Villanova magazine of the villanova school of business
Business
fall 2010 
Working Knowledge Solving real-world business issues
Working on Wall Street VSB’s New Faculty
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 Debbie Clayton Chris Nicholson Brendan E. Cummings A&S ’13 Design & Production Moiré Marketing Partners Cover Illustration Keith Negley
Villanova Business magazine is published twice a year by the Villanova School of Business. Villanova Business welcomes inquiries, opinions, and comments.
22 Making The World a Better Place Three professors demonstrate that research in business and economic issues can serve public policy goals.
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
Cert no. SW-COC-1551
VSB’s Villanova Business was awarded the 2010 MarCom Platinum award from the Association of Marketing & Communication Professionals.
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villanova business | spring 2010
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16
contents FALL 2010
40
from the dean
02
Action Heroes
Features 08
VSB Welcomes New Faculty
16
The Classroom as Boardroom
22
Making the World a Better Place
12
Innovative Curriculum
Departments 03
Momentum
07
VSB in the News
14
Summer Business Institute
28
Faculty Achievements
30
Student Achievements
32
Faculty Research
34
Business Analytics
36
Lessons Learned: Beyond the Classroom
37
Working on Wall Street
40 In Closing: Alumni Spotlight
fall 2010  |  villanova business
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MESSAGE FROM THE DEAN
Action Heroes
James M. Danko The Helen and William O’Toole Dean Villanova School of Business
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villanova business | fall 2010
“From nanotechnology to geopolitical shifts, we find ourselves within a worldwide business environment that is changing every day.
”
PHOTO: BARBARA JOHNSTON
“The degree to which you are concerned for the common good rather than for your own is the criterion by which you can judge how much progress you have made.” These words are as relevant today as they were when St. Augustine wrote them nearly 1,600 years ago. Then, as now, the practice of business in its various forms is fundamental to our shared societal life. But for students at the Villanova School of Business (VSB), the future will likely hold greater economic challenges and global complexities than those that have been seen by any other generation. From nanotechnology to geopolitical shifts, we find ourselves within a worldwide business environment that is changing every day. Accordingly, the focus of our VSB faculty is to help prepare our students for success within such rapidly evolving business realities. In this edition of Villanova Business magazine, you will find examples of the many ways that VSB faculty, administrators, and alumni have joined together to enrich the student learning experience by infusing it with real-world, real-time business challenges. You will be introduced to five talented new VSB faculty members who are advancing diverse areas of scholarship. You will read about VSB students as people of action: men and women who are not only skilled in analytical thinking and technical business applications, but who are highly creative and capable of embracing change. Most importantly, you will read about the deep commitment—on the part of these and many other VSB community members—to further corporate social responsibility and the public good through their contributions of time, treasure, and academic and business talent. One of the most enjoyable parts of my deanship is the opportunity to read all VSB publications—including this magazine—before they go to print and to consider all the accomplishments of our community. Reading the draft of this edition, in particular, provided me with a deep sense of gratitude for all the extraordinary individuals who make our VSB learning environment such a special one. I hope you share my sense of pride in the VSB community as you read this edition of Villanova Business. I also invite you to join me in celebrating the magazine itself, which won the 2010 MarCom Platinum award for a redesign led by Liz Field, our director of communication. As always, I welcome your comments and questions.
momentum The Villanova School of Business consistently is ranked among the country’s best business schools by publications like 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 2010 Rankings BusinessWeek
Best Undergraduate Business Schools • Top 20 in the nation • #13 in the nation for “Overall Academic Quality” • #7 for “Overall Student Satisfaction” • A+ in the Teaching Quality and Job Placement categories
PARADE Magazine
College A-List for Undergraduate Business Schools • Among the top seven schools in the nation for business and accounting
Financial Times Executive MBA
Best Business Programs by Specialty
• #34 among U.S.-Based programs
• #14 in the nation for accounting
• #11 among U.S.-Based programs in career progression
U.S.News & World Report • Villanova University is ranked #1 Master’s University in the North region
Best Business Programs by Specialty • #24 in the nation for accounting
Wall Street Journal Executive MBA
• #1 for classmates’ contributions to the learning experience
Aspen Institute Global 100 The Villanova MBA
• #55 worldwide in the Aspen Institute’s prestigious Global 100 list of business schools, which recognizes schools that have demonstrated significant leadership in integrating social, environmental, and ethical issues into their MBA programs
BusinessWeek
The Villanova MBA • Consecutively ranked among the top 10 in academic quality
fall 2010 | villanova business
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momentum
Students Take on Madison Avenue More than 25 marketing and communication undergraduate students recently traveled to New York City to participate in the third annual Ad Agency Tour, sponsored by the Clay Center at VSB and Villanova University Career Center. Participants spent the day at three top creative agencies connecting their classroom learning to the real-world marketing business. The trip to the Big Apple began at Agent16, an advertising and branding agency known for the non-traditional marketing of companies like Zappos.com and Twentieth Century Fox. Agency president Robert Manni graduated from Villanova University in 1976, and Gabrielle Pettineli VSB ’10 recently joined the company as assistant media buyer. Peter Knobloch VSB ’75, CEO of media communications agency RJ Palmer, hosted the group for a media summit. The undergraduates were introduced to the fundamentals of the media business, including a glimpse into sales operations.
Vincent Laraia (standing far left), Director at RJ Palmer, spoke with undergraduate students about career opportunities during the Ad Agency Tour in New York City.
The participants then listened to a presentation by Turner Entertainment and Sports, CNN, Cartoon Network, and CNN
was the final stop on the agency tour. In addition to touring the
Digital Sales.
Rachael Ray Show television studios, students learned about the
Students also had the opportunity to participate in a panel Q&A session with younger employees from both RJ Palmer and
company’s multi-level production facilities and entertainment services for all types of media.
Turner, who explained the duties of their current positions, their
At each agency, students heard about the hiring process in
inspiration for entering the media business, and how they took
the advertising world and had the opportunity to meet with key
their first steps.
employees responsible for client services, media planning and
EUE Screen Gems, located in the heart of midtown Manhattan,
buying, creative, and human resources.
VSB selects Googled for Read to Lead 2010 The Villanova School
4
Dynamics course.
2011 semester. “We chose Googled because the story
of Business Read to Lead
Googled provides
program, now in its third
students and faculty with
is exciting, engaging, and
year, is an integral part of the
a common ground on
extremely relevant to the
innovative undergraduate
which to base discussions,
business atmosphere in our
curriculum. Its goal is to
projects, and analyses of
world today,” said Melinda
connect and inspire VSB
topics including innovation,
German, associate dean for
freshmen around a common,
responsible leadership,
undergraduate programs.
highly relevant business
global expansion, and human
“Googled provides all of our
theme through the collective
resources. It also provides
students with a shared case
reading of one book. This
undergraduate students
study to help them learn
year’s selection, Googled:
with new opportunities for
important lessons in business
The End of the World as
discussions with high-level
during their freshman year.”
We Know It, by best-selling
corporate leaders. Googled
author Ken Auletta, will serve
author Ken Auletta will be
appreciation to the public
as a foundational thread,
visiting VSB to discuss the
accounting firm Ernst &
weaving together concepts
book with Business Dynamics
Young, sponsor of VSB’s
from the first-year Business
students during the spring
Read to Lead program.
villanova business | fall 2010
VSB extends its
Googled: The End of the World as We Know It, by Ken Auletta, is VSB’s 2010 Read to Lead Book.
Dean’s Advisory Council The Villanova School of Business is pleased to welcome three new members to the Dean’s Advisory Council (DAC). Composed of representatives from the regional and national business communities, members of the DAC provide professional expertise, advice, and feedback to the dean in an effort to enhance the educational mission of VSB. Members serve three-year terms and visit campus each semester to meet with the dean. The council helps develop corporate relationships on behalf of VSB, assist with corporate recruitment and internships for students, and provide support for VSB students, alumni, and strategic initiatives. “Examining the X-Factor” panelists spoke to undergraduate students about careers in sports marketing.
Dean’s Advisory Chairman
The Business of Extreme Action Sports
William K. Bacic VSB ’78
VSB hosted 125 students
Deloitte & Touche LLP
Students were able to
Chairman, New England Managing Partner Boston, MA
for the second annual
attend one of two breakout
Business of Sports
sessions on how to find
Conference, titled “Beyond
career success in the highly
the Big Leagues.” Jay Wright,
competitive industry of
Villanova University’s men’s
sports marketing. The
basketball head coach,
sessions were conducted
kicked off the conference and
by experts including Frank
was followed by a keynote
Boulton VSB ’73, prin-
James R. Boyle VSB PA ’14
address by Chris Stiepock,
cipal owner and CEO of
President
X Games vice president for
the Long Island Ducks,
John Hancock Financial Services
content, marketing and spon-
and featured panelists
Boston, MA
sorships, who was a member
from sports organizations
of the original team that
including the Camden
developed the X Games.
Riversharks, the New Jersey
During a day of appropri-
New Dean’s Advisory Council Members
Spartans, World Team
ately extreme presentations,
Tennis, the Philadelphia
Gerard S. LaRocca VSB PA ’14
student participants received
KiXX, and Sports Talk Show
an up-close look at the career
Host Joe DeCamara from
Managing Director and Chief Administrative Officer
possibilities that come from
“The Fanatic.”
thinking “outside the box.”
Ed Wasielewski A&S ’95,
Barclays Capital New York, NY
The conference began with
president of EMG Sports,
a panel presentation titled
provided closing remarks
“Examining the X-Factor,”
while students had the
featuring panelists Jamie
opportunity to participate
Edmond J. Walters A&S ’83
Bestwick, BMX athlete; Ryan
in an engaging and inter-
Founder and CEO
McGuinness, senior manager
active networking session
eMoney Advisor, LLC
for marketing, Global X
with all conference partici-
Conshohocken, PA
Events and Development
pants and representatives
at ESPN; Gary Ream, presi-
from Comcast-Spectator,
dent and partner in Sports
the Philadelphia Eagles,
Management Group, Inc.; and
the Philadelphia Flyers, and
Chris Stiepock.
Harmelin Media.
fall 2010 | villanova business
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momentum
Church Management Graduates Inaugural Class Graduates of VSB’s Masters of Science in Church Management (MSCM) program celebrated a milestone this May when the 16 students became the program’s first degree recipients. The two-year online program was designed to educate church leaders and managers to address management issues from a faith-based perspective. “Our mantra is that the church is not a business, but it does have a stewardship responsibility to use its resources effectively,” says Charles Zech, PhD, MSCM program director and VSB professor of economics. “Sometimes that stewardship responsibility requires students to use busi-
Professors James Klingler and Charles Zech celebrate with VSB’s inaugural Masters of Science in Church Management graduates.
ness-management techniques.” Zech began the program to help churches use their resources more effectively and to be better stewards of the resources they
social work or education, and at some point they find themselves in a managerial situation for which they’re not prepared.”
have. Based on his experience, he says “most church workers
The first MSCM graduating class comes from a variety of
don’t have a background in business. They advance through the
backgrounds. Some graduating students run retreat centers,
ranks, or they have a degree in theology or religious studies or
while others work in parishes or congregations.
Villanova Business wins MarCom Platinum Award Social Media for MBA Graduates Alumni Association
The Villanova School
the Villanova MBA Alumni Association would like
Platinum award from the
to invite all MBA alumni to become members of the MBA
Association of Marketing &
chapter. The Villanova MBA Alumni Association exists to offer networking opportunities to MBA alumni by providing a social community focused on service and professional develop-
of Business was recently awarded the MarCom
Communication Professionals (AMCP) for the redesign of Villanova Business. The MarCom Awards
conglomerates and
ment. Several events are planned for the upcoming months,
is an international
including networking happy hours and new student recep-
creative competition that
tions. Information regarding membership as well as upcoming
recognizes outstanding
5,000 entries, the Platinum
achievement by marketing
Award is presented to those
and communications
judged to be the most
professionals. Administered
outstanding and that have
and judged by the AMCP, the
exceeded the high standards
competition is the largest
within the marketing and
of its kind in the world.
communications industry.
events can be found on the Villanova University MBA Alumni group on Facebook and the Villanova School of Business MBA Network group on LinkedIn.
Fortune 500 companies. Chosen from more than
Winners span from marketing sole proprietors to media
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villanova business | fall 2010
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 print, broadcast, and online media featuring VSB experts.
Fox News August 17, 2010 Women in the Recession
May 27, 2010
Fed at Precipice as it Moves
September 12, 2010
Featuring: Cheryl Carleton,
Another View: Market Makers
to Boost Economy
Paths to Professions:
Department of Economics
Help Halt Crashes
Featuring: Victor Li,
Schools, Businesses Focus
and Statistics
Featuring: Michael S.
Department of Economics
on Critical Thinking
and Statistics
Featuring: The Villanova
MarketWatch
School of Business
July 14, 2010
November 1, 2010
Pagano, Department of Finance
New Faces Will Strengthen
The Chronicle of
Bernanke’s Grip at Fed
Higher Education
October 4, 2010
Featuring: Victor Li,
May 16, 2010
The 30 Second MBA
Department of Economics
The Business of Doing
and Statistics
God’s Work
Featuring: Dean James M.
CASE Currents Magazine
Danko, VSB
September 2010
Featuring: Charles Zech,
Project: Transformation
Reuters
Department of Economics
The Christian Science Monitor
Authored by:
June 23, 2010
and Statistics
October 4, 2010
Dean James M. Danko, VSB
Startups Replacing Summer Jobs for Students
California State Budget Deal Has Holes, Analysts Say
FOX News
Featuring: James Klingler,
Featuring: David Fiorenza,
August 30, 2010
Department of Management
Department of Economics
Shrinking the Wage Gap
and Operations
and Statistics
Featuring: Patrick Maggitti,
May 14, 2010 Villanova Goes Beyond
Department of Management
CNBC Squawk Box
Borders
and Operations
June 14, 2010
Featuring: The Villanova
September 24, 2010
The Circuit Breaker Test Run
School of Business
Congregations Reeling From
Featuring: Michael S.
The New York Times
Decline in Donations
Pagano, Department
The Christian Science Monitor
Featuring: Charles Zech,
of Finance
May 7, 2010
Department of Economics
August 29, 2010
Lettuce Recall Doesn’t Hide
and Statistics
Local Business
Progress on Food Safety
Professor Takes Students
Featuring: Greg Bonner,
September 16, 2010
to New Orleans
June 6, 2010
Department of Marketing and
Featuring: Robert Nydick,
Villanova Alumni Eats (and
Business Law
Department of Management
Blogs) Her Way Through
and Operations
Magazine’s Best-Dish List
Otago Daily Times
Featuring: The Villanova
May 2, 1010
School of Business
Traffic-Light Food
Why Office Romance Is on the Wane
Philadelphia Business Journal
Featuring: John Pearce II,
August 27, 2010
Department of Management
Clients in Class: Villanova
The Wall Street Journal
Featuring: Jeremy Kees,
and Operations
Undergrads Do Marketing
Digital Network
Department of Marketing and
for Companies
June 2, 2010
Business Law
Featuring: The Villanova
Making the Most of an
School of Business
MBA Internship
Signals Advocated
Featuring: James Jablonski, WHYY Radio
Department of Finance
August 24, 2010 Learning From Failures Featuring: Ronald P. Hill, Department of Marketing and Business Law
fall 2010 | villanova business
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welcome Lan Nguyen Chaplin, PhD Assistant Professor, Marketing
Five New Faculty
Growing Up in a Material World
Villanova School of Business faculty are leaders in global
A
through meaningful interactions with their students and colleagues. It is this collegiality that helps make VSB one of the best business schools in the nation.
>> To learn more about VSB’s Marketing and Business Law Department, go to: www.villanova.edu/business/ facultyareas/marketing
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villanova business | fall 2010
PHOTOs: BARBARA JOHNSTON
business education who develop and refine their ideas
s materialism and brandobsession in young people continue to rise, what can be done to minimize this trend? VSB professor of marketing Lan Nguyen Chaplin has spent years studying materialism and branding to determine when kids begin to care about having cell phones, iPods, or the newest video game. According to her research, age and stage of development play a big role in a child’s desire for brands and other materialistic things. Chaplin has found that self-esteem is linked to materialism in children and adolescents. While conventional wisdom holds that parents and peers increase kids’ materialism, Chaplin’s research shows that the same individuals can decrease materialism by having a positive effect on children’s self-esteem. Chaplin’s research has been published in the Journal of Consumer Research, the Journal of Consumer Psychology, and the Journal of Positive Psychology. Prior to coming to VSB, Chaplin served as an assistant professor at the Eller College of Management at the University of Arizona and previously was assistant professor at the University of Illinois at Urbana-Champaign. She received her PhD in marketing and a minor in psychology from the Carlson School of Management at the University of Minnesota and a BA in the biological basis of behavior with a concentration in behavioral medicine at the University of Pennsylvania.
Erasmus Kersting, PhD Assistant Professor, Economics
Productivity Doesn’t Just Happen
I
nnovation is crucial for organizational performance because it is thought to increase productivity. But do firm-specific innovative actions really affect productivity? And what is the role of the financial sector in facilitating increased productivity? According to research by VSB professor Erasmus Kersting, productivity effects are linked to the financial sector. Firms that have invented a new product or introduced a new production process are rewarded with measurably higher productivity. This effect is particularly strong in countries with a well-developed financial sector, suggesting that financial sector development spurs growth by encouraging innovation. Professor Kersting’s research has been published in the Review of Economic Dynamics and the Staff Papers series of the Federal Reserve Bank of Dallas. His research interests include finance and productivity and policy spillover effects in open economies. Kersting won the S. Charles Maurice Graduate Fellowship in Economics and the Bradley Dissertation Fellowship of the Private Enterprise Research Center from Texas A&M University. Professor Kersting comes to VSB from the department of economics at Southern Methodist University. He received a PhD in economics from Texas A&M University and an MA in economics from the Christian-Albrechts-Universität (University of Kiel) in Germany.
>> To learn more about VSB’s Economics and Statistics Department, go to: www.villanova.edu/business/ facultyareas/economics
fall 2010 | villanova business
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welcome Patricia Dorris-Crenny, CPA Instructor, Accounting
Ensuring Your Future
T
he retirement AGE continues to increase in our post-crash economy. With new retirement rules in effect, planning for this time can be a challenge. VSB instructor of accounting Patricia Dorris-Crenny predicts that individuals will have to work longer than ever before to recover from economic losses and to increase retirement resources. An expert in the public side of accounting in both tax and audit and on the private side in insurance and financial service, Crenny brings more than 15 years of industry experience to the classroom. She has worked for Deloitte, Nationwide Provident, and PricewaterhouseCoopers. She has taught at West Chester University, Ursinus College, and Drexel University. Thanks to her extensive career in public accounting and the insurance industry, Crenny brings a wealth of business experience and knowledge directly into the classroom. She authored an article titled “The New Retirement,” published in the Pennsylvania CPA Journal. She also has served as an adjunct professor for VSB since 2004. Crenny earned an MS in taxation from Drexel University and a BS in accounting from the Villanova School of Business.
>> To learn more about VSB’s Accountancy and Information Systems Department, go to: www.villanova.edu/business/ facultyareas/accounting
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villanova business | fall 2010
Lucy Chen, PhD
Kirsten Fanning, PhD
Assistant Professor, Accounting
Assistant Professor, Accounting
The Rules of Reconciliation Counting More Than Numbers he U.S. Securities and Exchange
T
Commission (SEC) voted in November 2007 to let foreign companies file financial statements under International Financial Reporting Standards (IFRS) without reconciling to U.S. Generally Accepted Accounting Principles (GAAP). “This rule change is fundamental to accounting professionals. IFRS is discussed worldwide in almost every accounting conference,” says VSB professor Lucy Chen. Chen’s research examines the causes and consequences of crosslisted firms preparing financial statements under IFRS without reconciliation to U.S. GAAP. Her work has been published in premier accounting journals, including Contemporary Accounting Research. Professor Chen also has been cited by the American Accounting Association in its report about the SEC’s IFRS decision. Chen served as an assistant professor at the W.P. Carey School of Business at Arizona State University. She received her PhD in accounting from the Fox School of Business at Temple University and a BS in accounting from Xiamen University in China.
PHOTOs: BARBARA JOHNSTON and SHERRIE BUZBY
>> To learn more about VSB’s Accountancy and Information Systems Department, go to: www.villanova.edu/business/ facultyareas/accounting
A
ccounting is a numbers-based industry. But the way accountants present their data impacts the way it is received, according to a study by new VSB professor Kirsten Fanning. Her findings indicate that managers are more likely to accept auditors’ arguments when they maintain a professional demeanor and present information in a logical manner. Auditors with poor interpersonal skills or who presented financial information in a less-organized way were less persuasive. Illustrating a valuable lesson, Fanning’s research shows that comportment matters just as much as the data itself. Professor Fanning has presented her work at American Accounting Association conferences and won the annual Outstanding Emerging Scholar Award given by the Association’s Accounting, Behavior & Organizations Research Conference two years in a row. Her research interests include judgment and decision making in financial reporting and managerial contexts. Professor Fanning received her PhD in accounting and a minor in psychology from the Isenberg School of Management at the University of Massachusetts-Amherst. She earned a BSBA in accounting from Drexel University.
>> To learn more about VSB’s Accountancy and Information Systems Department, go to: www.villanova.edu/business/ facultyareas/accounting
fall 2010 | villanova business
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curriculum
Innovation and Entrepreneurialism When Jonathan Bentrim began
technology officer for Safeguard
the new VSB course titled “Innovation &
Scientifics Inc., a public venture invest-
created business ideas, and developed
Entrepreneurialism” in the Spring 2010
ment firm in Wayne, Pennsylvania.
presentations. In the final two classes,
semester, he and many of his fellow
Drawing from that experience, he
they pitched their plans to a panel of
students did not know exactly what
structured a course intended to teach
investors made up of Andriole and
to expect.
students how entrepreneurs and corpo-
several of his serial-entrepreneur
rations catalyze innovation.
associates: Vince Schiavone, co-founder
Andriole first prepared the students
sion production “Shark Tank.” However,
through traditional classroom lectures,
few of them had ever heard of the show,
then led them through creating and
Capital Group; and Paul Melchiorre
let alone seen it. So, Bentrim says, they
preparing product ideas and busi-
VSB ’83, global vice president at
started taping and watching episodes.
ness plans. “In the process, we talked
Ariba—all of whom have founded,
They learned that “Shark Tank” places
about best practices around innova-
co-founded, and sold many companies.
entrepreneurs in front of a panel of four
tion, how companies like Google and
“I tried to play a facilitator role,”
“angel” investors (or sharks), giving
Apple innovate,” Andriole says. “We
Andriole says, “which is tough, because
them the opportunity to pitch their
considered methodologies for creating
you can’t herd cats, or sharks. Our panel
business ideas in hopes of winning a
an innovative culture, we discussed
was comprised of pretty aggressive
negotiated investment.
the tactical steps involved with a new
individuals. In my opinion, they were the
idea, and we cautioned students about
real deal, and better than the people on
oped, and taught by Stephen Andriole,
risk analysis.” At the beginning of each
the TV show.”
a professor in VSB’s Department
class, Andriole would show snippets of
of Management and Operations—
“Shark Tank,” complete with the rousing
Bentrim’s favorite parts of the course.
culminated in the same way. Before
theme music. “I was using it as a way to
“That really added some interesting
joining VSB in 2001, Andriole was
say ‘Get ready, because this is going to
elements,” says the May 2010 Villanova
the senior vice president and chief
happen to you.’ ”
MBA graduate who now serves as
The course—conceived, devel-
12
and CEO of ListenLogic; John Loftus
based on the format of the ABC televi-
villanova business | fall 2010
CE ’83, managing director at the Internet
Facing the sharks was one of
illustration: peter arkle
They did know the course would be
The students divided into groups,
Helping the YMCA Grow Its Brand The National Capital YMCA was looking to expand its brand. A stone’s throw from the White House, the Washington, D.C., branch of the notfor-profit national organization competes for members with high-tech, for-profit health clubs, Washington sports centers, and community organizations. In the face of increased competition, the YMCA needed points of differentiation. Enter Villanova School of Business (VSB) graduate students from Professor John Kozup’s Strategic Marketing Management class. All 30 students acted as consultants for the Washington YMCA during a semester-long class project. As director of internal audit for Capmark Bank, headquartered in Salt Lake City. “They asked good questions and pointed out our oversights. Some
a result, the National Capital YMCA now is operating under a comprehensive marketing plan, which promises to turn the tide on enrollment, branding, communications, sponsorships, and donor contributions. “Villanova always has followed the Augustinian tradition—we strongly believe
panelists were friendly, while others
in service,” says Professor Kozup, director of the Center for Marketing and Public
challenged our work. But I thoroughly
Policy Research. “I have just taken it into the business realm. Quite a few firms are
enjoyed the process.”
suffering now from lack of marketing talent for strategic planning and analysis.
Bentrim also liked how the course was taught and the lessons it entailed. “Professor Andriole is very dynamic and easy to follow. He is someone I wanted
I have offered up my courses, my students, and my graduate assistants as pro bono consultants for a series of local, regional, and national firms.” This was the first time Kozup had embarked on such a rigorous and compre-
to pay attention to,” Bentrim says.
hensive program. The project required one major trip to Washington for the
“In a lot of courses there’s a defined
first- and second-semester MBA students in the class. With the exception of a
answer—you do a calculation, find an
few independent trips by selected students, the rest was accomplished through
exact statistic, or solve an accounting problem. But this course was openended: There isn’t a wrong answer. We
conference calls and meaningful e-mail exchanges. “The YMCA provided staff resources, travel support, and access to customers,
were encouraged to be creative and see
board members, and key stakeholders,” explains Kozup. “They also helped with
what happened.”
data collection on the ground. Our students formed teams covering branding and
That, Andriole says, is exactly what
business mission, entrepreneurial programs, corporate partners and sponsors,
the students are supposed to like.
private donors, and communications. They also did a competitive benchmarking
“Because of my background in industry,
analysis with several sports clubs and organizations in the D.C. metro area.”
I work extra hard to connect research to practice, to connect the two worlds,” he says. “So in this course we talk about principles, best practices, but then also come up with an idea that real, live,
For his part, Kozup served as a guide, helping with marketing knowledge, training, and advice throughout the 15-week semester, since the project took place over and above the students’ normal attendance and work for his class. Despite some grumbling about the amount of time and outside work the
experienced investors are going to actu-
project required, most students were appreciative of and enriched by the experi-
ally quiz you on. I think the students like
ence. One student writes: “I did not apply to the Villanova MBA program to ‘skate
the reality of it.” That “reality,” it turns out, could not have been more authentic. The panel of investors didn’t sign on for just an academic exercise—they were open to
through.’ I was looking to be challenged, educated, and enlightened, and this course accomplished that goal.” In the end, the YMCA not only graded the students on their work, but also reached out to several for continued support. — by Chris Nicholson
the possibility of actually investing, if any of the groups showed them a deserving plan. One group did just that, and worked with the experts beyond the end of the course to evaluate their opportunities for success in the marketplace. — by Chris Nicholson
fall 2010 | villanova business
13
summer business institute
Bridging the Gap Non-business majors find the best of both worlds and build on their business skills
Cristina Dominguez (second row fourth from the right), now an Operations Analyst at Morgan Stanley, with her Summer Business Institute Class of 2009.
students’ chosen discipline and the world
junior majoring in psychology, Cristina
their answers at the Villanova School
of business. Innovative thinking, ethical
Dominguez hoped to enhance her pros-
of Business’ Summer Business Institute
leadership, strategic management, and
pects for employment. “I loved my psych
(SBI). Founded in 1997, SBI runs for 10
globalization are a few of the business
classes but wanted something that would
weeks each summer, immersing students
essentials stressed at SBI.
tie in business-related topics and make
in a rigorous curriculum designed to give
me more marketable,” says Cristina, a
non-business majors or recent graduates
A Worthy Investment
2010 graduate from Puerto Rico.
with non-business degrees a competitive
“Because it is offered as a stand-alone
edge in the corporate world. Villanova
summer program, SBI allows students
a basic understanding of everyday
students who successfully complete
to fully concentrate on business integra-
business principles. The mechanical
the program earn a minor in business.
tion, which would be hard to do during
engineering student from Philadelphia
Students from other colleges and univer-
a regular semester when there are so
knew that a business background
sities receive an SBI Business Certificate.
many competing priorities,” explains
Ameer Jones also wanted to gain
could accelerate his chances for a more
Taught by the multidimensional
Melinda German, associate dean for
Villanova School of Business (VSB)
undergraduate business programs.
faculty, who draw from a wealth of
“Because they fully understand the goals
the gap” between engineering and busi-
real-world business experience, SBI
of non-business students, our faculty
ness. A civil engineering student from
coursework provides instruction
purposefully tailor the SBI curriculum,
East Brunswick, N.J., Bryan worked in his
in accounting, economics, finance,
schedule, and activities to meet their
parents’ business during summers and
marketing, management, and corpo-
needs. Despite ‘giving up’ a summer, our
figured a formal business background
rate responsibility. Modeled after VSB’s
participants find this experience is well
could only help him achieve higher levels
top-ranked undergraduate program, the
worth the investment.”
of success.
SBI curriculum offers a vital link between
fulfilling future. Bryan Wagner just wanted to “bridge
14
All three Villanova undergrads found
villanova business | fall 2010
This year, Villanova’s program boasted
PHOTO: John Welsh
As a Villanova University
the second-highest number of students in its 14-year history. The 93 participating students included sophomores, juniors, and seniors from Villanova, Wake Forest, Penn State, and the University of Delaware. Some 44 percent were liberal arts students, 16 percent studied science, and 35 percent were engineering majors. One student came from the College of Nursing. A mandatory professional development component of the program identified students to hone their interviewing, networking, and resume-writing skills under the guidance of professional career advisors. Students also drill on public speaking. Bryan Wagner, who attended SBI as a rising junior, identified this segment as crucial to his successful
Ameer Jones SBI ’07 graduated from Villanova University in 2010 with a major in Mechanical Engineering.
run for Villanova Student Body president during his senior year, as well as in
these principles. They are the basic core
choose, adding a business background to
landing a job with a prestigious company
values of my company and the business
their credentials will make them far more
after graduation.
industry today.”
attractive to recruiters and employers,
“Everyone had to work on public
according to Narda Quigley, associate
fun? Ameer described an end-of-the-
professor of management and opera-
podium, sometimes walking around the
program project in which he and his
tions. “Whether they select a career in
room, Oprah-style,” says Bryan, who now
fellow students presented their ideas
business, engineering, law, healthcare,
works as a technology consultant with
about the characteristics a great leader
or education, the combination of skills
Deloitte Consulting in Philadelphia. “I’ve
should embody. “Every single group did
students acquire at SBI will prepare them
been complimented by my employer
an amazing job,” he says. “Some dressed
for success,” she notes.
and my clients on my public speaking
up as superheroes, some shared video-
ability and my ability to handle stress
taped skits, and our group presented
nies also provide students with an
by stepping back and looking at the big
different aspects of leaders. I was
external perspective for many of the
picture—both skills I perfected while
the analytical type—dressed up with
business topics covered during the
in SBI.”
suspenders and thick glasses—chan-
program. Cristina remembers one
neling Steve Erkel.”
such speaker giving a talk about inter-
Leading with Humility
PHOTO: Aurora Imaging Company
But who says learning can’t also be
speaking—sometimes behind the
Like all SBI students, Cristina, Ameer,
Industry speakers from area compa-
viewing tips. “I completely remembered
Ameer Jones also exercised his SBI skills
and Bryan were challenged by a highly
the presentation, and then sometime
while still at Villanova. Since he took
demanding marketing project assigned
later, I saw the speaker at a Job Fair on
the program after his freshman year,
by John Kozup, associate professor of
campus,” relates Cristina. “I went up to
he had opportunities to employ lead-
marketing and business law. Small groups
her to say how much I enjoyed it. She’s
ership methods learned in Professor
were given materials one day and asked
now my boss at Morgan Stanley.”
Narda Quigley’s management class
to submit an entire marketing plan the
when he later was president of several
next. “My group worked on it until 3:00 in
was asked to come up with “Ten
student organizations. “She told us that
the morning,” Bryan explains. “The next
Commandments for Ourselves”—
sometimes as a leader, you have to be
day, Professor Kozup provided feedback
fundamentals that would serve as rules
humble,” he adds. “That really resonated
and we were up most of the night again
for his life. The class then shrunk the
with me.”
preparing to present the following day. He
statements into a 2x2 inch piece of paper
told us it was good training for when our
and laminated them.
Ameer, who now works for Lockheed
The summer Bryan took SBI, he
Martin in operational development, also
bosses throw a similar project at us one
notes: “While I attended SBI, we learned
day. And you know what? He was right!”
Deloitte Consulting, Bryan still pulls the
More and more students now realize
SBI souvenir out of his wallet as a fond
leadership, communications, teamwork, and ethics. I matured a lot from learning
that whatever professional path they
Three years later, sitting at his desk at
reminder of his summer experience. V
fall 2010 | villanova business
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16
villanova business  |  fall 2010
THE
Class room AS Board room How real-world business issues are being solved in the classroom by Chris Nicholson illustration by keith negley
fall 2010  |  villanova business
17
The summer of 2009 began in a familiar manner for VSB professor Peggy Chaudhry. With the spring semester over and a blanket of heat and humidity firmly in place over the campus, Chaudhry set off across the Atlantic along with 45 VSB students for cooler weather and an experience with a few of the many international corporations based in London. The trip, an annual offering popular among VSB’s students, has a long track record of success. During the course of her 11 years leading more than 450 students overseas, Chaudhry and other VSB faculty have connected with the BBC, Burberry, Citigroup, Dow Jones Financial Information Services, Disney Channel-UK, KPMG, and several other prominent firms located in London. The students also take one course at the London School of Economics and Political Science. The trip during that summer of 2009, however, brought more than the usual round of meetings, experience, and international exchange. While she was in London, Chaudhry received a phone call from Matthew Roy VSB ’08, who now works as a finance analyst for RollsRoyce Defense Sector, offering to help create a VSB course that would directly involve students in solving real-world international business issues facing the company. “I was so used to working in the classroom with what I call ‘canned cases’ developed by the Harvard Business School,” says Chaudhry, associate professor of management and operations. “The opportunity for students to immediately apply what they learn in the classroom to help make real-world decisions for an international corporation is as valuable as it is rare.” Although teaching within this new paradigm lacks the advantages of prepared materials and set lesson plans, Chaudhry jumped at the chance to bring Rolls-Royce into her classroom—and her students into Rolls-Royce’s boardroom. VSB also works with many other companies in the classroom. Vanguard, Johnson & Johnson, Boeing, and American Eagle Outfitters are just a few of the organizations that partner with our students and faculty on live cases throughout the year. Chaudhry’s course, International Comparative Management, launched its revamped syllabus in the fall of 2009, just a few weeks after Roy’s offer. In the newly redesigned course—which remains required for management and international business majors and 18
villanova business | fall 2010
minors–students work as a team to research worldwide foreign direct investment opportunities. After designing and performing both qualitative and quantitative analyses, the course’s first two teams selected Dubai and South Korea from among an original list of five countries as potential project locations. At the end of the semester, they pitched their business plan for manufacturing jet engines for the commercial sector directly to upper-echelon Rolls-Royce managers. “It was really interesting to see how the students made decisions— and that’s actually the goal,” Chaudhry says. “It’s not so much their final decision as it is how they’re justifying the rationale for the outcome. You have to make a variety of decisions, ranging from quantitative arguments such as the net present value of the investment or estimating supply chain costs, to qualitative inferences, such as the ability to cultivate the relevance of the firm to key government stakeholders in the country. We want the students to understand the myriad judgments that have to be made to plan these multimillion-dollar investments.” Will Powers, chief financial officer of Rolls-Royce North America, a 1982 VSB graduate and a member of the Dean’s Advisory Council, agrees. “We’re not actually interested in someone finding the right answer,” he says, “but rather the process by which they go about analyzing the problems. Some answers have been very good, and some not so. But it’s more about how they work in teams, how they go about solving the problem that we are interested in.” Working on live cases exposes students to the dynamics of international industry in a way that even the most well-designed “canned case” likely would fail to do. “What we have done with Professor Chaudhry is bring our business to VSB students so that they can get a glimpse of what it is like to be out in the real world on a daily basis,” says Matthew Roy. “More importantly, though, is it gives them a diverse experience in
for students well-suited for summer internships and entry-level positions at their offices located all over the world, from Virginia to England to Singapore. “Rolls-Royce looks at this as a way to deepen its connections with Villanova and also as a recruiting opportunity,” Chaudhry says. “The company wants to expose more business students to careers in global high-value-added industries.” “My goal was to help Professor Chaudhry widen the students’ perspective. There is more to life than investment banking, consulting, and accountancy,” says Will Powers. “The future of Students visited the Rolls-Royce factory in Derby, England, with Professor Chaudhry to advanced manufacturing is to attract a material learn about jet engine manufacturing. share of the best and brightest. Unfortunately, many undergraduate and even graduate business students have never visited a factory or an assembly plant—let alone which marketing majors interact with management majors and finance one that is involved with advanced manufacturing.” majors—exactly like the real world.” Given this lack of experiential knowledge of manufacturing among The course has since evolved, honed by Chaudhry, Powers, and Roy. Students now work in 10-person teams on a live case with three possible the students, Powers and Professor Chaudhry worked with Boeing investment sites. Last semester, nine teams looked at the viability of a Helicopters’ Doug Leonard MBA ’08 to arrange two plant visits for a firstplant expansion in Derby, England; Prince George’s County, Virginia; hand look at the assembly lines for Boeing’s V-22 Osprey and Chinook and Singapore. Each team worked with Sheryl Bowen, a communica- helicopters. The students also were shown how Boeing uses computertion professor in arts & sciences, to help them refine their proposals into generated imagery to trouble-shoot design issues with the V-22 Osprey. Rolls-Royce has been actively recruiting at Villanova since 2004, succinct 10-minute pitches to deliver to Rolls-Royce managers at the end of the semester. During the course, the students and Rolls-Royce and many recent alums are filling key roles within the company. For managers participated in several online web conferences. The students example, Nina Falco VSB ’04 is a Virginia-based manager of Financial also met at least six times for guest lectures by top Rolls-Royce execu- Services; Julie Corvo VSB ’05 is working in the U.K. managing the tives from a variety of disciplines, such as market analysis and supply firm’s financial relationship with its largest strategic supplying partner; Whitney Anderson VSB ’07 is a financial analyst based in Oakland, chain management. Those lectures go far beyond superficial accounts of job descrip- California; and Carlos Pradera VSB ’09 is in Rolls-Royce’s Financial tions or “when I was in your shoes” pep talks. During the past year, Leadership Development Program in Derby, England. “Our leadership is familiar with the performance of VSB grads for example, Rolls-Royce North America’s manager of human resources Tracey McCoy gave the students an in-depth lecture via web confer- currently working in the organization, and they know what to expect ence on workforce development. Dean Roberts, director of market in terms of technical skills,” Roy says. “But what sets Villanova gradustrategy for Rolls-Royce Corporate and Regional, discussed business- ates apart are our interpersonal skills and clear understanding of the to-business and business-to-government strategies as well as assessing importance of relationship building. These ‘softer’ skills are stressed in investment risk using Monte Carlo analysis. And Rhonda Van Lowe, the liberal arts side of a Villanova education and have very positively associate general counsel for Rolls-Royce North America, spoke about impacted VSB’s reputation within Rolls-Royce.” That respect is reflected in the firm’s personal interest in students’ negotiating the company’s foreign direct investment incentives with the growth. CFO Powers not only participates in much of the planning and Commonwealth of Virginia. Rolls-Royce’s involvement in the course is partly altruistic—after all, execution of the International Comparative Management course, but Roy and Powers are actively giving back to their alma mater—although he also offers students an open line direct to his desk. “If a student wants the relationship and the work the students do obviously benefit the to email him, he or she can. He’s very hands-on,” Chaudhry says. “And company. Their gain, though, also is VSB’s gain: great job opportunities he always sends me emails about how VSB interns or alumni are doing. for bright graduates. Through their involvement with the International It’s a testament to his leadership style that he really does mentor these Comparative Management course, Rolls-Royce executives can watch students. That’s why I love working with him.” fall 2010 | villanova business
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From top left: Whitney Anderson VSB ’07, Financial Analyst-RR Engine Services Oakland; Brett Gora VSB ’10, Finance Associate-Leadership Development Program; Davis O’Brien VSB ’09, Finance Associate-Leadership Development Program; Matt Roy VSB ’08, Finance Analyst-Defense Sector; Molly McNary VSB ’11, Finance Associate-Leadership Development Program; Carlos M. Pradera VSB ’10, Finance Associate-Leadership Development Program; Michael Van Dyke VSB ’09, Materials Resource Planning Controller; Nina Falco VSB ’04, Business Development Manager; Julie Corvo VSB ’05, Finance Analyst-Risk and Revenue Sharing Partners and Patricia Orfini VSB ’07, Enterprise Risk Analyst.
While Rolls-Royce’s relationship with VSB has grown exponentially over the past year, the company is but one of many top organizations with deep ties to the school. Other companies—including Interalia, Merck, Vanguard, Johnson & Johnson (J&J), Morgan Stanley, JPMorgan Chase, American Eagle Outfitters, and Boeing—participate in meaningful ways in the school’s course offerings and in the lives of VSB students. Many of these companies are led by VSB alumni. J&J has been a presence in VSB classrooms for almost a decade. In the long-running and popular Management Essentials course, teams of students created a consumer product idea, developed a marketing plan and financial rationale, and then pitched their strategy to a panel of J&J executives acting as venture capitalists. “It was very successful,” says course instructor James Glasgow, “because it provided an opportunity for them to work on a hypothetical business project, it gave them exposure to outside executives, and it gave them the opportunity to utilize not only the team management skills they were learning but also to incorporate their marketing and accounting course information.” That course morphed into today’s Competitive Effectiveness, a required six-credit, sophomore-level course team-taught by marketing and management professors. The course’s new incarnation asks students to work on live cases provided by J&J, Vanguard, Tasty Baking 20
villanova business | fall 2010
Company, and others. For example, American Eagle Outfitters asked last year’s class to examine how they could best market denim for backto-school promotions and how to make the stores a gifting destination for their 20-year-old target customer. “Now the students are working on real issues, real business problems for these firms—everything is truly grounded in reality,” Glasgow says. “And the ideas coming from the students are viable. The feedback I’ve had from all the firms is that they receive some excellent insights and some excellent ideas to implement.” J&J did not begin this relationship blindly. “About 10 years ago, we were evaluating our high-potential people, and some of the information that was included in their profiles was the schools that people had attended,” says Martin Pagliughi, a group finance director for J&J who earned his MBA at VSB in 2000. “Villanova popped out as one of the
schools that a lot of the high-potential people in our organization had attended at the undergraduate or graduate level, so we reached out and started to develop a relationship.” Since then, the New Jersey-based company has hired countless VSB students and new graduates into summer internships, full-time employment, and positions in its co-op program. The latter has been notably successful. J&J designed its co-op with Villanova as a six-credit, six-month curriculum-based program in which students work in the company’s accounting and finance department. Pagliughi says his company taps VSB students for approximately 10 to 20 co-ops, two to five internships, and three to 10 full-time positions every year. American Eagle Outfitters (AEO) also has broad and deep connections with VSB. “We go to campus pretty much every semester,” says Jennifer Newman, campus recruiter for the company. In addition to the classroom cases it provides, AEO also attends job fairs, conducts on-campus interviewing, and provides speakers for classes to relate course material to the activities of its retail business. One of those speakers has been American Eagle CEO Jim O’Donnell, a 1963 VSB graduate. In the past two years, AEO has hired several VSB graduates through its relationship-building efforts, including Jessica Anasti VSB ’08, who is working in Kuwait helping to launch international stores, and Michael Cali VSB ’09, who is working as an assistant buyer for the company’s 77kids line. “VSB is a great school where we get to see the future leaders of the business industry,” Newman says. “We get to educate them about opportunities in retail and hopefully hire them into our internship or full-time training programs. On the flip side, through a marketing case competition and speaking in classrooms, we give the students the opportunity to learn from a real-world company.” Yet another corporation that actively recruits VSB students is GE Capital. Tom Quindlen, president and CEO of GE Capital Corporate Finance, began his career there right after completing his degree at VSB in 1984. He now helps bring students into the same Financial Management Program (FMP) that indoctrinated him into GE 26 years ago. The program employs 200 undergraduates from finance, accounting, and other business majors from around the globe. For two years, these students work in a rotation of six-month assignments in various roles and businesses, learning how GE operates. “Our hope is that some day the talent coming through FMP are going to be running large global financial teams for GE somewhere in the world,” says Quindlen, who serves on the Dean’s Advisory Council and often lectures at VSB. “That could be in China, in Europe, or in the United States. FMP participants are immersed in various businesses and disciplines and come out of the program better prepared to problem solve. Then, they’re provided with great opportunities to demonstrate it.”
GE also offers other opportunities to VSB students, including internships and its Experienced Commercial Leadership Program, which is similar to FMP but designed for graduate students. VSB students and alumni have found success in all these GE programs largely because the two institutions share similar philosophies. “It’s a perfect relationship because the lessons taught at VSB translate well in a company like GE,” Quindlen says. “We spend a lot of time and money training our future leaders, so we’re looking to find people who share our goals and vision. And we find that the students coming out of the Villanova School of Business fit with our business culture. VSB teaches truth and leading through service, and we’re a company where our leaders first and foremost lead with integrity. We’re very involved with our communities, and VSB has a strong reputation for its community service. The values of VSB and the values of GE are well-aligned.” Moreover, seeing the success of VSB alumni is beneficial for current students. GE employee Tom O’Connor graduated from VSB in 2009 and is now in his second year of FMP. He remembers GE executives visiting campus when he was an undergraduate and recalls alumni who were well into a GE career path similar to what he hoped for himself. “It was a great inspiration,” he says. “The alumni were great role models for me. They’re obviously individuals who have become very successful as a result of their time at VSB. Through these interactions it became clear that my future goals are attainable and that by going to the Villanova School of Business I could attain this level of success.” Daniella Cestone agrees. She graduated from VSB in 2010 and is working as an assistant buyer teammate in American Eagle’s 16-week training program. “As an undergraduate I met recent alumni, who were just starting new jobs, as well as seasoned CEOs,” she says. “Since VSB brought so many industry professionals to Bartley Hall, the idea of getting a job with one of them seemed more attainable. Knowing that those people were once in my shoes really put things in perspective.” VSB plans to provide that value well into the future. “Being able to connect our students with some of the best corporations in myriad industries is a key advantage of the quality education we provide,” says James M. Danko, the Helen and William O’Toole Dean. “We’re very grateful for the robust and dynamic relationships we’ve forged with these companies and others, and we’re confident that our graduates’ career endeavors will represent a sound return on the valuable investment these firms are making in our institution.” That commitment to these vital relationships is recognized by the very group that benefits most: the students. Well into his professional career, O’Connor still appreciates the opportunities those partnerships provided. “It was great to see how many companies were involved with VSB and how respected our school is within these companies. They helped illustrate what careers are attainable,” he says. “I’m on a great professional path and GE is a great company to work for. I owe it all to the Villanova School of Business and how its connections helped me.” V fall 2010 | villanova business
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michael s. pagano
jeremy kees
22
villanova business  |  fall 2010
christopher kilby
making the world a better place Written by: Mark Walsh
The Villanova School of Business has always relied on synergies between its Augustinian values and the notion of serving the public good. These three VSB professors demonstrate that research in business and economic issues can serve public policy goals. PHOTOS BY:
barbarA Johnston
fall 2010 | villanova business
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health and nutrition labels that get the message across Coming soon to restaurants, convenience stores and, potentially, supermarkets near you: nutritional labeling for menus, more graphic warnings on cigarette packages about the dangers of tobacco use, and, likely, more useful dietary information about packaged foods on store shelves. Jeremy Kees, an assistant professor of marketing and business law at the Villanova School of Business, has researched all three areas, publishing papers that have been cited in the halls of Congress and the offices of the U.S. Food and Drug Administration (FDA). “Too many times, business academics are criticized for doing research that isn’t practical or that’s too theoretical,” says Kees, who came to VSB in 2006 after earning his PhD at the University of Arkansas. “I have always tried to do research and write on topics that are meaningful from a practical perspective. I have sought to influence and inform policies that are going to benefit society.” Kees is just one example of a VSB faculty member whose work serves the public good. Among the many others are Michael S. Pagano, the Robert J. and Mary Ellen Darretta Endowed Chair in Finance, who studies the role of “market makers” in the stock markets and how these agents keep the markets running smoothly. Christopher Kilby, an associate professor of economics, researches foreign aid and whether donor nations are helping the neediest recipients. In 2006, Kees published a study with Scot Burton, a University of Arkansas marketing professor and Kees’s PhD adviser, along with two other researchers, on the potential health benefits of providing nutritional information in restaurants. The study, published in the September 2006 issue of the American Journal of Public Health, found that consumers significantly underestimate the calories, fat, and saturated fat in menu items, even when they know these items are less healthful to begin with. Diners’ preferences for such less-healthful items diminished when nutritional information about the dishes was provided. “When people sit down and have a meal from McDonald’s or the Cheesecake Factory, they don’t fool themselves into thinking that’s a healthy meal,” Kees says. “But the problem is, they really have no concept of how unhealthy it really is. For unhealthy meals, people are not very good at estimating the amount of calories, saturated fat, and sodium they contain.” For example, in the 2006 study, diners on average estimated that a restaurant meal of fettuccine alfredo had 704 calories, when in reality the dish had 1,500 calories. Study participants were better at estimating nutritional information about more healthful options, such as turkey sandwiches and chicken breast meals. “When you disclose that information, it is kind of a reality check,” 24
villanova business | fall 2010
Kees says. “People do report different purchase intentions” when they are aware of the actual nutritional data. Soon, more diners will have access to such nutritional information about restaurant meals. Under the 2010 health care law passed by Congress and signed by President Barack Obama, chain restaurants with more than 20 locations will be required to post calorie counts on menu boards and provide additional information about meals—such as total fat, saturated fat, sodium, total carbohydrates, and other categories—to customers upon request. The FDA is gathering public input and is expected to issue regulations about how to implement the restaurant labeling law by early next year. In late August, the agency issued draft guidance that suggested the law would cover supermarket hot food cafes, movie theaters, and even food service on planes and trains. “I think this is really going to turn out to be beneficial for consumers and will help those who are motivated make better decisions,” Kees says of the law. Denise L. Devine, the founder and CEO of Nutripharm Inc., a Media, Pennsylvania-based company dedicated to innovative product development and advocating for smart nutrition, says that Kees’s work on restaurant nutritional information is “very eye-opening.” “I think the research he’s done is very compelling,” says Devine, who holds a bachelor’s degree in accounting and a master’s in taxation from Villanova, as well as an MBA from the Wharton School of the University of Pennsylvania. “The ordinary consumer tends to underestimate the calories in a food-service meal. Once nutritional information is required in restaurants and will be seen in black and white, it might start to change the consumer psyche.”
supermarket choices Meanwhile, the FDA has been studying so-called front-of-package nutritional labeling, in which more food processors have in recent years labeled some of their products as “healthy” or “good for you.” Some participate in a program called Smart Choices, which began in 2009 and was developed by an industry-government-academic coalition. Under this program, an icon may be displayed on products meeting certain nutritional criteria. However, critics say food companies were soon manipulating the program, resulting in a sugary cereal such as Froot Loops® bearing the Smart Choices icon. “Almost immediately, companies started gaming the system,” says Kees, who is working on several research projects related to front-ofpackage labeling. “In the case of Froot Loops, they fortified the cereal with fiber to balance out the sugar and qualify for the checkmark. But it’s 40 percent sugar by weight. By no means would Froot Loops be considered a healthy food—yet they qualified for the check mark.” In one study, Kees and other researchers compared the effects of the Smart Choices icon on consumers with another system, used in Great
Jeremy Kees, Assistant Professor of Marketing and Business Law
Britain, that uses “traffic light” icons—green, amber, or red lights—on front-of-package labels to denote healthy, moderate, or less-healthy levels of fat, sodium, saturates, and other ingredients in a packaged meal. The research found that a simplified icon, such as the Smart Choices one, appears to be useful for conveying simplified nutritional information to consumers, but that such icons may be misleading. “For the Smart Choices icon, people tended to overgeneralize; people thought that [the product] was healthy all around,” says Kees. “But maybe it was low in calories, but high in sodium.” The more complex traffic light system also led consumers to make healthy choices; consumers were less likely to overgeneralize the positive nutritional value of the product, the study found. The FDA has called for more research about front-of-package labeling, which Kees seconds. “When the nutritional facts panel came through, that was huge,” the professor says in reference to the now-common back-of-package labels. “We think this is going to be huge as well. It will be credible information that can offset potentially misleading marketing information from the manufacturer.”
smoking dangers One last area in which Kees has been studying package labels is decidedly less appetizing, and that is intentional. For decades, cigarettes sold in the United States have carried variations on the familiar warning that “the Surgeon General has determined that cigarette smoking is hazardous to your health.” Such warnings are soon to get much more graphic. Under the Family Smoking Prevention and Tobacco Control Act of 2009, signed into law by President Obama, the FDA gained broad new authority to regulate the marketing of tobacco products. The agency was given two years to develop rules about more graphic tobacco warnings, which
under the law will cover 50 percent of the front and back of cigarette packages. Anti-smoking advocates have been seeking the changes for years. In both a 2006 paper and one in 2010, Kees and other researchers conclude that more graphic warnings, such as a picture of a cancerous lung, decrease the perceived attractiveness of cigarette packages and strengthen smokers’ resolve to quit. “I think the graphic warning labels are certainly a good thing,” says Kees. “My work suggests that the more gruesome, the more graphic, the more fearful, the better.” Some other countries have been using the more graphic images for years, and Canada has been using them since 2000. But Kees says that because Canada also has had intensive anti-smoking campaigns and higher tobacco taxes, it has been difficult for researchers to isolate the effects of the more graphic labels. “It’s very clear that graphic warning labels are not the silver bullet,” he added. “To a 30-year smoker, this is nothing new. All smokers know that smoking causes cancer. But the new warning labels have the potential to make people think twice, and to discourage adolescents from starting.”
higher goals for foreign aid As a young graduate student in the late 1980s, Christopher Kilby traveled to Kenya, where he hoped to study fertility decisions in a poor nation challenged by a high birth rate. But Kilby, now associate professor of economics at the Villanova School of Business, soon learned the Kenyan government had other priorities. As it turned out, he says, Kenya routinely denied research permission to American scholars to retaliate for cutbacks in U.S. aid to Kenya, cutbacks triggered by rampant government corruption in the East African country. This early brush with the politics of international aid is reflected in much of Kilby’s subsequent research. He has written numerous articles and papers exploring foreign aid, including bilateral aid from one nation to another, and multilateral aid, such as that distributed by the World Bank and the International Monetary Fund (IMF). fall 2010 | villanova business
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Christopher Kilby, Associate Professor of Economics
“So much of my research has been around the political economy of offering aid and how donor interest shapes that aid,” says Kilby, who joined the VSB faculty in 2008 after a year as a visiting scholar at the University of Pennsylvania and more than a decade as a professor at Vassar College. Kilby has long been concerned that foreign aid could be doing more for the public good—in this case, the global public good—and his research reflects that concern. A paper Kilby wrote with Robert K. Fleck of Montana State University, published in the March 2010 issue of the Journal of Development Economics, examines U.S. foreign aid from the Cold War through the current war on terror. During the Cold War, Kilby explains, U.S. bilateral aid was driven by “short-term foreign policy decisions.” Dictators with strong ties to the United States received aid while support for poor countries, emerging democracies, and governments with strong human rights records was “inconsistent.” “As the Cold War waned, there was a trend in U.S. aid allocation to emphasize need and de-emphasize geopolitics. But that trend abruptly reversed with the September 11, 2001, terrorist attacks in the United States,” Kilby says. “Since the war on terror began, we have shifted away from a response to need and toward geopolitics,” Kilby says. The key finding of Kilby and Fleck’s research is that this post-9/11 shift is not limited to the high-profile cases of Afghanistan, Iraq, and Pakistan, but has a much broader effect. Kilby’s interest in the political economy of aid also has drawn him into the workings of international financial institutions such as the World Bank. At that institution, the United States is the largest single donor and, correspondingly, has the greatest voting power. Ongoing efforts to transform the World Bank into a more independent, globally 26
villanova business | fall 2010
representative institution have focused on voting power (formal influence), particularly increasing the representation of BRIC (Brazil, Russia, India, and China) countries. But what about informal influence? “After [loan approval], disbursement and oversight loans are in the hands of World Bank staff,” Kilby says. To study informal influence of a donor nation such as the United States, the professor studied whether there was a correlation between aid recipients voting with U.S. interests in the United Nations and these World Bank loan disbursements that are not formally controlled by the United States and other donor countries. He found that such a link existed. “For example, if the country is friendly with the United States, maybe the disbursement process [for the country’s World Bank loan] takes three years instead of four,” Kilby says. “It turns out that the informal influence is at least as important as the formal influence.” Informal influence stems from the World Bank’s proximity to the center of U.S. government—its Washington headquarters are just blocks from the White House—as well as hiring and promotion practices at the Bank and information disclosure. Ultimately, Kilby is in favor of making the World Bank more globally transparent and more independent in its lending practices. “If we had more transparency, it would allow not just the United States to exert influence, but other countries as well,” he says. Camelia Minoiu, an economist with the IMF Institute, a department of the International Monetary Fund in Washington, said that Kilby’s work “has really made a contribution to the literature on the political economy of lending.” “[Kilby] does what an economist is supposed to do, which is give the big picture using sophisticated empirical analysis, and then go back and build a theoretical model,” says Minoiu. “People should be aware of how complex this relationship is between aid donors and recipients. There’s an array of political economy forces at work. Professor Kilby’s work contributes to a better understanding of how this works.” Meanwhile, Kilby will be teaching his first VSB course on these topics in the spring of 2011. “Even though this may not be a mainstream business issue,” he says, “it is something Villanova business students are interested in.” Synergies between Augustinian values and the public good, between research and teaching, continue to be hallmarks of the unique environment at VSB.
market makers: adding value and benefits This past May 6, Wall Street suffered its infamous “flash crash”— a steep drop of nearly 1,000 points on the Dow Jones Industrial Average during trading before rebounding by the end of the day. Financial experts blamed an imbalance of orders to sell shares and heavy electronic trading that bypassed traditional markets, such as the floor of the New York Stock Exchange (NYSE).
Michael S. Pagano, the Robert J. and Mary Ellen Darretta Endowed Chair in Finance
To Professor of Finance Michael S. Pagano, the episode provided fresh evidence of the importance of “market makers.” These are individual traders or firms who specialize in one or more specific stocks and thus provide the liquidity that aids the execution of stock trades. On the NYSE, these stock specialists are among the colored-smock wearers who occupy the floor. On the more electronic-centric NASDAQ market, multiple individuals may be market makers on a large computer network that trades stock such as Microsoft Corp. Pagano’s research underscores numerous studies showing that when market makers are introduced to a market, efficiency and quality rise. When market makers are removed, as they have been in some overseas stock markets, the quality of that market suffers. “There seems to be some benefit to society to have these folks around,” says Pagano, who joined VSB’s faculty in 1999, became a full professor this past year, and is now the inaugural holder of the Robert J. and Mary Ellen Darretta Endowed Chair in Finance. In a paper scheduled for publication in the Journal of Banking & Finance, Pagano and Wen Mao, chair of the Department of Economics and Statistics, examine the differences between “non-intermediated markets,” or an electronic-only stock market, and “intermediated markets” such as the NYSE, with respect to the role of market makers in the latter. As Pagano put it in a May 27 contribution to the “DealBook” blog of The New York Times, “market makers can add value by serving as risk managers who reduce intraday volatility and who lower the chances of an order going unfilled.” The trouble comes from the rapid growth of electronic trading, Pagano says. Five years ago, as much of 80 percent of all trading on the NYSE was executed on the exchange’s floor. Now, typically no more than 30 percent is executed there, he says. Specialists make money by pocketing the small amounts per share
between the bids and offers on each trade. That spread is just pennies per share, and the rise of electronic trading has made it difficult for specialists and market makers to offset narrowing spreads with greater volume. “Market makers provide risk management, such as during volatile periods when, say, many sell orders are coming in, and they step in to buy shares to slow down the market. But short-term traders don’t really value the service the market makers provide, and the market maker’s traditional payment model is no longer working,” Pagano says. “It gets at the sense in economics of what you would call a “public good”—something that is good for society but that not everyone is willing to pay for,” Pagano says. Jamil Nazarali, global head of the electronic trading group of Knight Capital Group, says Pagano’s research “is interesting and on the right track.” “Market makers add a lot of value, and I don’t think that is very well understood,” says Nazarali, whose Jersey City, N.J.-based firm has urged the U.S. Securities and Exchange Commission to adopt new rules for market makers that would ensure a better balance between their obligations and benefits. “As the market has evolved, we really need to make sure we implement regulations that reflect that evolution, but don’t negatively impact the good that has come out of it,” Nazarali says. Pagano’s paper suggests a fixed fee on stocks that would provide monthly stipends to market makers. “Our model suggests that the old way of doing business—with the market maker making money on a spread—is not a model that is working anymore,” Pagano says. “A zero or one-penny spread is not enough to keep these people around. But a fixed fee could benefit the entire society.” V fall 2010 | villanova business
27
Faculty Achievements
The Meyer Innovation and Creative Excellence Award Given to Nawrocki and Clark The Center for Innovation, Creativity, and Entrepreneurship (ICE Center) at the Villanova School of Business awarded the second annual Meyer Innovation and Creative Excellence Award to MBA student Matthew Clark VSB ’10 and David Nawrocki, PhD. Finance professor David Nawrocki, the Katherine M. and Richard J. Salisbury Jr. Endowed Chair in Finance, was selected for his curricular innovations, which connect students’ classroom learning with real-world practice. Among his accomplishments are the creation of VSB’s Student Managed Fund (SMF) program,
Patrick Maggitti, ICE Center Director, presents the Meyer ICE award to Matthew Clark.
which has increased to five the number of student-managed investment funds—four of which are socially responsible—and
and backgrounds of VSB’s diverse student body to add value
which manages a total of $502,000.
to their collective experience and to benefit the university and
MBA student recipient Matthew Clark identified an opportu-
Inspired, designed, and endowed by Patrick Meyer VSB ’74,
through coordinated events that focus on professional, social,
the award highlights VSB’s focus on innovation, creativity, and
and philanthropic themes. Clark created the Graduate Business
entrepreneurship. It was created in honor of the Meyer family of
Student Roundtable for each of VSB’s seven graduate business
Villanova graduates, including Patrick’s father, C. Paul Meyer ’29,
programs. The student-run organization leverages the strengths
and his brother, Edward Meyer VSB ’86.
Faculty Excellence Celebrated During VSB’s Commencement Weekend
Economics professor Scott Dressler, PhD received the inaugural McDonough Family Award for excellence in academic research. Professor Dressler’s research was recognized for being both innovative and socially responsible. The McDonough Family Faculty Award was designed and endowed by Donough McDonough VSB ’81 and his wife, Victoria, to support 28
surrounding community.
nity to enhance the overall experience of VSB’s graduate students
villanova business | fall 2010
James M. Emig (left) received the Gerald A. Dougherty award for excellence in teaching and David Nawrocki accepted the Meyer ICE Award for innovation and creative excellence.
the advancement of academic research at the business school. Accounting & Information Systems professor James M. Emig, PhD received the Gerald A. Dougherty Endowed School
of Business Faculty Award for excellence in teaching. Recipients of the award are VSB professors who exhibit outstanding talent, dedication, and a unique ability to connect with students. This award was created in 2008 in honor of one of VSB’s most beloved professors, Gerald Dougherty VSB ’58. It is made possible through the generosity of John Surgent VSB ’80 and his wife, Elisa, along with 15 other VSB alumni.
Lumen Gentium Award Professor Charles ZecH, phd was awarded the 2010 Lumen Gentium Award by the Conference for Pastoral Planning and Council Development (CPPCD). This lifetime achievement award is presented annually
in recognition of extraordinary pastoral leadership and influence on Church programs while raising awareness of the principles in the Second Vatican Council document Lumen Gentium. In February, Professor Zech also began a three-year term serving as a member of the Washington Theological Union Board of Trustees. This prestigious Catholic institution is widely acclaimed for training distinguished priests, including Villanova University president Rev. Peter M. Donohue, OSA, PhD.
Shelley RhoadesCatanach Honored with the Sommerfeld Award
MBA Roundtable Board of Directors Selects Robert Bonner Robert Bonner, associate dean for graduate and executive programs, has been elected to the MBA Roundtable (MBAR) board of directors. MBAR is a graduate education think tank dedicated to curricular innovation in graduate business education. Bonner joins a 10-member board overseeing MBAR’s strategic initiatives, outreach, and finances. He will serve on the board’s research committee, which conducts studies on management education trends and best practices to aid MBAR member schools with curricular change.
Eric Karson Receives American Academy of Advertising Award
Professor Shelley Rhoades-Catanach, phd received the Ray M. Sommerfeld Outstanding Tax Educator Award, the highest honor given by the American Taxation Association (ATA). The award, presented in cooperation with the Ernst & Young Foundation, was given at the annual meeting of the American Accounting Association. The Sommerfeld Award honors outstanding contributions by a faculty member teaching taxation at a recognized academic institution. The award is named after Professor Ray M. Sommerfeld, the first recipient of the award, who was a pioneer of tax education and who provided a lifetime of service to students, colleagues, and the profession of taxation. Professor Rhoades-Catanach has been an active writer of both accounting research and educational publications. With more than 20 publications in refereed journals, she is a successful writer and an innovative teacher who
readily shares her talents with other academics. She also was a member of the joint tax-curriculum task force between the ATA and the AICPA. As an associate professor of accountancy at VSB, RhoadesCatanach teaches a variety of tax courses in the undergraduate, graduate, and masters tax programs.
VSB Names Senior Associate Dean Kevin D. Clark, PhD, associate professor of strategic management, has been named senior associate dean for the Villanova School of Business. In this role, Clark will collaborate with the faculty and leadership teams to drive the academic and intellectual agenda for the school—including research, teaching, and curricular
innovation—ensuring VSB achieves even higher levels of academic excellence and recognition. “Given his longstanding record of accomplishment in teaching, scholarship, and service, Professor Clark is a great choice for this appointment,” said James M. Danko, The Helen and William O’Toole Dean of the Villanova School of Business. “As Kevin takes on this new leadership role, I look forward to working with him to continue strengthening our commitment to innovation and excellence in business education.” Clark has been a member of VSB’s faculty since 2001 and he has served as the Chair of the Department of Management and Operations since 2007. He is an award-winning teacher whose courses cover a range of topics including strategic management, leadership, and team dynamics.
Ronald P. Hill Receives Pollay Prize Ronald P. Hill, PhD, the Richard J. and Barbara Naclerio Chair in Business, received the 2010 Richard W. Pollay Prize from the Sauder School of Business at the University of British Columbia (UBC). This lifetime achievement award is given annually to recognize intellectual excellence in the study of
Eric Karson, PhD, associate professor of marketing, received the 2009 Best Ad Hoc Reviewer award presented by the Journal of Advertising and the American Academy of Advertising.
marketing in the public interest. As the 2010 honoree, Professor Hill presented a lecture at UBC titled “Challenging Our Views of Consumption: Do We All Live in a Material World?” Professor Hill is part of the marketing and business law department at VSB and teaches courses in marketing management Ronald P. Hill, PhD
and marketing ethics. In addition to teaching undergraduate and graduate-level business students, he is a leading researcher in the school’s Center for Marketing and Public Policy Research.
fall 2010 | villanova business
29
STUDENT Achievements
Christina Saggiomo Wins Top Prize in the CME Competition More than 100 graduate and undergraduate students from colleges and universities across the country competed in the CME Group Commodity Trading Challenge, a fast-paced electronic and open outcry trading competition. This competition was originally created by the New York Mercantile Exchange and the University of Houston nine years ago with just a small number of schools on the roster. As the markets have grown, so has the competition, with 58 schools participating in 2010. Finance major Christina Saggiomo VSB ’10 took part
Assistant Professor of Management James Klingler
Christina Saggiomo VSB ’10 on the trading floor in the CME Competition.
this spring. “I participated in the competition to have a fun
listen and make bids. They also had to negotiate the quantity
and interesting experience and to learn as much as I could,”
of contracts.
she said. “Not only did I learn a tremendous amount in a few
“When they called my name as the first place winner,”
hours of trading, but I truly felt empowered. At the end of
Saggiomo said, “I was in absolute shock. I had made mistakes
the day I was so glad I had participated in the competition. I
along the way and had to learn a number of things on the fly,
experienced something that many people, especially college
but I could not have been prouder of my own performance,
seniors, may never get to experience. And winning was icing
my teammates’ performance, and the opportunity to repre-
on the cake.”
sent Villanova. While this type of trading does not exist on
The competition was comprised of many rounds of trading in which participants had to use their skills and knowledge to
Wall Street like it used to, it is one of the most exciting, exhilarating, and exhausting activities I have ever participated in.”
Graduate Business Team Awarded 2nd Place at the ACGPhiladelphia Cup A four-person team from the Villanova School of Business won second place at this year’s ACG Philadelphia Cup, a highly realistic private equity/investment banking case-study competition. The team of MSF students Patrick Doherty, Meet Doshi, Olivia Pietrunti, and Sumedha Verma won $5,000 for their success. Each team analyzed and presented solutions to a complex business case that required a combination of corporate strategy, finance, and valuation skills. VSB students competed against six area graduate 30
Joseph Mancari, VSB ‘09
villanova business | fall 2010
investment/corporate development market,” says associate professor and chair of the department of finance David Schaffer. “The Philadelphia Cup provides a unique opportunity for the students to challenge themselves in tackling a real-world business problem in what continues to be one of the most dynamic and sought-after market segments.” The MSF team of Olivia Pietrunti, Patrick Doherty, Sumedha Verma, and Meet Doshi took home 2nd place at the ACG Philadelphia Cup.
business programs. The other participating schools were Drexel University’s LeBow College of Business; La Salle University School of Business; Penn State University’s Smeal College of Business; Saint Joseph’s University Haub School
of Business; Temple University’s Fox School of Business; and University of Pennsylvania’s Wharton School. “Over the past few years, the ACG Cup has established itself as a leading business case competition focused on the financial
VSB Senior Wins 2010 PICPA Award This spring, Katelyn Fanto VSB ’10 received the
Pennsylvania Institute of Certified Public Accountants (PICPA) outstanding senior award, given to one senior at each college or university in the State of
Pennsylvania. Fanto was selected for the award because of her success in academia, serious interest in accounting, and demonstrated desire to continue in the accounting field. Winners received a certificate and recognition medal.
Student-Managed Funds Succeed in Challenging Climate For the second year in a row, the George Coleman ETF Fund placed first in the Graduate Division - Hybrid Style at the RISE X (Redefining Investment Strategy Education) Forum at the University of Dayton’s 10th annual student portfolio competition. Nine studentmanaged investment funds were honored in the competition, held in conjunction with the RISE X Global Investment Forum,
sponsored by the University of Dayton in association with the United Nations Global Compact. VSB’s fund is managed by Master of Science in Finance students along with two students from the Villanova Equity Society. More than 28 students from Villanova attended the three-day conference with more than 50 universities participating in the competition.
Student-managed investment programs are a growing trend in finance education. More than 200 programs nationwide allow students to make investment decisions with real portfolios. The RISE X competition selects winners based on their risk-adjusted performance for calendar year 2009 in various categories for undergraduate and graduate portfolios.
VSB Master of Science in Finance Students, with Professor David Nawrocki, won first place in the Graduate Division at the RISE X Forum.
The Force for Change Award Given to Villanova School of Business Undergraduate students Lauren Zales VSB ’12 and Tara McHugh VSB ’12 were recognized as winners of Net Impact’s The Force for Change Award. The award was given for the students’ work in Nicaragua, where they utilized hydro-electricity to provide 60 households with electricity. The Force for Change Award, given annually, recognizes outstanding Net Impact members who have led an employeeor student-driven project with tangible positive social and/or environmental impacts on their campus, in their workplace, or in their community. Net Impact is an international nonprofit organization with a mission to inspire, educate, and equip individuals to use the power of business to create a more socially and environmentally sustainable world. Spanning six continents, members make up one of the most influential networks of professionals and students in existence today.
The Force for Change Award winners Tara McHugh and Lauren Zales (front and center) with other members of Business Without Borders, Villanova’s local chapter of Net Impact.
fall 2010 | villanova business
31
Examining Customers’ Anxiety with Auto-Checkout Scanners
F
rom 2001: A Space Odyssey
to The Matrix, it’s a plot line that has made many a Hollywood movie: too-bigfor-their-britches computers intimidating humans and taking over the world. But while these battles for control have so far remained on the big screen, the anxieties they depict are not far from reality—just ask a grandmother who’s been pressured into creating a Facebook page. According to new research by Michael Capella, assistant professor of marketing at the Villanova School of Business, evidence of this anxiety also can be witnessed in the automated check-out aisles of the neighborhood grocery store. Capella’s report, “The Impact of Social Presence on Technology-Based Self-Service Use: The Role of Familiarity,” which was co-authored by professors Brian Kinard of the University of North Carolina-Wilmington and Jerry Kinard of Western Carolina University, was published in the summer
32
villanova business | fall 2010
issue of Services Marketing Quarterly. The study, the first of its kind, examined consumer attitudes about using technologybased self-services in grocery stores. The growth of self-service scanners at stores, airports, hotels, and even libraries is increasing exponentially. According to statistics produced by the IHL Group, transactions at North American self-service kiosks surpassed $607 billion in 2008 and, by 2012, is expected to top $1.7 trillion. Until now, little has been known about consumer anxiety surrounding these new technologies. Capella and his team, partnering with Kroger grocery stores in Mississippi, manipulated the shopping environment of 119 participants by controlling the number of shoppers simultaneously using the technology. Some of the participants were observed while using the self-service scanner alone. Others used the technology while one, two, or three staged shoppers used nearby scanners at the same time.
After completing use of the automated self-scanners, the study subjects were asked if they were likely to use a self-checkout lane again and whether they would recommend it to others. They also were asked if they felt confident or pressured about using the technology and if they felt a sense of accomplishment. “Our hypothesis was that with more people using adjacent terminals, the less comfortable the [study subjects] would be,” Capella says. “But we found they were least comfortable in the presence of just one additional person, while with three others it went back to being as though nobody else was there.” Capella and his team discovered that when participant shoppers had one shopper nearby, their emotional reaction to the scanner tended toward “stage fright”—a fear of being inept at operating the machine in the presence of another person, who might notice them making a mistake. Because the possibility of being observed making a mistake was lower when two or more shoppers used the scanners simultaneously, participant shoppers’ anxiety about the new technology decreased. These findings, says Capella, suggest that merchants should install self check-out machines in high-traffic areas—more shoppers equals less anxiety. In addition, manufacturers also need to improve usability by making the shopper-machine interface more user-friendly. Capella believes that creative advertising might ease the anxieties his study revealed. For example, an ad might portray a tech-savvy consumer helping a selfconscious fellow shopper master the use of the self-service check-out station. “Even though they likely feel some trepidation, especially with another customer present, the shopper can use this technology to make the check-out experience more pleasant,” Capella says. “Technology can and should be a tool we use to take control of our world—not the other way around.”
illustration: Jing Jing Tsong
faculty Research
Greater Intrinsic Rewards Help Retention
W
hich kind of reward is more important to employee satisfaction and retention—extrinsic or intrinsic recognition? In his article “Exploring Talent Management in India: The Neglected Role of Intrinsic Rewards,” recently published in the Journal of World Business, VSB professor Walter Tymon reports that at least in India, this question is an answerable one. As their presence has grown, multinational corporations based in India have adopted Western human-resources practices, which have led to a challenge familiar to Western companies: How do you retain valuable employees while avoiding promotion bottlenecks and higher compensation costs? Tymon and VSB colleagues Jonathan Doh, the Herbert G. Rammrath Endowed Chair in International Business, and Stephen
A. Stumpf, the Fred J. Springer Chair in Business Leadership, worked with a subsidiary of Manpower Inc. to explore employee career success, satisfaction, and retention. They studied the importance of external rewards for employees (such as compensation and benefits) compared with intrinsic rewards (such as meaningful work, gaining a sense of progress, or having choices at work). After surveying some 28 firms that employ more than 4,800 professional-level workers, Tymon and his team discovered that intrinsic rewards greatly improved organizational satisfaction when employees felt that their salaries and benefits were low. When compensation was high, employees tended to be satisfied with their jobs—but the level of organizational satisfaction improved even further when intrinsic rewards increased. In addition, the study showed that when
an organization cannot provide the level of benefits or compensation desired and/ or cannot change its work location, certain organizational and managerial actions (for example, being socially responsible, having supportive managers, or using positive management practices) can make a positive difference in employee satisfaction, which in turn affects retention. This finding sheds important light on the battlefield in the war for talent, which traditionally has been centered on the use of extrinsic rewards. An important lesson for employers, says Tymon, is that happier employees are not solely the result of the numbers on their paychecks. “Social responsibility is an important source of pride for employees. Cultivating a reputation as a socially responsible company can be a vital piece of the puzzle when it comes to talent management and retention.”
When Your Brand Really Matters
Reprinted courtesy of the Eller College of Management/University of Arizona
C
hildren as young as 5 form stereotypes about people based on brand consumption. “My neighbor … he’s such a ‘crunchie.’ … You know, vegetarian, environment lover, … super smart, but so laid back … wears Birkenstocks, drives a Prius, eats only organic food … I bet he washes his clothes with Seventh Generation detergent … a ‘treehugger,’ if you know what I mean [laughs].” This quote, from a 12-year-old girl, illustrates how children make assumptions about others based on the products and brands they own. While advertising targeted at children has grown over the last few years, there has been little evidence to indicate whether marketers have had any influence on the way children use products and brands to define and act out social roles. In “The Development of Consumer-Based Consumption Constellations in Children,” published in the February 2010 issue of the Journal of Consumer Research, Villanova School of Business marketing professor Lan
Nguyen Chaplin and Tina M. Lowrey of the University of Texas at San Antonio shed light not only on why material things may be so important to children in defining social roles, but also on how their knowledge of product and brand symbolism can lead to stereotypes and feelings of judgment. “Children are capable of forming consumption constellations, which are groupings of complementary products, brands, and consumption activities used to construct a social role,” says Chaplin. Her results indicate that across ages 5-16, early adolescents between 12 and 13 years old appear to have the most rigid and narrow-minded view of social roles and are most likely to use products and brands to form stereotypes of others. Chaplin observes little developmental change in children’s consumption constellations until the third grade, when they begin to describe social roles using products and brands that “go together” better. The most dramatic change occurs between fifth and seventh grades, when adolescents
use more products and brands to describe social roles and become rigid in their definitions of those roles. For example, a fifth grader might say that cool kids wear expensive clothes but might shop at thrift stores, too. A seventh grader is more likely to say that all cool kids always wear expensive clothes and cite brand names like Adidas or Abercrombie and Fitch. By tenth grade, these rigid definitions have eased. Tenth graders were apt to note that some cool kids are into sports while others are into theater. “Our research reveals how diverse marketing cues are received by children, and helps parents, educators, and other concerned constituents understand how marketers’ increasingly popular crosspromotional tactics affect children’s knowledge of social roles,” explains Chaplin. “It’s important because these perceptions of social roles can lead to stereotyping and feelings of prejudice that may carry into adulthood.” fall 2010 | villanova business
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Center for Business Analytics
VSB’s Executive MBA students attend a symposium with Gary Loveman, President and CEO of Harrah’s Entertainment, and Dean James M. Danko (center).
Do You Think That or Do You Know That? Gary Loveman, CEO of Harrah’s Entertainment, INC., discusses The Power of Business Analytics to Celebrate the Launch of the New Center he Center for Business
to determine what motivates people
most alluring offer. Once this data is
Analytics at the Villanova School
to participate in gaming. Based on
collected and analyzed it will suggest
of Business welcomed Gary Loveman,
the analytical findings, he develops
the trigger the customer will best
Chairman, Chief Executive Officer, and
marketing strategies tailored individually
respond to. “Some customers respond
President of Harrah’s Entertainment,
to his client base.
best to a cash offer, while others
Inc., to speak to students, faculty,
are motivated by a free hotel room,”
numerous opportunities for students to
how analytics enable him to draw infer-
apply simple analytic methods to solve
Regardless of the trigger, the
ences about customer preferences and
complex business problems and make
analytics behind the model and its
predict behavior.
better decisions. “Insights into what
results are impressive enough that
makes customers more loyal translate
Wall Street analysts also are beginning
mented the gaming industry’s most
into higher profitability. We use analytics
to see the advantages of analytical
sophisticated and successful loyalty
as a strategic initiative, even in tough
data. “Loveman is recognized as one
program, Total Rewards. At the center
economic times,” he says.
of the leading executives in effec-
Loveman has developed and imple-
of Loveman’s strategy is a vast mathe-
Loveman’s efforts also extend
says Loveman.
tively applying analytics, especially in
matical model that scores customers on
beyond the property. When a customer
marketing,” says Matthew Liberatore, the
how profitable they can be to Harrah’s.
has not visited with his or her usual
John F. Connelly Chair in Management
frequency, he will intervene with
and director of the Center for Business
spoke about the key elements of and the
an incentive. His staff is trained to
Analytics. “He is a former Harvard
practical relationships among employee
encourage customers to talk about their
professor and author of a Harvard
satisfaction, customer satisfaction,
previous experiences, and then to listen
Business Review article, “Diamonds in
and shareholder value. In his research,
for trigger phrases such as “hotel room”
the Data Mine,” which discusses how
Loveman conducted thousands of trials
or “steak dinner” to come up with the
companies can enhance customer
During his visit to VSB, Loveman
34
According to Loveman, there are
alumni, and corporate partners about
villanova business | fall 2010
PHOTO: john wElsh
T
Q&A The Center for Business Analytics was established in April 2010 to lead the development of the analytical capabilities of students, faculty, and business partners. We spoke with center director Matthew Liberatore to learn more about his vision for the new center. Q: Why was it important to you to have a Center for Business Analytics at VSB? A: The Center for Business Analytics was formed to ensure that VSB students understand how analytics can be applied to improve organizational performance. The center will pursue a cross-functional approach in developing a curriculum in analytics that serves the needs of all of our students and provides more in-depth knowledge to those interested in this subject. Q: How is the study of analytics becoming an integral part of the business world? A: Most companies have massive amounts of data at their disposal, yet fail to use this information in any meaningful way. Increasingly, organizations are beginning to analyze this data to support decision making across all business functions. Professor Matthew Liberatore, Director of the Center for Business Analytics.
Students in the 21st century need to be comfortable working with data and understanding its meaning and value. Q: How can businesses use analytics to better understand information or data? A: Analytics can be thought of as a continuum of methods ranging from business intelligence, which includes summarizing, reporting, and querying data, to statistical analysis and data mining, which help uncover relationships and associations. For example, data mining can enable us to better understand customer preferences and pinpoint market promotions. It can help us understand the factors driving profitability, detect fraud, improve on-time delivery performance, and identify the most productive employees, to name a few.
loyalty and profitability by gathering data to better understand and appeal
Q: What companies use analytics most effectively? Are there any companies
to customers’ interests.”
that do not use analytics at all?
Loveman’s visit to VSB was one in an
A: There are a number of firms that are analytical competitors, including Harrah’s,
ongoing relationship with Harrah’s. The
Marriott, New England Patriots, Boston Red Sox, Proctor & Gamble, Anheuser-
company also invited a VSB analytics
Busch, Netflix, Google, Yahoo!, Progressive, FedEx, UPS, Schneider National,
class to its Atlantic City casino for an
Walmart, Tesco, Sprint, Capital One, and Barclays Bank. Some companies are in the
inside look at analytics at work.
early stages of the analytics life cycle and are organizing data warehouses that will
This event also marks the official
allow them to access and analyze business data.
launch of VSB’s Center for Business Analytics. The mission of the center is
Q: How will VSB students benefit from this center?
to address the integration of analytics,
A: The courses we offer students will develop their analytical skills, which
business intelligence, business perfor-
will help to further differentiate them in the marketplace. The center also will
mance management, and business
help students obtain full-time positions and internships to provide practical
process management for superior busi-
experience in analytics.
ness performance. The center leads in PHOTO: barbara johnston
developing the analytical capabilities of all students so that VSB graduates become known for this critical business skill in the marketplace, while VSB’s faculty and staff become recognized for excellence in analytics education, practice, and research. — Liz Field
fall 2010 | villanova business
35
Villanova Real Estate Challenge
Ten of the nation’s top undergraduate real estate programs participated in the 2010 Villanova Real Estate Challenge.
The Villanova Real Estate Challenge VSB Students Win Third Place
tomorrow’s leaders and facilitating their professional growth is essential.
”
SB real estate minors
financial analysis, project feasibility, and
Steven Borzillo VSB ’10, Jeremy
design creativity, and the presentations
Lynch VSB ’11, Lauren Lynch VSB ’10, and
were judged by senior executives from
Jessica Ramey VSB ’10 won third-place
firms including CB Richard Ellis; BPG
honors at the first annual Villanova Real
Properties, Ltd.; Ackman-Ziff; Standard
Estate Challenge, held April 8 and 9.
& Poor’s; Cushman & Wakefield; and
Hosted by the Daniel M. DiLella Center
Keystone Property Group.
for Real Estate, the Challenge brought student teams from 10 top undergrad-
to provide national recognition for
uate programs to Villanova’s campus
Villanova’s real estate program among
for a chance to showcase their talent to
industry and academic audiences. While
judges and sponsors representing top
there are several established real estate
real estate firms.
case competitions at the MBA level, the
During the competition, students
36
villanova business | fall 2010
The goal of the Challenge was
Challenge became the nation’s largest
played the role of commercial real estate
undergraduate real estate develop-
developers, presenting their recom-
ment case competition in just its first
mendations on the optimal plan and
year. The winning teams—the University
timeline for a transit-oriented develop-
of North Carolina (first place), Virginia
ment project in Tysons Corner, Virginia.
Commonwealth University (second
The teams were given 72 hours to review
place), the Villanova School of Business
the case materials and prepare a devel-
(third place), and the University of
opment proposal. The case centered on
Pennsylvania (fourth place)—shared
PHOTOS: Barbara Johnston
“Encouraging
V
VSB Working on Wall Street
A $12,000 in prize money. Other competing schools included American University, Baruch College, Florida State University, Lehigh University, New York University, and Penn State University. VSB students earned special recognition from the judges for the quality and persuasiveness of their presentation. According to Lauren Lynch, “Our team emphasized connectivity; a modern style; access to arts and culture; and natural vegetation in our concept, creating a mixed-use destination that would transform Tysons Corner while providing a strong return to investors. It was an amazing learning experience for us to have the opportunity to pitch our vision for the project to such an impressive panel of real estate executives.” The Challenge featured two rounds of presentations, with the four finalist teams emerging from the morning sessions after deliberations by the judges. Following the student competition, the developer for the project, Aaron Georgelas of the Georgelas Group, explained the firm’s strategy for the project and answered questions from the participants. “Encouraging tomorrow’s leaders and facilitating their professional growth is essential,” says Michael Geoghegan PA ’11, vice chairman of CB Richard Ellis and member of the Daniel M. DiLella Center for Real Estate Advisory Council. “Villanova’s Real Estate Challenge provides the next generation of top industry professionals
diverse group of VSB undergraduate and graduate students recently had the opportunity to connect classroom theory to realworld practice when they traveled to Manhattan for a first-hand education in working on Wall Street. The day began with Masters of Science in Jacqueline “Jackie” Peloquin VSB ’11 and Lauren Finance (MSF) students Gallagher VSB ’12 network about careers in the financial services industry. participating in visits to Barclays Capital, where they took a guided tour of the equities trading floor, and to Bloomberg, where they had a behind-the-scenes look at the company’s operation and facilities. At each location the students heard valuable career advice from a panel of VSB alumni who work for the firms. Later that afternoon, undergraduate and graduate students came together when the Villanova University Financial Club—comprised of alumni who work on Wall Street and provide support to VSB students through a summer internship initiative, networking events, and a mentoring program—hosted 110 students from various majors and disciplines at the Princeton Club of New York for its annual “Working on Wall Street” event. During the program, the group heard from a panel of 10 VSB graduates who work in various capacities on Wall Street. The panel discussed the different types of jobs available in financial services and investment banking, what a typical work day is like, how trading companies go about recruiting new talent, tips on making résumés stand out, pointers for interviewing, new jobs created by regulatory reform, and strategies for pursuing advanced academic degrees. The seminar was followed by a reception during which the students were able to engage in one-on-one time with almost 75 VSB alumni who work in various parts of the financial services industry. These conversations allow for invaluable networking with previous generations of successful alumni and Villanova University Financial Club members and lead to great opportunities for students as they begin to build their professional network.
with a unique opportunity to experience the complexity and challenges of our business.” The competition was made possible through the generosity of top firms within the real estate industry, including lead sponsorships from Delphi Affordable Housing Group, CB Richard Ellis, and Ernst & Young. V
Connecting Theory to Practice “The purpose of learning theory is to help students become effective decision makers in practice,” says David Shaffer, PhD, chair of the Department of Finance. “This event not only exposes students to the realities of Wall Street, but also gives our alumni a glimpse into the high-quality Villanova students who are graduating - continued on page 39 fall 2010 | villanova business
37
Financial Markets Symposium
VSB Professors Nancy Heck, Mary Kelly, David Nawrocki, John Kozup, and Gunita Grover with SEC Commissioner Kathleen L. Casey (center).
Moderator Michael S. Pagano, far left, with keynote speaker and panelists: Jamil M. Nazarali, Joseph Mecane, Kathleen L. Casey, Christopher R. Concannon, and Greg Tusar.
Industry Experts Analyze One of the Most Turbulent Days in Wall Street History “High-speed traders can access equity markets in a way that creates a fair and reliable system for executing orders for all types of investors.
”
L
ess than a week after a
economically relevant financial regula-
one-day drop of nearly 1,000 points
tions can be implemented in a timely
on the New York Stock Exchange, more
fashion. In particular, she pointed to the
than 100 alumni, faculty, and students
numerous comments from the finan-
from the Villanova School of Business
cial industry and the academic world
gathered in New York City to participate
regarding the SEC’s recent Concept
in a finance symposium titled “Current
Release as being of great benefit to the
Issues in Competition and Regulation.”
commission as it moves forward with its
Moderated by Michael S. Pagano,
regulatory agenda. She also advocated a
PhD, the Robert J. and Mary Ellen
greater need for more rigorous, objec-
Darretta Endowed Chair in Finance, the
tive empirical, and academic analysis
session featured a keynote speech by
of the costs and benefits of regulatory
SEC Commissioner Kathleen L. Casey
initiatives so that potential unintended
addressing the recent turmoil in the
consequences of any new regulation can
ongoing financial crisis.
be minimized.
In her remarks, Casey discussed how
moderated a panel of financial services
the world are contemplating regulatory
industry experts who analyzed key issues
changes in order to reduce systemic risk
related to the current SEC Concept
and enhance the robustness and integrity
Release on U.S. market structure and
of financial markets and institutions. She
other regulatory initiatives. The panel
also detailed how the changing financial
featured Joseph Mecane, executive
landscape will impact future prosperity
vice-president and co-head of U.S. Cash
of the U.S. and global economies.
and Listings, NYSE Euronext; Jamil
Casey also stressed the need for the
38
villanova business | fall 2010
Following Casey’s remarks, Pagano
governments and regulators around
Nazarali, managing director and head of
SEC to strike the appropriate balance
Electronic Trading, Knight Capital Group,
between analysis and action so that
Inc.; Christopher Concannon, partner,
VSB Working on Wall Street – CONTINUED
Virtu Financial; and Greg Tusar, managing director, head of U.S. Electronic Trading, the Goldman Sachs Group. The panelists analyzed several market-related issues and provided their perspective on the recent financial chaos, including how high-frequency traders and algorithmic trading have affected the quality and efficiency of trading in U.S. financial markets. In addition, the panel discussed the efficacy of proposed rule changes related to how high-speed traders can access equity markets in a way that creates a fair and reliable system for executing orders for all types of investors. “The depth of the panel allowed for lively debate involving buy- and sell-side perspectives alongside broker and regulatory perspectives,” says Robert Borland VSB ’01, a manager for GX Structured Products Operations at Morgan Stanley. “The topics were extremely relevant to the current market environment, especially since the ‘flash crash’ had just occurred.” In a timely discussion related to the “flash crash,” the panelists also discussed the role of a new “circuit breaker” rule and how traditional markets such as the New York Stock Exchange and the NASDAQ Stock Market can maintain market integrity when a stock drops suddenly. The panelists also considered the role “dark pools” of liquidity play in the U.S. financial markets; new regulations needed to enhance the quality of these markets; how both retail and institutional investors have fared over the past 15 years of regulatory and technological changes; the competitive landscape of U.S. markets and securities markets in Europe and Asia; and the regulatory framework that is necessary to keep U.S. markets competitive internationally over
with the most up-to-date thinking in business. It is this thinking that will ultimately help shape the direction of these businesses in the future.” Connecting theory to practice was a clear message for attendee Kelley Bergsma VSB ’09, who is studying in the MSF program. Michele-Olivier Marcoux MSF ’11 and Lee Sinkow MSF ’11 “When a professor gives speak with Michael B. Malloy VSB ’89 from Deloitte and Touche. a classroom lecture or discusses trends in the financial world, it can be hard to see the real-world implications,” she says. “But when someone who has been successful in the financial world speaks, students really listen. I am constantly learning new perspectives from the wealth of knowledge our alumni are sharing.” David Reynolds, a senior economics and finance major, says the best tip he gleaned from the panel was to be prepared. “When starting a career, solid preparation is critical, especially when networking,” he says. “If I keep working toward my goals, I will be ready when the opportunity eventually arrives.” The Financial Club has a long history of connecting former VSB students with those currently on campus. Panel leader Chris Driscoll VSB ’93, president of the club and a Vice President at J.P. Morgan, notes that the relationship is symbiotic. “On the corporate level, we get to meet and recruit some of the best finance students from one of the best business schools in the country,” he says. “And on the other side, we get to help our young alums get a foothold in an extremely competitive field.” Fellow panelist Stephanie Lamson Schaub VSB ’03, vice president of Merrill Edge Operations at Merrill Lynch, echoed those sentiments. “Helping current students is personal for me because I feel like I’m staying connected to the university, which is important,” she says. “I’ve had a great career and I want to help out wherever I can. I get a lot of pleasure seeing students succeed, receive opportunities, and secure jobs. Knowing that I’ve had a direct contribution to this process is very fulfilling.” Shaffer says he was pleased with the record number of students at this year’s event, along with the continued invaluable support of VSB’s alumni. “The spirit of giving back and helping out is part of what it means to be a Villanovan,” he says. “The dedication of our alumni speaks volumes about their commitment to students, to VSB, and to the university. These alumni give generously of their time to help students prepare for a career on Wall Street in the midst of a difficult economy. It’s a very meaningful way to contribute.”
the next decade.—V
fall 2010 | villanova business
39
In Closing
Looking Forward While Giving Back Villanova School of Business Alumna finds success in work and service
It began simply. Just a few young women in New York City, likeminded business professionals, who were wanting to make a difference in the world. In 2005 they gathered, in 2007 they launched WGIRLS Inc., and by the end of 2010 they will have expanded to their ninth city in the United States and to their first overseas. WGIRLS, headquartered in Manhattan, is a group of more than 300 professional women who donate their time, energy, and talents to assist disadvantaged women and children. In cities as far-flung as San Francisco, Milwaukee, and Pittsburgh, the WGIRLS’ chapters host fundraising events, offer customized programming in local communities, and work alongside other organizations with similar values and goals. For Amy Heller, the founder and president, none of this was even conceivable when she graduated from the Villanova School of Business in 1998. “I always knew that I would go into business. I have a passion for creating things, and for shaping their direction,” Heller says. “But it never occurred to me that I would found a non-profit organization. I just assumed I would leverage my education in a for-profit business.” For a while, Heller did head in that direction. After leaving VSB with a degree in marketing, she worked for corporations such as Arthur Andersen, J.P. Morgan, UBS, and Citigroup, making a good living in financial services. She still resides in that world (serving as a consultant for Morgan Stanley), but says her heart is at home with her NPO. “Financial services feeds my bank account,” she says, “but WGIRLS feeds my soul.” Among other successful projects, WGIRLS prepares meals for guests of the American Cancer Society’s Hope Lodge; fulfills the holiday wishes of children in
40
villanova business | fall 2010
Amy Heller VSB ’98 is the founder of WGIRLS, Inc.
need; collects and distributes thousands
giving to others. I developed a lot of
of prom dresses to economically disad-
my leadership experience during my
vantaged high school girls; and provides
college years—volunteering with my
support for a lengthy list of charitable
sorority and serving as president of the
associations that includes Harlem
marketing society—these were all step-
Hospital, Save the Children, and The Arts
ping stones to prepare me for what
Effect. In New York City alone, WGIRLS
I do today.”
has raised and donated over $400,000
Now Heller considers her leader-
and contributed countless hours of
ship role with WGIRLS to be among
volunteer service.
the most important of her life. “I really
WGIRLS is launching at least two
do believe that the key to happiness is
new chapters before the end of this
looking outside of yourself and giving to
year, in Los Angeles and New Jersey,
others, and that if you have any ability
along with the establishment of its first
to do that in any capacity then it’s your
international branch in London. The
obligation to do it.”
expansion is part of an ambitious plan
Coming to that philosophy has been
to establish chapters in all 50 U.S. states
a long distance traveled in a short 12
as quickly as the group’s infrastructure
years since leaving VSB. “When asked if
will allow.
I envisioned my life to be as it is today,
Heller says the foundation for her
the overwhelming answer is ‘yes’ in the
success—in business and in charity—
broader sense—I’m happy, doing some-
was cemented at VSB. “I use knowledge
thing I love, feeling accomplished,” she
from all of my finance and marketing
says. “But it is for completely different
classes daily,” she says. “Villanova
reasons than what I ever would have
consistently encouraged the idea of
thought of back then.” — Chris Nicholson
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