Annual Review 2007/2008

LEADING BUSINESS SCHOOL BEHIND EVERY LE ADING ECONOMY, THERE IS A

External Relations, University of Alberta School of Business 4-40 Business Building, Edmonton, Alberta, Canada T6G 2R6 780.492.4083 (telephone) 1.877.362.3222 (toll free) 780.492.8748 (fax)

alumni.business@ualberta.ca www.business.ualberta.ca

B E H I N D EV E RY L E A D I N G EC O N O MY, T H E R E I S A L E A D I N G BUS I N E S S S C H O O L .

TAKING STOCK

ANNUAL REVIEW 2007/2008

printing : McCallum Printing Group Inc writer + editor: Monica Wegner, Alberta School of Business

Taking stock of the year 2007/2008 for the Alberta School of Business ties in closely to taking stock of the year 2007/2008 for the Province of Alberta.

What a year it was for both. design + photography: Backstreet Communications Inc

As we celebrate the 100th anniversary of the University of Alberta, and enjoy the prosperity and opportunities of one of the world’s leading economies, may we also celebrate that behind every leading economy, there is a leading business school.

10 ENERGY

OF

2 INNOVATION TABLE Leading FAMILIES Leading METRICS Leading the WEST

4 6 8

18 FINANCE

26 RETAILING

Leading MINDS Leading EXECuTIVES Leading CAREERS

Leading Edge RESEARCH GROuNDED in Leadership Leading by EXAMPLE

CONTENTS

GREEN Leadership FuTuRE Leaders GLOBAL Leadership

12 14 16

20 22 24

28 30 31

ANNUAL REVIEW 2007/2008

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peed and innovation are synonymous with Peter Jaskiewicz. Joining us from the European Business School, Peter certainly enjoys the speed of the Autobahn and the innovation of German industry but doesn’t think he’ll miss it. His need for speed will soon be filled by learning more about the fast-growing family businesses and entrepreneurial spirit found throughout Alberta.

Stock (noun) the descendants of a common ancestor, a family line, especially one of a specific character – comes from Alberta stock!

Stock Car (noun) a racing car having the basic chassis of a commercially produced assembly-line model.

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orporate governance in family business is Peter’s main research area; the importance of teamwork in family business a key finding. At the European Business School, Peter was also founder of the innovative “Leadership in Europe” program at the annual MBA summer program. He looks forward to developing a similar program at the Alberta School of Business.

LEADERS IN

INNOVATION Peter Jaskiewicz

Assistant Professor, Strategic Management and Organization

LEADING FAMILIES Family business drives western canada. Family enterprise is the

most predominant form of organization worldwide and business schools need to prepare students to work in these dynamics. At the Alberta School of Business our researchers are among the best in the world.

Lloyd Steier Distinguished chair killam Professor

Trish Reay Family business and healthcare research

Michael Lounsbury technology commercialization PhD, cornell University

Honourable Paul Martin ABFI’s Signature Event

LEADING ENTERPRISES The School’s Family Business Initiative is comprised of the Centre for Entrepreneurship and Family Enterprise (CEFE) and the Alberta Business Family Institute (ABFI).

CEFE actively promotes the development and dissemination of knowledge about family enterprise through research, teaching, and community service. ABFI offers educational programs and outreach to business families and is newly located in the u of A’s downtown campus, Enterprise Square. Lloyd Steier is the Academic Director of both centres; Jim Henderson is the Executive Director of ABFI.

Who is Publishing?

At the July 2008 International Family Enterprise conference, a paper presented by Mississippi State university researchers was entitled, “Who is publishing in family research?” The paper evaluated the output of universities and authors in terms of quantity/quality index.

The U of A School of Business ranked #1 as an institution and Professor Lloyd Steier ranked #1 as an author.

Lloyd researches and publishes in the areas of family business, strategic management, new venture creation, venture capital governance, and management education. In recognition of his outstanding contribution to scholarship and the university community, Lloyd was selected as one of eight 2007-2008 killam Annual Professors within the u of A. Part of the School’s strategy in championing family enterprise as a field worthy of study was to encourage existing faculty to engage in research in this area. They include finance professors Randall Morck and Vikas Mehrotra; strategy professors Jennifer Jennings, trish Reay, and Bob Hinings; and international business professor Barry Scholnick.

Academic Rigour

Theories of Family Enterprise, an internationally recognized academic conference, was once again held at the u of A in 2008; the inaugural conference was also here in 2001.

In 2007, the conference was held at Mississippi State university; we look forward to partnering with Northeastern university in Boston for the 2009 conference.

Signature Event –

An Evening with the Martin Family Over 500 people in Calgary and Edmonton were privy to a special conversation as former PrimeMinister Paul Martin, Paul Martin Jr., and David Martin shared their family experiences on the evolution of their successful and enduring family business, Canada Steamship Lines.

Rural Development

ABFI and the School of Business were approved for funding from the Rural Alberta’s Development Fund to support ABFI programs and services in rural Alberta through to 2011.

Family Business

The major and minor in Entrepreneurship and Family Enterprise are now officially offered at the undergraduate level. Stand-alone courses offered to both undergraduate and MBA students include: Advising Family Enterprise (taught by Gary coskey); Managing Family Enterprise (Jennifer Jennings); and International Family Enterprise (trish Reay).

technology commercialization under the direction of Michael Lounsbury who holds a joint appointment between the School of Business and the National Institute of Nanotechnology, the Technology Commercialization specialization of the MBA program continues to grow in popularity and is largely responsible for the increasing number of PhDs entering our MBA program. Michael is also the Director of the Technology Commercialization Centre.

Entrepreneurship

The School continues to be involved in community entrepreneurship.

CEFE coordinates the seminar portion of VenturePrize, a provincewide business plan competition, and sponsors its own CEFE Student Business Plan Competition.

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LEADING METRICS RESEARcH RULES The university u has as its goal to be in the top 20 of publically-funded universities by 2020. The Alberta School of Business is well on its way and continues to meet its research goal of being among “the top one percent of full-service, policy-shaping business schools globally.”

oN tHE RISE The School’s research output as measured by the Financial Times of London list of journals placed us 37th globally in 2008, compared to 35th in 2007, 48th in 2006, and 45th in 2005 and 2004. We rank third in Canada behind Toronto and uBC. The School’s research influence is also measured by the Financial Times list of PhD programs which placed us 55th globally in 2008, compared to 74th in 2007, 70th in 2006, 89th in 2005, and 73rd in 2004.

Royston and David continue to lead by example. Royston ranks second in the Department of Strategic Management and Organization with 18 publications in the past eight years in the Financial Times, uBC Consortia List, and other refereed publications; Michael Lounsbury leads the Strategy group with 20.

David ranks second in the Department of Accounting and Management Science with 12 publications; karim Jamal leads the Accounting group with 19.

Both Royston and David are also active on editorial boards. The number of faculty members with editorial board membership on Financial Times journals increased to 16, the highest over the past five years.

Faculty SSHRc Grants Arazy, ofer

Wiki Technology in Corporate Settings

Finn, Adam

Consumer Brand Equity

Gephart, Bob

Deliberate Democracy

Royston Greenwood.

Nakamura, Alice

Interfirm Relationships in Manufacturing Industries

Our climbing reputation for building a world-class leading PhD program is under the careful stewardship of PhD Director David cooper.

Popkowski, Peter

Community university university Research Alliance

PILLARS oF RESEARcH Our global reputation for research that is rigorous, recognized, and relevant is the ongoing passion of Associate Dean Research

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Royston Greenwood, TELuSS Professor of Strategic Management will spend up to one month per year for the next three years at Oxford working with postdoctoral students and faculty in the Clifford Chance Centre for the Management of Professional Service Firms. David cooper,, CGA Professor of Accountancy, has been a Visiting Professor at the Said Business School, university of Oxford, since 2004.

TA k I N G S TO C k

A N N uA L R EV I EW 2007/2008

Reay, trish, t understanding understanding Institutional Influences on Cancer Care Management Greenwood, Royston

Financial Times 2008PhD

#55 Globally

Global Ranking

Research

#37

Financial Times of London

PHD

BUSINESS SENtIMENtS INDEX

September 2008 Applications ....................................262 offers ................................................30 New Students ....................................13 Enroled Students ..............................72

2007/2008 comprehensive Exams .......................5 candidacy Exams .............................13 Defended ............................................8 convocated .......................................12

AWARDS Saif Ullah, Robin Cosgrove Price for best essay, Finance and the Common Good Conference, Geneva “When Small Companies Dabble in Disinformation”.

Blake Phillips, Canadian Securities Institute Research Foundation Scholarship, $25,000 “The Effect of Corporate Risk Management on Firm Value within the Context of Oil and Gas Producers”.

The ATB Business Sentiments Index™ (BSI), a joint effort of the ATB Financial and the School of Business’ Western Centre for Economic Research (WCER), is a survey of more than 400 companies throughout Alberta to gauge their opinions and sentiments for the coming quarter.

Q4 2008: Solid optimism reigns in Alberta despite economic turbulence.

The seasonally adjusted ATB Financial BSI™ stands at 128.5 for Q4 2008.

This compares with 133.6 in Q3 2008, 140.5 in Q4 2007, and 153.6 in Q4 2006.

The decrease this quarter shows a continuation of the trend of decelerating but steady growth.

While the seasonally-adjusted aggregate Activity Index is down the activity in the oil and gas sector is up. The Hiring Index is also down, owing to decreases in the construction, oil and gas and manufacturing sectors.

The BSI™ and reports are available at: www.business.ualberta.ca/wcer.

AtB Financial Business Sentiments Index™ Q4 2008

128.5

Business Activity Index Q3 2008

111.0

Business Hiring Index Q4 2008

125.0

B E H I N D EV E RY L E A D I N G EC O N O MY, T H E R E I S A L E A D I N G B BuS I N E S S S C H O O L .

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LEADING THE WEST

ALBERTA MBA

The mission of the Alberta MBA is to be recognized as a leading business school; to attract and retain well-qualified MBA students from across Canada and a diverse set of international countries; to deliver niche business education through excellent teaching; to prepare the students for the global economy; and to graduate high-quality MBA students, and to place students well. The year 2007/2008 saw us take a great leap forward.

Global Recognition Alberta MBA

In the Financial Times 2008 global rankings, we achieved our best ever ranking by finishing in the top 100 at 88.

We are currently ranked fourth in Canada, the best in the west, behind the university of Toronto, York university (Schulich), and university of Western Ontario (Ivey) and ahead of the university of British Columbia (Sauder) and McGill.

Among Canadian schools, we ranked first in value for money (27 overall), third for international experience (31 overall), fourth in aims achieved (60 overall), and fourth in career progress (87 overall).

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A N N uA L R EV I EW 2007/2008

Diverse and Dynamic classmates In September 2007, we admitted our largest intake of new students overall in four programs: full-time, part-time, Fort McMurray, and EMBA with representation from 17 countries. The trend continues in 2008. In September 2007 total enrolment was 301; in September 2008 total enrolment is 355.

The third offering of the three-year, part-time MBA in Natural Resources and Energy offered on-site in Fort McMurray began in September 2007. The joint university of Calgary (Haskayne)/u of A EMBA continues; new this year was a stand-alone Edmonton cohort. Other program options include the double-degree programs with the universities of EDHEC in France and ITESM in Mexico and the joint MBA/Master of Agriculture, MBA/Master of Engineering, MBA/Master of Forestry, and MBA/LLB degrees.

Full time students now start their MBA program with a mandatory leadership class during the last week in August. The new curriculum also requires students to complete course work in career, life, and team management; and business communication as well as ethics and social responsibility.

Finding our Niche The Alberta MBA provides five areas of specialization: Technology Commercialization, Natural Resources and Energy, International Business, Public Policy, and Leisure and Sport Management, which complement the strengths of the School of Business faculty, the university, and the Alberta economy. There has been growing demand for a Finance specialization; we plan to continue moving forward with this option in the upcoming year.

The Technology Commercialization specialization has grown with funding opportunities from federal and provincial agencies and includes many students with a PhD in a science - or health related field who want to integrate entrepreneurial business skills with their more technical advanced degree.

The demand for the Natural Resources and Energy continues to rise from national and international applicants. MBA specializations are complemented by opportunities for research and outreach with the School’s relevant applied research centres and summer internships.

The International Business specialization remains popular, and the double-degree program with EDHEC has attracted attention.

The number of MBA students taking advantage of international business courses, case competitions, and study tours continues to climb.

ALBERTA MBA

Global Rankings: Financial Times of London

88

MBA September 2008 Applications ....................... 331 Admissions......................... 130 Full-time .............................. 55 Part-time .............................. 59 EMBA (Edmonton)............. 16 total Enroled ..................... 355

2007/2008 Graduates ............................. 80 3-month placement...............94%

The U of A won the 2008 year-long Financial Post MBA Portfolio competition while competing against 15 other canadian business schools.

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ow cleanly, safely, and competitively we will be able to meet future energy requirements are among this century’s greatest challenges as well as ujjayant Chakravorty’s ongoing passions. For over twenty years, ujjayant has focused on the economics of energy, the effect of environmental regulation on energy prices, and the economics of clean energy alternatives with the brightest minds around the world.

Stock (noun) the trunk or main stem of a tree or another plant as distinguished from the branches or roots.

Stalk (noun) the main stem of an herbaceous plant often with its dependent parts.

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oining the u of A as a prestigious Canada Research Chair from the university of Central Florida, ujjayant looks forward to continuing his research into solar energy and nuclear power while living within one of the world’s leading resource economies and adding to the depth of knowledge at one of the world’s leading universities in energy and environmental issues.

LEADERS IN

ENERGY Ujjayant Chakravorty

Professor, School of Business and the Department of Economics

GREEN LEADERSHIP

The Natural Resources and Energy MBA specialization and the

School’s centre for Applied Business Research in Energy and the Environment (cABREE)

provide a unique synergy between outstanding teaching, relevant research, and industry impact. Director of both is Joseph Doucet who is also Director of the School of Energy and the Environment for the University of Alberta.

FIX

Joseph Doucet Enbridge Professor of Energy Policy

Andrew Leach Leading climate change research

Linda Nostbakken Norwegian School of Economics and Business

Alumnus Dave Collyer Royal Dutch Shell and cAPP

A GROWING TEAM Andrew Leach’s research interests include environmental, resource, and energy economics with climate change a growing area of specialization. His paper entitled “Welfare Implications of Climate Change Policy” was recently accepted by the Journal of Environmental Economics and Management.

In addition to relevant research and teaching accolades (featuring lively blogs and Google talk), Andrew was still able to participate in two key initiatives: an evaluation of Alberta’s 2008 Climate Change Strategy for the Auditor General and an evaluation of the Climate Change Plan regarding kyoto for the National Roundtable on the Environment and the Economy. Andrew was also our student faculty advisor for the McCombs International Business Challenge in Texas where our students placed in the top four of the twenty-team competition.

The School also welcomes Linda Nostbakken from the Norwegian School of Economics and Business Administration; her thesis was entitled “Essays on the Economics of Fisheries Management.” Linda spent the last six months as a post-doctoral fellow at the university of California, Berkeley. Renewable resources is her teaching and research interest.

Fueling Public-Policy Debate CABREE is one of 13 applied research centres in the Alberta School of Business. CABREE was the recipient

of a $500,000 donation from EPCOR in further support of research and public policy debate in energy markets, electricity re-structuring, and climate change issues. The 2007 Annual EPCOR Distinguished Lecture, which alternates between Edmonton and Calgary, featured Elizabeth Brubaker, Executive Director of Environment Probe, a Toronto-based public policy research institute.

CABREE would also like to congratulate Brittney tetz whose paper on the Acid Rain Program was selected as the winner in the undergraduate Shell Paper Competition.

Specialized Study The Natural Resources and Energy specialization of our MBA program will soon be celebrating its tenth anniversary.

The first European study tour focusing on renewable energy will again be offered in 2009. For new alumni casey Mckenzie and Dan Stickney, the capstone European study tour perfectly supplemented their summer internship in Peru’s rainforest.

CABREE and our Centre for International Business Studies also ran programs for petroleum managers from China, Columbia, Russia and India. A ten-day leadership development program with a focus on the energy sector in Calgary was introduced by Executive Education. The School was also a sponsor of the inaugural Energy Services Summit, held in conjunction with the 2008 Rexall Edmonton Indy.

Industry Influence Brian Ferguson, ’80 Bcom, EnCana CFO and Executive VP, was the guest speaker at the March 19 Eric Geddes Breakfast Lecture in Calgary.

Dave collyer, 78 MBA, the current leader of Royal Dutch Shell in Canada, was appointed the new President of CAPP, the Canadian Association of Petroleum Producers.

Dave will be the featured speaker at the Business Alumni Association dinner on November 20th.

Business Dean Mike Percy and Enbridge Professor of Energy Policy Joseph Doucet were appointed by the Alberta government to separate energy panels. Mike is chairing the Alberta Carbon Capture and Storage Development Council; Joseph was appointed to the Nuclear Power Expert Panel.

Dean Mike Percy’s commentary on the proposed royalty increase in Alberta for oil and gas reserves saw Mike as the fourth highest ranked u of A professor in the fall of 2007 by the Cormex media measurement.

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FuTuRE LEADERS choice, challenge, community The Alberta BCom offers the degree programs of Bachelor of Commerce, Bachelor of Commerce Cooperative Education, Bilingual Bachelor of Commerce, and Bachelor of Commerce Honours.

There are 17 specializations including Entrepreneurship and Family Enterprise, Retailing and Services, Finance (Honours), and we are working towards our 18th specialization, Natural Resources, Energy and the Environment.

Out of the 671 graduates for 2007/08, 163 are graduating with distinction; the three most popular majors continue to be Accounting with 242 graduates, Finance with 135, and Marketing with 104. There are 117 students graduating from the BCom Cooperative Education Program.

National Leadership

Five Days for the Homeless was founded in 2005 by u of A Business students who identified homelessness as a growing issue and wanted to give back to the community and change the perceptions of business. Participants sleep outside in November and raise sponsorships. This was the first year the event spread beyond the u of A to include 10 schools and nine other cities. Over the

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week, the student participants were joined overnight by staff members Paul Messinger, Michelle Height, and Dean Mike Percy. The cause raised over $2500 in its first year, over $25,000 last year, and over $120,000 for this year’s national campaign.

In 2006/07, students organized bids for two highly significant student events. In both cases, the u of A bid was successful. Students won the opportunity to host the 2008 Roundtable Conference, which is a conference of student executive members from business student organizations across Canada; Roundtable was held in March 2008. Students also won the opportunity to host the 2009 JDC West, the largest undergraduate competition in Canada.

The 43rd annual Rocky

Mountain Business Seminar, the longest-running

and largest student-organized business conference in Canada, was once again a tremendous success.

competitive Spirit Student participation in competitions increased markedly in 2007/08. There were 204 students who participated in 14 separate competitions including first-time attendance at several business case

A N N uA L R EV I EW 2007/2008

ALBERTA BCOM competitions. Budget to support attendance was increased and proved to be an important factor in increasing student participation.

While competing at last year’s Manitoba International Marketing Competition, the students impressed the organizers of an upcoming competition at the Hong Kong university of Science and Technology; they were invited to compete at that competition in fall 2007. That appearance led to an invitation to compete at the McComb School of Business at the University of Texas, Austin in November where the u of A finished in the final four.

At the 10th annual Student Conference on Operations in Calgary our students captured two of the three awards, including the best

overall project presentation.

This was also the fourth year in a row in which our u of A School of Business team won first prize in the undergraduate category at the Canadian Operational Research Society student paper competition. Students also attended the Excalibur Case Competition in Montreal, the leading case competition in Human Resource Management.

A Business tradition The Lou Hyndman Award is the most prestigious undergraduate scholarship on campus, recognizing individuals who demonstrate outstanding leadership qualities and potential. This year marked the 20-year anniversary of the award. To date, 11 business students have been recipients including this year’s winner Jessica Leung. Jessica was the President of the over 2,000 member Business Students’ Association (BSA).

Community involvement is also a business student tradition.

Chillin’ for Charity is the single largest student fundraiser for the united Way. A highlight was Dean Mike Percy’s jump into a pool of icy water followed by a bungee jump at West Edmonton Mall when Dean Percy lost a wager - the students surpassed their fundraising goal.

BCOM

September 2008

Applications ............................ 1890 Registered ................................. 729 Program Quota....................... 2025

2007/2008 Graduates .................................. 671 3 month placement Bcom ..... 91% 3 month placement co-op.... 100%

SAtISFActIoN

SuRVEY

Would recommend their program to a friend

94

%

BUEc 488: This new course introduces students to the business conditions, culture and practices in china. Spring 2008: First undergraduate study tour to china.

BEHIND EVERY LEADING ECONOMY, THERE IS A LEADING BUSINESS SCHOOL.

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GLOBAL G LOBAL LEADERSHIP Alberta Bcom – connected to the Global community

Students on the Streets

The Alberta BCom offers 17 majors of study including East

Asian Studies, European Studies, International Business, and Latin American Studies. Combined enrolment in these four

Five BCom students connected with Streetlight, a charitable organization in the Phillipines, to help impoverished street children this past summer. The students raised the funds, delivered eight computers, and then spent part of their summer tutoring staff and children on typing skills and school lessons in addition to helping renovate the school gym. In the early hours of the morning, they would deliver food to children and the elderly in need.

Students also have the opportunity to participate in 15 student clubs as well as national and international case competitions.

In 2007/08, first-time international case competitions included competitions in Texas and Hong kong.

kieren Ryan, Business Economics and Law, and founder of the new student run Business Exchange Association (BEA) volunteered last year and came back with a passion to return.

majors was 142 students. There were 1,115 enrolments in international business courses and 278 in language courses.

International opportunities also include exchanges with leading universities across the globe. New student-exchange opportunities have recently been signed with business schools in Spain, Turkey, India, Germany, and China. In 2007/08, we had 62 students on outgoing exchanges, 74 on incoming exchanges, and six on international internships in China.

Through our Business Career Services office, the School also placed nine students on international co-op assignments. These were located in Auckland, Melbourne, London, Beijing, and Hong kong. New this year for undergraduate students was a two-week international study trip to China with 18 participants.

Students Anna Marie Beatch and Yuliya Wawrykowica were both recipients of a $3,000 Export Development Canada International Business Scholarship.

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A N N uA L R EV I EW 2007/2008

kieren was joined by fellow BEA member and an executive with the u of A Marketing club, Elyce Burek. Elyce is a Marketing major with a minor in International Business and is looking forward to a exchange in Northern Ireland next year.

Lindsay Hornland is a Business Economics major with a minor in Human Resources. Lindsay is planning a student exchange in Melbourne and helping host the largest undergraduate competition in Canada at the u of A next year, JDC West.

Joel Elford, a Finance major and Marney Beliveau, an Accounting major, who both helped co-chair the new Energize Career Conference last fall, as well as serving on the Business Students’ Association, rounded out the group.

Joel ended his year with an exchange at the university of Canterbury in New Zealand; Marney stopped to help Streetlight enroute back from her exchange in Thailand.

ALBERtA MBA – EURoPE, ASIA, SoUtH AMERIcA - Germany The goal of the winter’s European study tour over Reading Week for students in the Natural Resources and Energy specialization was to advance an

understanding of Europe’s energy make-up and its role in our increasingly

integrated world. Site-visits included E.ON - Europe’s largest utility provider - and the German Aerospace Centre’s outdoor solar test facilities. Applied research presentations were given by the students at Aachen university. The tour concluded in Brussels in wideranging discussions with European union officials.

- china The fourth annual spring study tour to China took place in May. Thirty-one students will never forget where they were when the Sichuan earthquake hit. The group was receiving a presentation at Royal Bank of Canada’s Beijing office when tremours were felt. The student group, was made up of first - and second - year students on the ten day trip that was part of the international study portion of an international business course.

- Brazil The assignment surrounding the summer study tour to Brazil involved analyzing

the Brazilian cattle industry’s strengths,

weaknesses, opportunities, and threats followed by a similar analysis of Alberta’s cattle industry.

The study tour supports the MBA specializations in International Business, Natural Resources and Energy, and the joint MBA/ Masters in Agriculture degree.

Students in the Executive MBA also spent ten days on a spring study tour of London’s

financial district.

Students Lauren Aebig and Wojiech kujawa on a Nelore show farm.

Did you know that Brazil is the world’s largest exporter of beef, accounting for roughly 32% of world beef exports?

BEHIND EVERY LEADING EC ONOMY, THERE IS A LEADING BUSINESS SCHOOL.

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oining the Department of Finance and Management Science from Boston College is Ying Duan whose students and colleagues there were certainly sad to see her go. Ying received ratings of 100% for good or excellent teaching from her course evaluations.

Stock (noun) the capital or fund that a company raises through the sale of shares.

Stock Exchange (noun) a place where security trading is conducted on an organized system.

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he steady decline of the uS dollar was an on-going topic of concern for her students. Ying looks forward to a more optimistic perspective from her new students. Ying’s working papers include: “The Role of Mutual Funds in Corporate Governance”, “Costly Arbitrage and Idiosyncratic Risk”, and “Volatility, Competition, and the Stock-Picking Ability of Mutual Fund Managers.”

LEADERS IN

FINANCE Ying Duan

Assistant Professor, Finance and Management Science 3

LEADING MINDS

Accounting excellence in teaching and research is why we were the first

accredited business school in canada. our Finance group continues to be in the top tier in North America. Expertise in Management Science, Management Information Systems, and International Business enhance our strengths.

Randall Morck Jarislowsky Distinguished chair PhD, Harvard University

Alumnus Bruce Rigal coo, Deutsche Bank Uk

Karim Jamal chartered Accountant’s Distinguished chair in Accounting

Barry Scholnick Banking and Interest Rates PhD, University of cambridge

LEADING NuMBERS IS WHAt’S GooD FoR GENERAL MotoRS GooD FoR AMERIcA? Randall Morck

Stephen A Jarislowsky Distinguished Chair in Finance Randall Morck has shown that GM Chairman Charles Wilson erred in his famous declaration that “What’s good for General Motors is good for America.” Global analysis of the survival rates of firms shows markedly faster economic growth occurs in countries whose leading corporations die off more readily. These findings validate the endogenous growth theory – that is, the idea that

prosperity is better achieved through the continual rise of innovative new firms that rapidly destroy uncompetitive older firms.

The policy implications of these findings are clear but often not practiced: public policies should ease the growing pains of upstart firms rather than soften the distress of tottering giants.

Big business stability and economic growth: Is what’s good for general motors good for America?

Journal of Financial Economics, 2008

Refereed Publications: 2001 - 2008

Finance and Management Science Randall Morck leads an impressive group of colleagues with 18 publications over the past eight years in Financial Times, the uBC Consortia List and all other refereed publications, including nine in Financial Times leading journals. Randall’s primary area is corporate finance; corporate governance is a longtime passion.

Colleague Armann Ingolfssoon heads the Management Science group with 12. His research interests include emergency medical service operations and call centre operations. Armann’s NHL hockey forecasting research also appeared in the Miami Herald and several other North American city newspapers.

Accounting and Management Information Systems Accountability in corporate governance, transparency, and the real economic consequences of accounting rules are the research areas of karim Jamal. karim leads his department with 19 refereed publications over the past eight years, including six in 2008.

Colleague Ray Patterson leads the Management Information Systems group with 11 publications. Ray’s primary teaching areas are electronic commerce, telecommunications, and information systems design.

International Business Rasmus Fatum and Barry Scholnick share a passion for international economics, international finance, and

international monetary economics, with publications of nine and ten papers respectively. Both are coauthors for the upcoming paper “Monetary Policy News and Exchange Rate Responses: Do Only Surprises Matter.” Journal of Banking and Finance, 2008

PRIME

A student-run investment program, PRIME, manages a fund worth over $1.2 million in the Canadian equity market.

Paul Dunsmore, 01 Bcom, and Managing Director, Financial Products, for BP Gas and Power Canada, was featured in the spring issue of the Alumni Magazine.

Michael tran, ’08 Bcom, missed his June 10th convocation to join the biggest investment bank in Europe: the union Bank of Switzerland.

PRINcEtoN Lecture

The 2008 Princeton lecturer was Bruce Rigal, ’84 Bcom, and COO of Global Banking at Deutsche Bank united kingdom, who was introduced by John Ferguson, ’64 Bcom, and Chairman of Princeton Ventures Ltd.

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LEADING EXECuTIVES EXEcUtIVE MBA

EXEcUtIVE Education and LIFELoNG Learning

The 2008 Financial Times of London ranked the Alberta/Haskayne Executive MBA program among the top 30 programs in the world achieving an overall ranking of 28 on the list of the top 90 programs while moving up significantly from the 46th place ranking in 2007.

The School of Business’ Executive Education and Lifelong Learning provides over thirty programs, short courses, and industry-specific solutions designed to further the management and leadership needs of Canadians.

The Alberta/Haskayne EMBA achieved a second place ranking among the seven Canadian programs on the list. The program outranked all other Canadian schools in the two categories that are of particular importance to potential students: career progress (17) and aims achieved (22). Graduates of the program also reported the highest percentage salary increase out of all Canadian programs. Features of the program include an executive speakers series, an international study trip, and an executive coach.

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With a dramatic increase in the number of programs offered throughout western and northern Canada, EELL has nearly doubled revenue over the past three years.

In addition to Edmonton, programs take place in Calgary, Fort McMurray, Yukon Territory, the Northwest Territories, and Toronto.

The calgary connection

toronto Partnerships

The Alberta School of Business continues to offer a joint Executive MBA with the Haskayne School of Business in Calgary. Due to its rising reputation and industry demand, a stand-alone Edmonton cohort was introduced in 2007.

Partnering with the Institute of Corporate Directors (ICD) Corporate Governance College and the university of Toronto’s Rotman School of Management, in 2007, we introduced the launch of the Director Education Program.

The successful Edmonton/Calgary partnership also includes our Executive Executive Education and Lifelong Learning (EELL) opportunities. Due to growing demand EELL is now conveniently housed in downtown Edmonton at Enterprise Square and will also be a pillar in the u of A’s new downtown Calgary location opening in the fall of 2008.

EELL also ran two successful offerings of TELuS Managers Business School in partnership with Rotman School of Business and secured the running of the Suncor Strategic Financial Management Program in five Suncor locations – Denver, Toronto, Sarnia, Calgary, and Fort McMurray.

TA k I N G S TO C k

A N N uA L R EV I EW 2007/2008

20th Anniversary

LEADERS IN DIALoGUE

In 2007, we marked the 20th anniversary of our most longstanding program – the Senior and Executive Manager’s Development Program. Our government offerings have expanded exponentially since then and include the development of the Federal Government Program; redevelopment of the Certificate in Municipal Management and Leadership Program; new Policy Modules for Government of Alberta programming; and a target of over 400 programming delivery days.

In 2008, we also mark the 20th anniversary of perhaps one of our most intimate and influential program. The Government Interchange Program was just a thought 20 years ago when we thought of how we might best connect the minds of government to the minds of the university to the minds of the private sector.

A speaker series designed exclusively for deputy ministers from all departments - to stimulate evocative conversation - a safe place for leaders to exchange ideas - the chance to think out loud - to inform their leadership - was born and has thrived under the leadership and care of Phyllis Woolley.

The 2007/08 year also saw the successful launch of the Executive Project Leadership Program and sold out sessions for the new Leadership Development Program, the continuing Management Essentials Program, and the Graduate Certificate in Project Management. This was also the first year of a combined Government of Alberta Graduation of over 230 students held at the Shaw Conference Centre.

In the Boardroom Corporate governance is top of mind to executives around the world. Randall Morck is the Director of the School’s Canadian Corporate Governance Institute (CCGI) whose research includes the governance of listed corporations, family firms, public-sector enterprise, and not-for-profit organizations. The CCGI, together with EELL and the Edmonton Chapter of the Institute of Corporate Directors, offers governance forums and session throughout the year; a Governance Essentials Program for Directors of Not-For-Profit Organizations is also available.

The annual three-day corporate governance symposium “Women on Board” with partner Alberta Venture was again well attended and received at the Delta Lodge in kananaskis. Developed in partnership with the Banff Centre, 2009 will see the launch of a program specifically designed for women in business. Modules will take place in Edmonton and Calgary and culminate in Banff.

Speakers in 2008 included Globe and Mail journalist Margaret Wente, CD Howe President Bill Robson, and energy economist Mark Jaccard. One of the 20th anniversary events will be the return of former premiers Peter Lougheed and Frank Mckenna together in one session.

Lessons from Leaders Providing our students with access to business leaders and leading alumni is well established. This year’s 22 CGA/MBA Forum speakers included former Prime Minister Paul Martin, Canadian Business Leader Award recipient tony Franceschini, and Mark Albion, Professor, author, and co-founder of Net Impact.

Financial Times 2008 Executive MBA 28th Globally

#2 in Canada

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LEADING CAREERS cAREER SUPPoRt

Business Career Services is a vital

link between the School of Business and the business community in facilitating employment opportunities; the office ranked #1 as the most effective method for students’ job searches in the annual careers survey.

Two 2008 graduates, Daniel kickham and Nicholas Field, were two of five MBA

graduates hired Canada-wide

by CIBC’s Commercial Banking Development Program in Toronto. The 12-month training program is primarily focused on commercial banking but also includes a rotation in investment banking.

The Bachelor of Commerce Cooperative Education Program began in 1992 giving students the opportunity to alternate periods of study with periods of paid employment.

Co-op graduate Michael tran, ’08 Bcom, missed his June 10th convocation to join the biggest investment bank in Europe, the union Bank of Switzerland.

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TA k I N G S TO C k

BUSINESS cAREER SERVIcES Number of job postings ..............................1,351 Number of employers ....................................562 Bachelor of commerce – three month placement..............................91% Bachelor of commerce – Accounting – three month placement ....98.5% Bachelor of commerce – average salary ...................................... $42,986 MBA – three month placement ....................94% MBA – average salary full-time ............. $75,206 MBA – average salary part-time ............ $95,167 MBA – average bonus ............................ $11,500

ALUMNI MAGAZINE Following our alumni’s wideranging careers, connections, contributions, and commitment to causes are what make the School of Business’ bi-annual Business Alumni Magazine such a great read.

The ’07 fall issue focused on the triple bottom line – finding the balance between environmental, social, and economic challenges. The ’08 winter issue focused on the world of finance. The magazine can be found on-line at www.business.ualberta.ca/ alumni.

BAcHELoR oF coMMERcE co-oP

At the 2007 u of A Reunion Weekend, ’87 MBA alumnus, Andrew Hladyshevsky was the recipient of the Alumni Honour Award.

Three month placement ...............................97% co-op job postings ........................................665 co-op placement ...........................................408 co-op placement .......................international - 9 co-op employers ...........................................145 co-op average wage .............................. $44,462

At the 2008 Reunion Weekend, ’84 Bcom Mary Ritchie also received an Alumni Honour Award recognizing significant contributions over a number of years; court carruthers, ’93 Bcom, received the Alumni Award of Excellence celebrating outstanding recent accomplishments, and Harold Banister, ’73 Bcom, received the inaugural Alumni Centenary Award for Volunteer Service.

A N N uA L R EV I EW 2007/2008

GEt tHE cAREER YoU WANt

REcRUItMENt oF INtELLEct

A DIStINGUISHED cAREER

court carruthers, ’93 Bcom, and Pernille Ironside, ’95 Bcom, were two of Canada’s Top 40 Under 40 award recipients selected from over 1600 nominees. The awards are jointly sponsored by the Caldwell Partners and the Globe and Mail. Court is President of Acklands-Grainger Inc. in Ontario; Pernille is a Protection Specialist for uNICEF Congo.

Our faculty and staff are among our greatest assets.

To assist in recruitment, in an ever competitive race for talent in higher education, a Recruitment of Intellect brochure was designed to showcase our strengths and opportunities.

Our Professors Emeriti continue to be involved and inspire – Professor Mike Gibbins, our Winspear Foundation Distinguished Chair in Professional Accounting retired this year after a long, distinguished and continuing career:

Alberta School of Business careers include teaching, research, and administrative opportunities in four departments: Accounting and Management Information Systems Finance and Management Science Marketing Business Economics and Law Strategic Management and organization

The Alberta School of Business was pleased to partner with the Institute of Chartered Accountants of Alberta to present a dinner and research symposium on May 2 and 3 to mark Mike’s retirement after a 24-year career with the School.

The company of Mitch compri, ’97 MBA, was named to PROFIT magazine’s Top 100

fastest growing Canadian companies of 2007 at number 69. Primal Tribe is an Edmonton-based marketing and communications company.

The magazine also has a Next

100 fastest growing Canadian companies

category, which includes Incite Solutions at 24; an Edmonton-based marketing firm founded by Jared Smith ’98 Bcom, and ted kouri, ’97 Bcom.

Eight of the twenty recipients of the 2007 Sizzling 20 Under 30 list compiled by the September edition of Edmontonians were u of A Business alumni in wide ranging careers.

We also offer careers with 13 applied research centres including the areas of family business, energy and the environment, enhanced corporate reporting, social entrepreneurship, corporate governance, retailing, entrepreneurship, operations, international business, professional service firms, cultural industries, health care, and economic research.

The Alberta School of Business is also a wonderful combination of new energy and valued experience.

Celebrating significant milestones are: Jeanette Gosine (PhD Office); Joan Quinn (undergraduate Office); and Mary McArdle (Strategy) who have each worked on campus for 30+ years.

A cHRoNIcLE oF coMMERcE In recognition of the 90th anniversary of the Alberta School of Business in 2006, Professor Emeritus Bill Preshing was commissioned to capture the journey: “A journey that follows the growth of an extremely small localized organization that has grown into an entity with an international reputation.”

In celebration of the 100th anniversary of the university of Alberta in 2008, A Chronicle of Commerce: A History of the School of Business at the University of Alberta was released.

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T

he mission for the School of Retailing is to be recognized as the foremost authority and source of retailing education in North America.

We want to draw students who are interested in a career in retailing. We want retailers to think of the university of Alberta first when they invest in education. We want to lead the world in retailing research.

Stock (noun) the total merchandise kept on hand by a trader, commercial establishment, or manufacturer.

Out of Stock Having no more on hand; sold out.

TAkING Stock 3

N

ewly hired to lead the School of Retailing is Director kyle Murray. kyle joins the School from the Richard Ivey School of Business; he was also a Visiting Professor at INSEAD in France. kyle’s research focuses on consumer judgment and decision making, with an emphasis on how consumers make choices in electronic environments.

LEADERS IN

RETAILING Kyle Murray

Associate Professor, Marketing, Business Economics and Law 3

EDGE

LEADING RESEARCH The School of Retailing has as its foundation the canadian Institute of

Retailing and Services and 34 industry partners.

The School of Retailing has as its core, the research and teaching expertise in the Department of Marketing, Business Economics and Law.

Robert Fisher 2008 MBA teaching Award

Jennifer Argo Leading Financial Times researcher

Paul McElhone European Management School

Sudha Chinniah Henry Singer Alumni Award

RELEVANTRESuLTS Robert Fisher

A leading Financial Times academic journal as well as a leading media outlet, The Times of London, covered Robert’s research which proved that it truly is better to give than to receive, at least for donors to some popular televised fundraising appeals. The findings suggest that viewers donated because they felt an obligation — people expect self shame or social censure if they don’t help a needy person or organization they care about.

“An empathy-helping perspective on consumers’ responses to fundraising appeals.”

Journal of Consumer Research

Jennifer Argo

Jennifer’s 2008 Financial Times publications include: “Stigma-by-association in coupon redemption: Looking cheap because of others.”

“Fact or fiction: An investigation of empathy differences in response to emotional melodramatic entertainment.”

Journal of Consumer Research “Positive consumer contamination: Responses to attractive others in a retail context.”

Journal of Marketing Research Jennifer’s international media hits included Scientific American, New York Times, Reuters uS/uk/India, united Press International, Science Centric Bulgaria, and the Malaysia Sun.

Paul McElhone

Congratulations to Paul McElhone, long-time Director of CIRAS and presently Executive Director of the School of Retailing, who successfully defended his PhD dissertation at the ESCP-EAP European School of Management in Paris, France. The title of Paul’s dissertation is “The determinants for efficient click-and-mortar strategies in terms of ‘customer value and ‘retailer value’: The case of the menswear clothing industry in Canada.”

The u of A retailing advantage includes internships, co-op placements, retail fairs, student clubs, and case competitions.

A highlight for kristan Lindquist, President of the u of A Marketing Association was organizing the fourth u of A Retail Case Competition in February attracting six schools from across Canada.

REAL DEMAND, REAL EStAtE The School of Business now offers both a major and a minor in Retailing and Services to undergraduate students and is expanding its MBA offerings. In 2007/08, the total number of students enrolled in Retailing and Services as a major are 562 and, as a minor, 135.

Starting in fall 2008, the first program in Real Estate will be offered. Developed in close consultation with industry and alumni, the course was made possible through a $500k gift to the School of Retailing by the Alberta Real Estate Foundation.

HENRY SINGER REtAILING AWARDS The Henry Singer Award was established by the School in 1992 to annually recognize an exceptional leader in the retailing and services sectors. The 2007 recipient was Edward kennedy, President and CEO, The North West Company.

In 2007, three new awards were also presented.

Sudha chinniah, ’01 Bcom, received the first Outstanding Alumni with a Career in the Retailing Sector. Currently Sudha is working with premier luxury men’s house Ermenegildo Zegna in New York.

Gerald Häubl received the Outstanding Researcher with Work in Retailing. Gerald holds the Canada Research Chair in Behavioral Science and Electronic Commerce.

Don Ghermizian of Triple Five Group accepted the award for Outstanding Contribution to the Retailing Industry by a Company.

In conjunction with the 2008 Henry Singer Award the Retail council of canada will be holding its Advisory Board meeting in Edmonton.

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GROuNDED

IN

LEADERSHIP

Building on our Strengths: Investing in our People

As part of this goal, the Alberta School of Business set a goal of $20 million to provide additional resources for four key areas: attracting and retaining top students, attracting and retaining academic leadership, supporting community linkages, and investing in our infrastructure.

As the campaign reaches its close this year, the School is pleased to announce that we have surpassed our goal of $20 million and are now at $34.3 million raised in pledges and commitments, or 171% of our original goal.

This success is grounded in leadership: leadership from our donors and volunteers, leadership from our professors and staff, and leadership from our students and alumni. All three have enabled the Alberta School of Business to bridge the financial gap between acceptable education and extraordinary learning. We see it in our graduates: through their accomplishments and meaningful contributions to our growing economy. We see the investment working in our classrooms and through research as we become known internationally as a centre for academic excellence in finance, family business, retailing and energy. And we see it through our linkages with business, alumni, government, and community.

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TA k I N G S TO C k

A N N uA L R EV I EW 2007/2008

$40 $30 in millions

In December 2000, the u of A began Campaign 2008, the most ambitious fundraising goal it had ever embarked on in its history. The initial goal was to raise $310 million, but, by November 2007, the momentum of support for the Campaign propelled our Board of Governors to set a new Campaign goal: $500 million by the end of 2008.

cAMPAIGN 2008 SUccESS S

$20 $10 $0 2000

2001

2002

2003

2003

2004

2005 2006 March

2007 Sept

2008 Feb

2008 oct

Funds raised or pledged

Scholarships: Inspiring the Leaders of tomorrow Developing talented business leaders is one of our highest priorities. One significant way we are able to achieve this goal is to increase the amount of scholarship assistance available to incoming and returning students. We are incredibly grateful to those donors who have reflected on their relationship to the university and the School and provided funding for worthy part and full-time students at the undergraduate and graduate levels. We have new leadership awards and scholarships funded by families, individuals, corporations and foundations that will assist the coming generations of students to achieve their dreams and lessen their financial burden during their academic career.

HIGHLIGHTS •

$7,034,000 in endowed scholarships for Business students

•

213 awards and scholarships presented last year

•

Endowed undergraduate scholarships fund increased by $253,884.65

•

11 new undergraduate scholarships worth $19,250 in new support

•

Endowed graduate scholarships fund increased by $300,000

•

6 new graduate awards awarding $35,000 in new support

Undergraduate Awards ceremony, January 19 A treasured highlight of the award ceremony was always the presentation of the Harriet Snowball Winspear Scholarships in Business, presented, with a hug, by Harriet herself. Harriet was once again with us for this year’s ceremony. The Alberta School of Business was deeply saddened by her passing on March 13 in her 104th year.

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LEADING BY EXAMPLE Dean Mike Percy leads by example and allows leaders to emerge and grow throughout the School – he welcomes and seeks advice from the student, faculty, alumni, and business communities and considers all part of his leadership team.

Dean Mike Percy Milner chair in Leadership

Guy Turcotte Alumnus and BAc chairman

Tony Franceschini 2008 cBLA Recipient

Jessica Leung Business Students’ Association

TAkING STOCk ANNUAL REVIEW Taking stock of the year 2007/2008 for the Alberta School of Business ties in closely to taking stock of the year 2007/2008 for the Province of Alberta. What a year it was for both.

ENERGY - Top stories for the year included the price of gas - topping out in Edmonton at over $1.30 a litre in June - the related impact of emissions on the environment and the royalty review. Balancing the triple bottom line fueled debate throughout our classrooms.

REtAILING - The strength of the dollar and the Alberta economy also lead to record-breaking retail sales. Retail sales per capita in Alberta amounted to over $1,450 per person in May - by far the highest of any province and 35 per cent above the national average.

FINANcE - Also at play, the Canadian dollar was almost at par with the uS dollar for much of the year. Not everyone was happy with this statistic. What were the implications for our exports? At the same time, we are experiencing an American credit crunch, housing shortage, and stock market jitters.

FAMILY - A key component of retailing is the number of family-owned businesses where entrepreneurship and hard work are an Alberta tradition. Successful succession of family businesses, a majority of which are small businesses, are the backbone of our society and a key driver for Alberta’s future.

These were only a few of the issues discussed in our classrooms, debated at national case competitions, and published by our world-class faculty - now ranked 37th globally for research. In each of these areas - the environment, finance, retailing and family business - the Alberta School of Business demonstrated leadership in our teaching, research, and community service by our students, faculty, and alumni.

As we celebrate the 100th anniversary of the university of Alberta and enjoy the prosperity and opportunities of one of the world’s leading economies, may we also celebrate that behind every leading economy, there is a leading business school.

ALBERtA ScHooL oF BUSINESS Stanley A Milner Chair in Leadership and Development Mike Percy

Chair, Accounting and Management Science Peter Tiessen

Vice-Dean Tom Scott

Chair, Finance and Management Science Vikas Mehrotra

Associate Dean, Research Royston Greenwood Director, PhD David Cooper

Chair, Marketing, Economics and Law Adam Finn

Associate Dean, MBA Program Joan White

Chair, Strategic Management and Organization Yonatan Reshef

Associate Dean, undergraduate Program Elaine Geddes

Chair, Business Advisory Council Guy Turcotte

Assistant Dean, External Relations Elke Christianson

Presidents: Business Alumni Association Aaron Brown 07/08 Daryl Lesiuk 08/09

Assistant Dean, Development Mike House Assistant Dean, Executive Education and Lifelong Learning Carolyn Campbell Assistant Dean, International Edy Wong

MBA Association Dan kickham 07/08 Stephanie Minnema 08/09 Business Students’ Association Jessica Leung 07/08 Jeff Martens 08/09

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BuSINESS ADVISORY COuNCIL Judith Athaide

John Ferguson

President The Cogent Group Inc Calgary, Alberta

Chairman, Princeton Ventures Ltd Chancellor Emeritus university of Alberta Edmonton, Alberta

Hugh Bolton

Roger Phillips

Joseph Thompson

Gay Mitchell

Larry Pollock

kim Ward

Mary Ritchie

Don Wheaton Jr

charlotte Robb

Steven Williams

Indira Samarasekera

Ralph Young

Chairman RJM Corp Edmonton, Alberta

Corporate Director, Financial Consultant, and Chairman of the Board EPCOR utilities Inc Edmonton, Alberta

karl Funke

President and CEO Multitest elektronische Systeme GmbH Rosenheim, Germany

Deputy Chairman RBC Wealth Management RBC Financial Group Toronto, Ontario

court carruthers

Barry James

Amit Monga

Evan chrapko

kent Jespersen

Randall Morck

Patrick Daniel

Irv kipnes

President Acklands Grainger Mississauga, Ontario

Managing Partner PricewaterhouseCoopers LLP Edmonton, Alberta

Chief Executive Officer Crystal Cougar Group of Companies Edmonton, Alberta President and CEO Enbridge Inc Calgary, Alberta

Marc de La Bruyère Managing Director Maclab Enterprises Edmonton, Alberta

Rosemary Domecki President Domtex Equities Inc Dallas, Texas

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R J (Bob) MacLean

TA k I N G S TO C k

Chairman and CEO La Jolla Resources International Ltd Calgary, Alberta President and CEO Delcon Capital Corporation/Liquor Stores Income Fund Edmonton, Alberta

Phil Lachambre President PCML Consulting Inc Edmonton, Alberta

Ruo Hong Li

Chairman, China World Peace Foundation Vice Chairman, Beijing Association for International Friendly Contact Beijing, China

A N N uA L R EV I EW 2007/2008

Technology Investment Banking National Bank Financial Toronto, Ontario Stephen A Jarislowsky Distinguished Chair in Finance university of Alberta School of Business Edmonton, Alberta

Patricia o’Malley

IFRIC Coordinator International Accounting Standards Board London, uk

Donald oborowsky

President and CEO Waiward Steel Fabricators Ltd Edmonton, Alberta

Mike Percy

Stanley A Milner Professor and Dean university of Alberta School of Business Edmonton, Alberta

Honourary Director IPSCO Inc. Regina, Saskatchewan President and CEO Canadian Western Bank Edmonton, Alberta President Richford Holdings Ltd Edmonton, Alberta Interim CEO Alberta Health Services Board Edmonton, Alberta President and Vice Chancellor university of Alberta Edmonton, Alberta

Chairman PCL Construction Group Inc. Edmonton, Alberta President Interward Asset Management Toronto, Ontario President Don Wheaton Limited Edmonton, Alberta

Chief Operating Officer Suncor Energy Inc Calgary, Alberta

President and CEO Melcor Developments Ltd Edmonton, Alberta

Robert Sanderman

President Oakwood Commercial Ventures Denver, Colorado

Donald Swystun

Executive Vice President, Corporate Development Group EnCana Corp Calgary, Alberta

BAc cHAIRMAN:

Guy J turcotte

Chairman, President and CEO Stone Creek Resorts Calgary, Alberta

BuSINESS ALuMNI ASSOCIATION Dustin Bateyko, ’01 BCom Cushman & Wakefield Edmonton

Ross Bradford, ’79 LLB, ’85 MBA School of Business Faculty Representative Aaron Brown, ’97 BCom

Senior Manager, Portfolio Research Alberta Finance BAA Past President

cheng-Hsin chang, ’06 MBA Finning (Canada)

Elke christianson

Assistant Dean, External Relations Alberta School of Business

Van colaco, ’02 BCom

Group Controller AutoCanada

2008 Canadian Business Leader Award FEBRUARY 26, 2008, SHAW CONFERENCE CENTRE, EDMONTON

Congratulations to

Tony Franceschini PRESIDENT AND CEO, STANTEC INC

Jami Drake

Manager, Alumni Programs Alberta School of Business

Russ Farmer, ’04 MBA

Russell Farmer and Associates Consulting Ltd. BAA Vice President

Vanessa Goodman, ’07 MBA

Trade Policy Analyst Alberta Agriculture and Food BAA Secretary

Barton Goth, ’03 MBA

Goth & Company Inc.

christopher c. Grey,

BRANcH coNtActS:

’95 MBA Investment Advisor and Financial Planner RBC Dominion Securities Inc.

CALGARY:

Jane Halford, ’94 BCom

FOR T McMuRRAY:

CEO & Executive Director Institute of Chartered Accountants of Alberta u of A Alumni Council Business Representative

Darryl Lesiuk, ’91 BCom, ’07 MBA BAA President

Jeff Martens

President,Business Students’ Association Alberta School of Business

Stephanie Minnema President, MBA Association Alberta School of Business

Robert Parks, ’99 MBA

Manager, Public Consultation EPCOR

Stephanie Van Den Biggelaar, ’03 BCom Education Coordinator Regional Quality, Capital Health

christoph Wilser, ’06 MBA Product Manager Trans Global Insurance

Jon Wrathall, ’00 BCom Marcella Dankow, ’94 BCom HONG kONG :

catherine kwan, ’98 BCom MONTRÉAL:

James Hanna, ’93 BCom OTTAWA :

Lee close, ’85 BCom SAN FRANCISCO :

Melynnie Rizvi, ’95 BCom TORONTO :

Jeff Schellenberg, ’04 MBA VANCOuVER :

Derek Bennett, ’68 BCom

VI CTORIA :

Brenda Yanchuk, ’89 MBA ALUMNI EVENtS 2007/2008 CALGARY: Stampede Breakfast CANMORE, EDMONTON kELOWNA, VANCOuVER TORONTO, HONG kONG, LONDON, uk: centenary Events CALIFORNIA: Napa Valley Wine tasting

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FINANCIALS SoURcE oF FUNDS

at March 31

University Funds own Source Funds Endowment and Interest Income Professional Development Centres and Conferences Research Grants and Contracts Donations MBA Differential Fee, net of central overhead undergraduate Differential Fee Cost-recovery Programs Government Access Funds

Own Source

Fiscal 2007-08 Actual

%

Fiscal 2008-09 Forecast

%

18,281,000

49%

19,091,000

48%

3,350,000 5,444,000 1,595,000 2,362,000 1,653,000 745,000 650,000 1,417,000 1,660,000

18,876,000

total Source of Funds

STATEMENT OF ACTIVITY AND CASH FLOWS*

3,181,000 6,258,000 1,610,000 2,211,000 2,295,000 731,000 487,000 1,828,000 1,991,000

51%

37,157,000

20,592,000

52%

39,683,000

USE oF FUNDS Teaching 1 Research 1 Service, Community Relations, Development Professional Development Technology and Infrastructure Operating and Support Services

total Use of funds Net Unrestricted Reserves

2

13,345,000 8,600,000 2,818,000 4,822,000 2,097,000 4,073,000

37% 24% 8% 14% 6% 11%

15,500,000 9,010,000 3,248,000 6,137,000 2,101,000 4,200,000

35,755,000

40,196,000

3,447,000

2,800,000

39% 22% 8% 15% 5% 11%

* This statement reflects cash-based activities and represents a managerial view of the School’s fiscal operations. Accordingly, activities such as fund raising, professional development and research recognize revenue when it is received rather than when it is pledged or committed.

1 This includes a proportionate share of academic payroll as it relates to the teaching and research components of scholarly responsibility to the university.

2 Net unrestricted Reserves comprise balances in own source research, endowment, and donation funds that are used to advance specified education, research and service purposes according to the terms and conditions of the source.

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TA k I N G S TO C k

A N N uA L R EV I EW 2007/2008

The University of Alberta School of Business is proud to announce the establishment of the

Dianne and Irving Kipnes Chair in Finance and Development The ultimate goal of the Chair is to develop effective policy options for raising living standards in low income countries.

We are grateful for the investment that the Dianne and Irving Kipnes Foundation have provided our community and our University.

You are invited to celebrate with us at an inaugural public lecture: Dr. Bernard Yeung, New York University “From Product Safety to China’s Long Term Structural Problems – The Need for Healthy Capital Markets”

February 8, 2008 0809-EXR-CRS-8202

printing : McCallum Printing Group Inc writer + editor: Monica Wegner, Alberta School of Business

Taking stock of the year 2007/2008 for the Alberta School of Business ties in closely to taking stock of the year 2007/2008 for the Province of Alberta.

What a year it was for both. design + photography: Backstreet Communications Inc

As we celebrate the 100th anniversary of the University of Alberta, and enjoy the prosperity and opportunities of one of the world’s leading economies, may we also celebrate that behind every leading economy, there is a leading business school.

LEADING BUSINESS SCHOOL BEHIND EVERY LE ADING ECONOMY, THERE IS A

External Relations, University of Alberta School of Business 4-40 Business Building, Edmonton, Alberta, Canada T6G 2R6 780.492.4083 (telephone) 1.877.362.3222 (toll free) 780.492.8748 (fax)

alumni.business@ualberta.ca www.business.ualberta.ca

B E H I N D EV E RY L E A D I N G EC O N O MY, T H E R E I S A L E A D I N G BUS I N E S S S C H O O L .

TAKING STOCK

ANNUAL REVIEW 2007/2008