EBM INSIDER Written & edited by King’s Economics, Business & Math students
Why Brexit and Where Are We Now? Basic Income A Trip to Europe International opportunities await! A Few Golden Moments with Ms. Carol Stephenson
Volume 2 June 2017
4 Letter from the Editors
5
C O N T E N T S
Alumni & Department Announcements
6
Department Chair Report
8
International Student Essays
12
Faculty Research
13
Why Brexit And Where Are We Now?
15
Economics Thesis Preview 2017
20
Professor Profiles
24
Basic Income
25
Student Profiles
29
International Student Profile
32
A Trip to Europe
33
International Opportunities Await!
34
Academic Event Highlights
38
Speaker Convention 2017
39
Annual EBM Career Day
40
A Few Golden Moments with Ms. Carol Stephenson
41
EBM Spark – King’s for a Day
42
Alumni Profile: An Interview with Chris Campkin
43
In Memoriam: Jae-Dong Han
44
Their Top Picks & Student Awards and Recognition
45
BMOS Student Named One of Five Top Students in Great Canadian Sales Competition
46
Games
Letter from the Editors
To our readers, This year has been especially challenging for many. As a community, we have experienced some losses, but have also celebrated many achievements and memorable moments. This EBM Insider issue will focus on showcasing the hidden gem of a community that exists within the King’s University College environment: one that works to accomplish any given goal, strives to succeed against any barrier, promotes teamwork, and provides opportunity. As always, the efforts and dedication of our writers and photographers throughout the academic year are nothing short of inspiring. We have worked hard to ensure this issue is relevant and enjoyable. Happy reading! Sincerely, Ester Gerassime and Ruta Tewari Ester Gerassime is in Honors Specialization in Economics, with a Minor in Math. She is in year 4. Ruta Tewari is a 2017 graduate of MOS Honors Specialization in Finance and Administration.
4 • EBM INSIDER • June 2017
Alumni & Department Announcements
Marriage Announcement Diana Kudla '07 (BMOS) married Michael Byers (Queen's '07) on June 25, 2016.
Educational Milestone EBM would like to congratulate Christina Janozeski for being accepted to IVEY for Masters in International Business for January 2018.
Extra-Curricular Michael Breech ACS graduate 2005 will be part of Team True Patriot Love in the Race across America taking place in June in support of Canadian Veterans and their families.
Career Announcements Diana Kudla '07 (BMOS) started at University of Toronto on June 6, 2016 working in their career centre as Coordinator, Career Resources. The department is pleased announce that Dr. Joseph Turnbull has been promoted to a full-time teaching position in Math starting July 1, 2017. He received his undergraduate degree in Applied Mathematics from The University of Western Ontario and a PhD from the University of Alberta. He was awarded the Excellence in Teaching Award (part-time) in 2016.
Birth Announcements Professor Hui Feng gave birth to baby David on August 21, 2016. He weighed 8 lbs. and 4 oz. His two brothers are very excited about this new addition to their family. Frank, the older brother, even stayed with Mom and Dad the whole time to witness his little brother's arrival. Professor John Siambanopoulos and fiancée Kirsty Thomson welcomed their first child Nicola Zoe Siambanopoulos on September 28, 2016. She weighed 8 lbs. and 1 oz. and she's perfect. Professor Sunghoon Cho and his wife Sungeun Kim are pleased to announce the birth of their first child Matthew Jaehee Cho. He was born on July 3, 2016 at 3.3 kilos. Baby Matthew Cho EBM INSIDER • June 2017 • 5
Department Chair Report By Dr. Peter Ibbott Department Chair, EBM and Associate Professor
We are determined to make sure that all members of our community, past and present, will be able to participate in what we are building.
ver the past year, we have set in motion a number of initiatives that are aimed towards building the quality of our programs in Business and Economics and increasing our reputation. Our most ambitious initiative is the reorganization of the Department of Economics, Business and Mathematics (EBM) as a School within King’s University College. Our decision to re-brand will have far reaching consequences, redefining what we do as an academic community. In particular, our new organization as a School is intended to assist us in building stronger relationships with our alumni, improve the effectiveness of our high-school recruiting, deepen the engagement and improve retention of our students, increase the impact of our research, and provide better pathways to graduate studies and careers for our students. We are seeking to leverage our strengths to build an international reputation for excellence in our academic programs, our teaching and our research. To be successful, we also need to renew and expand our faculty and administrative support group. This year we have been approved to hire three tenure track faculty members. Dr. Joe Turnbull, who has taught at King’s for several years and has won recognition and awards for teaching excellence has joined our full time mathematics faculty. Dr. Josephine Gemson, a finance specialist with considerable experience in the finance industry will be joining our full time Business faculty. We are also looking for an additional full time economist. Down the road, we have been approved to make two further additions to our Business faculty. With these new hires and with three retirement replacements expected over the next five years, our academic community is growing and undergoing a profound renewal. Finally, to support our ambitious new priorities, we will be opening a
6 • EBM INSIDER • June 2017
new administrative office for the School and increasing administrative staffing in order to implement our bold new vision. The changes introduced in the past year are intended to go beyond our academic programs and faculty. We now have four active clubs that engage our students in social and educational activities outside of the class-room. All four clubs came together to organize our first EBM Gala. It was a wildly successful sold-out formal event with dinner, dancing and awards, and it was entirely planned and organized by the students. What was particularly encouraging is how it demonstrated the possibilities for deepening the student experience of belonging to a unique and transformative academic community with global reach. Next year offers more exciting changes. We will be introducing a new Centre for the Study of Globalization. The intention is for the Centre to support a research seminar series, a visiting speaker series, a visiting scholar program, and a working paper series. This should increase the visibility, reputation and impact of our research in Global Business, Economics, and Finance and provide new opportunities for cross-disciplinary research into globalization with other members of the King’s community. We are also excited to announce our very first EBM alumni event to kick-off Homecoming Weekend. EBM will be hosting a reception in the Student Life Centre on the Friday, October 20, 2017 between 5-8 pm. We are hoping that this will become an annual event and part of a much larger set of alumni events that will develop and strengthen our network of EBM alumni. As we have grown, our alumni community has grown dramatically. We are determined to make sure
that all members of our community, past and present, will be able to participate in what we are building. The Department of Economics, Business and Mathematics has led King’s University College out of our traditional market of Southwest Ontario to compete in the world market. We currently recruit exceptional students from all over Canada and all over the world and we are building a network of partnerships that should see our national and global reach extended. As the Chair of EBM, I am incredibly proud of our progress towards building King’s growing reputation for teaching and scholarship. It is with confidence that I prepare to step down from the position of Chair of EBM and pass on the responsibility of leadership to our first Director of our new School.
EBM INSIDER • June 2017 • 7
International Student Essay: The Chinese Culture of the Pig By Lixuan Yang MOS Honors Double Major in Accounting and Finance Year 2
igs play various roles under different cultural backgrounds, and people’s changing attitudes towards pigs sometimes illustrate the transformation of their social cultures. One of the most interesting items in my home is a two palm-sized mini rubber pig, which has pink skin with dark spots. It looks pretty extraordinary – who has ever seen a pig wearing sunglasses? What is the most interesting thing is that each time the rubber pig’s tummy is squeezed, it gives a loud grunt just like real pigs, and the grunts always rise and fall with the change of squeezing strength. The rubber pig’s grunt is so amazing that it once made my six-year-old brother laugh for a whole afternoon. Anyway, because of its distinctiveness, my father was attracted by it at first glance at a gift store in the United Kingdom, and it has become a superstar in my home ever since. I did not think about pigs that much until one day, my little brother held the pretty toy and asked me why his friends always use sentences like “You are a pig” to describe a stupid person, instead of using “You are a chicken” or “You are a duck”. This problem did corner me for a long time. In fact, in ancient China, pigs did mean good things to people. Just like the popularity of the rubber pig in my home, pigs used to symbolize bravery. According to Fercility (2017):
The quality of men was also measured by the pig (actually the wild boar) hunting activity in ancient times. For example, in terms of the font style, the
8 • EBM INSIDER • June 2017
ancient Chinese character “ ” depicts a man catching a pig with his bare hands. As a result, the Chinese character “ ” means bravery, and those who couldn’t catch a pig were considered to be cowards in ancient times.
The Pig seems docile due to having lost its original nature after being isolated from nature and tamed for such a long time. On the contrary, the wild boar is very violent and well-versed at striking violently; therefore, the Pig symbolizes marching fearlessly onward in the ancient Chinese culture.
Besides that, pigs also symbolize high position and great wealth in ancient China. Pigs have been at the center of Chinese culture, cuisine and family life for thousands of years. Pork is the country’s essential meat (Jiang, 2014). Because of pork’s necessity, the more pigs the ancient Chinese raised in their home, the richer they looked. In addition, pigs illustrate power and glory. In some areas in China, people even sacrifice pigs to their ancestors to show respect and honor. Mailonline 2015 describes such sacrifice like this: “For most of us, the idea of a feast means fine wines and Michelin-star meals. But for some villagers in eastern China, the word means cooked pig’s heads – and a lot of them” (p. 12). Then, getting back to my brother’s question, why people still use the word pig to show their disgust towards lazy people? The image of pigs in most regions of China has been influenced by literate culture. Since one of the most famous novels in China, the Journey to the West was published in 16th century during the Ming dynasty, Chinese children have grown up with it. It describes four monsters’ journey to the west, and one of its main characters is a pig, named Zhu Bajie. According to the website, Cultural China (n.d.), Bajie is described in this way:
Zhu Bajie is a complex and developed character in the novel. He looks like a terrible monster, part human and part pig, who often gets himself and his companions into trouble through his laziness, glut
tony, and propensity for lusting after pretty women. He is jealous of Sun Wukong and always tries to bring him down.
As the representative of pig, the image of Bajie shapes the pig culture to a large extent. And children are the main objects who are affected by the pig culture. As the original book is too long for children to read, many publishers make a shorter version for children. Plaks (1977) states that the degree of abridgment, 30 out of the 100 chapters (which corresponds to roughly 1/6 of the whole text), and excising most of the verse, has led to a recent critic awarding it the lesser place, as a good retelling of the story. I grew up with the short version just as most generations did. Under its influence, pigs played a lazy, gluttonous and stupid role in my heart for years. And this could be the reason why people use pigs to describe those they consider lazy or stupid. Naturally, the image of pigs can be quite different for those who do not have access to Journey to the West. My little brother was too young to know how to read, and the only story he knew about pigs was the three little pigs. In this story, three pig brothers play different roles, and the third pig in the story is pretty clever and hardworking. Thus in my little brother’s eyes, pigs do have positive sides - each time when my brother and I played with the funny rubber pig, he always tried to make it play a role of wisdom and charm, which increased my affection for pigs even more. Although people’s attitudes toward pigs change according to fashion, under some special culture, the image of pigs in people’s hearts is fixed and is hard to change. For example, the Hui people are a part of Chinese population who never have pork on their tables. Hui people have come and settled in China for thousand years, and their ancestors are Central Asian women who were provided to the Zhengde Emperor by a Muslim guard and Sayyid Hussein from Hami (2000). Hui people are culturally and linguistically similar to Han Chinese but as Muslims, they do not eat pork.
Many people claim that Hui people do not eat pork because they think pigs are too dirty to be considered as food. Others hold an idea that in Hui people’s religion, pigs are divine and holy, so people should never treat them as food. Anyway, because of Hui nationality’s special culture, Hui people have become a rare part of Chinese population who refuse to eat pork. And out of respect, most other Chinese even avoid referring to pigs in front of Hui people. All in all, pigs do play various roles in people’s lives, and the transformations of our social and literate trends enrich the culture of pigs. In the long run of history, the image of pigs resonates with cultural developments throughout human history - the symbolization of pigs has changed with human civilization from wealth, bravery and glory into laziness, gluttony and stupidity, and it is still varying and developing as time goes by. We never know what roles pigs will play in the future, but we do know that whatever they play, their image will represent our new civilization.
References Zhu Bajie. [Wikipedia entry] (n.d.) Retrieved from http://history.cultural-china.com/en/171H15215H16481.html The three little pigs [Wikipedia entry]. (n.d.). Retrieved from https://en.wikipedia.org/wiki/The_Three_Little_Pigs Jiang, X. (2014). Empire of the Pig. The Economist. 105, 1-2. Chow, E (2015). Hogging the limelight: Chinese villagers host traditional ancestral sacrifice with a feast of hundreds of pig’s heads. Mail Online. 12, 5-6. Zhang, F (2017). Chinese Zodiac Pig Symbolize What in Chinese Culture? China Highlights. 90. 36-39. Plaks, A (1977). The Journey to the West by Anthony C. Yu. MLN, Vol. 92, No. 5, Comparative Literature. Naquin, S (2000). Peking: Temples and City Life, 1400-1900. University of California Press. pp. 213 Hui people [Wikipedia entry]. (n.d.). Retrieved from https://en.wikipedia.org/wiki/Hui_people#cite_note-Naquin2000-114
*This essay was written in Writing 0002 to allow International students the chance to learn how to write for business.
EBM INSIDER • June 2017 • 9
Traditional Chinese Patent Medicine: from Fallacy to Science By Yue Wang (Alicia) MOS Honors Double Major in Accounting and Finance Year 2
raditional Chinese patent medicine is a sort of medicine made of effective ingredients extracted from plants and other materials that constitute traditional Chinese medicine (TCM). All medicine under this category is being sold under the supervision of the Institute for Drug Control after passing medical tests. Though TCM has existed for several thousand years, Chinese patent medicine did not appear until the contemporary age. In fact, they are involved in every corner of my childhood memories. That is not because I had to take them for the sake of my health, but because of my mother’s occupation—she works as a licensed pharmacist at a traditional Chinese patent medicine department of the Institute for Drug Control. What she and her colleagues do is analyze ingredients of traditional Chinese patent medicine, estimate their content of effective components, and determine whether they are qualified for sale. While working, she met my father who used to work as a pharmacist for a medical corporation. I remembered the scent of herbs in her office and medicine boxes of all sizes at my home. They are the initial motivation of my interest in TCM. When I was young, I tried to learn about the whole industry and its products that related to my parents’ career, because I hoped to get closer to them. The way pharmacists created and mass-produced “traditional Chinese patent medicine”, and brought it into people’s homes is inevitably accompanied by questions related to its effectiveness resulting from studying such an uncultivated field, and therefore the significance of their efforts should be recognized and appreciated. For a long period, TCM was the only treatment for Chinese people. However, their impression towards TCM began to change when western medicine was spread by medical missionaries in China during the 1800s. Scholars like Dr. Hobson found that medical material in China “includes some items of great use, and some of no use at all” (Unschuld, 1985, p.237). Findings like this appeared rapidly during the time when the western influence spread rapidly, while people who desired reform of China saw TCM, which was a combination of truth and fallacy, as a symbol of old inefficient traditions and turned to western medical theories. One of the Communists, Tan Chuang even termed Chinese medicine the “collected garbage of several thousand years” in 1941 (Unschuld, 1985, p.251). Besides, as Mann F. (1969) 10 • EBM INSIDER • June 2017
mentioned in his review of the book Traditional Medicine in Modern China: Science, Nationalism, and the Tensions of Cultural Change, the writer of this book, Croizier, and many other people believed that “TCM’s objective therapeutic value is nearly nil, that it is practiced in China because there are not enough Western doctors available, and that it is used for political propaganda”. Until now, some Chinese still believe the same as Croizier’s opinion, and see Chinese patent medicine as the same thing as TCM. However, I was born in and lived with a family that appreciates the medical effectiveness of TCM. Moreover, I myself have benefited from the “collected garbage” several times. One of the traditional Chinese patent medicines I have taken a lot to treat recurrent dyspepsia and duodenal ulcer is called He Wei Zheng Chang Wan. Constituted by demulcent extractions of belladonna, Chinese cinnamon and clove (“Zheng Chang Wan”, 2017), it helps me a lot with my stomachache as well as my poor appetite as the medicine still retains the smells of those plants. When I was smaller and suffered from severe indigestion, I would rather eat nothing but pills like it because they are the only comestible things which made me feel better. As relative of a Chinese pharmacist, what I see in where my mother works—the Institute for Drug Control—makes me believe that Chinese patent medicine is made under the prospective of modern chemistry. Every time I enter the floor where my mother’s department is, I am astonished by the fact that traditional medicine is actually being combined with modern chemistry. There are rooms full of electronic analytical instruments and glassware like flasks, test tubes and condensation tubes, with traditional herbs and patent medicines lying in rooms on the other side of the corridor. Through my perspective as a three-year-old child at that time, the traditional and modern were mixed, with people in white gowns talking and investigating herbs, with effective ingredients named by Chinese words combined with chemical terms (e.g. tanshinone), and with spicy scents of herbs being interwoven with sharp smells of chemical reagents. While the term “TCM” always inspires people to imagine ancient eastern spirits of herbs and harmonies, modern chemistry is, in this way, being combined with traditional medicine.
Therefore, when I first saw the announcement that states TCM and patent medicine are not scientifically effective on the Internet, I felt extremely surprised. In order to figure out the exact reason why TCM and patent medicine are not welcomed among those Chinese cementers, I read their comments carefully and found out that most of them were educated and thus made their comments under the basis of the western medical system. Nevertheless, they did not recognize that what constitutes Chinese patent medicine are those effective ingredients detected by modern scientific methods. That is, use the pharmaceutical analysis method to figure out what chemical constituents in TCM are making what kind of effect. One of the well-known examples of this is Artemisinin, which is now a standard drug used for Plasmodium falciparum malaria treatment (“Artemisinin”, 2017). Discovered and proved effective by Youyou Tu, it is a chemical derived from a common herb which has been used to treat malaria in TCM for more than two thousand years. This discovery was later awarded with the Lasker Award in clinical medicine in 2011 and the Nobel Prize in Physiology or Medicine jointly with William C. Campbell and Satoshi Ōmura in 2015(“Project 523”, 2017). What Tu did to find and extract Artemisinin is the same as what pharmacists do to find and extract effective ingredients in plants and other natural resources recognized as TCM, while the extracted effective ingredients are used for patent medicine making. This proves not only the Chinese patent medicine effective, but also efforts of scholars respectable. It might be because of the captivating glimpse of machines and tubes and the scent of herbs from my childhood memories, I once considered choosing pharmacy as my major and future career, but only received my mother’s disagreement because “that is laborious to pursue”. That is true. She has been keeping a routine of getting to work at 8am and going back home after 9pm for many years. Besides, I was told that pharmacists have to design different chemical methods depending on which exact effective ingredients they are to extract, and repeat the same experiments again and again to verify efficiency and safety of
the methods they come up with, before the extractions are used to manufacture patent medicine. Then, the journey patent medicine takes to people’s homes begins with the acquisition of raw materials. As Liu, Wang, Kong, Nie, and Lin (2012) did in their experiment, almost all manufacturers nowadays would then immerse grind raw materials in chemical solvent like ethyl alcohol after being titrated to make the effective ingredients out from raw materials into solvent, followed by a purification process where solvent is concentrated or recovered, leaving effective ingredients alone for further blending and reshaping. (Pan, Gu & Chen, 2000, p.71-79) At last, a small amount of these finished products would be transported as samples to the Institutes of Drug Control. Though a person like me is not able to enter those pharmacists’ laboratories, I got many chances to see their analysis reports because of my mother. Unusual chemical terms like “liquid chromatography” and corresponding patterns of color bars occupied quite a few of the reports. Later, I learned those strange patterns came from the solvent of herbs or patent medicines, and pharmacists can tell the content of their effective ingredients by data and patterns given by electronic machines. Level of bacteria is also a substantial index to ensure they are not only harmless but also effective for patients who are in need. After the final analysis, these drugs are allowed to be sold, and eventually would come to people’s homes. TCM and patent medicine has developed under effort of early respectable scholars and pharmacists of today like my mother. I feel thrilled to expand what I know about my mother’s work to a larger field of medicine manufacturing and realize the importance of her work, along with my respect and pride towards her career and traditional Chinese patent medicine growing. Though I did not pursue the road of pharmacy, I think I can still take advantage of my understanding of traditional Chinese patent medicine industry and discover an intersection between it and my current major, to help the industry in which my mother has been making great effort.
References Artemisinin. (2017). In Wikipedia. Retrieved from https://en.wikipedia.org/wiki/Artemisinin Ho, P. Y., & Lisowski, F. P. (1997). A brief history of Chinese medicine (2nd ed.). River Edge, N.J: World Scientific. Liu, X., Wang, Y., Kong, J., Nie, C., & Lin, X. (2012). Application of ionic liquids in the microwave-assisted extraction of quercetin from Chinese herbal medicine. Analytical Methods, 4(4), 1012-1018. doi:10.1039/c2ay05834k Luo, G., Wang, Y., & Rao, Y. (2000). Progress of Modernization in Chinese Traditional Medicine and Patent Medicine. Chinese Traditional Patent Medicine, 22(1), 71-79. Mann, F. (1969, January). [Review of the book Traditional Medicine in Modern China: Science, Nationalism, and the Tensions of Cultural Change by Ralph C. Croizier]. The China Quarterly, (37), p. 148. Pan, J., Gu, Z., & Chen L. (2000). New Method for Preparing Spherical Pills of Chinese Herbal Medicine Extractions. Chinese Traditional Patent Medicine, 22(3), 181-184. Project 523. (2017). In Wikipedia. Retrieved from https://en.wikipedia.org/wiki/Project_523 Unschuld, P. U. (1985). Medicine in china: A history of ideas. Berkeley: University of California Press. Zheng Chang Wan. (2017). In Baidu baike. Retrieved from http://baike.baidu.com/link?url=3ldvPsgvgi1-JRQVNE_te_6yCuIU1GSARcDiMaXOuvJf21w3UyI-thpVjLFYanm61tF34AAPkNjGfReq4umQlXWfAopEXnh8QcaeXJyQ6DrLMPGfpGowOvKp67GB19V9
*This essay was written in Writing 0002 to allow International students the chance to learn how to write for business. EBM INSIDER • June 2017 • 11
Faculty Research This year’s research highlight is once again Dr. Grigori Erenburg. He has had a very busy 2016, having had two articles published while still maintaining a full teaching load. Below are the abstracts of his two most recent projects:
The Case for Product Placement (2016) Ekaterina V. Karniouchina, Mills College Can Uslay, Rutgers University Grigori Erenburg, University of Western Ontario
Abstract
The authors expand on the managerial implications of research that examines the economic value of product placements in movies over four decades. In an event study, they find a positive but inverted U-shape relationship between cumulative abnormal stock market returns and year of movie release and a similar pattern for tie-in advertising campaigns. Using contemporary and quintessential examples for illustration, they make recommendations to boost placement efficacy and conclude that it is important to recognize the enduring effectiveness of the many forms of product placement (e.g., alternative, reverse, category, destination) across multiple platforms in a changing marketing landscape. “There is no advertising, marketing or consumer-driven media tactic that can match the durability, consistency or growth trajectory of product placement.” Patrick Quinn, CEO & CCO PQ Media1 Fun Fact: “Wilson” the volleyball (Cast Away) was nominated for an MTV Movie award and won the Critics’ Choice Award in 2001.
12 • EBM INSIDER • June 2017
Which institutional investors matter for firm survival and performance?
Grigori Erenburga (a), Janet Kiholm Smith (b), Richard Smith (c). (a) King’s College, University of Western Ontario, Canada (b) Robert Day School of Economics and Finance, Claremont McKenna College, United States (c) A Gary Anderson Graduate School of Management, University of California, Riverside, United States Article history: Received January 19, 2016 Received in revised form May 25, 2016 Accepted May 26, 2016 Available online July 1, 2016
Abstract
Using data that spans three decades, we assess the diverse roles of institutional investors in impacting survival and performance of chronically underperforming firms and contrast the results for consistently overperforming firms. We find material differences in investor roles and investment returns between these samples. Differentiating among institutional types, controlling for prior performance and attrition bias provides insights unattainable by examining aggregated holdings. For underperformers, results are negative for activist pension funds and long-term institutions, positive for activist hedge funds and short-term institutions, and mixed for institutional blockholders. © 2016 Elsevier Inc. All rights reserved.
Why Brexit And Where Are We Now? By Joseph Kahenga HSP in Economics Year 4
n the last couple of months, controversies surrounding the US presidential elections have slightly diverted the public's attention away from Brexit. On June 23rd of 2016, Great Britain democratically expressed its choice to disaffiliate from the European Union after a national referendum, during which the "Leave (EU) campaign" won the majority with roughly 52% of the votes (BBC, 2016). Among the most poignant arguments articulated by the Leave Campaign, concerns about the state of the economy, and the sovereignty of the country, were the most decisive in actuating a vote to exit the EU. The EU as an entity had chaotically failed to address the economic turmoil Europe had been in since 2008. For instance, a 20% unemployment rate in Southern Europe and growth rates timidly surpassing 0.5% in the Euro Zone (Trading Economics, 2017). In the face of such economic stagnation, British opponents of the EU feared their nation would follow the EU's lead. Thus, for them, this had nurtured the necessity to disembark before the EU suffers a tragic economic shipwreck. On the other side of the spectrum, the "Remain (in EU) Campaign" did not formulate a persuasive case since in the minds of the Brexit supporters, remaining would be comparable to saying in a sinking ship. (Mauldin, July 2016). Furthermore, the rise of nationalism across the globe did not do justice to the Remain Campaign. After WWII, there has been a growing sense of distrust in multinational institutions such as IMF, NATO, and EU. Opponents of these international structures argue that these organizations are useless in solving, or simply addressing, the issues of the countries that they claim to represent. Moreover, these organizations tend to affect the sovereignty of individual nations by taking control away from the nations that constitute them. For example, each country in the EU is subjected to the EU's open borders policies to facilitate mobility within the EU jurisdiction. Unfortunately, Europe has recently been challenged by an immigration crisis of a significant amplitude. The free movement policies of the EU—and therefore the inability of the British government to address and solve the domestic immigration issue—paved the way for the Brexit situation (Mauldin, July 2016).
Prior to and after the referendum, Brexit has faced several severe criticisms from economists and political figures, especially regarding the consequences it would have on the fate of UK’s economy and its trade relationships. One of the more prominent criticisms of Brexit theorizes that breaking off with the EU would deprive the UK of the propitious environment for trade it enjoys under the status-quo rules. Hence, outside of the EU, the UK would have to engage in a series of negotiations. This is primarily due to the fact that the UK does not have its own "schedule of tariffs, commitments on services and agricultural subsidies". These elements guarantee legal action under World Trade Organization settlement rules (Giles, June 2016). It has now been almost a year since the Leave vote and many may wonder how the economy has fared so far. This question can be answered by paying close attention to the evolution of five important economic variables; namely, the growth rate, currency, interest rates, trade, and employment. The first quarter of 2016 reported a slow-moving economy at only 0.2%, UK's lowest quarterly economic performance since 2012. The second quarter culminated at 0.6%. After Brexit, UK's third and fourth quarters’ performance of 2016 triumphed above market expectations and delivered a solid 0.6% and 0.7% expansion, respectively. The referendum did not seem to have a considerable effect on the strong performance in the service industries. Projections for 2017 using an Auto-Regressive Integrated Moving Average (ARIMA) model illustrate an overall downward trend for UK’s economic growth rates in 2017, starting at 0.5% in Q1 and ending with 0.3% in Q4—its lowest quarterly growth rate (Trading Economics, 2017). The currency was one of the first economic parameters to be almost immediately affected by the referendum. In fact, the Pound plunged against the dollar after vote results. By the end of the day of the referendum, one Pound fetched about $1.4883 USD. At the end of the following day, the Pound took a heat and depreciated to $1.3694 USD—roughly 8% in currency depreciation in just one day (Pound Sterling Live, 2017). The fall persisted for months to the point that it led to a EBM INSIDER • June 2017 • 13
commercial dispute between Tesco and Unilever, its biggest supplier. Unilever wanted to raise the price of its products to compensate for the drop in the value of the Pound. Tesco resisted the move and decided to temporarily remove Unilever’s products from its website (BBC, October 2016). On a positive note, the UK’s tourism sector benefited a lot from the weaker sterling as it made the UK a cheaper touristic destination. Indeed, “ForwardKeys”, a travel analytics company, reported that flight bookings for arrival to the UK boosted by approximately 7% after the referendum and over a period of 28 days (ForwardKeys, August 2016). The stock market also greatly benefited from a weaker sterling. London’s FTSE 100, a stock composite index of the UK market, had a strong year closure in 2016 with a record high, and up 14.4% during the year. Additionally, FTSE 250, which is generally perceived as a better proxy for the UK economy since it includes more domestic-focused firms, finished 2016 with 3.7% higher than FTSE 100 (BBC, January 2017). Since the referendum, the Bank of England engaged into expansionary monetary policies to stimulate the economy. In August 2016, the Bank of England reduced the interest rate from 0.5% down to 0.25%, establishing a new historical record low and a first interest rate reduction since 2009. Indeed, after the referendum, the Bank of England announced that it will carry out a quantitative easing programme that will inject £70 billion and an additional £100 billion in the economy to force commercial banks to bequeath the low interest rates to households and businesses (BBC, January 2017). The fall in the value of the Pound sent shock waves to UK’s balance of trade, which has historically been mostly in deficit. In June, during the month of the referendum, the UK ran a trade deficit in goods and services £5.1 billion wide. However, in October following the Leave vote, the deficit narrowed significantly to about £2 billion. The falling sterling made British-manufactured goods relatively cheaper to other countries, which caused exports of these goods to rise by 10.3%. The currency effect had the opposite effect on imports, which fell by £1.8 billion, as explained by the Office of National Statistics (BBC, January 2017). The issue is that
sharply higher import prices would significantly raise the cost of production inputs, especially for the manufacturing industry, and would in return inflate expected prices. This deep concern over the repercussions of rising import prices on the costs of production is revealed in a large survey of British business leaders. They are concerned that inflation represents a real threat to growth because these higher costs of production reduce profit margins and narrow future investments (Inman, January 2017). Months following the Brexit vote showed a lot of positivity for the labour market. By August, excluding bonuses, wages were on the rise from 2.1% in July to 2.3%. Moreover, employment figures were very promising, they reached a record high of 74.8% (Inman, October 2016). However, by November, Britain’s labour market already started to show signs of deceleration. Statistical evidence suggests that the decline in unemployment rates (following the Leave vote) was principally driven by a decline in the number of people seeking jobs than by an increase in employment. The number of self-employed workers who work more than 16 hours a week, part-time employees, and temporary workers dramatically dropped by a total of 144,000 in the three months leading up to November. Furthermore, a senior policy analyst, Laura Gardiner, argued that wage growth will face rapid changes as inflation takes effect (Inman & Monaghan, January 2017). Even after almost a year, uncertainties regarding the Brexit vote still have not cleared out from the economic and political sphere. Although formal negotiations about departure from the EU have not yet been initiated, things are already set in motion as UK’s Prime Minister Theresa May continues to meet with EU leaders. The government has not yet articulated in detail what it expects from negotiations in respect to differences in free trade and immigration policies. Lastly, EU leaders have said that some protocols, such as Article 50 of the Treaty of Lisbon—which describes the required procedure to leave the EU—must be activated in order for negotiations to begin (BBC, January 2017). In the meanwhile, the economy continues to fare with a lot of uncertainty in a post-Brexit and Trump-presidency era.
References EU Referendum Results. (2016). BBC. Retrieved February 22, 2017, from http://www.bbc.com/news/politics/eu_referendum/results Euro Area GDP Growth Rate | 1995-2017 | Data | Chart | Calendar | Forecast. (2017). Retrieved February 22, 2017, from http://www.tradingeconomics.com/euro-area/gdp-growth Forwardkeys - Brexit Bookings Bounce. (2016, August 08). Retrieved February 22, 2017, from http://forwardkeys.com/revenue-management/article/brexit.html Giles, C. (Ed.). (2016, June 27). Brexit in seven charts — the economic impact. Financial Times. Retrieved February 22, 2017, from https://www.ft.com/content/0260242c-370b-11e6-9a0582a9b15a8ee7 How has economy fared since Brexit vote? (2017, January 17). BBC. Retrieved February 22, 2017, from http://www.bbc.com/news/business-36956418100 Inman, P. (2017, January 05). UK economy ends 2016 on high – but rising import prices starting to bite. The Guardian. Retrieved February 23, 2017, from https://www.theguardian.com/ business/2017/jan/05/uk-economy-ends-2016-on-high-but-rising-import-prices-bite Inman, P. (2016, September 19). UK employment rate at record high despite vote to leave European Union. The Guardian. Retrieved February 23, 2017, from https://www.theguardian. com/business/2016/oct/19/uk-employment-rate-at-record-high-despite-brexit-vote Inman, P., & Monaghan, A. (2017, January 18). UK labour market shows signs of slowing. The Guardian. Retrieved February 23, 2017, from https://www.theguardian.com/business/2017/ jan/18/uk-unemployment-falls-economy-brexit-pay-growth Mauldin, J. (2016, July 05). 3 Reasons Brits Voted For Brexit. Forbes. Retrieved February 22, 2017, from http://www.forbes.com/sites/johnmauldin/2016/07/05/3-reasons-brits-voted-for-brexit/#1c8e60f578c1 Pound Sterling LIVE: Forecasts, News, Exchange Rates. (n.d.). Retrieved February 22, 2017, from https://www.poundsterlinglive.com/ Tesco removes Marmite and other Unilever brands in price row. (2016, October 13). BBC. Retrieved February 22, 2017, from http://www.bbc.com/news/business-37639518
14 • EBM INSIDER • June 2017
Economics Thesis 2017 By Ester Gerassime
Marcus Calloo
Name: Marcus Calloo Age: 22 Program: Honors Specialization in Economics Year: 4 Marcus Calloo began his post-secondary, academic career at King’s University College as a recruit for the Western University Men’s Basketball Team. Originally from Windsor, Ontario, Calloo decided to enroll in the Business program at King’s. After taking an economics course as an elective in his first year, his newly-discovered interests led him to switch into the economics program. For his thesis, Calloo chose to focus on income inequality, naming his paper: “The Determinants of Income Inequality in Canada and the United States”. With the help of his supervisor, Dr. Ayoub Yousefi, he uses a cause-and-prevention analysis to better identify the determinants of income inequality. His research also consists of regression analysis using Generalized Method of Moments (GMM). “[This] topic is extremely compelling to me as I have witnessed firsthand the potential challenges and disadvantages that children may experience when growing up in a lower income or single-parent household.” Calloo’s findings suggest that technological advancements, globalization, the costs of education and its impact on skill premium between tertiary educated and non-tertiary educated workers, as well as increasing household debt, have a significant and positive effect on income inequality within Canada and the United States. He believes that, “obtaining these results would be highly beneficial in identifying effective economic and political policies that will work towards eradicating income inequality.” On the other hand, he goes on to explain that his research was not without challenges. Calloo explains it can be difficult to remember the entire thesis-writing process as a learning experience as opposed to a requirement for the work to be of publishable quality. The pressure throughout researching and writing can sometimes discourage a student; but, he notes the importance of using this experience as preparation for graduate school. After graduation, Calloo hopes to use his experience to work towards building his career in the banking industry; more specifically, at the Central Bank of Canada working with monetary economic policy. Moving forward, Calloo hopes to obtain a Master of Financial Economics (MFE) at the University of Western Ontario or at the University of Toronto.
16 • EBM INSIDER • June 2017
Syed Abbas Rizvi
Name: Syed Abbas Rizvi Age: 21 Program: Honors Specialization in Economics with a Major in Finance Year: 4 From Lahore, Pakistan, Syed Abbas Rizvi first moved to Canada in 2013. When looking for a university to apply to, Rizvi was very intrigued by the cultural diversity and good connections King’s had to offer; hence, his decision to attend King’s University College in 2014. He is hoping his Canadian education at King’s will open more opportunities for a career that will enable him to support his parents and younger siblings. For his thesis paper, Rizvi chose to extend a 2005 paper entitled: “An Analysis of the Labour Productivity Growth Slowdown in Canada Since 2000.” More specifically, he chose to focus on Canadian-U.S. productivity in the business sector and began collecting data from 2005 and onwards. “Being able to have Dr. Peter Ibbott, an esteemed professor, as a supervisor was extremely helpful. This is the first time we are doing a paper like this, so you definitely need all the help you can get.” Rizvi used both trend analysis and ran regressions using time-series data. His current findings suggest that U.S. productivity has declined in the last decade. He also used his research to attempt to empirically identify factors, such as exports as a percentage of GDP and total number of hours worked, that might have affected labor productivity growth in Canada in the last 30 years. Moreover, Rizvi adds that further research may include looking at the empirical relationship between a country’s standard of living and productivity. Although the research process is often difficult, he believes the experience is worth it. “The overall process was hectic, long, tedious, tiring, but it’s very informative because you read a lot of past research and existing journals. Research skills are crucial for graduate school; and can help with data mining or any analysis-based jobs down the road.” After graduation, Rizvi plans to work at a financial institution and hopefully one day start his own wealth management firm. His current advice for students: “Just do it! A lot of people are too scared and intimidated by having to do a thesis in their fourth year. But, just make sure you pay attention to second and third year econometric courses, and choose a topic you enjoy.”
EBM INSIDER • June 2017 • 17
Daichi Matsui
Name: Daichi Matsui Age: 25 Program: Honors Specialization in Economics Year: 4 Born and raised in Tokushima, Japan, Daichi Matsui came to Canada when he received an acceptance letter to study at King’s University College in 2013. His decision to attend King’s was based on his desire to attend Western University, but experience the benefits of small classes, a friendly environment, and the opportunity to interact with professors on a frequent basis. For his thesis, Matsui chose to look at sports economics; more specifically, major league baseball player salaries. When asked his reasons for choosing his topic, Matsui explains, “I like sports and I wanted to connect something I liked with economics.” Under the supervision of Dr. Glen Copplestone, his thesis work consisted of doing regression analysis and estimation using Generalized Least Squares (GLS) to test which factors played a significant role in determining a baseball player’s salary. He predicts that fielding statistics are not as important as batting statistics. A common struggle for international students when completing their thesis is the English barrier associated with the writing aspect. Matsui shares that it helped to have many friends who could edit his work, but notes that The Write Place is also an option. Despite this challenge, he shares that the overall experience was rewarding and helps students better prepare for graduate school. Moreover, Matsui gained valuable skills like time management, organizational skills, and analytical skills—all of which are important for any career. When asked what his suggestions and advice are for future students when writing their thesis, he explains, “Do something that interests you. If you are doing something you are not interested in, it can be extremely stressful—you need to spend so much time on the work, but you aren’t enjoying it.” If possible, Matsui also suggests students try and prepare during the summertime, such as beginning to collect datasets, in hopes that it will save valuable time for finding a good regression model to fit the data. Upon graduation and completion of his undergraduate degree at King’s, Matsui will be returning to Japan to begin a career in the automobile industry. On a final note, he adds that, “going to King’s was one of the best decisions I have ever made.”
18 • EBM INSIDER • June 2017
Andrew Neuman
Name: Andrew Neuman Age: 28 Program: Honors Specialization in Economics Year: 3 An important aspect of an Honors Economics degree involves understanding how to do and present research. A third-year course that helps students achieve this is Research Methods 3313. For their research paper, students were asked to do research on any topic of interest. Andrew Neuman—a student with some of the best research—decided to write his paper on player salary in Major League Baseball, looking specifically at how players are paid with respect to their playing statistics. The following is his abstract:
Revisiting the Moneyball Hypothesis - Abstract By: Andrew Neuman
Michael Lewis made the claim in his book Moneyball that players who are paid the most are not necessarily generating the most wins for their respective teams (Lewis, 2003). This was important because it meant that teams could exploit this and purchase players who generated wins for a bargain price. In their paper, “An Economic Evaluation of the Moneyball Hypothesis,” Hakes and Sauer (2006) found that the Moneyball effect existed between 2001-2003, and was largely corrected for in 2004. The purpose of my paper is to reevaluate the existence of the Moneyball effect between 2011-2014. In order to approach this problem, I will use the same method Hakes and Sauer used in their paper, but with more recent data. In order to analyze the existence of the Moneyball Effect they used two models. The first model shows the relative importance of on-base percentage, and slugging percentage in terms of generating wins. The second model shows the relationship between on-base percentage and slugging percentage in terms of a player’s salary. Using ordinary least squares to estimate these models, I was able to conclude that the Moneyball effect had been corrected for from 2011-2014. This implies that it is unlikely that teams can exploit this method to find and acquire undervalued players.
EBM INSIDER • June 2017 • 19
Professor Profiles
Dr. David Meredith By Ruta Tewari
Professor Meredith has been a cherished member of the King’s faculty since 1989. As a student, he took up theoretical physics since he preferred the mathematical aspect of applications in Physics. He then went on to pursue his undergrad at Western and his MSc and PhD at Western’s Department of Applied Mathematics. Back then, as a recent PhD, Professor Meredith had not quite planned to teach as a career. But when he was asked to temporarily teach math at King’s, he knew this would be an interesting challenge, since most students who took up his math class only opted for it due to module requirements. He knew he had to make sure his students felt welcomed and comfortable and teach them the material in a way that their minds could easily grasp. Teaching a majority of students without a math background motivated him to structure the course material in a way that could easily be accessed by them. This method also helped many realize that math was a subject that was doable and required critical thinking skills, just like any other subject. Along with the presentation of the course material, Professor Meredith also acknowledged the advantages of studying in an environment such as King’s. “There is an element in the environment that is welcoming. King’s is a very caring environment. We watch out for our students as best as we can.” He further pointed out that its small classroom sizes make it relatively easy for students to interact with their professors, not feel anonymous in a crowd, and easily form lasting friendships with their peers. Moreover, he believes learning critical thinking skills from math can make students realize that it has a charm of its own. “In the end, understanding the process and applying it is more important than getting the right answer. Mastering the critical thought process is key,” he emphasized. As much as he advocates for students to be enthusiastic towards learning math, Professor Meredith also has a fascinating collection of books, which he recommends to every student. He believes that reading these books can help one not only appreciate math, but also the world, how it operates, and how their presence plays a role in it. ‘Infinity and the Mind’ by Rudy Rucker, ‘Thinking about Mathematics’ by Stewart Shapiro, and ‘Proof’ a play by David Auburn are some of his top reads, to name a few. He pointed out that liberal arts institutions, such as King’s, take pride in teaching and enhancing critical thinking skills in students. In turn, he believes that students must absorb these skills both because they have been taught for centuries and because their application in mastering and understanding almost anything in life are still, and will always be, immensely relevant.
EBM INSIDER • June 2017 • 21
Dr. Trevor Hunter By Ester Gerassime
Part of a valuable education experience often involves a meaningful connection with and understanding of your professors. Dr. Trevor Hunter is a business professor at King’s University College and has been teaching for almost 15 years. He began his academic career with an Honors Bachelor of Arts degree in Sociology from King’s. In 1997, he completed a Master of Business Administration (MBA), and in 2005, a PhD, at the Richard Ivey School of Business. In addition to his position at King’s, Dr. Hunter works with many non-profit organizations. He sits on the board of the King’s College Foundation, is a member of the Governance Advisory Committee for the Ontario Association of Children’s Aid Societies, chair of the Governance Committee of the MiddlesexLondon Board of Health, and he co-founded and is Vice-Chair of the board of the Air-show London. Like many, Dr. Hunter ended up pursuing a career very different from the one he first set out to study as an undergraduate student. However, he always knew that his interests and passion revolved around understanding the complexity of the world. “I always loved the big picture; [namely], international business. This is what led me toward strategy and corporate governance. I love thinking about how everything is interconnected—looking at the implications and effects of every decision.” As a student, he worked at a restaurant, then at the Bank of Montreal, and eventually as a research assistant at Ivey. He recalls how his experience as a student in Dr. David Conklin’s business class was both enlightening and inspirational. Dr. Conklin taught a course called Global Environment of Business at Ivey and provided the opportunity for Dr. Hunter to work for him as a research assistant for two years. Despite his work experience and interests in business strategy, he still did not know what he wanted to do upon completion of his MBA. While other students were being offered jobs with extremely high signing bonuses, Dr. Hunter questioned his career prospects. “I had no idea what I wanted to do. I had zero job offers. Zero prospects. And I’m here thinking I am screwed. I’ve got nothing. 22 • EBM INSIDER • June 2017
So, I thought, what am I going to do? I remember sitting in David Conklin’s class and thinking, you are changing me, and what an amazing feeling that was. It was incredible to see how this one man was affecting the lives of so many students. I thought, well, why don’t I do this? I wondered how I could do that—and this was the closest I have ever been to having an epiphany.” While working on his PhD, he began working as a part-time professor at King’s and was later hired as a full-time professor in 2003. Since starting his teaching career, Dr. Hunter has influenced the lives of many students and continues to strive towards helping them reach their fullest potential. When asked about his favourite part in teaching, he shares, “It’s the students. I love teaching and that’s because I love interacting with the students. I am hoping that they feel what I felt when I was in Dr. Conklin’s class. But, I [also] love seeing them after they graduate—seeing what they’ve accomplished is so rewarding. It’s such an honour to be thanked by students who have graduated and went on to do incredible things.” Dr. Hunter uses the well-known case-method in his classes. He explains that he has two jobs: teach students the course content as well as how to be a professional. “A professional always seeks excellence and ways to do things better”. He argues that simply knowing about a subject is not enough; one should understand how to add value. “Being able to add value to your organization, your clients, your boss, your employees, your colleagues, your classmates, in any situation, is the most important skill to develop, and that starts with looking at your academic career as a professional. If students develop the habits of a professional at King’s, they will continue those behaviours in their work career.” Moreover, Dr. Hunter encourages students not to let the ability to choose from so many different career choices become paralyzing. “I tell students to ask themselves what they like to do, then try and find jobs that allow them to do what they like, and finally, look for the right companies. I call it 'focusing and zooming'.
Study and research companies that interest you for your class projects. Contact someone who does the job you want to do and buy them a coffee to find out what they do. Refer to the projects about the company for which you are interviewing during a job interview and you will impress the recruiters.” While the goal for many students is to attend Ivey, Dr. Hunter insists that King’s is the best school for an education in business because the professors are truly caring and willing to help students achieve success. Although business may not be for everyone, Dr. Hunter also believes everyone should study a bit of management. He explains that non-profit organizations need people who understand how to manage, inspire, lead, understand strategy, how to plan, as well as how to allocate resources appropriately – many of the skills students can develop through BMOS
courses and programs. “People often bristle at the notion that non-profit should think in terms of ‘management’ or ‘business’, but I have worked with many non-profit organizations and in times of reduced funding and increased accountabilities, and I have seen the benefits management training provides to their operations and clients”. Regardless of what program a student may be in, it is important not to underestimate the true value that can be discovered in the BMOS programs at King’s. Each of the professors are willing to help their students succeed even beyond the classroom. Through his continuous efforts, passion, and determination to teach students, Dr. Hunter is a clear example and reminder of this mission.
Dr. Mohammad Ghaziaskar By Alonso Garcia
MOS HSP in Finance and Administration Minor in Political Science Year 4 Dr. Mohammad Ghaziaskar is the new Econometrics and 2nd year Macroeconomics professor at King’s. He completed his PhD in Economics at Waterloo University where his main research work was Econometrics and Macroeconomics. He was also a part-time Professor at Waterloo while he studied there. Professor Ghaziaskar was studying civil engineering when he decided it was time to pursue his passion in Economics and Management. “I just kept going until my Masters and then decided to go ahead with my PhD”, he explains. As a professor, he believes that the importance of the material must be emphasized to students in order to best teach them and that learning becomes easier when there is an interest in the topic. His thoughts on life after school are also very practical. “You must be challenged to be prepared for what comes after school”, says Dr. Ghaziaskar. Professor Ghaziaskar further explained that Econometrics courses are a helpful tool for career success. “People say that accounting is the language of management but Econometrics is the tool”, he reiterated. He believes that for the job market, Econometrics is what gives one an advantage to compete. According to him, data extraction and data interpretation is the fastest growing market for Economics students and having these skills will always be useful. As a final note, he wants all students to know they must never limit themselves and always aim high in life. This is Professor Ghaziaskar’s first year teaching at King’s and his dedication to the success of his students is an asset to the future of the King’s community.
EBM INSIDER • June 2017 • 23
Basic Income By Ian Lees
MOS SP in Finance and Administration Year 3
here are very few things in life that are able to cause feelings of both hope and anxiety as thoughts of the future. Hopes for that first job out of college, paying off your student loans, maybe a car, house, spouse, wedding, maybe kids, whatever one’s life goals may be. Unfortunately, a number of these dreams could be dashed by the rise of automation. It is coming soon, and it is coming to more than just manufacturing jobs, according to a study done by researchers at Oxford University and Deloitte. Similar studies show that more than 40% of jobs within Canada are at risk of automation within the next 10-20 years. If these jobs lost to automation are not replaced with newer ones, the level of unemployment will be devastating to both the Canadian economy and Canadian quality of life. While this may be a worst-case scenario, thought should still be put in towards figuring out ways to alleviate the harm that can be caused by automation. One proposal is the implementation of some form of basic or guaranteed income. There are many forms basic or guaranteed income can take, but in essence, it is an unconditional payment from a government to all citizens or residents. Additionally, most basic income models propose payments large enough to live modestly without the need to be employed as well. How exactly a basic income will affect the economy is not currently known as there is insufficient real world data to draw from, but there are a few ideas about what might occur. First, jobs that have more intrinsic value to workers will become more in demand as income becomes less of a motivator. It is assumed that this will cause a decrease in equilibrium wage for these types of jobs, while also increasing the equilibrium wage of jobs that have low intrinsic value. Basic income is also expected to have a minimal effect on inflation. Most plans to fund basic income come from a combination of redistributing current social programs that are in place as well as potentially raising taxes rather than simply printing more money. Prices of basic goods and services are also not expected to increase with the implementation of a basic income due to a combination of individuals expected to have more leisure time which will allow them to seek out less expensive goods or possibly even begin to compete with these businesses. Luxury goods are expected to increase in price; however, as the purchasing power of most households is expected to increase, the demand for these goods and services will also increase. As previously mentioned, this is mostly educated speculation as there is not enough real world data to base these projections on. Fortunately, in an uncharacteristic stroke of good foresight, the Ontario government is actually planning on implementing a study of the effects of a basic income. The proposed plan is to select three locations around Ontario, one southern, one northern, and one indigenous community. The plan is to provide all individuals who agree to take part in the study with a basic income at a rate of 75% of the Low Income Measure (the LIM is calculated as 50% of the median income for an area), or a minimum of $1,320 for individuals, for a minimum of three years. This is a laudable project that will provide invaluable data to many economists and other social scientists around the world for years to come.
24 • EBM INSIDER • June 2017
Student Profiles
Casey Severini By Alonso Garcia
Casey Severini will be graduating this year with an Honors Specialization in Finance. Originally from Bermuda, Casey chose to study at King’s University College in 2014. His interests in the field of business eventually directed him towards the Finance program. “I came to realize my love for finance in the summer after my first year at King’s. One of my close friends and I began to educate ourselves in capital markets and managing our own money.” Casey also explains that the BMOS program at King’s is very beneficial and that he enjoys evaluating companies and different financial markets such as stocks, bonds and derivative securities. “My experience at King’s has been incredible. Everyone is friendly, the professors are readily available to meet and the small classroom sizes allow students to feel like their input is being heard”, he explained. Casey has been a hardworking student since the beginning of his time at King’s. He received the King’s University College Entrance Scholarship and has maintained the average required for the continuing scholarship. He has also made the Dean’s Honor List throughout his four years in his bachelor’s program. Along with maintaining a stellar academic record, he is also President of the King’s Investment Club (KIC) and a dedicated member of the Western Flag football team. In the future, Casey plans to get a Master’s in Business Administration (MBA).
26 • EBM INSIDER • June 2017
Joanna Fuller By Ruta Tewari
Joanna started her undergraduate career always knowing she would be pursuing a Masters in Library and Information Science (MLIS). Her next decisions then depended on her figuring out which courses would be best suited for this endeavor. She decided to pursue courses that would allow her to enjoy learning. As a result, Joanna picked courses in the management and accounting field at King’s. Joanna could not have made a better undergraduate decision. Over her four years at King’s, she not only excelled in all her courses, but she also decided to change her major to an Honors Specialization in Accounting. She describes her in-class experiences as high quality and well organized with the relatively small classroom sizes allowing student teacher relationships to develop, being able to approach her professors and having them available for her questions. Joanne also ensured her extracurricular activities were strategic and focused so as not to take away from her school work. Her involvement with KAMP, the BMOS club, the Accounting club as VP of Finance and regular volunteering at church allowed her to balance her daily schedules without overdoing any one category of work. Joanna attributes her ability to prioritize to her parents who have always been her greatest motivators and influences. It is therefore no surprise that her consistent efforts have earned her the Honorable Mr. Justice John Kennedy Award for Excellence in her 2nd year, the Jeff R. Wouters Award for the highest average in her 3rd year and the MOS Academic Award in her 4th year. The next steps for Joanna include graduating in the spring, soon after which she would begin work in the fall at KPMG, where she interned the previous summer. Although she recalls feeling very much at home working at the King’s library, she is also very excited to begin this new chapter after her undergraduate career. As a final thought, Joanna reiterated her gratitude for all the excellent support she received from her professors and even more so for her four memorable years at this great institution.
EBM INSIDER • June 2017 • 27
Jun Xiong By Ruta Tewari
Originally from Jingmen, located in the Hubei province of China, Jun came to Canada in 2009 and decided to enter the MOS program at King’s. After his first year, and having worked for his parents’ business back home, he quickly realized that his strengths lay in the financial side of the business world, leading him to pursue an Honors Specialization in Finance and Administration. Jun expressed his appreciation for every moment spent at King’s, from studying with peers in the library to socializing with friends through the King’s EconoMath Society (KEMS) at King’s. Furthermore, he pointed out that the small classroom sizes provided comfort, but also encouraged him to break out of his comfort zone to approach professors. Jun believes the courses provided in the MOS program are a good introduction to concepts but believes could be even better if accompanied by co-op placements and/or internships that allow students to observe and apply the concepts for a wholesome understanding of the lessons taught in class. Nevertheless, Jun believes that even 20-30 years later, he will still fondly recall his time spent at King’s and the great friendships he made. His greatest influence, both academically and personally, were the teachings and guidance of the late Professor JD Han, whom Jun held in highest regard. “Just put in some effort”, said Professor JD Han to Jun one day as he struggled to understand a book. To Jun, these were the most “life changing” words that had ever been spoken to him as he realized that following this advice proved he would get something out of it. Until then, Jun mentions not being very confident about his own strengths, which Professor JD Han helped him realize. With such supportive and friendly people by his side, along with an environment that he says always made him feel at home, Jun aspires to further his knowledge in finance through a Masters in Financial Economics at the University of Western Ontario or a Masters in Financial Risk Management at the Rotman School of Management. To date, Jun has received an entrance scholarship and was on the Dean’s Honor List in his 3rd year. As parting words, Jun expresses that “it is not about being successful or competing in this world, [rather, it is about finding] your position in it. And everyone will find his or her position one day. Never give up!”
28 • EBM INSIDER • June 2017
International Student Profile: Jihuai Yang (Even) By Ruta Tewari
For Even, a 2+2 student from Chongqing, China, every moment here has been a life changing experience. The natural vigor in his personality coupled with a kind and determined spirit has made him appreciate his time at King’s for the past two years. Currently finishing his Honors Double Major in Global Commerce and Finance, Even was initially unsure of what he really wanted to accomplish with this degree. Having done several internships back home, which involved analyzing stock market trends, Even knew he wanted to apply this knowledge in a more practical fashion. His meetings with his guidance councilors at King’s encouraged him to be more competitive and to learn more about different cultures. He later toured Mexico and North Europe, and described his experiences as being a window to learn about others’ lives and in turn, learn more about your self. Even will also be visiting France and Spain on a student trip through his MOS 3390 class during the February reading week. However, beyond visiting different countries, Even pointed out that his most meaningful trip occurred when he toured Taiwan on his bicycle. This tour not only allowed him to explore a new city and its culture, but also gave him a sense of accomplishment at the end of each day. For Even, every experience made him grow and mature on a “spiritual and emotional level”, for which he expressed his heartfelt gratitude to King’s. As if being on the Dean’s Honor List, joining a break dancing club at main campus, and touring the world was not enough, Even was equally dedicated in volunteering at St. Joseph’s hospital care taking for senior citizens, and visiting the Church every weekend. He recalls realizing the importance of
this life and the preciousness of every moment as he sat one day to feed a senior patient. “I realized that life is too short and we should experience more while we are young.” These experiences also made him realize that his heart belonged to his family and that in the end, no amount of traveling could ever replace the special bond he holds with them. When asked what he would miss most after graduating from King’s, Even could not be more thankful to his professors at King’s, whom he could meet as often as necessary. The welcoming and friendly environment at King’s also helped him overcome homesickness and feelings of loneliness and channel them into motivating himself to be a better student every day. In the near future, Even hopes to gain valuable work experience at PwC during the summer and will go on to begin his Masters in International Business at Queen’s University in the fall. He is very excited about pursuing this degree as all his past experiences have made him confident in his ability to be valuable and efficient in the business world. For future international students planning to come to King’s, Even would like to convey that “even when you feel alone, you must fight the loneliness like a warrior, be brave, be involved in the local lifestyle and try hard to leave your comfort zone.” He believes this is the main purpose of the 2+2 program and that challenging ourselves every step of the way will be the most nurturing and fulfilling experience we can give to ourselves. EBM INSIDER • June 2017 • 29
International Student Profile: Olivia (Mingxia) Ma By Natalie Garrison HSP in Social Justice & Peace Studies Major in Political Science Year 4
Program: Two Plus Two Program in Financial Management at DUFE and Honors Specialization in Finance at King’s University College Year: Four One of many things which sets King’s apart is its partnership with two universities in China: Dong Bei University of Finance and Economics (DUFE) and the Chongqing Technology and Business University (CTBU). Through this partnership, students from China can complete a four-year undergraduate program, also known as a ‘two plus two.’ The first two years of this degree take place in China at either DUFE or CTBU and the following two years are in London, Ontario at King’s or Huron University College at Western University. Olivia (Mingxia) Ma is graduating from the two plus two program in April 2017. Queen’s University has accepted her into the Masters of International Business program, where she will study starting in September 2017. In addition to studying in Canada and China, Olivia traveled with King’s to France and Spain to learn about the business models of different companies in those countries.
When you were deciding on universities as a high school student, why did you choose the two plus two program? When I was in high school, I didn’t know about the two plus two program at the time. I had dreams of studying abroad for my graduate studies after my undergraduate degree. I wanted to study accounting at DUFE because it is close to my home and the campus is beautiful. I began by studying sociology, but then the university introduced me to the two plus two program. My parents encouraged me to take this opportunity because the school makes the travel arrangements for you. So, I changed my degree part-way through my first year. I would highly recommend the two plus two program to high school students. This program is an amazing opportunity because it gives students a strategic advantage. 30 • EBM INSIDER • June 2017
What are some of those advantages? When you graduate, you get two degrees! My Western degree is easily recognized by employers in Canada but I still have the option to work in China with my degree from DUFE. But, in any country, it looks impressive to have two degrees on your CV. When we were studying in China, our professors prepared us for the adjustment of coming to Canada. For example, they would lecture in Chinese but the slides and textbook would be in English. The language skills definitely helped me make the most of my time in Canada. Also, just like at King’s, the class sizes in this program are very small so you feel like a family. Feelings of loneliness at university is common, whether you travel overseas or not. Our class of thirteen could really trust and turn to each other. We let each other know about fun events in London and worked together on homework! Small class sizes also let you get to know the professors as people. These interactions are important because they form a relationship that motivates you to learn more about the subject. I also like that we receive feedback from our professors right away, rather than waiting in a class of hundreds of students.
How did the collaboration between your two universities affect your undergraduate experience? In the months of May and June before we left for Canada, we got to experience what the format of lectures would be like at King’s. In those two months, four professors from King’s came to DUFE and CTBU to teach four full-year courses: Introduction to Business, Microeconomics, Macroeconomics, and Organizational Behaviour. It was a lot of hard work, but when we came to King’s, we appreciated seeing the familiar faces! At DUFE, [there was] one person who helped [with all the arrangements] which was a big relief. [The same person also] interviewed you to see if you were a good fit.
How did the two years at a Canadian university differ from your school experiences in China? The two schools teach very differently. In the first two years of my degree, we were learning the basics and so our classes were mostly lecture-based. Those lectures really prepared me for my upper years. In these past two years, I was introduced to the concept of formula sheets being provided on some exams! Also, I had never had a portion of my marks based on class participation! There are many more group projects and presentations here. I got used to telling people who I am and what I have to offer to the group. While King’s has exams every week, in China there was one big exam at the end of the school year. I had to get used to studying much more often.
Are there any habits that you learned in Canada that you will take with you going forward? Smiling as a sign of respect was one of the first things I noticed about Canada! I appreciate knowing what habits will be well-received by people in different cultural contexts because I can adjust my behaviour and fit in better. I was surprised by how direct Canadians are when they give feedback. Canadians will openly say what they truly feel about your work. I am used to Chinese culture when people who disagree with you often beat around the bush or say that they agree with you when that is not how they feel. I do not think that I will change fully to one style of communication or another. If I were to tell a Chinese colleague the same things that a Canadian colleague had said to me, they might take it as a sign of disrespect. I will be careful and act based on the context. Studying in Canada, especially working on group projects, has made me be able to voice my opinions in a more direct way. If I think there is something wrong, I will be able to point it out but still in my typical polite and respectful way that I will always keep from my Chinese culture. My Chinese culture helps me to be myself. It’s what I grew up with and what brought me this far!
Why did you choose to go on the MOS3390 trip? Did you find any sights or activities beyond the tourist traps? I always wanted to go to Europe but never had the chance. We did a lot of course work before the trip! But it was worth it. I think that our group of thirty people, led by our two professors Dr. Janczak and Dr. Erenburg, was the best group to go with because we saw a lot of things that I could not have seen if I went to these countries without King’s. The professors prepared everything perfectly. Almost every day we had lectures from companies and small businesses in different fields, like biotechnology, transportation, perfume, wine, and fabric recycling. We got to go on tours and see the production process up close. That was a once-in-a-life-
time opportunity. These companies had connections with the Toulouse Business school in France and their Barcelona campus as well as the ESADE business school in the Ramon Llull University in Barcelona. We would attend lectures at these schools, which some students were considering for their graduate studies, and the welcome groups at these schools would take us on walks around the city. In Spain, we saw artwork by Gaudi, which was the most spectacular thing I have ever seen! We also ate ice cream wrapped around the cone like a rose and went for long walks on the beach. I liked that we could make friends with the business students from those schools.
How did the trip fit with your academic plans? Although we had a lot of fun, the trip was more than just traveling; it was an international business experience. We did a lot of preparation. The thirteen of us in the class were split into smaller groups and we did six presentations comparing these two countries. We read many research reports ahead of time to prepare for it and we each wrote a report of our own comparing how closely our experiences on the trip matched with the research we did prior to the trip. Not only does this look good on a transcript and CV, but I was able to write about the trip when I was applying to different schools for graduate studies. But I think that the best part is that I now have the experiences from the trip. So, when I start my masters program at Queen’s, I will have more to share with others and that is a big advantage. In my graduate studies, I can reflect on and relate my experiences with different cultural contexts and business models to the course content.
What are you interested in exploring in graduate school? My program, Masters of International Business, also has a four-month exchange program opportunity. Afterwards, we have two months to complete a big project. There are many options where I can do this exchange program, including the ESADE business school that I saw in Barcelona! My parents would like me to choose the Guanghua School of Management at Peking University, Beijing. I am still deciding from these options and many more. I am glad I was able to see Europe before making this choice. Unlike Canada, the streets are very crowded and it reminds me of my home city in China. Another great thing about the two plus two program was that one of my friends in this program has been accepted to the same Masters program! He is from CTBU and we went on the trip to France and Spain together. Four other people on the trip were from the two plus two program as well! This two plus two program has introduced me to people that I am sure I will be friends with throughout my adult life. EBM INSIDER • June 2017 • 31
A Trip to Europe By Ester Gerassime Over the reading week break, Professors Dr. Erenburg and Dr. Janczak accompanied a group of students from MOS 3390B to Barcelona and Toulouse on an experiential learning trip. The group was hosted by both Toulouse Business School campuses located in each of the two cities. The students were also given the opportunity to visit several incubators and businesses including: Freixenet; TBS incubator; Airbus, an aircraft manufacturer; Fablab; and Berdoues, a perfume manufacturer.
“During this trip we had the great support of Toulouse Business School. King’s University College signed a cooperation agreement last summer. This was the first opportunity [where] students had the chance to visit two of the TBC campuses and visit companies, research centers and incubators in both Spain and France. Students were also exposed [to] a myriad of opportunities for continuing their graduate studies. King’s students learned about the differences and similarities [between Canadian] and other European cultures.” ~ Sergio JANCZAK “The trip as a whole was a fantastic time. It was effectively organized so that we were able to get a sense of doing business in Toulouse and Barcelona, see the inside operations of a few firms, be exposed to unique postgraduate programs abroad, and still have some free time to explore and experience the cultures for ourselves. Although the trip itself was great, I must point out that one aspect that played a key role in the success of the trip was the awesome group of people (professors and students) I was privileged to be a part of. Overall, it was a horizon broadening trip that opened my eyes to professional life and culture in another part of the world.” ~ Jesse Sims In the future, we hope to see more international experiential trips take place and encourage students to learn more about and take advantage of these international opportunities.
32 • EBM INSIDER • June 2017
International Opportunities Await! By Ester Gerassime
any students—especially those enrolled in the EBM programs—are unaware of the opportunities available to them through King’s. In hopes of better understanding these opportunities, I decided to go on a mission and meet with some of the dedicated individuals who work at the International Office. To my surprise, I discovered the existence of many unique services and programs that may not be all that common-knowledge to the average student. If you are interested in studying abroad, there are programs for you, and if you have any doubts or concerns, the solutions do exist! In general, the King’s International Office is the place for anyone interested in studying abroad. They can help with international student exchanges, summer course programs, and how to access resources to help take advantage of the many opportunities. For Economics and BMOS students, partnerships with over 30 Universities exist in 17 different countries including China, Korea, France, and the United Kingdom. Eligibility criteria to go on an exchange include being registered as a full-time student, having a 70% average, providing a filled exchange application form, as well as an academic reference and transcript. For more information on the courses, universities, culture in which the host university is in, or available scholarships and grants, go to: kings.uwo.ca/current-students/kings-international/. Of course, the other strongly recommended option is to visit the King’s International Office itself located in Alumni Court. Contact Information: Dr. Linda Weber Linda.Weber@kings.uwo.ca 519-433-3491 ext. 4363 Maggie Burton Maggie.Burton@kings.uwo.ca 519-433-3491 ext. 4589
EBM INSIDER • June 2017 • 33
Academic Event Highlights At King’s, there are a number of academic-based events organized by clubs as well as the department to help students better prepare for their exams. Both the BMOS Association and EBM Department organized several exam review sessions for business and mathematics courses throughout the academic school year. The majority of them had high attendance and provided effective support for the students. In addition to review sessions, the King’s EconoMath Society (KEMS) also provided a Mock Exam for ECON 1021, having over 50 participants, and the chance to ask questions from the available tutors.
KEMS Social Events Throughout the year, KEMS hosted several social events including KEMS Wars, a Star Wars themed event; Karaoke Night; and Network & Chill. All the events had well-over 40 attendees and provided the opportunity for both members and non-members to socialize, network and learn about the services that are offered by the club.
KEMS Enrichment Program New to KEMS is the Enrichment Program purely designed to host a series of workshops that focus solely on equipping students with applicable skills for the workplace. This year, KEMS hosted a workshop on R, a workshop for Excel, as well as a workshop on Data Analytics. Students were very pleased with the outcome of the events and had the opportunity to learn more about the technological applications in the current workplace today.
Soft Skills Workshop On October 4th, the King’s Accounting Club hosted a Soft Skills Workshop focusing on personal branding presented by a Chartered Professional Accountant. Soft skills are a combination of communication and interpersonal skills. The goal of the workshop was to provide guests with a better sense of how to present themselves professionally at recruiting and networking events.
34 • EBM INSIDER • June 2017
CPA Event
By Rasmyah Mohammad Social Science, B.A., Year 2 On October 17th, 2016 the King’s Accounting Club (KAC) held their fourth annual CPA (Certified Public Accountant) event in the Vitali Lounge. Of the 30 students who attended, many came from different program backgrounds to explore different options. Under the direction of and assistance from Professor Shawna Weingartner, 20 CPA representatives from different firms including the Big Four (KPMG, PwC, Deloitte, and EY) and BDO were invited as guests to this event. During the CPA event, Karel Zouzal, a CPA student recruiter, gave a presentation on the courses required to apply for their CPA designation. Following the presentations, students were able to network with the CPA representatives to ask questions, gain connections, and further understand what it is like to work in this particular field. Students were also provided the opportunity to determine if this is a career path they wish to embark in the future. Kawther Qadir Agha, President of the Accounting Club, states, “By networking with different firms, students get to know more about their future career and they can find easier ways to pursue their goals, and have an idea of the environment they would be surrounded by in the future. It is a great opportunity to make connections and get job offers if the students are well prepared and show genuine interest in working with the firms since some of them sent out recruiters.”
Kinlin School of Business Information Session
This event proves to be beneficial and successful every year as the available connections help individuals obtain jobs in the future as well as understand exactly what is required for them to be successful when working towards their CPA designation.
By Rasmyah Mohammad
In early November, Fanshawe College held an open house in the Vitali Lounge to offer information about the Kinlin School of Business as an option for graduating students at King’s. Several speakers explained the different fields of business that Fanshawe offers such as Human Resources Management, Marketing Management, International Business, Finance, Project Management, Logistics and Supply Chain Management, Operational Management, and Insurance and Risk Management. Fanshawe’s mission is to further develop their relationship with King’s by allowing King’s students to explore their options at Kinlin. One of the speakers, Minette Klazinga, appealed to students by informing them of the low cost, flexible start dates, and how there is a place for each student that caters to their strengths and degrees. In general, Fanshawe has over 200 diplomas, advanced diplomas, honors degrees, and certificate programs with the largest campus under one roof and approximately 43,000 students who attended the previous year. Western alumnus, Prina Dhawan, stressed the importance of ‘getting your name out there’ by becoming acquainted with the professors who will work with the individual to achieve their goals. Albert Knab, a Coordinator for International Business Management, ended with, “we lived the life and we can bring it into the classroom”. He wished to emphasize that each program at Kinlin has professionals teaching who have had hands-on experience and can incorporate that knowledge into their teaching. He further mentioned that many graduating students often face difficulties in jump-starting their career and that learning in such an environment as that at Kinlin would help students better understand their own skills and ultimately, their desired profession. EBM INSIDER • June 2017 • 35
King’s Investment Kickoff Event By Anna (Xiaoyun) Feng
HSP in Economics HSP and Major in Applied Mathematics Year 4
On November 25th, 2016, the King’s Investment Club held a successful kickoff event in the Vitali Lounge with around 25 attendees. The goal of the event was to introduce the very basics of investment strategy to students and provide an opportunity for club members to socialize and network. During the event, all executives of the King’s Investment Club had a chance to introduce themselves and meet with their members. They discussed different types of theories, tools and methods that were commonly used for analyzing stocks. They also invited Dr. Grigori Erenburg, who teaches Finance at King’s University College, to expand on the topics of investment theories. Along with many other events, the club has been very keen on providing opportunities for its members, who are interested in investing, to learn more about how to make profits using the stock market in different financial areas. Their efforts are sincerely appreciated by the King’s community.
Math Help Centre at King’s By Ruta Tewari Organized and supervised by Dr. Joseph Turnbull, the Math Help Centre has been a popular option for students seeking extra help in first year math courses throughout the school year. It has been in operation for the past several years and continues to provide students with homework help, exam preparation, and review sessions during the school year. Dr. Turnbull, various Teaching Assistants, and other professors are present during review sessions and help the students with answering select problems. The Math Help Centre is a great resource for students as it allows them to see a detailed breakdown of solutions to math problems that they may otherwise not have been able to understand during lecture hours. It is also a great way to learn about the challenges other students run into while doing their homework and further enhances individual study skills in the process.
36 • EBM INSIDER • June 2017
Tim Wasik Presentation By Ruta Tewari
King’s alumni, Tim Wasik received his MBA from the Ivey Business School. After working 12 years at Scotiabank’s Capital Markets division and another 3 years at Barclays he eventually started his own asset management firm in Oakville. Recently, Tim paid a visit to King’s to speak to students about their prospects for the future and the advantages of pursuing various graduate programs. He also walked them through his story and offered advice on how to differentiate themselves to increase the likelihood of landing a job.
EBM Gala
By Ester Gerassime Together with the EBM Department, the King’s EconoMath Society, the BMOS Association, the King’s Investment Club, and the King’s Accounting Club, the first annual EBM Gala was held on Friday, March 24th at the DoubleTree by Hilton. The purpose of the gala was to celebrate the year and accomplishments seen throughout the department. The focus, also, was to revitalize the energy by both students and faculty for the future success of the Economics and BMOS programs at King's. The formal event featured speeches by the Department Chair, Dr. Peter Ibbott, and club Presidents Casey Severini, Ester Gerassime, Harshika Malhotra, and Kawther Qadir Agha; awards and other recognitions; a three-course dinner; lotteries; and a dance.
EBM INSIDER • June 2017 • 37
Speaker Convention 2017 By Xingming Wang and Ying Shi
The King’s EconoMath Society (KEMS), in collaboration with the BMOS Association and the EBM department, hosted the annual Speaker Convention: Keys to a Successful Future on January 27th, 2017 in the Student Life Centre at King’s University College. The event was highly successful with over 80 attendees having the opportunity to listen to five accomplished speakers, network, and learn about different graduate school options such as Ivey, the University of Toronto, Queen’s University, and Western University. All with varying backgrounds and careers, guest speakers included Ryan McMurray, Financial Planner and Relationship Manager at the RBC; Kapil Lakhotia, President and CEO of the London Economic Development Corporation; Kate Graham, Director of Community and Economic Innovation at London City Hall; Shaun Cowell, Chartered Accountant for CAA; and Natalie Dowhanick, Audit Services Manager at Manulife Financial. Each of the distinguished speakers presented on topics that might help students achieve a successful future. Topics discussed included the importance of networking and making connections in a field of interest; giving a lasting and professional first impression; as well as always being aware of what the other person is saying in a conversation. In addition, speakers encouraged students to be the type of
38 • EBM INSIDER • June 2017
individual that other people like to provide more opportunities since people, in general, want to do business with likable people. It is also important to narrow down one’s interests and eliminate all career possibilities that are of no interest. Closing doors allows one to focus, find what they naturally like, and then work towards developing these skills earlier on in their career. Moreover, students should work on developing skills related to things that interest them; taking advantage of the support and resources that a life mentor can give—whether they are parents, a professor, a supervisor or even a manager; being passionate about the work they do; and finally, never underestimating the skills that can be learned from any job. Later that evening, Ester Gerassime, President of KEMS, shared, “I can’t express enough how proud I am of the KEMS team and our friends from the BMOS Association. We pulled off an even bigger and better speaker convention than anyone could have anticipated. This event is so important for our students and club members to be engaged with the community both academically and professionally and I encourage students to continue attending the convention in the years to come.”
Annual EBM Career Day
By Natalie Garrison
On February 28th 2017, the EBM Department hosted their annual Career Day. The reception featured a speaker panel of alumni whose careers began with different degree combinations provided by the EBM Department. King’s was honored to host Jason Peetsma (Double Major Political Science & History), Jeff Trang (BMOS, Organizational & Human Resources), Michelle Williams (BMOS, Double Major
Accounting & Finance), Sondra Stewart (Economics), and Joe MacDonald (Economics). The speakers were also at different stages in their careers. Each of the panelists related their experiences to broader topics, including how to attain the first job after graduation, secure your position in the first month of work, and remain driven throughout your career.
groups of students that formed around them. This networking period continued for an hour after the event officially ended! Xinyuan Wang, a student in her final year of BMOS finance and administration, expressed that this event was refreshingly different from her previous networking experiences. “Networking can be nerve-wracking. Yet, these speakers were very accessible and humble. They made me feel comfortable about asking them anything. I know that the King’s alumni network is genuinely willing to encourage students like me in this chapter of our lives.” Students explained that building relationships with the alumni was valuable in that it opened their minds to alternative ways of interpreting their past and adjusted their expectations for the future. All who attended appreciated the opportunity to connect with each other.
“Hearing the stories of successful people and where they went after their graduation was reassuring. At the same time, it made me excited for my future,” described Kawthr Qadir Agha, an accounting major who is minoring in finance. Professor Hunter warmly thanked the alumni in his concluding remarks. Afterwards, students had the opportunity to network with the panelists. The speakers were enthusiastically sharing advice and stories to the small
EBM INSIDER • June 2017 • 39
A Few Golden Moments with Ms. Carol Stephenson By Ruta Tewari
he Economics, Business and Mathematics department welcomed Carol Stephenson, OC to King’s Professor Dr. Trevor Hunter’s Corporate Governance class (MOS 4422) on November 5, 2016. Ms. Stephenson, former Dean of the Ivey School of Business, is recognized as one of Canada’s business leaders. She has served as a director of General Motors, Ballard Power Systems, Inc., Intact Financial Corporation, Manitoba Telecom Services, and Maple Leaf Foods, Inc., and was recently appointed to the Board of Governors of Western University. As of 2017, she made news when she was appointed to the Canada-United States Council for Advancement of Women Entrepreneurs and Business Leaders, meeting with Prime Minister Trudeau and President Trump at the White House in February. Her list of credentials and wealth of knowledge immediately captured the attention of her audience. Ms. Stephenson began by asking them “Why be on a Board?” Students enthusiastically expressed their thoughts having learned from Professor Hunter over the past four months. She then addressed the main points that made a Board excellent. She emphasized the importance of not only understanding your own role as a Board member but to also have a strong understanding of others on the Board as the liabilities involved can be greatly detrimental to a member’s reputation. “When you choose to be on a Board, do your due diligence before joining. Understand the people on the Board and how they work together,” she reiterated. 40 • EBM INSIDER • June 2017
Her premise was clear when she continued to explain that this approach reassures the Board and indicates your commitment to it. In other words, this approach involves asking the right questions, effectively assists in critical decision-making and further helps in succession planning. She then asked for volunteers from the class to replicate a Board. Students were asked to give a few solutions on how to respond to an activist shareholder who is threatening them to do a billion-dollar buyback with a 2% share in their company and a strong backing up from two investors, or else risk having all their board of directors being replaced. Ms. Stephenson was referring to the largely infamous yet, publicly scrutinized case of General Motors (GM). Students came up with admirable conclusions, a few of them stating that negotiating with the activist shareholder to do only a part of the buyback in the short term and consider the rest of it in the future would be most beneficial to the company. They also mentioned that getting opinions from other shareholders about this ultimatum and whether they agree with this plan of action would also be effective in satisfying shareholders and ensuring consistent growth of the company. As a final note, Ms. Stephenson discussed the importance of organizational culture. In a fraud case, for example, she explained that when fraud is proven, how a company reacts and deals with it says a lot about its culture. She further emphasized that it is important for people intending to be on a board to thoroughly understand the manner in which its decisions are settled and how the people making them interact with one another.
EBM Spark – King’s for a Day By Professor Ruth Ann Strickland n Thursday, December 8th, 2016, EBM hosted over ninety students from sixteen secondary schools in the Thames Valley District School Board, including schools from the city of London, as well as surrounding counties of Middlesex, Oxford, and Elgin, for a full day SPARK! Conference, where students were provided an enriching day as ‘university students.’ The day opened with a welcome and a key note address from Dr. Peter Ibbott, which was followed by an inspiring “Math Talk” by Dr. Joseph Turnbull. Both of these were opportunities for students to learn about the importance of their studies in high school as preparation for university and gave students a glimpse into some of the things they would learn about if they were studying business at Kings. Students often struggle with math in high school, and it is important for them to know that at King’s they will find a path to success that starts with their abilities and background. Following the key note addresses, students had the opportunity to attend classes of their choice. One session was attended before lunch and another after lunch. Three sessions were offered: • “The Dynamic Trio: Finance, Economics, and Mathematics” with Dr. Turnbull and Dr. Erenburg, where students participated in a lively mock stock exchange. • “International Business and Marketing” with Dr. Hunter and Dr. Jeffrey included a highly insightful workshop that explored marketing in great depth and had the students talking about markets and niched products that they may be poised to develop in the near future. • “Accounting and CPA” with Professor Ruth-Ann Strickland and Karel Zouzal (CPA Ontario), where both financial and managerial accounting were presented, along with a fun and engaging activity related to the cost of making pizza.
These fun and engaging sessions inspired students to think about the areas of study that may interest them. Session leaders were impressed with the keen interest and participation of the students. Certainly these are students that we would love to have enrolled at Kings! In addition to classes, students and faculty were treated to a wonderful pasta bar lunch in the King’s cafeteria, a tour of the campus, and an introduction to the library. Students and staff of the Thames Valley School Board commented not only throughout the day but in emails afterwards about the timeliness of this event and how the active participation in the activities really engaged the students. One student intimated that he was committed to applying to a university for a general program of study and would consider getting into Business and Entrepreneurship thereafter, but was heading straight home to speak with his parents about an undergrad in business at King’s; something that he had never considered prior to this event. Our sincere thanks goes out to the deeply committed and wise librarians, Emma Swiatek, Linda Whidden and Mark Rumas. They not only offered a 1MT activity with high interest topics of study, but truly helped to minimize the distance between students and the library, helping them see the library as a rich bank of resources that can only complement their learning. This day could not have happened without the support and encouragement of Tracy Cunningham and Kim Pega. They were awesome to work with, managing many of the details, and coordinating the lunch, the use of the Kings facilities, and the contact with the Thames Valley School Board. Also playing a key role in facilitating and arranging club representatives to attend the luncheon was our very own Estelle Van Winckle. EBM INSIDER • June 2017 • 41
Alumni Profile: An Interview with Chris Campkin By Natalie Garrison
Chris Campkin began his studies at King’s in 2009. In his third and fourth years of study, he did not get the grades to stay in school. He returned in 2014 and graduated in 2016 with a Specialization in Financial Economics. Currently, he is working as part of the Client Relations Management team within the Market Development Segment at Allied Technical Services, a software and marketing company. Taking time away from school is pretty common for university students but it is exceptional to return with the willingness and determination that led to the graduating average that he earned. We hope his story will be inspirational to students who have taken or will be taking time away for various reasons. Chris welcomes students who would like to connect with him about any of their concerns. He invites you to email him at ccampkin@uwo.ca.
What did you do during your time away from King’s part-way through your degree?
I worked with my older brother at his landscape, construction, and maintenance company. I was a crew supervisor for the maintenance part of his company. On weekends, I worked on the construction site. When I was learning the ins and outs of my brother’s business, I wanted to be a great representative on his behalf. Working with him was a shot to prove myself at a time when I needed it the most. For that year and a half, I was going full tilt every day.
Did any experiences from that period motivate you to return?
The opportunity to try again meant the world to me; that was what really motivated me to return. I wanted to earn the seat of enrollment that the Admissions Office had saved for me. I realized that it was me who had dropped the ball. I failed a number of courses in my third and fourth year in particular. I remember thinking that someone in a different set of circumstances than mine would have wanted to be in my seat and rightfully so. All I wanted to do was come back and finish what I started in the program that I wanted to study.
Did this time change your perceptions about being a student?
I learned the importance of putting my best foot forward at school every day, just like how I would on the job. When 42 • EBM INSIDER • June 2017
transitioning back to university, I knew it would be different this time around. I understood that, if I was coming back, I had to work for as long as I needed to in order for me to demonstrate my understanding of the material. I needed to change my attitude towards school, which meant accepting “This is going to take as much time as it is going to take.” Since I worked so often in that year and a half, I had saved enough money so I did not have to work while I was studying.
What skills did you develop from your time at King’s?
I developed the skills of attendance and participation, which helped with the transition into the job market. I learned that attendance is more than arriving on time. Being present is a mindset that is focused and prepared for multiple outcomes, including being ready if things do not go your way and knowing how you will deal with it. Also, participation is more than asking questions in class. Participation also involves letting yourself be approachable to your classmates and being willing to learn from them too. I realized I had to make an effort to join the community of students like I had joined my home community on my time away from King’s. The underlying problem of all my problems was not showing up. Personally, I always like to know what is going on. Being able to assure myself that I had attended and participated in that class helped with my stress. Putting in an honest effort was much less stressful than not knowing what had happened in classes that I missed.
What would you like to say to students who are struggling either during their studies or in the adjustment period after graduation?
The single most important piece of advice that I would have for students, whether they’re in college or university, is that it is well worth it to take the time to become aware of your responsibilities as a student. This way, when things don’t go your way, you have the information that will help you process the situation and make good decisions moving forward. To those returning from time away from school, I would say that if you decided on a degree that you want to study and made the necessary adjustments to be successful, then you should have no fear about coming in, doing your job, and seeking that finish line. There is an end date to your time in school and you will reach it if you do your best every day.
In Memoriam: Jae-Dong Han By Dr. Peter Ibbott
first met Jae-Dong Han (JD) at the University of Toronto in the fall of 1987. We were both accepted into the graduate program in Economics and in every way, we were very privileged. JD was privileged by having been educated at Seoul High School and Seoul National University – the very best schools in Korea. He was privileged by being born into a very old and respectable family that supported him in pursuing his dream of becoming a scholar. As the oldest son of the oldest son of the oldest son, JD was privileged by being trusted with the family legacy. At the University of Toronto, JD was privileged as a graduate student to be named a Fellow of Massey College and Tutor at Trinity College. In all of this, JD was aware of his privilege and responded to this by choosing to be the best scholar and person he could possibly be. I was privileged to be his friend. Despite being privileged, JD’s path was not easy. His father died when JD was young. His dream of becoming a historian took an unexpected detour when his high school exam scores were too high, forcing him on a path that led to economics. After he graduated, he attempted to correct course by choosing to pursue a PhD in Economic History at the University of Toronto. His plans were once again thrown into disarray when the Economics department chose his year to eliminate the institutional economics curriculum in the economic history program. Instead JD was forced to rapidly learn advanced mathematics and develop a sophisticated understanding of mainstream economics. The result of this setback was JD became a specialist in the Economics of International Finance, the Economics of Money and Banking, and Macroeconomics, all of which provided a sound
foundation for much of his future work as an economic historian focused on extraordinary stories of globalization and development. His biggest project was to tell the story of the development of money and banking in China - a story which now tragically lies unfinished. Outside of his research, JD’s fascination with history was expressed in his antique collection and his work as President of the Canadian Association for the Recognition and Appreciation of Korean Arts (CARAKA). This organization contributed to the creation of the Gallery of Korea at the Royal Ontario Museum - fulfilling a dream of many in the Korean-Canadian community. Please visit the Gallery of Korea at the ROM and think of JD. Despite JD’s many accomplishments, there is so much that remained unfinished - so much that JD wanted to do. His curiosity and enthusiasm for scholarship remained undiminished. His love of teaching remained bright. His care for his students, his hopes for their future, and his efforts to help them on their journey remained, for him, a joyful privilege. In his career as a teacher and a scholar, JD repaid his own privilege by helping others. Over the last few years he served as our Department Chair and quietly led our department by listening and through persuasion. Most importantly of all, JD was a loving father to Susie and Ewhan and husband to Dr. Helen Park. His absence is felt by all of us, but it is his family that carries the heaviest burden and it is his family that knew and remember him best. JD was a colleague, a gentleman, a scholar and a family man. EBM INSIDER • June 2017 • 43
Their Top Picks for 2017 Curious to know what books your professors suggest for reading? Here is a list of all the top recommended books presented to you from various Economics, Business and Mathematics faculty at King’s.
The Death of Ivan Ilyich and Anna Karenina by Leo Tolstoy ~ Joseph Turnbull
Thinking, Fast and Slow by Daniel Kahneman ~ Ayoub Yousefi
Zero to One by Peter Thiel Dark Money by Jane Mayer God’s Bankers: A History of Money and Power at the Vatican by Gerald Posner ~ Trevor Hunter
Flash Boys: A Wall Street Revolt by Michael Lewis ~ Grigori Erenburg
Student Awards and Recognition Fuller, Joanna BMOS Honors Specialization in Accounting Modular Average in Accounting Courses: 93.65% Cumulative Average: 93.35 % Special Mention: Summer Internship at KPMG
Matsui, Daichi Honors Specialization in Economics Modular Average in Economics Senior Courses: 91.58% Cumulative Average: 89.69 % Special Mention: Completed an undergraduate thesis on Major League Baseball Player Salaries Kaysi, Lama Gold Medal Award Recipient 44 • EBM INSIDER • June 2017
BMOS Student Named One of Five Top Students in Great Canadian Sales Competition By Kelsey Stanczyk, Communications Intern King’s University College is proud to announce that Jamal Hijazi, a third year Business Management and Organizational Studies student, is one of the top five finalists in the 2017 Great Canadian Sales Competition. More than 3000 students from 85 schools across Canada entered the competition. Hijazi is the recipient of a $1000 prize and unparalleled professional opportunities. Hijazi first heard about the competition through his marketing professor, Dr. Jennifer Jeffrey, who invited her class to participate for extra credit. “It's great to see Jamal recognized for his strong sales talents and abilities, and also for his hard work on this contest,” says Dr. Jeffrey. For his first-round submission, Hijazi submitted a short video about how there is an element of sales in every interaction. He went over his script with Dr. Jeffrey and video recorded his submission over 100 times before perfecting it. The Great Canadian Sales Competition judges chose 25% of the first-round submissions to continue to the semi-final round. Hijazi, along with three other King’s students, Aahuti Sejpal, Casey Severini, and Keyue (Lilith) Tang) were selected to participate in this round. The 22 sponsors of the competition each chose a group of 20 students to work with their company moving forward in the competition. Hijazi was chosen by Citron Hygiene and he was tasked with creating a two-minute video, pitching Citron’s products to a restaurant that was having trouble with pest control and general cleanliness. This time he only needed around 10 takes to record his pitch. Out of Citron’s 20 semi-finalists, the company chose Hijazi as their representative for the final round. This included a free trip to Toronto for two days. In the final round, the finalists were separated into five heats. Hijazi was coached by Lianne Lynch, the VP of Regional Sales for Citron Hygiene. He and Lynch performed a 10-minute role-play scenario in which Hijazi pitched Citron Hygeine to her as if she were a client. Hijazi won his heat and moved on to the final round, competing against the four winners from the other heats. When the judges announced the top five finalists, each competitor was taken into a separate room. At this point they could not receive any further coaching from their coaches, the judges or each other. They were given feedback from the judges and had a moment to review it, adjust their pitch and move on to the final round.
Hijazi then pitched one last time in front of a panel of judges. “The judges in the final five room were challenging,” says Hijazi, “they gave us feedback and were drilling us on everything.” After the final round, Hijazi was taken on a tour of Google’s Toronto office while the judges made their decision. That evening he attended an awards gala of over 250 people representing organizations including IBM, Google, and Dell. “The net worth of the room was in the billions,” says Hijazi. Following the announcement of the winner, a student from Ryerson University, the floor was opened up for networking. “The top five were very sought out by companies,” says Hijazi. “We were walking around the networking event and people were all over us. Pretty much every coach wanted to hire their respective applicant right there. I think I finished with 8 job offers by the end of it. Dell actually told me they wanted me to sign a contract right as I graduated school. It’s been crazy.” “It has been a great experience,” says Hijazi, adding that everyone was very friendly and it was a fantastic learning environment. “A lot of us finalists became great friends after it all too.” Going forward Hijazi plans to keep in touch with all of his new connections. With a booming LinkedIn profile and many job prospects he has a lot of decisions to make in the next year. “I’m still wrapping my head around the entire thing,” he says. He highly recommends that students who are interested in public relations, marketing, and sales to consider entering. “The amount of networking opportunities here at King’s is great,” says Hijazi. Competitors in the competition have the opportunity to grow their network even further. “People wanted to meet you, get to know you, and hire you.”
EBM INSIDER • June 2017 • 45
Games Created by Anna Feng HSP in Economics HSP and Major in Applied Mathematics Year 4
Can you solve me? 1.
24 Point Game
Rules: Use only the following operations and given values to get the number 24 (no fractions!) +, –, x, ÷ a)
4669
b)
2789
c)
11 13 12 4
46 • EBM INSIDER • June 2017
Answers a) 4x9 – (6+6) and 6+((6–4)x9) b) 2x(7+9) –8 c) (11–13+4)x1
If you have any career or personal announcements please contact us at ebminsider@kings.uwo.ca. KEMS Instagram: KEMSclub Facebook: King’s EconoMath Society Email: kems@kucsc.com
kingsatuwo @kingsatwestern
KIC Facebook: King’s Investment Club Email: kic@kucsc.com BMOS Association Facebook: BMOS Association at King’s College Email: kings.bmos@kucsc.com KAC Facebook: King's Accounting Club Email: kac@kucsc.com
Credits Professional photography by Steve Grimes and Ruta Tewari. Layout & design by Nikki Sasso Mitchell. Project management by Estelle Van Winckle.
Get connected. Make a difference. kings.uwo.ca 266 Epworth Ave. London, Ontario N6A 2M3 Canada 1-800-265-4406 kings@uwo.ca