SMU • COX SCHOOL OF BUSINESS
S P R I N G 2 013
Where Do We Go From Here? Charting a Course to an Uncertain Future
INSIDE What keeps DFW CEOs up at night? | SMU’s impact on DFW
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12th Annual
Summer Business Institute The Summer Business Institute is a four-week intensive certificate program that gives non-business majors a competitive edge. The Cox School’s world-class faculty teach practical business skills in key areas such as accounting, finance, marketing and operations management to help students become more marketable in today’s challenging job market. The Summer Business Institute is designed for current college students with non-business majors and young professionals who have earned their bachelor’s degrees within the last five years.
Program Dates: June 3-28, 2013 For more information, visit exed.cox.smu.edu/sbi or call 214.768.2918 or 214.768.1013.
SPRING 2013
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F E AT U R E S
22 Where Do We Go
DEAN
Albert W. Niemi, Jr. ASSISTANT DEAN OF EXTERNAL RELATIONS, EXECUTIVE DIRECTOR OF THE COX ALUMNI ASSOCIATION
From Here?
Charting a Course to an Uncertain Future
26 What Keeps DFW
Kevin Knox ASSISTANT DEAN OF MARKETING & COMMUNICATIONS, MANAGING EDITOR
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Lynda Welch Oliver
CEOs Up At Night?
Find out from the SMU Cox CEO Sentiment Survey
DIRECTOR OF DEVELOPMENT
Laran O’Neill ASSISTANT EDITOR
D E PA R T M E N T S
Kasi Zieminski CONTRIBUTORS
Sharon Gambulos Thomas Korosec Anna Martinez Jennifer Warren PHOTOGRAPHERS
Hillsman Jackson Ren Morrison
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From the Dean
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Program News
14 Faculty & Staff Achievements
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17 In the News 18 Faculty Research
HOW TO REACH US
Marketing and Communications Office Cox School of Business Southern Methodist University PO Box 750333 Dallas, TX 75275-0333 E-mail: communications@cox.smu.edu Website: cox.smu.edu
20 SMU’s Impact on DFW 30 Grads on the Move 32 Development 34 Executive Board
Main Office: 214.768.1794 Fax: 214.768.3267
35 Contact Us 36 Calendar of Events 37 Alumni Board 38 Cox Connections
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FROM THE DEAN
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s the Class of 2013 prepares to enter the workforce, concerns over the global economy and the economy here at home continue to dominate media headlines and figure prominently in the minds of faculty at the SMU Cox School of Business. After all, our students look to us to help prepare them for the world of business. While none of us has a crystal ball, our Cox experts regularly weigh in on what’s next for the U.S. economy. Hence, “Where Do We Go From Here?” is the pressing question explored in this issue of CoxToday. With experts in banking, real estate, strategy, energy and economics, Cox faculty offer valuable insights into what might lie ahead. Looking closer to home, we’ll also share the 2012 Cox CEO Sentiment Survey, our annual survey of business leaders who run local, national and global companies from their DFW headquarters. The survey’s results are always thought-provoking. Will our famous “can do” spirit prevail in 2013?
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We thank our donors and alumni for contributing to an exceptional educational experience for our SMU Cox students. With your continued support of SMU Cox, there is no doubt that the answer to “Where Do We Go From Here?” is simply onward and upward.
Meanwhile, the eyes of the world are turning toward the SMU campus this spring. We are just days away from an event years in the making: the opening of the George W. Bush Presidential Center. Although the public opening will be in May, the Bush Center—which houses both the George W. Bush Presidential Museum and Library and the George W. Bush Institute—has already increased global awareness of SMU and Cox. Since 2010, the Bush Institute, the policy research arm of the Center, has hosted 12 symposia at Cox that have attracted more than 2,500 participants and panelists. Cox’s Maguire Energy Institute co-sponsored a conference on natural gas development. Bernard Weinstein, associate director of the Maguire Energy Institute and adjunct professor of business economics, was appointed as a fellow of the Bush Institute. Weinstein and I, along with Michael Cox, director of the SMU Cox O’Neil Center for Global Markets and Freedom, traveled to New York last year to participate in the Institute’s “Tax Policies for 4% Growth Summit.” Michael Cox, O’Neil Center Writer-in-Residence Richard Alm and Professor Maria Minniti each contributed to the Bush Institute’s book titled The 4% Solution: Unleashing the Economic Growth America Needs.
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The opening ceremonies of the Bush Presidential Center will bring one of the largest contingents of national and world leaders that Dallas has ever seen. Annually, we may see 350,000 new visitors on our beautiful campus. We are excited, and we are ready to welcome the world. We wish all of our 2013 graduates good fortune in their career paths, and we thank our donors and alumni for contributing to an exceptional educational experience for our SMU Cox students. With your continued support of SMU Cox, there is no doubt that the answer to “Where Do We Go From Here?” is simply onward and upward.
Albert W. Niemi, Jr. Dean, SMU Cox School of Business 2
PROGRAM NEWS
P ROG R A M N E WS Undergraduate Programs | Graduate Programs | Executive Education | Centers of Excellence | Global Connections
UNDERGRADUATE PROGRAMS
From left: Cal Jillson, Bernard Weinstein, Tom Leppert, William Brueggeman, Krys Boyd
Real Estate Society Hosts Annual Symposium In November, the SMU Real Estate Society and the North Dallas Chamber of Commerce hosted the 12th Annual Real Estate Symposium, “Shifting Ground: The Politics and Economics of Post-Election Real Estate.” Krys Boyd, host of KERA-FM’s Think, moderated a panel discussion featuring Cal Jillson, SMU professor of political science; Tom Leppert, former mayor of Dallas and former CEO of Turner Corporation; and Bernard Weinstein, associate director of the Maguire Energy Institute and adjunct professor of business economics at the Cox School. Approximately 250 people attended the event.
BBA Scholars Meet Edwin L. Cox At the annual reception in September, Edwin L. Cox, Sr. (‘42) and other generous donors to the BBA Scholars program met the new class and reconnected with existing Scholars.
From left: Dean Albert W. Niemi, Jr., Edwin L. Cox, Austin Brown, Dan Mulford, Maria Niemi
From left: Katherine Anderson, Katie Sutherland, Edwin L. Cox, Hayley Young, Samantha Oliva
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U N D E R G R A D U AT E P R O G R A M S
Alternative Assets class finalists after their presentations at Neiman Marcus.
Alternative Asset Management Students Compete at Neiman Marcus “Bake-Off” In December, Cox undergraduate students in the Alternative Asset Management Program (AAMP) presented to Neiman Marcus executives, including CEO James Skinner. Each team presented its opinion on the value of Neiman Marcus, which is currently owned by private-equity investors, as the final assignment for Professor Bill Maxwell’s Alternative Assets II class. All students competed in a preliminary round in class, and the three finalists presented at Neiman Marcus’ corporate headquarters in downtown Dallas.
Accounting Students Earn Accolades SMU Cox accounting students distinguished themselves in multiple prestigious academic competitions this year. n Undergraduates
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SMU Cox PwC xACT Finalist Team
Narrowed from 50 schools across the nation, five finalist teams (including SMU Cox) were awarded $10,000 each.
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Faraz Khan, Eric Mercado, Spencer Schwartz, Aurman Sororian and Michael Zincone won the Ernst & Young Beam Abroad Case Competition in November. The Cox team defeated teams from Arizona State, Baylor, Texas A&M, Texas Tech, UT-Austin and OU, winning $5,000 and a trip to London to meet the E&Y global leadership team. n Graduate
student Meena Ramachandran and undergraduates Rahfin Faruk, Derek Hamamoto, Daisuke Takeda and Jaison Thomas advanced to the national finals in the PwC xACT Competition. Narrowed from 50 schools across the nation, five finalist teams (including SMU Cox) were awarded $10,000 each and the opportunity to present their case
solutions to the PwC firm leadership in New York in January. Although the SMU Cox team did not win the final competition, it was a great opportunity for the students. n Senior
Evan Conley was selected for KPMG’s prestigious global internship program this spring, working in Johannesburg, South Africa. This is the fourth consecutive year an SMU Cox student was placed. n In
January, undergraduates Nico Arguello, Alexandra Jones and Eric Mercado were invited to attend Discover EY in New York. The event focused on under-represented students in conjunction with the firm’s Campus Diversity and Inclusiveness Roundtable. n
PROGRAM NEWS
Admission Deadlines for Graduate Programs Program
Admission Deadlines for Fall 2013
Full-Time MBA
May 1
Professional MBA
May 10 (Early); June 17 (Final)
Executive MBA
May 31
MS in Accounting
June 30
MS in Entrepreneurship
May 16 (Early); June 15 (Final)
MS in Finance
May 2
MS in Management
May 15
MS in Sport Management
May 1
SMU Cox Welcomes EMBA Class of 2014
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Here in the Executive MBA program, we are learning how to be better and more effective leaders.
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GRADUATE PROGRAMS
Read more on the next page
EMBA Class of 2014
Executive MBA students kicked off the program with a busy fall calendar. Orientation in August included introductions and networking; a BLC seminar hosted by Mike Bogda, client service lead for Slalom Consulting, and Marsha Clark, president of Marsha Clark & Associates; lunch and private tour at the Meadows Museum hosted by Director Mark Roglán (EMBA ’12); an alumni reception; a lecture by Professor Don Vandewalle; and a family meet-and-greet. New students also enjoyed a welcome reception with Class of 2013 EMBA students and a networking reception with Full-Time MBA students.
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G R A D U AT E P R O G R A M S
MBA Students Tackle Retail Challenges in New ITOM Case Competition The Information Technology and Operations Management (ITOM) Department launched its MBA Case Competition in November. Secondyear student teams from both the Full-Time and Professional MBA programs analyzed the operational and supply-chain challenges associated with JCPenney’s new retailing strategy and radical store redesign. Student teams approached the problem using information from both the company and the marketplace and proposed several ideas that JCPenney plans to implement in the future. Eleven teams participated in the competition. Samer Abusalbi, Libby Magliolo and Sean Tremblay were declared the winning team, and Marcus Concienne, Santharam Kolli and Brian Oney were runners-up. The ITOM Department plans to make the competition an annual event.
EMBA Program Launches Executive Search Firm Speaker Series The series features representatives from executive search firms speaking on numerous topics. This fall, David Love, partner at Spencer
David Love
Stuart, provided an industry overview and discussed how to move from senior to executive management. John Casey, managing director of John Casey & Associates, discussed culture and chemistry in career-building. John Casey
EMBA students and U.S. Marines collect donations for Toys for Tots.
MBA Students Give Back to Toys for Tots
First-place team, from left: Professor Amit Basu, Samer Abusalbi, Libby Magliolo, Sean Tremblay and Terri Hashem, VP-JCPenney
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“Here in the Executive MBA program, we are learning how to be better and more effective leaders,” said Todd Bond (EMBA ’14). For the holidays, Bond and his fellow EMBA students applied those leadership skills to “making children happy and giving to others—what this time of year is about.” Bond, who has served in the U.S. Marines for 26 years, spearheaded a competition between the EMBA classes of 2013 and 2014 to see who could donate the most gifts to Toys for Tots. Bond coordinated with fellow EMBA Marines to be in uniform to collect the toys. Together, the two EMBA classes
collected over $1,800 in toys and cash donations. Additionally, the Student Advisory Boards for the Full-Time and Professional MBA programs partnered with the Cox Alumni Association to host a Holiday Open House benefiting Toys for Tots and Operation Impact. Students, alumni, faculty and staff brought toys for children and care package items for deployed troops.
PROGRAM NEWS
SMU Cox Hosts MBA Career Services Council Board In November, SMU Cox hosted the quarterly meeting of the MBA Career Services Council Board, a professional association for MBA career services professionals and corporate MBA recruiters. “Work the Look” luncheon attendees
The MBA CSC Board includes
MBA Women Dress for Success with Harper’s Bazaar
19 leaders of MBA career
SMU Cox was one of five MBA programs across the country selected to partner with Harper’s Bazaar on a “Work the Look” event in November. Experts from the magazine offered beauty consultations and presentations
as NYU Stern, MIT Sloan,
of fashionable business attire, “from the classroom to the boardroom,” to members of the MBA Women in Business club. Students enjoyed lunch and a poolside networking event with alumni at Hotel Lumen.
services operations from top business schools such Michigan Ross, UCLA Anderson, Cornell Johnson, Northwestern Kellogg and Oxford. In addition, corporate MBA recruiters from Wipro Technologies and Liberty Mutual Insurance attended.
EMBA Students on the Run The Cox Executive MBA program created a running group to stress the importance of health and fitness while working and taking classes.
MSA Students Raise Funds for Alzheimer’s Research and Support In February, the Master of Science in Accounting (MSA) Student Leadership Group organized a community service event, “Bowling for Memories.” MSA and Professional MBA students,
faculty and friends attended, and several local businesses donated raffle prizes. The group raised more than $1,250 for the Alzheimer’s Association of Dallas.
Participants meet on Saturday mornings at 5:30 a.m. and run on the Katy Trail before their 8:00 a.m. classes.
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G R A D U AT E P R O G R A M S
MSA Student Selected for Prestigious E&Y Position Lana Greene was selected for the Accounting Researcher Program at Ernst & Young. Greene interned with E&Y and will join the firm full-time upon completion of her MSA. The program provides a one-year rotation to exceptional first-year staff members where they can network with partners and senior managers in the firm’s Professional Practice-Accounting Department in New York, develop their skills in accounting research and improve their oral and written communication abilities. Cox accounting students continue to show pass rates well above the national average on the most recent CPA exams, and the latest group of MSA graduates had a nearly 100 percent job placement rate.
Lana Greene
SMU Cox and Simmons Schools Offer New Master of Science in Sport Management (MSSM)
MSF students with TXWSW representatives Somer Washington, Kristen Cobb, Afi Lowery, Meredith Jarrett, Leslie Garner and Maegan Anders.
MSF Women Network with TXWSW Last fall, representatives from Texas Wall Street Women (TXWSW) joined the women of the Master of Science in Finance (MSF) program for a luncheon to share their personal experience. They discussed women in the field of finance and the importance of networking.
SMU began taking applications in December for North Texas’ first interdisciplinary graduate program in sport management. Faculty from Simmons School of Education and Human Development and Cox School of Business will direct the program, which teaches finance, economics, management strategies, sports marketing, facility and event
management, sports law, ethics and sports communication. The MSSM degree is designed to help graduates advance their careers or find new opportunities in the sports industry, in fields ranging from promotion to product marketing to management. Classes begin in August for this fulltime, 12-month program. n
Grad Students Receive External Scholarships The Accounting Education Foundation of the Texas Society of Certified Public Accountants awarded its James A. and Charlotte Ann (Charlie) Smith Scholarship to Stephanie Terrill (MSA ‘13), as well as two additional scholarships to Jacqueline Dusek (MSA ‘13) and Claire Wenholz (MSA ‘13). The Texas Business Hall of Fame awarded a $10,000 scholarship to Savannah Campbell (MBA ’13). Campbell is president of the Student Advisory Board and involved in the student-run investment fund. The SIOR (Society of Industrial and Office Realtors) Foundation awarded $1,000 scholarships to four SMU Cox students: Richmond Collinsworth (PMBA ’13), S. Tucker Wincele (JD/MBA ‘14), Alyson Christensen (BBA ’13) and Aaron Schmitz (MBA ’13).
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PROGRAM NEWS
EXECUTIVE EDUCATION
Executive Education Wins CLO Magazine Award for Work with NHCC SMU Cox Executive Education received the Silver Learning in Practice award for Excellence in Academic Partnerships from Chief Learning Officer magazine at the Chief Learning Officer Symposium in September. Executive Education was selected for its work with the National Hispanic Corporate Council (NHCC)
to design and implement a unique leadership development program for Hispanic individuals identified by their corporate employers as potential executives for leadership roles. The nine-month experience combines threeday business and leadership coursework modules with nationally recognized
SMU Cox faculty and corporate leaders, personal business development plans, individual Hispanic leader mentors and sponsors, special program projects and ongoing development support. Many program graduates have already progressed to executive positions with Fortune 1000 companies. n
Energy Offerings Continue to Draw Global Audiences Last fall, the Strategic Financial Skills and Strategic Leadership Skills programs welcomed participants from Columbia, Canada, Lebanon, Nigeria, Romania, Bahrain and multiple U.S. cities. Executive Education also launched the inaugural class for Global Enterprise Leadership last fall, featuring John Hofmeister, former president of U.S. operations, Royal Dutch Shell. The class is offered again in May with Bruce Bullock, director of the Maguire Energy Institute and adjunct lecturer in strategy, entrepreneurship and business economics, serving as academic director. Executive Education also offered customized programs for companies such as Devon Energy, Spectra Energy, Anadarko, Apache and others, through a collaborative process focusing on discovery, development, delivery and assessment. To learn more, visit exed.cox.smu.edu/energy.
CENTERS OF EXCELLENCE
BLC Class Learns Service Leadership at Disney Institute In December, Cox MBA students returned to the Disney Institute in Orlando, Florida. Through the four-day program, “Creating and Sustaining a Service Culture,” students learned firsthand how business theory drives operational excellence. SMU Cox is the only graduate school to offer this customized program that equips students with time-tested methods through experiences in the classroom and behind the scenes at the Walt Disney World Resort. Now in its 14th year, the program is presented by the Business Leadership Center with an endowment from Edwin L. Cox, Sr. (‘42). For more information, go to cox.smu.edu/web/blc/disney. Cox BLC Disney Institute Class of 2012
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CENTERS OF EXCELLENCE
Grad Students Compete with Elevator Pitches In November, the MBA Strategy and Entrepreneurship Club, in partnership with the Caruth Institute, hosted the annual One Minute Elevator Pitch contest. Three judges critiqued 20 participants, awarding the $1,000 top prize to MSE student Marla Rubio Teyolia for her business concept, The Kale Kitchen. For more information on the SMU Business Plan Contest, go to smubpc.org.
Caruth Institute Continues “Starting a Business” Course
Fall 2012 Starting a Business class
The Caruth Institute hosted the Fall 2012 “Starting a Business” course with more than 60 students from the Dallas business community. The class ended with a keynote presentation from distinguished entrepreneur speaker Robert Dobrient, founder of savoya.com, a Dallas-based ground transportation company. For more information, go to smu.edu/SAB.
Caruth Institute Honors Entrepreneurial Companies at Dallas 100™ In November, the Caruth Institute
Contest winner Marla Rubio Teyolia
presented the 22nd annual Dallas 100™ Entrepreneur Awards at the Meyerson
BLC Recognizes Student Achievements The Business Leadership Center recognized 18 students who reached the level of Cox Distinguished Business Leader by accruing 20 BLC seminar credits for 60 contact hours, holding a leadership role either at Cox or in the community and dedicating at least four hours to community service. Recipients included: Elizabeth Bauman, David Chandler, Johan Cronje, Gregory Davis, Blake Helm, Christian Iniguez, Sonya Jones, Andrew Kendall, Steven Lightbody, Steven Lobo, Chesney McKenzie, Mark Michel, David Murray, Parind Poi, Ed Rasalam, Kshitij Sharma, Anshul Singh and Justin Webb.
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Symphony Center, recognizing the 100 fastest-growing, privately held companies in the Dallas metroplex. The top winner was Link America, founded by Andres Ruzo. The event included a keynote speech from Jere Thompson, co-founder of Ambit Energy and a two-time top winner of the Dallas 100™ keynote speaker Jere Thompson
Dallas 100™ award. For more information, go to smu.edu/Dallas100.
Southwest Venture Forum Explores VC, Crowdfunding The Caruth Institute hosted two Southwest Venture Forum meetings last fall. In September, the program was “North Texas Venture Capital Update” led by expert panelists Joel Fontenot, managing partner, Trailblazer Capital; Dennis Stone, director, Remeditex Ventures, LLC; Blair Garrou, managing director, DFJ Mercury in Houston; and moderated by John Holzgraefe of Hunton
& Williams LLP. In November, the program was “Crowdfunding and the 2012 JOBS (Jumpstart Our Business Startups) Act,” led by expert panelists Hall T. Martin, director, Texas Entrepreneur Network; David H. Oden, partner, Haynes and Boone, LLP; and moderated by Patrick F. Hamner, managing director, Patriot Capital. For more information, go to smu.edu/SWVF.
PROGRAM NEWS
O’Neil Center Conference Explores “The Future of Economic Freedom” The O’Neil Center hosted its fourth annual conference in September, with more than 300 business leaders and students in attendance. Topics included the Economic Freedom of the World index and report, the O’Neil Center’s annual report, tax competition and the global free cities movement, among others. John Mackey, CEO of Whole Foods Market, Inc., presented the luncheon keynote, “The Extraordinary Success of Free Enterprise Capitalism.” To see the full Keynote speaker John Mackey
speaker list and presentation videos, visit oneilcenter.org.
From left: Cary Maguire, Mark Papa, Linda Pitts Custard (‘60, MBA ‘99), Bill Custard (BBA ‘57)
Maguire Energy Institute Presents L. Frank Pitts Energy Leadership Award In November, the Maguire Energy Institute honored Mark G. Papa, chairman and
O’Neil Center Hosts Discussion about Politics and Public Policy at Home and Abroad In September, free-market economist Edward Lopez gave a brown-bag faculty seminar on his new book, Madmen, Intellectuals and Academic Scribblers: The Economic Engine of Political Change (Stanford University Press), offering a simple economic framework for understanding the systematic causes of political change. Lopez is the BB&T Distinguished Professor of Capitalism at Western Carolina University and current president of the Public Choice Society. The O’Neil Center Speaker Series, sponsored by Andrews Distributing, featured Roberto Salinas León in October. The O’Neil Center partnered with the George W. Bush Institute to host his luncheon presentation, “Mexico and the New Peña Nieto Administration: The Challenges Ahead.” Salinas León is
president of the Mexico Business Forum and has published over 2,000 editorials on public policy topics. n
CEO of EOG Resources, Inc., with the 2012 L. Frank Pitts Energy Leadership Award. The award was presented to Papa as an individual who exemplifies a spirit of entrepreneurship, ethical leadership and innovation in the energy industry. Also at the luncheon, Edwin L. Cox, Sr. (‘42) received the Maguire Energy Institute Pioneer Award. The award honored Mr. Cox, an innovative energy industry trailblazer known for his lifelong entrepreneurial and ethical leadership.
Roberto Salinas León
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GLOBAL CONNECTIONS
EMBA Students Explore Business and Culture in Southeast Asia In October, Executive MBA students immersed themselves in Asian culture and business practices during a nine-day trip to Ho Chi Minh City, Vietnam, and Shenzhen, China. Global study is a required part of the EMBA curriculum, allowing students to personally engage with high-level executives and government officials in important business venues throughout the world. Cultural visits included the Mekong Delta, Viet Cong underground networks in Cu Chi, and the temples, palaces and markets of Ho Chi Minh City. From there, students visited Nobland International, Vinagame Corporation, SSB Shoes and a panel of top executives from HSBC Bank, the U.S. Consulate, Indochine Food Group, Golden Harvest and Mekong Research. In Shenzhen, students visited Mission Hills Golf Club and Luen Thai and attended a private equity/investment speaker panel. The trip provided “an unparalleled opportunity for students to broaden their global perspective and make connections that could lead to incredible success down the road,” said Austin Westervelt-Lutz (EMBA ’13). “Everything from negotiating with street vendors to seeing operations management techniques in action brought case study concepts to life in a way you just can’t reproduce in the classroom.”
Photos provided by Austin Westervelt-Lutz and Cory Howe
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PROGRAM NEWS
Follow MBA student bloggers as they travel during the Global Leadership Program in May: coxmba.com/GLPblog
In December, 45 Professional MBA students took advantage of global study opportunities in China and Brazil. The “Doing Business in Latin America” course in Sao Paulo and Rio de Janiero, Brazil, focused on the challenges and opportunities associated with doing business in the second-largest economy in the Americas. Students explored Brazil’s importance in the region and visited Ernst & Young, Brookfield, LIGHT and Barra Energia. For the “Management in Chinese Contexts” course, students traveled to Hong Kong and Shenzhen, China. Held in partnership with The Chinese University of Hong Kong, the program included lecture topics such as “The Asia Financial System,” “30 Years of Doing Business in China” and “Corporate Social Responsibility in the Chinese Context.” Company visits included Invest HK and the Yantian International Container Terminals. Cory Howe (PMBA ’13) appreciated “the candid discussion of many complex business, social, cultural, governmental and environmental issues” in China. “We were able to observe the results of the incredible growth that China has experienced over the past 30 years as well as witness and discuss many of the complex issues the country faces in the next 30 years,” Howe said. n
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Everything from negotiating with street vendors to seeing operations management techniques in action brought case study concepts to life in a way you just can’t reproduce in the classroom.
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PMBA Students Travel to China, Brazil
SMU Cox Honors Corporate Relay Runners in MetroPCS Dallas Marathon SMU Cox continued its partnership with the MetroPCS Dallas Marathon, sponsoring the Cox Corporate Relay Challenge with Behringer Harvard. Five-person corporate relay teams participated in the marathon relay in December, and winning teams shared $30,000 Representatives from the first-place fastest team receive their award. From left: Kevin Knox, Cox assistant dean of external relations; Marcus Grunewald, Dallas Marathon executive director; BNSF Velocity runners Michael Brown, Doug Hinds, Andrew Montes; Jason Mattox, COO of Behringer Harvard; Bob Walker, president and CEO of Texas Scottish Rite Hospital.
in prize money, given directly to Texas Scottish Rite Hospital for Children in the names of their respective companies. The winning teams were honored at an awards reception in January, hosted by SMU Cox.
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F A C U LT Y A N D S T A F F
ACHIEVEMENTS Aydin Alptekinog˘ lu, assistant professor of information technology and operations management, presented his working paper titled “When to Carry Eccentric Products? Optimal Retail Assortment under Consumer Returns” at Olin Business School of Washington University in St. Louis. He was invited to make the presentation by the Boeing Center for Technology, Information and Manufacturing. He also presented his paper “Learning Consumer Tastes through Dynamic Assortments,” which appeared in Operations Research, at Bilkent University in Ankara, Turkey. Alptekinog˘lu was also invited to present his research on “Optimal Design of Horizontally Differentiated Product Lines” at the business schools of University of Washington and University of Texas at Dallas. Marci Armstrong, associate dean of graduate programs at Cox, made presentations at the Part-Time MBA Conference, attended by deans, associate/assistant deans and directors. She was the sole presenter of “The Part-Time MBA Market: Year Two of the New Normal.” She was also on a panel titled “Leadership Lessons Learned on the PT MBA Firing Line,” along with Megan Krueger of Kellogg at Northwestern University and Joe Fox of the Olin School at Washington University. She also led a session titled “Graduate Management Education: The New Normal” with the MBA Career Services Council Board. Amit Basu, the Carr P. Collins Chair in Management Information Systems and chair of the Information Technology & Operations Management Department, was a speaker on an Institute of Electrical and Electronics Engineers (IEEE) panel on technology trends in Dallas. In December, he was invited to speak on a Financial Executives international panel on technology in education. He is currently serving as chair of
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the INFORMS Information System Society. His co-authored paper, “Assessing the Effectiveness of Telepresence for Business Meetings,” appeared in the Proceedings of the International Conference on System Sciences in January. Richard A. Briesch, associate professor of marketing and Marilyn R. and Leo F. Corrigan, Jr. Endowed Research Professor, co-authored a book chapter titled “Sales Promotions” featured in the Oxford Handbook of Pricing Management published by Oxford University Press. Michael Cox, director of the O’Neil Center for Global Markets and Freedom, presented a series of lectures across the nation. In the fall, he gave speeches titled “Making Good Money in a Bad Economy,” “Electionomics,” “Which Way America? Six Economic Themes for the Decade,” “Capitalism: Society’s Greatest Anti-Poverty Program Ever” and “Looking for the New ‘New World.’” He spoke before civic and community groups locally and throughout the country. David Croson, clinical professor of strategy, entrepreneurship and business economics, returned to Dallas from a two-year rotation at the National Science Foundation (NSF), where he served as the program director for the Science of Science and Innovation Policy (SciSIP) program and received the Director’s Award for Collaborative Integration for his work on the NSF Innovation Corps (I-Corps) program. He also co-authored a paper that was accepted at MIS Quarterly, titled “Information Technology and Business-Level Strategy: Toward an Integrated Theoretical Perspective.” William R. Dillon, senior associate dean, Herman W. Lay Professor of Marketing and professor of statistics; Richard A.Briesch;
and Ed Fox, W. R. and Judy Howell Director of the JCPenney Center for Retail Excellence, Marilyn R. and Leo F. Corrigan, Jr. Endowed Research Professor and associate professor of marketing, had their article “Category Positioning and Store Choice: The Role of Destination Categories” accepted for publication in Marketing Science. Amar Gande, associate professor of finance, coauthored a paper published in the October issue of the Journal of Finance, titled “Are Banks Still Special When There Is a Secondary Market for Loans?” Bezalel Gavish, Eugene J. and Ruth F. Constantin Distinguished Chair in Business, received the rank of fellow at the INFORMS conference in Phoenix in November. In October, he also gave presentations at the University of Vienna and at Webster University in Vienna on “Limits on Computing Capacity and its Relationship to Human Brain Development.” Gavish gave a keynote address on “Hard Bounds on Computing and Human Development” in October at the 2012 Networking and Electronic Commerce Research Conference in Riva del Garda, Italy. He presented a seminar on “Publishing in High Impact Journals” at the University of Technology Malaysia in November and gave a talk on “Trust and Trust Formation on the Internet” at the University of Technology Malaysia Kuala Lumpur. Bo Kyung Kim, assistant professor of strategy and entrepreneurship, was named a finalist for the Best Dissertation Award for both the Business Policy and Strategy and the Technology and
ACHIEVEMENTS
Innovation Management divisions of the Academy of Management. The two divisions differ significantly in what they seek in a dissertation, thus making the dual distinction especially noteworthy. The title of her dissertation is “New Wine in Old Bottles? The Role of Status and Market Identity in Creating a ‘Digital Media’ Category.” Maribeth Kuenzi, assistant professor of management and organizations, co-authored a paper titled “Better Understanding Work Unit Goal Orientation: Its Emergence and Impact Under Different Types of Work-Unit Structure.” It appeared in the Journal of Applied Psychology. Robert Lawson, the Jerome M. Fullinwider Endowed Centennial Chair in Economic Freedom, co-authored his 16th annual economic freedom index. Economic Freedom of the World: 2012 Annual Report was published in September by the Fraser Institute and the Economic Freedom Network. Lawson also coauthored “Economic Freedom of the World: An Accounting of the Literature,” which was accepted for publication in Contemporary Economic Policy. Lawson spoke on the topic “Freedom is the Key to Prosperity” at Ohio State University and at a meeting of Dallas County Young Republicans in November. Dwight Lee, William J. O’Neil Chair of Global Markets and Freedom, co-wrote “An Economic Analysis of the Effects of Fair Trade: With Rumination on the Popularity of Economists,” which was published in the Journal of Public Finance and Public Choice. Lee also wrote “The Keynesian Path to Fiscal Irresponsibility,” which appeared in the fall issue of The Cato Journal. In addition, “Capitalism and Freedom: A 50th Anniversary Tribute to Milton Friedman,” was published in The Freeman: Ideas on Liberty. His review of the Gilles Saint-Paul book, The Tyranny of Utility: Behavioral Social Science and the Rise of Paternalism, was published in the same issue. He also authored a book review, “Johannes Hirata: Happiness, Ethics and Economics” for
the Journal of Bioeconomics. Lee’s co-authored article, “Why Economic Education is Dangerous for Politicians,” was published in The Journal of Private Enterprise. Forthcoming in the same publication is “The Case for Abolishing Federal Taxation,” which Lee co-authored with Richard Alm, writerin-residence in the O’Neil Center for Global Markets and Freedom. Qin Lei, assistant professor of finance, had two papers published recently in China Finance Review International. The coauthored papers are titled “An Empirical Analysis of Corporate Insiders’ Trading Performance” and “Flight to Liquidity due to Heterogeneity in Investment Horizon.” Ulrike Schultze, associate professor of information technology and operations management, was selected to participate in the Dedman College Interdisciplinary Institute Fellows Seminar, “Thinking Through Agency,” and served as an inaugural member of the institute’s Faculty Advisory Board. At the Academy of Management in Boston, Schultze presented as part of the symposium titled “Theoretical Elements of a Sociomaterial Perspective in Organization Studies.” In addition, she served as a mentor in an International Paper Development workshop sponsored by the OCIS division and as chair in the Divisional Roundtable paper session. Schultze will serve as program co-chair for the 2014 European Conference on Information Systems in Tel Aviv, Israel. Schultze also had two journal publications accepted: “Performing Embodied Identity in Virtual Worlds” in the European Journal of Information Systems, and her co-authored work titled “Studying Cyborgs: When Does Internet Research Deal with Human Subjects?” which appears in the Journal of Information Technology. She also presented the co-authored paper, “Second Life as Synthetic Situation: Reorienting Goffman’s Interaction Order,” at the 4S-EASST conference in Copenhagen in October; Schultze also had two book chapters accepted. Forthcoming is the co-authored “Understanding Cyborgism: Using Photo-Diary Interviews to Study Performative Identity in Second Life,” in Metaverse Methodologies: Approaching
to the Study of Phenomena in Flux. Also forthcoming is “Using Photo-Diary Interviews to Study Cyborgian Identity Performance in Virtual Worlds,” which she presented at the International Federation for Information Processing (IFIP) 8.2. Conference at the University of South Florida in Tampa in December. Also in December, she presented at the International Conference on Information Systems (ICIS) in Orlando, on a six-person panel discussion “On the Methodological and Philosophical Challenges of Sociomaterial Theorizing: An Overview of Competing Conceptualizations.” Raj Sethuraman, Marilyn R. and Leo F. Corrigan, Jr. Endowed Professor of Marketing and Marketing Department chair, presented a paper titled “Are Price Elasticity, Promotional Elasticity, and Brand Equity Higher or Lower for National Brands than for Store Brands? A Cross-Retailer Empirical Study,” at the Great Lakes Institute of Management International Marketing Conference in Chennai, India, in December. Wayne Shaw, who holds the Helmut Sohmen Endowed Professorship in Corporate Governance, had a paper accepted in the Journal of Accounting and Public Policy. The co-authored paper was titled “The Impact of Accounting Rule and Economic Differences on the Firm’s Choice of Cash and Share-Puts.” James L. Smith, Cary M. Maguire Chair in Oil and Gas Management, participated in two workshops in Washington, D.C. in September. “The Role of Border Measures in the Design of Unilateral Climate Policy,” sponsored by Resources for the Future, focused on the significance of barriers to entry in primary energy production and the potential impact of those barriers on the design of climate policies. “Financial and Physical Oil Market Linkages,” sponsored by the U.S. Energy Information Administration, focused on the impact of futures trading on commodity markets and the type of additional research needed to clarify current policy debates.
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ACHIEVEMENTS Shelette Stewart, associate director of business development for Cox Executive Education, will serve a five-year term in the Fulbright Specialist Program, which is part of The Fulbright Scholar Program and promotes linkages between U.S. academics and professionals and their counterparts at host institutions overseas. The program awards grants to qualified U.S. faculty and professionals in select disciplines to engage in short-term collaborative projects at host institutions in over 100 countries worldwide. In November, Stewart was awarded the Christian Literary Award for her book Revelations in Business: Connecting Your Business Plan with God’s Purpose and Plan for Your Life. Johan Sulaeman, assistant professor of finance, co-authored “Local Religious Beliefs and Mutual Fund RiskTaking Behaviors,” which appeared as the lead article in the October edition of Management Science. The article received numerous media mentions including Barron’s, CNN.com, U.S. News and World Report, National Post (Toronto) and Pittsburgh Post-Gazette. In August, Sulaeman presented two joint papers at the 2012 European Finance Association annual meeting in Copenhagen: “Leveling the Playing Field: Regulation and Disappearing Local Bias” and “Sell-Side Analysts’ Responses to Stock Mispricing: Evidence from Mutual Fund Trading Pressure.” He also presented the latter at the 2013 American Finance Association annual meeting in San Diego in January.
journal titled “When Does the Devil Make Work? An Empirical Study of the Impact of Workload on Worker Productivity.” He co-authored the article on restaurant server productivity. Kumar Venkataraman, Finance Department chair and Fabacher Endowed Professor of Alternative Asset Management, presented his co-authored paper titled “Predatory versus Sunshine Trading: Evidence from Crude Oil ETF Rolls” at the 2012 Commodities Futures Trading Commission (CFTC) Research Conference and the Securities and Exchange Commission, both in Washington, D.C. in November, and the 20th Conference on the Theories and Practices of Securities and Financial Markets (SFM) in Taiwan in December. The paper won a best paper award (2nd place) at the SFM conference. Venkataraman’s co-authored paper titled “Institutional Trading and Stock Resiliency” has been accepted for publication by the Journal of Financial Economics. He also presented his paper on “Performance of Institutional Trading Desks” at Liquidnet’s Annual Institutional Trading Summit in New Orleans in November.
John Sumanth, assistant professor of management and organizations, had a paper published in the September issue of Administrative Science Quarterly. The paper, “Appeasing Equals: Lateral Deference in Organizational Communication,” was co-authored with peers from three other business schools.
Glenn B. Voss, Marilyn R. and Leo F. Corrigan, Jr. Endowed Professor of Marketing, and Zannie Giraud Voss, professor of arts management, professor of marketing and chair of arts management and arts entrepreneurship at Cox School of Business and Meadows School of the Arts, co-wrote “Strategic Ambidexterity in Small and Medium-Sized Enterprises: Implementing Exploration and Exploitation in Product and Market Domains,” which was accepted for publication in Organization Science. Glenn B. Voss also co-authored a paper in the November edition of the Marketing Intelligence Review journal. The article is titled “When is Enough Enough? Balancing on the Fine Line in Multichannel Marketing Communications.” Additionally, Glenn Voss has been appointed to the Journal of Marketing Editorial Review Board.
Tom F. Tan, assistant professor of information technology and operations management, had an article published in the Booz Consulting Firm Strategy+Business
Gordon Walker, David B. Miller Professor of Business and Strategy and Entrepreneurship Department chair, made two presentations at the Academy of Management
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Annual Meeting in Boston. He presented “How Much Does Owner Type Matter for Firm Performance? – Chinese Manufacturing 19982007” and “The Dynamics of the Syndication Network Structure and Venture Capital Firm Performance in the U.S. – 1980-2001.” BoKyung Kim, assistant professor of strategy and entrepreneurship at Cox, was one of his co-presenters. Bernard Weinstein, associate director of the Maguire Energy Institute and adjunct professor of business economics, presented a series of speeches on various energy and economic issues across the country, including a speech at the Emerging Issues Forum 2012, hosted by the Heartland Institute in Chicago. He also spoke on the need for a comprehensive, domestically focused energy strategy at the Columbia Economics Club in Columbia, South Carolina. He presented a speech on the Strategic Petroleum Reserve at the Rotary Club of Richmond, Virginia. He also addressed the West Virginia Oil and Natural Gas Association in Roanoke, West Virginia, on the topic of “Charting a Sensible Path to U.S. Energy and Economic Security.” As the keynote speaker at the fall symposium of the Transportation, Elevator & Grain Merchants Association (TEGMA) meeting in Las Colinas, Weinstein spoke about the state of the national economy. He also spoke to the Addison Rotary Club about “Economic Prospects for the U.S., Texas and DFW: Short-Term and Long-Term.” He appeared with a panel of other energy experts and elected officials at the 2012 Energy Summit in September in Corpus Christi, which was hosted by State Rep. Todd Hunter and the Texas Conservative Coalition Research Institute at the Del Mar College Center for Economic Development. Weinstein’s article “Oil and Gas Fuel Growth” appeared online in September in 4% Growth Project, published by the George W. Bush Institute. In October, he delivered a lecture at Goodenough College in London, where he was a resident 49 years ago. His topic was “Can the United States Achieve Energy Independence, and Should That Be the Goal of Public Policy?” Weinstein traveled to Lexington, Kentucky, and Lubbock to speak about U.S. energy policy. He presented his 24th annual economic forecast at the North Dallas Chamber of Commerce Annual Economic Outlook Forum in January. n
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IN THE NEWS
COX QUOTEABLES
The Cleveland Plain Dealer “JCPenney is Still Striving to Become ‘America’s Favorite Store’” Ed Fox, W. R. and Judy Howell Director of the JCPenney Center for Retail Excellence and associate professor of marketing, commented on the retail chain’s rebranding efforts after a $310 million loss six months after the campaign launch. “When you shift to an everyday low-price strategy, you need to make it up in volume, as Walmart does, to compensate for the slimmer profits on each item.” (9/22/12)
Bloomberg Businessweek
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USA Today “Companies Approach Mergers, Acquisitions Warily”
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Hemang Desai, Robert B. Cullum Professor of Accounting and Accounting Department chair, commented on what appears to have been a relatively stable year for mergers and acquisitions activity in corporate America. Some experts reasoned that uncertainty over taxation and the fiscal cliff may have been a factor. Desai suggested that “many large deals might also have been put on hold since it was an election year.” (11/28/12)
Atlanta Business Chronicle
Michael Cox, director of the O’Neil Center for Global Markets and Freedom, and Richard Alm, writer-in-residence at the O’Neil Center, wrote a commentary prompted by the passage of California’s Proposition 30, which raised the sales tax of Californians from 7.25 percent to 7.5 percent and increased the marginal tax rate from 10.3 percent to 13.3 percent, one of the highest in the nation. In their commentary, Cox and Alm predicted that “beleaguered taxpayers are going to decide they’ve had enough and head for other states that don’t impose as heavy a tax burden.” They pointed out that prior to Proposition 30, according to IRS data, Texas already had a net inflow from California of 185,122 people from 2004 to 2010. (11/7/12)
“Still Sluggish Georgia Economy Edging Ahead of National Average”
Thomson-Reuters Television “No Contract, No Twinkies” Mike Davis, senior lecturer of economics, talked about the demise of Hostess, the American food company behind iconic brands like Twinkies and Wonder Bread, after company leaders were unable to reach a cost-saving agreement with striking workers. Davis said, “The union had a choice. They could have given in on the wage and pension concessions. The question the union has to ask—would that have really helped, or was Hostess so far gone that there was not much at all that could have been done?” (11/16/12)
Albert W. Niemi, Jr., dean of the Cox School of Business and Tolleson Chair in Business Leadership, commented on the slow pace of the nation’s economic recovery during his annual economic forecast at the Georgia Economic Outlook luncheon, hosted by the University of Georgia. The dean told a crowd of political and business leaders at the Georgia World Conference Center that “unless you were around during the Great Depression, you have never seen a recovery as slow as this in your lifetime.” (11/29/12)
“Study: Pay Gap Between Men and Women Still Significant”
“After Jackson, EPA Faces Big Decisions on U.S. Fracking Boom” Bruce Bullock, director of the Maguire Energy Institute, commented on the impact to the oil industry of Lisa Jackson’s resignation as head of the Environmental Protection Agency. Bullock said, “This administration clearly needs contributors to economic growth for its economic legacy as much as it needs to add to its environmental legacy. This appointment could be key in seeing which of those two legacies is more important.” (12/28/12)
The Dallas Morning News
“A Big Texas Welcome to Californians”
KTVT-TV, CBS-11
Reuters
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Robin Pinkley, professor of management and organizations, talked about a study released by the Institute for Women’s Policy Research that shows that in 2011, women made only 77 cents for every dollar men made. Pinkley said women sometimes don’t get paid what they’re worth because often they don’t ask. “They’re more likely to negotiate when they think they’re negotiating on behalf of others. So one of the things that I recommend for women when they’re negotiating, especially a salary, is to remember who else benefits: their family.” (11/30/12)
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“Peruvian Immigrant is Recognized as Top Entrepreneur”
Jerry White, director of the Caruth Institute for Entrepreneurship, said the winner of this year’s annual Dallas 100™ Awards ceremony, Andres Ruzo, a Peruvian immigrant whose company, Link America, grosses $250 million in annual sales, has all the traits of a successful entrepreneur. White, who co-founded the competition 22 years ago to rank the fastest-growing Dallas-area companies, said that successful entrepreneurs “typically do not have a high profile. They’re just getting up every day and going to work. When they take risks, they take small ones so as not to sink the boat if it doesn’t work out.” (12/14/12)
Investor’s Business Daily “Azerbaijan Key Ally in Quest for Europe’s Energy Security” Bernard Weinstein, associate director of the Maguire Energy Institute, wrote a commentary that praised what he described as “an underappreciated ally.” Weinstein explained that the pending construction of the Trans-Anatolian natural gas pipelines project (TANAP) will help enhance global energy security. “As Azerbaijan continues to strengthen its democratic institutions, the U.S. government should join with European nations to further improve this critically important strategic relationship with an under-appreciated friend.” (12/21/12)
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C O X F A C U LT Y R E S E A R C H Give Tailwinds to the U.S. Knowledge Economy: A Fairer Rule Associate Professor of Accounting Neil Bhattacharya and Assistant Professors of Accounting Ram Venkataraman and Jeff Yu
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heated debate has been raging over an accounting rule that may have major implications for firms and the economy. The trouble with the debate is that little evidence existed, until now, to support what direction regulators need to take. New research by SMU Cox professors Neil Bhattacharya, Ram Venkataraman and Jeff Yu, with Yoshie Saito from Old Dominion University, show that the
expenses when some of these projects may become assets in the future that deserve capitalization, rather than to be treated like an ordinary operating expense. “This is bad for the economy, especially in a globally competitive one,” Bhattacharya offers. “Since a huge R&D expenditure immediately hits the income statement according to this rule, it depresses near-term profits.” Thus, smaller companies
The net effect is that German firms have seen operational efficiency gains following IFRS adoption. This offers a signal to the market about the potential success of R&D efforts. Importantly, it allows for the more efficient allocation of capital resources. This efficiency improvement applies to more than manufacturing; firms in services could benefit. Bhattacharya indicates, “R&D is not
U.S. accounting rule to immediately expense R&D expenditures may no longer be desirable for an increasingly knowledge-based economy. Investors, standard setters and regulators should pay heed. In our knowledge-based economy, the current accounting rule may be hamstringing U.S. companies vis-à-vis other global competitors. The accounting rule requires firms to immediately expense R&D expenditures. This treats R&D investments like rent or other
get disproportionally disadvantaged because lower profits limit their abilities to access credit and raise equity. The situation for small firms is especially dire in this post-crisis world. In order to find a test to determine whether the rule handicaps companies or not, the authors compared Germany’s change of the same accounting rule in 2005. Germany moved to allow firms to partially capitalize their R&D expenses, based on International Financial Reporting Standards.
always a new product. It can be operational efficiencies, such as investments in the supply chain or streamlining systems and processes.” Bhattacharya and co-authors reveal important news in accounting standards that can advance U.S. economic interests. Given this re-thinking of how to treat R&D expenditure, the U.S. economy and the firms that support it can have more of the trappings of the knowledge economy to which they belong.
Flexible Products: Technology Catches Up to Customer Demands Assistant Professor of ITOM Aydin Alptekinog˘lu
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echnological innovation continues to march forward in product design, enabling firms to move beyond merely adding more performance and start offering other important conveniences. In new research by professors Aydin Alptekinog˘lu and Karthik Ramachandran, the authors determine how the emerging phenomenon of flexible products are evolving in product design and changing the paradigm of product variety for firms and consumers. These products are increasingly common in health care, furniture, sporting goods, electronics and even sophisticated, high-end industrial products. “We are studying integrated design for consumers with needs that vary over time,” says Alptekinog˘lu. “Would you want a product having an integrated design that is customizable for multiple purposes and offers reconfiguration flexibility, or would you want multiple products that serve the same set of multiple purposes? How will consumers make use of these flexible products, and under what conditions
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will firms want to offer them?” A flexible product offers consumers the option of buying one product that can be used in several different configurations; essentially, flexible products provide variety post-purchase. According to the authors, products that deliver a high utility to consumers are ideal candidates for flexible designs, as they encourage reconfiguration. This is why flexible products are typically sold at significant premiums over their ‘inflexible’ counterparts. For example, the Taylormade R11, an adjustable golf driver, is several times more expensive than average drivers, even though PGA rules restrict the frequency of reconfiguration to once-per-round. Ramachandran illustrates one benefit but also a challenge in offering a flexible product: servicing it. “I am a poor golfer,” he says. “The direction my ball will travel is unpredictable, requiring different configurations of my club. People who are more uncertain of their needs will appreciate flexibility in a product.” However,
he notes that reconfiguring a product requires effort, understanding how to adjust and work with a flexible product’s features. The full paper can be downloaded from the Social Science Research Network: http://ssrn.com/abstract=2037631
F A C U LT Y R E S E A R C H
Belief and Risk: The Influence of Religion on Mutual Funds Assistant Professor of Finance Johan Sulaeman
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MU Cox Finance Professor Johan Sulaeman, Tao Shu of University of Georgia and P. Eric Yeung of University of Georgia and Cornell University find that the impact of religious beliefs on mutual fund volatility is economically significant. Local culture, as measured through the proxy of religious belief, has a notable impact on mutual fund behaviors and the managers who run them. According to Sulaeman, “In general, the effect of religion is very difficult to generalize because of the many causes and effects. We look at this in a specific setting—the
however. In spite of taking excessive risk, a manager may not obtain additional return. That is indeed what we observe.” Additionally, fund managers in more Catholic areas take on more idiosyncratic risk, but this does not improve their fund returns. Their fund return is not significantly different from funds in more Protestant areas. Sulaeman adds that excessive risk-taking may have negative implications for fund investors. Fund managers are compensated by assets under management. “For managers at the top tiers, it is winners take all,” describes
mutual fund industry—and look at how religion can affect agent (manager) behavior in that setting.” The mutual fund industry is “exceptionally competitive,” note the authors, as managers strive to beat various benchmarks and each other. They will, therefore, employ various strategies to maximize performance. In this new study, Catholics exhibit less aversion to speculative risk than the average population while Protestants tend to be more averse. Sulaeman explains, “It is not obvious that you will get rewarded by taking on risk,
Sulaeman. “If your fund places at number 32, the rewards are not much different than if you are in 200th place. So it behooves you as a manager to take on more risk to place higher in the rankings.” On this yardstick, Catholics took more risks than Protestants. Catholic losing fund managers at mid-year were found to seek more risk in the second half of the year. If their fund’s performance placed in lower rankings by mid-year, they racheted up risk to try to make up lost ground. Catholics were also observed to take more
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Catholic managers were bigger risk-takers than Protestants, displaying tournament-like behavior.
risks in their selection of industries within a portfolio, or concentration risk. Catholics concentrated their holdings in fewer industries, resulting in less diversification. The authors analyzed a large sample of 1,621 unique growth and aggressive growth equity mutual funds from 1988 to 2008. This is a first attempt to consider whether local values, i.e., culture or religion, impact the behavior of the mutual fund and the managers who drive its performance. Earlier mutual fund studies have focused on the advantages of the mutual fund’s location relative to its stock holdings and the influences of a large city. This study reveals a new twist in the innerworkings of the mutual fund portfolio—that risk, reward and values may have a new calculus. n
Parsing the Price of Oil Finance Professors James Smith and Rex Thompson
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he idea that excessive speculation drove the oil price spike of 2004-08 still resounds, in spite of evidence to the contrary. While it is true that financial traders increased their holdings of crude oil futures contracts, expectations regarding crude oil market fundamentals still mattered most. And those expectations are revealed in spot prices, the price paid in the physical market, not the futures market. SMU Cox’s James Smith, Cary M. Maguire Chair in Oil and Gas Management, and co-author Professor Rex Thompson offer a new perspective to decipher the root causes of speculation and why certain commodity markets behave differently. “To the extent that the market works well,” Smith explains, “everybody reads this information from those spot prices, which
helps to align expectations. While there may be uncertainty with export demand or the crop yield, trading in the spot market helps participants acquire the same information and look to the future with the same expectations. If that is true, we wouldn’t see any speculative trading in the futures market because all parties would believe the same thing—you wouldn’t be able to find a counterparty to take the opposite side of your bet on the direction of a future price change.” The price of oil reveals considerable information. Smith suggests, “This price tells us what smart money thinks will happen with Iran next year as we approach the redline in their nuclear program, for example. If we were to provoke Iran, to the extent they would shut down the Persian Gulf, it would be a travesty for world oil markets. We don’t
know the probability. But the likelihood of that type of event is already rolled into the price of oil today. Price serves as an early warning detection system on supply side disruptions but also on the demand side.” According to Smith, “Oil is cheaper to store than natural gas, and that is a factor that helps to bring beliefs together. On the other hand, the demand for oil is very inelastic. We will drive our car in spite of price variations. Inelasticity magnifies differences in expectations. We need to do a more systematic data analysis to see the net impact of all these factors, and that ongoing course of research is now underway.” In conclusion, by offering better information on the fundamentals of the underlying spot market, the playing field will be more level.
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IMPACT REPORT SMU Community and Economic Impact Report
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MU’s total economic impact in the Dallas-Fort Worth region totals $7 billion annually. That’s the finding released in an impact report commissioned by University leaders as part of the centennial anniversary of SMU’s founding in 1911 and opening in 1915. The study involved surveying programs throughout SMU and was intended “to report on our partnership with Dallas, our hometown and continuing source of strength,” in order to offer “a meaningful snapshot of our contributions—and the return on investment for Dallas,” said SMU President R. Gerald Turner. With an endowment of $1.16 billion in May 2012, SMU is a “significant economic enterprise” in DFW. SMU owns buildings and facilities valued at $1.1 billion, as well as land in University Park, Dallas, Plano and Taos, New Mexico, valued at $666 million (market value), combined with other sizeable holdings such as art and equipment, for a total of $4 billion in assets at the time of the report. Bernard Weinstein, Ph.D., adjunct professor of business economics and associate director of the Maguire Energy Institute at SMU Cox, worked with Terry Clower, Ph.D. and director of the Center for Economic Development and Research at the University of North Texas, to calculate how spending flows through the DFW economy. Their calculations were based on the IMPLAN economic input/output model developed by the Minnesota IMPLAN Group (MIG, Inc.), an economic planning service provider for the Federal Reserve. Following are some of the highlights of their findings.
$486,000,000 Impact of Local Spending: Operations
Annual spending: two types 1 Salaries, wages and benefits paid to University faculty and staff: $243 million. This expenditure supported more than 2,200 full-time jobs. 2 Annual local general and administrative expenditures and local vendor contracting to support the functioning of the University: $137 million. This expenditure included purchases of materials and supplies, non-capital furnishings, utilities, professional services and other expenses. FY 2011 total regional operations spending: $381 million. Annual spending: impact The economic impact of SMU’s regional operations spending for FY 2011 was approximately $486 million.
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$123,000,000
Impact of Local Spending: Scholarships/Financial Aid SMU spends approximately $123 million annually on financial aid and scholarships for undergraduate and graduate students.
$110,000,000
Impact of Local Spending: Capital Projects The total regional economic impact of the University’s 20-year capital program expenditure is approximately $2.2 billion, or an average of $110 million annually.
smu.edu/impact
DALLAS & SMU: The Power of Partnership
$7,000,000,000
Total Economic Impact The regional economic impact of local spending by SMU combined with spending by SMU alumni living in the DFW region totals more than $7 billion.
$861,000,000
Impact of SMU Annual Expenditures The impact of SMU spending totaled approximately $861 million in fiscal year 2011, about $300 million more than the estimated economic impact of hosting a Super Bowl. SMU’s spending is broken into three categories: 1) operations; 2) scholarships and financial aid; and 3) capital projects. SMU has a further recurring impact in the form of spending by students and visitors drawn to DFW because of the University.
$142,000,000
Impact of Local Spending: Students and Visitors It is estimated that non-local SMU students and campus visitors bring close to $142 million in new annual spending to the region, creating a total economic impact of almost $156 million a year.
$6,180,000,000
Impact of Local Spending: SMU Graduates SMU graduates generate about $6.18 billion in local economic activity. This spending supports more than 46,000 jobs across the region while generating about $362 million in state and local tax revenue.
$1,300,000,000
Increased Property Income Adding the economic impact of spending by SMU’s graduates to University spending yields a total annual impact of approximately $7 billion. These expenditures directly and indirectly support approximately 45,000 permanent jobs that pay about $2 billion in salaries, wages and benefits. This economic activity boosts property income by about $1.3 billion. And though the University is tax-exempt, business activities and spending associated with SMU are responsible for more than $39 million in annual revenues for state and local taxing jurisdictions. Combined with taxes generated by SMU graduates, the total fiscal impact of the University is almost $401 million annually.
To read the full report, go to smu.edu/impact.
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Where Do We Go from Here? | Charting a Course to an Uncertain Future
Cox Experts Weigh In On
WHAT’S NEXT For The U.S. Economy
By Thomas Korosec
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COVER STORY
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ince 2008, the American economy has been in a state of flux. Many banks have collapsed or merged, housing starts have cratered and retail sales have begun measuring results in the context of a “new normal.”
Meanwhile, government policies have been applied like medicine to a sick patient, sometimes with harmful side effects. So what direction will the economy take in 2013? Has financial reform fixed the biggest banks? How will Europe’s struggles affect U.S. markets? What sectors are thriving despite it all? SMU Cox professors have been researching these issues from all angles. Here, our Cox experts share their thoughts on everything from national and global economic recovery to energy independence. Meanwhile, in the article that follows, “What keeps DFW CEOs up at night?” they hone in their research to take the pulse of the DFW market as seen through the eyes of local leaders.
Dean Albert Niemi, Jr. meets with a roundtable of Cox professors and journalists each year to discuss what lies ahead. Following are some of their thoughts. One of the most startling things Dean Niemi finds in analyzing the current U.S. economy is that employment is recovering more slowly than it did during the Great Depression. It took 10 years to gain back all the jobs lost following the 1929 stock market crash. However, at a rate of 213,000 jobs created per month, it will take until 2025 to return to the jobs level that existed before the 2007-09
recession, in which 8.5 million jobs were lost. “It’s unprecedented in American history, this painfully slow recovery,” he says. Niemi predicts slow growth will continue in 2013, with a sub-par rise of 1.9 percent in real GDP. Among the factors he blames for the sluggishness is a housing industry that, while recovering from deep lows, is still operating at a fraction of capacity. A normal housing market would produce 1.8 million housing starts annually. In 2012, there were about 750,000, meaning the housing sector is operating at roughly 40 percent of capacity. Consumers, the economy’s most potent engine, were more indebted in 2007 than at any time in U.S. history, with a debt to disposable income ratio of 130 percent. We are now at 90 percent, which is still well above a normal ratio of 50 percent. As a result, the dean observes, “Consumer spending has been in the ditch. It will be sluggish going forward.” continued next page
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Cox Experts Weigh In On
WHAT’S NEXT For The U.S. Economy
continued from previous page
Bernard Weinstein, associate director of the Maguire Energy Institute and adjunct professor of business economics, notes another factor not often cited in economic roundups as a major drag on the economy: a record level of outstanding student debt. It is nearly $1 trillion, an amount larger than total credit card debt. In all, he says, we will be lucky to see the economy expand at 2.5 percent. “The longer we delay major fiscal and regulatory reforms, the longer it will take to get the U.S. economy on sound economic footing,” he says, adding that a “fiscal bounce” in the form of higher business investment will come if the federal government gets its deficit under control.
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The longer we delay major fiscal and regulatory reforms, the longer it will take to get the U.S. economy on sound economic footing.
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Government policy—tax reform, narrowing the federal deficit—can help rebalance the economy and promote growth. But solutions arrived at in Washington sometimes have unintended side effects, says
Harvey Rosenblum, adjunct professor and executive vice president and director of research at the Federal Reserve Bank of Dallas. Big banks identified as “too big to fail” or “systemically important” end up enjoying a competitive advantage because, as an outgrowth of the DoddFrank financial reforms, their creditors will be protected should they fail and wind down. This implied guarantee lets money center banks borrow at lower cost than their smaller competitors, allowing them in turn to grow even larger, he says. The financial crisis set off in September 2008 by the Lehman Brothers collapse cost at least $15 trillion, equal to a full year of economic activity, Rosenblum points out. He wants the banks broken up lest history repeat itself, or worse, given the increased concentration in banking over the past four years. ”Every time we have a crisis, we get concerned about too-big-to-fail, then we make them [banks] twice as big,” agrees Scott MacDonald, president and CEO of the Southwest Graduate School of Banking and adjunct professor of finance at SMU Cox.
MacDonald sees a number of dualities in the nation’s economic policies. “We’re out there asking the banks to lend, but every time we turn around, we are increasing capital requirements and taking away their ability to earn income,” he says. “We don’t want consumers to take on debt, but we’re holding mortgage rates low so they will.” The Federal Reserve’s interest-rate policy is affecting individuals’ behavior in some adverse ways, MacDonald says. “In pushing interest rates down to historic lows, we’ve given investors the impression that bonds are safer than stocks. There’s been a huge flow of money into these ‘safer investments,’” he says. “That is a fallacy. You have a 10-year bond paying about 1.65-1.7 percent. That is a terrible return. If interest rates go up just 1 percent from an all-time low, the value of that bond will fall by almost 8 percent. There is nothing fixed about fixed income.”
Ed Fox, associate professor of marketing and W. R. and Judy Howell Director of the JCPenney Center for Retail Excellence, adds that, as far as consumer spending is concerned, sales from the 2012 holiday season were not great for retailers. “Macy’s had a merry Christmas, JCPenney did not, suggesting consumers continue to save rather than spend as the economy improves.”
Bernard Weinstein
Harvey Rosenblum
COVER STORY Where Do We Go from Here? | Charting a Course to an Uncertain Future
Don Shelly, director of the EnCap Investments and LCM Group Alternative Asset Management Center, says he would like to see a greater emphasis in government policy on growth and innovation. Fortune 500 companies have created far fewer jobs in the past decade than entrepreneurs and new businesses. “It’s not one magic bullet; it’s a lot of little things,” he says of what it will take to encourage innovators. Mostly that means government getting out of the way, Shelly says, using France as a cautionary model. Some 57 percent of France’s economic output involves the government. A new company hasn’t been added to France’s CAC-40 stock index since 1987. Europe is in recession, but the prospect of financial contagion spreading from possible bond defaults in Greece, Portugal or Spain to the United States does not appear likely, predicts Michael Davis, senior lecturer in the O’Neil Center for Global Markets and Freedom. “One never
‘‘
wants to get too cocky and say the U.S. is firewalled from a European crisis, but at least from what we can see on the surface, U.S. banks don’t seem to be deeply entwined with European bond debt,” he says. “Still, economic contraction in Europe has a direct effect here in that it is the destination for 20 percent of U.S. exports,” Davis says. A much sunnier forecast holds in the U.S. oil patch, where new technologies and discoveries are causing what Bruce Bullock, director of the Maguire Energy Institute and adjunct lecturer, calls a “dramatic reversal” of America’s energy fortunes. The United States is expected to become the world’s leading producer of natural gas by 2015 and largest producer of oil by 2017, he notes. Over the next decade, the industry should create 1.5 to 2.5 million jobs and increase annual GDP by 2 to 3 percent. “As a result of the low price
The U.S. is expected to become the world’s leading producer of natural gas by 2015 and largest producer of oil by 2017.
Scott MacDonald
Edward Fox
Don Shelly
Michael Davis
of energy in the U.S., we are seeing an industrial renaissance,” he says. “Petrochemical plants and other industrial facilities that five years ago would have been located in Korea or elsewhere are now being built in the United States.” In all, Bullock says, “The future of the U.S. energy industry is quite bright.” Fortunately, the expert panel’s outlook turns even brighter closer to home. Chuck Dannis, adjunct lecturer and president of Crosson Dannis, Inc., explains that North Texas continues to be a national leader in both job and population growth, two primary forces behind a healthy real estate market. “Assuming we bypass the sequestration fiasco and the myriad of related pitfalls it creates, economic fundamentals are in place for a nice run up during 2013 in virtually all sectors of the real estate market.” This forecast is good news for the hundreds of new Cox graduates who choose to make Texas their home.
Next, please read the results of the 2012 Cox CEO Sentiment Survey to see how the economic views of area business leaders compare and contrast with those of SMU Cox professors.
Bruce Bullock
Chuck Dannis
go to cox.smu.edu 25
By Miguel Qui単ones and Robert Rasberry
26
WHAT
KEEPS
DFW
CEOS UP AT
NIGHT? The 2012 SMU Cox CEO Sentiment Survey
SMU Cox
professors Miguel
Quiñones and Robert Rasberry take the pulse of DFW’s CEOs to find out if we’re finally on the road to recovery. As
corporate
leaders
navigate
their
organizations through the “new normal,” they have been thrust into the spotlight for responses on how they’ll handle the Patient Protection and Affordable Care Act (Obamacare), manpower, the growing cost of doing business and their own companies’ revenue and profit forecasts for 2013. It is with great interest that we want to know what they are thinking. What challenges keep them up at night? How will their decisions impact the rest of us? continued next page
go to cox.smu.edu 27
The 2012 SMU Cox CEO Sentiment Survey continued from previous page
S
ince 2007, professors Miguel Quiñones and Bob Rasberry have tapped into the mindset of North Texas CEOs as part of the annual SMU Cox CEO Sentiment Survey. Shaky global conditions may have influenced their outlook in recent years, but DFW CEOs have historically remained optimistic. Did that optimism prevail in 2012? And, if so, will that momentum lead to brighter times in 2013? “Given Dallas’ position as one of the nation’s premier business centers, it was clear to us that much could be learned by tapping into the sentiment of our area’s business community,” says Quiñones. “We not only find out what’s going on in the DFW economy but also regionally and beyond.” Glenn Hunter, executive editor of DCEO magazine, adds, “The SMU Cox CEO Sentiment Survey has become the most reliable barometer of what executives in North Texas are seeing and thinking. It provides valuable localized ‘business intelligence’ readers can’t find anywhere else.” Accordingly, the survey is featured as a cover story in DCEO magazine’s end-of-year issue.
Following are some of the highlights of what we learned. Global Outlook Murky, but Better In 2011, Cox professors tabulated the most negative global outlook since conducting the survey, due to economic uncertainties. In 2012, issues still remained unsolved regarding Greece and Spain’s increased borrowing costs, and other bailouts and defaults within the EU, but respondents were less pessimistic. Fifty-two percent of CEOs expected the global situation to worsen in the 2012 survey, as opposed to 60 percent in 2011.
Guarded Optimism for the U.S. In a more evident declaration of optimism, 33 percent of 2012 respondents expected an improvement in the U.S. economy vs. deterioration (26 percent). This is a distinct improvement over 2011, when 40 percent expected deterioration and only 13 percent anticipated improvement.
28
About the SMU Cox CEO Sentiment Survey The survey is conducted each September. Thousands of surveys are mailed to CEOs and presidents of various companies of all sizes—both public and private—within the DFW region. Respondents anonymously answer approximately 50 questions that are tabulated and evaluated. Also included in the questionnaire is a request for the responders to nominate a CEO of the Year, who is then revealed and honored at a reception held at the Cox School. Please visit coxceosurvey.org for more details on the survey and its implications.
DFW: A Bright Spot Since the survey’s inception, DFW CEOs, along with the rest of the world, suffered through a turbulent economic landscape. Yet when queried, they anticipated that DFW would encounter a relatively milder ride. Staying true to that forecast in 2012, our CEOs foresaw a far more positive outlook for DFW than the rest of the U.S. and the world. More than half (56 percent) thought economic conditions in DFW would improve, and only 7 percent thought they would decline. As for their own companies’ growth, 68 percent believed their revenues would increase over the next 12 months. Even so, 73 percent anticipated cost increases. The assumption was that these companies would have to work harder in the coming years to streamline costs and increase efficiencies to fight the cost pressures of improving profits. Other good news: 39 percent of the DFW companies expected to increase staffing levels, and 52 percent planned to increase employee pay.
National Reports Concur More signs of local strength were seen in several national reports. The Bureau of Labor Statistics listed DFW among the top three cities in the nation for job growth. Forbes.com ranked Dallas the #1 “Best City for Good Jobs.” CareerBuilder.com and Apartments.com ranked Dallas 5th on their joint list of “Top 15 Cities for Recent College Graduates.” Heidrick & Struggles also ranked Dallas as one of the top four U.S. cities for relocation. Why? Survey respondents cited the quality of travel infrastructure, good weather, great entertainment, entry-level job availability and DFW’s low cost of living.
c o x c e o s u r v e y. o r g
Top Business Concerns and Challenges
World Economic Outlook
When asked about their top concerns, 49 percent of CEO respondents cited the current economic climate as their number one issue. Second to that was domestic competition (12 percent), and labor costs were cited third (9 percent). As for top challenges, CEOs listed sustaining a competitive advantage, attracting and retaining good employees
Percent of Respondents
80
Decline Stay the Same Improve
60
51.9 46.1 41.5
40
38.9 31.1
and meeting quarterly earning projections.
Behind Every Great CEO With all of these political, global and economic pressures, to whom do these leaders turn for counsel? The number one confidant cited was the CEOs’ own spouse, followed by “a friend” and their company chief operating officer. The first two choices held constant from previous years, but perhaps the mounting pressures of efficient management and cost control pushed the COO above the CFO in 2012.
59.5
24.7
20
37.31 35.5 32.01 31.3 29.6 26.7
33.6
29.0
12.4
9.9
7.6
0
2007
2008
2009
2010
2011
2012
Organizational Costs Percent of Respondents 80
Decline Stay the Same Increase
80.3
76.3
73.4 67.0 58.3
60 46.4
And the Winner Is… We, along with DCEO magazine, were honored to award Nolan Ryan, the baseball hall-of-famer and chief executive officer of Major League Baseball’s Texas Rangers, as “CEO of the Year.” Local leaders praised his “integrity, commitment, listening skills, quiet resolve and strong work ethic,” according to DCEO. From humble beginnings in the small town of Alvin, Texas, where Ryan threw 1,500 newspapers each morning to raise money for his sisters’ college expenses, Ryan’s philosophy has always been one of a strong work ethic and treating others as they would like to be treated. He says he’s a believer in “hiring good people and allowing them to do their jobs.” He may call that style of leadership “pretty simple and pretty basic,” but it’s the exceptional quality that led him to tremendous success—both on the mound and in the corner office. Congratulations, Nolan Ryan!
Please find the full article in DCEO’s December 2012 issue or online at: dmagazine.com/Issues/ D_CEO_DEC_2012.aspx.
40 24.2 25.2 18.2
20
23.2 9.0
8.8 8.8
5.5
0
24.4
20.0
16.0
2007
2008
2009
2010
6.6
2011
2012
Economic Outlook Percent of Respondents Decline Stay the Same Increase
60 51.9
45
38.0 33.6
35.4
32.5
30
26.4
15
0
55.7
9.9
World
6.7
U.S.
DFW
Top Three Challenges as CEO CEO Challenge
% Selecting
Sustaining Competitive Advantage
66.8
Attracting and Retaining Good Employees
44.2
Meeting Quarterly Earning Projections
26.9
go to cox.smu.edu 29
2013 C O X G R A D S O N T H E M OV E
I
n the next few months, almost 750 students will graduate from SMU Cox and pursue all of the exciting possibilities their careers hold before them. Before they got lost in the whirl of graduation, we talked to a few of our star students about their experiences at Cox and their career plans. Some even offered tips for new students.
Whether they were MBAs, BBAs or graduates from other Cox master’s programs, one theme was constant: they all cited Cox’s intimate environment, which facilitated close relationships with professors (both as teachers and mentors) and classmates, as the key reason their educational experience was so life-changing.
Today, our alumni network is more than 40,000 strong and growing. We now have alumni chapters in over 20 countries. So remember, whether you’re starting your first “real” job, transitioning mid-career or just looking to reconnect with classmates later in life, your Cox alumni network is always here, working for you. Just visit coxalums.com to connect.
n For more inspiration, take a look at a few of our newest grads on the move!
BBA Hanna Robertson Hometown: Wichita, KS BBA: Risk Management & Insurance Career plan: Hanna will join Bank of America’s Corporate Audit Analyst Program. Her advice: “Get to know your professors and take advantage of all of the resources and connections available to you!”
Evan Conley Hometown: Austin, TX BBA: Accounting Career plan: Evan is headed for the Cox MSA program and then KPMG. His advice: “Study business abroad. You’ll have experiences you’ll never forget.”
Jenevieve Nabagala Lubwama Hometown: Kampala, Uganda MBA: Accounting Career plan: Join the Cox MSA program. Cox memory: “The luncheon with Cynthia Cooper—the legendary whistleblower at Worldcom—was an amazing opportunity!”
Abhijit Panda Hometown: Bhubaneswar, India MBA: Marketing Career plan: Strategy Analyst at American Airlines. His advice: “Group projects can be surprisingly rich learning experiences if you put in good effort. So make full use of all group activities.”
Laura Molnar Hometown: Laguna Niguel, CA MBA: Marketing, Strategy & Entrepreneurship Career plan: Laura is already employed with Dr. Pepper Snapple Group as an Assistant Brand Manager – Hispanic. 5-year goal: “I hope to be in a leadership position in Hispanic/Latin American marketing.”
Aaron Schmitz Hometown: Houston, TX MBA: Real Estate, Strategy & Entrepreneurship Career plan: “Continue to manage my investment properties with the goal of retiring early and running my own real estate investment firm.”
MBA
30
GR ADS O N T HE M O V E
PMBA Richmond Collinsworth Hometown: Midland, TX MBA: Real Estate Career plan: Continue to be a commercial real estate professional. Cox memory: “The best things about Cox are the relationships the school has in the community and the professionals that are brought in to discuss real-world examples of topics we cover in class.”
MA/MBA
EMBA Aaron Lloyd Hometown: Silver Spring, MD Career plan: Continue his current role of Managing Partner, Advanced Pain Medicine Division of Pinnacle Anesthesia and pursue an entrepreneurial venture in healthcare with his EMBA classmates. Cox memory: “My father, a Harvard Ph.D. and Penn State professor, commented that my Cox classmates were the most academically diverse and exciting group of students he had seen in decades.”
(Master of Arts/MBA)
Katherine Vandergriff Hometown: Arlington, TX Cox memory: “Over the summer, I interned for Cox alum Joe McClafferty in finance at Disney Theatrical Group in New York City. Working on Disney’s Broadway productions gave me an opportunity to apply the finance skills I learned at Cox and be a part of creating magical experiences for audiences worldwide.” 5-year goal: “My dream is to be a Broadway producer.” Sarah Kayfus Hometown: Bedford, TX Career plan: Director of Client Relations at EchoVantage, a start-up that specializes in sophisticated customizable data analytics for online retailers. Cox memory: “My East Asia Global Leadership Program – being in another country pushed everyone out of their comfort zones, and we were able to become friends at a closer level.”
MSA
Kimberly Moore Hometown: Duncanville, TX Career plan: Continue law practice at Strasburger & Price. Cox memory: “The China and Vietnam trip affected my world view and genuinely impacted how I interact with others. I gained a broader understanding of many perspectives.”
MSE
Nafees Alam Hometown: Irving, TX Career plan: Currently VP DRG Concepts (Dallas Restaurant Group) 5-year goal: “Turn DRG Concepts into a company that manages a $50 million portfolio of restaurants.” His advice: “Engage in activities outside of the classroom. It will definitely enhance your Cox experience.”
(Master of Science in Accounting)
Lana Greene Hometown: Dallas, TX Career plan: Ernst & Young in New York City Cox memory: “I appreciated how accessible the professors are, not only to help students with course content but also to provide career guidance.” Marlee Klein Hometown: Houston, TX Career plan: Ernst & Young in Houston 5-year goal: “I hope to be a manager at Ernst & Young, maybe serving an international rotation. Last summer, I participated in E&Y’s Global Student Exchange Program where I interned in the Brisbane, Australia office, and I’d love to go back there someday.”
(Master of Science in Entrepreneurship)
MSF
(Master of Science in Finance)
Robert Austin Mills Hometown: Houston, TX Career plan: Investment Banking Analyst at Goldman Sachs 5-year goal: “Be at the Cox alumni tent on the Boulevard before home football games!” His advice: “Exhaust the resources that Cox makes available to you! Drive home in the dark.”
go to cox.smu.edu 31
COX DEVELOPMENT Cox Graduate Scholarships: We Need Your Support!
T
he Cox School of Business has seen a tremendous increase in scholarship need as tuition and fees continue to rise nationwide and as the economy slowly recovers from recession. Thanks to the support of Cox alumni and friends in The Second Century Campaign, undergraduate scholarships, particularly for the Cox BBA Scholars Program, have grown significantly over the past few years. While our undergraduates remain a top priority, we also need annual and endowed support for our many graduate
programs here at Cox. Applicants from all over the world look to SMU Cox for their graduate business education experience. Their reasons for choosing the Cox School include the vibrant economic atmosphere of Dallas and unique opportunities such as the Global Leadership Program (GLP), which prepares students for a successful career in today’s global business environment. For more information about supporting any of the Cox scholarship funds, or to establish a named scholarship, please contact the Cox Development office at 214.768.3074.
Graduate Programs at SMU Cox Full-Time MBA
Endowed Cox Graduate Scholarships Established in The Second Century Campaign at SMU
Professional MBA
The Gina and Tucker Bridwell Endowed MBA Scholarship Fund
Executive MBA
The Duda Family Foundation Endowed MBA Scholarship Fund
Master of Science in Accounting
The Jennifer and Marty Flanagan Endowed MA/MBA Scholarship Fund
Master of Science in Entrepreneurship
C. Jackson Grayson, Jr. Endowed MBA Scholarship in Entrepreneurial Studies
Master of Science in Finance
The Billie Ida - Ernst & Young Scholarship Endowment Fund
Master of Science in Management
The Ed Noble Endowed MBA Scholarship Fund
Master of Science in Sport Management
The Delmer Ray Threadgill Endowed Memorial Scholarship Fund
Unbridled Gratitude for Cox Scholarships Each year scholarship recipients write to their donors. Below are sample thank-you notes from Cox students. “Your scholarship gift has allowed me to pursue my career at SMU Cox, one of the best business schools in the world, and has set me up for continued success both academically and professionally. Having also benefited from the generosity of scholarships as an SMU undergraduate student, I have every intention of giving back to the university when I am able to help provide for students the same way that scholarship benefactors like you have provided for me. Thank you for allowing me to carry on my studies in such a prestigious program, and thank you for your ongoing support of SMU Cox.” Sincerely, John D. Benage David Bryan Memorial Annual MSA Scholarship Recipient
32
“I am very grateful for your generosity in endowing my MBA scholarship at SMU Cox School of Business. As an international student, I chose to come to Cox not only for its topranked MBA program, but also for its first-class faculty and strategic location in Texas. By earning a graduate business degree, I aim to become a successful private equity manager and an active participant in the positive transformation of my country, Mexico. Your generous gift to our school has made a tremendous impact in my life. Thank you very much. God bless you and your family.” Sincerely, Santiago Rafael Hernandez Garcia Juan and Ingrid Elek Endowed MBA Scholarship Recipient
DEVELOPMENT
The Delmer Ray Threadgill Endowed Memorial Scholarship Fund Established at SMU Cox Del Threadgill (BBA ’73), widely respected as an industry leader in tax accounting, passed away in 2011. In December, more than 200 family, friends and colleagues attended a dinner to celebrate Del’s significant contributions to the tax industry. A number of guests traveled from as far as Washington, D.C., to support the evening’s successful efforts to fund a permanently endowed scholarship in Del’s name. The scholarship will benefit SMU Cox Master of Science in Accounting (MSA) students with aspirations to pursue a career in taxation. Speakers for the evening included Mitch Frank (BBA ’83, MBA ’10), who worked
Del Threadgill with his wife, Lane Threadgill (’73)
with Del at JCPenney for more than 20 years and who currently serves on the Advisory Board for the Cox Accounting Department. Mitch reflected on Del’s numerous contributions to the tax profession both nationally and locally. Del’s personal relationships were celebrated by friends and fellow SMU alumni Frank Roby (’75) and Billie Ida Williamson (BBA ’74). Frank “brought down the house” with a few insightful accounting jokes and touching remembrances of over five decades of friendship with Del. Billie, who recalled her SMU college days studying accounting with Del, spoke on behalf of SMU and the Threadgill family in appreciation of those supporting the event and the scholarship. Thanks to the generosity of so many, Del’s memory will be honored in perpetuity and provide tuition assistance to future generations of SMU Cox students. To make a gift in Del’s memory, please contact the Cox Development office at 214.768.3074.
From left: Mitch Frank, Mat Threadgill, Billie Ida Williamson, Rachelle Bernstein, Warren Threadgill, Frank Roby
CORPORATE SPOTLIGHT: Agrium
New Gift to Cox Global Leadership Program Agrium, a major retail supplier of agricultural products and services, is committed to growing the next generation through education. As a leading international producer and marketer of agricultural nutrients and industrial products, Agrium made a contribution to the Cox School that has global impact. The Global Leadership Program (GLP), which gives Cox MBA students firsthand knowledge of the international marketplace through a unique global immersion experience, caught the attention of Andrew Mittag, Agrium senior vice president and Agrium Advanced Technologies president. “As recruiters of Cox MBA graduates, Agrium has a vested interest in programs that prepare Cox
graduate students for careers in today’s interconnected global marketplace. The Global Leadership Program is a good fit for our corporate giving model.” Through the program, students travel to one of several regions and study the history, political climate, economy, culture and business etiquette of various countries in the region, utilizing local experts and executives from global corporations who share their experiences and insights about each region. Donations to the Cox GLP help offset the costs of transportation, lodging and meals for Cox MBA students. For more information on supporting the GLP, please contact the Cox Development office at 214.768.3074. n
From left: Marci Armstrong, associate dean of graduate programs, SMU Cox; Adam Naryka (MBA ’11), manager of planning and analysis, Agrium; Andrew Mittag, SVP, Agrium, and president, Agrium Advanced Technologies; Al Niemi, dean, SMU Cox
To view updated quarterly status reports on The Second Century Campaign, please visit smu.edu/SecondCentury. go to cox.smu.edu 33
EXECUTIVE BOARD Mr. David E. Alexander
Mr. Felix Chen
Mr. David L. Gonzales
Mr. Ken Malcolmson
Mr. Robert J. Schlegel
Retired—Ernst & Young LLP
President & CEO PAJ, Inc.
Chairman & CEO David L. Gonzales & Associates, LLC
Regional CEO, West Central Region Humana
Chairman & CEO Bedrock Logistics
Mr. Gerald B. Alley President Con-Real, Inc.
Mr. Victor D. Almeida President & CEO Interceramic
Mr. Stephen L. Arata Executive Vice President & CFO Caiman Energy, LLC
Mr. F. Thaddeus Arroyo Chief Information Officer AT&T
Ms. Marilyn Augur Chairman
Marilyn Augur Enterprises
Mr. Norman P. Bagwell Chairman & CEO Bank of Texas, N.A.
Mr. C. Fred Ball, Jr. Senior Chairman of the Board Bank of Texas, N.A.
Mr. J. Gabriel BarbierMueller
Mr. Gus Comiskey
Mr. Norman Green Founder & Former Owner Dallas Stars Hockey
Chairman & CEO FRI Investors
Executive Director The Hoglund Foundation
Chairman Gummer Capital Partners
CEO Wilmac Companies, LLC
Senior Advisor MHT Partners
President Source One Spares
CEO Amegy Bank of Texas
Chairman Paragon Group
Vice Chairman & CEO Hart Group, Inc.
President & CEO Financial Holding Corporation
Chairman & CEO Edwin L. Cox Company
Chairman & CEO Heritage Highland Finance & Management Services
Senior Managing Partner EnCap Investments, LP
Ms. Kelly H. Compton Mr. Dan W. Cook, III
Mr. William R. Cooper Mr. Edwin L. Cox Mrs. Katherine Crow Civic and Philanthropic Leader
Mr. Gary T. Crum President CFP Foundation
Mr. William A. Custard
Chairman & CEO Harwood International
President & CEO Dallas Production, Inc.
Sewell Cadillac Dallas
Executive Vice President & Managing Director Wells Fargo U.S. Corporate Banking
Mr. Raymond A. Basye, Jr.
Mr. Michael P. McCloskey
President Comiskey Kaufman Consulting, LLC
Mr. Terry R. Dallas
Mr. Charles L. Gummer Mr. Seth Hall
Ms. Linda W. Hart Mr. Brad K. Heppner
Mr. Denny Holman
Chairman of the Board Folsom Properties, Inc.
Mr. Thomas W. Horton Chairman & CEO AMR Corporation & American Airlines
Mr. Doug Houser
Mr. Michael F. McGehee Mr. Scott McLean
Mr. Michael A. Merriman Mr. David B. Miller** Mr. Tyree B. Miller
President A.G. Hill Partners, LLC
Mr. Jeffrey R. Schmid Chairman & CEO Mutual of Omaha Bank Mutual of Omaha Midtown Crossing
Mr. Mark W. Schortman Senior Vice President & General Manager Coca-Cola Refreshments
Mr. David T. Seaton Chairman & CEO Fluor Corporation
Mr. Carl Sewell
Chairman Sewell Automotive Companies
Mr. Michael J. Skillman
Mr. Roger Nanney
CEO Cadence Capital Management
Vice Chairman Deloitte LLP
Mr. Michael G. Smith Private Investments
Chairman Emeritus TXU Corp.
President, CEO & Director Texas Instruments, Inc.
Mr. Erle A. Nye
Mr. Richard K. Templeton
Principal Mega Capital, LLC
Mrs. Connie O’Neill Civic and Philanthropic Leader Mr. P. Scott Ozanus Vice Chairman, Tax KPMG LLP
President & CEO 7-Eleven, Inc.
Former Chairman & CEO MPS Group
Chairman of the Board & CEO Kansas City Chiefs
Ms. Patricia Patterson
President & CEO Ignite Restaurant Group
Partner & Co-Founder Implexus Capital & Partners
Community Bancorp, LLC
Dr. Sheron Patterson
President Chief Partners LP
Mr. Scott B. Walker
Senior Executive Vice President, Human Resources AT&T
Vice Chairman, Managing Director Cowen & Company, LLC
Communications Officer The North Texas Conference of the United Methodist Church
President & CEO Scowal Investments Partnership LTD
Private Investor Private Advisory Group
President Amarillo National Bank
Managing Director Credit Suisse AG
Chairman of the Board Weber Financial, Inc.
President The Container Store
Mr. James F. Berry
President Lockheed Martin Missiles and Fire Control
Ms. Jan Hart Black
Managing Director Black Muncy Davis and Associates
Mr. Raymond A. Blanchette
Mr. William A. Blase, Jr.
Mr. Tony Boghetich
Owner & CEO Omar B. Milligan Enterprises
Mr. Pat S. Bolin
President Eagle Oil & Gas Company
Ms. Julie Ann Brice
Former Owner & Founder I Can’t Believe It’s Yogurt, Inc.
Mr. Tucker S. Bridwell President Mansfeldt Investment Corporation
Mr. Bradley Brookshire Chairman Brookshire Grocery Company
Mr. Peter D. Brundage Managing Director Goldman Sachs
Mr. Donald J. Carty Retired Chairman, American Airlines & Retired Vice Chairman, Dell, Inc.
Mr. Joseph M. DePinto Mr. Derek E. Dewan
Mr. Antoine L.V. Dijkstra Mr. Frank M. Dunlevy
Dr. Steven M. Edwards Director & Professor
Temerlin Advertising Institute SMU
Mr. Juan Elek
Co-Chairman Elek, Moreno Valle y Asociados
Mr. Andrew S. Fisher Mr. Bryant R. Fisher Retired Senior Vice President Federated
Mr. Martin L. Flanagan
General Partner Mercury Ventures Chairman & CEO River Logic
Mr. Clark K. Hunt Mr. Douglas E. Hutt
Mr. Mark M. Jacobs Mr. Thomas W. Jasper Mr. Hugh W. Jones President & CEO Travelocity Global
Mr. David K. Kao Managing Partner Advantage Resources Group
Mr. James W. Keyes
Chairman Key Development, LLC
Ms. Nancy Loewe
Vice President & Treasurer Kimberly Clark
Mr. Paul B. Loyd, Jr. Mr. D. Scott Luttrell
Mr. Randal L. Perkins Mr. Timothy E. Perry Ms. Melissa M. Reiff
Mr. Ronald H. Ridlehuber CLU, FLMI, LLIF Chairman First Choice Network, LLC
Mr. William Vanderstraaten
Mr. Richard Ware Mr. Garry Weber
Ms. Julia C. Wellborn Executive Vice President, Wealth Management & Executive Director Comerica Bank
Mr. William M. Wheless III
Retired Former Chairman, President & CEO EDS
Executive Vice President Kemmons-Wilson Companies
Vice Chairman BMO Capital Markets
Chairman of the Board Texas Industries, Inc.
President & CEO Maguire Oil Company
Owner Romano Concepts, Ltd
Ms. Trea C. Yip
Co-Founder RealtyTrac
* Chair ** Vice Chair
Mr. James H. MacNaughton
CEO Cbeyond
Mr. Cary M. Maguire
Mr. William W. George Dr. James R. Gibbs Retired Chairman
President Patterson Investments
Chairman & CEO Tolleson Wealth Management
Chairman, President & CEO Lyco Holdings Incorporated
President & CEO OMS Strategic Advisors, LLC
Mr. James F. Geiger
Vice Chairman & CFO Comerica Incorporated
Mr. John C. Tolleson*
President Wheless Properties
Dr. Bobby B. Lyle
Ms. Lisa A. Gardner
Ms. Karen Parkhill
Retired Vice President, U.S. Sales Operations Coca-Cola Enterprises
Mr. Ronald A. Rittenmeyer
CEO LCM Group
President & CEO INVESCO
Frontier Oil Corp.
34
Mr. Kevin C. Howe
Mr. Guy R. Thomas
Mr. Robert D. Rogers Mr. Philip J. Romano Mr. James Saccacio
Mr. Robert A. Wilson Mr. Royce E. (Ed) Wilson, Sr.
Vice Chairman & CEO Attensity Media, LLC CEO TY Commercial Group, Inc.
C O N TA C T U S
I M P O R TA N T N U M B E R S F O R COX ALUMNI & FRIENDS
October 26: Management Briefing Series, sponsored by Ernst & Young. Speaker David Cush (MBA ’83) talks with Kshitij Sharma (MBA ’14).
October 27: Cox Alumni Association Board of Directors fall meeting. Outgoing chair Lauren McDonald (MBA ’82) hands gavel over to incoming chair Paul Divis (EMBA ’99). Katy Thomas (BBA ’07) is now vice chair.
November 7: Cox MBA Distinguished Scholars reception at Ocean Prime. David Wagner (MBA ’04), Judd Cryer (MBA ’05).
ACADEMIC DEPARTMENT CHAIRS Accounting: Hemang Desai Finance: Kumar Venkataraman Information Technology and Operations Management: Amit Basu Management and Organizations: Don Vandewalle Marketing: Raj Sethuraman Real Estate/Insurance/Business Law: Bill Brueggeman Strategy and Entrepreneurship: Gordon Walker
214.768.3185 214.768.7005 214.768.8257 214.768.1239 214.768.3403 214.768.3182 214.768.2191
ALUMNI AND EXTERNAL RELATIONS Assistant Dean of External Relations and Executive Director of the Cox Alumni Association: Kevin Knox
214.768.8338
BBA PROGRAM Associate Dean: Gary Moskowitz
214.768.1575
BUSINESS INFORMATION CENTER Director: Sandy Miller The Kitt Investing and Trading Center
214.768.4113 214.768.4113
CENTERS AND INSTITUTES Caruth Institute for Entrepreneurship Don Jackson Center for Financial Studies EnCap Investments & LCM Group Alternative Asset Management Center JCPenney Center for Retail Excellence Maguire Energy Institute William J. O’Neil Center for Global Markets and Freedom
214.768.3689 214.768.8256 214.768.8256 214.768.3943 214.768.3692 214.768.3251
CERTIFICATE PROGRAMS Entrepreneurship Certificate Program Graduate Business Analytics Certificate Program Graduate Finance Certificate Program Graduate Marketing Certificate Program
214.768.3689 214.768.1246 214.768.4155 214.768.2722
DEAN’S OFFICE Dean: Albert W. Niemi, Jr.
214.768.3012
DEVELOPMENT AND MAJOR GIFTS Director: Laran O’Neill
214.768.4988
EXECUTIVE EDUCATION Associate Dean: Frank Lloyd
214.768.3191
GRADUATE PROGRAMS Associate Dean: Marci Armstrong
214.768.4486
MARKETING AND COMMUNICATIONS Assistant Dean: Lynda Welch Oliver
214.768.3678
MBA BUSINESS LEADERSHIP CENTER/BBA BUSINESS LEADERSHIP INSTITUTE 214.768.3104 Director: Paula (Hill) Strasser 214.768.6227 MBA CAREER MANAGEMENT CENTER
November 28: Cox Alumni Association reception in Atlanta. Steve Bates (BBA ‘80), Jim Gilson (BBA ’82, JD ’85).
MBA GLOBAL PROGRAMS Assistant Dean: Linda Kao
214.768.4754
SOUTHWESTERN GRADUATE SCHOOL OF BANKING President and CEO: Scott MacDonald
214.768.2995
SPEAKER SERIES Bank of Texas Business Leaders Spotlight Series Ernst & Young Management Briefing Series L. Frank Pitts Oil and Gas Lecture Series O’Neil Center Speaker Series Southwest Venture Forum
214.768.3030 214.768.4266 214.768.3692 214.768.4210 214.768.3689
go to cox.smu.edu 35
C A L E N D A R OF E V E N T S April 30-May 1
August 30
Master Negotiation Cox Executive Education
SMU vs. Texas Tech, 7 p.m. Ford Stadium*
May 17
SMU vs. Montana, TBA Ford Stadium*
September 7
Cox Distinguished Alumni and Outstanding Young Alumni Awards Luncheon 11:00 a.m. reception, 12:00 p.m. luncheon Collins Center Contact: Ann Faison, 214.768.3030 afaison@smu.edu
September 21 SMU at Texas A&M
September 28 SMU at TCU
October 5
May 18 SMU Cox Graduation 1:30 p.m. BBA graduation 3:30 p.m. MBA graduation SMU Main Quadrangle
Family Weekend SMU vs. Rutgers, TBA Ford Stadium*
June 3-28
October 26
October 19 SMU at Memphis
Summer Business Institute Cox Executive Education
Homecoming SMU vs. Temple, TBA Ford Stadium*
*Dean’s Tailgate “On the Boulevard” begins two hours prior to kickoff at every home game in front of the Cox School of Business. For full football schedule, go to smumustangs.com.
September 13: Houston: At the Coronado Club, site of the Energy Club reception, Phil Cho (MBA ’14) visits with John Goodrum (BBA ’05), Cox Alumni Board member.
September 18: Houston: At the Amegy Bank luncheon spotlighting the O’Neil Center for Global Markets and Freedom, Cox Alumni Board members from Houston were in attendance. Clayton Dallas (BBA ’09), Jonathan Parker (MBA ’05), Phil Moran (MBA ’87).
September 26: Fort Worth: At the Cox Alumni Association reception, Greg Clifton (EMBA ’05) served as host and sponsor. Tim Knettler (MBA ’05), Greg Clifton, Chandler Clark (MBA ’05).
SMU Cox thanks our generous sponsors of the Dean’s Tailgate events in 2012: Andrews Distributing, Bottomless Pit BBQ, Central Market, Chili’s, CocaCola, Corner Bakery, Hotel Lumen, Joe’s Crab Shack, Kiolbassa Provision Company, McKesson, Xioss Data Storage and Mark Galyardt (MBA ’88), Cox Alumni Board member.
October 4: Insurance Council fall meeting. Casey Wehr, Jill Buffington Brooks (PMBA ‘05), Scott Miles (BBA ’72).
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For information about upcoming events, go to coxalums.com
ALUMNI BOARD
ALUMNI BOARD Cox Alumni Association Board of Directors James Alvetro Clark Bacon Jim Bernard Dennis Cail Rick Calero Jordan Carter Jack Chapman Trey Chappell Paul Collins Clayton Dallas Paul Divis ** Jeff Dyer Dan Einhorn Gonzalo Escamez Sada Mark Galyardt Angela Gieras Dan Goe Grant Goodman John Goodrum Brooke Green Paul Henderson Chip Hiemenz Tessa Hoskin A. J. Hu Taruna Jain Nick Kapral Pam Hoyerman Kemper Dave Manges Kyle Martin Ashley Wilson McClellan Lauren McDonald Frank McGrew Max Meggs Aakash Moondhra Phil Moran Fabio Okamoto Carlton O’Neal Kylie Wood Owens Jonathan Parker Bruce Parkerson Matt Peakes Kyle Perkins Evan Radler Angela Raitzin Chris Reilly Wayne Richard David Rouse Elisabeth Schmidt Allen Shank Javier Silvera Chase Spirito Cristine Struble Matthew Struble Arun Subramanian Katy Thomas *** Laura Till David Visinsky Catherine Walts Chris Wilson Rich Wilson Jiang Wu Liz Youngblood ** Chair *** Vice Chair
MBA '99 BBA '04 PMBA '02 EMBA '06 EMBA '08 BBA '08 BBA '10 BBA '00 MBA '02 BBA '10 EMBA '99 MBA '03 MBA '02 MBA '90 MBA '88 MA/MBA '03 MBA '99 BBA '07, MBA '11 BBA '05 MBA '99 PMBA '94 BBA '06 EMBA '09 MBA '01 BBA '95, MBA '01 PMBA '10 BBA '79 PMBA '07 PMBA '09 BBA '04 BFA '74, MBA '82 BBA '90 BBA '06 MBA '03 MBA '87 MBA '95 PMBA '87, JD '91 BBA '06 MBA '05 BBA '79, JD '82 BBA '00, MBA '07 BBA '09 BBA '05, PMBA '10 MBA '00 PMBA '01 BBA '80 PMBA '95 BBA '87 BBA '02, MSA '03 MBA '07 BBA '06 BBA '96 PMBA '00 MBA ’01 BBA '07 BBA '82 BBA '98 BBA '99 BBA '03 MBA '05 MBA '00 EMBA '05
Sydney, Australia Los Angeles, CA Austin, TX Dallas, TX Portland, OR New York, NY Austin, TX Phoenix, AZ Summit, NJ Houston, TX Dallas, TX Fort Worth, TX Milwaukee, WI Santiago, Mexico Atlanta, GA Jacksonville, FL Denver, CO Chicago, IL Houston, TX San Francisco, CA Sunnyvale, CA St. Louis, MO Dallas, TX Shanghai, China Austin, TX Dallas, TX Boston, MA Seattle, WA Dallas, TX Dallas, TX Little Rock, AR Nashville, TN Dallas, TX New Delhi, India Houston, TX Sao Paolo, Brazil La Jolla, CA Kansas City, MO Houston, TX New Orleans, LA Dallas, TX La Jolla, CA Fort Worth, TX New York, NY San Antonio, TX Dallas, TX Dallas, TX Washington, D.C. Dallas, TX Hong Kong, China London, England Chicago, IL Chicago, IL Bangalore, India New York, NY Albany, NY Memphis, TN Atlanta, GA Oklahoma City, OK Tulsa, OK Beijing, China Plano, TX
james@getfundamental.com clark.bacon@ubs.com jamesmbernard@gmail.com dennis.cail@komia.com rickcalero@umpquabank.com jcarter@smualumni.smu.edu jchapmanx@gmail.com treychappell5@gmail.com paul.collins@willis.com claytonrdallas@gmail.com paul@megacapital.com jdyer@crescent.com deinhorn@capitalmidwest.com gescamez63@gmail.com mark.galyardt@xioss.com angfuf1@hotmail.com daniel_a_goe@yahoo.com gngoodman@gmail.com john.goodrum@gmail.com brookegreensf@gmail.com phenderson@ariasystems.com chip.hiemenz@gmail.com tessahoskin@tx.rr.com aj.hu@jljgroup.com tarunajn@yahoo.com nicholas.kapral@gmail.com pamelakemper@gmail.com davidmanges@yahoo.com kyle.martin@pepsico.com ashley.mcclellan@hcahealthcare.com lemcdonald@aol.com frank.mcgrew@morgankeegan.com max.meggs@thehartford.com aakash.moondhra@gmail.com pmoran@pacadvisory.com fabio.okamoto@riobravo.com.br carlton@carltononeal.com kylie.owens@hotmail.com jonathan.parker1@morganstanleypwm.com bparkerson@pmpllp.com mpeakes@gmail.com kyle@westviewfg.com eradler@tug-hillop.com raitzina@gmail.com chris.reilly@reillyassociatesllc.com wrichard@icglobal.net david.rouse@yum.com elisabeth.s.schmidt@accenture.com ashank@lockelord.com javier.o.silvera@citi.com chase.spirito@baml.com cristine.struble@sbcglobal.net matthew.struble@sbcglobal.net psarun@hotmail.com kathryn.d.thomas@jpmorgan.com ltill@financialguide.com dvisinsky@hotmail.com catherinecoates@hotmail.com cwilson@gobaker.com rich@wilsoninterests.net jiang.wu@power.alstom.com elizayou@baylorhealth.edu
July 30: Cox Alumni Association reception in St. Louis. Cox Alumni Board member Chip Hiemenz (BBA ’06), Kevin Knox.
August 13: MBA New Student Orientation. Alumni and friends from Sabre made a presentation and hosted a reception for incoming students. Dustin Butler (PMBA ‘10), Sabre director Margaret Kim, Sabre CFO Mark Miller, David Larsen (MBA ‘00), Brian Herndon (PMBA ’10), Sameer Katiyar (MBA ‘02).
August 23: Cox alumni reception at SMU-in-Plano, sponsored by Shaddock Development, with advertiser Capital Title. Cox Alumni Board member Nick Kapral (PMBA ’10) with Brant Brown (PMBA ’10), president of the Dallas Business Club.
October 27: Cox Alumni Association Board of Directors fall meeting. Kevin Knox, outgoing chair Lauren McDonald (MBA ’82), new vice chair Katy Thomas (BBA ’07), new chair Paul Divis (EMBA ’99), Dean Niemi, with board members in attendance.
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1. July 30: St. Louis: Dean Al Niemi hosted a reception for members of the Cox Alumni Association, their guests, current and prospective students, and parents. Pictured: Jeff McGovern (BBA/BA ’07) with Jim Bryan (JD ’11), assistant dean of BBA admissions. 2. August 12: MBA New Student Orientation: Students were welcomed by Dean Niemi; SMU President R. Gerald Turner; Nancy Loewe, VP and treasurer for Kimberly Clark, member of the Cox Executive Board; and Marci Armstrong, associate dean of graduate programs. 3. August 23: Cox Alumni Association reception at SMU-in-Plano campus: Planned by Carl Pancratz, Kate Livingston and Kevin Knox, this reception attracted Cox alumni, current students, corporate sponsors and friends. Tim McMurray, SMU Athletics, spoke to the group, and Capital Title was an advertiser. Pictured: event sponsors Will (BBA ’06) and Bill (MBA ’74) Shaddock with Shaddock Development. 4. September 13: Houston: Kevin Lilly (MBA ’88) with Avalon Advisers hosted a reception for the Cox Energy Club at the Coronado Club. Pictured: Cox Alumni Board member Jonathan Parker (MBA ’05) and current MBA
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students Elise Hilgemeier, John Miglicco, Vishal Goel, Krysten Howie and Cynthia Nwaubani. 5. September 15: The Boulevard, prior to the SMUTexas A&M football game. Pictured: Cox BBA students Tori Martinez and Kelsey Alford leading the student parade to Ford Stadium. 6. September 15: Cox Tailgate, prior to the SMU-Texas A&M game: Pictured: Cox Executive Board member Marty Flanagan (BBA ’82), Casey Flanagan (BBA ’11), Caroline Farish (BBA ’11), Kevin Knox. 7. September 15: Cox Tailgate, prior to the SMU-Texas A&M game: Pictured: Jess Newman (MBA ’11), Matt Jacobs (MBA ’12), Caroline Moore, Chase Gardaphe (MBA ’11), Laura Basham (MBA ’12), John Meindl (MBA ’11), Jacque Kennedy (MBA ’12). 8. September 18: Houston: Dean Niemi (pictured) and Michael Cox, director of the O’Neil Center for Global Markets and Freedom, made presentations on the global, U.S. and Texas economies to an Amegy Bank audience hosted by Scott McLean (BBA ’77), CEO of Amegy Bank and member of the SMU Board of Trustees and Cox Executive Board.
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9. September 20: Wall Street Trek, New York City: MBA students, led by the MBA Career Management Center, visited several companies in New York. Pictured visiting with Chip Rae, director of human resources, Cowen & Company, are (in alpha order): Brad Bandel, Aaron Barnard, Reggie Brown, Charlie Farmer, Bryan Goodgion, Brandon Griess, Blake Helm, Kris Hunt, Sudhir Ippagunta, Tim Jost, Arsalan Khan, Josh Laughry, Ryan Levay, Molly McClung, Andy McIntosh, John Miglicco, Matthew Mullholland, Brian Park, Travis Polk, Nikhil Punde, Paul Rice, Liz Schaab, Evan Troup, Ryan Valdez. 10. September 20: New York City: Frank Dunlevy (BBA ’68), vice chair and managing director of Cowen & Company, hosted a reception for Cox MBA students, alumni and friends. Dunlevy is a member of the SMU Board of Trustees and Cox Executive Board. Pictured: Paul McNutt (MBA ’01), managing director of UBS, and MBA student Bryan Goodgion. 11. September 25: Women in Business Luncheon, sponsored by Dean Niemi. Pictured: speaker Lora Villarreal, executive VP and chief people officer with Xerox Services.
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12. September 25: Fort Worth: Greg Clifton (EMBA ’05), Cox Executive Board member, and Kevin Knox hosted a reception for the Cox Alumni Association, prospective students and their parents. Pictured: Missy and George Johns with son Michael and Jim Bryan (JD ’11), assistant dean of BBA admissions.
17. October 4: The Insurance Council held its fall meeting and hosted Bob Restrepo, CEO of State Auto Insurance Co., as guest speaker. Pictured: Kevin Knox, Bob Restrepo and Scott Miles (BBA ’72), master of ceremonies for the council.
18. October 10: Dallas 100TM sponsors hosted a special reception for the CEOs and presidents of the 2012 winning companies at the Collins Center. The event 14. September 27: Welcome reception for BBA Scholars. featured keynote speaker Mike McGuire (EMBA ’05), president of Andrews Distributing. Pictured: Cesar Pictured: Nick Goulding, Sarah Cocke, Justin Gilchrist Garza with Andrews, Mike McGuire, Kevin Knox, with Edwin L. Cox. Matt Canon (PMBA ’09) with Andrews. 15. October 3: The SMU Faculty Club and Cox School of Business hosted new head basketball coach Larry Brown. 19. October 12: BBA entrepreneurship student field Pictured: Dean Niemi, Coach Brown and Tony Pederson, trip, Fort Worth: Seth Hall (MBA ’96), CEO of SourceOne Spares and Cox Executive Board member, professor and Belo Distinguished Chair in Journalism. hosted students from SMU Cox and TCU Neeley to 16. October 4: The Business Leaders Spotlight, tour the Texas Air Composites location. Pictured: Kevin sponsored by Bank of Texas, hosted Mike Miles, new Knox, Seth Hall and Pat Kriska; Cox students Delali superintendent of the Dallas Independent School District. Agradi, Michelle Myers, Julia Geiger, Allison Fagan, Alyson Christiansen, Chad Cummings, Bryan Crabb and Allison Bereswill; Neeley students and faculty. 13. September 25: Fort Worth: Kevin Knox visits with Caroline (BBA ’06) and Tappan Bailey.
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20. October 26: SMU Homecoming festivities: Dean Niemi welcomed David Cush (MBA ’83), CEO of Virgin America, back to campus as the keynote speaker for the Management Briefing Series, sponsored by Ernst & Young. 21. October 30: Texas Business Hall of Fame induction dinner and ceremony, Houston: Savannah Campbell (MBA ’13) received the TBHF scholarship and was inducted into the Texas Business Hall of Fame. Pictured: Stephan and Janet Campbell, Savannah Campbell Petronis, Richard Petronis. 22. November 7: Alumni of the Cox MBA Distinguished Scholars program held a reunion reception at Ocean Prime and hosted current scholars. Pictured: Todd Alsup (MBA ’14); Ben Lurie (MBA ’07); Hannah Mendoza (MBA ’14), reunion chair; Sharon Gambulos, Cox development.
go to cox.smu.edu 39
COX CONNECTIONS 23
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23. November 11: DCEO Magazine Cox CEO Sentiment Survey reception, presentation of survey results and “CEO of the Year” award. Cox professors Bob Rasberry and Mickey Quiñones (pictured) prepared, administered and presented the survey results. 24. November 11: “CEO of the Year” was awarded to Nolan Ryan, president of the Texas Rangers baseball organization. Pictured: Lynda Oliver, assistant dean of marketing and communications, with Nolan Ryan. 25. November 14: The 22nd annual Dallas 100TM awards ceremony was held at the Meyerson Symphony Center. Pictured: keynote speaker Jere Thompson, CEO of Ambit Energy, with family and friends. 26. November 14: The 2012 winner of the Dallas 100TM award, as the fastest-growing, privately held company in Dallas, was Link America. Pictured: Link America CEO Andres Ruzo. 27. November 24: Dean’s Tailgate at the Cox School, prior to the SMU-Tulsa football game: Pictured: Kevin Knox, Reid Cossey (MBA ’13), Jessica Cartwright, Associate Board member Clay Hosterman, David Wood (MBA ’13), Dee Powell, Michael Cartwright (MBA ’13).
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28. November 28: Atlanta: Dean Niemi and Alyssa and Jim Geiger, Cox Executive Board member, hosted a reception for the Cox Alumni Association, prospective students and parents. Pictured: Catherine Walts (BBA ’99), Cox Alumni Board member; Mark Galyardt (MBA ’88); Cathleen and Caitlyn Rutan.
32. December 9: Hemang Desai, Cox professor and Accounting Department chair, and James Stewart, Cox digital marketing director, also participated in the Dallas Marathon.
29. November 29: Atlanta: Dean Niemi presented at University of Georgia’s Terry College of Business Economic Forecast Series. Pictured: Dean Niemi with Professor Don Edwards, former Terry College colleague.
34. January 5: San Diego: Dean Niemi, along with Leslie and Randy Perkins, Cox Executive Board member, hosted a reception for the Cox Alumni Association, current and prospective students, and their parents. Pictured: SMU parent Jeff Struve, Nicole Gleeson, Brent Gleeson (BBA ’99), Katherine Struve (SMU ’16).
30. December 6: Cox Holiday Open House, sponsored by the Full-Time and Professional MBA Student Advisory Boards and the Cox Alumni Association, benefiting Toys for Tots and Operation Impact. Pictured (made possible by Tyler Williams (BBA ’11) and Photomadic): Laura Molnar (MBA ‘13), Michelle Walla, Leila Cornelius, Maria Flannery, Saryn Hoover (all MBA ’12). 31. December 9: SMU Cox sponsored the Cox Corporate Relay Challenge presented by Behringer Harvard, as part of the MetroPCS Dallas Marathon. Pictured at left: Chuck Dannis (BBA ’71), marathon chairman emeritus and Cox adjunct lecturer, at the finish line to greet the first-place runner.
33. December 15: December graduation. Pictured: Marcus Concienne (PMBA ’12) and his family.
35. January 6: Newport Beach: Dean Niemi, along with Dana and Seth Hall (MBA ’96), Cox Executive Board member, hosted a reception for the Cox Alumni Association, current and prospective students, and their parents. Shown here: Dean Niemi giving a Cox School update. 36. January 22: Dean Niemi hosted colleagues from the School of Economics and Business at the University of Chile, where Cox has an exchange program. Pictured: Enrique Manzur, associate dean; Dean Niemi; Pedro Campos, director.
At SMU Cox, a short-term investment of time can lead to a lifetime of rewards
Specialized Master’s Programs
Certificate Programs
Master of Science in Accounting 9 months, full-time (part-time option available); starts each fall and spring
Graduate Business Analytics Certificate Program 4 months, Saturday mornings; starts each fall and spring
Master of Science in Entrepreneurship 16 months, evenings and weekends; starts each fall Master of Science in Finance 9 months, full-time; starts each fall Master of Science in Management 12 months, full-time; starts each fall Master of Science in Sport Management 12 months, full-time (evening/weekend classes available); starts each fall
Graduate Finance Certificate Program 6 months, Tuesday evenings; starts each fall Graduate Marketing Certificate Program 6 months, Monday evenings in Dallas, starting each fall; Wednesday evenings in Plano, starting each spring Entrepreneurship Certificate Program 2 months, Tuesday evenings; starts each fall, spring and summer
For more information, visit cox.smu.edu.
Southern Methodist University Cox School of Business P.O. Box 750333 Dallas, Texas 75275-0333 Address Service Requested
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Every gift counts. Every gift makes an impact. Join the Cox Alumni Board in its goal to reach 100% annual giving participation. For more information on Cox giving, visit smu.edu/giving/business or contact the Cox Development office Cox School of Business Alumni Association Board, Homecoming 2012
at 214.768.3074.