EBM Insider 2016

EBM INSIDER Volume 1 June 2016

Why markets matter Affordable tuition Grad school or work?

An interview with Bobby Umar What’s the deal with cryptocurrencies?

Written & Edited by King’s EBM Students

Contents 4

5 7 8 10 13

Letter from the Editors Department Chair Report International Student Essay: The Story of My Name What’s the Deal with Cryptocurrencies?

Why Markets Matter? The Key Word: Information! *Reprinted from King’s Cosmos by permission.* Thesis Articles

16

14 15

Undergraduate Thesis Preview: Tingting Zhang Undergraduate Thesis Preview: Lama Kaysi

Professor Profiles

17 18

A Refreshing Walk Down Economics Lane with Professor Brandon Malloy Dr. Joseph Turnbull

19 A Common Crossroad: Graduate School or the Workforce 20 Student Profiles

21 22 23

Kevin Lyons Darko Boras Janelle Martin

24 An Interview with Bobby Umar 26 Events Highlights 29 A Sneak-Peak into the life of a King’s Alumnus - Thomas Andreoili 30 Tuition Changes: What you Need to Know 31 Club Profiles 33 Puzzle 34 Student Awards and Recognition 35 Alumni & Department Announcements 38 Contact

Letter from the Editors

To our readers, It was truly a privilege being a part of creating the first-ever Insider. There were numerous challenges we encountered to bring you this inaugural edition—overcoming a lack of publishing experience, with no existing template to follow, chief among them. Nevertheless, we persisted with our efforts and are proud to now present the EBM Insider.

We have worked hard to ensure the content is relevant and engaging for all audiences, whether you are an alumnus, faculty member, current or future student. With this newsletter, we want to instill a sense of community through sharing and reflection and celebration of the most memorable moments of each academic year. Thank you and we hope you enjoy!

Sincerely, Ester Gerassime & Ruta Tewari Ester Gerassime is in Honors Specialization in Economics, with a Minor in Math. She is in year 3.

Ruta Tewari is in MOS Honors Specialization in Finance and Administration. She is in year 4.

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Department Chair Report

By Dr. Peter Ibbott Department Chair, EBM and Associate Professor

A

key strategic focus for our Department is globalization. It is behind our program in Global Commerce, our many courses in International Economics, and it animates our research activities. This focus also drives our pursuit of international exchange and partnership agreements that bring students and academics to King’s from all over the world.

Among our international students are an unusually strong group of 84 students from China who came to King’s through our CTBU and DUFE 2+2 partnership programs. These students do the first two years of their studies at their home university in China and come to King’s to complete the final two years of their studies. After they complete their studies they earn a Western University degree in MOS or Economics.

A very high proportion of these students go on to graduate studies at top universities around the world.

International students do not just come from China. In this past year (2015-16), King’s welcomed 500 international students to King’s from 34 countries – the most in our history. A very high proportion of international students choose programs in Business or Economics and Finance. The result is that international students make up over 35% of registrations in MOS and over 63% of registrations in Economics and Finance - which amounts to 47.6% of all registrations in EBM. Beyond these regular registrations, King’s also welcomed 36 exchange students from 15 countries – many of whom registered in EBM courses. Our success in attracting international students to King’s has benefited our students and our academic programs by providing students with multiple international perspectives in and out of the classroom.

Our focus on globalization has also enriched our academic community by bringing many international scholars to King’s.

From across the Pacific we welcomed Dr. Miao Yu and Dr. Rong (Judy) Zhu from the Dong Bei University of Finance and Economics and Mrs. Hongmei Zhang from Chongqing Technology and Business University. From across the Atlantic we welcomed Dr. Elena Senatorova who joined us from Moscow State University. While visiting King’s she presented her research on changes to accounting standards in Russia, and pointed to where this process was leading. In the coming year, we expect to welcome more visitors from

various corners of the world – with our first economist from Turkey expected next fall.

In addition to welcoming students and scholars from all over the world, King’s EBM faculty and students have traveled the world to pursue learning and research. Dr. Grigori Erenburg spent his recent sabbatical leave in Moscow at Moscow State University, while Sergio Janczak spent his sabbatical leave in France and Brazil at various universities. Our faculty have also traveled extensively through China (Chongqing, Dalien, Chengdu, Beijing, and Shenzhen) to teach at our partner institutions and to develop new university partnerships. In June of this year, Professors Ruth Ann Strickland and John Siambanopoulos will be going to Chongqing China to teach.

In addition, our students have had abundant opportunities to travel and study abroad through our international experiential learning opportunities (such as our International Business Mission course) and through the many international exchange opportunities open to our students through our partnership agreements with 67 universities in 24 countries.

Surprisingly, King’s has not had international partnerships or exchange agreements with Universities in the United States – Canada’s largest trading partner and closest ally. We are therefore very excited to announce a new partnership with St. Ambrose University, a Catholic liberal arts university located in Davenport Iowa.

The partnership began with visits to King’s by St. Ambrose Professors Patrick O’Leary (May, 2015) and David O’Connell (October, 2015) and return visits by Professors Trevor Hunter (July, 2015) and Peter Ibbott (April, 2016). Over the course of these visits, we explored the differences and similarities of Catholic Business and Economics education at each University and found opportunities for building a partnership that we hope will provide new opportunities for international travel and exchange for our students and faculty. In the Fall Term, we are expecting Professor Ted Woodruff to join us at King’s. Following this, Professor John Byrne will be bringing his students from St. Ambrose to King’s for a week long exchange program in May of 2017.

Eventually, we are hoping to have regular exchanges going both ways and to develop jointly offered and presented courses in our business and economics programs.

“Our success in attracting international students to King’s has benefited our students and our academic programs by providing students with multiple international perspectives in and out of the classroom.”

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These sunny conditions will not last for ever. Demographic projections show an expected 15% reduction in students graduating from high-schools in Southwest Ontario. Given that King’s students mostly come from this region, we are facing the prospect of a shrinking market. If we maintain our entrance standards, this demographic shift will place new challenges on our recruitment efforts at King’s. At the same time, the provincial government is redesigning the mechanism for financially assisting universities. This new model is expected to deliver much less support per student.

To confront these challenges, we are developing new programs and a new brand that will enable us to build an academic reputation that reaches beyond our traditional catchment area. The plan is to increase our ability to recruit strong students from new markets. Program innovation is the cornerstone of our drive to compete successfully for top university students. Building on this cornerstone is a focussed strategy of building new international partnerships in China and India that will deliver top students to our programs in Economics, Finance and Management.

New programs and new partnerships will ensure our financial viability and strengthen the King’s brand. The challenge we face is to turn the coming difficulties into new opportunities.

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To realize the potential that our new programs and new partnerships offer, we need to have the best faculty possible to deliver our programs and courses. Last year, we took steps to ensure that King’s would continue to offer the best education possible to our students. Our first new hire was Dr. Jennifer Jeffrey. A graduate of the PhD program at the Ivey School of Business, Professor Jeffrey has an active research agenda in marketing and brings to her students many years of relevant industry experience managing top international brands. Our second hire was Dr. Joseph Turnbull. A graduate of the University of Alberta’s PhD program in Applied Mathematics, Professor Turnbull was named the second best teacher at Western University in the January 21st edition of the Western Gazette. Our success in building our programs and growing enrolments in EBM has stretched our faculty resources very thin. These new faculty members are first steps towards building and renewing our teaching and research capacity. Building and renewing our faculty is if we are to be successful in providing King’s students with an education that offers “the best of both worlds.”

International Student Essay: The Story of My Name

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have always envied people who have a cool name. I once had a pretty good name, Boya. “Bo” means knowledgeable and “Ya” means elegant. However, when I was ten my parents changed my name to Mingxia. My new name means rosy clouds. While the meaning is good, “Xia” is old fashioned. It is a common character for names in my grandparents’ generation, so it was an outdated and funny name for a ten-year-old girl. Because of it, I got in some trouble at school and I began to believe that my new my unpleasant new name would define me and negatively influence my life path. However, over time I have come to realize that it is not my name that defines who I am, but it is what I have achieved that gives meaning to my name.

The reason my parents changed my name was my father heard of a fortune teller who lived in the countryside who was capable of changing a person’s fate by giving them a new name. It was said that this man could see a person’s whole life and predict his or her fate. I remembered that we spent three days at the fortune teller’s home where religious rituals were performed. One morning he held a pot with a piece of paper in it. When I unfolded the paper, I first saw my new name. It was quite outdated and sounded silly. Although I disliked it and questioned whether it had the magical power to change my life, my parents insisted on using the new name. They believed this new name could keep me safe and healthy, and help me have a better life. They would take any chance to ensure a better future for their daughter.

I remember they joked with me and said: “what if changing your name can help you get into the best university”. Finally, I accepted the name and convinced myself that a good name could affect my life and bring me fortune.

Despite my acceptance, things did not go well. Instead of luck, my new name brought trouble. My teachers had problems remembering my new name and always called me the wrong name in class. The boys teased me about the mistakes my teachers made and gave me unpleasant nicknames.

They called me “Xia”, which refers to someone who cannot see, because I wore glasses and it is pronounced similarly to the character “Xia” in my new name. There was a time when I was so embarrassed about my name that I stopped raising my hand to answer questions in class. I started to resist speaking in public. I tried to make myself invisible and seldom talked to others, even my closest friends. As a result, my grades fell, I became introverted and my friends and I drifted apart. Because of the failure and trouble my name brought me, I kept complaining about my name change, started to deny my abilities, and began to believe that my unpleasant new name defined me as a loser who’s life would be a total disaster.

By Mingxia/Olivia Ma

Dong Bei University of Finance and Economics, Honors Specialization in Finance and Administration Year 4 MOS

Depressing emotions about my name had troubled me for a while until something happened that completely changed my mind. I remembered that day clearly, when my English teacher came into the classroom and asked whether there was a student named Mingxia. I was really bad at English before, so my teacher never noticed my existence. Even so, I kept working really hard on English and my effort paid off.

This was the first time I got perfect, which was also the first time my English teacher ever paid attention to me. I stood up and told her that I was Mingxia and I just changed my name this semester. What really surprised me was she had remembered my name ever since and made me her assistant a month later. While I thought that my old name was much better than my new name, my old name did not help me to succeed in English. It was my new name that my teacher remembered because she saw how much effort I put into English and how much progress I had made. It was my effort and my progress that qualified me for the position of her assistant. My new name did not have the magic power to bring me fortune or to bring me harm. It was the time I spent on reading every morning, the exercise I did again and again, and the English dialogue I played in my earphones everyday which gave my name an extra meaning: the girl who was good at English and became the English assistant.

This experience made me realized that my name was not something that could determine my success. I decided that I should have more faith in myself and believe in my abilities to do something excellent. Instead of focusing on awful things like my teacher saying my name wrong and the boys making fun of me, I now put my effort in more meaningful things. Gradually, I was not the unattractive girl anymore. I became the most active student in class and teachers could always see my hand in the air; the boys who once teased me now asked me for help with their math homework; many girls wanted to join me and danced together on our school’s anniversary. All the great things I did made a difference to the meaning of my name. Now, people would imagine a girl who is energetic, helpful and versatile, when thinking of the name “Mingxia”. It is not the name that makes the person, but the person who makes the name.

Comedian W.C. Fields once said: “It ain’t what they call you, it is what you answer to”.

My name has had an impact on my life, but it is not definitive. My name might not make a great first impression, but I will not allow it to limit my potential and prevent me from reaching for my dreams. Only strong determination and unremitting endeavor can make dreams come true, and by reaching for my dreams, I will give new meaning to my old fashioned name.

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What’s the Deal With Cryptocurrencies?

By Joseph Kahenga Honors Specialization in Economics Year 2

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ryptocurrencies are a digital medium of exchange that use advanced encryption techniques relying on sophisticated algorithms to secure transactions and monitor the creation of new units. They belong to a subset of currencies most commonly known as “alternative currencies”.

On January 3, 2009, Bitcoin, the first and most popular cryptocurrency, was released. Its beginnings were extremely modest, a period during which the currency was marketable at inexpensive prices below a dollar.

Unexpectedly, the Bitcoin market boomed at $230 per unit starting April 9, 2013. Several economists accuse the banking crisis in Cyprus of being a catalyst for the dramatic rise in cryptocurrency prices (Bitcoin Price Index).

During the second semester of the year, following its stochastically upward trends, Bitcoin prices skyrocketed and, by the end of November, reached a historical ceiling surpassing $1000 in unitary terms. At the start of the year, a single bitcoin could be purchased for around $12, a gain of more than 10,000% from the year’s high.

Some industry insiders believe the abrupt influx of Chinese traders in the Bitcoin market accounts for the historically unexampled annual high. Furthermore, Guillaume Babin-Tremblay, Chief Technology Officer at CryptoMechanics and certified Bitcoin professional, explains the growing Chinese middle-class are attracted to Bitcoins due to lack of other alternatives.

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Unfortunately, the Bitcoin market remained at its all-time peak for only two weeks before its prices started to dramatically fall. On December 10, they hovered around $961 per bitcoin, a decrease of roughly 28%.

On December 5, the Chinese central bank (People’s Bank of China) imposed a prohibition on commercial banks for handling bitcoins. This decreased demand for bitcoins, a demand which initially originated from Chinese consumers (Kitco News, 2013).

Nevertheless, bitcoins offer a wide range of advantages to users. Most cryptocurrencies provide freedom from institutions such as government and central banks that generally attempt to exert exclusive control over these currencies and their respective markets. It is in this regard that economists invoke the decentralized and unregulated nature of cryptocurrencies. The bitcoin market does not have a central authority that governs its policies and financial activities. This is highly advantageous for libertarians who generally oppose the extensive outreach of government regulations and its manipulation of crucial economic variables.

Those engaging in regular banking transactions would be concerned with the exorbitance of these transaction fees.

Cryptocurrencies create more efficient monetary environments in which transaction fees are either completely eliminated or simply held at minimum levels. In other words, fee incurred from daily banking transactions is eliminated on using cryptocurrencies.

Moreover, the money for everyday transactions is issued by the Central Bank, which has a monopoly over the supply of government currencies in the market.

Since cryptocurrencies are independent of the activities of the Central Bank, during inflation most cryptocurrencies will remain unaffected.

Hence, cryptocurrencies like Bitcoin are not subject to inflation caused by the activities of the Central Bank or government.

In the current banking system, financial institutions and the government constantly monitor daily transactions.

Information associated with bank accounts and credit cards is easily accessible to many third parties. These parties collect a variety of personal data ranging from addresses to purchase patterns, and other consumer behaviors.

Furthermore, users of cryptocurrencies adore the anonymity they provide. While many consider this aspect of cryptocurrencies an asset, several critics point out its repercussions in criminal matters. Their arguments suggest the monetary system mitigates frauds, allowing a central authority to investigate the nature of transactions by accessing personal information. In the case of Bitcoins, encryption does not state crucial ownership information.

That is, if the coin is stolen, it cannot be brought back.

Thus, it is evident the anonymity of cryptocurrencies provides an El Dorado for the circulation of criminal money, thus nurturing a favourable environment for shadow banking and black markets. “A number of websites and private users used the digital currency to perform illegal dealings, such as selling drugs, guns, and prostitution” (Ew News Desk Team, 2015).

Overall, cryptocurrencies do not always guarantee sunshine and rainbows. Their markets value them as commodities; which implies they too are vulnerable to volatile market fluctuations similar to stocks, gold or silver. Also, as it is with bitcoins, extreme factors could drastically affect the market for digital currencies. These market shocks could be unpredictable, leading to a sudden decrease in demand for cryptocurrencies. This could be caused by exogenous factors such as low interests on deposits, a lack of alternatives to money, and speculations (CoinPursuit, 2014).

Pictured: Professor Aleksander Essex

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Original article from King’s Cosmos.

Printed with their permission.

M

y primary area of specialization is Market Microstructure, a subfield of Finance and Investments. I am interested in how market systems and trading rules affect prices. The goal of my research is to identify market characteristics that allow prices to provide the best estimate of the true value of underlying assets. The estimate must continuously adjust to reflect the new information. The process by which the price “finds” the true value is called the “price discovery.” One illustration of the problems tackled by Market Microstructure research is the question of whether multiple competing market centers provide better price discovery than a single centralized market. The competition among the centers may drive trading costs down. However, sharing the trading activity across multiple platforms may actually make it more costly for market participants to transact. In one study, we tested how market quality and price discovery changed when a very large market center, the New York Stock Exchange, entered the competition in exchange-traded funds (ETFs). We found that the market quality and price discovery improved with the NYSE entrance into the competition. The results of our study suggest that trading across multiple trading centers may be preferred over trading concentrated in a single market.

Is it important to study Markets?

The study of markets helps us garner insights into the much broader, general question of how information is transferred, processed and transformed. Not everything is measured by money, but in many cases the monetary value is one of the most, if not the only, measurable characteristic. Markets serve as a great mechanism for aggregating information relevant to identifying the value of a specific object.

What kind of information do markets process?

There are different types of information. For example, macroeconomic announcements contain news about employment, inflation, and productive capacity of the economy, which is released to the public at specified times on specific days. There has been debate about whether such public information requires trading in order to be reflected in prices. Some scholars argue that prices will adjust fast and without trading because all participants receive the same information at the same time, so all traders update their estimates simultaneously and identically. In one of our studies, we examined the effects of macroeconomic announcements on equity index markets using high

frequency transactions data for the index futures contracts.

We found a large increase in trading activity immediately after the announcement. Furthermore, the results show that a specific group of traders, called “locals,” tend to react to the macroeconomic information faster than off-exchange traders. This suggests that not all groups of traders are equal in processing or accessing public information such as macroeconomic news.

There is less disagreement about the role of markets when more “information asymmetry” is present, that is, when the information is more “private.” Market mechanisms aggregate information from various individual participants by pooling together participants’ partial private information. For example, in a study co-authored with my marketing colleagues, we applied analysis of financial markets in order to estimate the value of product placement in the movies. This was a challenging task to execute within the scope of traditional marketing analysis because the results of advertising take years to show up in sales. However, investors in financial markets may be able to evaluate the effect of advertising within days after the start of advertising. By applying the method of event study to the financial markets we were able to not only estimate the value of product placement, but also identify the major factors that affect that value, as well as trace the evolution of the effectiveness of product placement strategy over a time span of almost 40 years (1968-2007). For example, some of the major variables affecting the effectiveness of product placement are: number of appearances with the main character, genre of the movie, product industry, and opening revenue. Overall, we found that the effectiveness of product placement, estimated by financial markets’ participants, reached its peak in the mid-90’s. As this advertising technique gained wider acceptance, its value diminished, perhaps because markets recognised increasing resistance of consumers to persuasion of product placement. In fact, markets can process almost any kind of information, not only the data related to the firm’s value. A special type of markets, prediction markets, also known as “information markets,” “decision markets,” or “event futures markets,” are an emerging form of markets in which participants make bets against each other on the outcome of future events. One example is the Iowa Electronic Markets in which traders bet on certain political or economic events. The “price discovery” function makes prediction markets extremely important in any field of human activity that requires aggregating information for forecasting purposes. The areas of application include public policy, health, public safety, economics, commerce, etc.

Currently, I have a work in progress that studies this type of market.

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Are all markets successful at “price discovery”?

Eugene Fama received the 2013 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (analog of Nobel Prize in fundamental sciences) for formalizing the concept of market efficiency. Markets are informationally efficient if market prices reflect, correctly and on time, all the relevant information about the underlying asset. Only efficient markets provide high quality price discovery. There are various reasons for why markets may not be efficient.

Those include high transaction costs, sluggish trading activity or certain systematic biases in behaviour of market participants. For example, when we investigated the price discovery process in the U.S. natural gas spot and futures markets, we found that daily temperature changes in New York City, where the futures market for natural gas is physically located, has an additional effect on gas prices beyond what could be explained by the temperature changes aggregated across the U.S. This is inconsistent with the efficient market concept and suggests that local weather in New York City may influence the behavior of traders in the natural gas futures market. The concept of market efficiency known, even outside the field of finance.

For example, the application of the efficient-market theory in corporate law is known as the “fraud-on-the-market theory.”

If it is determined that an alleged fraud has been committed in the efficient market, the certification of the class action suit, before reaching the court, is significantly simplified.

Unfortunately, as we argue in our paper “The Paradox of ‘Fraud-on-the-Market Theory,” the current metrics used by courts to establish market efficiency are often inconsistent and misleading. Our results suggest that one has to be very careful in applying the efficient market theory outside the finance field.

Who are market participants and what is their role?

Price discovery in the markets depends on the market participants. Market participants can be roughly classified into three groups: market makers, who include the “local”

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traders; informed traders; and uninformed traders, sometimes called liquidity traders or noise traders. As the name suggests, market makers facilitate trading in the markets. Uninformed traders provide necessary supply and demand for securities. Informed traders contribute their private information to the price discovery. It is not always a “clear-cut” story. For example, in the paper mentioned earlier, we evaluated the contribution of different groups of traders to the price discovery around macroeconomic announcements. We found that, because of the better access to the market, “locals” act faster than other groups of traders, and may take advantage of informed traders by trading on their information ahead of the informed traders.

This behavior may scare the informed traders away and slow down or distort the price discovery process. Investors who hold publicly traded shares of stock of a company are also the owners (shareholders) of this company. Thus, investors in the stock market participate in controlling and monitoring the management of the companies. Large institutional investors such as asset management companies, insurance companies, pension funds, hedge funds and other investment companies have both the informational advantage about the company they invest in and the power over how the company is managed. In a recent study, my co-authors and I compare institutional holdings of chronically underperforming firms with institutional holding of overperforming firms. We find that, in aggregate, institutions prefer to limit their participation by purchasing the shares of stock of the firms that are expected to perform well and selling the shares of stock of the firms that are expected to fail. There are some differences in the behavior of different groups of institutional investors, but they do not seem to exercise their control over the companies they invest in. Rather, institutional investors use their informational advantage to choose the companies which perform or are expected to perform well.

Thesis Articles

Undergraduate Thesis Preview: Tingting Zhang

By Ruta Tewari

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ingting Zhang is a 4th year student at King’s pursuing an Honors Specialization in Economics and a Minor in Social Justice & Peace Studies. Having been the top student in her class back home in Nanjing, China, Tingting was always curious about various socio-economic changes taking place in the world. Her strong inclination to be a contributor to peace and justice in the world made her want to pursue a career in this arena.

However, she credits her father as a great source of guidance and inspiration for her, as he advised her to combine her passion for social justice and peace with a course that would allow her to expand her knowledge in understanding the world through different perspectives.

her to understand its impact in the world better. Additionally, she explains that pressing issues like the large income gap between the rich and poor can be positively affected by understanding income polarization and whether immigration can impact these changes.

Currently, Tingting’s thesis is more about her understanding and the impacts of the concepts she has learned, on the economy since obtaining census data for 1970 to 2005 while using it for genie coefficients and income polarization did not provide enough data to further work with. However, she maintains great enthusiasm as she admits the support and guidance she has received from her professors at King’s has pushed her to explore her thesis in a number of unique ways.

“Economics…helped me expand my world view in ways I may not have thought of before.”

On exploring her options at King’s, Tingting decided to pursue Economics and instantly took great passion and enthusiasm in learning it. “It really helped me expand my worldview in ways I may not have thought of before.”

Economic policies, international trade, international finance are among some of the various different concepts she enjoyed exploring. She slowly realized her passion for being a contributor to the betterment of the world required her to understand income inequality and how imports and exports affected different forms of trade.

Tingting’s consistent and sincere efforts in learning all she could from her time at King’s eventually steered her towards writing her thesis on Income Polarization and comparing measurements in this with income inequality in the world.

She also believes writing her thesis on this topic has allowed EBM INSIDER • June 2016 • 14

This fall, Tingting looks forward to applying the plethora of her knowledge, skills in research, analysis and critical thinking to further pursue her passion at McGill University.

She believes every student should devote time to pursue their true passions to avoid regretting their career choices in the future. Moreover, she concludes that the timeless encouragement from professors, the peaceful environment and the strong sense of community at King’s are the most ideal for allowing students to achieve this goal.

Undergraduate Thesis Preview: Lama Kaysi

By Ruta Tewari

L

ama Kaysi is a 4th year student at King’s pursuing Honors Specialization in Financial Economics. Originally studying computer and electrical engineering in Lebanon, she realized her passions resided in a field more geared to math.

Later, as she enrolled at King’s, she decided to try her hand at Financial Economics, having enjoyed an Economics course she had taken back home.

Little did she know that her deep interest in Financial Economics would lead her to base her thesis from the various courses she took up in this field. Lama’s thesis focuses on the Labor Market outcomes of Immigrants in Canada. She is examining the socio-economic factors, which impact an immigrant’s outcomes in the labor market and how they compare to those of natives in Canada.

thankful to her professors at King’s for always helping her out with all her queries and qualms.

Lama further insists that students must already assume that the professors at King’s will always help them no matter what the issue, be it academic or personal. “They will tell you what you are doing is right or wrong which will actually make you do better, even if initially, you were right. Every interaction teaches you something essential.” She recalls finding it hard to approach professors with questions but quickly learned how immensely effective it was once she moved outside her comfort zone.

“[Lama] recalls finding it hard to approach professors with questions Since then, she has been an active student all her classes, admitting how much she but quickly learned how inenjoys tasks such as attending lectures and taking simply due to her immensely effective it passion fornotes, financial economics and the confidence she has built from interacting was once she moved with and gaining valuable feedback and Essentially, she is using the 2006 and 2011 outside her comfort encouragement from her professors. census of Canada and using variables Also, she is currently the President of representing several socio-economic zone.” the Arab Students’ Association at main factors such as weeks worked, language skills, place of birth, experience in labor market, years of education and how these affect the earnings of immigrants and how that has been changing over time. Through the Ordinary Least Squares Approach (OLS) she has estimated an equation to examine her thesis and has obtained an R2 over 40%, which, according to her regression model, is significant in terms of explaining her thesis.

Being a student at King’s has been a greatly fulfilling experience for Lama as she has not only felt a strong sense of community within this institution but has also received endless support from her professors here. Lama credits her parents for instilling values like hard work and tenacity in her while being deeply

campus, which has been one of the best experiences she has had in terms of gaining leadership skills and being able to provide several other Arab students the opportunity to take on leadership roles. Lama’s relentless efforts in preventing the club from being due ratified have increased its membership by 10 times, while allowing it to prosper in the spirit of togetherness.

In the future, Lama hopes to utilize important analytical and critical skills from her experiences at King’s to pursue Law School. However, she adds that her experiences at King’s and the unwavering support of her professors would be emotionally challenging to leave after receiving four unforgettable years at this great institution!

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Professor Profiles

A Refreshing Walk Down Economics Lane with Professor Brandon Malloy

By Ruta Tewari

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veryone does Economics, but may not realize it.” Such is the modest yet, profound wisdom expressed by Professor Brandon Malloy. Having begun his unexpected career in teaching by tutoring students for three consecutive years, Professor Malloy rapidly became a regular favorite among students at the University of Western Ontario. He went on to receive the Tutorial of the Year Award for two consecutive years and it became evident where his passions lay. In spring 2014, he became a Teaching Assistant to Professor Alan Bester and later that year a Research Assistant to Professor Ananth Ramanarayanan, after which he discovered that teaching was something he wanted to pursue.

And he has not stopped ever since. Some of the courses he has been teaching are Principles of Microeconomics, Principles of Macroeconomics and Intermediate Macroeconomics to students at King’s. He has enjoyed teaching and the opportunity to combine it with his passion for Economics.

study of life”, motivating them to gain more than just textbook knowledge, but also valuable ways of understanding the world and their role in it.

It is precisely the reason why Professor Malloy constantly encourages students to approach their professors throughout their learning process. He explains no matter how terrified students are of a professor or how senseless and shy they feel, they must simply take that first step of asking questions. He emphasized the importance of this as he recalls experiencing the same moments, only to come out more relieved and confident from the interaction with his professors. Ultimately, he wants students to know their input and feedback during and after lectures matters a lot to him and also helps students in learning the material better.

“We are here as a resource to help you. Professor Malloy wants students to know that he is also very approachable and Help us help you.”

Reminiscing about childhood, Professor Malloy recalls an event he believes may have kindled his passion for economics.

His high school Economics teacher asked him to show his representation of an Economics model to his class. He recalled “I used different colored highlighters to make it. I think that impressed her!” He remembers feeling a boost in morale and confidence, which motivated him to study Economics.

Fast-forward to today, Professor Malloy actively believes in the power of Economics. “It allows students to make their way from all the technical mumbo-jumbo, towards intuition.” His refreshing perspective does not push students to step into the world of Economics, but to realize they are already engaging in it in every moment of their lives. He believes every student should learn Economics at some point in their lives, since it is crucial they be exposed to the critical and intuitive thinking it demands – skills particularly in demand by the best institutions and corporations today. Furthermore, his unique teaching style is a result of his constant efforts to learn and update his knowledge as a professor. It is due to these efforts that he is able to inspire students through his ideology, “Economics is the

flexible. “We are here as a resource to help you. Help us help you”. Regular studentprofessor interaction is essential as it enhances their ability to learn, allowing them to gain the most from their university experiences. In addition, he hopes students realize the importance of these interactions when he says, “Believe me, we like it when students ask for our opinion about things outside the classroom.” In doing so, he wants students to become better versions of themselves through asking, providing feedback and gaining valuable feedback and support in return.

As if being the coolest-professor-on-the-block was not enough, Professor Malloy is currently finishing his dissertation in “Decomposing International Trade Growth”, expected to be completed later this year. Having lived in New Brunswick on the border, he was naturally curious to understand what made international trade particularly different from other forms of trade. He explained how he would read a lot while researching, which ultimately made him find ‘holes’ or unaddressed topics in others’ papers. This brought him to exploring what made living on the border specifically different in terms of trade barriers, price dispersion across nations and how these affected overall trade growth.

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He encourages students inclined to do research, to examine Economics models that not only look at the bigger picture but address issues affecting various issues at a minute level. Moreover, Professor Malloy encourages students to find something that captures their interest but is also beneficial to others and the society, since this would be a way to contribute towards improving the world.

“Really, you come to university to learn how to learn.”

new everyday. Really, you come to university to learn how to learn.” More motivating words could not have been said articulately. At King’s, students possess a big advantage of trying different courses and expanding their analytical and critical skills. This, coupled with highly qualified and approachable professors like Professor Malloy, guarantee a sense of belonging and an enthusiasm to learn, making it an unforgettable university experience for all!

Lastly, he adds “It is ok to not know what you want to do, but that just means you need to push yourself to learn something

Dr. Joseph Turnbull

By Ester Gerassime

L

ike many, Dr. Joseph Turnbull is a well-recognized and acclaimed professor at King’s University College. His educational background consists of an undergraduate degree in Applied Mathematics from The University of Western Ontario and a PhD from the University of Alberta, where he focused on (computational) physics. After completing his PhD, Dr. Turnbull began working as a post-doctoral researcher at the Center for High Performance Simulation in North Carolina.

When asked about his experience as a researcher, he explains that it was enjoyable to be part of a research group where work was being done on projects in a variety of multidisciplinary research areas, such as in nanotechnology, with some of his colleagues even using computer simulations to explore the biomolecular aspects of human diseases. He also adds, “I spent a lot of time in front of a computer writing code and analyzing data, yet felt drawn to a more social career. Consulting in any analytical field was compatible with my training and interests, but the draw of a career in education was stronger…I have a passion for mentoring.”

“Math is a common language that helps us see connections and integrate concepts across disciplines.”

This passion led Dr. Turnbull towards a teaching career, and he has been teaching mathematics at King’s since 2013.

His teaching career thus far has not been without its accomplishments. He has consistently been nominated for the Excellence in Teaching Award, and has recently been given the title as being the second best professor at Western University overall; which is based on the ratings and reviews found on ratemyprofessors.com. “I smiled because I thought the fuss was cute,” says Dr. Turnbull upon first finding out these results. “It

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means a lot to me that my students took the time to provide feedback.

When I evaluate my own teaching, I only see my flaws.”

Many students recognize that Dr. Turnbull easily relates to those who are required to take mathematics for their program—whether they enjoy the subject or not. He mentions that, as a student in high school, he did not like math. “My favourite part about teaching is being able to help students overcome their fear of mathematics; especially since I have been there myself.”

He also emphasises that he enjoys demonstrating the connections between math and other areas, pointing out that, “math is a common language that helps us see connections and integrate concepts across disciplines. Math also does an exceptional job in training your mind to solve complex problems and to think logically and clearly, regardless of the context.”

And he often brings light to these ideas through his various teaching methods. “In many classes, I push for collaborative learning and use different motivators and technologies to promote [this].”

In addition, he is known for providing many outside-of-class resources and help, such as review sessions, drop-in help hours at the library, and online discussion forums through OWL. But what motivates such dedication in teaching? Dr. Turnbull easily justifies and explains that teaching at a university is his dream job.

A Common Crossroad: Graduate School or the Workforce

By: Ester Gerassime

I

t is not unusual for the undergraduate student to contemplate their next steps, post-graduation. The often daunting work-world causes hesitation and doubt for many students. Perhaps the most prominent question is whether one should go straight to graduate school or enter the workplace. This article does not pretend to provide a final answer that can be applied to all students; rather, it hopes to address the aforementioned concerns in light of the perspectives given by several King’s professors.

I spent the better part of a week interviewing and speaking with a number of faculty members from the Economics, Business, and Mathematics department. My two questions for them were: Did you go to graduate school or work after graduation? And, what do you recommend future graduates do?

Unsurprisingly, most of the interviewed faculty members did go directly to graduate school. However, their recommendations still highlight valuable insights and are discussed below.

Whether it is a Master of Economics or an MBA, each one agreed that a master’s-level of education would serve as an asset in the workplace.

Going directly to graduate school, ensures that you gain your credentials as soon as possible, thus reducing the time spent in school. On the other hand, getting a job first can hone your goals and interests, as well as provide the motivation needed to complete a master’s degree.

In addition, some professors explain that domestic students often have the upper-hand when it comes to going to graduate school.

There are many funding sources available to them, such as grants and scholarships, that can cover the majority of their graduatelevel education.

The work-world is very different from the academic one. By working first, you can better understand what the demands are like and the skillset needed to be successful. In fact, some firms will allow you to go to graduate school without losing your current job or even pay for the additional education.

Another suggestion is for students to apply to both their ideal job and graduate school and then choose to pursue the opportunity that fits best with their personal goals and commitments at the time an offer is given.

Lastly, it is important to research the graduate programs in advance since some will require at least one to two years of previous full-time work experience.

Indeed, the question of whether work experience is required for graduate school, or if graduate school is required to gain work experience, will always exist. Are you going to be over-qualified or under-qualified for the position you are applying to next? These questions can be an endless cycle, but are important questions nonetheless.

Ultimately, your aspirations and motivations are key factors when making these types of decisions. From multiple interactions with professionals, I have learned that each of them has a unique story to tell and not one has had a predictable path towards the success they see now. And of course, the main ingredients for any career are passion, determination, and genuine perseverance.

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Student Profiles

Kevin Lyons

By Ester Gerassime

K

evin Lyons, 21, was raised in Sarasota, Florida, but came to Canada in 2013 to pursue an education at King’s University College.

He is graduating this year with a degree in Economics.

Lyons was interested in attending King’s for multiple reasons. He enjoys that King’s is still part of Western University, but maintains a more intimate atmosphere and “family-vibe.” Also, the smaller class sizes allow for closer relationships with the professors and easier collaboration with fellow students.

After taking an introductory level economics course during his first year, he realized his interest in and passion for the subject and from here he decided to pursue an Economics degree. Lyons explains his overall experience within the program as being very rewarding.

“I absolutely love economics. The organicism of it really intrigues me. It has been really fun and without a doubt, extremely influential three years. I’ve grown more into the person I strive to be even though I still have a lot of growing ahead of me.”

According to Lyons, coming to a different country, establishing a new home, and developing lasting friendships and relationships are some of the many factors provided a memorable undergraduate experience.

“I’m ready to put everything I’ve learned so far to work and learn more; hopefully see the two come together.”

As is the case with any program, studying economics is not easy—it requires true dedication. “[One should] have a passion for it; it’s not a field to go into for outside reasons. You should enjoy it as your first priority because if you enjoy it, you will certainly have better success.”

In addition to his studies, Lyons participated in Varsity Tennis during his first two years at university; was an active member in the King’s EconoMath Society (KEMS), the Kid’s Club, King’s Accounting Club (KAC); and made regular visits to the gym.

Upon graduation, Lyons hopes to work in the finance industry.

“I’m nervous, but ready. My time here [at King’s] has prepared me in many ways. I’m ready to put everything I’ve learned so far to work and learn more; hopefully see the two come together. After all the training and practice, it’s time to play the match.”

Lyons explains that his parents and family—both here and back home—as well as King’s professors, have been huge influences and motivators.

“I can’t name only one professor who has influenced [me] because each one of them has. I appreciate all the time and effort they’ve devoted to helping me and I really do mean that. King’s is number one—and I believe it’s better than all the other affiliates and main. Shout-out to King’s!”

From all of us at King’s, we wish Kevin Lyons the best in his future endeavours.

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Darko Boras

By Ester Gerassime

D

arko Boras, 22, will be graduating this year with a BMOS Honours Specialization in Finance. Originally from Serbia, Boras was raised in London and began his studies at King’s University College in 2012.

In high school, he was always interested in a variety of subjects, sharing that, “I didn’t always want to study finance. I had a lot of interests coming out of high school, especially in history, politics, science and economics. The BMOS stream allowed me to study economics, other courses related to the social sciences, all while learning more marketable skills from the business courses.”

His interests eventually helped direct Boras towards the Finance program. He also explains that the program itself was very beneficial and he enjoyed learning about evaluating companies and the different types of financial markets, such as stocks, bonds, and derivatives. Moreover, the program emphasised the interconnectedness of different markets and the effects of international events on domestic stock markets.

“Overall, [my] undergraduate experience was great. The Professors are well-experienced in their fields and this makes them more valuable to the learning experience. Other campuses rely on TA’s or Masters students to do the teaching whereas the Professors at King’s often take a more direct approach in their teaching methods,” explains Boras.

Along with academics, Boras was involved in the King’s Investment Club and Serbian Society during all four years of his undergraduate career. During his third year, he was the Senior Vice-President of the King’s Investment Club and in his final year, the club President. He has also worked as an online equity research contributor for Seeking Alpha since the summer of 2014.

Upon graduation, Boras will begin working as an Associate at Info-Tech Research Group in London—a firm which specializes in IT and business consulting. According to him, the transition from university to the workforce will be, “exciting, but also saddening since I will be leaving university. It was genuinely a lot of fun.”

Boras has been very successful academically and with the starting of his new career. In the past, he has received the King’s University College Entrance Scholarship and has maintained the average required for the continuing scholarship. Furthermore, he has twice received the William F. Barnicke Student Award, the Mathematics Excellence Entrance Scholarship, and has frequently made the Dean’s Honour Roll.

Darko Boras has been an exceptional student throughout university, and his many achievements are sure to continue post-graduation. We wish him all the best in his future endeavours.

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Janelle Martin

By Ruta Tewari

B

orn and raised in London, Janelle Martin, 22, will be graduating this year with an Honours Specialization in Accounting.

From taking an Accounting course in high school, along with her keen interest in the subject, Martin was motivated to enroll in the BMOS program at King’s. After completing courses like Business 1220 and Business 2257, she realized her potential to excel in Accounting and decided to pursue it further.

Martin’s experiences with business courses at main campus were quite different from those at King’s. She found classroom sessions more engaging and the interactions with her professors more rewarding. The small classroom sizes enabled effective studentprofessor communication and allowed her to develop lasting relationships with her peers; while giving her the opportunity to build effective study groups.

Martin explains, “I am going to miss being around people at King’s. I made a really good community of friends here.”

The same can be said about her relationship with her professors. She also plans to keep in touch with them upon graduating from King’s.

Apart from being a devoted student, Martin held the managerial position at Adventures on Wonderland throughout her four years at university. In addition, she has been the Vice-President of Events for the King’s Accounting Club, as well as an active member of the BMOS Association.

“I am going to miss being around people at King’s. I made a really good community of friends here.”

She also mentions studying Business 2257 has been especially gratifying, adding, “Some of the people I have met in my Feasibility group have become my closest friends.”

This September, Martin is excited to share that she will begin working at BDO, an accounting firm based in London.

“It’s sad that university is ending, but I am excited to start a new job and apply all that I have learned.”

Having a strong support group of her parents and friends has been an essential component of Martin’s career as an undergraduate student. Moreover, she emphasizes the role of her professors as being reliable mentors towards her academic and personal aspirations.

Overall, Martin’s experience at university has been truly rewarding, despite the challenges. She recommends future students choose King’s to experience the wealth of opportunities it has to offer, denoting it as one of the best decisions she has ever made.

From all of us at King’s, we wish Janelle Martin a successful and fulfilling future.

EBM INSIDER • June 2016 • 23

An Interview with Bobby Umar

By Alonso Garcia

MOS Honors Specialization in Global Commerce, Minor in Political Science Year 4

The following is a Q&A with Bobby Umar. Mr. Umar was the keynote speaker for the Student2Business conference held on March 2, 2016 organized by the London Economic Development Corporation (LEDC). Mr. Umar’s efforts lie in brand marketing (Kraft & Unilever), performing arts (Second City), and engineering (Bombardier), while having spoken at four TEDx events. Furthermore, he has been a Huffington Post contributor, an international author, a social media guru, and one of Inc Magazine’s Top 100 Leadership Speakers, alongside such greats as Richard Branson, Brene Brown and John Maxwell. After almost 8 years, Mr. Umar is now a globally recognized leader in Social Media and Personal Branding and Networking.

1) What are some tips for students using LinkedIn? Have a professional profile. Don’t have a cut off photo of someone else. Have a professional photo taken where you are smiling and seem approachable, you are accessible, and someone nice to work with. If you are worried about the way that you look on camera, then have a friend you trust take a photo and then let them pick the one that is best. The second thing is that you should have a full profile. So have your education, your work experience, your skills filled out in detail. Complete your profile, because if you don’t, it will be less likely to show up in searches. Finally, don’t add someone on LinkedIn without the proper context. Only add people that you have spoken with in person or send people you do not know a personal note explaining the context behind your request.

2) Having done 4 TEDx talks, what are some tips that you would give students so that they sound more confident and professional in their presentations?

There are three things you have to understand. That is, know your stuff, rehearse your stuff, and organize your stuff. Make sure that you are the most knowledgeable person in the room on that topic. Have the mindset that you know more than EBM INSIDER • June 2016 • 24

anyone else. You probably know more than anyone about your topic in the room, so that should make you feel more confident.

Organize yourself (your speech, your PowerPoint) so that people can learn easily from you. The third thing is rehearsing.

When you rehearse, you become more confident. When I did my first TEDx talk I was very nervous. So rehearsing your stuff will be key in projecting confidence in the room.

3) How should students carry themselves at networking events like Student2Business? That is, what should one wear; how should one interact with others?

You want to look professional. You definitely want to be one of the better dressed people in the room. Know that [these events] are designed for people to network. At a conference, you have every reason to network. You may get some people who don’t want to talk to you, but most people actually do.

Approach them with a smile and positive energy. Have an honest conversation that will grab people’s attention. So don’t just focus on what they do, have a deeper connection with them. Get to know their story, where they came from, what they are passionate about, and where they want to go in the future. Also, don’t stay with someone too long. You can create a connection with people within 10 to 15 minutes. If there is a connection, then keep in touch with them and move on.

4) What are some transferrable skills that students should definitely have on their resume?

Don’t write abilities that you don’t have. If you don’t have a particular transferrable skill, don’t put it on there. If you are a shy introvert, be honest with yourself and write down other skills that you have. For example, a skill like perspective introspection – [this means having] analytical ability. For me personally, what gets my attention are titles, brand names, and numbers. Were you the Vice President of a club or just a member? Leadership roles are really important. The second

thing is the job type you have and the name of the company.

Working for Billy’s restaurant versus working at Starbucks has a different meaning. The reason is because people recognize brand names. Another thing that is impressive on your resume is numbers. For instance, you worked in a company with many clients. Well, that’s cool, but how many? You increased sales, but if so, by how much? If you have a strong GPA put that in there. Those numbers make you stand out.

5) You started your own company, Raeallan. What is one piece of advice you would give students who want to start their own business?

First of all, everyone should have a corporate exit plan. Nobody wants to commit 50 years to the corporate world, building someone else’s dreams versus their own. Everyone launches or should launch their own thing. Even doctors and lawyers start their own practices. Have an exit plan. Don’t go into a corporate world without a way out. If it’s a business you want to start, make sure that you have a strong business plan. If you can defend your business plan, then you will feel more confident about the business that you are doing. Number two, you should have a series of mentors. My business didn’t really take off until I had a business coach to outline the paths that I should take.

I think the keys to success in any area of your life are connections, asking questions, and innovation. With respect to connections, everything that I have done is because of those connections. So people are going to be the biggest thing that has helped my success. The second thing has been the hardest for me. That is, asking for help when you feel lost. It is okay to feel lost. Everyone, even those big CEOs, get lost. The third thing is evolving. For instance, social media. I am currently trying to improve my uses of social media, like Snapchat and Periscope.

Many people in the 1990’s refused to use email and they lost out on a lot of opportunities. The same will happen to those who do not use current social media opportunities. [And I think these have been the keys to my success].

Connect with Bobby Umar: Website: www.raeallan.com Twitter/Instagram/SnapChat: @raehanbobby Facebook Page: http://dld.bz/Rjyu LinkedIn: http://linkd.in/wfWmx8 TEDx Talks: http://bit.ly/hLR9sF and http://bit.ly/15pCYXF R. Bobby Umar, P.Eng, MBA President, Raeallan - Transformational Training and Speaking

6) What do you think has been the key to your success?

Well you know, success is all relative. One could argue that a few people don’t see me as successful. I, myself, see myself as successful in certain ways. For me, success is building and growing happiness in every area of your life. So I feel successful as a parent, my career, my business, and my friends. What I need to work on is my health.

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Event Highlights EBM Career Day On March 1st, 2016 the EBM Department held their annual EBM Career Day. For over 20 years, the EBM Department and Alumni Services have been organizing and hosting the annual event. This year, alumni guest speakers with degrees in Economics, Business, and Mathematics included Jason Peetsma, Jeff Trang, Michelle Williams, Joe MacDonald, Tom Andreoli, Sondra Stewart, Barshan Quadry, Adam Postalian, and Linda Tran.

Alumni speakers were given the opportunity to share their experiences from the work place, give advice and suggestions to current students, and highlight key components for resume writing and networking. An emphasis was placed on the significance of getting the first job and how students can take advantage of the services provided through the Alumni Association and Career Services.

EBM Department Chair Dr. Peter Ibbott explains that, “By hearing from people who are at different stages in their career, students get the opportunity to see how a career is made. What is important to our alumni is probably surprising to most of our students. The business world is very different from our education and hearing about how it works will provide [guidance] to help [students] find their own way.”

The EBM Career Day is one of the most important events of the year; especially for students who wish to hear directly from King’s alumni and see exactly where their degrees have led them. Loc Tran, a King’s student, shares that, “It was a fun and valuable learning experience. I especially enjoyed hearing from the speakers about how to make connections with employers at companies to have a better chance at getting a job.”

Like Tran, many students are looking forward to the next Career Day which will likely be held again during the 2016-2017 academic year.

KEMS Speaker Convention New this year—and the largest event hosted by the King’s EconoMath Society (KEMS)—was the 2016 Speaker Convention held on January 22nd, 2016. The theme of the convention was centered around the question of “Where will your program take you?” and the event endeavoured to allow for a unique opportunity to listen to individuals who are not necessarily graduates from King’s, but could nonetheless provide feedback on where a degree in business, economics, and mathematics might lead. Guest Speakers included: Mr. Adam Bain, Vice President at RBC; Mr. Bradley Bishop, Business Professor with a specialized background in finance; and Dr. Joseph Turnbull, a Mathematics Professor.

The KEMS Vice-President of Marketing mentions that, “one of the challenges we were faced with was getting a big turnout as it was on a Friday night—which is when most students leave town or have other plans. We were very surprised that we had around 50 people show up and they all came dressed in their professional attire. Many of the faculty members and guest speakers were quick to mention how they were impressed with the event overall.”

Club executives and coordinators worked many hours to prepare and organize the event to ensure it maintained a prestigious, yet welcoming atmosphere. Plans began in the summer of 2015 with the target of reaching out to a number of speakers while examining all details to guarantee less overlap with the many other networking events that already take place at King’s. The club hopes to see the same amount of success at all of its future events and inspire members to become more active in extracurricular activities.

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BMOS Association Business Review Session This past academic year, the BMOS Association hosted one of their many business review sessions. Around 70 students attended the review session that was run by a King’s business professor, Mr. John Siambanopoulos, who went through a case study and answered questions from students. Along with Mr. Siambanopoulos, the event was organized by Laura Wimperis who is the Vice-President of Events for the BMOS Association. Current President, Greg Staeger explains how, “In the past, the BMOS Association has had more focus on first and second year students—helping them to prepare for [their] exams. This is actually how I got involved with the club as I found them really [helpful] in preparing for exams--particularly for Business 1220 [since] I had never written an exam similar to that.”

The highly-attended review sessions are considered very beneficial for the students; especially since the business courses heavily focus on analyzing case studies which can often be a daunting task for those who are new to this type of learning.

Staeger also adds that, “cases are taken up fairly quickly in class and students can miss details. The review [sessions] allow students to really get a sense of what is looked for in terms of marks and [they] open up any areas that they need to focus on.”

The importance of helping other students succeed academically and better-transition into the business courses are some of the many initiatives that the BMOS Association takes on through their events. Their efforts are commendable and appreciated by the many students who receive peer assistance through the club.

KIC Guest Speaker Event On November 17th, 2015, the King’s Investment Club (KIC) held a Guest Speaker talk designed to help students understand more about the financial advising workplace.

Their featured guest speaker was Mr. Joe Harris who also happens to be a recent King’s alumni, former president of KIC, and an extremely successful financial advisor with WorldSource Securities. He currently manages millions of dollars for his clients; thus, his past and current experience well-resonated with the students who are interested in pursuing a similar career path.

Mr. Harris shared his experiences as a student at King’s, his transition into his role at WorldSource Securities—emphasizing on his day-to-day work activities—and of course, some suggestions and advice for current students. Darko Boras, the current President of KIC, mentions how, “part of the [mission] as a club is to introduce members to professionals in the investment and financial industry. Students get to see what it takes to get a job; are given the opportunity to network; and learn about investing. Each of our guest speakers has a unique experience and brings something new to the table [that] members can appreciate.”

As with many events hosted by clubs at King’s, KIC is very proficient in providing numerous networking events and teaching a variety of hands-on skills with respect to investing in the real world—and these are some of the many goals that the club successfully accomplishes at many of their events.

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CPA Information Session On October 14, 2015, students were invited to attend a CPA Information Session and Networking Night hosted by the King’s Accounting Club (KAC) and in collaboration with Ms. Shawna Weingartner from the EBM Department. A representative from CPA Ontario, Mr. Alex MacPherson, delivered a presentation on the CPA designation and how students can go about getting their designation. Afterwards, a networking session allowed students to discuss and ask questions with Mr. MacPherson as well as local representatives from accounting firms like KPMG, Deloitte, PwC, EY, and BDO. “The networking component was very beneficial for students—students said that they learned a lot about careers in public accounting and [other] career paths,” explains KAC President, Jillian Adams.

The event was well-attended with over 50 students wanting to make critical connections with individuals representing local accounting firms. Fortunately, students did not leave without their questions being answered; while also having the opportunity to better understand the steps one is required to take to achieve the CPA designation.

Visit to Ingredion

By Felipe Rodrigues Part-time Professor in MOS Professor Felipe Rodrigues took his Operations Management Class (MOS 3330) to a visit at Ingredion Canada. Ingredion is a food processing plant specialized in converting corn into several different starches, sugary syrups and proteins. Their products are used in an incredible variety of products, ranging from the food industry to animal feeds and pharmaceuticals.

The visit started with Ingredion managers and engineers giving a presentation about all the their products, processes and operations. Later, students took a guided tour of the plant, where they saw the plant’s manufacturing process. Students could see many aspects of process management, capacity planning, quality management, inventory management and control in real time. Prof. Rodrigues thinks such visit adds an element of reality to the classroom experience: “Seeing the operations of a high technology plant such as Ingredion is truly memorable. It gives students a new appreciation for the role of manufacturing and operations”. Prof. Rodrigues would like to thank his students and his hosts, Mariana Bombonati (process and environmental coordinator at Ingredion), Joel Spurdza (Operations Manager) and Gene Ryan (Safety Manager) for such a wonderful afternoon.

EBM INSIDER • June 2016 • 28

A Sneak Peek into the life of a King’s Alumnus Thomas Andreoli

By Sulamita Romanchik

Honors Double Major in Political Science and French Language and Literature Year 4

Graduating with a King’s degree in BMOS and a specialization in Finance can be one’s ticket to success as it was for a King’s graduate and highly distinguished alumnus, Mr. Thomas Andreoli. As he approached graduation about five years ago, he had a clear vision of where he hoped his education would take him. He began this journey with the help of several King’s faculty members. Some of his first few experiences include working at distinguished firms, such as Great-West Life, where he was part of the Group Benefits & Group Retirement/Pension team.

Currently, Mr. Andreoli works for his father’s family business, Andreoli Financial Services (AFS), which his father established over 13 years ago. He is specifically in charge of cultivating new leads and providing support to clients. Given that AFS has a small business environment, Mr. Andreoli often finds himself taking on many different roles. Additionally, to be better prepared for his workday and client interactions, online publications such as Bloomberg, Mauldin Economics, and Globe and Mail are at the top of his reading list.

“I can say that King’s students are fortunate to have some of the workload, Mr. Andreoli would not trade his current work for the best professors who not Despite another job; especially since AFS is recognized as one of the top only demand high standards financial firms in Canada.

Furthermore, he believes Business 2257, Managerial Accounting 3372, but also provide a strong and Finance 3310 helped him best identify his career aspirations. support network.”

“The critical accounting and finance topics covered in these classes were fundamental in helping me obtain my Canadian Securities Course (CSC) certification. The courses also helped me understand major concepts in the Chartered Financial Analyst (CFA) Curriculum”. It has been about five years since Mr. Andreoli said ‘goodbye’ to his beloved King’s community, yet his memories and recollections of his time here are nothing but positive.

“King’s provided me with the framework of a strong work ethic, sense of community, and also helped me identify a career path […] I can say that King’s students are fortunate to have some of the best professors who not only demand high standards but also provide a strong support network. The level to which students are held is what defines the quality of the school and I can attest that King’s has a strong name brand as a result of the rigorous standards that students are to uphold.”

If the level of professionalism and rigorous standards at King’s could lead Mr. Andreoli to such success, the same is possible for every future graduate. Indeed, the ability to succeed lies within every student!

EBM INSIDER • June 2016 • 29

Tuition Changes: What you Need to Know

By Ian Lees

MOS Specialization in Finance and Administration Year 4

According to the 2016 Federal and Ontario Provincial budgets, the way that Ontario students fund their education is going to dramatically change. The change that has caught the eye of the media was the proposal to make tuition free for students in Ontario. This proposal has a few (by government standards) caveats to it, which will be covered below. Most of the changes are set to take effect for the 2017-18 school year as long as everything goes according to the government’s plans.

Changes for the Province of Ontario

The overarching goal of the Ontario plan is to make postsecondary education more affordable for those students coming from lower income and middle income families. The government plans to achieve this by restructuring how loans and grants are given. Students whose parents combined net income is under $50,000 can expect to receive a grant from Ontario that will cover the average cost of tuition with some leftover funding for books, supplies, and other necessary items. There will be no loan available for these students through the Ontario portion of their funding. It is important to note that the Ontario government calculates the average tuition based on Arts and Science programs ($6,160); thus, Engineer and Business majors will not have their full tuition paid through these grants. The amount of funding a student is eligible for will decline based on their parents’ income and the number of their siblings. Small loans will still be available for students coming from middle income families, but the amount of non-repayable funding will increase for all students. The government is also expected to increase the weekly assistance maximums; greatly decrease the amount that is expected to be contributed from parents or spouses; and limit the loan repayment cap to $10,000 per year (any loans above that will be non-repayable).

On the other hand, this additional funding means there will be cuts to other government-funded programs. The 30% tuition discount will be discontinued; however, they have promised that no student will receive less funding than they were otherwise eligible for. More importantly, the EBM INSIDER • June 2016 • 30

government of Ontario will be discontinuing the ‘Tuition and Education’ tax credit as of 20173 (Line 16 on the Ontario T1 General). This tax credit is usually transferred back to one of the student’s parents at a maximum of $6,820 per year (Ontario Schedule 11) – which translates to $344.41 in tax savings. If a student did not transfer that (or any) amount, it is carried forward until they are able to use it. The supposed silver lining to this is that the tax credit will not be taken away from students who have accumulated a balance; but, they will still have higher student loans to deal with after graduation.

Canadian Federal Changes

The federal government has also made some announcements regarding student funding. As of 2016, all Canada Student Grants will be increased by 50%. Students from middle income families can expect up to $1,200 and students from low income families can expect up to $3,000 under this proposal. There will also be an increase in the minimum income for the Repayment Assistance Plan – from $20,210 to $25,000. Anyone earning under $25,000 will not have to repay their student loans (but are required to apply for this program through the National Student Loan Service Center – CanLearn.ca).

Similar to Ontario, the federal government will be removing some education-based tax credits. Effective January 1, 2017, students will no longer be able to claim the education tax credit or the textbook tax credit. These two credits had a combined benefit of $465 per month in school; were transferrable to parents or spouses; and were worth $558 in tax savings (assuming the student was full-time). Fortunately, the federal government will keep the tuition tax credit, which can be transferred at $5,000 per year (Federal Schedule 11).

As a final note, it is important to understand that these changes have not yet been finalized. There may continue to be changes between now and when one applies for OSAP for the 2017 school year. It is strongly recommended that students update themselves as more information becomes available.

King’s Investment Club (KIC) 2015/16 President: Darko Boras The King’s Investment Club was founded in November 2012 and it is one of the many important clubs for the BMOS and Economics programs at King’s. This year, there are approximately 60 members on their emailing list.

Club Initiatives: To teach students investment analysis and provide opportunities to gain experience in creating and managing virtual portfolios through a professional and educational atmosphere.

Services and Activities: Students can trade stocks and stock options while being ranked against other club members.

Moreover, club members gain computer skills such as building complex financial models using Excel and Google sheets. It also aims to close the knowledge gap between what is taught in the classroom and what is required in the workplace.

Furthermore, KIC holds speaker events where professionals are invited to speak about their experiences and what the job market is like. These events also provide networking opportunities.

Other club activities have included trips to Toronto—the financial center of Canada—and participation in Canada-wide competitions such as the TMX Options trading competition, Voleo stock trading competition, and National Investment Banking Competition.

KIC also acts as a platform for members to connect to mentorship programs with Canadian Financial Institutions and even job opportunities through successful club alumni.

Future Goals: Building a website with a fund performance tracker and an investment newsletter/blog. The club also strives to set up a fund with real money raised from the school, faculty or the KUCSC to enable students to further understand investing.

King’s EconoMath Society (KEMS) 2015/16 President: Ester Gerassime There are a number of other clubs that provide many social events and networking opportunities, but there is a need for a club that is academic. KEMS is a very academic focused club for Economics and Mathematics. It was recently founded in the summer of 2015 and currently has around 50 official members.

Club Initiatives: Create an environment that consolidates student-to-student learning, opportunities, and success regardless of a student’s background or program.

Services and Activities: KEMS provides free review sessions, study group services, online and in-person tutoring, mock exams, social events and outings, the annual Speaker Convention, the KEMS Ceremony, and the KEMS Enrichment Program; which introduces a series of extracurricular lecture talks and other workshops. The club is devoted to helping its members develop interpersonal skills for the workplace; foster lasting relationships among students and professors; leadership skills and abilities; but the most importantly, how to be successful with the help of a welcoming and collaborative environment.

Future Goals: Continue promoting inclusiveness and idea-sharing—both being qualities that are vital to any group.

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King’s BMOS Association 2015/16 President: Greg Staeger

The King’s BMOS Association is important to the King’s community because it integrates all of the different MOS streams at King’s.

Club Initiatives: The King’s BMOS Association aspires to help first and second year students in their general business courses, as well as provide a number of networking opportunities. There are currently about 50 students on our membership list.

Services and Activities: Review sessions for Business 1220 and 2257, an annual trip to Chicago or New York, and guest speaker events. Members can meet other students on the annual trip; learn helpful exam tips through review sessions; and have the opportunity to make professional connections. The club aims to bring as many professionals to King’s as possible for students to connect with.

Future Goals: Focus more on bringing in professionals from the local community for networking events. Moreover, provide supplementary services that are both helpful and fun for students interested in the business field.

King’s Accounting Club (KAC) 2015/16 President: Jillian Adams The King’s Accounting Club, founded in 2014, is a club for students who are passionate about accounting and wish to learn more about the profession.

Club Initiatives: Create numerous opportunities for students studying or interested in Accounting to build lasting and professional relationships while developing key transferrable skills.

Services and Activities: KAC organizes CPA information sessions, firm office tours, and networking events. These types of services and activities give students better access to information regarding the CPA designation process and profession, as well as the opportunity to learn about specific firms and career opportunities.

Future Goals: Continue helping students achieve the skills needed to launch their career.

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Student Awards and Recognition

By Ester Gerassime

Zhang, Tingting Honours Specialization in Economics, Minor in Social Justice & Peace Studies Modular average on Economics senior courses: 87.3% Cumulative average: 85.7% Special Mention: Completed an undergraduate thesis on the Measurement of Income Polarization Adams, Jillian Honours Specialization in Accounting, Minor in Mathematics Modular average on Accounting courses: 91% Cumulative average: 90% Special Mention: recently returned from a 16-month internship at Canada Revenue Agency as an Auditor Kings Investment Club Award in Options Trading The King’s Student Investment Club entered an online competition in options trading. This competition was nationwide, across Canada. They were number one among teams from Western (including Ivey) and placed 13th overall.

King’s Team in the Business 2257 Feasibility Competition Finals On March 31 2016, in the BMO Auditorium at Ivey School of Business at Western, a team of Business 2257 students from King’s University College presented in the finals of the Feasibility Competition, and they made King’s extremely proud. Each year, all students in Business 2257 in groups put together a full business plan, or feasibility study. The project entails a 50page written proposal and a 15-minute presentation in class. With almost 200 projects done across all of Western, a group from King’s was one of the three finalists and with dozens of King’s students in the audience in support, “Float London” dazzled the crowd and judges with their idea. Float London proposed opening a location that offered “sensory deprivation” in the form of a hygienic, private personal tank that allows customers to literally, and safely, float while being cut off from all sights and sounds. The stress-relief benefits have made this industry explode over the last few years. The group included: Hadjer Arroudj, Luke Buren, Kelly Irish, Justin Leon, Owen Leon, Joseph Perta and Thomas Staples. Although they did not win the competition, they were stellar and delivered an amazing presentation. We are very proud of the quality of our students and their achievement reflects it.

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Alumni & Department Announcements

Zhiyuan Zhao (HSP economics 2012) and Yina Qao (MOS 2012) would like to announce that they were married on October 18th, 2015 in the North York Civic Centre at Barry Burton Wedding Chapel. They originally met here at King’s working as TA’s for Professor J.D. Han. Zhiyuan works as an assistant manager of a Shoppers Drug Mart and Yina will be starting her Ph.D. in Economics at Western this fall. Our best wishes to them.

Congratulations to alumni Usman Zahid on his promotion to Senior Economist and Finance Specialist, Strategic Project Finance Branch, Corporate and Electricity Finance Division, Ontario Financing Authority. The Ontario Financing Authority is an Agency of the Ministry of Finance.

Upon graduation, David Jaekang Kim (MOS Accounting HSP2016) is heading out for a post graduate and Master in Accounting Program at York, starting May 9, 2016. Good Luck!

We are pleased to announce that Shawna Weingartner has successfully defended her Doctor of Business Administration (DBA) in Global Business thesis entitled “Assessing the Role of Corporate Governance Best Practice in Current Social Media Policy” at California Intercontinental University. Her work offers the first large-scale assessment of the role of governance best practice in social media policies in North America, offering a framework for improving the role of governance in current social media policy and practice in North American firms. Congratulations!

The 2015-16 school year saw the creation of the King’s Business Help Centre, King’s started offering tutorials and other sessions for all students in Business 1220E and 2257. Every Friday during the second term, Jillian Adams, a Business 1220E Teaching Assistant would review the case or material of the week with students who dropped in. The tutorials have proven to be extremely helpful and very popular for many students especially before the exams. In addition, Professor Siambanopoulos, who runs the Centre, has delivered Exam Review sessions before the Business 2257 exams. The Centre has also helped students with the Business 2257 Feasibility Project with Professor Siambanopoulos holding an Excel Workshop and Professor Shawna Weingartner delivering a Writing Workshop to aid in preparation of the Feasibility Project.

We are pleased to announce that Jennifer Jeffrey recently received her Doctor of Philosophy (PhD) in Business Administration from Ivey Business School in London Ontario. Her thesis, entitled “Exploring consumer relationships with human brands: How reference groups, affiliation motives, and biological sex predict endorser effectiveness,” looked at the different elements affecting consumer relationships with celebrity endorsers and how those elements impact an endorser’s persuasiveness.

Congratulations Jennifer!

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Birth Announcement Professor Jennifer Jeffrey (EBM) and her husband Tom Sievert are pleased to announce the arrival of their daughter, Alexandra Rose Sievert, on November 8, 2015. Big sisters Katie and Ellie are happy to have another sister in the family.

Career Announcements Professor Brandon Malloy has taught many courses at King’s while completing his PhD at Western. We are very pleased and a little sad to announce that Brandon will be leaving King’s to take up a tenure track appointment at St. Francis Xavier University in Antigonish Nova Scotia.

He will be starting as an Assistant Professor of Economics, teaching International Trade, Public Policy and Macroeconomics. We wish Brandon our congratulations and best wishes as he begins the next phase of his academic career.

Professor Murshed Chowdhury joined the King’s Economics faculty a number of years ago. Over his two years at King’s, he defended his PhD Dissertation, was promoted to Assistant Professor and developed an outstanding reputation as a teacher and scholar. After King’s, Professor Chowdhury went on to complete a two year appointment as Assistant Professor of Economics at Algoma University. We are very pleased to announce that Professor Chowdhury has received a tenure track offer from the University of New Brunswick in Fredericton. UNB has a graduate program, an active research community and a strong reputation. We are very pleased to congratulate Murshed as he takes up his new appointment.

By Katrina Clarke

Alumni and Development Officer Your Alumni Association hosts a number of events across Canada (and beyond!) to facilitate alumni networking, continuous learning, re-connecting with King’s, re-uniting with faculty, and sometimes just for fun.

On Thursday, April 28, Toronto alumni were invited to a networking breakfast hosted by Jason Peetsma ’01 at Odgers Berndtson. Our networking breakfasts are very popular, and we’ve seen some old friendships renewed and new friendships formed as a result.

Our annual King’s Classic Golf Tournament is another celebrated event for King’s, taking place at Highland Country Club in London. This year, our tournament will be held on Monday, September 19. Call up your old roommates and study buddies, and register a foursome at this year’s tournament!

Our Stratford Festival event has quickly become a staple alumni event. Featuring mini lectures from King’s professors, Dr. Ian Rae and Dr. Paul Werstine, alumni learn a great deal about the Festival itself, as well as the play they are about to enjoy. This year we will see As You Like It on Sunday, September 25.

King’s Alumni from across Canada regularly make the pilgrimage back for King’s Homecoming, and we hope you’ll be there too! Whether it’s the Reunion Party with Rick McGhie, the King’s Homecoming Brunch, or the football game itself – there’s something for everyone at King’s Homecoming. This year, King’s Homecoming will take place on September 30 – October 1.

Details about all of our upcoming events can be found on the alumni website, at kings.uwo.ca/alumni. We hope to see you soon!

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Questions or Comments?

If you have any career or personal announcements please contact us at ebminsider.kings.uwo.ca

@kingsatwestern

King’s University College, Western

KEMS Instagram: KEMSclub Facebook: King’s EconoMath Society Email: kems@kucsc.com KIC Facebook: King’s Investment Club Email: kic@kucsc.com BMOS Association Facebook: BMOS Association at King’s College Email: kings.bmos@kucsc.com KAC Facebook: N/A Email: kac@kucsc.com

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Credits

Professional photography, including the cover, by Steve Grimes.

Layout & design by Nikki Sasso Mitchell.

Project management by Estelle Van Winckle.

Notes

kings.uwo.ca