Lubar College of Business | Annual Report | 2023-24
Friends and Supporters,
In 2020, we launched a five-year strategic plan to guide our mission with clear priorities. Today, I’m proud to share how far we’ve come with this 2023-24 annual report.
Our distinctive identity emphasizes two primary 21st century business drivers – analytics and innovation. A team of Information Technology Management faculty researched how to increase user protection against phishing website attacks. See how the Ignite Startup Accelerator is turning innovative ideas into market-ready powerhouses.
Gain further insights into our faculty’s research, where you will read about how companies can strategically navigate the challenges of raising capital without compromising their edge in the market, and how career identity serves to both stabilize and anchor our sense of self. Our faculty have also propelled the Lubar College into the top 100 of the prestigious UT Dallas North American universities rankings that measure research productivity in leading business research journals.
Student success is a top priority. From 2020-24, the Lubar College saw dramatic increases in four-year undergraduate graduation rates. And in 2023-24, we again achieved remarkable scholarship support for our students, exceeding $2 million of need- and merit-based scholarships for Lubar students!
Our engagement with the business community is also featured, highlighting the events and webinars held last year that focused on executive leadership journeys, the corrosion of globalization, how AI enhances the human experience, AI and securing your future in the future of work, global development pathways and the future of economic growth, and the teaching of business ethics. These gatherings, attended by hundreds of alumni, executives and scholars annually, underscore our commitment to extending opportunities for lifelong learning for our alumni and the broader business and academic communities.
Finally, we demonstrate how we are working within our community to offer our time and talents supporting organizations such as Delta Sigma Pi and other nonprofit organizations.
To everyone in the Lubar community: Thank you for your continued dedication to excellence. Together, we make a difference for our students and the world around us.
Kaushal Chari
Sheldon B. Lubar Dean
STRATEGIC PLAN
The Lubar College of Business Strategic Plan guided our activities and initiatives during the 2023-24 year as we worked to accomplish our mission and continue to drive toward our vision.
MISSION
We stimulate innovative and analytical thinking to produce impactful research and teaching that advance knowledge, drive change, and empower our diverse students to succeed in the global economy, thereby creating value for our students, business partners, and community.
STRATEGIC PRIORITIES
DISTINCTIVE IDENTITY: ANALYTICS & INNOVATION
VISION
As a GREAT business school, we will be:
Global in our outlook
Relevant to our stakeholders
Entrepreneurial in our approach
Accessible to students from diverse backgrounds
Transformative in our impact
Cultivate analytical and innovative thinking in business education, business research, and business and community engagement.
IMPACTFUL RESEARCH
Provide thought leadership through research that advances the boundaries of scholarship and practice.
STUDENT SUCCESS
Empower students to be successful, ethical business professionals who create value in the global economy.
BUSINESS ENGAGEMENT
Leverage our location advantage by engaging with the business community on value-added initiatives that benefit them, our students, faculty and staff.
CULTURE
Promote an inclusive, respectful and open culture that breaks all silos, to enable a positive, engaged and collaborative work and learning environment.
GLOBAL ENGAGEMENT
Facilitate global literacy and experiences, and promote the Lubar College of Business as a global brand.
FINANCIAL SUSTAINABILITY
Sustain a financially viable plan to support the mission and vision of the Lubar College of Business.
Distinctive Identity:
DISTINCTIVE
IDENTITY:
ANALTICS & INNOVATION
USING PERSONALIZED WARNING INTERFACES TO PROTECT AGAINST PHISHING WEBSITE ATTACKS
Phishing schemes are the most prevalent of internet crimes, with more than 500 million phishing attacks reported in 2022, according to Forbes Advisor.
Phishing website attacks not only involve financial and personal risks for individuals but can also result in detrimental compromises to corporate information and systems, government security agencies and other organizations. Lubar College of Business researchers in Information Technology Management have been studying phishing website attacks and ways to reduce the threats.
Fatemeh (Mariam) Zahedi, UWM distinguished professor emerita, Yan Chen, Ryder Eminent Scholar Chair at Florida International University (UWM PhD ’12), and Huimin Zhao, professor and Roger L. Fitzsimonds Distinguished Scholar, have a paper forthcoming in the top journal in Information Systems that details how to increase user protection against phishing website attacks.
The research team notes that although most browsers have phishing detection tools to warn users against phishing website attacks, most people are not aware of such tools working behind the scenes. When they see a warning, many people do not trust it and fall victim to their own security behaviors. However, users cannot be blamed for such behaviors. They rarely interact and build a relationship with a detection tool that is quietly running at the back end. An unfamiliar warning message on a rarely seen interface hardly persuades users to trust in its authenticity.
So, the research team has hypothesized that if the warning interface could be personalized for users by allowing them to design their own warning interface, their security behaviors could be altered to increase their compliance and self-protection against phishing website attacks. The reason is that designing their own warning interface causes a close relationship with the detection tool and its warning, thus increasing their trust in the tool and compliance with the warning.
In finding a way to personalize the warnings, the research team realized that users need to have access to a full menu of warning interface elements and should be prompted at the right time to choose what they want to include in the warning interface. So, the team designed a two-phase study that first built a knowledge base with users’ choices of warning interface elements, called an ontology of interface elements. (An ontology is a formal representation of knowledge and concepts in a domain.) Then they used the ontology to create a prototype for a personalized warning interface.
In phase one, the research team built the ontology by collecting, categorizing and structuring the interface elements from numerous sources and available published papers. This ontology contains the structures, categories and all elements within each category. The team consulted with experts and performed three rounds of survey from various user populations to identify what categories of elements are most important to users.
In phase two, the research team built a prototype of a software tool that simulated a detection tool with different levels of reliability. The detection tool prompted users to choose the elements in each category and built a personalized warning interface for each user. The team used this prototype in extensive controlled lab experiments to test users’ behaviors in accessing websites that might involve phishing website attacks. The lab experiments produced data that allowed the team to show objectively that indeed personalizing the warning interface changes people’s security behaviors and increases their protection against phishing website attacks.
Combining the ontology of interface elements and identifying user preferences for personalization of warning interfaces emerged as the key to personalizing the interface. Personalization enhances the relationship of the detection tool with users by familiarizing them with warning elements, increasing their interest in such elements, and involving them in individualizing their warning design.
The researchers relied on multiple theories in this project. For example, they used the ontology approach, which is one of the foundational methods in knowledge base development in artificial intelligence. They formulated a model for the assessment of their prototype using evolutionary stimulusorganism-response as well as trust theories. From the neurobiology of human vision, as the researchers argued, users having their own preferred warning interfaces may increase the processing speed of warning messages in their brains.
indicated preference for familiar elements that the brain can process quicky. This revealed that moderate high-intensity signal words and icons can produce proper arousal when facing a threat. Users also overwhelmingly preferred to have the option to proceed to visiting the website as opposed to being blocked from visiting it.
The research team reports that some categories of elements play a more important role in increasing users’ trust in the warning and a sense of having a personalized warning interface. Five categories showed up to have important roles: consequence statement about the threat, signal word, text being bold, color scheme and icon.
The research team reports interesting, detailed findings about the overall preferences for categories and elements in many appendices of the paper. Examples of the categories of elements that emerged as most preferred by users include consequence (what may happen if a user visits a phishing site), signal word, hazard information, icon and color schemes. The team also reports the overall preferences for elements within each category. For example, “warning” for signal word, “unsafe” for hazard information and stop sign for icon
The research team also shows how to update the ontology as users reveal their preferences through the personalization process and as new elements emerge. The team suggests that detection tool developers can modify the ontology of warning elements for various user subpopulations, such as children, teenagers and senior citizens, as well as for different organization types. For instance, personalizing warning interfaces using comics and animations could attract children’s attention to security warnings.
At a broader level, the researchers say that policymakers and agencies with an interest in promoting online security need to be aware of the pervasive influence of this methodology in increasing warning compliance and encourage the utilization of the ontology-based intelligent interface personalization.
IGNITE STARTUP ACCELERATOR: TURNING INNOVATIVE IDEAS INTO MARKET-READY POWERHOUSES
In the competitive landscape of startup ecosystems, success is not just about having a groundbreaking idea — it’s about transforming that idea into a marketdominating solution. The Ignite Startup Accelerator, a manifestation of the partnership between the Lubar College of Business and the Lubar Entrepreneurship Center, is rewriting the playbook for entrepreneurial success in southeastern Wisconsin.
Dean Kaushal Chari, given his passion for entrepreneurship, conceived the idea of a business innovation incubator and hired the founding program director Matthew Friedel to set it up. Under the current director, the program evolved and is now branded as Ignite. The incubator was a Wisconsin Inno Fire Award finalist in 2022. Ignite is currently working with its third cohort of startups.
Redefining Startup Success: Market Traction Over Capital
In the startup world, there’s a dangerous misconception that fundraising is the ultimate measure of success. Ignite fundamentally challenges this narrative. The harsh reality? Capital follows market traction — not the other way around.
“Our theory behind structuring Ignite was that in order to make an investable startup, it’s more important to help them achieve market success,” explains its program director, Sanjay Mohan. “Investors don’t just want a great pitch — they want proof of market validation.”
This isn’t just theory. It’s a proven approach that flips the traditional startup funding model on its head. Instead of chasing investor dollars, Ignite helps startups focus on what truly matters – securing real, paying customers.
Golgix: Empowering Manufacturing Through AI
Take Golgix, a Milwaukee-based AI company transforming mid-market manufacturing. For cofounders Nitin Ranjan and Charlie Scott, Ignite was a game-changer. “The timing was everything,” Ranjan said. “We were working to refine our go-to-market
strategy, and Ignite provided the tools we needed to act and better our business at speed.”
Scott adds a critical insight: “Many tech companies fall into the trap of being product-led. Ignite helped us refocus on the customer and go-to-market strategy, and that shift has been a force multiplier.”
Shepherd Traffic: Reimagining Urban Mobility
Joel Roberts, founder of Shepherd Traffic, tells a similar story of transformation. His company uses analytics software to revolutionize traffic systems, making cities more livable and efficient. “Ignite has been incredibly useful,” Roberts says. “They focus specifically on sales and marketing — how to find leads, set up pipelines and understand the buyer’s journey. I didn’t even know what a CRM was before this program.”
The mentorship goes beyond theoretical advice. “The mentors sit down with you, look at your pipeline and say, ‘Here’s what you need to fix,'” Roberts said. “It’s not just theory; it’s applied help that has made a real difference.”
Beyond Business: A Regional Innovation Engine
Ignite’s impact extends far beyond individual companies. By helping startups overcome sales and commercialization hurdles, the accelerator is fundamentally strengthening the region’s economic ecosystem.
“The accelerator gives startups a chance to refine their messaging and gain traction faster,” Mohan said. “This not only helps the companies grow but also strengthens our local economy.”
The Bottom Line
The Ignite Startup Accelerator is more than a program — it’s a launchpad for innovative solutions that can reshape industries and improve communities. By focusing relentlessly on market traction and commercialization, Ignite is not just helping local startups succeed; it’s transforming bold ideas into tangible, market-leading realities.
ALUM’S TECH STARTUP NAMED AMONG TOP 10 AI COMPANIES
Deepak Arora (’22 Executive MBA) founded Wearable Technologies Inc. in 2021 with the mission to “save one life at a time.” The startup offers wearable devices and associated software that detect and potentially predict hazards by automatically using assisted onboard artificial intelligence (AI) to alert guardians, caregivers and emergency services as needed.
The company was named among the 2023 Top 10 AI Companies by CIO Tech World in October.
The impetus for starting the company stemmed from a personal tragedy Arora and his family experienced in 2020, when their toddler wandered off while the family was gardening and accidentally drowned in a nearby pond.
As he worked through his grief, Arora, at the time a systems integration manager at an IBM health care company, says that he couldn’t help thinking about how his daughter’s accident and others like it could be prevented by utilizing advances in artificial intelligence and machine learning.
Research he did into available technologies primarily found products that reacted to situations that had already occurred, but not the type of predictive technologies that could actually help prevent accidents. So, he began working on a technology that would focus on prevention.
Arora left his role at IBM in 2022 to focus full time on Wearable Technologies, which is headquartered in Hartland, Wisconsin, and currently has four full-time employees and one contractor.
The technology he developed utilizes an AI engine –Mahi, named after his daughter who inspired it – which learns the wearer’s activity patterns over time to establish a predictable routine. It also takes into account potential hazards in the wearer’s surroundings.
Arora says his published, patented technologies detect, predict and protect against hazards, “essentially building a proactive, protective shield around the wearer.”
The device can be worn like a wristwatch or attached to a piece of clothing. All of its capabilities are accomplished automatically, without the need to press a button or interface with the technology, which is especially important for young children and senior citizens.
While he originally conceived the idea to help prevent child accidents, Arora also saw how the elderly and disabled populations could benefit from his technology solution. With this thought, he joined the National Science Foundation’s I-Corp program run under the guidance of Lubar Entrepreneurship Center to gain more customer insights. As part of the program, he and his team ran a customer discovery and ended up doing a pivot to focus on the elderly and disabled populations for their beta.
In their current beta phase, they are heavily involved in providing care for senior citizens and the disabled who have some kind of early cognitive decline, mild cognitive decline, or are already suffering from the onset of Alzheimer’s or dementia. They are planning a multisite pilot for renowned senior living facilities across the nation. The push is to have a successful pilot before making their offerings commercially available to the market.
In addition to the CIO Tech World recognition, Wearable Technologies Inc. was a finalist in the AI, Voice, and Robotics category at SXSW 2023, and was selected for the Google for Startups Cloud Program and Microsoft for Startups. The startup received the Entrepreneurship and Innovation Forum Award from BizTimes Milwaukee in 2022, and Arora also received the Outstanding Leadership Award at the 2022 Health 2.0 Conference in Las Vegas.
Last year, Arora also participated in UWM’s Ignite Startup Incubator, which helps entrepreneurs accelerate their ventures and raise funds. The incubator is sponsored by the Lubar College of Business and the Lubar Entrepreneurship Center.
“It was a very productive experience with great mentorship,” he says.
Deepak Arora
IMPACTFUL RESEARCH
Stable Anchors and Dynamic Evolution: A Paradox Theory of Career Identity Maintenance and Change
We typically assume that changes in employment or profession trigger shifts to who we think we are in relation to our career — in other words, our career identity. Indeed, if we were to constantly question our career identity, we could end up in an identity crisis, not knowing who we are or what we want to do in our careers.
We all need a common thread that pulls together various work experiences we’ve had in our career so we know who we are and so we can express our career identity to others. Yet, we also need room to grow and to explore so that our careers don’t feel stagnant.
Research by Assistant Professor of Management, Dr. Keimei Sugiyama, co-authored with Dr. Jamie Ladge (Northeastern University) and Dr. Gina Dokko (University of California-Davis), suggests that career identity serves to both stabilize and anchor our sense of self as well as change and evolve in ways that may not be immediately apparent to those around them.
For example, a journalist could look across their work experiences that include being a part-time screenwriter and novelist and weave these various roles into the career identity of a storyteller. A manager could look at their successes and promotions and see themselves as a corporate executive – and they could also think about new product areas they have developed and launched for their corporation and see themselves as an entrepreneur.
Thus, even those who seem to be well-established in their careers can see and express themselves in inconsistent ways and those who seem to have a disjointed career trajectory can thread a common theme across a diverse array of work experiences.
So how do people identify with their careers in ways that give them a sense of stability in who they are but at
the same time allow them to evolve and to grow in their sense of self?
In this research, Dr. Sugiyama and colleagues provide a career identifying process that explains how people form their self-concept through a paradox of stability and change.
A paradox is when what seems to be contradictory — such as the need to anchor and the need to evolve one’s career identity — are actually mutually reinforcing forces that push and pull and create tensions in how people make sense of their experiences.
The career identifying process explains that people address these tensions through both career identity maintenance and change. This “both … and …” paradox is what allows people to seem to be on a steady path with a clear progression but have smaller shifts that are slowly moving this trajectory in a whole new direction. That is, their career identity is slowly shifting and accumulates into a bigger change that may seem abrupt to others but has been percolating under the surface for quite some time.
What this research means for organizations and leaders is to understand that careers are inherently messy, and it benefits employers to account for this dynamism in people’s careers. That is, employees may seem like they are bouncing from position to position without a clear logic yet have a perfectly coherent explanation for how they are threading together their work experiences.
It’s also possible for employees to be on a clear trajectory following the organizationally defined structure for advancement but make smaller shifts in who they are and want to be in their careers that underly substantial changes in their future career choices.
Keeping in mind that it is natural and even productive for employees to be thinking of themselves in this way can help employers to be more flexible and responsive to their employees’ career needs, leading to better retention of top talent.
The full study, “Stable Anchors and Dynamic Evolution: A Paradox Theory of Career Identity Maintenance and Change,” Keimei Sugiyama, Jamie J.
and
was published in the Academy of Management, Volume 49, No. 1, January 2024.
Ladge,
Gina Dokko,
Keimei Sugiyama
Navigating the Trade-Offs: Proprietary Costs and Equity Financing
In the world of finance, companies are constantly faced with decisions that involve balancing risk, competition and growth. One such decision revolves around equity financing, where businesses must choose how and when to raise money by selling shares. This choice may seem straightforward, but it’s more complicated than it appears.
Research by Associate Professor of Finance Dr. Yianni Floros, co-authored with Dr. Konduru Sivaramakrishnan (Rice University) and Dr. Rustam Zufarov (University of Illinois Chicago), uncovers the hidden challenges companies face when deciding how to raise capital, particularly in protecting their competitive edge while accessing necessary funds.
The Challenge of Protecting Sensitive Information
At the heart of the research is the concept of proprietary costs — these are the risks a company faces when it reveals confidential information to the public. When companies seek to raise money by issuing shares to the public, they often need to disclose information that might give them a competitive advantage, like future business strategies, product innovations or market insights. Their goal is to disclose information to lower their issuance costs. But there’s a catch: The more information a company discloses, the more vulnerable it becomes to competitors who can use that information against them. This leads to a tough decision — how much to share with potential investors without giving away too much to the competition. Potential investors want to know more about the issuing firm’s growth prospects, but competitors may use this revealed information.
Dr. Floros and his co-authors found that firms are often caught in a balancing act. They want to reduce the costs of issuing shares by being as transparent as possible with investors, but they also need to protect their sensitive, proprietary information. Sharing too much could hurt their competitive position, especially in industries where small details can make a big difference. The challenge becomes even more complex because the costs of revealing proprietary information vary from firm to firm.
Measuring Proprietary Costs at the Firm Level
Until now, researchers have primarily measured proprietary costs at the industry level, assuming that all companies within the same industry face similar risks. However, Dr. Floros’ research takes an innovative approach by developing a method to measure proprietary costs at the firm level. This is significant because it acknowledges that companies — even within the same industry — can have vastly different strategies, market positions and levels of competition. By capturing these differences, the model provides a more accurate picture of the risks firms face when choosing between public and private equity offerings.
Dr. Floros’ research shows that firms with higher proprietary costs are more likely to opt for private placements when raising capital. In these private transactions, companies can share sensitive information with a select group of investors without making it available to the public. This way, they can protect their competitive edge while still raising the money they need to grow.
Why It Matters to the Average Investor
The research provides valuable insights into the decisionmaking process of companies when they raise capital. For investors, understanding the trade-offs companies make between transparency and competitiveness can shed light on why some firms choose private placements over public offerings. It also helps investors appreciate the delicate balance companies must strike to remain competitive while still attracting investment.
Additionally, Dr. Floros’ research opens new avenues for evaluating companies. Investors and analysts can use his firm-level proprietary cost measure to better understand the risks companies face when raising equity. This could lead to more informed investment decisions, as investors will have a clearer picture of which companies are protecting their competitive advantage and which are more revealing with the proprietary information they disclose.
In a world where information is power, Dr. Floros’ work helps to illuminate how companies can strategically navigate the challenges of raising capital without compromising their edge in the market.
The full study, “Proprietary Costs and the Equity Financing Choice,” Yianni Floros, Konduru Sivaramakrishnan and Rustam Zufarov, was published in the Review of Accounting Studies, Volume 29, January 2023
Yianni Floros
2023-24 FACULTY PUBLICATIONS
The outstanding research published by Lubar College of Business faculty during the 2023-24 academic year includes:
Shareholder Activism Research: A SystemLevel View
Academy of Management Annals
Maria Goranova, Professor, Organizations & Strategic Management Director, and M&I Marshall & Ilsey Center for Business Ethics, with Kevin Chuah, Mark R. DesJardine, and Witold J. Henisz
Attending to Customer Attention: A Novel Deep Learning Method for Leveraging
Multimodal Online Reviews to Enhance Sales Prediction
Information Systems Research
Huimin Zhao, Professor, Information Technology Management, and Church Mutual Insurance Faculty Scholar in ITM, Roger L. Fitzsimonds Distinguished Scholar, with Gang Chen, Lihua Huang, and Chenghong Zhang
Proprietary Costs and the Equity Financing Choice
Review of Accounting Studies
Ioannis Floros, Associate Professor, Finance, with Konduru Sivaramakrishnan and Rustam Zufarov
How Authoritarian Regimes Use
Organizations to Solidify Control: A theory of pro-forma cooptation and an empirical test from reappointments to congress in China
Organization Studies
Stanislov Dobrev, Robert L. and Sally S. Manegold Chair in Strategic Management, Organizations & Strategic Management, and Zheng Cheng, Assistant Professor, Organizations and Strategic Management, with Xiaoyu Yang
Content and Style of Firm-Generated Posts on Social Media: A Study of User Engagement on Hedonic and Utilitarian Product Pages on Facebook
Journal of the Association for Information Systems
Scott Schanke, Assistant Professor, Information Technology Management and Director, Center for Technology Innovation, with Gautam Ray, Gediminas Adomavicius, and Mihir Wagle
Climate Action Now: How to Fuel a Social Movement
Journal of Consumer Psychology
Tracy Rank-Christman, Assistant Professor, Marketing, and Laura Peracchio, Emeritus Professor of Marketing, with Lama Lteif, Gia Nardini, Lauren Block, Melissa G. Bublitz, Jesse R. Catlin, Samantha N.N. Cross, and Anne Hamby
We Will Rise: How Stories Unite Social Movements
Journal of the Association for Consumer Research
Tracy Rank-Christman, Assistant Professor, Marketing, and Laura Peracchio, Emeritus Professor of Marketing, with Melissa G. Bublitz, Samantha N.N. Cross, Lama Lteif, Gia Nardini, and Sophia Woodrow
Stable Anchors and Dynamic Evolution: A Paradox Theory of Career Identity
Maintenance and Change
Academy of Management Journal
Keimei Sugiyama, Assistant Professor, Organizations & Strategic Management, with Jamie J. Ladge, and Gina Dokko
We’re on the Rise: How Social Movements Support Youth Well-being
Journal of the Association for Consumer Research
Tracy Rank-Christman, Assistant Professor, Marketing, and Laura Peracchio, Emeritus Professor of Marketing, with Melissa Bublitz, Jennifer Escalas, Lama Lteif, Gia Nardini, and Sofia Woodrow
Data Avatars: A Theory-Guided Design and Assessment for Multidimensional Data
Visualization
Information & Management
Fatemeh Mariam Zahedi, UW-Milwaukee
Distinguished Professor Emerita Professor Emerita, Information Technology Management, with Kurt Pflughoeft and Yan Chen
Bottled Up or Poured Out: How Product Name Emotions Affect Appeal and Authenticity in the Market for Craft Beer
Strategy Science
Stanislov Dobrev, Robert L. and Sally S. Manegold Chair in Strategic Management, Organizations & Strategic Management, with Olga M. Khessina and J. Cameron Verhaal
A Theory-Driven Deep Learning Model for Voice Chat-Based Customer Response Prediction
Information System Research
Huimin Zhao, Professor, Information Technology Management, and Church Mutual Insurance Faculty Scholar in ITM, Roger L. Fitzsimonds Distinguished Scholar, with Gan Chen, Shuaiyong Xiao, and Chenghong Zhang.
Calling Oneself and Others In: Brokering Identities in Diversity Training
Academy of Management Journal
Keimei Sugiyama, Assistant Professor, Organizations & Strategic Management, with Jamie J. Ladge and Diana Bilimoria
Nonprofit Organizations’ Financial Obligations and the Paycheck Protection Program Management Science
Daniel Neely, Associate Dean, Academic Affairs and Professor, Accounting, with Gregory D. Saxton and Paul A. Wong
Depicting Risk Profile Over Time: A Novel Multiperiod Loan Default Prediction Approach
MIS Quarterly
Huimin Zhao, Professor, Information Technology Management, and Church Mutual Insurance Faculty Scholar in ITM, Roger L. Fitzsimonds Distinguished Scholar, with Zhao Wang and Culqing Jiang
Prêt-à-quitter: Career mobility and entrepreneurship in the global high-end fashion industry
Journal of Business Venturing
Stanislov Dobrev, Robert L. and Sally S. Manegold Chair in Strategic Management, Organizations & Strategic Management, with Kim Claes and Frédéric Godart
Multiperiod Channel Coordination in Franchise Networks: The Necessity of Internal Inventory Trading and Franchiser Involvement
Production and Operations Management
Xiaohang Yue, Professor, Supply Chain, Operations Management & Business Statistics and Ronald E. Pawasarat Faculty Scholar, with Liangbin Yang and Rong Li
Dynamic Incentives for Sustainable Contract Farming
Production and Operations Management
Dawei Jian, Assistant Professor, Supply Chain, Operations Management & Business Statistics, with Wei Zhang, Long Gao, Mohammad Zolghadr, and Mohsen ElHafsi
The Preference for Spontaneity in Entertainment
Journal of Consumer Research
Katherine Du, Assistant Professor, Marketing and V. Kanti Prasad Junior Faculty Scholar, with Jacqueline R. Rifkin and Keisha M. Cutright
A Semiparametric Bayesian Model for Queueing Arrival Processes: An Application to Call Centers
Production and Operations Management
Kaan Kuzu, Associate Professor, Supply Chain, Operations Management & Business Statistics, with Refik Soyer and Murat T. Tarimcilar
The UTD Top 100 North American Rankings of Business Schools Based
on Research Contribution 2023-2024
For the first time, Lubar faculty elevated the College into the top 100 of the prestigious UT Dallas North American universities rankings that measure research productivity in leading business research journals.
Donor Advances Investment Management Certificate Program
David O. Nicholas generous philanthropy has made the Investment Management Certificate Program (IMCP) possible, including another $1.1 million pledged in the 2023-24 academic year. The Nicholas family has (1) endowed an investment lab where students have access to top research and analytics tools – the same that professionals utilize – to hone their skills, (2) supported staff to teach students and help launch their careers and (3) allowed real portfolios, which students use to practice investing in a real-life setting, greatly enhancing their education and preparing them for the real world. He has also offered guidance and guest speaking, and has hired the students as they launched their careers. His support has changed lives for many students, as without it the career the IMCP trains students for would have been out of reach to most.
STUDENT SUCCESS
ENHANCED ADVISING AND STUDENT SERVICES BOOST GRADUATION RATES
The Lubar College saw dramatic increases in four-year undergraduate graduation rates. In the Fall 2020-2024 cohort, there was a 17.9% increase for Lubar students as compared to 5.4% for all UWM students. And from Fall 2023 to 2024 there was an 8.7% increase in four-year undergraduate graduation rates for Lubar students as compared to 2.3% for all UWM students.
"This is remarkable and a testament to our undergraduate advisors, student success staff and instructors, said Kaushal Chari, Lubar dean. "They are all making a difference in the lives and futures of our students."
Enhanced student advising, expanded co-curricular initiatives, well-being activities such as Lubar Cares and new or refreshed centers for career support and tutoring, along with refreshed student-friendly spaces, have contributed to improvements in student success metrics such as graduation rates and retention rates.
"This is a result of a combination of efforts both in and out of the classroom. I am extremely grateful to the Undergraduate Student Services team and their efforts to build a stronger community in Lubar as well as the individual student outreach and support they provide. Their commitment to go above and beyond for students is a key factor in their success!" said Andrea Wrench, assistant dean.
Fantastic Year for Scholarship Awards
Nearly 700 scholarship awards were granted to students in the Lubar College of Business in 2023-24, exceeding $2 MILLION
Congratulations to our students, and thank you to our generous donors!
CLASS OF 2024
The Lubar 25 Class of 2024 recognized standout undergraduate students in the Lubar College of Business for their accomplishments in academics, entrepreneurship, leadership or campus/community service. Lubar 25 students were celebrated at a special event and received a $1,000 scholarship. Baird colleagues, family and friends of Gary Elfe contributed to support these scholarships.
Sara Jochims has hit her stride, both as an accounting student and as a member of the UWM Panthers women’s cross country and track & field teams. A student in the Lubar College’s Business Scholars program, Sara is used to an academic challenge, which she has met with a near-perfect cumulative GPA. Impressively, she’s also active as a student leader, both as co-treasurer of honors organization Beta Alpha Psi and treasurer of the Women in Business organization. Sara has found special meaning and purpose through community service projects she’s engaged in at UWM, such as volunteering at Milwaukee Public Schools cross country meets, Frieden’s Empty Bowls, Bradford Beach cleanups and Milwaukee’s Make a Difference Days. “The best part of being involved in so many different campus activities is the opportunity I have had to give back to UWM and the community.” Upon graduation, Sara will pursue her master’s degree in professional accounting at UWM and sit for the CPA exam.
As an Army veteran, Santos Luciano says his military experience not only instilled in him discipline and resilience, but also fueled his commitment to further education upon transitioning to civilian life. Now an accounting major at UWM, he has excelled in his studies and attributes his military background with developing his time management skills, adaptability and a strong work ethic. Santos is also a co-owner and CEO of a soap company, where his leadership role includes strategic decisionmaking, business development and day-to-day operations. His business actively supports veterans by supporting initiatives that empower and uplift the veteran community. Santos says he has found meaningful avenues to channel his efforts toward community enrichment through his church and as a Freemason, including contributing to Black-owned churches and gyms specifically. “This underscores my dedication to supporting minority-owned businesses and fostering community empowerment.” He is serving his fellow veterans at UWM as well, initiating financial literacy classes with the Veteran Upward Bound program. Santos plans to work in public accounting after graduation and eventually to own his own accounting firm.
A Dean’s List student in the Lubar College of Business, Emily Yang started her college career at MATC before transferring to UWM in Spring 2023 to study human resources management. Once here, she jumped right into involvement, becoming director of corporate relations for the Society for Human Resource Management (SHRM). In this role, she leads networking and learning opportunities for student members, including the development of corporate partnerships with companies including Northwestern Mutual and Baird. Emily is also highly involved in the Hmong community, with a focus on education and career development. Through UWM’s Southeast Asian American Center, she served on panel that spoke to incoming freshmen from the Hmong American Peace Academy. She has volunteered at the same school as a teacher assistant for younger grades, helping with reading and math. She especially values this experience because “it helps to grow and guide the younger generation of Hmong Americans to become successful contributors to society.” Upon graduation, Emily will pursue the SHRM Certified Professional credential and continue to positively impact others through a career in human resources.
Profiles of all of the members of the Lubar 25 Class of 2024 can be found at lubar.uwm.edu/25.
Nadia Adams, Senior, Marketing
Sydney Braun, Senior, Information Technology Management & Marketing
Zachary Calabro, Senior, Finance & Supply Chain and Operations Management
Giorgia Cavestro, Senior, Accounting & Information Technology Management
Eylee Corcoran, Junior, Marketing
Evelyn Curiel, Senior, Marketing & Supply Chain and Operations Management
Zaher Haidar, Senior, Pre-Law, Finance, Information Technology Management
Gabriel Heller De Messer, Senior, Accounting
Sara Jochims, Junior, Accounting
Riley Kenney, Senior, Marketing
Taehun Kim, Junior, Accounting
Madaline Krall, Senior, Human Resources Management & Marketing
Benjamin Leipzig, Senior, Accounting & Finance
Ruby Loeffelholz, Senior, Accounting
Juan Lopez, Senior, Finance & Information Technology Management
Santos Luciano, Senior, Accounting
Julia Maas, Senior, Marketing
Ella Manssen, Senior, Accounting
Geri Otto, Junior, Human Resources Management
Nathan Schultz, Junior, Accounting & Finance
Alexander Valenzuela Casiquez, Junior, Marketing
Morgan VanderMissen, Senior, Finance & Human Resources Management
Alaina Whitson, Senior, Marketing
Emily Yang, Senior, Human Resources Management
Sarah Zehms, Senior, Marketing
STUDENT SUCCESS
CONGRATULATIONS, LUBAR GRADUATES!
Total 2023-24 Graduates: 955
BBA Average Starting Salary:
$57,141*
Master’s Average Starting Salary: $81,241*
Where Did They Go?
Abbott Laboratories
AbbVie
Amcor
Advocate Aurora Health
Amazon Apple
Ascension
Associated Bank
Badger Meter
Baird International
Limited
Baker Tilly
BMO Harris Bank
Brady Corporation
Bradley Corporation
Catholic Charities USA
Charter Manufacturing
City of Milwaukee
Colliers International
Dell Technologies
Deloitte
Department of Revenue
Direct Supply
Ernst & Young
FedEx
FIS
Foley & Lardner LLP
Froedtert & The Medical
College of Wisconsin
GE Healthcare
Generac
General Motors
Gilbane Building Company
Godfrey Kahn
Harley-Davidson
Hershey Company
HH Global
JB Hunt
Johnson Controls
Johnson Financial Group
JPMorgan Chase
Kimberly-Clark
Kohl’s
Kohler
Komatsu Mining
KPMG
Lockheed Martin
Manpower Group
Marcus Corporation
Master Lock
Menasha Packaging
Mercury Marine
MGIC
Milwaukee Brewers
Milwaukee Tool
Molson Coors Beverage
Morgan Stanley
Northrop Grumman
Northwestern Mutual
PwC
Regal Rexnord
Rockwell Automation
Saputo Cheese USA
Snap-on
South Milwaukee Health
Department
SpotHopper
Strattec Security Corporation
U.S. Bank
Uline
United Airlines
United States Army
Reserve
United States
Department of the Treasury
United States
Department of Veterans Affairs
WEC Energy Group
Weyco Group
Wipfli
BUSINESS ENGAGEMENT
EVENTS
The Lubar College of Business continued its strong tradition of bringing executives and thought leaders to the community to share their insights on important topics. Recordings of many of these programs are available through our website at lubar.uwm.edu or on our YouTube channel UWM Lubar. The 2023-24 lineup included:
Fintech Exec Shares His Great Journey
Great Journeys Inspirational Series, sponsored by the M&I Center for Business Ethics
Jeff Yabuki, Chairman, Motive Partners, and former CEO of Fiserv Inc.
The Corrosion of Globalization
Bradley Distinguished Lecture Series
Dr. Adam S. Posen, President of the Peterson Institute for International Economics
Bridging Realities: AI in Enhancing Human Experience
Center for Technology Innovation
Prasad Chalasani, Founder and Lead Architect, Langroid; Ravi Bapna, Curtis L. Carlson Chair Professor in Business Analytics and Information Systems, Carlson School of Management, University of Minnesota
Securing Your Future in the Future of Work
M&I Center for Business Ethics
Michael J. Fenlon, Ph.D, Chief Future of Work Officer at PwC
Teaching Business Ethics
M&I Center for Business Ethics
Dr. Jennifer J. Griffin, Raymond C. Baumhart, S.J., Professor of Business Ethics and Professor of Strategy
Dr. Adam Posen
Michael Fenlon
Dr. Jennifer Griffin
IN THE NEWS
TitletownTech, UWM leaders say Microsoft’s new AI Co-Innovation Lab will elevate Wisconsin as a tech leader BizTimes, May 21, 2024
'Seismic shift' for realtors could impact Wisconsin home prices, sales Spectrum News 1, March 20, 2024
‘Sea of parking’: Could land around Milwaukee Brewers stadium be home to future development?
Wisconsin Public Radio, November 13, 2023
@TheTable: Three iconic local institutions behind big data and tech hub investment TMJ4, August 10, 2023
Notable Leaders in Higher Education: Kaushal Chari BizTimes, January 24, 2023
EXECUTIVE EDUCATION
Lubar Executive Programs partners with corporate clients and individuals on strategies to develop the business skills of high-potential leaders. The Executive Programs team continues to deliver high quality programming to companies and individuals throughout Southeast Wisconsin through custom programs that are collaboratively designed with the client, open enrollment programs focusing on management and leadership topics, the State & Local Taxation Webinar Series, the Strategic Leadership Series and the Lubar Executive Education podcast series.
INDUSTRY CONNECT
The Industry Connect program allows organizations to utilize UWM’s Lubar College of Business as an extension of their operations by tapping into Lubar students and faculty for project work. Industry Connect teams advanced Lubar students with client companies to work on project deliverables over the course of a semester. Students work under the joint supervision of Lubar faculty and a sponsoring partner representative. In addition to the completion of the project, companies benefit by gaining access to Lubar faculty expertise and assessing students’ capabilities for possible future employment. Students, of course, gain real-world experience to become more competitive in today’s job market.
The SAP University Competence Center (UCC) at the Lubar College of Business is one of only five UCCs throughout the world. The center provides hosting services and technical support to universities that participate in SAP’s University Alliance. The SAP University Alliances program enables academia to educate the next generation for the intelligent enterprise and the experience economy. It connects students around the world who are interested in SAP solutions, careers, and research opportunities. Students participate in classroom sessions, app development, networking opportunities, and events. The UCC at the Lubar College currently hosts close to 170 universities in the U.S., Canada, Korea, Thailand and Japan. It operates over 50 production SAP systems utilizing its own private cloud environment to deliver SAP to over 100,000 students a year.
CULTURE
WELCOME, NEW FACULTY!
The Lubar College of Business welcomes these new faculty members!
Dijo Alexander
Professor of Practice, Information Technology Management
Dr. Alexander is a seasoned technology executive and practitioner scholar who specializes in technology management, digital transformation and artificial intelligence. His research interests are in the application of data and decision sciences in reshaping business operating models. He holds a PhD in Management Science from the Weatherhead School of Management, Case Western Reserve University.
Amir Alwan
Assistant Professor, Supply Chain & Operations Management
Dr. Alwan’s research focuses on dynamic decision making for complex stochastic systems, with applications that include dynamic pricing and revenue management, inventory management and supply chain management. He teaches courses in business statistics and supply chain analytics. He earned his PhD in Management Science & Operations Management from the University of Chicago, Booth School of Business.
Dongsheng Li
Assistant Professor, Supply Chain & Operations Management
Dr. Li’s research interests include process planning and control, socially responsible operations and interfaces with information systems. He has been working closely with industry on characterizing and developing implementable solutions for unique problems arising in supply chain networks. He holds a PhD in Supply Chain Management & Information Systems from Pennsylvania State University.
Xiaohui Zhang
Assistant Professor, Information Technology Management
Dr. Zhang’s research interests lie in the intersection of finance, social media and human-algorithm interactions. His research focuses on social media moderation, aiming to examine the truthfulness of social media information and evaluate the effectiveness of governance strategies on social media platforms. Dr. Zhang earned his PhD in Business Administration (Computer and Information Systems) from the Arizona State University WP Carey School of Business.
Investment Students Take Their Classroom to Wall Street
G. Kevin Spellman, David O. Nicholas Director of Investment Management and Professor of Practice in Finance, is laser focused on providing his students in the highly regarded Investment Management Certificate Program with a wide range of hands-on learning experiences.
Throughout the academic year, that means utilizing top flight investment analytical tools, working on significant projects that mirror those of analysts and actively managing millions of dollars in real-money portfolios.
Spring break is no exception, marking the program’s annual trip to New York and London to meet with investment executives across all facets of the industry – buy-side, sell-side, banks, hedge funds, venture funds and bond managers among them.
To give students a well-rounded experience, Spellman says, he crafts the agenda across categories such as data science, quantitative investment analysis, investment strategy and research, and includes all asset classes.
“Meeting with these highly successful professionals – in their environment and in the careers our students aspire to across several disciplines of investments and finance – is an invaluable learning and one-of-a-kind opportunity,” says Spellman.
Piper Sandler, LSEG, Province and Left Lane Capital. Spellman taps into his extensive connections to get on the schedules of top financiers with whom the students have private meetings.
A trip to the Big Apple wouldn’t have been complete without a visit to the New York Stock Exchange, where the group scored a private tour of where the “action” happens on the trading floor and a chance to ring the opening bell.
A final stop before heading to London was a tour of the United Nations, where students were fortunate to get a “photo op” in the Security Council Chamber while the council was on a break from their working session.
This year’s trip included visits with top analysts, strategists, research directors and other executives at Balyasny Asset Management, Capital Group (with $2.5 trillion in assets under management), Morgan Stanley, Mizuho Group, Oaktree Capital, Cantor Fitzgerald,
In London, the group attended meetings with BlackRock, PIMCO, M&G, AXA Alts, Macquarie Bank, JP Morgan and MSCI.
Andrew May, who earned his finance degree last May and is completing the elite investment management program this semester, called the trip the “absolute highlight” of the program.
“Having the opportunity to meet money managers and explore the financial hubs of the world is an incredible experience that I am truly grateful to receive,” he says.
Moreover, May attributes the deep knowledge he’s gained, his exposure to investment professionals throughout the program and the professional network he has developed with giving him the confidence to start his career in the investment industry. He’ll soon be joining the investment operations team at Black Maple Capital Partners.
Delta Sigma Pi Chapter Wins National Award Community Service a Standout Achievement
The UW-Milwaukee’s Delta Sigma Pi chapter, Xi-Chi, continues to demonstrate its excellence nationally, securing three prominent awards that highlight their leadership, service and alumni network connections. Competing with over 300 chapters nationwide, Xi-Chi received these awards at the October National Delta Sigma Pi LEAD Conference: Outstanding Service Award, Outstanding Alumni Relations Award and the highly regarded R. Nelson Mitchell Outstanding Collegiate Chapter Award.
“It’s an absolute honor to see our chapter receive national recognition for the hard work, passion and dedication that every member has contributed,” said chapter President Juan Lopez. “This achievement reflects the countless hours of collaboration and the shared vision that have fueled our success. Every member, past and present, has played a vital role in this milestone, and I couldn’t be more proud of what we’ve built together.”
The chapter’s commitment to building strong ties with their alumni also played a critical role in their success. A new mentorship program paired chapter members with alumni, fostering connections that offered professional guidance and career development. These relationships have proven invaluable, helping members navigate their futures with the advice and support of those who walked the same path before them. In addition, the chapter celebrated its 21st anniversary with a formal event that brought together alumni and current members for a night of reflection and celebration.
“Joining Delta Sigma Pi my freshman year was the best choice I made throughout my college career. It was an environment to build my professional skills and leadership positions that would prepare me for internships and life post-graduation,” said Past President Lexi Kossow. “The friends I made in DSP are for life and have stuck with me even after graduation.”
One of the chapter’s standout achievements was their service to the community. From organizing beach cleanups to assisting with events like Make a Difference Day, chapter members consistently stepped up to help those in need. For the Ronald McDonald House, 12 members volunteered to assist with housekeeping, cooking and other projects, while the chapter initiated a pop-tab competition to support the charity’s mission. Members also packed over 5,500 pounds of food for Feeding America, resulting in over 4,600 meals for local families.
“In my time with Delta Sigma Pi, I’ve witnessed the incredible strength that comes from building on a solid foundation,” said Senior VP Julian Balboa. “What truly stands out is the support we receive both within the organization and from the broader community, all of which helps us grow together and achieve our goals as one united team.”
Beyond community service and alumni engagement, the chapter distinguished itself with professional development initiatives. Members represented UWM at the Provincial Conference in St. Paul, Spring 2024, where they and alumni shared insights on topics ranging from artificial intelligence in the workplace to recruitment strategies for collegiate chapters.
These combined efforts earned Xi-Chi the coveted R. Nelson Mitchell Outstanding Collegiate Chapter Award, which recognizes the chapter that best embodies Delta Sigma Pi’s core values of professionalism, service and brotherhood.
As the chapter looks ahead, the recognition from these national awards serves as a reminder of the impact they can make — not only within Delta Sigma Pi but in their community and beyond.
GLOBAL ENGAGEMENT
BUSINESS STUDY ABROAD EXPANDS STUDENTS' HORIZONS
Lubar College of Business students embarked on an unforgettable study abroad journey to Paris. Centered in the bustling capital of France, the program offered a unique blend of cultural exploration, professional development and global business education. From visiting iconic landmarks like the Eiffel Tower and the Louvre to exploring the historic region of Normandy, the program blended academic rigor with hands-on experiences.
The itinerary included corporate visits to prestigious organizations such as the World Trade Center Paris, Banque de France, ERG Europe and France Assureurs. Students engaged with industry professionals, learning about European business practices, marketing strategies and international relations, expanding their understanding of global markets and opening doors to networking opportunities and potential career paths.
“This study abroad was unique to most programs I have seen because of its flexibility and commitment to hands-on experience. I was able to experience the culture of Paris while also learning about its complex business practices,” said Meghan Stielow, a senior studying Human Resources Management. “Most of us came in only knowing a few other students. By the time we left, we were all close and still keep in touch post-trip. I would recommend this study abroad to all UW-Milwaukee Lubar students.”
Beyond the classroom, students ventured to Northern France, where a Normandy tour led by a World War II author brought history to life. They stood on the D-Day beaches, visited the Normandy American Cemetery and the cliffs of Pointe du Hoc.
This Paris program exemplifies Lubar College’s commitment to preparing students for a globalized world, blending cultural competence with practical business knowledge. For these future leaders, the memories made and lessons learned in France will resonate throughout their careers.
FINANCIAL SUSTAINABILITY
2023-24 BY THE NUMBERS
Fall 2023 data from UWM Office of Assessment and Institutional Research, OBIEE
Total Enrollment: 3,444
Undergraduate
BBA majors in Accounting, Finance, General Business, Human Resource Management, Information Technology Management, Marketing, Supply Chain & Operations Management
Enrollment: 2,731
First Generation: 37%
Pell Eligible New Freshmen: 40.1%
$2 million+ in scholarships awarded
73.8% one-year retention rate (Fall 2023 New Freshmen Cohort)
Graduate
MBA, Online MBA, Executive MBA, MS programs in Accounting, Professional Accounting, Digital Supply Chain Management, Finance Analysis, Information Technology Management, Marketing, and PhD
Enrollment: 713
*African American, American Indian, Latinx, Southeast Asian American, Targeted Multiethnic
47 full-time faculty
59.7% six-year graduation rate (Fall 2018 New Freshmen Cohort)
