Villanova magazine of the villanova school of business
Business
summer 2011
owing the pursuit of scholarly greatness
Meeting Warren Buffett Students Work for a Unified Goal
Villanova Business
The Helen and William O’Toole Dean James M. Danko Associate Dean for External Relations Madonna Marion-Landais MA ’81 Editor Liz H. Field Director of Communication Contributors Mariana martinez Chris Nicholson Leigh Tobin Brendan E. Cummings A&S ’13 Design & Production Moiré Marketing Partners Cover Illustration rachel ann lindsay
Villanova Business magazine is published twice a year by the Villanova School of Business. Villanova Business welcomes inquiries, opinions, and comments. Liz Field Villanova Business 800 Lancaster Avenue Villanova, Pennsylvania 19085-1678 Tel: 610-519-5424 Fax: 610-519-7864 Email: liz.field@villanova.edu www.villanova.edu/business
22 Helping the Gulf Coast, One Semester at a Time Students travel to Mississippi to help build houses after Hurricane Katrina devasted the area.
2 villanova business | summer 2011
Cert no. SW-COC-1551
VSB’s Villanova Business was awarded the 2010 MarCom Platinum award from the Association of Marketing & Communication Professionals.
32
14
contents SUMMER 2011
from the dean
40
02 Transitions Features 08
VSB-Week
14 Growing Excellence 24
Meeting Warren Buffett
Departments 03
Momentum
11 VSB in the News 12 A Lifetime of Business Lessons 22
Helping the Gulf Coast
26
Students Across Programs Work for a Unified Goal
30
Business Leaders Forum
32
Jeff Immelt, 21st Century Leadership
34
Faculty Research
36
Faculty Achievements
38
Student Achievements
40 In Closing: Alumni Spotlight
summer 2011  |  villanova business
1
MESSAGE FROM THE DEAN
Transitions
“VSB has attained national status as a top-ten business school, and your support becomes critically important.
”
your convenience. Your gift will support VSB’s priority initiatives and help to increase the value of your degree. VSB has attained national status as a top-ten business school, and your support becomes critically important—now so much more than ever—as we compete with schools that have far greater resources than we. I thank you for all your support and will watch the school with great pride from my new home in Indianapolis. Know that Villanova University has been a very, very special part of my life, just as it has been for you, and I do hope our paths cross again in the future.
James m. Danko The Helen and William O’Toole Dean Villanova School of Business
2
villanova business
|
summer 2011
PHOTO: BARBARA JOHNSTON
“As I wrIte thIs letter, It Is wIth very mIxed emotions. As many of you know from the April announcement, I will be leaving VSB to serve as the next president of Butler University. While I am extremely pleased with the exciting news and progress occurring at VSB during my time here—and featured in our latest edition of Villanova Business—I am also personally sad to be leaving this great University, business school, and community. During such moments of transition, I cannot help but to reflect upon the accomplishments that have taken place under my tenure, as well as those challenges that remain in place for the future leaders. I think back to my own expectations when I arrived at Villanova six years ago. As I consider this last point, the experience as dean of VSB far exceeded my initial expectations. While I was certainly aware of the excellence of the University and the business school in many areas when I arrived on campus in the summer of 2005, I had not fully appreciated the passion that so many faculty, staff, students, and alumni had for the place. And it was that passion that allowed us to flourish, especially with the support of outstanding alumni—the best network I have ever experienced. Through it all, it is important to keep progress in context. The expression “standing on the shoulders of giants” seems to fit perfectly here, as it aptly describes how the current success of VSB is occurring only because those deans who served before me had the vision to provide the foundation necessary to build a great, top-ten business school. The Clay Center, which opened in 2007, is an appropriate recognition of Dean Emeritus Al Clay whose care and concern for this school and its students is legendary. If not for Dean Tim Monahan and his leadership in contemporizing the facilities and developing new programs, VSB would not be where it is today. Just as with those former deans, it was my responsibility to leave the business school better today than when I arrived. The stories within this issue of Villanova Business represent the positive momentum and success of VSB today as reflected through the accomplishments of our faculty, students, and alumni. If I could leave you with one parting message it would be—support Villanova financially. It is imperative that the school increase its funding base. If you have never given before, make that first gift. If you are a consistent donor, please continue to give. I have provided an envelope within this magazine for
momentum The Villanova School of Business is ranked consistently among the country’s best business schools by publications like Bloomberg Businessweek, U.S.News & World Report, and the Financial Times. We strive to deliver a world-class education that prepares students for the social, environmental, and ethical complexities of modern-day business.
VSB 2011 Rankings Bloomberg Businessweek
Best Undergraduate Business Schools • #7 in the nation • #2 in the nation for “Overall Academic Quality”
PARADE Magazine
College A-List for Undergraduate Business Schools • Among the top seven schools in the nation for business and accounting
• A+ in “Teaching Quality” • A in “Job Placement”
Financial Times Executive MBA
• #34 among U.S.-Based Programs
U.S.News & World Report
• #11 among U.S.-Based Programs in Career Progression
• #1 rank for Villanova University among regional universities in the North Region
Aspen Institute Global 100
Best Business Programs by Specialty
The Villanova MBA
• #24 in the nation for accounting
• #55 worldwide in the Global 100 list of business schools, which recognizes schools that have integrated social, environmental, and ethical issues into their MBA programs
Wall Street Journal Executive MBA
• #1 for classmates’ contributions to the learning experience
BusinessWeek
The Villanova MBA • Consecutively ranked among the top 10 in academic quality
summer 2011 | villanova business
3
momentum
MBA Students Travel to Dubai, United Arab Emirates In an effort to enhance understanding of the consistently evolving culture of the Middle East, Professors of Management and Operations Sohail and Peggy Chaudhry were eager to bring a group of Villanova MBA students to Dubai during winter break. The 10-day trip gave 31 students not only the opportunity to learn in the classroom, but also to explore the country in a way that would change their perspectives. According to Professor Sohail Chaudhry, the three-credit multidisciplinary international practicum had a real impact on the vast majority of student participants. In fact, some are considering work in Dubai upon graduation, and even more will be adding an International Business specialization to their diplomas. While in United Arab Emirates (UAE), students took courses at the Institute of Management Technology (IMT), Dubai, which is the sister school of IMT, Ghaziabad, one of the top-ranked private business schools in India. There they spent time learning from IMT professors, as well as business associates, about the cultural, religious, and business practices of the area. The delegation gained firsthand knowledge about the transformation of the UAE into a growing economic superpower and an important player in regional and international affairs by visiting the Dubai International Financial Center (DIFC). There they met
Top: Students traveled to the Dubai International Financial Center for a presentation by Nasser Saidi, PhD, chief economist of DIFC Authority. Bottom: Professor Sohail Chaudhry and students visit the Dubai Chamber of Commerce.
Nasser Saidi, PhD, chief economist of DIFC Authority, who spoke about the strategic importance of Dubai as a financial center.
culture of business also is very different. Deals are made on trust.
Other visits included the Dubai Chamber of Commerce, Ducab
The country is full of incredible religious and cultural diversity,
(Dubai Cable Manufacturing), and DUBAL (Dubai Aluminum). The
which was great for our students to witness.” As with every opportunity, VSB tries to connect classroom
facturing and refurbishing of oil rigs by Lamprell. During this visit,
lessons to the workplace, and this experience proved no different.
some of Lamprell’s top executives gave presentations on the
“The lessons learned here can immediately be implemented into
history and current status of the company. “Dubai is a 24/7 country,” says Professor Sohail Chaudhry.
their careers,” Professor Sohail Chaudhry says. “What they learn on the streets one day about culture will ultimately help them in
“Business, such as construction industries, runs nonstop. The
their own business environments.”
Members of the Camden Diocese To Pursue Church Management Degree
PhD, professor of economics
VSB and the diocese of Camden will offer an online Master of Science in Church
VU President Fr. Peter M. Donohue, OSA, PhD, A&S ’75 signs agreement with the Diocese of Camden to offer MSCM degree.
Management (MSCM) degree
Upon completing the
and statistics and director of
30-credit program, which
VSB’s Center for the Study of
focuses on business skills
Church Management, partici-
and professional ethics as
pated in a signing ceremony
they relate to pastors, parish
at the Camden Diocesan
business managers, dioc-
Center to commemorate
esan department heads, and
the agreement.
others in church management
“You can go to a lot of
positions, participants will
places to learn management
receive the MSCM degree.
skills, but learning them in a
The majority of courses for
for both lay Catholics and
University; James M. Danko,
faith-based context doesn’t
this program are offered
ordained priests. Fr. Peter
The Helen and William O’Toole
always happen,” says Zech.
online and are intended to be
M. Donohue, OSA, PhD, A&S
Dean of the Villanova School
“We work very hard to make
completed in two years, at
’75, President of Villanova
of Business; and Charles Zech,
sure that does happen at VSB.”
a part-time status.
4 villanova business | summer 2011
Photos: Kristy Irwin
students traveled outside of Dubai to Sharjah to see the manu-
Undergraduate Students Practice Interviewing With the Pros While traditional
in the Wall Street Journal,”
mock interviews are common
says VSB Associate Dean
at the Villanova University
of Undergraduate Business
Career Center, VSB students
Programs Melinda German.
wanted an even greater level
Two graduating students
of preparation when they
found the experience to be
stepped in front of a poten-
especially rewarding. As a
tial employer. In response to
result of their mock inter-
the students’ requests for
views with Abercrombie &
a realistic, industry-specific
Fitch and American Eagle
opportunity to practice busi-
Outfitters, the seniors secured
ness interviewing skills, the
full-time jobs. “While the
Clay Center at VSB launched
intent of the ‘Practice with the
“Practice with the Pros.”
Pros’ program is to provide
The program, which is open
opportunities to enhance the
to all undergraduate business
business-interviewing skills of
majors, provides an opportu-
our students, it is rewarding
nity for students to enhance
that we also can help connect
and refine their interviewing
them to professional oppor-
skills while also spending
tunities,” says German.
valuable time with high-level
“The program provides
about a specific industry in
this case, actually secures
executives from top firms
a chance for students to
a non-pressured environ-
a position, that exceeds
including Vanguard, Credit
test their understanding
ment. If a student or two, in
our expectations.”
Students meet with seasoned executives to practice business-specific interviewing skills as a part of the Clay Center’s new “Practice with the Pros” program.
Suisse, AgileCat, and AT&T. Participants included executives from professions and industries that are of strong interest among VSB students. During one-on-one
Michael Levin Introduces the ICE Center to Undergraduate Business Leaders
sessions, company representatives simulated industry/
VSB Junior Michael Levin was selected to attend
profession-specific interviews
and present at the Undergraduate Business School Leadership
with students. Participants also
Conference (UBSLC), held at the Goizueta Business School at
were given the opportunity
Emory University in Atlanta, GA.
to ask questions and received
Levin received the invitation after submitting his description
candid feedback they can use
of a unique event or program within the school of business.
through the beginning stages
His proposal, one of ten selected, focused on the unique value,
of their careers.
importance, and multi-disciplinary approach of VSB’s Center
“Our goal was to design a program where students
for Innovation, Creativity, and Entrepreneurship (ICE Center).
Michael Levin VSB ’12 introduces the ICE Center to attendees of the UBSLC.
The annual conference, in its 12th year, is designed to create a collaborative forum for student
would be asked real-life ques-
leaders from top universities around the world. Undergraduate student attendees also are
tions. Instead of common
exposed to leading business thinkers and practitioners, workshops in leadership development,
questions, such as ‘what are
cases, and other interactive exercises. Participants include students from the top 25 undergrad-
your strengths and weak-
uate business school programs in the United States as ranked by Bloomberg Businessweek, as
nesses?,’ these sessions
well as from leading international institutions.
challenged the candidates’
During the conference Levin also participated in small-group sessions with executives who
knowledge of current events
provided students with the opportunity to learn about a wide variety of industries while engaging
in banking or finance indus-
in interactive dialogue with many well-known entrepreneurs. The participating business students
tries, for example, or asked
not only developed heightened leadership skills and insights, but also built a social network with
them to predict the implica-
promising future business professionals.
tions of an article published
summer 2011 | villanova business
5
momentum
VSB Offers a New Financial Services CoOp in NYC Spring 2011 saw the
During the course of the
the student in his or her daily duties as well as with the overall transition into the company. CoOp students
launch of the pilot Financial
CoOp with Morgan Stanley,
also work closely with full-
Services Operations coop-
participating students live
time colleagues, helping
erative education program
in New York City, work for
them carry out all of the
(CoOp) with Morgan Stanley.
Morgan Stanley full-time, and
responsibilities of the opera-
A CoOp is a six-month, full-
earn a salary. “I’ve been given
tions sector. In doing so, the
time work experience offered
challenging work that goes far
students obtain a compre-
to full-time undergraduate
beyond what is taught in the
hensive understanding of the
students enrolled in VSB or
classroom,” says Joseph Lavin
industry and get a taste of the
a business minor program.
VSB ’12, who is a member
challenges and opportunities
Students who choose to
of the first Morgan Stanley
they can expect from a career
participate in a CoOp retain
CoOp class. “Because I will be
within the company. “Morgan
their full-time student status,
with the firm for six months,
Stanley makes sure that
earn six free elective credits
I have been given the oppor-
your experience as a CoOp
informal discussions with and
for the successful completion
tunity to lead projects that
is worthwhile,” says Lavin.
receive advice from officers
of the CoOp, and graduate
are important to the business.
“If I ever have a problem, I
of the firm and to learn more
in the standard four years
But most importantly, I am
can turn to my peer mentor
about various career paths.
by completing coursework
held accountable for the work
or my senior mentor, two
before, during, and after the
that I produce; high expecta-
people whom I’ve developed
evaluation of the time he
CoOp. With the new Financial
tions are the norm, and results
nice relationships with.” The
spent at Morgan Stanley. “My
Services CoOp, interested
are expected.”
company also invites the
experience,” he says, “has
CoOp participants to their
been awesome. I will never
students can now choose
Each CoOp student is
The Financial Services Operations CoOp allows undergraduate students to work in New York City at Morgan Stanley.
Lavin is unabashed in his
from seven CoOps in a wide
assigned a peer mentor at
Senior Speaker Series, giving
forget my work here and the
range of industries.
Morgan Stanley, who supports
them the chance to have
lessons I have learned.”
MBA Students Work for Non-Profit Villanova MBA students presented to top
With Professor Kozup guiding the way, the students worked
executives this past fall, and their good work earned them a trip
together to create a complete marketing plan, conducted
to West Palm Beach, FL, to present to the Board of Directors.
demographic and industry research, and developed a presenta-
The 30 MBA students in Professor of Marketing John Kozup’s
tion for NIAF executives.
Strategic Marketing Management class were assigned to create
The class presented their findings and recommendations
a marketing plan for the National Italian American Foundation
to NIAF executives on the last day of class. Their work was
(NIAF). The students were tasked with looking at ways to
so impressive that NIAF asked them to share it, in person,
develop new revenue streams, to increase membership, and to
with the Board of Directors at its next meeting in West
enhance member activity. NIAF was particularly interested in
Palm Beach.
tracking their younger members. “NIAF relies on its annual gala for most of its revenue,”
Armed with PowerPoint, Bagnall and her classmate Daeen Salam MBA ’12 presented to the NIAF board later that month.
says Angela Bagnall MBA ’11. “We wanted to provide them
“It was a great opportunity to conduct a presentation in front
with ideas about how to create alternative income streams.” In
of very senior level individuals,” says Salam. “Not only was it
order to accomplish this and their other recommendations, the
a huge honor, it felt amazing to be in front of that caliber of
class conducted research and developed a new membership
people.” Bagnall agrees, “It was a privilege to be there, to repre-
fee structure.
sent Villanova University, and to present our work on behalf of
Most of the students in class had not worked with a non-
the class.”
profit organization before, but they found the experience very
The pair received very positive feedback from the board
rewarding. “We learned about a new type of industry and were
and anticipates many of their suggestions will be implemented
able to help them solve some important problems,” Bagnall adds.
soon by the association.
6 villanova business | summer 2011
VSB students, accompanied by Professor David Nawrocki, learned about financial markets from investment professionals at the first Global Asset Management Education (G.A.M.E.) Forum.
G.A.M.E. Forum Unites Business
It also offers workshops on the job outlook for graduating
More than 90 business professionals from
Forum’s attendees.
students. VSB students composed more than half of the
almost 70 companies, including Bloomberg News, Wells Fargo,
“The G.A.M.E. Forum brings together students, faculty,
and NASDAQ, shared their knowledge with students from
and investment professionals to discuss the different chal-
universities around the world at Quinnipiac’s inaugural Global
lenges, trends, and opportunities that exist within the financial
Asset Management Education (G.A.M.E.) Forum. A new annual
markets,” says David Nawrocki, PhD, the Katherine M. and
event, the G.A.M.E. Forum offers students and faculty, as well
Richard J. Salisbury Jr. Endowed Professor of Finance. “It
as professionals from the region, the opportunity to hear from
is also a very interactive conference. Our students had the
and network with industry leaders who currently guide the
chance to hear presentations from many high-level speakers
financial markets. The Forum focuses on the economy, stock
addressing a wide range of issues, opportunities, and chal-
markets, alternative investments, and corporate governance.
lenges facing the financial industry.”
VSB Mourns Loss of Beloved Professor Andrea L. DeMaskey,
and compassion,” says
Curricular Review
PhD, associate professor of
Dean James M. Danko.
committee in 2007-08.
finance at VSB, passed
“Her kindness, talent, and
“Andrea was a special
away on Sunday, April 3,
devotion to educational
friend and colleague to us
after a courageous battle
excellence will long
all and an important part of
with cancer.
be remembered.”
the Villanova community,”
DeMaskey, who was born
In addition to the
says David Shaffer, chair
in and lived in Germany
positive impact she had on
of the finance department.
Jessica. She was the sister
before moving to the United
so many students during
“She was a caring mentor
of Conny Fox and Marcus
States, had been a professor
her time at VSB and the
and teacher, always willing
and Christian Achenbach.
at Villanova University for
contributions she made to
to share her expertise
She also is survived by her
the past 19 years. “Andrea
her field through scholarly
and experiences. She will
aunt, Melitta Nothnagel.
was a well-respected
research, DeMaskey served
be missed.”
Donations in DeMaskey’s
and beloved member of
in key administrative
the Villanova community
roles, including chairing
beloved wife of Mikle K.
the Chester County SPCA,
since 1992, known for her
the finance department
DeMaskey and the mother
1212 Phoenixville Pike, West
dedication, hard work,
and VSB’s Undergraduate
of Cristopher, Oliver, and
Chester, PA 19380.
DeMaskey was the
memory can be made to
summer 2011 | villanova business
7
events
Students network with VSB-Week corporate sponsor representatives while learning about proper etiquette for business dinners.
Wil Reynolds, founder of SEER Interactive, leads a workshop on how to use Google tools.
The Inaugural VSB-Week
“VSB-Week will bring positive attention to the school, focus on academic initiatives, encourage students’ professional growth, and build a sense of community among business students.
8 villanova business | summer 2011
”
With support from the Clay
of 18 students and the Clay Center
Center at VSB, the Business Society
staff—created and prepared for the
Leadership Council launched the inau-
week, which consisted of 20 events
gural VSB-Week in March. VSB-Week
presented in a wide range of formats,
will be an annual event intended to
including networking breakfasts, round-
celebrate and showcase Villanova
table discussions, keynote speakers,
School of Business initiatives, as well as
and social/community building events.
expose the greater Villanova community to emerging business trends. The main goals of this student-driven event are to
Monday: “B-Global”
bring positive attention to the school of business, to focus on VSB’s academic
VSB students enjoyed an
initiatives, to encourage students’
international networking breakfast and
professional growth and acquisition
a dessert fair with many different sweet
of new skills, and to build a sense of
treats from all over the globe. Ann Marie
community among business students.
Sabath, founder of At Ease Inc. Business
For its debut year, the week focused
Protocol & Etiquette, led an interactive
on VSB’s strategic areas of business
dinner discussion called “How To Dine
excellence, and each day’s programs and
& Act Fine: Business Etiquette Dinner.”
activities were dedicated to highlighting
Sabath guided students through an
one of VSB’s four pillars of excellence:
actual business dinner, along the way
global mindset, technology/analytics,
explaining how to eat each course,
ethics, and innovation.
addressing differences in international
Co-Chairs Derek Ferguson VSB ’11
etiquette, and asking students to share
and Robert Hanlon VSB ’11—with
what they had learned. Students also
support from a steering committee
had the opportunity to mingle, network,
Carol Lloyd, assistant director for employer services for Villanova University’s Career Center, presents opportunities for students to creatively learn about Career Center programs and services during the Career Carnival.
Entrepreneurs share advice and lessons learned during a roundtable lunch.
and dine with VSB-Week corporate
career fair. Three VSB staff members
Anthony Ziccardi, vice president of
sponsor representatives, including
were on hand to act as representa-
development for Brandywine Realty
Brendan Cox VSB ’92, partner of busi-
tives from PricewaterhouseCoopers,
Trust; and Libby Bernick, leader of retail
ness tax services for Ernst & Young, and
Goldman Sachs, and Google. Student
and consumer packaged goods for
Christopher W. Bell, a specialty tax
participants then took turns introducing
Five Winds International. The panel-
associate for PricewaterhouseCoopers.
themselves, giving their pitches, and
ists took turns responding to questions
asking questions. At the conclusion of
about why their business decided to
the exercise, the students gave feed-
go green, how they implemented green
Tuesday: “B-Tech Savvy”
back on their experience, while the
initiatives, and how their decision to go
Students participated in a
“professionals” shared their thoughts
green has proven to be cost effective.
workshop on how to use Google tools,
on their performance.
The panelists discussed the challenge
took part in tours and demonstrations of the Applied Finance Lab, and attended
of competition: with more and more
Wednesday: “B-Ethical”
organizations becoming green, the cost of green products is decreasing
a panel discussion on careers in IT and analytics. Kevin Grubb, assistant director
The day began with a career
and there is greater pressure to offer
of student services for the Villanova
carnival, hosted by the University Career
green options.
University Career Center, conducted an
Center, and a “Fair Trade” coffee break.
interactive workshop titled “Working
It ended with a viewing of the movie
the Room,” designed to help students
Wall Street and a discussion of ethical
practice networking skills. Grubb shared
issues in the business world. At a midday
During a roundtable lunch
a few key steps to expanding one’s
panel discussion titled “Saving Green
students heard success stories, lessons
network, which is the source of 75
by Going Green,” attendees heard from
learned, and words of wisdom from a
percent of jobs. After explaining how
panelists John Olson, PhD, associate
group of entrepreneurs. The event was
to create an “elevator pitch,” Grubb
professor of biology and chair of the
followed by a presentation by Sseko
had the attendees write their own,
President’s Environmental Sustainability
Sandals, a business started by two
which they then practiced in a mock
Committee at Villanova University;
young entrepreneurs that combines
Thursday: “B-Innovative”
summer 2011 | villanova business
9
10
VSB-Week
On the final day of VSB-Week, the Clay Center hosted a breakfast for students, with opportunities to meet with Clay Center advisors and staff.
Creator of the “For Dummies™” brand John Kilcullen spoke with students about innovation, creativity, and entrepreneurship.
their passion for making an impact with
he said. “You can’t predict the future,
students and allowed those students
their passion for business.
so invent it.”
an unprecedented opportunity to meet
A highlight of the week was a presen-
one on one or in small groups with a
Friday: “B-Glad It’s Friday!”
high-level executive. A dozen execu-
confessed that he had been a novice at
The clay center at vsb hosted
Nearly 100 students took advantage of
everything he has done in his career. He
a breakfast and coffee break. This
the program and received advice and
emphasized innovation, creativity, and
forum served as an opportunity to have
answers to specific questions without
entrepreneurship and praised as a great
informal dialogue with Associate Dean
any pressures or requirements. Richard
concept the ICE Center at Villanova,
Melinda German and Clay Center advi-
Furtek VSB ’91, principal, Furtek &
which is designed to provide students
sors. Students gave feedback, asked
Associates; Ron Cline, senior VP, Bank
with educational and experimental
questions, and learned the inside scoop
of America-Consumer Products Direct
learning opportunities to increase their
about what’s happening at VSB. Finally,
Marketing Optimization; and Michael
understanding and preparedness for
the Villanova community gathered to
Petrane VSB ’93, partner/assurance
entrepreneurial careers.
watch the basketball team compete in
services, Ernst & Young, were a few of
the NCAA tournament.
the most sought-after executives.
Executives in Residence
A special thank you to all the sponsors
tation by John Kilcullen VSB PA ’14, creator of the “For Dummies™” brand.
Daring students to be different,
tives from a variety of companies lent their time and skills to the program.
The dynamic and humorous entrepreneur
Kilcullen encouraged them to “follow who made VSB-Week a resounding
to the beat of a different drummer.” He cited his own experience when
Throughout the week, VSB
success: Bloomberg, Crowe Horwath,
discussing the pitfalls of listening to nay-
offered the Executive-in-Residence
Deloitte, Ernst & Young, FTI Consulting,
sayers and urged students to eliminate
(EIR) Program, a new, unique, profes-
GE, Grant Thornton, Gregory FCA
such individuals from their lives. He
sional development opportunity for
Communications, KPMG, ParenteBeard,
closed with a challenge to the audience:
students. The program enabled alumni
PricewaterhouseCoopers, Rothstein Kass,
“Define the market to your advantage,”
and business leaders to connect with
and Veris. V
villanova business | summer 2011
PhotoS: Paola Nogueras
your guts, have courage, and listen
VSB in the News Faculty, students, and staff at VSB are frequently called upon by national and international news media to serve as experts and to provide insight on current issues. The following is a list of highlights from print, broadcast, and online media featuring a selection of our experts.
FOX 29 News
CBS MoneyWatch
December 29, 2010
May 10, 2011 Job Search: Interview
February 9, 2011
City Consolidation: Interview
Questions New Grads Should
When Should a Soccer
with David Fiorenza
Ask and Answer
March 15, 2011
Manager Insert His Subs?
Featuring: David Fiorenza,
Featuring: The Clay Center
Fed Meets as Economic
Featuring: Bret Myers,
Department of Economics
at VSB
Risks Widen
Department of Management
and Statistics
Featuring: Victor Li,
and Operations CNBC Squawk Box
Department of Economics Wall Street Journal
December 23, 2010
February 9, 2011
Retail Surprises Under the Tree
April 18, 2011
The Science of
Featuring: Eric Karson,
10 College Classes That Impact
Soccer Substitutions
Department of Marketing and
the Outside World
Featuring: Bret Myers,
Business Law
Featuring: The Villanova
Department of Management
School of Business
and Operations
and Statistics
The Philadelphia Inquirer
December 14, 2010
April 13, 2011
March 6, 2011
How Foreclosure Is Like
Top Schools Face
February 8, 2011
Claims Sex Abuse Cover-up
a Disease
Globalization Challenge
Super Bowl Ads Star a Chip-
Featuring: Charles Zech,
Featuring: Paul Hanouna,
Featuring: Jonathan Doh,
loving Pug and a Little Darth
Department of Economics
Department of Finance
Department of Management
Featuring: Charles R. Taylor,
and Statistics
and Operations
Department of Marketing and
Wall Street Journal
Knights of Columbus Suit
Business Law
March 25, 2011 How To Get a Promotion at
Forbes
Your Tech Job
February 3, 2011
Featuring: Stephen
February 23, 2011
Super Bowl Ads You Can’t Miss
Andriole, Department of
Apple After Steve Jobs?
Featuring: Charles R. Taylor,
December 9, 2010
Management and Operations
Shareholders Press, But the
Department of Marketing and
Cigarette Pack Warnings
Board Pushes Back
Business Law
Scarier in Other Countries
Featuring: Patrick Maggitti,
Featuring: Jeremy Kees,
Department of Management
The New York Times
Department of Marketing and
and Operations
January 26, 2011
Business Law
Fed To Continue
March 25, 2011 Syrian Troops Fire on
The Philadelphia Inquirer
Bond-Buying Program
Protesters
February 16, 2011
Featuring: Victor Li,
Featuring: Christopher
Elementary Economics
Department of Economics
Kilby, Department of
Featuring: Peter Zaleski,
and Statistics
Economics and Statistics
Department of Economics
December 8, 2010
and Statistics
Citi Regains Some Stock Mojo
Philadelphia Business Journal
Featuring: Michael S.
March 18, 2011
The New York Times
January 17, 2011
Pagano, Department
Course Helps Students Dial
February 9, 2011
Local TV Stations Should
of Finance
Into the Mobile App Industry
German Börse in Talks To Buy
Expect Revenue Slides in 2011
Featuring: The Villanova
the Big Board
Featuring: Ronald P. Hill,
School of Business
Featuring: Michael S.
Department of Marketing and
Pagano, Department
Business Law
of Finance
summer 2011 | villanova business
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curriculum
Left: Jennifer Truex MBA ’11 (standing far right) and her group discuss the team’s recommendations for the non-profit organization MANNA. Right: Matthew Barbieri MBA ’11 and his team members make their pitch as the final component of the Non-Profit Consulting Practicum.
Learning a Lifetime of Business Lessons MBA students find unexpected ways to serve and learn Jennifer Truex MBA ’11 has
with eating during treatment can be
disciplines. The second, and I think this is
always had an interest in helping others,
very severe.”
the really important part, they learn how
Truex told her fellow students about
to give back to their community, which
in a new MBA course at the Villanova
the campaign that had impressed her
is already part of our students’ mindset.
School of Business titled “Non-Profit
years before, and they, too, were inter-
A lot of MBA students want to serve, but
Consulting Practicum,” in which students
ested. The group then spent the next few
they figure that’s something they can’t
seek out a non-profit organization (NPO)
months applying what they learned in
do until they’re 50 or 60 or 70 years
and then find a way to help the organiza-
the classroom to a real-life situation.
old. We want to illustrate that they have
tion function more effectively. Truex didn’t need to search for long.
“Once Villanova MBA students have taken their basic courses in the func-
valuable assets to offer these types of organizations now.” Working in groups of three to seven,
When she moved to Philadelphia six
tional areas of accounting, marketing,
years earlier, she had heard about a
and finance,” says Ronald P. Hill, PhD,
students choose an NPO in the Delaware
charity campaign called “Pie in the Sky.”
the marketing & business law professor
Valley to approach. If their assistance
The program is a Thanksgiving fund-
who taught the course and who was a
is accepted, the group meets with the
raiser run by the Metropolitan Area
member of the committee that created
organization, learns about its mission and
Neighborhood Alliance (MANNA),
it as part of the recently revamped MBA
values, and determines a particular issue
which provides food to nutritionally
curriculum, “we want them to recog-
they can help resolve. The students’ roles
at-risk medical patients who face
nize the ways those areas interrelate. So
might range from helping with branding
life-threatening illnesses.
we spend some time getting them to
to organizing a better management
“They serve a really specific need
understand how to think across these
structure. Hill also teaches the students
in the community,” Truex says. “I found
disciplines to make good decisions as
how to give an executive-level presenta-
it fascinating because they cater to
managers. Then they apply this concept
tion, a skill they later use to pitch their
many people who are living with HIV/
to a non-profit organization that’s trying
plan to the organization itself.
AIDS, cancer, or other life-threatening
to do good things in our community.
illnesses. I think we all know someone
“The course has two goals,” he
The work is in the students’ hands— Hill guides them throughout the
who has gone through chemotherapy, for
continues. “The first is that students learn
semester, but the class meets formally
example, and the challenges associated
how to synthesize across all the different
only three times. The remainder of their
villanova business | summer 2011
PHOTOs: Barbara Johnston
and so she was especially excited to enroll
the deliverable are open to the team
already had an impact on the community.
to decide, which can cause anxiety
“In our first year,” Hill says, “every one of
because of the intrinsic gray areas they
the clients came away thinking they got
need to navigate. They’re learning how
something of real value.” Additionally,
to do meaningful work in teams, and the
many of the students have completed
whole dynamic that comes with that:
the course with no intention of leaving
communication, delegation, account-
their projects behind. “At least 20 to 25
ability, and time management. In some
percent of the students wanted to offer
cases, students have other classes,
their services into the future to help
full-time jobs, and families to balance,
these organizations,” Hill says.
so these also are valuable soft skills
One of those students is Truex. “I
they learn in this course and in the MBA
learned that I actually had a lot more to
program overall.”
offer than I thought I did,” she says. “I
Mattingly also likes that the students
realized that I could make a difference in
undertake this project with community
non-profit organizations without doing
organizations that really need assis-
typical volunteer work, and that there are
tance, and not with traditional for-profit
a lot of business aspects these organiza-
businesses. “This project is even better
tions need help with. Being able to apply
because they’re not doing it to make
my talents in those areas was a great use
money,” he says. “The people who work
of my time.”
for NPOs do it because they love their
Truex continues to work with MANNA.
mission. To give back in this way is
She was invited to be part of the advi-
hopefully going to resonate with more
sory committee for their new campaign,
guidance comes from another reliable
and more not-for-profits, and I hope it
“Meals that Matter,” which directly uses
source: VSB alumni. A former Executive
gets to a point where they start seeking
some of the strategies and tactics she
MBA student advises each group.
Villanova out.”
and her group recommended.
“The Executive MBA alumni are a
In just a short time, students have
The impact of this one class, however,
resource,” Hill says. “They’re not holding
assisted a wide variety of area NPOs,
is broader than just her own intentions.
the students’ hands; they are truly
including Monster Milers, Animal Lifeline,
“Now that we’ve initiated relationships
internal consultants. They tend to interact
Mutt Match, Love146, the Players Club
with some of these organizations, there’s
with the students on a weekly basis and
of Swarthmore, Community Partnership
an opportunity to continue to work with
help them resolve any issues they have
School, and the Philadelphia Hispanic
them in the future—not just myself, but
related to group dynamics, scheduling
Chamber of Commerce.
the students and staff at the Villanova
with their clients, resolving disputes,
“On the day of the final presenta-
School of Business now have a connection to them,” she says.
and so on. This support is valuable for
tions last semester, the buzz from the
the students because they learn how to
clients who attended was overwhelm-
utilize experts as consultants rather than
ingly positive,” Hill says. “Most were
the course has been a success for
bosses, coworkers, or employees.”
blown away with what the students
everyone involved.
One of those internal consultants
prepared—one was already thinking
Hill sees that as exactly why
“We wanted to get students excited
is Chris Mattingly EMBA ’06, an asset
about how they could hire someone to
about two things,” he says. “One is to
manager for the Portfolio Management
begin putting the plans in place, one
see that non-profit organizations need
Division of the U.S. General Services
asked the students to come and present
that kind of management help, and my
Administration. Mattingly has advised
their findings to the mayor of Chester,
hope is that some of them will consider
three groups since the course began and
PA, and one even remarked that they
non-profit work as part of their vocation
sees the experience as invaluable to MBA
have had students consult with them
as well as their avocation. The second
students. “It’s not like a case study—the
before but that the output was nothing
part is for them to realize that they can
problem isn’t identified for you, but you
like that which the MBA students
be very passionate about something that
still have to solve it,” he says. “You have
produced. One group member was even
isn’t their job, and they can provide value
to develop a relationship with a customer,
able to get his company, Clear Channel
to that something. If they start this kind
figure out what the problem is, and then
Communications, to provide a billboard
of work when they are 25 or 30 years
come up with a solution.
on which the non-profit could advertise
old, there’s a lot of good they can do
for free.”
throughout their lives.”
“This is very challenging,” he continues, “because the solution and
Two semesters of the course have
—by Chris Nicholson
summer 2011 | villanova business
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villanova business  |  summer 2011
owing THE PURSUIT Of SCHOLARLY GREATNESS Villanova School of Business has grown in many respects over the past five years—in enrollment, in the quality of its undergraduate and graduate students, and in stature. by mark walsh
illustrations by RachelAnnLindsay
summer 2011 | villanova business
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W villanova business | summer 2011
hile VSB has long been known for its strong teaching tradition, Dean James M. Danko knows that another characteristic is of critical importance as the school aspires to rise among the ranks of the nation’s premier business schools: the pursuit of scholarly excellence. A key strategic priority for the business school is to attract, develop, and retain faculty members who are both outstanding teachers and leaders in research. “At a great business school, at the end of the day, you have to put great faculty with great students,” Danko says, repeating one of his favorite mantras. “As we continue to gain in recognition, that has clearly occurred here. Applications to the business school have doubled over the last five or six years, and the quality has increased significantly. The other side of it is that you really have to ensure you are attracting and retaining a quality faculty.” VSB must continue to find ways to support its commitment to teaching and scholarship, the dean says. “We’re not the University of Michigan, and we’re not Dartmouth,” Danko says. “Those institutions have more resources.” The school’s six Centers of Excellence and 10 endowed chairs and professorships provide the means to offer greater stature to faculty members and provide them an outlet for cutting-edge research. “The centers are entities by which we are helping to energize the faculty and attract some new ideas,” Danko says.
Betting on Analytics The dean points to VSB’s newest Center of Excellence as indicative of the school’s commitment. The Center for Business Analytics was elevated in 2010 from a “strategic initiative group.” Businesses use analytics to price their products, keep tabs on inventory, and manage personnel, using data and analysis to boost efficiency, customer loyalty, and profits while reducing risk. Matthew Liberatore, the director of the Center for Business Analytics, has been pushing to integrate analytics throughout the VSB curriculum. “We’re trying to tie in to things that executives are talking about,” Liberatore says. “With the revolution in analytics occurring in industry, we’re trying to give our students a better leg up on these topics.” One adept user of business analytics is Harrah’s Entertainment, the giant casino and gaming concern. “Their whole business revolves around analytics, from the way slot machines are organized on the floor to how they market their rewards cards for frequent customers,” Liberatore says. Ronald Baumann EMBA ’05, the senior vice president and general manager of Harrah’s Chester Casino, is on the Center for Business Analytics advisory council. He says his company relies on analytics to make every business decision. “We learn what Jim or Sally from the Main Line area do, if they visit us once a month or twice a month, whether they spend $60 or $80,”
“With the revolution in analytics occurring in industry, we’re trying to give our students a better leg up on these topics.”
Baumann says. “We have models to help us understand that, and we craft offers targeted to them.” Baumann says Harrah’s traditionally has recruited from business schools such as Harvard, University of Chicago, Stanford, Northwestern, and Vanderbilt for analytical positions. In recent years, it has added VSB to that list. “Villanova tends to deploy some of the same training we look for in systems and analyst competencies, so it’s a good match for us,” Baumann says. “Villanova is now in the game for these positions and it’s really because of the concentration and curriculum of business analytics. We’re a company founded upon analytical rigor.”
The Business of the Church Another VSB Center of Excellence studies a very different kind of business enterprise—one that many people don’t even think of as a business. Since 2004, the Center for the Study of Church Management has been offering educational programs and research in administration, financial management, and human resource management, specifically geared toward the Catholic Church. “We have a shortage of priests, yet we ask them to do everything,” says Charles Zech, the center’s director and a professor of economics and statistics. “Nobody entered the seminary because they wanted to run a small business, yet that’s what a church is.” This center offers a Master of Science in Church Management, based on online classes and a one-week, on-campus residency, as well as one-week certificate programs. But the center reaches even more clergy and lay people with one-day seminars and webinars on topics such as parish technology.
“We might be addressing 250 people in an onsite seminar, but reach 2,000 in a webinar,” Zech says. Financial management and internal controls are central to many of the center’s offerings. “Every church has problems with internal financial controls,” Zech says. “No one would think church workers would steal, but it happens.” The center’s advisors working with these churches “are astonished by the lack of routine controls,” Zech says. “There is often an unwillingness to thoroughly evaluate the performance of church workers. To some church leaders, it seems un-Christian to do that.” The center’s research projects have included surveys of Catholic parishioners on financial accountability issues, surveys on Catholic donor attitudes, and best practices in parish stewardship.
All About Location Meanwhile, the Daniel M. DiLella Center for Real Estate deals with some very down-to-earth issues. The center is focused on educating Villanova students about commercial real estate. This is no night class for the budding neighborhood home realtor. The center has a high-powered advisory council made up of representatives of commercial real estate giants such as Blackstone Real Estate Advisors, CB Richard Ellis Inc., and Cushman & Wakefield Inc. The center also oversees a minor in real estate with courses in Real Estate Investments, Real Estate Law, and Real Estate Development. And it aggressively seeks to place students in internships in the field. “We’re probably the center least focused on research,” says Shawn Howton, the academic director. “Our center is more focused on developing students and educating them in the area of commercial real estate.” summer 2011 | villanova business
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“Students have been involved in consultancies for corporations and non-profit organizations, ranging from single evenings to semesterlong projects.”
A highlight for the center is its annual Villanova Real Estate Challenge, a case competition in which teams from about 10 colleges and universities tackle a development challenge. In 2010, the competition asked teams to propose mixed-use plans for a parcel of land near a new public-transit spur in suburban Washington, D.C. “I write the case, they get it on a Monday morning, and they turn it in with their solution on Thursday evening,” says Howton. Villanova’s team of four students and an advisor came in third that year.
At the Intersection of Policy and Marketing The Center for Marketing and Public Policy Research is one of VSB’s largest and most established Centers of Excellence. This center examines the impact of government regulation on business, consumers, and society. It publishes two journals and operates “strategic business units” on domestic policy, financial services, healthcare, marketing and advertising practices, and political science. “We’re an international think tank located within VSB,” Director John Kozup says. “Our faculty contribute to policy debates in the United States in a very significant way.” The range of the center’s work is far-reaching, with Professor Michael S. Pagano, the Robert J. and Mary Ellen Darretta Endowed Chair in Finance, studying electronic stock trading, risk management, and financial institutions, while Professor Jeremy Kees publishes research on nutrition labeling on restaurant meals, health warnings on cigarette packages, and dietary information on packaged foods. villanova business | summer 2011
Professors Michael Capella, Aronte Bennett, and Lan Chaplin are key researchers in the areas of policy and consumer welfare. Kozup is an associate editor of the International Journal of Advertising, a prestigious scholarly publication based in Great Britain. The center also is the academic home to the Journal of Public Policy & Marketing, a scholarly publication that covers a range of issues such as health labels on cigarette and food packaging, marketing foods and beverages in schools, and product placement of pharmaceuticals in films and TV shows. With an impressive advisory board, including Congressman Jim Gerlach, Congressman Pat Meehan, and Brett Loper, the senior policy advisor for House Speaker John Boehner, the center hosts major international marketing conferences, including the American Marketing Association Marketing and Public Policy Conference in Washington, D.C. Faculty work with the U.S. Treasury, Food and Drug Administration, Federal Reserve, and many corporate and legal partners in the examination of the intended (and unintended) consequences of government policies. The center also has championed curricular innovation. One example is the course “Brand Valuation and Government Relations.” This course, taught jointly by Kozup and Manager of Government Affairs for GE Capital Stephen Albrecht A&S ’95, introduced students to the positive or negative impacts of government intervention to corporate valuations and growth. Albrecht served as senior counsel under U.S. Treasury Secretary Henry Paulson during the 2008 economic crisis. Guest speakers included Chief Regulatory Officer for PNC Robert Hoyt (former General Counsel of the U.S. Treasury under Paulson) and president and CEO of GE Capital Corporate Finance Tom Quindlen. “Students have been involved in consultancies for corporations and non-profit organizations, ranging from single evenings
Villanova School of Business
Centers of Excellence to semester-long projects,” Kozup says. One example involves the YMCA in Washington, D.C., which was looking for some marketing help in the face of a growing competition from newer, zippier fitness centers and community facilities. “Our students formed teams covering branding and business mission, entrepreneurial programs, corporate partners and sponsors, private donors, and communications,” Kozup says. “They also did a competitive benchmarking analysis with several sports clubs and organizations in the D.C. metro area.”
An Application of Lessons Another Center of Excellence with a broad portfolio is the Center for Innovation, Creativity, and Entrepreneurship, or ICE Center. Like many business school entrepreneurship programs, the ICE Center aims to support budding student entrepreneurs. “But our center is more about entrepreneurial thinking as a skill that all of our students will need, whether they work for a startup or for Ernst & Young,” says Professor Patrick Maggitti, the ICE Center’s Carmen and Sharon Danella Director. “At its core, entrepreneurship is having an innovative idea to create value and taking action on it. Thus, we have a lot of students on campus who would never think of themselves as entrepreneurs, but when they do something creative to increase the impact of initiatives, such as the annual Special Olympics weekend, they are thinking like entrepreneurs.” Maggitti notes that some companies, such as Google and W.L. Gore, the maker of Gore-Tex, encourage their employees to spend as much as 20 percent of their time to think entrepreneurially about new products or business ideas. The ICE Center, while housed at VSB, has a focus that extends across the University. It supports the principle that students from the Arts and Sciences, Engineering, Nursing, Business, and Law schools can become more well-rounded innovators and creative thinkers. Maggitti cites a course conceived and supported by the ICE Center as an example. Called Mobile Application Development, the course is taught by Frank Klassner, an associate professor of computing science in Villanova’s College of Liberal Arts and Sciences; Sarvesh Kulkarni, an associate professor of electrical and computer engineering in the College of Engineering (COE); and William Wagner, an associate professor of accounting and information systems in VSB. Ten students from each of these three colleges were enrolled in the inaugural course this spring. Working in teams of three—one student from each college—the students had to develop a mobile application for a smartphone and devise a marketing and business plan to address its commercial viability. Verizon Wireless became a sponsor for the course when ICE Center advisory council member and VSB alumnus Jamie Drobile VSB ’83, MBA ’92, an executive in the mobile industry, made contact with COE alumnus Anthony Melone EE ’82, Verizon’s chief technology officer and a COE Dean’s Advisory Council member. The company
Center for Business Analytics Director: Matthew Liberatore, PhD A leader in the development of analytical capabilities for students, the center also engages cross-disciplinary faculty in analytics education, practice, and research.
Center for Global Leadership Director: Jonathan P. Doh, PhD Dedicated to promoting cross-cultural awareness, ethical international business relationships, and responsible global leadership, the center pursues these objectives through educational programs, research, and service and outreach activities.
Center for Innovation, Creativity, and Entrepreneurship (ICE Center) Carmen and Sharon Danella Director: Patrick Maggitti, PhD A driver of scholastic, educational, and professional development opportunities within VSB, center initiatives are focused around research, curriculum, and practice in the areas of creativity, innovation, and entrepreneurship.
Center for Marketing and Public Policy Research Director: John Kozup, PhD Supporting research and scholarship on marketing and public policy issues, the center examines the impact of regulation on the business community, consumers, and society. Its mission is to produce cutting-edge research that influences sound policy at the local, state, and national levels.
Center for the Study of Church Management Director: Charles Zech, PhD Created to serve the Catholic Church in the United States through education and research, the center offers programs and conducts research in the areas of administration, professional financial management, and human resource management as they apply to the Catholic Church and its institutions.
Daniel M. DiLella Center for Real Estate director: Shawn Howton, PhD Established to provide outstanding academic and professional development opportunities to students in the field of real estate, the center supports faculty research and teaching, ensuring relevance in the curriculum through the incorporation of site visits, experiential learning projects, industry-standard tools, and the perspectives of industry experts.
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provided several state-of-the-art Droid X phones, service, technical support, and guest speakers. “It was validating when we heard from Verizon that they knew of only one place that was doing something similar,” Maggitti says. “That was the University of California-Berkeley.” Examples of apps being developed by the student teams were the Homework Organizer, the Mobile Inventory Manager, and the Gift Grabber, which would allow consumers to use their phone to scan products onto a wedding or other gift registry. Perhaps even more impressive is the impact the course had in helping the students land jobs and internships at companies including Google, Apple, SAP, and Verizon. “Recent surveys indicate the ability to be creative is the most sought-after quality by today’s leading organizations–60 percent of Fortune 500 CEOs rank it more important than intelligence,” Maggitti says. “Courses like this enable our students to demonstrate experience working on creative new ideas with a group of people from different disciplines–like what happens in the real world. This provides them with a powerful competitive advantage in the job market.”
A Worldly Perspective While several of VSB’s Centers of Excellence work on issues that go beyond U.S. borders, a worldly outlook is the focus of the Center for Global Leadership. VSB students have an impressive rate of participation in foreign study. While the proportion is down somewhat from a high of 52 percent two years ago, some 40 percent of 2011 VSB graduating seniors engaged in overseas programs. Some 28 percent of these seniors have an International Business co-major or minor. Jonathan P. Doh, the center’s director and the Herbert G. Rammrath Endowed Chair in International Business, notes that a number of business schools have achieved at least a modest degree of globalization by encouraging multilingualism and opening campuses overseas. And they require students to spend a portion of their student years in other countries, though usually in advanced economies. Even at VSB, Doh says, “most students opt for a relatively familiar European experience. For most students with little prior international exposure, that’s great.” But through a new program called Global Leadership Fellows and the center’s overall global strategy, Doh says, “we are encouraging the more adventurous and committed students to consider more challenging and unfamiliar locations, especially those, such as China, that play and will continue to play an increasingly prominent role in global economic affairs.” The Global Leadership Fellows program, commencing in fall 2011, will include participation in the existing Global Citizens program, which centers around a semester in London; an additional semester or other study abroad; a specially designed section of a new VSB course on global corporate responsibility; and a special section of the required Global Strategic Thinking course. villanova business | summer 2011
“The impetus for the program grew out of three observations,” Doh says. “First, the Global Citizens program, which brings VSB and other Villanova students to London for a semester during their freshman year, was not being fully leveraged. It provided some of our most talented and globally oriented new students with an incredible learning and living experience which included both academic coursework and an internship, but there was little follow-up and few opportunities for this cohort to continue their global learning together as a group. Second, we noticed that some of our International Business co-majors were going above and beyond the requirements of the major and studying abroad multiple times in various locations, and we wanted to respond to that demand by providing a structure to these ‘super globalists.’” Finally, Doh adds, “VSB has experimented with an honors program for our most intellectually outstanding students, with mixed success. This program would provide us with another approach to challenge our most gifted students.” VSB senior Meredith Altenhofen exemplifies the students who embrace international opportunities. She served as president of the International Business Society, a student group closely affiliated with the Center for Global Leadership. During her sophomore year, she spent a semester in Hong Kong, interning for Citigroup Inc. “That really gave me more of a passion for globalization,” says Altenhofen, a Minnesota native who majored in Economics, Finance, and International Business. She also participated in overseas service trips to Cambodia and India through campus ministry. Altenhofen also held an internship with a global focus right in Philadelphia. At PricewaterhouseCoopers LLP, she worked for the global transfer pricing group. “I interacted with our global offices every day,” she says. “Once you have an overseas experience, even if it is in London, you can translate that into a passion for international affairs, and for learning everything you can about the country you’re in,” says Altenhofen. “One thing I’ve learned from Professor Doh is that without focusing on the culture of a country, there is no point to knowing its business market. There’s no point to being an accountant in India if you don’t know what’s going on culturally in India.”
Taking a Chair As their titles reflect, Doh and one other center director, Matthew Liberatore, also are endowed chair holders. VSB has 10 endowed chairs and professorships, which are part of a commitment to funding focused on the recruitment, retention, and promotion of top scholars. Thomas Monahan, a former dean of VSB who is now the John M. Cooney Professor of Accountancy & Information Systems, says that while the Centers of Excellence are meant to drive research, endowed chairs and professorships help keep strong connections between faculty and students. They also keep the connection to the business community open.
Villanova School of Business
E ndowed Chairs and Professorships “One of the themes is to really drive this initiative to make the classroom more tied to the real world,” says Monahan. He cites VSB’s Executive MBA program as an example. “I teach Performance Measurement in our Executive MBA program, which involves working with executives to ensure that what we are studying is closely connected to real world business issues. “My work as a consultant to many large companies in the United States, Europe, and Asia has helped me appreciate how important it is that our students—both at the graduate and undergraduate levels—can understand the business implications of what they learn in the classroom.” Each faculty member attempts to do this based on their own experiences. For example, Monahan points out that his work as the chair of the audit committee for Ariba Inc., a publically held software company located in the Silicon Valley in California, is invaluable in working with his auditing students to better understand new developments in the auditing field. “We are really interested in supporting both research and consulting opportunities for our faculty that will enable them to help students strengthen their understanding of the connection between book knowledge and business practices,” Monahan adds. Endowed chairs and professorships are providing support for faculty in accomplishing this goal. Another endowed chair who likes to keep his research and classroom lessons relevant is Charles R. Taylor, the John A. Murphy Endowed Chair in Marketing at VSB. Taylor speaks to conferences and groups worldwide about marketing and advertising, usually about cutting-edge topics such as digital advertising or self-disclosure of information on the Internet. “These same topics resonate with students,” says Taylor, who is a past president of the American Academy of Advertising and is an editor of the International Journal of Advertising. “In a basic accounting course in business school, some of the problems that a professor presents don’t change that much over time. But in marketing and advertising, you can’t be putting up slides that are three years old.” Taylor notes that VSB has only a handful of advertising courses, but he believes the school overall is preparing students to function well in marketing. “With all of our students, we work hard to give them a cross-functional understanding of business,” the professor says. “Today’s students who go into advertising are going to have to deal with corporate budgets, and they’re going to be asked, ‘What’s the ROI [return on investment] of this expenditure down the road?’ They’re going to have to be able to respond to that.” Dean Danko says there is no debate about the return on investment that the Villanova School of Business is getting from its commitment to endowed chairs and professorships and Centers of Excellence. “We want a business school that is on the leading edge of business education,” Danko says. “To do meaningful and groundbreaking research really does take time. Our centers provide us the opportunity to coalesce resources around integration, curricular innovation, and cutting-edge research.” V
Stephen Andriole, PhD Thomas G. Labrecque Endowed Chair in Business
David Nawrocki, PhD Katherine M. & Richard J. Salisbury, Jr. Professor of Finance
Jonathan P. Doh, PhD Herbert G. Rammrath Endowed Chair in International Business
Michael S. Pagano, PhD Robert J. and Mary Ellen Darretta Endowed Chair in Finance
Ronald P. Hill, PhD Richard J. and Barbara Naclerio Endowed Chair in Business
John Pearce II, PhD VSB Chair in Strategic Management & Entreprenuership
Matthew Liberatore, PhD John F. Connelly Endowed Chair in Management
Charles Raymond Taylor, PhD John A. Murphy Endowed Chair in Marketing
Thomas Monahan, PhD John M. Cooney Professor of Accountancy & Information Systems
Stephen Stumpf, PhD Fred J. Springer Endowed Chair in Business Leadership
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Service
Helping the Gulf Coast, One Semester at a Time In August 2005, the 175-mph
leaders of other organizations helping to
University to develop a relationship with
winds of Hurricane Katrina blew across
plan the rebuilding efforts, then moved
a New Orleans community.
the Gulf Coast, swept inland, and
on to New Orleans. They surveyed
reduced 275,000 homes and countless
the damage, assessed the needs, and
various locations, they now focus on
lives to shambles.
determined how to help. Then they flew
one town: Picayune, MS. “I don’t know
Though the first few trips were to
home to make their report. The next
if they’ve adopted us or we’ve adopted
PhD, professor of management and
semester, Nydick led a group of two
them,” Nydick says. “When we first went
operations at the Villanova School of
dozen student volunteers to Slidell, LA,
there, they had built two houses in 10
Business, had an idea: Take students
to help build homes.
years. In the eight trips we’ve made
Immediately after, Robert Nydick,
to the affected region to see how the
They went again the next semester.
since, the community has added nine
University can help. “At that point there
And the next. And the next. And they
houses in four years. We really feel like
were no planes going into New Orleans,”
are still going, every semester, heading
we’ve made a connection and made a
he says. “So I told my class, ‘I don’t know
south to help communities rebuild. This
difference in this town.”
how we’re getting there, and I don’t
past March marked their 12 trip, and
know where we’re staying, but let’s
Nydick plans to keep taking students
contingent has made such an impression
commit to doing this.’”
to the region for as many semesters as
that the Picayune Item has published at
they are willing to go.
least five articles on the students, and
Fourteen students volunteered to join him—at no expense to the University
th
The dedication to helping just one
That is an understatement. The VSB
during the last trip the local television
or to any charity. They each agreed to
affected area is important, Nydick
news station covered their visit as the
pay their own way.
says. It helps teach that people remain
lead story.
Three weeks later, the group flew to
in need even when their plight has
Vincent Solano VSB ’11, a double
Gulfport, MS. There they met with one of
fallen out of the news cycle. Moreover,
major in Economics and International
the heads of Habitat for Humanity and
the consistency has allowed Villanova
Business, has joined the team on seven
villanova business | summer 2011
Robert Nydick, PhD, and Daniel Wright, PhD, (right of group shot) join students in Picayune, MS. Nydick has taken students to the Gulf Coast every semester for the last six years to build homes.
trips during his time at the University.
professor of operations and supply
part of my job and Professor Nydick’s
The only semester he missed was when
chain management and chair of
job is trying to get people to actually
he was studying abroad in Ireland. “The
the Department of Management
leave the site and go get rest.”
whole experience has been extremely
and Operations, has helped Nydick
rewarding,” he says. “What started as
on 11 of the trips. James M. Emig,
houses. They also receive an educational
an empty street my freshman year is
PhD, professor of accountancy, has
benefit. After all, there is a business
now a small neighborhood. Each time
helped on four. Both agree that the
element to this project. Between trips
I go back, it’s great to see the families
success and longevity of the project
students work on a volunteer basis to
who are living in homes that Villanova
are, in a large part, due to the dedi-
raise funds (almost $50,000 to date),
students had a huge part in building.”
cation of Villanova students. Each
and Nydick ties all this into his Business
semester more students volunteer
Decision Making course. “I teach my
people they have helped, which is part
than the semester before. More than
students a methodology of how people
of the experience. “I think what has kept
300 students now have made the
and organizations make decisions, and
me going back is the appreciation of the
trip. Some still go even after gradu-
how they apply them by talking, doing
people in the community,” Solano says.
ating: one recent alumnus flew in
research, and communicating,” Nydick
“The way it breaks down for a lot of us
from Chicago, two more from New
says. “Many organizations that are
who go on the trips is that we recognize
York City. The most recent trip, in
helping to rebuild after Katrina still need
that by sacrificing one weekend we can
March, included a record 56 students
help. So the students use this method-
help change an entire family’s lives for
and alumni.
ology to decide where to donate the
The students often interact with the
the better.”
money they raise.”
students accomplishing what is called
Connecting theory to practice and
community. The broad impact of the
a Blitz Build. “We show up to find only
giving back to the community are two
students’ work is apparent each time
a foundation,” Nydick says. “When
important tenets of Villanova’s mission,
Nydick returns to Picayune. “On one trip
we leave, there’s a whole house there,
and they shine here in a single, monu-
I went to get coffee at a local shop, and
and we hand over the keys to the new
mental effort.
when we walked in everyone there knew
homeowner. The first we did in 44
all about us,” he says. “Then the next
hours, the second in 40 hours.”
That change has spread through the
day they showed up and volunteered to PHOTOS: Colleen Breslin
The last two projects entailed the
Still, the students do more than build
Wright is not surprised by that feat.
“I strongly feel that these trips symbolize what a VSB student should strive to be,” Solano says. “While being
help. It’s a special experience to see our
“The students’ energy and commitment
a good student is important, if you want
students work beside the people who
is a force to be reckoned with—they
to have a future in business, then being
are going to be moving into the house
just won’t stop working,” he says.
a good citizen is important as well.
that we’re working on, or with previous
“During the 40 hours, one student slept
Now, more than ever, we need business
homeowners who come to volunteer.”
for only five hours. He was absolutely
leaders who are looking out for others.”
on task the whole time. The hardest
— by Chris Nicholson
Daniel Wright, PhD, VSB associate
summer 2011 | villanova business
23
24
VSB Students Meet Warren Buffett
“I did not leave Omaha with more money to my name, but the experience of speaking with and learning from Mr. Buffett made me a richer human being.
”
With more than 100 business
applied to be entered into the lottery
students awaiting his arrival, the “Oracle
system to attend one of these sessions.
of Omaha” walked into the boardroom
Forty-eight schools were ultimately
to an eruption of applause. Twenty
invited to Omaha, including VSB.
Villanova School of Business students,
participation in this opportunity was the
The Katherine M. and Richard J. Salisbury,
Equity Society, a student-run organiza-
Jr. Professor of Finance, and instructor
tion that manages a portfolio of equity
of finance James Jablonski, were among
securities that expose students to real-
those eager to share their day with the
world investment experience. The Equity
business legend.
Society, with guidance from Nawrocki,
A VSB group of 13 undergraduate members of the Villanova Equity Society
initiated the application process. The day’s events began with a tour
and seven undergraduate and graduate
of the Nebraska Furniture Mart, where
students from the student managed
students met Bob Batt, executive vice
funds (SMF) classes traveled to Nebraska
president of the store. Batt, whose
for the chance to meet Warren Buffet,
grandmother originally founded the
primary shareholder, chairman, and
furniture mart, led a tour of the store’s
CEO of Berkshire Hathaway Inc. The
expansive furniture and electronics selec-
visit included a two-hour question-
tions and discussed its business model.
and-answer session, tours of Berkshire
Then it was on to meet Buffett at
Hathaway-owned businesses, and a sit-
Kiewit Plaza, home to the Berkshire
down lunch with Buffett.
Hathaway offices.
Buffett hosts several of these events
villanova business | summer 2011
The driving force behind VSB’s
accompanied by David Nawrocki, PhD,
Buffett impressed the students not
each year, giving students from different
only with his business acumen, but also
universities the opportunity to ask candid
with his sense of humor. He began by
questions and seek advice on an array of
making jokes about his own wealth
topics. This year, more than 200 schools
before encouraging the students to
important a management team is, Buffett
another two hours taking pictures
tionships. When a student asked “What is
with all of the students. Buffett was at
the most important decision one makes?”
times playful with the students during
Buffett responded by saying, “The
this photo session, even asking them
person you marry.” He also reminded the
to pose pretending to take his wallet
students that it is essential to be a role
from him.
model to your children, saying, “My dad
“Warren Buffett was, as advertised,
was my hero. I still think about what he
an incredibly humble and modest man,
would do.”
whose thoughts, not just on finance-
When it came to career advice,
Ishnad Antik MSF ’11 is unsuccessful at wresting away Warren Buffett’s wallet at a photo session during VSB’s visit to Omaha, Nebraska.
When lunch was over, Buffett spent
also addressed the significance of rela-
related issues, but also on leadership
Buffett encouraged students to do what
and people, were simple, but at the
they could to “get ahead of the game,”
same time, remarkable,” said Robert
and he told them they would have to
Haderer VSB ’11, co-president of the
work hard to find and recognize oppor-
Villanova University Equity Society.
tunities. In addition, Buffett stressed the
The group’s visit concluded with a
importance of strong oral and written
trip to Borsheim’s jewelry shop, where
communication skills, sharing that
they met Susan Jacques, president and
he took classes early in his career to
CEO of the Berkshire subsidiary since
confront his fears of public speaking.
1994. Jacques emphasized the store’s
“I thought that the stress he placed
commitment to ethical behavior, telling
ask questions. Buffett spent two hours
on public speaking was important. As
students they do not accept diamonds
responding to inquiries that ranged from
he said, it is a message very few busi-
from a specific mine in Zimbabwe
investing to personal matters. No topic
ness schools send to their students,”
because, although it is one of the
was off-limits, he assured the students.
Nawrocki said.
largest mines, the diamonds it produces
“Not only did Buffett talk the talk, he
Buffett also challenged students to
are used to fund violence and conflict.
walked the walk,” said Amanda Leggio
imagine which of their classmates they
Nevertheless, the store boasts an exten-
VSB ’12, secretary of the Villanova
would want to “buy” 10 percent of. He
sive inventory, enabling them to offer a
University Equity Society. “He had a
then asked them to list the personal
large variety of jewelry at low costs.
noticeable glimmer in his eye and spring
qualities that would compel this deci-
in his step as he entered the room; we
sion, and encouraged them to try to
and photos—from one of the world’s
were all hypnotized by his energy.”
adopt those qualities. “Why not be like
most renowned businessmen and
the person you’d buy 10 percent of?”
philanthropists, these 20 students had a
he asked.
once-in-a-lifetime experience. “I did not
One key piece of advice offered during the session was to recognize the importance of the management team
At the close of the extensive Q&A
Armed with a full cachè of advice—
leave Omaha with more money to my
one chooses. Buffett used himself as an
session, Buffett invited the students to
name, but the experience of speaking
example to explain this recommendation,
lunch at one of his favorite local estab-
with and learning from Mr. Buffett made
saying that he attempts to determine
lishments, Piccolo Pete’s. Proving to
me a richer human being,” said Mark
whether the person at the head of a
be down-to-earth despite his current
Thompson VSB ’12. “My interaction with
company loves the business or loves
status as third-richest man in the world,
him enabled me to better use what
the money.
Buffett offered to drive four students in
I’ve learned as I pursue my career in
his own car. “During our ride to lunch,
finance. As Mr. Buffett said, ‘It’s always
to paint my own painting,” Buffett
he was telling us about the books he
about staying ahead of the game. You
continued. Believing that positive
likes and people he respects,” said Anna
can never start too soon. One way or
attitudes can make a good company
Farbiszewska VSB ’11. “His message was
another, you want more capital than
into a great company, he strives to hire
always the same: to pursue your passion,
you’ve started with.’ Whether in life or in
managers and employees who feel the
or to find one through reading books or
business, I intend to follow and closely
same way about their work.
learning about other people’s success
live by this advice.”
stories. And we just learned from him.”
— by Mariana Martinez
“I tap dance to work because I get
In addition to emphasizing how
summer 2011 | villanova business
25
26
Curriculum
Students Across Programs Work for a Unified Goal
“We see poverty in pictures, but to be in houses with no floor and see people cooking over an open fire pit put what we have in the United States in perspective.
”
“No matter how much I was
teaches students to examine a situ-
told about the conditions of the
ation with all of its complexities and
community, I was not prepared for
simplify it in order to make more
what I saw when I got there,” said
informed decisions and become effec-
William Charlton EMBA ’10, who
tive executive leaders.
recently visited Arenas Blancas, a
This group of five knew that in
remote town in Nicaragua, to help
order to have an impact, they needed
bring electricity to the town for the
to engage fully and directly with the
first time.
system and the town’s people. The
The idea behind the trip was born when a group of Villanova under-
Jamshid Gharajedaghi, encouraged
graduate engineering and business
them to travel to Arenas Blancas to
students, working to set up micro-
immerse themselves in the culture
hydro electrification in Arenas Blancas,
and experience. In January 2011, they
spoke to Executive MBA students
made the trek to Nicaragua to learn
about their project.
more about the area and to begin
A group of Executive MBA students—Charlton, Phillip Grinnell, Kimberly Joyce, Michael Miller, and
applying their classroom lessons to real-world challenges. Although the Villanova Executive
Daniel Waits—began to discuss how
MBA faculty supported their mission,
they might help the undergraduate
Charlton, Grinnell, Joyce, Miller, and
students sustain the project over time.
Waits were on their own when it came
The Executive MBA group decided
to the travel itself. “It was not a hand-
to make the project in Arenas Blancas
holding trip, which was both scary and
the Capstone Project of their Systems
exciting,” said Waits.
Thinking course. Systems Thinking, on which the Executive MBA’s curriculum is based,
villanova business | summer 2011
group’s Systems Thinking professor,
No one in the group was fluent in Spanish, and so the first priority was to recruit an interpreter to accompany
proved to be valuable. “The trip to Nicaragua was the best experience I’ve ever had,” said Grinnell. Back at Villanova for their final module, Charlton, Grinnell, Joyce, Miller, and Waits are now collaborating with the undergraduate engineering and business students to formulate a sustainability plan for Arenas Blancas, based on the information they gathered from their trip. They hope that their plan will be applicable for other similar systems in the future. William Charlton EMBA ’10, Phillip Grinnell EMBA ’10, Daniel Waits EMBA ’10 (kneeling), Michael Miller EMBA ’10, Kimberly Joyce EMBA ’10, and Mausi Kuhl (second from right),owner of Selva Negra Coffee Estate. Kuhl uses a turbine to generate electricity from the water source on the property for parts of the coffee plantation.
For this group of five, the significance of the trip and this project is great. Not only are they helping the people in the remote community improve their quality of life, but they are seeing how they have benefitted
them to Nicaragua. Once they arrived,
area’s local water sources, and spoke
translator in tow, they traveled over
with as many of the locals as they could.
unpaved dirt roads to the town of
Amongst conditions far less comfort-
every other weekend away from
Matagalpa for an overnight stay.
able than those they were accustomed
Villanova’s main campus, gained the
to, the Executive MBA group found the
unique opportunity to work with
nity, it proved to be in great need of
Nicaraguans they met to be warm and
undergraduate engineering and busi-
aid and infrastructure improvement.
welcoming. During town visits, families
ness students, when they otherwise
“It was very different than any other
would cook for the group of students,
would not have been able to interact
place I’d been,” said Joyce. “We see
and many invited them into their busi-
with them.
poverty in pictures, but to be in houses
nesses. Because businesses are often
with no floor and see people cooking
connected to homes in this region,
Executive MBA students to partici-
over an open fire pit in their kitchen
the group often found themselves in
pate in experiential learning, living the
put what we have in the United States
people’s homes, sharing in family rituals
kind of problem-solving and analysis
in perspective.” The group slept in
and feeling a part of their community.
they learn about in the classroom and
Along the way, the Executive MBA
applying it to the real world. Likewise,
As for the Arenas Blancas commu-
open dormitories, on cots protected
These students, who attend classes
The experience also enabled the
with mosquito netting, and truly found
students asked the individuals they met
they were able to enhance their educa-
themselves immersed in the community.
why they wanted or needed electricity.
tion and business acumen through the
The reasons shared by the families
experience and were able to bring that
Nicaragua, the students visited the site
were, for the most part, simple, such
knowledge back with them to their
of the student-designed hydro-electric
as wanting to be able to use an iron. “It
own companies.
plant and had the opportunity to meet
seemed that would not be a priority,”
with the lead engineer, who shared
said Joyce, “but it clearly was, because
trip, and the support they received
with them the details of the plant. They
we heard it many times.” Additionally,
from the administration and faculty
also went to another site, where they
the group noted how much everyone
exemplify what makes VSB special.
witnessed the potential problems asso-
they spoke with was open to sharing
Says Miller, “It speaks to the program
ciated with a micro-hydro plant and
their stories.
and to the caliber of people who
During their week-long stay in
PHOTOS: Matthew McFadden
from the experience as well.
learned how to avoid them. They visited remote towns, hiked the
Overall, the visit to Nicaragua, which the group agrees was “eye-opening,”
To these students, this project, their
come here.” — by Mariana Martinez
summer 2011 | villanova business
27
28
donor spotlight
Enriching the Student Experience commitment to the study of finance through research and curriculum
Robert J. Darretta vsb ’68
Mary Ellen Darretta
villanova business | summer 2011
The Villanova School of Business is fortunate to house one of the most talented and knowledgeable faculties in the world of higher education—an asset reflected in VSB’s rise in reputation and rankings during the past six years. In April 2010, one of the professors who helped bring VSB to the forefront of business education nationally was recognized for his contributions. As the inaugural Robert J. and Mary Ellen Darretta Endowed Chair in Finance, Michael S. Pagano, PhD, will help advance the finance department to an even higher level. Robert and Mary Ellen Darretta, who have long been affiliated with Villanova, created the endowment to enhance the study of finance through applied research and cross-disciplinary curricula. An endowment like that underwritten by the Darrettas can make a big difference in the life of a school. “The biggest change for me is that now I have greater ability to travel and network more extensively,” Pagano says. “I can attend more conferences, I can interact with more professors, and I can really immerse myself in the world of business and business academics. Then I can bring all that back to VSB to share with other faculty, and to help enrich our students’ educational experiences.” The benefits also work in the other direction—not only is Pagano bringing more to Villanova, but he also is bringing Villanova’s name out
PHOTOs: Paul Crane
Michael S. Pagano, PhD, accepts the inaugural Robert J. and Mary Ellen Darretta Endowed Chair in Finance.
to more people in the business and political arenas. “Now VSB can reach a greater audience both nationally and internationally,” he says. “This goes for the academic point of view, to be sure, but it helps in other ways, as well. I will be able to attend the Security Traders Association meeting, which I could not do before. I will be able to meet more industry folks directly, and go to Washington, D.C., more often and speak with the SEC commissioners and congressmen. I always use the Wall Street Journal in the classroom, but now I can actually meet and talk to the people we read about, and bring those experiences back to the students.” Pagano expects that his improved access to industry also will help him assist graduating students in their transition to the business world. “Because I will be directly connected with a wider range of people, I should be able to have my finger on an increased number of opportunities, and thereby be able to make an increased number of introductions,” he says. “I want to get even more industry leaders thinking about Villanova when they are hiring young professionals, and then I can connect them with our best students.” Pagano joined the Villanova faculty in 1999 after a decade of working in the financial services industry. The endowed chair position is just the latest in a long line of successes and professional acknowledgements. Pagano serves as an associate editor of The Financial Review, as well as on the editorial boards of two other finance journals: Advances in Quantitative Analysis of Finance and Accounting and the International Journal of Managerial Finance. In 2009 he became the first-ever finance academician appointed to the Financial Industry Regulatory Authority’s Market Regulation Committee. Also in 2009, he was featured in the Wall Street Journal for his investigative look at the correlation between U.S. terror alert levels and activity within financial markets. As a VSB professor, Pagano has achieved a national reputation in finance through his research on market microstructure, financial markets, and financial institutions. His research has been featured in
25 refereed publications and top-tier journals, and has been cited extensively by scholars in his field. Since his official appointment in April 2010, Pagano has organized two timely and relevant finance symposia, won an Outstanding Paper in International Finance award for his research on equity trading costs around the world, and presented research on the impact of large capital issuances by financial institutions and the effect of bond ratings pre- and post-crisis. While the details of Pagano’s career may not be forefront in his students’ minds, the advantages of his background are. Ishnad Antik MSF ’11 sees Pagano as one of the most knowledgeable and effective professors with whom he has ever taken a course. “When you walk out of a class in college or graduate school, you usually know you learned something important, but you don’t usually know what until you have to apply it someday,” Antik says. “But straight out of Professor Pagano’s class, I knew I had gained a skill set that I could use right away. We never had courses like this in my previous school.” Christopher “Dain” Hall, a senior finance major and a second baseman for the Villanova baseball team, says that it doesn’t take long to know Pagano is a special professor. “After about the third or fourth class into the semester, I mentioned to a friend that I felt I learned more about real-world trading in the markets than I had learned in the previous three years of being at Villanova. Professor Pagano just seems really wellconnected to what’s going on in the business world on a day-to-day basis.”
And there it is, The Darretta Endowment at work Robert Darretta VSB ’68 is the former vice chairman and chief financial officer of Johnson & Johnson. His expertise in corporate governance, the health care industry, direct consumer markets, technology/business process, and financial/capital markets has proved invaluable to VSB throughout the years. He was chair of the Dean’s Advisory Council and now serves on the President’s Leadership Circle for the University. The Darrettas’ son Colin is a 2006 graduate of VSB, and their son Nicolas A&S ’12 is a current student. “The Villanova School of Business has always been dear to me,” Darretta says, “not just because of my personal ties to the University, but also because of the school’s unyielding dedication to nurturing young men and women to be leaders in both business and community. I am positive that Professor Pagano is the perfect person to lead the charge offered by this endowment and to enhance even further Villanova’s ability to prepare its students for the world that awaits them.” Pagano relishes that challenge and looks forward to the work ahead of him. “I have more access than ever before to inside knowledge and new and current information,” he says. “Now I can do an even better job of tying theory to practice.” —by Chris Nicholson summer 2011 | villanova business
29
30
EVENTS
VSB Hosts Inaugural Business Leaders Forum
D
uring a time of frequent and unexpected change in the
business world landscape, the relationships we build can prove to be critical. With that in mind, the Villanova School of Business hosted its first-ever Business Leaders Forum, where more than 100 executive leaders who serve on VSB’s nine advisory councils came together for two days to network and learn more about the University’s and the business school’s strategic plans. The Forum was a resounding success. In a survey sent to all participants, over 66 percent of attendees made new business contacts from the advisory councils and 54 percent of attendees became
Daniel H. Bathon, Jr. VSB ’76, general partner and chairman, Windspeed Ventures, LLC and member of the Dean’s Advisory Council, participates in the Q&A.
more interested in participating in or supporting the University’s and VSB’s
endowment to the level of other schools
for business leaders committed to VSB’s
strategic plans.
of our size and caliber as ambassadors of
mission to get together to hear from
the strategic plan.”
Fr. Peter and other University leaders
“I didn’t realize the large number of people involved,” said one respondent. “I
William K. Bacic VSB ’78, managing
regarding the University’s future direc-
like the direction the University is moving
partner of the New England area with
tion, goals, and needs. I particularly
in and think VSB is doing many of the
Deloitte and Touche LLP and chair
enjoyed learning more about VSB’s
right things. My interest continues to
of the VSB Dean’s Advisory Council,
Centers of Excellence and meeting other
build concerning the future and direction
commented, “The Business Leaders
Villanova alumni who are contributing
of the University.”
Forum provided a unique opportunity
their time and talents back to Villanova.”
The program, which is the only one of its kind hosted by VSB, helped to give the attendees a broader understanding of how Villanova could engage with the business community and other alumni and parent business leaders. “It was a great opportunity to interact
Advisory Councils
T
he advisory councils, consisting of nearly 200 members, provide professional expertise and advice, feedback on undergraduate and
with those who have a similar passion for
graduate curricula, assistance with student recruitment and internships, and financial
the University and its mission—whether
support to VSB.
parents, alumni, or others that have
Making up the nine advisory councils are VSB’s six Centers of Excellence—the
come to appreciate the impact Villanova
Daniel M. DiLella Center for Real Estate; the Center for Marketing and Public Policy
business leadership has,” said attendee
Research; the Center for Innovation, Creativity, and Entrepreneurship; the Center for
Christine James, CFA, managing director,
Global Leadership; the Center for the Study of Church Management; and the Center
Wells Capital Management. “I learned the
for Business Analytics—and the Dean’s Advisory Council, the CIO Advisory Council,
importance of translating our enthusi-
and the Accounting Advisory Council.
astic alumni support into meaningful
While VSB’s Centers of Excellence support faculty research, teaching excellence,
contributions to the school to ensure
and curriculum development and are designed to focus attention on critical busi-
future generations continue to benefit
ness issues and to leverage the expertise of faculty in a cross-disciplinary way, the
from what we did. We need to meet
advisory council members help provide the centers with practical knowledge, infor-
the competitive challenge to build the
mation on current trends and issues, and an update on business practices.
villanova business | summer fall 20102011
The Rev. Peter M. Donohue, OSA, PhD, A&S ’75; William J. Donnell VSB ’77; Manuel Nunez MBA ’03; Dean James M. Danko; and Robert Byrnes VSB ’76, president, Villanova University Alumni Association.
Two Alumni Honored with the Bartley Medallion for Service and Commitment to VSB
N
amed after the Rev. Joseph C. Bartley, OSA, and established in 2010, the Bartley Medallion is an annual award that recognizes alumni who
have distinguished themselves in their career and provide extraordinary service to
his spirit and the motivation behind all that he has done and continues to do for Villanova.
Manuel Nunez MBA ’03
the Villanova School of Business. During the Business Leaders Forum, the Bartley Medallion was presented to William J. Donnell VSB ’77 and Manuel Nunez MBA ’03
International Marketing
at an event attended by Villanova University community members.
Manager, Merck & Co., Inc.
Through the recipients’ efforts and involvement, VSB is able to deliver a relevant business education and enhance job opportunities for VSB students while embodying
Manuel “Manny” Nunez
the Augustinian values of veritas, unitas, and caritas (truth, unity, and love).
has distinguished himself in his career, demonstrated service to
William J. Donnell VSB ’77
Another of Donnell’s contributions
his communities, and provided
includes the creation of the Villanova
extraordinary service to VSB. He has
Private Wealth Advisor,
University Financial Club summer
been a frequent guest lecturer in various
internship initiative. Donnell has an
classes, member and contributor to
Investment, Merrill Lynch
extraordinary passion for Villanova that
the Graduate Programs Review task
is focused on helping students succeed
force, and on-site executive faculty,
William “Bill” Donnell
in the workplace. Donnell is both an
accompanying the Executive MBA ’10
has served Villanova in many ways over
alumnus of Villanova and a friend of the
students on their immersion trip to
the past several years. One of his most
school. His efforts have focused on how
Malaysia and Vietnam. Nunez has gone
significant areas of impact has been
he can help the school of business, the
above and beyond in his service to
in helping VSB develop a presence on
University, current students, and alumni
VSB and the broader community. He
Wall Street in the financial services
make connections and advance within
possesses knowledge, skills, capabilities,
community and connecting students
the financial services industry. The phrase and values that are consistent with the
with internships and job opportunities.
he coined, “Think ‘Nova First,” captures
PHOTOs: Jim McWilliams
Senior Vice President -
mission of Villanova and VSB.
summer fall 2010 2011 | villanova business
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Executive Speaker Series
21st Century Leadership at GE
P
ick a path that is your passion. Dedicate yourself to
that path. Be a learner. Be good on teams. Have perseverance. According to Jeffrey R. Immelt, chairman and chief executive officer of GE and chairman of the Council on Jobs and Competitiveness for President Obama, these are important lessons along the path to success. Immelt spoke about his life and career to an enthusiastic crowd of VSB students, faculty, and staff as part of the VSB Executive Speaker
Jeffrey R. Immelt speaks about his career as chairman and CEO of GE.
Series. Nearly 1,000 attendees, all eager to hear career advice from the ninth chairman of GE, filled both the
manager, in the appliances business,
hard work, and a decent sense of
Villanova Room and the Connelly
where he managed service people, and
humor, he added.
Center Cinema, where the presentation
in the healthcare business, which he
was simulcast. Dean’s Advisory Council
ran before becoming CEO. However,
GE, Immelt attributed his appointment
member Thomas M. Quindlen VSB ’84,
even the man who has been named
in part to the fact that his peers liked
president and chief executive officer of
one of the “World’s Best CEOs” three
and supported him. For Immelt, success
GE Capital Corporate Finance, intro-
times by Barron’s has weaknesses,
was due to his hard work, his ability
duced his friend and colleague to the
which Immelt admitted as he shared
to build friendships and trust, and his
standing-room-only group. While his
anecdotes about the mishaps he
knowledge of how to work on teams.
speech addressed the current economic
experienced when he attempted to fix
climate, Immelt also identified the
refrigerator compressors during his
from audience members and covered
unique challenges that today’s gradu-
time in the appliances division of GE.
topics from how to better engage
As he revealed his own path to
Immelt also responded to questions
employees to what keeps him up at
of his company, and included advice
success, Immelt reflected on the
night, and from how sports and other
on how VSB students can distinguish
lessons he learned along the way and
team activities contribute to one’s
themselves in their careers. He also
offered insight into how VSB students
career and success to what he considers
jokingly revealed why he would never
might build their own careers and
to be his biggest mistake. While no
make a good refrigerator repairman.
achieve their own successes. His
topic was off limits, the candid session
advice was simple: do what you want
allowed for great dialogue and idea
Immelt worked at Proctor & Gamble
to do, because most people who are
exchange between one of the world’s
and earned an MBA from Harvard
successful enjoy what they do. Be
most successful leaders and more than
Business School. When he joined
broad, but learn how to be good at
1,000 future business leaders.
GE in 1982, Immelt moved through
one thing in particular. Always be
—by Mariana Martinez
different departments and experi-
willing to learn. Immelt says he looks
enced the many sides of the company
to hire people who are good raw mate-
To learn more about Immelt’s
he would eventually lead. He spent
rial, but who also possess a thirst for
leadership and career at GE, visit
time in corporate, in plastics as a sales
learning. Success is about persistence,
http://tenyears.geblogs.com.
Prior to beginning his career at GE,
villanova business | summer fall 20102011
PHOTO: Jim McWilliams
ates face, divulged the top priorities
When asked about becoming CEO of
VSB’s Executive Speaker Series 2010–2011 Six Thoughts on Leadership As part of his presentation, Jeffrey R. Immelt described the six things that he, as CEO of GE, works on every day. Each item, he hoped, could be adapted to VSB students as they prepare for their own careers and as they determine and refine their own leadership styles. 1 - R&D (research and development), technology, and innovation No matter what career you choose, understanding technology and having the ability to innovate and come up with great products will be critical.
2 - Software and services The ability to have a good understanding of analytics and the ability to measure and monitor technology also are important, no matter what you do. He urged students to be comfortable with software and analytical activities.
3 - Globalization Immelt explained that companies are growing by extending outside of the United States, and that an organization has to be a good local company in order to be a good global partner over time.
4 - Redefine and expand To stay successful GE constantly redefines and expands its core competencies, introducing $20 billion in new businesses every decade. He encouraged the audience members to experiment, think about new business ideas, be entrepreneurial, and take risks.
5 - Make GE Capital Corporate Finance a leading financial services company GE Capital lends to small- and medium-sized companies, as an investment in their growth. The company, Immelt explained, is designed to be a customerdriven lending organization that focuses on creating economic value.
6 - Make a great profit by solving problems for customers and for society Immelt stressed the importance of using innovation and technology to create solutions, and he used GE’s efforts in clean energy initiatives and affordable healthcare as examples.
S
ince its inception in 2009, the Villanova School of Business Executive Speaker Series has welcomed several prominent guests. The vision and purpose of the Executive Speaker Series is to provide a venue for industry leaders to discuss current business issues related to ethics, innovation, analytics, and a global mindset. The series is open to all University students, faculty, and staff. VSB extends its appreciation to our 2010–2011 speakers for sharing their time and talent with the Villanova community. • Jeffrey R. Immelt, chairman and chief executive officer of GE, and chairman of the President’s Council on Jobs and Competitiveness: “21st Century Leadership at GE” • Mark Ford VSB PA ’13, president and group publisher of Time Inc. News Group: “Your Career: Rules of the Road: His ‘Roadmap’” • John Kilcullen VSB PA ’14, creator of the “For Dummies™” brand: “Innovation for Dummies” • Patrick F. Meyer VSB ’74, president of Sourcebits: “Business 3.0: Mobile and Social Fusion” • Bill Rasmussen, founder of ESPN: “The Creative Genius Behind ESPN” • Jane Sarkin, features editor for Vanity Fair magazine: “The Business & Show Business of Vanity Fair ” • Francine LeFrak, award-winning producer, entrepreneur, and philanthropist; founder of SAME SKY: “Passionate Pursuits” (part of the Joseph F. Azrack ’69 Distinguished Speaker Series)
summer fall 2010 2011 | villanova business
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faculty Research
How Women Can Beat the Wage Gap Trap higher pay for both men and women. With respect to bosses, it is beneficial to initiate contact and to be a provider of information. In the case of peers, there is a benefit to relationships that allow for the exchange of information. Finally, individuals who have close, trusting, and open relationships with their subordinates earn higher pay. Interestingly, not only do women have greater potential to raise their pay through these effective network relationships, but other research seems to indicate they may be better equipped to do so.
Three ways WOMEN MAY increase pay: Motivate and get to know your team
Women are thought to be better than men at establishing group consensus and managing teams. Drawing upon this strength, they should focus on building stronger and closer relationships with subordinates.
T
he wage gap between women and men continues to be a troubling fact in the U.S. workplace. While it is clear that issues such as discrimination remain, recent research from the Villanova School of Business (VSB) offers some suggestions about how women can manage their network relationships to help narrow the gap. The original intent of VSB Professors of Management and Operations Kevin Clark and Patrick Maggitti and co-author Holly Slay of Seattle University was to examine how network relationships in an organization affected pay. They found that the nature of these relationships matters for all employees; however, to their surprise, women appeared to have more of an opportunity to increase their pay by effectively managing those relationships. The study of 315 early career, whitecollar professionals enrolled in part-time MBA programs examined the influence of three distinct corporate networks to determine which was the most influential in increasing compensation for both men and women: subordinate networks (those
villanova business | summer 2011
working below you), peer networks, and networks with superiors. Perhaps not surprisingly, the results confirmed that the relationship an employee has with his or her boss can have a positive effect on an employee’s pay. Interestingly, Clark, Maggitti, and Slay found it is actually the subordinate networks that matter the most—despite the fact that study participants and conventional wisdom indicated they believed the relationship with their boss was the most important factor driving compensation. These findings are critical for anyone tempted to advance their careers only through ingratiating themselves with the boss—it appears that treating your team better and providing leadership is a surer path to a bigger paycheck. In some ways, this makes perfect sense: If you connect with those below you, they will perform well, making you look good to your boss, and you get a raise. In addition to substantiating the relative importance of subordinate networks, the study found specific factors that are linked to
Find out what your friends know
Since women have a strong awareness of their work community and groups, they should try to make an increased effort to obtain information specific to work and job opportunities from their peers. Influence your supervisor
Make chance run-ins meaningful with your boss by always having something in your pocket that is a value add-on. Instead of chatting about the weather, bring up a recent project or accomplishment or suggest solutions to problems instead of seeking answers to questions. Over time, your boss will come to view you as a thoughtful and effective person—one who needs to be rewarded and retained. The researchers emphasize that these tactics will not eliminate the wage gap but, given the abundance of attention focused on the persistent existence of the gap, it is good to see studies that provide women with suggestions about what they might do proactively to increase their pay.
Playing the Winning Percentages
T
he pace and flow of soccer generally make it difficult for managers to affect the outcome of a match once it begins. Since soccer has almost no stoppages for coaches to draw on clipboards or strategize with their players, a manager’s most critical in-game decision may be choosing when to use his or her three substitutions. According to VSB Professor of Management and Operations and former professional soccer player for the Richmond Kickers Bret Myers, managers can obtain significant lift from their team if they sub earlier when behind. Unlike other sports where coaches can call a timeout mid-game and diagram a play, soccer managers use substitutions as one of the major ways they can influence play. As soccer fans know, a set of fresh legs on the field can be enough to change the dynamics of the game. Myers used data collected from more
than 1,500 observations from four different European Leagues (English, Italian, Spanish, and German), Major League Soccer in the United States, and the 2010 World Cup. He found that if teams are behind, managers should make their three substitutions at the 58th minute, 73rd minute, and 79th minute, according to his “Proposed Decision Rule.” Teams that follow these guidelines improve—i.e., score at least one goal—roughly 36 percent of the time. Teams that do not follow the rule improve only about 18.5 percent of the time. In soccer, managers tend to delay substitutions when ahead, but hasten substitutions when behind. If the “Proposed Decision Rule” is followed when a team is behind, managers have a .4227 probability of success in gaining advantage in goal differential. If the rule is not followed, they have a .2052 probability
of success. Professor Myers found that the timing of substitutions does not matter when a team is tied or ahead nor does it matter what league they are playing in. Whether the game is home or away also has minimal impact on substitutions.
Foreclosure Contagion: Coming to a Neighborhood Near You?
illustrationS: Joyce Hesselberth
T
he news reports of the past two years have made it clear—the current foreclosure crisis is the worst the nation has seen in more than 60 years. But one little-known fact is how foreclosures can spread like a disease, making once-proud homeowners willing to abandon their homes and walk away from their mortgages, seemingly unfazed by the consequences. Recent research by VSB Professor of Finance Paul Hanouna at the Center for Financial Research at the FDIC (Federal Deposit Insurance Corporation), with Carlos Ramirez and Christof Stahel of George Mason University and Ryan Goodstein of the FDIC, shows that homeowners who are underwater on their mortgages are far more likely to “strategically default” and walk away from their homes if other homeowners in the neighborhood have done the same. According to the research, “it’s all about who you know,” says Professor Hanouna. Homeowners are up to 24 percent more likely
“channels” that make foreclosures contagious
1 2 3
The Learning Channel: Neighbors who default on their mortgages help potential strategic defaulters navigate the process with credible information. Learning through the experience of others when it relates to foreclosures is more powerful and more cost effective than learning through the media, accountants, or lawyers. The Social Capital Channel: As more people default, the less morally objectionable it becomes to homeowners. When defaults become widespread in a neighborhood, the stigma declines with the proportion of people defaulting. The Social Network Channel: A significant factor is a homeowner’s willingness to make payments on an underwater mortgage. The loss of social networks and the degradation of public infrastructure and security caused by high neighborhood foreclosure rates give homeowners further reasons to “strategically default.”
to walk away from their homes in a ‘strategic default’ if a neighbor within a five-mile radius has done the same thing. This contagion effect is much stronger among borrowers who are severely underwater on their mortgages and do not appear to
be financially distressed. “Borrowers with current Loan-to-Value (LTV) ratios of above 120 percent and FICO scores above 720 are six times more likely to be influenced by surrounding area foreclosures than borrowers with lower ratios and scores,” says Hanouna. summer 2011 | villanova business
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Faculty Achievements
William Wagner Receives Meyer Innovation and Creative Excellence Award The Center for Innovation, Creativity, and Entrepreneurship (ICE Center) at VSB awarded the third annual Meyer Innovation and Creative Excellence (Meyer ICE) Award to William P. Wagner, PhD, associate professor of accounting & information systems. Wagner was chosen for his commitment to providing students with the tools necessary to be competitive and effective in the marketplace by developing innovative courses that address the ever-changing technological landscape. In the 2010-2011 academic year, Wagner co-developed and taught the Mobile Application Development course. The cross-college course
Dean James M. Danko presents the Meyer ICE award to Professor William P. Wagner.
featured faculty from the Colleges of Engineering and Liberal Arts and Sciences and was designed to give students a technical
This fall Wagner will offer a version of the Mobile Application
and business view of the multi-billion-dollar mobile application
Development course to Villanova MBA students.
market. Verizon Wireless sponsored the course and provided
Inspired, designed, and endowed by Patrick Meyer VSB ’74,
Android phones, service, and guest speakers. Wagner also coor-
the award highlights VSB’s focus on innovation, creativity, and
dinated timely in-class presentations from numerous industry
entrepreneurship. It was created in honor of the Meyer family
insiders, including Brad Blumberg, CEO of Smarter Agent,
of Villanova graduates, including Patrick’s father, C. Paul Meyer
and Chuck Sacco, vice president of client strategy at Movitas.
’30, and his brother, Edward Meyer VSB ’86.
Three Teaching Excellence Awards Presented to VSB Faculty
Gunita Grover, PhD, assistant professor of finance, was presented with the 2011 Gerald A. Dougherty Endowed School of Business Faculty Award for excellence in teaching. Recipients of the award are VSB professors at the undergraduate level who exhibit outstanding talent, dedication, and a unique ability to connect with students. Professor Grover
villanova business | summer 2011
was recognized for her passion and enthusiasm as well as for her ability to lead students through a difficult required core course at VSB. Students commended Grover for being their guide, not just their instructor. “Receiving the Dougherty Award was a most humbling experience,” said Grover. “I was overwhelmed by the comments of my students. They inspire me to continue loving what I do—teaching, advising, and mentoring.” This award was created in honor of one of VSB’s most beloved professors, Gerald A. Dougherty VSB ’58. It is made possible through the generosity of many VSB alumni, including John Surgent VSB ’80 and his wife, Elisa; Bruce Peacock VSB ’73; Cathy Peacock VSB ’78; and John Gilbert VSB ’72.
Noah P. Barsky, PhD,
associate professor of accounting & information systems, received the inaugural Daniel J. O’Mara Villanova School of Business Faculty Award. This award, which is named after a popular VSB professor who retired at the end of the 2009-2010 academic year, honors an outstanding teacher at the graduate level. Professor Barsky earned this award for his contributions in curriculum development, and for introducing innovative teaching tools that maximize the impact of his lessons and
enhance the learning experience for graduate students. Students praise Professor Barsky for his teaching style and organization of topics, which has allowed him to translate complex concepts into applicable and comprehensible business situations. “I am honored to be the first recipient of this award,” said Barsky. “I am grateful for the opportunities to participate in the educational experiences of our wonderful students and to enjoy the immeasurable rewards of seeing their learning and success.” Barsky requested that the award money be donated directly to the trust fund established for the young children of the late Tom Daniel, a revered VSB technology coordinator who passed away suddenly in May 2011.
Professors Newbert and Kees named VSB’s First Emerging Scholars
Instructor of Management & Operations James J. Reaves received the Villanova School of Business Outstanding Instructor Award, presented to an exceptional adjunct faculty member. Reaves has more than 30 years of operational, supervisory, and management experience and has held positions at QVC for the past 16 years. He was recognized for utilizing his experience and connections to enrich student learning. During his time at VSB, Reaves, who teaches Business Operations in the 21st Century and Global Crisis Management, has consistently demonstrated his dedication and enthusiasm in the classroom.
The Emerging Scholars program, which launches in fall 2011, includes the creation of two term professorships to support early and mid-career faculty members making exceptional contributions to the national scholarly reputation of VSB. Scott Newbert, PhD, associate professor of management & operations, is the Harry Halloran Emerging Scholar in Social Entrepreneurship. “I am honored to fulfill this professorship,” said Newbert. “I plan to use this opportunity to continue to create and disseminate knowledge about social entrepreneurs—who they are, what drives them, and how they can effectively scale their impact.”
VSB Emerging Scholars awardees Scott Newbert with Harry Halloran and Jeremy Kees with Richard and Barbara Naclerio.
Jeremy Kees, PhD,
assistant professor of marketing, was named the Richard Naclerio Emerging Scholar in Public Policy. “I am thankful to the Naclerio family for their continuing support of VSB,” said Kees. “This professorship will support my research on nutrition and tobacco marketing, issues that have important implications for business, government, and
society. It is because of generous supporters like Richard and Barbara that VSB has been able, and will continue, to achieve a very high level of success.” As recipients of these titles, Newbert and Kees will initiate and encourage scholarship in social entrepreneurship and public policy among faculty and students, and will be actively involved in promoting the integration of theory and practice.
Two Marketing Professors Receive McDonough Family Faculty Award Charles R. Taylor, PhD, the John A. Murphy Professor of Marketing, and John Kozup, PhD, associate professor and director of the Center for Marketing and Public Policy Research, received the McDonough Family Faculty Award for excellence in academic research. Taylor and Kozup were recognized for publishing a series of research papers in top journals. Taylor’s research topics include branding, international advertising and marketing, and marketing and public policy issues related to advertising and promotion. His work has appeared in such publications as the Journal of Advertising, Journal of Public Policy & Marketing, and Journal of International Marketing. Kozup’s
research
focuses
on
consumer
information
processing, such as consumers’ perceptions, knowledge, and
Photos: Paul Crane
evaluation of food and dietary supplement product labeling
Professors of Marketing Charles R. Taylor and John Kozup accept the McDonough Family Faculty Award for excellence in academic research.
as well as financial and pharmaceutical information disclo-
The McDonough Family Faculty Award was designed
sure. His work has been published in the Journal of Marketing,
and endowed by Donough McDonough VSB ’81 and his wife,
Journal of Public Policy & Marketing, and Organizational
Victoria, to support the advancement of academic research at
Behavior and Human Decision Processes.
the business school.
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STUDENT Achievements
VSB Team Ranked Second in the Aspen Institute International MBA Case Competition four MBA students won second place in the Aspen Institute Business & Society International MBA Case Competition and took home a prize of $10,000.
“The Aspen Case Competition was the absolute greatest part of my entire MBA experience. It is an incredible feeling to know that we can compete with the top MBA schools in the world,” says Christy Calabro MBA ’11. Calabro, along with fellow MBA students Evan Taylor MBA ’14, Judy Underwood MBA ’11, and Ulana Chabon MBA ’11, competed against six other teams during the first round, which was held on campus, and then went on to face the top teams from 24 other universities nationwide in the second round of the case competition. After being notified that they were one of the top five finalists, the four students had one week to convert their submission into a PowerPoint presentation, which they delivered to a panel of judges in New York City. “Completing this case study and presenting our recommendations was a tremendous amount of work,” says Calabro, “but it was so rewarding, and the support we received along the way from VSB was overwhelming. Our goal as a team was to deliver the best presentation we could, and we were so proud of our performance. To hear our names called as the
Aspen Institute International MBA Case Competition second place winners Evan Taylor MBA ’14, Judy Underwood MBA ’11, Ulana Chabon MBA ’11, and Christy Calabro MBA ’11
second place team was just the icing on the cake. That was a moment I will never forget.” The competition challenges participants to analyze a case study and come up with corporate social responsibility and sustainability initiatives for a major organization, encouraging students to be innovative while taking into consideration corporate profitability and environmental, social, and ethical issues.
Business Without Borders Named Chapter of the Year
Kayleigh Huang VSB ’12 and Daniel Newell VSB ’13 accept the Net Impact Chapter of the Year award on behalf of Business Without Borders.
villanova business | summer 2011
One year after its first meeting, VSB’s Business Without Borders (BWB) student group was named Net Impact Chapter of the Year for 2010. VSB students accepted the prestigious award at the Net Impact Conference, held at the Ross School of Business at the University of Michigan. VSB’s BWB community is one of 48 Net Impact undergraduate chapters in the United States. Net Impact, which has more than 260 chapters worldwide, is an organization for professionals, graduate students,
and undergraduates that aims to use business to create a socially and environmentally sustainable world. The mission of BWB is to provide a platform where business students can utilize knowledge from their classroom experience and apply it to the real world. The club organizes special events, recruits visiting speakers, and creates opportunities for students to work both locally and internationally using their business acumen to address social needs. “We’re thrilled and proud to have won the Net Impact Chapter of the Year Award,” says Robert Hanlon VSB ’11,
co-president of BWB. “It’s a testament to the hard work of our members. This recognition affirms VSB’s strong support of corporate social responsibility.” “The award highlights the progress our organization has made during its first year. We are very excited to celebrate this achievement and we are also looking to further improve upon our work. We hope that the foundation our organization has built will help stress the importance of sustainable and socially responsible business on Villanova’s campus,” adds co-president Derek Ferguson VSB ’11. BWB was recognized for its international work in Nicaragua, Kenya, and the Philippines, where the group engaged in international development
projects. Locally, they have been collaborating with the IRS and a nonprofit to help low income clients with tax returns. Additionally, the group, in collaboration with the Center for Global Leadership and the International Business Society, brought TOM’s Shoes founder Blake Mycoskie to campus.
Taussig Award to VSB Student Kelley Bergsma VSB ’09, MSF ’11 received the Frank W. Taussig Article Award for her paper, “Does Offering Microsavings Make Sense for Microfinance Institutions?” The award, sponsored by Omicron Delta Epsilon (ODE), the
international honor society for economics, is presented to an undergraduate student or recent graduate with the year’s best article on economics. Bergsma’s paper was submitted for the Taussig Award after she won the Adam Smith Contest, the student research paper competition held annually by VSB’s Department of Economics & Statistics. Bergsma claimed the first place prize in the 2010 Adam Smith Contest and won $2000.
For winning the Taussig Award, she received a cash prize of $1000 and an opportunity to publish the article in The American Economist, the official journal of ODE. As part of the award, the Villanova chapter of ODE received $200, which was donated to Bergsma’s favorite microfinance organization, Opportunity International. “Winning this award is very important to me because it will be my first publication in an academic journal. I aspire to become a professor after I complete my PhD studies,” says Bergsma, “so I hope that this publication will be the first of a number of future publications.” Bergsma is the third Villanova student to win the Taussig award in recent history.
MSF Students Advance in Competition Five Master of Science in Finance students won the local segment of the CFA Institute Global Investment Research Challenge and are advancing to compete in the regional level of the competition. William Albertus MSF ’11, James Keane MSF ’11, Aron Hooks MSF ’11, Robert Singer MSF ’11, and Michael Mack MSF ’11 represented VSB in the CFA Society of Philadelphia’s challenge and beat out teams from five other schools. For the competition, the teams researched Urban Outfitters, Inc., a publicly traded company, and wrote an equity research report that complied with the standard of the CFA Institute Code of Ethics and Standards of Professional Conduct. Four teams were invited to present their findings to a panel of three experts. After announcing the Villanova group as the Philadelphia winners, the judges and event coordinators took them out to dinner, during which the students received feedback on their presentation, learned about the next stage of the challenge, and networked with
The MSF team of Aron Hooks, Robert Singer, Michael Mack, James Keane, and William Albertus win the Philadelphia competition.
industry professionals. As local champions, these MSF students will move on to
valuation skills developed during our coursework in the MSF
the regional competition in the Americas, which will culmi-
program, and it was an exciting, fun way to finish the year,” says
nate in a global finale competition. “The Global IRC Challenge
Albertus. “We’ve had an excellent experience throughout the
was the perfect platform to apply the qualitative analysis and
entire process.”
summer 2011 | villanova business
39
40
In Closing
Community Matters—On and Off the Court In the world of professional sports, expansion teams are the equivalent of start-up ventures in the world of business. Alex Martins VSB ’86 has guided four of these athletic start-ups through their birth and growth. His entrepreneurial spirit, first developed as a student at the Villanova School of Business, has flourished during his career and has helped his teams succeed on and off the court. In 1989, Martins started as director of publicity/media relations with the newly formed Orlando Magic. While working with the Magic, he was integral in the launch of a new minor league hockey team and a new WNBA team. He left the Magic in 1998, to help launch the reborn
Alex Martins VSB ’86 is the president of the Orlando Magic.
Cleveland Browns of the NFL. “For a Accomplishing that goal meant more
while I thought I wasn’t going to get off
future,” he says. “The work ethic that you
of the expansion-team carousel,” he jokes.
show in any relationship is very impor-
than tickets and dollars. It even meant
tant. I wouldn’t be sitting in the role I am
more than winning games on the court.
his first foray into the business of profes-
today if I didn’t work hard in the Villanova
It meant re-igniting DeVos’ commitment
sional athletics, however, he did. In 2005,
office for someone who opened the door
to community throughout all levels of
Martins returned to the Magic to serve
for me to go work for the Magic.”
the organization. “We’ve been getting
as executive vice president of marketing
Now Martins oversees the Magic’s
back to being an important part of our
and franchise relations. A year later, he
day-to-day business operations,
community and giving back in signifi-
was named chief operating officer, and
including corporate marketing, ticket
cant ways. We’ve also been bringing
in 2010 he became the franchise’s new
sales, season-ticket services and opera-
in players of the right character who
president. Martins also now serves on the
tions, community relations, broadcasting,
are committed not only to winning,
NBA Team Presidents Advisory Council.
corporate partnerships, communications,
but to teamwork and the community,”
government relations, arena develop-
Martins says.
As do so many success stories, Martins’ started at the Villanova School of Business. “I got into this sports business
ment, and business strategy. While the business skills he honed at
The hard work and investment have paid off. Since Martins’ return to the
without the intent of getting into this
VSB are the foundation of his job with
team, the Magic have increased the
business,” Martins says. As a freshman
the Magic, the core values instilled in him
number of season-ticket holders while
from Kearny, NJ, he noticed that the
while on campus have brought Martins—
making the playoffs for five straight
Wildcats’ Sports Information office had
and his team—success beyond the
years, advancing to the NBA Finals in
an open work-study job. “I ended up
bottom line. He is dedicated to the soul
2009. The players and the organization
working there for all four years I was at
of the organization, through everything
are respected in the community and seen
Villanova, and even got to work at the
from ensuring employee satisfaction to
as leaders. Martins recently served as
National Championship basketball game
leading the franchise in giving back to
the chairman of the board for the team’s
when we won in 1985.”
the community. These values, cultivated
Orlando Magic Youth Foundation, which
during his time at VSB, were further
has distributed nearly $17 million to local
by a former assistant sports information
reinforced through working with Magic
non-profit organizations.
director for Villanova who had moved
owner Richard DeVos.
After graduation, Martins was hired
on to the NBA’s Philadelphia 76ers. That
When Martins returned to the
“I think we’re doing some things right, but it takes a lot of hard work,”
same mentor later recommended Martins
Magic in 2005, the season-ticket base
Martins says. “You have to have strong
for his first job in Orlando. “I underes-
was the lowest in the team’s history.
values wherever you are, whether it’s at
timated how strong the ’Nova network
“It was a major rebuilding project,”
a university, in a business, or in a profes-
could be and realized that people I inter-
he says. “We really had to re-engage
sional sports franchise, and stick to them
acted with in college could help me in the
the community.”
and live them every day.” V
villanova business | summer 2011
PHOTO: John Welsh
More than a decade and a half after
I AM A TYPE V PERSONALITY The Top Ranked Villanova MBA Now in Center City.
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PAID
VILLANOVA SCHOOL OF BUSINESS 800 Lancaster Avenue Villanova PA 19085
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Villanova School of Business
Ranked #7 in the Nation! Thank You and Congratulations to our Students, Faculty, Staff, Alumni, and Friends!
Contact Madonna Marion-Landais, Associate Dean for External Relations, at 610-519-3109 or madonna@villanova.edu to find out how to get involved with VSB.
Join Fr. Peter Donohue for his “WHAT’S NEXT?” Tour. Visit www.whatsnext.villanova.edu for information, dates, and locations.
