put us all on a path to be even better for our people, our communities, and our planet. I was impressed by [Team Khonso’s] professionalism and mastery of the B Impact Assessment–especially in such a short amount of time.”

In the B Corp Learning Lab, Goizueta students became part of a growing academic community in Georgia providing brainpower to organizations large and small. B Corp Learning Lab students learned from guest lecturers Kelly Carter, an Atlanta business analyst who worked with B Lab and who now works with a sustainability-focused organization, and Nathan A. Stuck, co-founder and chair of B Local Georgia, an organization aimed at growing the B Corps movement.

“The B Corp Learning Lab brought a lot of really passionate

people together, and I’m hoping that they’ll be able to take what they learned from the experience and apply it wherever they end up working or with their own startups,” Carter says. “The B Corp Learning Lab helps the students understand how social and environmental impact can be created through business operations and the business model.”

“Emory brings the Atlanta clout to B Corps,” Stuck says. “It helps give the B Corps movement more credibility.”

Goizueta students traveled to Athens for a Creature Comforts event in Fall 2021 to rally support for local B Corps.

“It is important to get our students off campus to see that this is part of a bigger movement of folks doing the work, to show that a more equitable and sustainable form of capitalism is possible,” Longhofer notes. “The event was held at one of the best breweries in the country that has decided to pair their excellence in craft beer with a commitment to people and planet. What could be more fun than that?”

Real-World Experience for Students

ANOTHER SATISFIED B CORP Learning Lab company was Roots Down Georgia, a sustainable landscaping enterprise. “The students delivered

“It is important to get our students off campus to see that this is part of a bigger movement of folks doing the work, to show that a more equitable and sustainable form of capitalism is possible.”

-Wes Longhofer, Executive Academic Director of the Business & Society Institute

Goizueta students and clients at the B Corp Learning Lab final Fall presentation.

an easy-to-follow package of what Roots Down needs to do to get certified in 2023,” says Chief Marketing Officer Tres Crow. “It was one of the best consulting experiences I’ve had.”

Crow’s point of contact was Eric Rusiecki 10OX 13C 22EvMBA, who sought MBA training to transition to a purpose-driven company “doing more than selling widgets.” His target soon became B Corps, and Roots Down taught him “to connect the dots of leadership, profit, and efficiency with tough questions to help guide leaders on their journey in the workforce. B Lab gives a roadmap of how to be profitable and successful while still focusing on how to treat your employees, community, and environment well. These learnings will continue on the forefront of my mind in all my decisions in the workplace.”

Jasmine Burton 22MBA enrolled in B Corp Learning Lab as part of a larger goal to gain business acumen and lead more effectively in global, nonprofit sanitation efforts.

Her takeaway from the class: “Businesses can be held accountable to triple bottom line outcomes in a way that is rigorously validated and

B-ing Proactive in a Global Economy

What does it take to become a certified B Corp?

The first step is to understand a few more of the Bs.

B Corp: A B Lab-certified and verified company that demonstrates high social and environmental performance, legally commits to changing corporate governance to benefit all stakeholders and exhibits performance transparency against B Lab standards.

B Corp Certification: With a B Impact Assessment score of 80 or higher and a stated focus on maintaining certain standards and visibility, a company may attain certification.

B Impact Assessment: A digital tool used by companies to achieve certification by measuring, managing, and improving positive impact performance for the environment and stakeholders. The assessment allows companies to evaluate their current status, compare their impact, and enable improvements.

continuously monitored every three years. It is a movement away from virtue signaling and greenwashing and into large scale change. In a world that seems to be increasingly prioritizing stakeholder capitalism, the value proposition of certified B Corps is credible and clear on a global scale. I seek to use these learnings to join and grow truly values-based organizations.”

Through B Corp Learning Lab, Jakob Perryman 17C 22MBA found an exciting career niche that aligns with his value in creating a more sustainable Earth.

Perryman sought his Goizueta MBA after working as an environmental consultant for companies that generally wanted the least expensive, minimal solutions to meet environmental regulations. He is joining PwC as a senior consultant in mergers and acquisitions, to help B Corps weather ownership changes.

“When a B Corps gets acquired, the bigger company might not care about the B Corps status or know how to navigate the recertification every three years, so a lot of B Corps lose status,” Perryman explains. “There’s a lot more I need to learn, but the B Corp Learning Lab class was a great introduction.”

B Interdependent:

B Lab: The international nonprofit network that developed a stakeholder-driven model that “creates standards, policies, tools, and programs that shift behavior, culture, and structural underpinnings of capitalism,” they write on their website. Their goal? To “support our collective vision of an inclusive, equitable, and regenerative economy.”

As Former U.S. Secretary of State Madeline Albright said, “I often wonder to what extent business can help society in its goals and alleviate poverty, preserve ecosystems, and build strong communities and institutions. B Lab has proven that there is a way.”

For more information on B Corps, visit bcorporation.net

A standalone resource produced by B Lab for companies responding to the COVID-19 pandemic and the global uprising against racism.

“It is a movement away from virtue signaling and greenwashing and into large scale change.”

-Jasmine Burton 22MBA

GOIZUETA KNOWS

Our faculty push boundaries—not settling for business as it is but looking at what it could be. Their research tackles the challenges of today and the opportunities of tomorrow. Interested in cutting-edge research and innovation that shapes the way you do business? Read about the transformational work of our award-winning Goizueta faculty.

Clifton Green, John W. McIntyre Professor of Finance

The Confederate Discount

HOUSES ON STREETS that are named after Confederate figures or themes sell for three percent less than similar properties in neighboring areas, says a new study led by

John W. McIntyre Professor of Finance Clifton Green.

For an average property worth $240,000, the mean discount works out to around $7,000. Not only that, but these homes also take considerably longer to sell than comparable houses on streets that are not named for secessionists.

Green and his co-authors reviewed data from home sales across 35 states in the U.S., analyzing nearly 6,000 transactions between 2001 and 2020. Their data set looked at properties located on streets named after Jefferson Davis, Robert E. Lee, and Thomas “Stonewall” Jackson, as well as the more generic options of

“Confederate” and “Dixie.” The majority of these streets are located in former Confederate states, though some are also found in California and Massachusetts, as well as a number of Midwestern and Western states that had not been created before the U.S. Civil War.

Green et al. looked at homes with similar features and characteristics.

“The discount in prices for homes on Confederate-named streets is geographically variable. In states that make up the former Confederacy, the effect is more muted at around two percent,” he notes. “And in some states where you find the most Confederate memorials, there may even be a fraction of a percentage point boost in sales for properties on streets with secessionist names.”

Beyond the South, the “Confederate discount” effect is notably more visible. The

debate around changing U.S. street names has gathered momentum, with some 1,400 streets still named after Confederate figures. Discussion, however, has focused on what Green calls the “principled reasons” for name changes–arguments that may or may not stack up favorably against the cost of changing signs.

This new study lends more economic clout to the cause of revising street names in the U.S.–albeit that the effect is more pronounced in Democratic-voting areas or areas with a higher share of Black or highly educated residents. “In these places, sales on streets with Confederate names dipped even further, going for eight percent less on average, and this is particularly noticeable after events that have shone a spotlight on race inequity or white supremacy in the U.S.”

Leo Barcellos 22PhD, Assistant Professor of Accounting at

P. Carey School of Business, Arizona State University

Do Executive Accents Matter?

WHEN INVESTING in a company, many factors come into play. Company performance and overall market sentiment are critical. Equally important is investor belief in a CEO’s abilities. But how does a CEO’s accent influence potential investment? Do CEOs with foreign accents fare better or worse with shareholders?

Schaefer Chaired Professor of Accounting Kathryn Kadous and Leonardo Barcellos 22PhD, assistant professor of Accounting at W. P. Carey School of Business, Arizona State University, created a novel hypothesis based on conflicting stereotypes from the CEO position and nonnative accents. They reasoned that

the stereotype-reconciliation process–the way people accommodate incompatible stereotyped perceptions to form a consistent impression of nonnative accented CEOs–might yield counterintuitive results.

“Specifically, we hypothesized that stereotypes attached to nonnative speakers–that they’re less educated or advantaged–would in some way compete with the way we (stereotypically) see the figure of the CEO as someone powerful, successful, and of high-status,” explains Kadous.

Using recorded earnings calls performed by actors with a nonnative accent or a standard American accent, the study yielded compelling results.

of all companies in the U.S. and more than 11 percent of Fortune 500 firms are run by foreign-born chief executives.

“Across the board, we found that investors were more positively disposed to CEOs with foreign accents. When we asked them to describe a CEO based on hearing the individual speak, investors used 2.5 times as many positive adjectives and qualifiers to describe nonnative-accented individuals versus native speakers.”

—Leo Barcellos 22PhD

Their research revealed:

> Investors are 36 times as likely to describe the CEO as having “exceptional traits” when the CEO spoke with a nonnative versus U.S. native accent.

> Investors infer that the nonnativeaccented CEO must have exceptional characteristics thus explaining how a member of a disadvantaged group rose to a top management position. They see the nonnative group as having “worked their way up the ladder.” The qualifiers they use include “hardworking” and “integrity” and increasing the perception for workers that “they’ve been there, too.”

> Investors are a stunning 33 times more willing to invest when they are encouraged to form an impression of CEOs who speak with a nonnative accent, such as when the company reports poor performance or “bad news.”

So how can leaders use these findings?

Barcellos explains, “Our research shows that accented managers should not be reluctant to speak up or step forward in key meetings, for fear of being judged poorly on their accent.” Kadous stresses the imperative for boards and senior decision-makers to guard against discrimination in appointing and retaining top executives—especially when times are tough and performance suffers.

Kathryn Kadous, Schaefer Chaired Professor of Accounting and Director and Associate Dean of PhD Program

W.

David Schweidel, Professor of Marketing

Morgan Ward, Assistant Professor of Marketing

Unattainably Perfect

FILTERS, ADOBE PHOTOSHOP, and other digital tools are commonly used by social media influencers. These celebrities or individuals hold great sway over online audiences.

Instagram has come under growing scrutiny by the media in recent years for promoting and popularizing unattainably perfect, unrealistic representations of influencers. What’s less understood is the appeal and the actual effect that these digitally enhanced images have on followers–particularly in terms of people’s feelings of self-worth and mental wellbeing.

A study by Goizueta Business School’s David Schweidel and Morgan Ward sheds light on the real-world impact of digital enhancement.

Across five studies with a broad sample of participants and using AIpowered deep learning data analysis to parse individuals’ responses, Schweidel and Ward unearthed insights around the lure of idealized images and the negative “downstream consequences” they have on other users’ self-esteem.

“Going into the research, we hypothesized that micro-influencers who digitally manipulate their images, offering unrealistic versions of themselves, would be more successful at engaging with other users, getting more follows, likes, and comments. We do find this to be the case, but that’s not

all,” says Schweidel. He and Ward also discovered that when users are exposed to these kinds of images, they make comparisons between themselves and the enhanced influencers; comparisons that leave them feeling lacking, envious, and inadequate.

In terms of mental health and wellbeing, this is alarming, says Ward.

“Our research shows unequivocally that when followers consume idealized versions of popular figures on social media there is a social comparison process that results in these users experiencing negative feelings and a substantial decline in their state of selfesteem.”

Based on these insights, is Meta–the owner of Facebook and Instagram–likely to take action to limit the use of digital enhancement on its platforms and apps? Unlikely, say Schweidel and Ward.

“Meta seems to be fully aware of the deleterious effects that Instagram has on its users. However, the success of Instagram–and that of the brands and influencers that appear on the app–is fueled by increased consumer engagement: the very engagement this kind of digital enhancing of images drives. So, there is incentive to maintain practices that keep users engaged, even if there’s a trade-off in terms of their emotional and mental health.”

Social media influencers can digitally enhance their images to present a false sense of perfection to users.

Unpacking the Innovation Process

HAVE YOU EVER LOOKED at a table or chair, stool, or other household item and thought, “Can I use this another way?”

If you have, you might be an innovative hacker, someone who operates from a

product-first search process, which is the opposite of the “classic” method of problem solving.

Tian Chan, assistant professor of Information Systems & Operations

Management, worked with long-time friend and fellow innovative researcher Shi Ying, assistant professor of information systems and analytics at the National University of Singapore, to figure out if this nontraditional way of thinking is more effective.

And they used IKEA furniture as the basis for their research.

“Problem-first searching is the ‘classic’ way we think about problem solving. It starts with a problem, such as needing a swing, before identifying possible solutions, like a person turning an IKEA stool into a swing,” explains Chan. Whereas product-first searching “starts with a product in mind,” such as an IKEA hacker having a stool and wanting to make it into something different, then “searching through alternative needs” to identify the most viable option for the stool’s new life.

Ultimately, the research, which involved hours upon hours of searching for examples of IKEA hacking, revealed that the traditional, problem-first thinking remains the most effective way to both solve a problem and create a novel, new use for an item. However, product-first searching presents many opportunities for creative uses of everyday things.

IKEA hacking is popular for a few reasons: The furniture is ubiquitous, inexpensive, and usually requires selfassembly, says Chan. It’s this self-assembly aspect that invites novel uses for common items. During his research, Chan uncovered examples of people taking an IKEA coffee table, flipping it upside down, and attaching it to the ceiling for pets to perch from.

This same method of problem solving created the jogging stroller, says Chan. It just took one frustrated parent to invent a more useful stroller for runners.

Problem solvers and hackers unite: creative ingenuity and adapting existing products for new uses have fueled a movement.

“Companies should look toward users if they wish to more effectively identify novel uses for their existing products,” says Chan. “Users are endowed with such a large variety of interesting problems that we expect they can uniquely generate exaptations–or new uses–from a problemfirst perspective.”

Tian Heong Chan, Assistant Professor of Information Systems & Operations Management

The Journey of an Idea

CREATIVITY IS THE LIFEBLOOD of innovation and cuttingedge business. During a recent Goizueta Effect Podcast, Jill Perry-Smith, senior associate dean of strategic initiatives and professor of Organization & Management, spoke about her decades of work at the intersection of creativity, innovation, and business.

Creativity may come naturally for some, but everyone has the capacity to develop a creative skillset.

When we think of creativity, we think of artistic expression. In the workplace we think of breakthroughs in technology, but some of the most important creativity has to do with problem solving. In today’s flexible workspace, creativity is rewarded and encouraged.

Each new idea takes a bumpy journey as it evolves, often cycling back and forth as novelty wears, obstacles arise, and risks become clear. Though circumstances may be different, each idea journey shares distinct phases.

In the generation phase, innovators need inspiration. Sharing ideas with strangers rather than friends can be beneficial and can facilitate open-mindedness.

During the elaboration phase, creators need support and encouragement to develop their ideas. Deeply analyzing the idea with one or two other people as opposed to sharing it with a larger collective is most valuable.

While in the promotion phase, influence and reach are critical due to the risk associated with the idea and its lack of precedent. This is the time for resource gathering and professional networking.

For the implementation phase, shared vision and trust are needed. At this point, a cohesive team with a shared north star can drive success.

So how can a business facilitate workplace creativity? PerrySmith recommends the following:

> Encourage creativity and innovation in your workplace. Make simple changes to the way your organization and teams operate, and always ask for more problem-solving alternatives. More alternatives lead to variety and creative solutions.

> Be collaboratively flexible, and reduce conformity. Think of teams as a tool that is helpful when necessary.

> Always consider novel approaches. Don’t overlook the “creative nuggets” that arise from the idea journey.

LEARN MORE: Faculty Professorships

Jill Perry-Smith, Senior Associate Dean, Strategic Initiatives and Professor of Organization & Management

CLASS NOTES

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The bride and groom celebrate their May wedding with Goizueta family and friends. Hannah Tarrien 17MBA and Steven Blackmon 17MBA 18MSBA (at center) met at Goizueta while pursuing their graduate degrees. On the left side of the image are Alex Dorf 15MBA and Erin Dorf 17MBA, Kevin Manion 17MBA and Lauren Manion, Francisco Rignanese 17MBA, Gabriela Valera 17MBA, Anna Selser 17MBA, Jane Cole 17MBA, Simone Brathwaite 17MBA. On the right side are Brody Craven 17MBA and Michelle Craven, Arielle Ennis 16MBA, Neil Yarbrough 17MBA and Ruschelle Leone, Jay Huntley 17MBA and Brooke Huntley, Patrick Seamens 17JD/MBA, Priyanka Sohani 19MBA and Raymond Persaud 17MBA, Madison Seamens 17MBA, and Kim Walter 17MBA.

70s

1970 s

Stephen Filreis 77BBA of Rochester, NY, joined SimpleFI Solutions as solutions director— planning, analytics, and consolidations.

Harold B. Yellin 82JD/MBA of Savannah, GA, selected for The Best Lawyers in America 2022.

Carol Goodman 87BBA of New York, NY, elected to Herrick Feinstein LLP’s Executive Committee.

Influence Lifetime Achievement Award.

Ashley Glazebrook Preisinger 96MBA of Atlanta, GA, married in October 2021.

80s

1980 s

Juanita Lee Woodward 80BBA awarded the 2021 HERo Award, Trailblazer of the Year by the American Chamber of Commerce, Singapore.

Michael Gibbs 81MBA of San Antonio, TX, retiring after over 20 years as general counsel and executive vice president in the food industry.

Douglas Randolf Hooker 87MBA of Atlanta, GA, inducted to the Georgia Trend Hall of Fame, received Dean George Griffin Community Service award for Georgia Tech alums.

Barry Silbert 98BBA of Stamford, CT, named one of the top five most influential cryptocurrency personalities of 2021 by AnalyticsInsight.net. Barry is CEO of Digital Currency Group.

90s

1990 s

Shantella Cooper 89C 95EvMBA of Atlanta, GA, received Atlanta Business Chronicle’s Women of

Jared Langus 99BBA of Los Angeles, CA, joined ECG Management Consultants as partner and leads the firm’s M&A practice.

00s

2000 s

Kim Tyson Chenevey 02Ox 04BBA of Atlanta, GA, received the Oxford College William Norton Outstanding Alumnus/a Award.

Ying McPherson 04BBA of Atlanta, GA, featured on Atlanta Business Chronicle’s “40 Under 40” list. Ying is CSO at Unifi.

Daniel Gordon 99C 05MBA of Atlanta, GA, received Executive Championship–Small Company Category at Atlanta Business Chronicle’s Leaders in Corporate Citizenship Awards.

Eric Hagen 04Ox 06BBA of Atlanta, GA, and his wife, Shannon, welcomed their baby daughter in June 2021.

Brian R. Zager 06BBA of Los Angeles, CA, married in September 2021.

Jared Susco 07MBA of Philadelphia, PA, is CFO of radiology oncology at University of Pennsylvania.

Jon Keen 11MBA of Atlanta, GA, featured on Atlanta Business Chronicle’s “40 Under 40” list. Keen is head of business development at Treaty Oak Clean Energy.

Christopher Coggins Whitworth 08BBA 14MBA of Atlanta, GA, married Jamie Schletter 08C in May 2021.

IN MEMORIAM

Will Gallagher III 09BBA of Savannah, GA, selected for “Ones to Watch” list 2022 in corporate law.

Brian Rudolph 12BBA of Boston, MA, married Marlee Julian Madora 14C in August 2021.

Tony Lombardo 13BBA 21MBA of Atlanta, GA, married Shifali Baliga 11C in July 2021.

Alexandra Kletz Klein 15BBA of New York, NY, married in August 2021.

Joonki Noh 15PhD of Beachwood, OH, is a tenured associate professor at Case Western.

2010 s

10s

Evana Oli 10MBA of Atlanta, GA, named to the Forbes 1,000 list highlighting entrepreneurs and small business owners for her company, Beautiful Curly Me.

Sean Joyce 12EvMBA of Decatur, GA, is vice president of engineering at Waystar.

Adam Bates 15BBA of Atlanta, GA, married Brenna Bocinsky in September 2021.

Jason Ehrlich 15EvMBA of Atlanta, GA, and wife Kelly welcomed their first child in October 2021.

Sarah E. Seyler 15BBA of Boston, MA, and Joseph M. Gerth 16C 18PH married on October 22, 2021.

Adrienne Vinson Waddey 09Ox 11C 18MBA of Atlanta, GA, welcomed a daughter in December 2021.

Samantha Armstrong 18Ox 20BBA, Bob Bowen 68MBA, Bill Brown 43BBA, Jim Brown 48BBA, Alan Burnham 55BBA, Stella Caffrey 82EMBA, Jim Carson 61BBA, Wence Cerne 53BBA, Steve Corbett 02EMBA, Ian Crystal 03MBA, Blair Curtis 87EMBA, Ross De Vuyst 67MBA, Beverly Drake 75BBA, Paul Ellingson 92MBA, Alan Flury 73MBA, Susan Foster 71MBA, Ernest Garrison 53BBA 56MBA, Dallas Gay 63BBA, Matthew Gillett 03MBA 03M 06MR, Mike Glover 88EMBA, Leon Goldstein 47BBA, Meryl Greenberg 89MBA, Charles Gruehn 69MBA, Leslie Hansen 76BBA, John Heaton 74MBA, Harold Hellickson 67MBA, Bunky Henderson 74MBA, Ronald Jackson 66BBA, Kembrel Jones 00MBA, Thomas Jones 80EMBA, Bill Jordan 53BBA, Jim Leathers 60BBA, Tom Lipford 38Ox 40BBA, George Lumpkin 57MBA, Jennifer Marzano 97EvMBA, Jim McKinnon 53BBA, John McNatt 54BBA, Theodore Micka 82MBA, Rex Miller 64MBA, Malcolm Minsk 50BBA, George Morris 57BBA, Bob Paddison 49BBA, John Palmer 67MBA, Eric Pelve 03EMBA, Sam Peppas 69BBA, Paul Pritchett 01MBA, Tom Rains 80EMBA, Mark Shriver 73MBA 81L, Meck Stockton 58BBA, Tim Sturm 00EMBA, James Tanner 95EMBA, Bryce Terrell 53BBA, Bill Van Pelt 50BBA, Jay Waite 74BBA, Bill Werner 63BBA.

GOIZUETA MOURNS THE LOSS OF B. KEMBREL JONES

B. Kembrel Jones 00MBA died suddenly of a heart attack on May 13, 2022, at the age of 62. Jones was dedicated to education. He earned an undergraduate degree from the University of North Alabama, a master’s and doctorate from Harvard, and an MBA from Goizueta. Jones served in many roles in higher education, including director of alumni relations and annual giving at University of North Alabama, assistant director of admissions at University of Miami, and associate dean of the MBA program at Goizueta. He finished his career in education at Wharton School of Business as deputy vice dean of student life.

Jones mentored countless students and dedicated his life to the mission of the advancement of higher education and helping others excel in life. In honor of a great leader, mentor, friend, and the ultimate cheerleader, Goizueta Business School is fundraising $250,000 for the endowed B. Kembrel Jones Leadership Scholarship.

The recipient will be a second year Two-Year MBA student who enhances the Goizueta Business School experience for the entire community. This person will share the traits that made Jones such an amazing person and leader: intelligence, empathy, tenacity, enthusiasm, positivity, and the ability to make everyone around them better.

I am consistently gratified that our alumni never say no to sharing their knowledge and paving the way for the students that come after them. The commitment and impact of the Goizueta alumni network is mind-boggling, and I believe it is our greatest asset.

Andrea Hershatter Senior Associate Dean of Undergraduate Education

Goizueta Business School gave me the most mission-critical skills I needed to make a major pivot in my career and my life in general. And I know by giving back, I am continuing that same chain reaction for others who want to be the change.

Angela Fusaro MD 01C 17EMBA CEO Physician 360

I feel it is my responsibility to give back to the community that poured so much into me. I credit much of my personal and career success to the skills I learned and the people I met during my time at Goizueta. I support financially because I want to be a catalyst in making dreams come true for our future generation just as alums did for me.

Jason Harlow 10BBA 14MBA Senior Finance Director at Hewlett Packard Enterprise

When creating the Laurie Manning Scholarship Endowment, in honor of our late friend Laurie Manning 16MBA, we received nothing but support from alumni across many classes and from the Goizueta staff. By donating to this endowment, we are not only able to honor our late friend’s memory, but also to give back to the Goizueta student population.

Brittany Moore 16MBA Senior Manager, Social and Political Policy at eBay

I am a proud graduate of Goizueta, and my wife and I are excited to give back to the school. Emory and Goizueta have provided us with a platform to learn, grow, and thrive.

Jim Dinkins 92EMBA CEO at Honey Baked Ham

2O36 inspires investment in people for the benefit of people, bringing the Emory community together to build on our mission to serve humanity through knowledge. Defining the future of business requires the best partners.

Campaign Goal = $160M Amount raised to date: $100,041,701 (63%)

To date,

alumni

have

contributed 18% of overall funding

The Power of a Gift to Goizueta

Give to support:

$5,000: 5 student fellowships with the Center for Entrepreneurship & Innovation

$10,000: 1 student experience at the Goizueta Advanced Leadership Academy

$15,000: 2 student trips with the Global Experiential Module

$30,000: 6 student fellowships with the Business & Society Institute

$60,000: 1 student BBA tuition & fees (for 2022-2023 academic year)

$150,000: 1 student Two-Year MBA tuition & fees (for 2022-2023 academic year)

LEARN MORE: Goizueta’s 2O36 strategic giving priorities.

Up Close and Personal: Dean Gareth James

He’s a genius with numbers, and formulas are his love language. For researcher, teacher, and scholar John H. Harland Dean Gareth James, tapping into his creative, mirthful, and optimistic outlook is second nature.

Get to know the new Goizueta dean:

50/50: He’s spent half of his life in his homeland of New Zealand and the other half across the planet here in the U.S.

20,000: An award-winning scholar and researcher, he has published extensively in the areas of functional data analysis and high dimensional statistics. His work has been cited approximately 20,000 times.

8 a.m. vs. 8 p.m.: He prefers morning hours over a late night.

4 in his family: His immediate loved ones include a biostatistician, a STEM-loving college club athlete, and an aspiring coder and robotics expert.

#1 on his bucket list: Winning Wimbledon, but he’d be content with watching a final live.

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