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The Carlos M. Ayala Stock Trading Room Opens to Rave Reviews
FACULTY INVESTED WITH PROFESSORSHIPS • FIRST-YEAR STUDENTS GET ENGAGED MBA PROGRAM GETS REWORKED • YOUNG ALUMNI OFFER PERSPECTIVES ON WORK
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LOYOLA UNIVERSITY NEW ORLEANS Loyola University New Orleans President
The Rev. Kevin Wm. Wildes, S.J. College of Business Dean
William Locander Associate Dean
Angie Hoffer Director, Portfolio & Internships
Kathy Barnett Development Officer College of Business
Traci Wolff Lucas Director of Editorial Services
Ray Willhoft ’00 Loyola Executive Designer
Craig Bloodworth Photographer
Harold Baquet Photo Contributors
James Shields Stephanie Willis Contributors
Kathy Barnett Jerry Goolsby William Locander Shelby Schultheis ’14
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COLLEGE OF BUSINESS MAGAZINE LOYOLA UNIVERSITY NEW ORLEANS Spring 2013 • VOL. 6 • NO. 1 • www.business.loyno.edu
COVER FOCUS 6 The Carlos M. Ayala Stock Trading Room Opens
FEATURES 10 Invested: Four Faculty Members Accept New Professorships 14 Remaking Loyola’s MBA Education 16 Professors Engage Students Through First-Year Seminar Courses 20 The CoB Community Mourns the Passing of Dr. Lee J. Yao 22 Students Receive High Marks on Internship Performance Factors 24 Transitioning from Student Life to the Real World: What Three Recent Grads Have to Say 30 The Center for Spiritual Capital and Loyola College of Business Host Deans’ Colloquium Loyola Executive is published bi-annually for Loyola University New Orleans College of Business alumni and friends. Please address correspondence to: Loyola Executive Office of the Dean 6363 St. Charles Avenue, Box 15 New Orleans, LA 70118 News and photographs for possible use in future issues may be submitted by readers. POSTMASTER: Send address changes to: Loyola Executive Loyola University New Orleans 7214 St. Charles Avenue, Box 909 New Orleans, LA 70118 Loyola University New Orleans has fully supported and fostered in its educational programs, admissions, employment practices, and in the activities it operates the policy of not discriminating on the basis of age, color, disability, national origin, race, religion, sex/gender, or sexual orientation. This policy is in compliance with all applicable federal regulations and guidelines.
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From the Dean The cover of this issue says it all. The new face on the College of Business building, Miller Hall, features the newly opened Carlos M. Ayala Stock Trading Room. The article in this issue shows both faculty and students gainfully using the new addition to the CoB. I am very pleased that one of our top students called the room his home away from home. In today’s job market, internships are more important than ever. In this issue of the Executive, we feature student interns and a sampling of where College of Business students interned in 2012—an impressive list to say the least. Kudos to our students who received such high grades from the companies. Engaged learning and our university FirstYear Seminar were the highlight for students taking Dr. Frankie Weinberg’s freshman course. All I will say is that he served up a feast of a course—pun intended. Read about his course titled Dishing It Up. Our MBA program has been going through a remaking under the leadership of our director, Dr. Jerry Goolsby. The revision has borne fruit in that we are seeing record placement rates for our students in exciting positions that will launch their careers. This issue of the Executive is a testimony to the hard work of faculty, staff, and students in making the College of Business an exciting and meaningful place to learn. Congrats to all!!
William B. Locander, Ph.D. College of Business Dean
Spring 2013 www.business.loyno.edu
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The much anticipated opening of the College of Business Carlos M. Ayala Stock Trading Room took place in the fall of 2012. The opening recep“The Carlos M. Ayala Stock tion guests included members of the CoB Trading Room has essentially Visiting Committee, become a second home to CoB Alumni Board, CoB Executive Mentors, me. If I’m not at class or and other distinwork, I’m in the trading room. guished guests from It’s a great place for business the Loyola community. A striking addition students to get work done to Miller Hall, the and be around students with trading room/classsimilar majors.” room/computer lab is situated on a highly –Jay Mukherjee, visible corner of the Finance/Economics Senior building showcasing
the advancements in Loyola’s finance program. Made possible by a $1.5 million gift from the estate of Carlos M. Ayala ’57 specifically to support the college’s finance program, the room also includes the Rathe Computer Lab. A portion of the Ayala gift added $900,000 to an existing student-managed investment fund, bringing its total value to $1 million. Finance Professor Ron Christner, Ph.D., teaches the student-managed investment fund class where investments are solely managed by finance majors. The remainder of the money was allocated within the finance concentration to provide funding for more investment finance classes, a research database system, and the stock trading room. Ayala’s daughter, Lily Ayala Berlyn ’89, says no matter where he was in life, her father kept Loyola close to his heart and wanted
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tomorrow’s students to have the tools needed to graduate and hit the ground running. “My dad cherished his days at Loyola. It provided him with a wonderful education which he used for work and investing,” Ayala Berlyn says. “He did very well, including 2010. I don’t think he had any losses during the recession—only gains!” “This momentous gift will have a tremendous impact on the College of Business for a long time,” says College of Business Dean William Locander, Ph.D. “The creation of a fund this size puts Loyola in a top class of student-managed funds in the country. Our students will have a unique opportunity to learn by investing, just as Mr. Ayala did.”
Spring 2013 www.business.loyno.edu
Christner agrees that having a $1 million investment fund puts Loyola in elite company among other business schools. “Probably at most, only five to ten percent of business schools in the United States even have a student-managed investment fund, and only a “A big advantage to having few have a fund this the room is that students large,” he says. “For our graduating stucan pull up current stock dents looking for a job, information on individual being able to go into screens to prepare for class an interview and say that they helped mandiscussions. It adds a realage a million dollar time aspect to the class.” stock portfolio makes –Ron Christner, Ph.D. them stand out.”
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Finance Professor Ron Christner, Ph.D., and his class.
The student response to the room has been one of enthusiasm and appreciation. And why not—they now have access to financial state-ofthe-art educational resources including Stata, a statistical software program, available for finance and economic classes, and the Thomson Rueters video wall that showcases stocks, including those purchased through Christner’s class. The impact the room will have on students’ education and career plans is not lost on them as noted in their thoughts included here: Jay Mukherjee, senior finance/economics double major, says: “The Carlos M. Ayala Stock Trading Room has essentially become a second home to me. If I’m not at class or work, I’m in the trading room. It’s a great place for business students to get work done and be around students with similar majors. The trading room gives the CoB a sense of professionalism, and shows that the school is interested in more than just learning out of a book.”
Mukherjee says the best part about the room is being surrounded by everything finance—sort of a finance Utopia. With TV monitors set to CNBC, he gets to keep an eye on market activity throughout the day—including activity related to the student-run portfolio. “I’m really glad the room was finished before I graduated. It has made my experience as a finance and economics major so much more exciting,” adds Mukherjee. Christner concurs. “A big advantage to having the room is that students can pull up current stock information on individual screens to prepare for class discussions. It adds a real-time aspect to the class.” He continues, “Students in the investment-management class can go to various brokerage firms’ websites, put in our account number, and pull up account info. The interaction is much more dynamic. ” Albert Clesi, junior accounting and finance major, affirms that having access to such technol-
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University President Kevin Wm. Wildes, S.J., Ph.D., College of Business Dean William Locander, Ph.D., and Finance Professor Ron Christner, Ph.D., at the dedication of the Carlos M. Ayala Stock Trading Room.
Features of the Carlos M. Ayala Stock Trading Room
ogy has its advantages. “In the short period of time I’ve been utilizing the Carlos M. Ayala Stock Trading Room, I have found my efficiency in completing class projects has improved. We are able to stay up-to-date on all the rapidly changing market information. What a difference!” Dwight Davison, finance senior, is equally as pleased. “The aesthetics of the room really motive me and augment my interest in our Student Managed Investment Fund. It provides for a much more interactive environment for the class. And, as a computer lab, it is more conducive than other campus labs to completing homework and class projects.” This generous gift from Ayala allows the CoB to enhance the learning experiences of its students and is expected to ultimately serve as a recruitment tool for the college. The glow of that electronic ticker against the night sky will surely attract many future finance majors for years to come. We think Ayala would be pleased.
1. Robert J. Rathe, Sr., and Gustave H. Rathe, Jr., Computer Laboratory 2. Twenty student workstations with dual monitors (several dedicated to host financial data terminals) 3. A Digital Media Presentation System and Room Controller 4. Faculty podium and lectern housing: a. Computer b. Smart-podium interactive LCD monitor c. Laptop connector d. Digital document camera e. Blu-ray disc player and HDTV tuner 5. Two 80" Sharp LED LCD TVs 6. Four 55" NEC LED backlit displays 7. Double-sided Rise Stock Ticker display system 8. Tannoy audio ceiling system 9. Two laser printers
Spring 2013 www.business.loyno.edu
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Invested: Four Faculty Members A
On January 29, 2013, four professors from the College of Business formally received invested professorships. For each professor, their respective investitures invoked different emotional responses, but all of their plans involve providing a better experience for business students. The professors are all grateful to the donors who have made the professorships possible and plan on using them to enhance their classes and their students’ experiences at Loyola.
Stanford H. Rosenthal Professorship in Risk, Insurance, and Entrepreneurship Mehmet Dicle, Ph.D., assistant professor of finance, felt honored when he received the Stanford H. Rosenthal Professorship in Risk, Insurance, and Entrepreneurship. “I feel that the things that I have done have been rewarded and I feel encouraged,” Dicle says. Dicle teaches classes in Financial Management and International Financial Management for undergraduates, and Advanced Financial Management for MBA students. He has been at Loyola for six years,
two of which he spent as a visiting professor before becoming a tenure track faculty member. He has already begun using his investiture to expand his own research and students’ opportunities. He has hired business students as research assistants and plans to purchase research specific data, which usually comes from the professor’s own budget. Three of his current research projects involve his student research assistants. “I’m working with one of my research assistants on a project for momentum and contrarian trading strategies on individual stocks based on their risk levels and based on their historic patterns,” Dicle
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Accept New Professorships says. “I’m also working with another student to see if there’s anything that we can do with executives’ share trading habits and stock performances. We also have a paper that’s under review that actually looks at the gold returns as a hedging instrument.” Dicle researches on topics such as market efficiency and predicting market returns. He also does collaborations with faculty members, such as John Levendis, Ph.D., another investiture recipient, and Ron Christner, Ph.D. “We’re currently working on the relationship between the risk and market prediction, whether the risk could actually make the predictions less reliable or more reliable,” Dicle says. The Stanford H. Rosenthal Professorship in Risk, Insurance, and Entrepreneurship was established in 1990 by the children of Stanford H. Rosenthal in honor of their father, a long-time professor in Loyola’s College of Business. Contributions were made by Stephen R. Rosenthal, Leslie R. Jacobs, the Rosenthal Agency, and more than 130 other individuals.
Barry and Teresa LeBlanc Professorship in Business Ethics Kendra Reed, Ph.D., associate professor of management, was initially bewildered when she heard she was receiving the Barry and Teresa LeBlanc Professorship in Business Ethics. Reed teaches classes in Management and Organizational Behavior, Human Resource Management, Project Management, and Psychology and Management. This will be her first semester teaching Business Ethics, and she plans on using her professorship to better prepare herself. “I’m going to use the professorship to explore and study ethics in business, what the students need, how I can best serve them in teaching so that they can be Spring 2013 www.business.loyno.edu
better prepared than I was to face the challenges they’ll face in their life and in business,” Reed says. Reed wants her students to have the best possible foundation in business ethics so that when they come upon moral quandaries they know how to deal with them. “What I really want students to do is deconstruct who they are right now, what they think about ethics, and what they think about business, to get to a point of confusion and chaos. While in this fluid state and with new knowledge and insight, they can begin to reconstruct how they look at and respond in ethical situations,” Reed says. “I’d like them to build their moral reasoning on a house of rock because it’s really tough out there and I’ve experienced it,” Reed adds. “They’re going to get tossed about in the storms and they’re going to fall, and if you fall on a house of rock it hurts but they’re going to get up with their bumps and bruises and, with a solid foundation of moral reasoning, they can stand up with pride and integrity to face the next situation.” Barry, M.B.A. ’82, and Teresa, M.B.A. ’82, LeBlanc, the founders of the professorship, were ecstatic when they found out Reed would be the recipient. “I think Kendra is the perfect type of professor that’s going to take advantage of the funding of this and instill some of these values in her students, so we’re really happy,” Barry LeBlanc says. The LeBlancs received their MBAs from Loyola, and business ethics stuck with them, which was why they decided to establish a professorship with business ethics as the main focus. “One of the things we hope comes out of this for business students at Loyola is that they can learn that today businesses are expected to identify their responsibilities to more than just shareholders, and in the past it was about growing business, sales, and profits,” LeBlanc says. “Today there are business responsibilities
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for fair treatment of employees, suppliers, customers, and the whole community.” Reed recalls the day of the investiture and how all four professors were so proud of each other. “We were as equally proud of each other as ourselves, and I think it showed when we got up there,” Reed says. “It was not only about me, but more importantly, feeling the synergy of the wonderful people surrounding me and knowing they all are not only great scholars but amazing people as well.”
Dr. John V. Connor Professorship in Economics and Finance John Levendis ’97, Ph.D., associate professor of economics, received the Dr. John V. Connor Professorship in Economics and Finance. He teaches Econometrics, History of Economic Thought, Economical Development, and this semester, he is teaching Mathematical Economics, an interdisciplinary class. Having taught at Loyola since 2005, he was pleased that he was awarded this professorship. “It was humbling and gratifying, but humbling more than anything,” Levendis says. Some professors in academia feel compelled to stay within their niche and avoid interdisciplinary work. Currently, Levendis has been veering from pure economics to financial economics. He feels that the professorship he received reflects this new direction, especially since it is oftentimes risky for professors. “Here’s a professorship that was specifically created to promote this kind of interdisciplinary work, so it was nice to be rewarded for such a risk rather than to be criticized for taking that risk,” Levendis says. The first purchases Levendis made with his investiture were a jar and some marbles. He wanted to show his students an experiment involving the wisdom of crowds, during which the students guessed how many marbles were in the jar. Their individual guesses were aggregated and an average was taken that was surprisingly close to the actual number. This was to show that the consensus of a group can be used as an indica12
tor for economists. The purpose of the experiment was to simulate the market for a financial asset, where each participant has a slightly different opinion of its worth. The average opinion is surprisingly close to the actual number, showing how markets might usefully summarize the populace’s varying opinions. Moreover, students see that the highest bidder usually overestimates its value, in what is called the “Winners Curse.” “It’s one thing for me to just tell students that they’ve run these experiments, and it was another thing for me to actually go and put the jar full of marbles out there and have them try it,” Levendis says. He typically has at least half a dozen research projects going at one time, but currently Levendis is looking at the relationship between the value of the dollar and the value of U.S. stocks to see whether the economy is driving the financial markets or the financial markets are driving the economy. “I like to hop around a lot in my research,” Levendis says. “If I have questions, I want to look up the answers. If no one has definitive answers, then I start researching it and creating my own statistical research on the matter until my curiosity is satisfied.” The Dr. John V. Connor Professorship in Economics and Finance was established in honor of Dr. John V. Connor, the founding dean of Loyola’s College of Business. The Connor professorship fund was begun in 2004 with a sizable contribution from an anonymous donor, and a committee of generous alumni raised the remaining funds necessary to permanently endow this professorship. More than 40 alumni and friends—including Arthur Hayes, Roland Hymel, and the ExxonMobil Corporation—contributed to this professorship in honor of Connor.
William Barnett Professorship in Free Enterprise Studies Daniel D’Amico ’04, Ph.D., assistant professor of economics, was excited upon hearing that he was receiving the William Barnett Professorship in Free Enterprise Studies. Loyola Executive
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“If you had told me when I was an undergraduate studying under Bill Barnett, that I would one day hold this professorship, I never would have believed it,” D’Amico says. D’Amico is also pleased that he received the investiture early in his career, “because you get to put those funds to good use and really help our department and our students,” D’Amico says. D’Amico attended Loyola from 2000 to 2004 and initially wanted to major in international business or marketing. “I started taking economics classes and it seemed like that was where the action was. There were debates and conflicts and more advanced theories.” For many business majors, taking classes with Professor Barnett is a rite of passage. “He’s a wealth of knowledge and his standards are very high,” D’Amico says. “It’s a format of a class that requires students to take responsibility for their own reading and their own attention and their own learning.” D’Amico tries to employ Barnett’s manner of teaching in his own Microeconomics and Macroeconomics classes and encourages students to explore topics that interest them since the body of knowledge in any field is overwhelmingly vast. He plans to use his investiture to attend conferences and is arranging to conduct field study in South Africa on the role of private security in the continent’s market economy. If he is able to go, he also plans to launch an online learning module for business students which would simulate the field research experience. “Ideally we would be in the field doing ground level interviews and archival research and then debriefing via Skype and the online materials and sharing pdfs online and having a network of both students and similar faculty to constantly give feedback and interaction on the project,” D’Amico says. The experience would also benefit his current book project which is a comparative history about case studies in stateless environments. His field work would be an original complement of research, whereas the book is predominantly focused on surveying other existing research. The William Barnett Professorship in Free Enterprise Studies was established through lead gifts from Eric Eckholdt, David Ingles, and Mari Vasan in honor of their former professor, Dr. William Barnett. Additional significant gifts were also received from Richard Barnett, on behalf of the Barnett family, Matt Gaston, Robert LeBlanc, Goldman Sachs, and approximately 40 other individuals and corporations. Barnett has been a professor of economics at Loyola since 1974. Spring 2013 www.business.loyno.edu
College of Business Endowed Professorships • William Barnett Professorship in Free Enterprise Studies – Daniel D’Amico, Ph.D. • Chase/Francis C. Doyle Distinguished Professorship – Mike Pearson, Ph.D. • Chase Distinguished Professorship of International Business – Bill Barnett, Ph.D. • Chase Minority Entrepreneurship Distinguished Professorship #2 – Brett Matherne, Ph.D. • Dr. John V. Connor Professorship in Economics and Finance – John Levendis, Ph.D. • Dean Henry J. Engler, Jr., Distinguished Professorship in Management – Wing Fok, Ph.D. • Merl M. Huntsinger Distinguished Professorship in Investments and Finance – Ron Christner, Ph.D. • Barry and Teresa LeBlanc Distinguished Professorship of Business Ethics – Kendra Reed, Ph.D. • Stanford H. Rosenthal Professorship in Risk, Insurance, and Entrepreneurship – Mehmet Dicle, Ph.D.
College of Business Endowed Chairs • Gerald N. Gaston Eminent Chair in International Business – Len Treviño, Ph.D. • Harold E. Wirth Eminent Scholar Chair in Economics – Walter Block, Ph.D. • Hilton/Baldridge Eminent Scholar Chair in Business – Jerry R. Goolsby, Ph.D. • Legendre-Soulé Chair in Business Ethics – Nicholas Capaldi, Ph.D. • Jack and Veda Reynolds Endowed Chair in International Business – Jeffrey A. Krug, Ph.D.
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Remaking Loyola’s MBA Education
Sean Spansel, M.B.A. ’12 Trader in Development, Shell, Houston
Ife Bancole, M.B.A. ’12 IT and Project Manager, General Motors, Detroit
Suzanne Sainato, M.B.A. ’12 VP and Chief Compliance Office, Symetra Life Insurance Company, Seattle
Seth Sandor, M.B.A. ’13 Bancware Interest Rate Risk Management Project Lead, GE Capital Treasury, Van Buren Township
The critiques of traditional MBA education come weekly, with virtually every business publication questioning the lack of marketable skills of recent graduates. The Financial Times in a recent article summarized: “The MBA as most commonly taught today is outdated, and does not provide its students with the skills and mindset that is required to succeed in business today, let alone tomorrow.” The challenges are undeniable, as many corporations have discontinued tuition reimbursement programs and many graduates are either unemployed or grossly underemployed. Loyola began a methodical reinvention of the MBA Program three years ago, and those changes are reaping huge dividends. The complement of changes will roll out this fall semester with implementation of the fully updated curriculum. The major components of these changes follow. 14
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• Integrated Horizontal Curriculum Traditional MBA classes were taught by functional experts in their field of study, and those professors seldom, if ever, collaborate with other professors. Today, Loyola MBA faculty members work closely together to ensure that coursework links across several classes. Instead of teaching marketing management as an independent course, it is now taught with the perspective of looking at how an organization’s focus on customers touches all aspects of the organization, including strategy, human resources, operations, customer service, product design, and so forth.
• External Certifications As the value of the MBA decreases, the value of certifications by professional organizations is increasing, because professional certifications are based on objective uncompromised international standards. Our MBA students are now able to get certifications in quality from the American Society for Quality and the Project Management Institute. In addition, our students are trained in the Malcolm Baldrige National Quality Award Criteria, and in addition to assessing and scoring organizations on the criteria, several students have written sections of applications and served as examiners. Baldrige-based knowledge puts graduates in a position to be recruited by some of the highest performing organizations in the country. In addition, our students are competing against students from some of the most prestigious universities in entrepreneurship and case study competitions. The Loyola MBA Program is proud to assess the preparation of our professional graduates against the highest standards.
• Raising Admissions Standards and Increasing Rigor The value of MBA degrees has plummeted internationally because of two overriding factors:
Spring 2013 www.business.loyno.edu
1.) easy access to virtually anyone, and, 2.) lowered standards. Today, more than 250,000 students are enrolled in MBA programs, with at least 100,000 degrees conferred each year. As MBA programs open in strip malls and online through virtual programs, the competition for students has become intense, leading to a lowering of standards. A race to the bottom has led many programs to promote the lack of rigor and ease of access. Some degrees can be obtained in 12 months with no written assignments. Loyola has gone against this trend by increasing enrollment standards and ramping up rigor. Our average GMAT score has risen to 563, and only about one-third of the applicants begin the program. A writing tutor has been hired to increase the writing proficiency of students, and virtually every class has an extensive writing assignment. The program uses several professional experts, mixed with our residential faculty members, to teach classes requiring applications experience. The revisions to the program are showing fruits. Graduates are being gainfully employed in a professional job after completing the program, in sharp contrast to 75% employment rates being posted at some of the most prestigious schools. Loyola graduates are being recruited nationwide. In the last two years, graduates have secured jobs in Seattle, Detroit, Houston, and Charlotte, among other cities, in some of the country’s top companies. These companies are asking for more of our graduates as the reputation develops. A new day has arisen in the MBA Program. The faculty members of the program have worked very hard to reformat and ramp up the content of the classes. These efforts are paying off in the lives of our students. Alumni should know that the integrity of the Loyola MBA will be protected and enhanced, and we will not yield to the temptation to go the way of most other programs.
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Professors Engage Students Through
Frankie Weinberg, Ph.D., and his Dishing it Up seminar students meet with the co-owner of La Cocinita food truck, Rachel Billow.
First-Year Seminars The First-Year Seminar (FYS) courses offered by Loyola are considered the gateway courses to Loyola’s Common Curriculum, introducing students to academic inquiry and teaching them to think and learn as college students. Melanie McKay, Ph.D., director of the FYS program, adds: “The First-Year Seminars help students get excited about learning. They’re designed around contemporary topics that firstyear students can connect with. They involve out-of-class experiences so students can apply what they’re studying to real-world situations. And they give students a solid introduction to a 16
Jesuit education because they demand rigorous critical thinking and serious exploration of values. Every semester, students tell us that the seminars have made them think in new ways, opened their eyes to issues they had never considered, and stimulated their desire to learn. These are the things a liberal arts education is all about.” Two College of Business faculty members, Frankie Weinberg, Ph.D., and Nicholas Capaldi, Ph.D., each conduct First-Year Seminars, thoughtfully weaving business concepts along with the goals of the FYS program. Loyola Executive
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h First-Year Seminar Courses Class site visits: • The New Orleans Food Co-op • La Cocinita Food Truck • The Hollygrove Market and Farm • Whole Foods Market
Dishing it Up Frankie Weinberg, Ph.D., in his seminar, aptly titled Dishing it Up, serves to introduce students to college-level thinking and learning in an experiential manner, while supporting Loyola’s Jesuit tradition of “thinking critically” and “acting justly.” His class centers on the concept and practices of Corporate Social Responsibility (CSR) of various New Orleansarea organizations as they strive to meet the needs of community. With New Orleans known for such a rich culture that often focuses on food and eating as a way of life in the Big Easy, Weinberg utilizes the city’s food service industry as the backdrop of study for his FirstSpring 2013 www.business.loyno.edu
Year Seminar. “The food service industry has a huge influence in New Orleans, and throughout history, food has always been strongly associated with communities and culture,” Weinberg points out. Students in the course study various organizational structures found in the New Orleans food service industry and explore how those organizations meet the needs of the New Orleans community. “I start the class by leading discussions on business topics such as defining community, types of organizational structure, and stakeholders—really allowing the students to employ their critical thinking skills as they begin to understand these concepts.” Weinberg continues, “I chose four food service organizations with very different organizational structures, so that students could 17
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La Cocinita food truck co-owners discuss aspects of their business with students during an on-campus visit.
get a solid understanding of the multiplicity of structures that are found in business.” The organizations included: 1.) The New Orleans Food Co-op, owned by its 1,000 members who provided the start-up capital, was by far the most different structure students studied. 2.) La “I start the class by leading Cocinita, a food truck business, exemplified a discussions on business partnership structure. topics such as defining Co-owner Rachel Billow community, types of also shared her experiences of working organizational structure, and with local government stakeholders—really to update the laws allowing the students to governing the food truck industry in order employ their critical thinking to better grow the skills as they begin to industry and better serve the local understand these concepts.” community. 3.) The –Frankie Weinberg, Ph.D. Hollygrove Market and Farm, a collaborative structure that includes an urban farm, a produce market, and community growing space in the 18
heart of New Orleans. 4.) Students looked at Whole Foods Market and their desire and ability to balance social goals with a history of tremendous growth and profitability—a large conglomerate doing good. At each site visit, students learned about the organizations’ structure and community engagement. Students worked together in small teams to develop questions to ask of the organization’s members during the site visit, adding to the experiential nature of the course. In addition to various assignments students completed during the semester, each was required to write a research paper in which they identify a community need and develop a means by which the New Orleans food service industry could meet that need, again, requiring them to further exercise their critical thinking skills. Through course evaluations, students have expressed they gained great insight from the onsite visits and appreciated getting so muchhands on experience in business their first semester, while at the same time, gaining exposure to the many social issues the New Orleans community faces. Loyola Executive
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Nicholas Capaldi, Ph.D., in his Spiritual Capital seminar, introduces the idea of the ethics of intellectual conversation.
Spiritual Capital Nicholas Capaldi, Ph.D., Legendre-Soulé Distinguished Chair in Business Ethics, professor of management, and director of the Center for Spiritual Capital, offers a course titled Spiritual Capital. Capaldi designs his course to introduce students to: (a) the concept of spiritual capital; (b) specifically the content of Judeo-Christian spiritual capital; (c) the role of such spiritual capital in American history and culture, most especially its influence on politics and economics; and (d) the tension between liberty and equality in that capital. “Religion has been a defining feature in organizations and institutions. Most college students don’t realize that. I use this class as an opportunity to introduce the topic to Loyola students. But it’s not just that. I teach the course as a seminar, introducing the idea of the ethics of intellectual conversation. I believe there is a special kind of learning that takes place when one is involved in continuous conversation on a topic,” notes Capaldi. In his class, students must learn how to civilly agree and disagree as they participate in the discussion. Capaldi goes on to say, “College is a place where we all come together to learn from each other. Even if one’s mind isn’t changed, we come away with a deeper understanding of others’ viewpoints. Part of the goal of my seminar is to give students a sense of an intellectual community. Of course some students are more shy than others and may be reticent to join in the ongoing conversation.” And, Capaldi says that’s okay as Spring 2013 www.business.loyno.edu
those students are still getting to experience the give and take that goes on in these conversations. “It’s not just about what the instructor says as being the last word on the subject. Rather, I hope my students are gaining an understanding of what it means to have civil discourse that has been lost in academia and beyond.” Students taking Capaldi’s First-Year Seminar can expect to understand the big picture of spiritual capital that can serve to guide them through all of their remaining college courses. “College is a place where we They will be better able to all come together to learn grasp the two major from each other. Even if narratives of American history, identify the tension one’s mind isn’t changed, we between those narratives, come away with a deeper and recognize the ongoing expressions of that tension understanding of others’ upon the completion of the viewpoints. Part of the goal course. of my seminar is to give The college’s FYS offerings allow students students a sense of an from across disciplines to intellectual community.” participate in courses that –Nicholas Capaldi, Ph.D. provide for greater understanding of how business, as a discipline, incorporates Jesuit ideals and values. 19
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College of Business Accounting Professor Lee J. Yao, Ph.D., passed passed away away November November 14,14, 2012, 2012, after afterfighting fightinga a long and and courageous courageous battle battlewith withcancer. cancer.Yao, Yao,who who joined the the CoB CoB faculty faculty inin2007, 2007,served servedasasthe theFr.Fr. Joseph A. A. Butt, Butt, S.J., S.J., Distinguished DistinguishedProfessor Professorinin Accounting (Emeritus) (Emeritus)andand waswas a Marquette a Marquette Faculty Fellow. Faculty Fellow. Born in Hong Kong, Yao had adopted Melbourne, Australia, as his hometown before coming to New Orleans. He brought more than 20 years of corporate experience to the CoB accounting department having worked for firms such as HewlettPackard, IBM, the Commonwealth of Australia, and Arthur Anderson. As an academician, Yao had published four books and 28 articles in premier national and international journals. Yao’s research focused on three main areas: corporate governance and how earnings management and cash flow manipulation affected various capital market reactions; information technology investment and how it could increase firm value and improve productivity (with particular focus on the productivity paradox phenomena); and forensic accounting, specifically how different methods of fraud detection could lead to certain legal outcomes and minimize potential legal costs in complex legal procedures. All three streams of Yao’s research had practical 20
implications, and all involved how to improve firm value. He applied many of his research findings to consulting work in assisting major multinational organizations to improve certain characteristics of their operations, thereby minimizing risks of value reduction or improving firm value. His last co-authored article, “Improving ethics education in accounting: Lessons from medicine and law,” was published in Issues in Accounting Education in 2012. But it isn’t just Yao’s scholarly work that people remember. Professor Nick Capaldi, Ph.D., one of his colleagues, spoke to his sense of collegiality. “Collegiality means being united in a common purpose and respecting each other’s very different abilities to work toward that purpose. In most university settings, there are many colleagues but little collegiality. Lee Yao embodied collegiality. I recall in particular a conference he organized in China, the bureaucratic obstacles and corruption he had to overcome for the conference even to take place and not be cancelled, the way in which he encouraged each participant to find their appropriate niche in the program, and his respect for the intellectual status of the participants. In the end, he created a community of peers.” Another CoB colleague, Wing Fok, Ph.D., remembers Yao’s determination in ensuring his students had a sense of global understanding that Loyola Executive
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would make them better business people. “When it came to international education, Lee embraced the importance of learning by total immersion. His ability to use every opportunity to educate his students impressed me immensely. I was fortunate to have him as a colleague on our many journeys with students in China. My favorite recollection is when he would take our students to the busiest part of Beijing and ask them to bargain with the street vendors. Imagine how nervewracking the experience could be to anybody in a foreign country without the language capability. Lee insisted that learning how to bargain at the street corner would develop the students’ ability to open themselves up when dealing with people from a totally different culture, as well as sharpening their Spring 2013 www.business.loyno.edu
negotiation skills. That, to me, is learning by total immersion. In case you are wondering: At the end of the day, nobody could beat Lee in the ‘Art of Bargaining,’ of course.” CoB students felt the loss as well. “I miss Professor Yao,” says recent accounting grad Kevin Tran. “I reminisce about the moments he shared with us in class about stories of his life in Sydney and Minnesota. Professor Yao always helped me whenever I had a question and went out of his way to assist me. He was a reputable teacher, and a kind and gentle man. May we honor his memory and carry out our lives with the knowledge gained from him while helping others along the way.” Yao’s hobbies included playing golf and flying. He is survived by his wife, Michelle, and two children. 21
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Students Receive High Marks o CoB faculty members long ago realized the significance of an internship to students’ career development and marketability, requiring all CoB students to complete one, three-hour credit internship. Through the Portfolio Program, students find assistance with internship searches, how to interview for the internship, and tips on how to make the most of the Through the Portfolio experience. As important as CoB Program, students students finding a meaningful find assistance with internship that fits their career internship searches, aspirations is the supervisor’s how to interview for assessment of the intern’s the internship, and work. “With more than 120 students interning annually, tips on how to make individual site visits are not the most of the possible. Thus, it is important experience. to have a measurement in place that allows for collection of feedback from site supervisors as to the performance of CoB interns,” says Kathy Barnett, Ph.D., director of the CoB
Internship Program. The Internship Supervisor Evaluation tool currently in place was designed by Nate Straight, M.B.A. ’08, assessment coordinator for the College of Business. The evaluation asks supervisors to assess interns on eight different factors: 1.) Ability and Willingness to Learn; 2.) Business Etiquette and Basic Work Habits; 3.) Critical Thinking and Problem-Solving; 4.) Dependability and Character Attributes; 5.) Effective Written and Oral Communication Skills; 6.) Professional and Career Development Skills; 7.) Organizational Knowledge and Skills; and 8.) Interpersonal and Teamwork Skills. Each factor consists of five statements that are descriptive of the factor being evaluated and supervisors are asked to evaluate the intern on all 40 statements, using a scale of 1 – 5. CoB students score consistently high on evaluations with the average on each of the eight factors at 4.5 or higher on a 5-point scale. Student interns scored a 4.72 on Organizational Knowledge and Skills, followed by a 4.69 in Business Etiquette and a 4.68 in Interpersonal and Teamwork Skills. Supervisors are also asked to give an overall score of the interns’
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on Internship Performance Factors performance, if they would supervise the intern again, and if they would hire the intern if they had a position available. The results for those questions are all extremely positive. Finally, the assessment tool includes space for supervisors to add additional comments— oftentimes the most helpful feedback for the student as it provides a more detailed level of feedback. Most supervisors find that students need to gain more confidence in their own abilities but recognize that this will come with experience. “We are pleased to see our students doing so well in their internship work experiences especially considering so many are interning in high visibility sites,” says Barnett. The internship remains a valuable tool for students and employers alike. CoB students recognize the value of interning with many now pursuing two or more internships while at Loyola in order to enhance their knowledge and level of marketability. Our student interns are great ambassadors for the College of Business and we are pleased to see so many proactive in securing internships. Spring 2013 www.business.loyno.edu
Sampling of Where CoB Students Interned in 2012 AIG Asset Management Andres Restaurant Art Lithocraft Co. Banco Lafise Bancentro Banco Santander Mexico Besselman & Associates Beta Capital Mgnt, L.P. Biscayne Capital Bombo Sports & Entertainment Brewer Oil Company Carr Riggs & Ingram, L.L.C. CASA Jefferson Parish CE Zuercher and Co. Centracasa S.A. China Securities City of New Orleans Details Accessories Gallery DW Rhodes Funeral Home EA Consultants EHS Corporation Ellsworth Corporation Entergy Enterprise Rent-a-Car Ernst & Young Exempla Lutheran Medical Center Farm Bureau Insurance Co. Fashion Week New Orleans First Line Schools Fit Camp GG Projects Good Work Network Greater New Orleans, Inc. Greenville Financial Group, L.L.C. GSR Andrade Architects, Inc.
Gulf Marine and Industrial Supplies Hotel Modern Humane Society Veterinary Medical Association Integrated Logistical Support, Inc., ILSI Jacques-Imo’s Café Jambalaya New Louisiana JPMorgan Kirtland Records KPMG, L.L.P. Lagniappe Systems Consulting Life is Good Company Lifestyle Revolution Group Live Nation St. Louis Loyola Office of Service Learning Loyola IA Marketing and Communications Loyola Office of Co-Curricular Programs Loyola Student Media— The Maroon LSBDC MCC Metal Construction Co. Mediterraneo Egypt Merrill Lynch Mission Viejo Country Club Morgan Keegan New Orleans Council on Aging New Orleans Museum of Art New Orleans Saints New Orleans Zephyrs Northwestern Mutual Ochsner Hospital
Olivers Creole Restaurant OMNI Wholesale, L.L.C. Pan-American Life Insurance Group Pickwick Club Port of New Orleans Postlewaite & Netterville Punctual Abstract Co. Recovery School District Ruffino’s Italian Restaurant Sacramento River Cats Silva Gurtner & Abney SMG Superdome, N.O. Arena, and Champion Square South Coast Angel Fund Special Ticket State Farm Insurance Sterne Agee & Leach, Inc. Syrup LBI Tales of the Cocktail TC Sports Touch Studio Tulane Medical Center Turkel UBS Financial Services, Inc. United States District Court Urban League College Track Vietnamese American Young Leaders (VAYLA) Warner/Chappell Music Where Y’at Magazine Whitney Bank World Trade Center New Orleans Zehnder Communications, Inc.
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Transitioning from Student Life to the Real World: What Three Recent Grads Have to Say
College life can be an amazing experience for many. It often provides that first taste of independence, experiences that offer new insights into life in general, and the formation of friendships that last a lifetime. And then comes that day when a student must leave all that behind—graduation. This is the point where college graduates begin to discover how those years of academic preparation and college experiences pay off in life beyond Loyola. We thought we would check in on a few CoB May 2012 graduates and see how they are doing and what they have found the transition from full-time student to full-time employee to be like. We talked to three former students: Christine Alexis ’12, marketing graduate with a minor in Spanish and now media coordinator with Zehnder Communications in New Orleans; Dylan Kremer ’12, finance graduate/accounting minor, working in Chicago as a private banking analyst for JPMorgan; and Kayla Butler ’12, economics graduate employed as a management development professional at the Federal Reserve Bank of Dallas. Following are their answers to our interview. 24
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1. What has been the best part about transitioning from student life to full-time employee? Alexis: Free time! I have a lot more free time now. During college I was used to going to class then going home to study, but when you work a full-time job, once you’re off, you’re off. As a result, I have more time to dedicate to my hobbies and passions and have even opened my own business.
Kremer: The best part about the transition from being a student to a full-time employee is having the freedom to do what I want. Butler: I get to put many of the things I learned in the classroom into practice, while getting paid to do so! I have also been able to continue leading and serving in the community which has been very meaningful to my development.
2. What do you miss most about being a student, if anything? And what do you miss most about Loyola and New Orleans? Alexis: Well, I used to dread having a 9:30 class because it seemed so early, but now I have to be at work for 8:30. I really miss (and appreciate) those 9:30 classes. The one thing that I miss most about Loyola is my professors. All of them knew me by name and they were easily approachable. When you have a job at a company with a lot of employees, it’s hard for everybody to get to know you on a personal level.
Kremer: The thing I miss most about being a student is the free time you get during the day. The breaks in between classes allowed me to get organized and accomplish certain tasks for the
Spring 2013 www.business.loyno.edu
Christine Alexis ’12 Marketing Graduate with a Minor in Spanish Media Coordinator, Zehnder Communications New Orleans, Louisiana
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day. I miss Loyola because I miss being around my friends and teammates. Every day I was around my best friends whether it was playing basketball (for Loyola) or in class, and that is something you cannot replace. Butler: I miss everything about being a student. To name a few things, I miss classroom interaction with friends and professors, flexible class schedules, being involved in student organizations, and mainly the freedom of college life. The things I miss most about Loyola and New Orleans include hanging out on the quad after class, snowballs, Fridays at the OR, parades, and the list goes on and on.
3. What courses at Loyola best prepared you for what you are doing now? Alexis: Definitely Business Statistics, Management and Organizational Behavior, and Business Communications. I have never written so many memos in my life since I started working full-time, and I am thankful to Dr. Michelle Johnston for preparing me for the task. Also, New Venture Funding, International Marketing, and Spanish with Dr. Josefa Salmon. â€™
Kremer: Three main courses that prepared me well for my
Dylan Kremer â€™12 Finance Graduate/Accounting Minor Private Banking Analyst, JPMorgan Chicago, Illinois
current position were Investments, Derivatives, and Advanced Financial Management. Dr. Ron Christner and Dr. Mehmet Dicle were both outstanding professors and were instrumental in getting me more interested in finance. I believe any other finance student can vouch for that as well.
Butler: In a unique way, all of my classes prepared me for my current career. I say this because the foundation of any solid career would be good writing and communication skills. I had to exercise and perfect these skills in every class I took at Loyola. Specifically, I have really benefitted from Business Communications and my Leadership Course because I have to prepare many forms of written communication and do presentations in my position.
4. What do you enjoy most about your new career? Alexis: At Zehnder, I am fortunate to get to work with a variety of great clients including Sazerac, US Radiosurgery, and Superior Honda, among others. Working on something different every day keeps things from getting too routine. It makes my days and my work very interesting.
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Kremer: At JPMorgan, I am surrounded by some of the brightest minds in the industry, and every day I am constantly learning from those people. Working at JPMorgan has allowed me to expand my financial knowledge by getting involved with projects in an assortment of different areas within finance. Butler: As a management development professional with the Federal Reserve, I enjoy the fact that I am in many ways still a student. I rotate into new departments every six months, and in that time, I have to learn all I can and be prepared to move on. I also enjoy having great management and mentors that are committed to developing me into a better leader.
5. What advice do you have for CoB graduating seniors? Alexis: INTERN! A lot of graduates are surprised how hard it is to get a job after graduation, but most companies won’t even look at you unless you have at least one really good internship. I was fortunate enough to intern at Peter A. Mayer Advertising and that opened a lot of doors for me. I was very proactive in seeking out internship opportunities, completing three internships while I was at Loyola. Additionally, I didn’t realize until post grad, but a lot of marketing jobs require knowledge of PhotoShop and InDesign. I would highly recommend taking a few graphic design classes. Finally, in regards to starting a business or pursing a nontraditional post grad route—take the risk! Loyola has prepared us for this! It’s amazing how many of my peers have started their own businesses after graduation with the support of the Loyola alumni and faculty members.
Kayla Butler ’12 Economics Graduate Management Development Professional, Federal Reserve Bank of Dallas Dallas, Texas
Kremer: Start your network early; utilize the people you know and always grow your network. The best thing I did for my career was connecting with my business mentor freshman year. He played a vital role in helping me pursue my career and also became like family. You never know who you are going to meet and what that person has in store for you, so pursue everyone as if they can change your life. Butler: Learn all that you can, but don’t rush the process. Being in college is a great time of selfdiscovery. When you begin your career, you have to start building your brand using everything you learned in the classroom and about yourself. Without a doubt, you will soon realize that your time spent in college were the best years of your life!
Spring 2013 www.business.loyno.edu
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CoBFall Picnic Dean Locander holds court while CoB students chow down.
Dr. Levendis, Megan Bourg, and Dr. Johnston are actually always dressed like this. 28
Dr. Bill Barnett was in charge of food quality control for the picnic. Loyola Executive
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Dr. Felipe Massa, Professor Ashley Francis, and Valerie Alombro work the food line.
CoB Superhero Chris Graugnard can leap over Miller Hall in a single bound.
When heâ€™s not starting for the Saints, Professor Christopher Screen grills. Spring 2013 www.business.loyno.edu
Happy CoB students enjoying the picnic.
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The Center for Spiritual Capital and Loyola College of Business Host Deansâ€™ C
Colloquium participants were engaged in discussions throughout the five-day event.
Ignasi Carreras, ESADE; CoB guest Jeff Hoffman; Gilberto Cely, S.J., Javeriana University
Turney Stevens, Jr., Lipscomb University; Ellen Harshman, St. Louis University; Nicholas Capaldi, Loyola University New Orleans Loyola Executive
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Partial List of Conference Attendees:
Dean Paolo Bidinost, Ph.D.; Universidade Catolica de Sedes Sapientiae, Peru Dr. Nicholas Capaldi; Loyola University New Orleans Prof. Ignasi Carreras; ESADE Business School
In addition to the Super Bowl and Mardi Gras taking place in New Orleans in the month of February, the Center for Spiritual Capital and CoB hosted its own milestone event—the ABIS-Loyola Deans’ Colloquium 2013. The conference, titled “Aligning Institutional (Faith-Based) Values/Strategy with Management Education Frameworks in the 21st Century,” was a three-day invitation-only event, hosted in conjunction with the Academy of Business in Society (ABIS), and held at the Hilton Hotel Riverside, February 28 – March 2. The purpose of the conference was to bring together 20 – 30 deans and a few others to discuss aligning faithbased business school programs both in the U.S. and in Europe. Designed to encourage the exploration of ideas through informal, yet serious, discussion, the focus of the conference was on five major issues faced by faith-based business school programs: global trends, emerging models, strategy, organizational capabilities, and capacity building. The essence and success of the conference according to Nicholas Capaldi, Ph.D., Legendre-Soulé Distinguished Chair in Business Ethics, professor of management, and director of the Center for Spiritual Capital, lay in civil discourse cultivated in an atmosphere of learned fellowship shared among colleagues. Accordingly, each conference participant was alerted beforehand that he or she was expected to attend all sessions, receptions, and group meals. CoB Dean William Locander, Ph.D., says that “the attendees hold significant positions in their universities so that they will be heard on the topic of aligning faith-based values with their business programs on their campuses. The conference was the first of its kind, and we at Loyola University New Orleans hope to keep the dialogue on this important topic alive at future conferences.” Spring 2013 www.business.loyno.edu
Dr. Gerald Cavanagh, S.J.; University of Detroit Mercy Dean James Dorris, Ph.D.; Regis University College for Professional Studies Dean Donald E. Gibson, Ph.D.; Fairfield University Dean Sandra L. Gill, Ph.D.; Benedictine University Exec. Dean Charles Phillip Harris, Ph.D.; University of Chester, Chester Business School Dean Ellen Harshman, Ph.D., J.D.; Saint Louis University Dr. Jim Joseph; Le Moyne College Dean Linda A. Livingstone, Ph.D.; Pepperdine University Dean William Locander, Ph.D.; Loyola University New Orleans Dean Tomislav Mandakovic, Ph.D.; Barry University Dean Terry S. Maness, D.B.A.; Baylor University Interim Dean Rev. David McCallum, S.J., Ed.D.; Le Moyne College Dr. Mollie Painter; EABIS, Academic Director Dean Robert F. Scherer, Ph.D., SPHR; University of Dallas Dean Turney Stevens, Ph.D.; Lipscomb University Assoc. Dean Ross E. Stewart, Ph.D.; Seattle Pacific University Assoc. Dean Michael Thompson, Ph.D.; Brigham Young University Dean Anita Underwood, Ph.D.; Nyack College Dean Ray Whittington, Ph.D.; DePaul University Dean Chuck Williams, Ph.D.; Butler University 31
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CELEBRATING OUR PAST, EMBRACING THE FUTURE MAY 10–12, 2013 Come celebrate our past with Alumni Weekend, featuring: • Reunions for the Classes of 1953, 1963, 1973, 1983, 1988, 1993, and 2003 • Centennial Finale and Alumni Cocktail Reception • Alumni Mass • Annual Alumni Association Jazz Brunch And help us embrace our future with the Class of 2013 Commencement Ceremonies, featuring commencement speaker Tom Brokaw.
For more information, visit alumni.loyno.edu, call (504) 861-5454, or e-mail firstname.lastname@example.org